Banks’ Borrowing from CBN Decreases on Improved Liquidity Obinna Chima The level of banks’ patronage of the Central Bank of Nigeria’s (CBN) window to borrow cash to boost their operations decreased in 2018, compared to the previous year, due to improved system liquidity.
However, the cost spent by the CBN on liquidity management in 2018, increased by 42.01 per cent to N2.114 trillion in 2018, up from the N1.489 trillion recorded in 2017. The central bank disclosed these in its ‘Annual Activity
Report for 2018,’ by its Financial Markets Department, a copy of which was posted on its website yesterday. During the review period, banks accessed standing facilities to square-up their positions by borrowing at the Standing Lending Facility
(SLF) or depositing excess funds at the Standing Deposit Facility (SDF) at the end of each business day. According to the report, the trend at the discount window showed less frequent recourse to the SLF than in 2017 due to increased net system liquidity.
Meanwhile, the remunerable threshold for daily deposits per institution at the SDF remained N7.5 billion. It said: “This was to curtail unbridled requests by market participants and encourage lending to the real economy. Applicable rates for the SLF
and SDF also remained 16 and nine per cent, respectively, same as in 2017. The rates were anchored to the Monetary Policy Rate (MPR). “The average daily request for SLF was N48.44 billion Continued on page 7
NERC Fines Abuja Disco N300m for Minor’s Electrocution... Page 8 Wednesday 15 May, 2019 Vol 24. No 8801. Price: N250
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DHQ Dissociates Military from Call to Overthrow FG Restates loyalty to constitution, president Kingsley Nwezeh in Abuja The Defence Headquarters (DHQ) yesterday restated the loyalty of the Armed Forces to the 1999 Constitution as amended and President Muhammadu Buhari,
dissociating the military from the circulation of a document, calling for the overthrow of the democratically elected government of the president. In a statement by the Deputy Director of Defence Information, Navy Captain
Muhammed Wabi, the DHQ accused a group, “Nigerian Continuity and Progress (NCP),’’ as being behind the document. Wabi alleged that the document called for the setting up of an “interim
government’’ in place of the elected government. It said: “The Armed Forces of Nigeria (AFN) wishes to dissociate itself from the rascality and intentions as espoused in a document being circulated by a faceless group
named Nigerian Continuity and Progress (NCP), calling for support of a revolution to oust the current democratically elected government and in its place establish an illegitimate interim government. “The AFN out rightly
condemns the undemocratic and demonic actions of the author of the document. “Accordingly, members of the public are enjoined to discountenance the content Continued on page 8
Buhari Hosts Saraki, Others, Bemoans Frosty Relationship with N’Assembly Omololu Ogunmade and Alex Enumah in Abuja President Muhammadu Buhari last night in Abuja hosted the Senate President, Dr. Bukola Saraki, and his colleagues in the leadership of the National Assembly at a fast breaking ceremony, lamenting that the frosty relationship between the executive and the eighth National Assembly and said it was not the best for national cohesion. The event was also attended by Speaker of the House of Representatives, Hon. Yakubu Dogara; Deputy Senate President, Senator Ike Ekweremadu; and the Deputy Speaker, Hon Yusuf Lasun. Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement said the president said the nation deserved better than it got from the current National
Assembly. Consequently, the president prayed for a better working relationship between the two arms of government in the forthcoming ninth National Assembly. “Relations between the executive and the legislature were not the best in the 8th National Assembly. I sincerely hope each one of us will do his utmost to ensure there is a better working relationship between these two arms of government in the ninth assembly so that we can serve the people better,” he said. According to the statement, the president said the principal task of the National Assembly “is to cooperate with the executive so that together, we can fashion policies that will lift our people out of poverty and out of illiteracy." He added: "I appeal to Continued on page 8
Senate Begins Emefiele’s Confirmation Process... Page 7
THAT PEACE MAY REIGN... L-R: Chief of Staff to the President, Malam Abba Kyari; Speaker of House of Representatives, Hon. Yakubu Dogara; and Deputy Senate President, Senator Ike Ekweremadu, during the breaking of fast with President Muhammadu Buhari at the Presidential Villa, Abuja… yesterday godwin omoigui
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HDP Asks Tribunal to Stop Buhari’s Inauguration Tinubu commends president on new Democracy Day Alex Enumah and Adedayo Akinwale in Abuja The Hope Democratic Party (HDP) has asked the Presidential Election Petition Tribunal, Abuja, to stop the swearing in of President Muhammadu Buhari on May 29, 2019 as president, pending the hearing and determination of its petition against the outcome of the 2019 presidential election. The HDP in a motion on notice filed at the tribunal said the request is predicated on the need to preserve the subject matter of its petition and prevent Buhari from foisting a fait accompli and state of hopelessness on the court and render the petition before the tribunal nugatory. The HDP and its presidential candidate in the February 23 presidential election, Chief Albert Owuru, submitted that once there is a question on the validity of election of any person, the person is not competent to take oath of office or assume the seat of power. The party, therefore, prayed the tribunal for an order stopping the president from presenting himself for inauguration on May 29 or any other date until all petitions challenging his election have been fully settled. The party also prayed for another order stopping the Acting Chief Justice of Nigeria (CJN), Justice Tanko Mohammad, from inaugurating or administering oath of office and oath of allegiance on Buhari until all
court actions against him are determined. In the motion signed by Mike Okoye, the two petitioners said that they are challenging validity of Buhari's election on grounds of non-compliance with the electoral laws. They further averred that a petition dated March 7, 2019 had been dully served on Buhari, the Independent National Electoral Commission (INEC) and the All Progressives Congress (APC), questioning the return of Buhari as winner of the February 23 presidential poll, adding that parties had exchanged pleadings. The two petitioners claimed that in spite of the pendency and scheduled hearing of their petition against Buhari's election, Buhari has been making frantic efforts and preparations to be sworn in and inaugurated on May 29 by inviting the CJN and the general public. They therefore insisted that restraining order by the tribunal is appropriate to preserve the subject matter of their petition and prevent Buhari from foisting a fait acompli and state of hopelessness on the Tribunal and render their petition nugatory. “The law is settled that once the question of the validity of election of any person is challenged as to whether he is validly elected or not, that person is not competent to take office or assume the seat of power. “The Constitution of the
Federal Republic of Nigeria prohibits and forbids that Nigeria or any part thereof be governed or taken over by any person or group of persons except in accordance with the provisions of the constitution “, they averred. The tribunal had last Wednesday at its inaugural sitting adjourned to May 14 for a pre-hearing of the petitioners’ case; however, when the matter was called, counsel to the petitioners, Oliver Eya, sought to move the application but respondents in the matter claimed that they have not been served. Buhari's counsel, Chief Wole Olanipekun SAN, that of INEC, Yunus Ustaz SAN and that of APC, Lateef Fagbemi SAN, told the tribunal that they will need time to respond to the application when served. The President of the Court of Appeal, who is also the Chairman of the tribunal, Justice Zainab Bulkachuwa, after taking arguments from parties fixed May 22 for hearing of the motion. Meanwhile, Buhari, through his counsel, Wole Olanipekun SAN, has filed a motion praying the tribunal to dismiss the petition of the HDP on the grounds that it was not competent in law. Olanipekun told the fiveman panel that what the party is challenging in the petition is a referendum conducted on February 23, adding that in law, what INEC conducted was an election and not a referendum. Justice Bulkachuwa, in a short ruling announced that
all applications in respect of the HDP petition will be heard on May 22. HDP, in his petition marked CS/PEPC/001/2019 had joined INEC and APC as second and third respondents in the petition.
PDP: Holding Ceremonies on June 12 Won’t Legitimise Rigged Election Meanwhile, the Peoples Democratic Party (PDP) has told President Muhammadu Buhari and the All Progressives Congress (APC) that moving its planned Presidential inauguration from May 29 to June 12, the Democracy Day, will not confer any form of legitimacy to the outcome of the rigged 2019 presidential election. The PDP in a statement yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, said it was clear that the Buhari presidency and the APC, being tormented by the guilt of violating the electoral processes, could no longer boldly approach the oath book on May 29, due to the burden of illegitimacy and now seeks refuge in the sanctity of June 12, the Democracy Day. The main opposition party insisted that inviting world leaders to the inauguration cannot confer international recognition for a disputed mandate. Ologbondiyan said: "The Buhari presidency and the
APC from our recent history have demonstrated that they are totally averse to democracy. They should therefore steer clear of our Democracy Day, having violated our entire democratic ethos in manipulating the Presidential elections and upturning the mandate of the people; the same injustice, which Chief MKO Abiola, the symbol of June 12, fought and died for. "Chief Abiola stood and died for democracy. Any attempt therefore to schedule any event related to the outcome of the rigged 2019 Presidential election on June 12 would be an open desecration of the sanctity of the Democracy Day and a direct assault to the sensibilities of Nigerians. "
Tinubu Commends President on New Democracy Day In a related development, APC National Leader, Senator Bola Tinubu, has commended Buhari for taking an important step towards fully recognising June 12 as Democracy Day. Information Minister Lai Mohammed had on Monday said the Federal Executive Council had decided to move the second term inauguration ceremonies to June 12 while a low-key ceremony would be held on May 29 to comply with constitutional provision which recognises May 29 as the take-off date for the president. In a statement yesterday by his media assistant, Mr. Tunde Rahman, Tinubu said Buhari
and the federal government deserve commendation. He said: "President Muhammadu Buhari deserves our thanks and congratulations for taking another important step towards fully recognising June 12 as Democracy Day in our country. The government moved the second term inauguration ceremonies to June 12 while events on May 29 would now be low-key swearing-in ceremonies in order to comply with the constitutional requirements covering the length of term for elected office-holders. "By this wise yet visionary decision, the president has scored double: first he has accorded respect to the Constitution, which recognises May 29 as the date to inaugurate new terms of office, while at the same time ensuring the country moves on the rightful path to formalising June 12 as new Democracy Day. This decision soundly balances current legal requirements with the quest for political justice.� The process to accord June 12 recognition began last year when the federal government officially named June 12 as Democracy Day by an Executive Order. The president also recognised the winner of the June 12 election, Bashorun Moshood Abiola, as a past president and awarded the highest honour in the line, the GCFR, while Abiola's former running mate, Alhaji Babagana Kingibe, was recognised as a former vice president and bestowed with the GCON award.
Senate Begins Emefiele’s Confirmation Process Refers nomination to committee Deji Elumoye in Abuja The Senate yesterday commenced the process of confirming the re-appointment of Mr. Godwin Emefiele as the Governor of Central Bank of Nigeria (CBN) for another term of five years as it referred the executive communication from President Muhammadu Buhari to that effect to its Committee on Banking, Insurance and other Financial Institutions. The upper legislative chamber also yesterday passed seven bills after being read the third time. Senate President, Dr. Bukola Saraki, at the resumption of plenary gave the committee headed by Senator Adebayo Ibrahim (Kwara South) one week to do further legislative work on the nominee and report back to plenary. Senate Leader, Senator Ahmad Lawan (Yobe North), had earlier urged the Senate to consider the request of the
president on the renewal of appointment of Emefiele in accordance with Section 8(1) and (2) of the Central Bank of Nigeria Act, 2007. The president had last Wednesday forwarded a letter to Saraki, seeking the approval of the Senate for the reappointment of Emefiele as CBN governor for second and final five-year tenure.
Senate Passes Seven Bills Meanwhile, the Senate yesterday passed seven bills after going through second and third readings at plenary. They include Labour Transportation Bill 2019; Chartered Institute of Auctioneers of Nigeria Bill 2019; National Institute for Educational Planning and Administration (Establishment, etc) Bill 2019; and Council for Regulation of Travel and Tour Management Companies of Nigeria (Establishment, etc)
Bill 2019. Others are Dieticians Council of Nigeria (Est, etc) Bill 2019; Architects (Registration, etc) Cap A19 LFN 2004 Act (Amendment) Bill 2019 and Interpretation Act (Amendment) Bill 2019. The Senate, however, referred the Electric Power Sector Reform Act (Amendment) Bill 2019 to its committee on Power headed by Senator Enyinnaya Abaribe for further legislative work and is to report back within one week. The Labour Transportation Bill, among others, approved N5million as the cost of fine for the indictment of any erring corporate body while the accused director shall also be fined with N200, 000. All employers, according to the bill, must provide shelter at the various bus stops for their employees. The passage of the bill was sequel to the consideration of
report on a Bill for an Act to Provide for Adequate Transportation, Protection and Other Facilities for Employers in Nigeria to Restore the Dignity and Other Matters by the Senate Committee on Land Transport, chaired by Senator Olugbenga Ashafa (Lagos East) during plenary. The fine for corporate body, according to the committee chairman, was raised from N1million to N5million to enhance safety measures for employees by their respective employers. According to the bill, offences under this bill shall be tried by the industrial court, while any case of victimisation of an employee(s) should be reported to the Minister of Transportation. Adopting the clause by clause report in the Committees of the Whole after presentation by Ashafa, the upper legislative chamber considered the inclusion
of suitable and conducive vessels in the riverine areas for the purpose of conveying employees to and from work. It also considered other safety measures which made it mandatory for employers to acquire well equipped vehicles with seat belts and at least a 46 inch high rail or enclosure on the sides and back of the vehicle. Vehicles for conveying employees, it added must have lambs, brakes, horn, mirrors, windshield, turn signals and other safety equipments." "Every truck-type bus must have seats with backrests and must be provided with a minimum of 18 inches seat space for each passenger. Where the sitting is face to face, the aisle between the seats facing each other shall be 24 inches wide at the narrowest point", it added. The Senate also endorsed that all staff buses must be equipped with approved
BANKS’ BORROWING FROM CBN DECREASES ON IMPROVED LIQUIDITY in 234 transaction days, out of which Intra-day Lending Facilities (ILF) conversion averaged N30.43 billion, amounting to 62.82 per cent of average daily requests. “The average daily interest charged was N35.81 million. “In 2017, the average daily request for SLF was N216.34 billion in 246 transaction
days, out of which ILF conversion was N130.63 billion or 60.38 per cent, while average daily interest income stood at N159.96 million.� According to the report, the reduction in patronage at the window in 2018 reflected the higher levels of injections into the banking system. On the other hand,
patronage at the SDF window increased to an average daily amount of N84.27 billion for the 246 transaction days in 2018, from N41.90 billion for the 230 transaction days in 2017. Similarly, the average daily interest payments on the deposits increased to N30.51 million in the review period, from N14.86 million
in 2017. The increased volume of transactions in the year was due to higher levels of banking system liquidity. The report explained that the liquidity management was conducted through the use of open market operations (OMO) as the main instrument of monetary
policy, complemented by discount window activities, cash reserve requirements (CRR) and interventions in the foreign exchange market. According to the CBN, the total bills offered, subscribed and sold at the OMO auctions increased to N34.610 trillion, Continued on page 8
reflectors, fire extinguishers, carry a conspicuous mark on the outside of the number of passengers to be carried and shall not be allowed to carry more than the posted number. It further said the vehicles "must have exit door that can be opened outward from both the interior and exterior of the vehicle", adding that those designed for carriage of goods and animals be clearly marked "for goods only."
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NERC Fines Abuja Disco N300m for Minor’s Electrocution Deceased's family to get N50m in 14 days
Chineme Okafor in Abuja The Nigerian Electricity Regulatory Commission (NERC) has slammed N300 million fine on Abuja Electricity Distribution Company (AEDC) over the company’s alleged failure to secure its electricity distribution assets from third-party intrusion, which eventually led to the death of a four-year-old child in Niger State. NERC has also disclosed in a notice of its regulatory enforcement action against the distribution company, that out of the N300 million fine, the family of the deceased minor, Master Mohammed Arafat Jibril, will get N50 million in compensation for their loss within 14 days. In the regulatory enforcement order obtained by THISDAY from NERC, the regulatory agency accused Abuja Disco of not doing enough to prevent the death of the boy on April 11, 2019, by failing to secure
its electricity distribution asset at the Senior Quarters of the Federal Low-cost Housing Estate, Maikunkele in Bosso Local Government Area of Niger State from third-party incursion. According to NERC, Mohammed died from electrocution on a 300-kilovolt amp (KVA) 11/0.415kVA distribution substation in Maikunkele area, which feeds from 33/11 KV Maikunkele injection substation on Airport feeder in Bosso area. It explained that the distribution asset supplied electricity to the quarters where Mohammed and his family lived, adding that Section 1.3.26 Part IV of its Distribution Code imposes an obligation on Abuja Disco to ensure that distribution transformers, switchgears and distribution boxes installed in streets and accessible to public are protected by locking the doors and/or providing a suitable fence with gate wherever possible. NERC also stated that
Minister of Power, Works and Housing, Babatunde Fashola beyond securing the assets, the Disco ought to have put up prominently displayed ‘danger’ signs on the fence and equipment to warn the public of the implications of any unauthorised access. It noted that Section 5.3.1 of the Nigerian Electricity Health and Safety Code (HSC) requires Abuja Disco to send a preliminary report within 72 hours of the accident and death of Mohammed, but the Disco failed to do so. “AEDC's negligence in complying with the terms and conditions of its licence,
distribution code and HSC resulted in the death of a four-year old boy, Master Mohammed Arafat Jibril, on April 11, 2019 at the Senior Quarters of the Federal low-Cost Housing Estate, Maikunkele, Bosso Local Government Area of Niger State,� NERC said in the regulatory order. It added that: “AEDC failed to take reasonable steps to protect the public from injury by ensuring that the distribution systems are maintained in accordance with standards in the distribution code, thereby leading to the fatal electrocution of Master Mohammed Arafat Jibril. “AEDC failed to send a preliminary report of the accident within 72 hours contrary to the provisions of section 5.3.1 of the HSC. AEDC failed to comply with the provisions of the commission's regulations and breached the terms and conditions of its distribution licence. “AEDC shall pay the sum
of N50 million to the family of late Master Mohammed Arafat Jibril as compensation to his family and this compensation payment shall be made to the family at formal presentation to be held at the commission on May 28, 2019. “AEDC shall pay a fine in the sum of N250 million to the commission for all infractions/violations identified in this order. This fine shall be due and payable by May 20, 2019.� The regulatory agency also mandated the Disco to conduct a detailed safety audit of its network, and send the report to it within 90 days. NERC also added that the safety records of Abuja Disco between 2018 and 2019 showed that the company recorded nine deaths, two burns and a fall within the period. In a similar development, NERC equally fined a thirdparty electricity distributor in Lagos – PIPP LVI Disco Limited, the sum of N10, 000 for each day that it allegedly
supplied electricity illegally to customers that were not within its license area. It explained that PIPP was licensed by it to supply electricity to certain group of customers but it subsequently got a complaint from the Eko Disco of PIPP’s extension of its services without regulatory approval to Landmark Tower and Village; Trinity Church; Upbeat Recreational Centre; The George Hotel; Second Toll Gate Plaza; Ministry of Works and Infrastructure (Tolling Company); Street Light, Glover Road, Ikoyi, Lagos; Batequip (Sun Heaven Hotel); Motor Boat Club; Riverside Properties Ltd; as well as Globe Motors Holding Nigeria Limited; among others. NERC also directed PIPP to immediately suspend its supply of electricity to these customers. It also directed the company to compensate Eko Disco for loss of revenue for each of the days electricity was supplied to those customers.
CSOs Celebrate Sharibu’s 16th Birthday Ask FG to intensify efforts on her release Kuni Tyessi in Abuja Civil Society Organisations (CSOs) yesterday celebrated the 16th birthday of the Dapchi school girl, Leah Sharibu, who was abducted 449 days ago by Boko Haram terrorists. Leah was one of the 112 students of Government Girls' Technical College, Dapchi, Yobe State, who were abducted on February 19, 2018 by the terrorists, who later released the girls, excluding the birthday girl for refusing to renounce her Christian faith. The CSOs urged President Muhammadu Buhari to do more to secure Sharibu’s
release, saying he should see her freedom from captivity as a democracy gift to Nigerians, before he begins his second term in office. To mark her 16th birthday, the second in captivity, several organisations, which gathered at the Unity Fountain in Abuja, and in other locations across the country, appealed to government to ensure the safe and speedy return of Leah to her family and the Christian community. The founder, Funmi ParaMallam Peace Foundation, Rev. Godwin Para-Mallam, who called on Buhari to prioritise security, unemployment, poverty and economy revitalisation in his
second term, maintained that these were the drivers of the spate of kidnappings witnessed in the country especially in the North. He said: "Unless the court says something otherwise, on the 29th of May our President Buhari is going to be sworn in for his second term. Nigerians have gone through a lot; they have endured a lot in the area of security. "The number one priority as you move into your second term is to address the security challenges particularly in the northern part of Nigeria, the Middle Belt, the North-east, North-west; but of course there are pockets of security challenges in other parts of
the country. "The economy, the poverty, the unemployment; these are very serious issues that in themselves generate other challenges for our nation. It will be helpful if you give attention to that. "The whole question of religion tolerance is a reality in our nation and of course you need to do more as a father of a nation to unite Nigerians and Nigeria together during your second term and I will ask Mr. President: ‘Will it be possible for you to give Leah Sharibu as a gift to this nation by working and securing her release before you are sworn in as President on 29th of
May 2019? "That is the appeal; that is our heart; and people have cried, Mr. President. Give us a gift, set Leah Sharibu and others who are in captivity free." In an emotional speech, the Founder, Mercy Ade-Davies Foundation, Prof. Funmi Adesanya-Davies, called on government to secure the speedy release of Leah from captivity, just the same way it was able to secure the release of a Muslim, who was held in Saudi Arabia for alleged drug peddling. She said: "Leah was the only girl retained because she is a Christian and refused to denounce her faith. Spite to
Leah Sharibu is spite to me; that means I am not safe as a northern Nigerian Christian woman. "Releasing Leah Sharibu to us is a mark that Christian community in Nigeria is same as Muslim community. We want to ask the government: Are we all not equal, don't we have the same rights, and are we all not Nigerians? "Our hearts are broken, we are depressed, we are sad; we are unhappy; release of Leah Sharibu is a sign to this nation and the entire globe that the Christian community is acceptable; but not releasing her is a sign of a very bad omen and this bad omen must be stopped."
influenced by maturing CBN Bills, interest payments on maturing Bills and fiscal disbursements. The redemption of FGN Bonds and NTBs complemented the injections, the CBN added. In order to mop up the excess liquidity, OMO
auctions were conducted frequently, the CBN maintained. Thus, the volume of auctions increased in November and December in response to various developments in the financial markets.
BANKS’ BORROWING FROM CBN DECREASES ON IMPROVED LIQUIDITY N24.916 trillion and N22.350 trillion in the year under review, compared with N13.763 trillion, N12.345 trillion and N11.347 trillion, respectively, in 2017. It attributed the high level of activity during the review period to the increased number of auctions to moderate the excess banking
system liquidity, occasioned by the payments of statutory revenue to the three tiers of government, other fiscal disbursements and maturing CBN Bills, among others. “The total request for repo transactions in 2018 decreased by 12.65 per cent to N966.06 billion from N1,105.96 billion in 2017, while the applicable
interest rates ranged from 18.50 to 19.50 per cent for the 4- to 90-day tenors, same as in the preceding year. “Consequently, total interest earned on repo decreased by 27.87 per cent to N23.55 billion, from N32.65 billion in 2017. The reduced level of request in 2018 was due to increased net liquidity
in the system,� the report added. It pointed out that the challenge of curtailing inflation, promoting increased capital inflows and restoring the economy to the path of growth was paramount in the Bank’s policy mix. The liquidity levels in the banking system were
BUHARI HOSTS SARAKI, OTHERS, BEMOANS FROSTY RELATIONSHIP WITH N’ASSEMBLY the distinguished senators and honourable members to subordinate all personal interests and ambitions to the imperative of working for the common good of our people.� It also said the president congratulated the memberselect on their success in winning their constituency seats, adding that “this is a great burden and a great responsibility placed on you by your people. Our citizens
are faced with challenges of poverty." The president was also quoted as saying: "Your principal task is to cooperate with the executive so that together, we can fashion policies that will lift our people out of poverty and out of illiteracy. "I appeal to the Distinguished Senators and Honourable Members to subordinate all personal
interests and ambitions to the imperative of working for the common good of our people.� The statement also said Buhari assured the leaders that his doors remain open “to all of you who have genuine concerns or advice to improve the quality of governance and service delivery to our people.� According to the statement, Saraki assured the president
that the National Assembly would maintain focus on national interest at all times. "In addition to the President of the Senate and Speaker Yakubu Dogara, the event was attended by the Deputy Senate President and the Deputy Speaker, the Majority and Minority Leaders and the Majority and Minority Whips and their deputies," the statement added.
DHQ DISSOCIATES MILITARY FROM CALL TO OVERTHROW FG of the documents being circulated by NCP and equally condemned in totality, the call to derail our hard earned democracy.’’ The statement added that the armed forces was “very mindful of its constitutional responsibilities’’ and would not be misled into any act that would undermine democracy as enshrined in the 1999 Constitution as amended.
“The AFN remains unflinchingly loyal to the Constitution, as well as President Muhammadu Buhari and Commander-inChief of the Armed Forces of the Federal Republic of Nigeria,� the DHQ said. The statement said all relevant law enforcement agencies had been advised to unravel those behind the seditious document for appropriate actions.
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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Five Senators-elect Jostle for Deputy Senate Presidency Saraki asks aides to submit handover notes
Deji Elumoye in Abuja Five out of the 64 senators-elect of the ruling All Progressives Congress (APC) have signified their intention to run for the position of Deputy Senate President (DSP) of the ninth National Assembly ahead of its inauguration in June. This is coming just as Senate President, Dr Bukola Saraki, directed all his legislative aides to prepare their handover notes before the 8th Senate winds down in June. Those angling to take over as DSP from Senator Ike Ekweremadu include ranking Senators Kabiru Gaya (Northwest), Francis Alimikhena (South-south), Ovie Omo-Agege (South-south), Ajayi Boroffice (South-west) and first term Senator-elect Orji Uzor-Kalu (South-east). The aspirants have since commenced consultations and campaigns among both returning and fresh Senators about their ambition. Sources told THISDAY that the aspirants have intensified their campaigns by meeting with both APC and opposition Peoples Democratic Party (PDP) Senators-elect and stressing the need for their colleagues to vote for them. One of the aspirants, Senator Boroffice (Ondo North) on his part, has written formally to all the senators-elect seeking their endorsement as DSP. He stated that he was seeking the support of the senators-elect across party lines based on his proven experience having been in the upper legislative chamber since 2011 and currently serving as Chairman of the Senate Committeee on Science and Technology Boroffice’s letters of intent which he personally signed were sent to the offices of returning senators at the National Assembly complex
on Monday while that of fresh Senators were dispatched same day by courier. Gaya (Kano South), the first to officially declare his interest shortly after his re-election in March has been in the Senate since 2007 and is the Chairman of Senate Committee on Works. Alimikhena (Edo North), who is Vice Chairman of Senate Committee on Housing and is returning for a second time, has been discreetly canvassing for votes from his colleagues. On his part, Omo-Agege, who won election into the Senate in 2015 on the platform of the Labour Party (LP) before defecting to APC in 2016, was last week formally endorsed by the South-south APC chairpersons. In a letter addressed to President Muhammadu Buhari and signed by all the six APC Chairmen, they said Omo-Agege was being endorsed because of his loyalty to President Buhari as well as the federal government. Kalu (Abia Central), a former two-time governor of Abia state and a fresh Senator said he believed the APC will zone the position of DSP to the South East. Kalu, who made his intention known at the orientation programme held for federal legislators-elect in Abuja last month, has continued to impress it upon his colleagues why he should be elected DSP having served as a member of the House of Representatives during the Third Republic. Although the national leadership of the APC had only officially zoned the Senate Presidency to the North-east, there are indications that the DSP may be zoned to the South-south Meanwhile, the Senate President has mandated his legislative aides to prepare their handover note ahead of the termination of the Eighth Senate in June.
US Suspends Dropbox Process for Visa Renewals in Nigeria Iyobosa Uwugiaren in Abuja and Vanessa Obioha in Lagos The United States Mission to Nigeria yesterday suspended indefinitely interview waivers for renewals, otherwise known as the “Dropbox” process, saying visa applications will no longer be accepted by DHL in Nigeria. “Those who have already submitted their passports via Dropbox to DHL for processing either at the US Embassy in Abuja, or the Consulate General in Lagos, will not be impacted by this change,’’ a press statement by the Embassy Press Office said. It added that all applicants in Nigeria seeking a nonimmigrant visa to the United States must apply online and will be required to appear in person at the US Embassy
in Abuja or US Consulate General in Lagos to submit their application for review. “Applicants must appear at the location they specified when applying for the visa renewal. Processing of diplomatic and official (A, G, and NATO class) visa applications will continue unchanged. ‘’Mission Nigeria’s processing procedures are regularly reviewed in order to assess our ability to quickly, efficiently, and securely process visa applications,’’ the statement explained. The statement further added that the US Mission is taking this step to provide more efficient customer service and promote legitimate travel, and will continue to facilitate applications of established travellers to the best of its ability.
In a one-page memo titled ‘Handover Notes’ and signed by his Chief of Staff, Dr Hakeem Baba-Ahmed, Saraki directed his legislative aides to prepare their handover notes “that should include
name, rank/designation, basic responsibilities, key achievements under your mandate/responsibilities, assignments you are currently engaged in and any other matter you may wish to place
on record that will assist the new Senate.” Saraki further reminded the legislative aides that “the Ninth Senate will benefit from a comprehensive document detailing records of our
individual mandates and assignments, major activities undertaken as well as advise on consolidating achievements of the Office of the President of the Eighth Senate, Dr Bukola Saraki.”.
A HARVEST OF PROJECTS…
L-R: Head of Service, Lagos State, Mr. Hakeem Muri-Okunola; Lagos State Governor, Mr. Akinwunmi Ambode; Chairman/CEO, Lagos Ferry Services, Mr. Paul Kalejaiye; and Commissioner for Works and Infrastructure, Mr. Ade Akinsanya, during the inauguration of the newly built Bariga Waterfront Jetty, Ilaje Road, and Ferries at Bariga, Lagos…yesterday
Osinbajo: FG Can Seize Assets Even without Corruption Allegation Adedayo Akinwale in Abuja Vice President Yemi Osinbajo has said the federal government can seize assets from citizens who cannot explain the source of their wealth. The vice president stated this yesterday while declaring open the anti-corruption conference organised by his office and the Presidential Advisory Committee Against Corruption (PACAC) in Abuja. “The Supreme Court in a lead judgment of Akaahs JSC, recently held that forfeiture under Section 17 of the Advanced Fee Fraud and Other Related Offences Act is a civil process, which neither requires the criminal conviction of the property owner nor his innocence,” he said.
“This opens the door for forfeiture of assets that the purported owner cannot explain, whether or not an allegation of corruption is made,”Osinbajo explained. According to him, corruption has made Nigeria’s debt and poverty figures double in spite of the highest oil revenues in Nigeria’s history He said President Muhammadu Buhari-led administration is not deceived into thinking that it has won the battle against corruption as it was tackling grand corruption first. “By that, we mean the stealing of huge public resources directly from the treasury; usually at the highest levels of executive authority; and the stealing of budgeted funds through various
schemes,” he said. “We are now poised to deal with the wider problem of systemic corruption; especially where the average person interacts with government. “Corruption in the issuance of contracts, licenses and other government approvals; there is no reason why any Nigerian should have to give bribe to law enforcement agents for obtaining drivers licenses or passports or to clear goods at our ports. “All the relevant government agencies have shown a serious commitment to eradicating these forms of corruption; our next level is to create the environment for collaboration between our agencies, civil society and other stakeholders.”
He said the enforcement of treasury single account (TSA), the presidential initiative on continuous audit, and transferring civil servants on the IPPIS electronic platform has helped to control official theft of public funds. Also speaking at the event, the Chairman of PACAC, Professor Itse Sagay, questioned the order stopping the Economic and Financial Crimes Commission (EFCC) from investigating the officials of Rivers State Government. Sagay also called on the National Assembly to pass the bill on Intelligence Reform into law to aid information and intelligence sharing among agencies if the fight against corruption must be won.
I was Expelled from PDP, Akpabio Tells Court Alex Enumah in Abuja A former Senate Minority Leader, Senator Godswill Akpabio yesterday told a Federal High Court in Abuja, why he moved out of the Peoples Democratic Party (PDP) to the All Progressive Party (APC), saying he was expelled from his erstwhile party. Akpabio, at the opening of his defence in a suit seeking his sack and that of 53 other national lawmakers over their alleged defection from one party to another, told the court that unlike the others, he was expelled from the PDP on whose platform he ran and won the Akwa Ibom
North-west senatorial seat in 2015. The former governor said before he was expelled from the PDP at the local government level, the party had already suspended him in his ward. “When juxtaposed with the calendar for the primary elections as issued by the Independent National Electoral Commission (INEC), the intention of the PDP then was to render him fait accompli and to deny him a platform to contest the election as his nomination must come from the ward up,” his lawyer, Sunday Ameh (SAN), told the court. The senior counsel said Akpabio, who is the third
defendant in the suit filed by LEDAP, was thrown out of the PDP at a very crucial moment in a political arrangement towards the 2019 general election. Ameh said: “In order not to fall prey of the gang-up, calculated to turning him into political orphan and preventing him from participating in the 2019 general election, he had to take advantage of his constitutional right under Section 40 of the constitution to join the APC that was willing to accept him after his party had thrown him out “. He added that what the PDP did to Akpabio was an uncommon situation and that
he seeks constitutional remedy. He said if Akpabio’s action was not correct, the PDP would have applied to be joined in the matter to say that the 3rd defendant willingly left the party and urged the court to dismiss the suit for being incompetent and lacking in merit. Earlier in his oral submission, counsel to the plaintiff, Jibrin Okutepa (SAN) insisted that there was no division to warrant the defendants’ defection, adding also that the further counter affidavit deposed to personally showed that defendants have admitted that there was no division in their parties.
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NEWS
Obiano, Buhari Group Hail Reappointment of Emefiele Onyebuchi Ezigbo in Abuja and David-Chyddy Eleke in Awka The Anambra State Governor, Chief Willie Obiano, and the Buhari Media Organisation (BMO), have applauded President Muhammadu Buhari over the reappointment of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for another term of five years. Obiano said that the reappointment had raised the hope for southerners, even before the commencement of the president’s second term in office, recalling that the president had promised to ensure equity in the distribution of appointments before the 2019 general election. Obiano who was speaking through his Commissioner for Information and Public Enlightenment, Mr. C.Don Adinuba, in a press statement issued to journalists in Awka, the state capital, said Emefiele’s reappointment was an indication that President Buhari was interested in putting qualified people in positions, as against where the person hailed from. “Governor Willie Obiano and the people of Anambra State are delighted at the reappointment because it is based purely on merit and an appreciation of the values of policy consistency, national interest, financial system
stability and a strong desire for rapid national economic growth.” The governor praised Emefiele for his hard work and achievements in the apex bank in the last five years, saying that the president noticed his capabilities and deemed him fit for reappointment. “One thing, which Mr. Emefiele’s reappointment signifies is that President Buhari has started in earnest the implementation of the new policy of inclusiveness, which he assured the Nigerian people after his reelection last February and an issue which he and I have been discussing in private. “Though Mr. Emefiele was appointed the CBN governor five years ago by erstwhile President Goodluck Jonathan, President Buhari saw the need for him to continue in office in the overriding interest of the nation. “The president deserves commendation for standing firm on his decision on Emefiele’s reappointment, unlike a former president who was enamoured of Professor Chukwuma Charles Soludo’s brilliance, foresight, energy, patriotism and accomplishments as the CBN governor, but at the end of the day succumbed to pressures from those who didn’t want Professor Soludo back for parochial reasons.”
He said the country should expect more balanced appointments from President Buhari in his second term, adding that this is the pathway to national greatness. On its part, the BMO described Emefiele’s reappointment as a masterstroke that will further stabilise the economy. According to the BMO, the manner the stock markets and analysts responded positively to the news of a second five-year term for the CBN governor was an indication of the correctness of the decision. In a statement signed by its Chairman, Mr. Niyi Akinsiju, and Secretary, Cassidy Madueke, the group noted that the positive
comments that trailed the decision showed that the president did not make a mistake in extending Emefiele’s tenure at Nigeria’s apex monetary authority. “President Buhari came into office about a year into Emefiele’s tenure as CBN governor, and though he could have found a reason to ease him out of office, after inheriting an economy that was near comatose, he gave the former Group Managing Director of Zenith Bank the opportunity to prove himself. “And as if the leash that was holding him back was removed when the All Progressives Congress (APC) came on board in 2015, the CBN governor spearheaded a number of initiatives
to put the country on a path of sustainable economic growth after it momentarily slipped into economic recession’’, the group stated. President Buhari’s lobby group said by handing Emefiele a second term, Buhari has shown that what matters to him is performance, not ethnic or religious consideration. “We are not surprised at the deluge of commendations from respected economists and financial analysts because we know President Buhari as an individual that considers capacity to perform. That is why he takes his time before taking decisions,” the group said.
On what Emefiele did to deserve re-appointment, the pro-Buhari group pointed at the success story of the Anchors Borrowers Programme as one of the CBN’s major milestones under his watch. This, it said, paved the way for the agricultural revolution that has since led to the reduction in rice import and put Nigeria on the path of selfsustenance in rice production. The group added that the apex bank also introduced the Real Sector Support Fund, a facility meant to provide cheap funding at not more than nine per cent interest rate to new projects in the agriculture and manufacturing sectors.
Nigeria is Headquarters of Piracy, Says NIMASA DG Senate threatens to shut down bet9ja Deji Elumoye in Abuja The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, yesterday said Nigeria being the headquarters of poverty in the world is also perceived as the headquarters of piracy worldwide. This is coming as the Senate Committee on Sports also yesterday threatened to shut down Bet9ja offices if the company fails to honour its invitation again. Peterside who disclosed this in Abuja while defending the agency’s 2019 budget before the Senate Committee on Marine Transport emphasised that “within international maritime sector, Nigeria is largely seen as headquarters of piracy in the world.” NIMASA boss who made the submission while responding to question on why the NIMASA’s contributions into the Consolidated Revenue Fund in 2018 reduced by N6 billion when compared to the N22billion remitted into the account in 2017, said maritime crime was largely responsible for the fall in revenues. According to him, since monies remitted into the consolidated account on yearly basis are directly percentages of revenues saved, shortfalls in such remittance were as a result low revenues largely caused by maritime crime or piracy on high seas. “Our own problem here is more of maritime crime and not piracy which is committed on high seas, but within the sector, Nigeria is largely seen as headquarters of Piracy in the world,” he said.
The agency’s remittance into the consolidated revenue fund in 2017 was N22 billion, while that of 2018 was N16 billion , representing a shortfall of N6 billion . Peterside appealed to the Senator Ahmed Sani-led committee to facilitate the process of ensuring the concurrence to Maritime Security Bill. “We need adequate security on our water ways; the very reason why the Anti- Piracy law already passed by the House of Representatives is urgently needed,” he said. Meanwhile, the Senate Committee on Sports also yesterday threatened to shut down Bet9ja offices if the company fails to honour its invitation again. Speaking during the verification of Loto companies with license to operate in Nigeria, the Chairman of the Senate Committee on Youth and Sport, Senator Obinna Ogba (Ebonyi Central), said it was unfortunate that Bet9a refused to honour the committee’s invitation. “Clerk, write to Bet9ja again. If they did not honour our invitation again, we will ask the National Lottery Commission to seal their offices,” he said. According to Obinna, the Senate is moving to assist the lottery commission to generate money for the federal government. “We wanted to see bet9ja. They can’t run away,” Obinna said, adding that the committee’s verification followed series of complaints against the betting companies that some don’t even have offices while others have not been making remittances to the government.
COURTESY VISIT…
L-R: Deputy Head of Political Section, British High Commission, Mr. Stuart Gardner; former Senate Leader, Senator Ali Ndume; British High Commissioner, Ms. Catherine Laing; and former Deputy Chairman, Senate Committee on Niger Delta Development Commission, Senator Nurudeen Abatemi-Usman, during a visit to the British High Commission in Abuja...yesterday
Osun Election: I Didn’t Forge WAEC Certificate, Adeleke Tells Court The candidate of the Peoples Democratic Party (PDP) in the September 2018 Osun State governorship election, Senator Ademola Adeleke, yesterday told the Court of Appeal in Abuja that he did not forge the West African Examination Council (WAEC) certificate he presented to the Independent National Electoral Commission (INEC) to get clearance for the poll. Senator Adeleke insisted at the appellate court that the certificate he attached to his nomination Form CF 001 was lawfully issued to him and was confirmed by WAEC in its affidavit which it submitted as evidence to the Federal Capital Territory High Court in the Bwari area of Abuja. He, therefore, asked the court
to set aside the judgment of Justice Oathman Musa of an Abuja High Court which ‘erroneously’ held that his certificate was forged as alleged by two chieftains of the All Progressives Congress (APC). Adeleke told the three-man panel of the court headed by Justice Adamu Jauro that what he presented to the electoral body to secure qualification for the governorship election was exactly what the examination body presented before the lower court when it was ordered to do so by Justice Musa. He said the results, scores, and content in both certificates were the same, adding that the only difference was the format in which it was presented. He further told the appellate
court that Justice Musa erred in law when he ignored the document which he had ordered WAEC to present before the court, with which he arrived at his decision that Senator Adeleke did not possess the requisite academic qualification for the office of governor. He added that there was no case of non-qualification or forgery against the lawmaker before the lower court. Similarly, the PDP in its own appeal through its counsel, Mr. Emmanuel Enoidem, urged the appellate court to dismiss the suit for being incompetent and statute barred. He said the suit was in violation of the Fourth Alteration Act to the 1999 Constitution, having not been filed within
the 14 days allowed by law. According to the PDP’s legal adviser, the suit was filed 44 four days after the cause of action had arisen, while judgment was delivered outside the 180 days prescribed by law for a pre-election matter. On their part, the two respondents through their counsel, Mr. Joel Akomolafe, urged the court to uphold the judgment of the lower court. Akomolafe argued that the appellants did not appeal the issue of jurisdiction at the lower court. He informed the court that the trial court had dismissed Senator Adeleke and PDP’s motion challenging jurisdiction, on the grounds that it was canvassed late in the trial.
FG to Inaugurate Minimum Wage Implementation Committee Olawale Ajimotokan in Abuja The federal government will next Tuesday in Abuja inaugurate the new national minimum wage implementation committee, almost one month after President Muhammadu Buhari signed the bill into law. The Minister of Labour and Employment, Dr. Chris Ngige, said this while fielding questions concerning the time for payment of the new wage. Ngige did not state when
government would start payment but said that arrears would be paid anytime implementation of the new wage began. He said there were still processes and procedures the new wage would undergo before the commencement of its implementation, even though it had been passed and signed into law. “It is a whole process and the salary and wages commission will do its job
before implementation,” the minister said. He said that the committee was made of seven ministers with the Head of Service of the Federation, Mrs. Winifred Oyo-Ita as chairman. The minister said that those at the lowest cadre of employment whether in the public or private sector would earn N30,000 as the law provided. He said however for the cadre of workers already
earning above the minimum wage, there would be consequential adjustment from the top. Ngige added that the relevant agency of government would soon issue a circular on the expected adjustments. Meanwhile, the President of the Nigeria Labour Congress (NLC), Mr. Ayuba Wabba, has expressed worry over the delay in the commencement of the implementation of the new wage.
WEDNESDAY MAY 15, 2019 ˾ T H I S D AY
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Kano Kingmakers Want Court to Stop Ganduje from Deposing Sanusi Ibrahim Shuaibu in Kano Kingmakers in the Kano Emirate have filed a case against Governor Abdullahi Ganduje of the state, for splitting the emirate. In the suit with number K/197/2019 filed yesterday at a state High Court, Ganduje, the state House of Assembly, Attorney-General of the state and five others were listed as the defendants, while the kingmakers— Yusuf Nabahani (Madakin Kano), Abdullahi Sarki Ibrahim (Makaman Kano), Bello Abubakar (Sarkin Dawaki man Tuta) and Mukhtari Adnan (Sarikin Ban Kano)— were listed as first, second, third and fourth plaintiffs respectively. The Cable reported that tge kingmakers said the governor’s assent to the bill breaking up the
emirate was done in bad faith and the action was a desecration of centuries old tradition. They also asked the court to stop the governor from deposing Sanusi or transferring him out of Kano emirate without consulting them. “The defendants, in purporting to amend the Emirs (Appointment and Deposition) Law, 1984 have desecrated centuries old and highly revered traditions and heritage of the people of Kano and have uprooted the Plaintiffs various traditional titles without giving a hearing to the Plaintiffs and their clans or having regards to ancestral history by hurriedly enacting the Kano State Emirs law, 2019,” a copy of the suit seen by TheCable read. “The defendants desecrated the ancestral history and
all known laws connected with or pertaining to Kano Emirate’s customs and tradition by: (a) establishing Bichi Emirate comprising of 9 local governments including Dawakin Tofa and Dambatta, the ancestral homes of the 1st and 4th plaintiffs. The first plaintiffs have her been under any authority of Bichi district.
“(b) Establsihing Gaya Emirate comprising 8 local governments including Wudil and Gabasawa, the ancestral homes of the 2nd and 3rd plaintiffs.” The kingmakers are seeking a declaration that the passage of the law breaking the emirate was not for peace, order and good governance of the state and therefore contrary to Section
4 (7) of the 1999 constitution. They are also seeking a declaration that the the governor lacks the power under the existing “emirs laws of Kano state, 1991 to appoint emirs of Bichi, Rano, Gaya, Karaye or any other person and that the appointments made are unconstitutional, illegal, null and void”.
The kingmakers are asking the court to give an order restraining the newly appointed monarchs from parading themselves as emirs. Following the governor’s approval, the state now has five emirates: Kano, Rano, Gaya, Karaye and Bichi and five emirs of equal jurisdiction.
NNPC Saves $1.6bn from Arbitration with Atlantic Energy Kasim Sumaina in Abuja The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded savings of $1.6 billion from the arbitration between its upstream flagship subsidiary, the Nigerian Petroleum Development Company (NPDC) and the Atlantic Energy Drilling Concept Nigeria Limited. NNPC’s Group Managing Director, Dr. Maikanti Baru, made this disclosure yesterday after he was conferred with the Honorary Fellowship Award by the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) at the NNPC Towers in Abuja. Baru, while fielding questions from journalists, shortly after the event, revealed that the corporation succeeded in making a lot of savings from some companies that had litigations with it through arbitrations. Baru stated that the NNPC, through its determination to fight corruption also saved 91.5 per cent of its case with IPCO, which initially demanded
$400 million from the NNPC but was paid $37.5 million, adding that it takes a courageous team like what is obtained in NNPC not to allow the processes to be compromised with the humongous amount involved. According to him, “these are activities, which the fraud investigation and of course the forensic investigation by the NNPC, has helped the corporation to get value for money. “So, this institute’s intention is quite laudable and the conferment of fellowship on me will make me more determined to support their activities and being a patron, will help me to share with them some of the knowledge and training that I have received as a certified fraud examiner,” he said. The NNPC helmsman further informed that the collaboration with the institute would create an enabling environment for so many people to be trained in-country and that would go a long way to stem fraud, corruption and cybercrime in the society.
Nwaogu Passes On at 81 A devote Christian and renowned clearing and forwarding agent, Chief Francis Olikpe Sunday Nwaogu is dead. He died at the University College Hospital (UCH), Ibadan at the age of 81 years. The late Nwaogu who was a committed community leader and strict disciplinarian, hailed from Umuako Village,Nsirimo Community in Umuahia South Local Government Area of Abia State. A burial programme released by the family showed that there would be a service of songs/ wake keep in his honour on Friday, May 17, 2019 from 6 p.m. at the Umuako Village Primary School, Compound, Nsirimo, Umuahia South Local Government Area. A Church service follows the next day at the same venue while
internment follows immediately at the family compound. He is survived by his wife, Mrs.Grace Nwaogu, Chidren, grand children, sons and daughters- in-law amongst other relations.
STRENGTHENING PARTNERSHIP…
L-R: Chief Executive Officer, At3 Resources, Mrs. Tosin Adefeko; Founder and Chief Executive Officer, Ausso Leadership Academy (ALA), Mr. Austin Okere; Deputy Governor, Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad; and Head, Treasury Sales, Ecobank Nigeria, Mr. Michael Oyeyiola, during the visit of the deputy governor to ALA’s office in Lagos...recently AKINYELE ABAYOMI
CCT Okays Arraignment of Bayelsa Speaker, Four Others The Code of Conduct Tribunal (CCT) has said the Speaker of Bayelsa House of Assembly, Hon. Kombowei Benson, and four other serving and former staff of the assembly will be arraigned in the court on May 22. The tribunal’s Head, Press and Public Relations, Mr. Ibraheem Al-Hassan, disclosed this in a statement made available to journalists
misconduct and abuse of office. “Chairman Code of Conduct Tribunal Justice Danladi Y. Umar, has approved May 22 for the commencement of trial against serving speaker and four others. “The offences are alleged abused of office against Benson, the Speaker Bayelsa state House of Assembly. The charge was brought to the tribunal pursuant to Section
24 of the Code of Conduct Bureau and Tribunal Act. According to the charge, the alleged actions of the defendants are contrary to paragraph 9 of the fifth schedule, part 1 of the 1999. The offences are punishable under paragraph 18 (1) and (2) of the same constitution, and Sections 13 and 23 of the Code of Conduct Bureau and Tribunal Act CAP C15 LFN 2004.
Akeredolu: We Should Tap into Marijuana Business Governor Rotmi Akeredolu of Ondo State has said the state could diversify its economy by tapping into the marijuana market, The Cable has reported. In a tweet on Monday, Akeredolu explained that with an estimated value of
$145 billion in 2025, the state would be shortchanging itself if it ignores the marijuana business. “We all know that Ondo State is the hot bed of cannabis cultivation in Nigeria,” he wrote. “We know how to grow it and
it thrives well in the Sunshine State. With an estimated value of $145 Billion in 2025, we would be shortchanging ourselves if we failed tap into the Legal Marijuana Market. “Our focus now is Medical Marijuana cultivation in
controlled plantations under the full supervision of the @ ndlea_nigeria. I strongly implore the FG to take this seriously as it is a thriving industry that will create 1000’s of Jobs for our youth & spur Economic Diversification.”
Bayelsa Asks INEC to Reschedule Nov Guber Poll Emmanuel Addeh in Yenagoa
Nwaogu
yesterday in Abuja. Those to be charged alongside the speaker are former Clerk of assembly, Aaron Timiye and former Accountant, Thomas Tamaraodubo. Others are Owudogu Edward, serving Clerk of the assembly and Koroye Stephen, serving accountant of the assembly. Al-Hassan said the alleged offences bordered on gross
The Bayelsa State Government has asked the Independent National Electoral Commission (INEC) to reschedule the state’s governorship election slated for November 2, 2019. The Deputy Governor of the state, Rear Admiral Gboribiogha Jonah (rtd.) made the demand yesterday when he led a delegation of the state government on a courtesy visit to INEC head office in Abuja. Jonah said the election should be rescheduled as it clashes with the state’s annual thanksgiving.
He expressed difficulty in changing the date for the annual thanksgiving, which according to him is backed by law. In his response, the INEC chairman, Prof. Mahmood Yakubu, said the commission would meet and deliberate on the demand. The INEC chairman also said the commission will soon commence the prosecution of electoral offenders “whose case files have been prepared by the Nigeria police.” He also called on the people of Bayelsa and Kogi states to ensure the upcoming
governorship polls are devoid of any violence and other malpractices. He said: “May I seize this opportunity to appeal to all stakeholders in Bayelsa and Kogi states to ensure that the forthcoming governorship elections are devoid of hate speech, intimidation of voters and INEC officials, vote buying, violence including bombing and arson that led to the destruction of election materials and INEC facilities in the last Governorship elections. “I urge you to appeal to your supporters to ensure that the
creeks and waterways, the hills and forests, urban and rural areas, the polling units and collation centres are free of thugs who unleash mayhem that turn a simple democratic process into needless bloodletting.” The INEC chairman also spoke on the commission’s commitment to ensuring the polls are free and transparent. “We will deploy early, adhere to our guidelines and regulations and ensure a transparent and prompt collation and declaration of results,” he said.
WEDNESDAY MAY 15, 2019 ˾ T H I S D AY
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End Banditry or Face Food Shortage, Katsina Protesters Tell FG Francis Sardauna in Katsina
Troubled by the worsening insecurity in Katsina State, residents of Batsari Local Government Area of the state
yesterday staged a peaceful protest in the area, urging the federal government to intervene and stop the killings and kidnappings in the state or “face food shortage.”
Youths Protest against Attempt to Create New Kingdom from Benin Adibe Emenyonu in BeninCity A massive protest was yesterday staged in major streets of Benin-city, capital of Edo State, by youths under the umbrella of Benin Nation Congress (BNC) against one Chief Arisco Osemwengie, who they alleged was attempting to carve out a new kingdom from Benin-city to be headed by Ogiamen which Osemwengie claimed to be. The protesters carrying several placards and a mock coffin which they said signifies the death of the enemies of the Oba of Benin, said the real Ogiamen of Benin kingdom has never been declared dead even though he is supposed to be a palace chief, and therefore cannot be replaced. Speaking at the Government House where they were received by the state Deputy Governor, Philip Shaibu, President of BNC, Ayamenkhue Edokpolor, said the Ogiamien family led by Pa Samuel Ogiamien has since disowned Arisco Osemwegie which made him an impostor to the title he claimed. Furthermore, Edokpolo noted that the Ogiamien title belongs to a group called Uzama N’ibiewhich in the hierarchy of Benin palace functionaries According to him, “The Ogiamien family led by Pa. Samuel Ogiamien have duly and publicly disown the said Osemwegie since 2015 as an impostor trying to impersonate or criminally take the place of the chieftaincy title of Ogiamien whose
current holder is Chief Osarobo Okunoghae, and who has been absent from Benin for several years but has not been declared missing or dead by relevant authorities. “This begs the question that if the holder of the Ogiamien title has not been declared missing or dead, then Osemwengie and his illusionary adventurers trying to claim a title of Ogiamien must be held accountable for his whereabouts because a title is only vacant by death or by other established proviso. The public must be informed that by the Benin traditional palace structure, the Ogiamien title is one of the titles belonging to a group called Uzama ni bie which is a junior title in the palace hierarchy of functionaries.” Addressing the protesters, the deputy governor said there are only two known kingdoms in the world, Benin Kingdom and United Kingdom, adding that anyone trying to reduce the influence and ancestral history of Benin will not succeed. According to him, “There are two kingdoms in the world-Benin Kingdom and United Kingdomand anybody who tries to reduce the image and ancestral history that we have in this kingdom is just daring what human being cannot dare. “As a government, we are with you, and by the grace of God, we will not only protect our Benin kingdom but we will support every means to make the revered kingdom what it has always been. The Oba of Benin is revered all
Election Tribunal: PDP Demands Recount of Kaduna Guber Election Votes John Shiklam in Kaduna
The Peoples Democratic Party (PDP) and its governorship candidate in the 2019 general election, Isah Ashiru, yesterday filed an application before the the state governorship Election Petition Tribunal, seeking the recount of the votes cast during the March 9 poll. The incumbent state Governor, Nasir el-Rufai of the All Progressives Congress (APC) was declared winner of the election by the Independent National Electoral Commission (INEC), having polled 1,045,427 as against Ashiru’s 814,168 votes. Ashiru is challenging ElRufai’s victory at the tribunal on the grounds that the election was characterised by irregularities and over voting. The lead counsel to Ashiru, Elisha Kurah (SAN), filed the application at the commencement of a pre-trail at the tribunal headed by Justice I. M. Bako. The tribunal chairman, however, adjourned the matter
to May 25, 2019, to allow INEC and two other respondents in the petition time to respond to the application. In an interview with journalists shortly after the adjournment, Kurah said it was imperative that the tribunal order INEC for the recount of the votes cast during the election. According to him, “It is very crucial as we are alleging which is supported by the evidence we have that most of the results declared were phantom votes. “They were back up by votes in the ballot boxes. So we want a complete recount of the votes cast in the governorship election. ”We are expecting that the results would show that the PDP actually won the election, but votes were just inflated randomly just to make the APC have the semblance of winning the election.” However, in his reaction, counsel to El-Rufai, Abdulhakeem Mustapha, said he would oppose the application.
THISDAY gathered that Batsari is one of the nine local government areas of the state currently facing attacks by bandits. The aggrieved residents, mostly women and youths, who held the protest in Batsari town, decried the insecurity in the state which they said had resulted in apprehension, displacements in communities, property and loss of lives. They regretted that despite “well-intended steps so far taken by the federal and state governments, the security challenges bedeviling the state
remains unabated.” According to one of the protesters, Yado Musa, their action was to call the attention of the government to what she described as gruesome killings and abduction of her fellow women in some parts of the state. She said: “These evil acts are getting bolder by the day with no action taken by the authorities to arrest the situation and stop the act. Women suffer more because the bandits kill women, rape and kidnapped many. “We have the challenge of security situation all over
the state, but that of Batsari is clearly the worse. We are tired of burying our people and that is why we are calling on the government at all levels to intervene in this situation.” Another protester, Usman Muhammad, said the federal government should take decisive action against the kidnappers and bandits operating in the state to enable farmers cultivate their farmlands, adding that “this situation, if remain unchecked, will cause food shortage in the state.” He reaffirmed that there was need for total overhaul of the
security apparatus of the state to control the situation before the killing and kidnapping get out of hand. “The bandits killed many people in Iwala, Kasai, Baure, and yesterday they killed more than 10 persons in Baure village alone. Farming activities in Batsari will not hold again this year,” he added. Muhammad further alleged that the state government was not doing anything to curtail the scenario “even the security agencies are not doing enough to arrest the security,” hence the protest.
WELL DESERVED AWARDS…
L-R: Chief Executive Officer, Nigerian Stock Exchange (NSE),Oscar Onyema; Executive Director, Technical, Linkage Assurance Plc, Okanlawon Adelagun; Head, Oil and Gas, Linkage Assurance, Anthony Saki; and Publisher/CEO, BusinessDay, Frank Aigbogun, during the top 25 CEOs award presented to MD of Linkage Assurance, Daniel Braie at the BusinessDay’s top 25 CEOs and Next Bulls Awards held in Lagos...recently
Humanitarian Need of North-east Beyond Govt, Says Oando CEO Michael Olugbode in Maiduguri The Group Chief Executive Officer (CEO) of Oando Plc., Mr. Wale Tinubu, has said that the humanitarian need of the North-east region is beyond government, and called on the private sector and donor agencies to intervene. Tinubu, who led other top chief executives to Maiduguri, the Borno State capital, came for an on-the-spot-assessment of the area to ascertain how the business community could assist in the planned reconstruction of Borno State and aid assistance to two other states of Adamawa and Yobe affected by the decade-
old crisis. The delegation includes Access Bank’s Group Managing Director, Mr. Herbert Wigwe, and former chairman of the Nigerian Economic Summit Group (NESG), Mr. Kyari Bukar, among other private sector leaders, who joined the United Nation (UN) Humanitarian Coordinator in Nigeria, Mr. Edward Kallon. They paid a visit to two Internally Displaced Persons (IDPs) camps in Maiduguri, with other UN representatives and met people whose lives have been affected by the ongoing crisis. Speaking during the visit, Tinubu said: “This initiative
is about Nigerians helping Nigerians. Today, I have witnessed some of the most vulnerable people; women and children in the direst circumstances. Having seen the magnitude of their humanitarian needs, it is obvious that it is not a task that the government or any one agency can take on alone.” He added that: “The onus is on us to use our position to repair, nurture, build and sustain our society and pave a path for a truly inclusive economy.” Also speaking during the visit, Kallon said: “The humanitarian community has been working tirelessly to provide shelter, food, health care and other basic needs
to families who have been left with little or nothing. To see CEOs of banks and energy companies show compassion for the mothers and fathers, daughters and sons affected by this crisis brings a new beacon of hope for people who have endured too much. “Together with the leading business minds in Nigeria, there is so much more we can do for Nigeria’s most vulnerable people.” He noted that the visit was part of the Nigeria Humanitarian Fund-Private Sector Initiative (NHF-PSI), a groundbreaking global initiative created in Nigeria that will see companies join donor countries in pooling donations and resources together.
Author of Petition against Onnoghen Accuses CJN, NJC of Shielding Corrupt Judges Onyebuchi Ezigbo in Abuja The Anti-Corruption and Research Based Data Initiative (ARDI), the group that was involved in the case against the former Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, has alleged that the National Judicial Council (NJC) under the headship of the Acting Chief Justice of Nigeria, Justice Tanko Muhammadu,
is providing soft landing for judges facing allegations of corruption. Speaking to journalists yesterday in Abuja, the Executive Secretary of ARDI, Dennis Aghanya, said the group had observed a very worrisome trend in the manner that the NJC usually treats corruption petition against serving judges in the country. Acccording to him, it appears
that the NJC is only out to sweep corruption cases against judges under the carpet or in the alternative use its position to grant soft landing for the affected Judges. ARDI said it decided to petition the NJC in its handling of the Kogi State House of Assembly recommendations, which urged the state Chief Judge, Justice Nasiru Ajanah to step down for proper
investigation on his indictment for alleged misconduct. He said the bone of contention in the group’s petition against the NJC was its dissatisfaction over the manner the NJC is handling the petition submitted to it by the Kogi State governor on the sack of the State Chief Judge, Justice Nasiru Ajanah, for alleged gross misconduct.
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Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
RESTORING THE DIGNITY OF MAN (2) Sonnie Ekwowusi remembers the good old days at the UNN
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t is important to remind ourselves that the university is not an end itself. There are many who believe that mere passing through the university and obtaining a Golden Fleece automatically qualifies them for a meal ticket as well as infuses in them ideals needed to get along in life. In his deep reflection in 1952 on the idea of a university John Cardinal Newman produced a seminal work with the title: “The Idea of a University.� In that work Newman writes that the university is a place for the diffusion of universal knowledge and moulding of character of those who attend it. Newman’s thesis on the university has been trailed by scathing criticisms. For example, in his essay with the title: “The End of the University�, published in the First Things, April 205 Edition, Roger Scruton persuasively argues that today’s university differs from Newman’s. Besides, Newman’s ideal was modeled after Oxford, Cambridge and Trinity College. This Newman’s ideal, unfortunately, is opposed to today’s utilitarian mindset to instantly excel in the world of commerce, politics, industry and so forth. Also the university of Newman’s dream extolled members of the privilege class and social elite unlike today’s university that is open to all. More importantly the culture of the West was the primary focus of study in Newman’s university. Agreed, the university is a citadel for the transmission of culture for human flourishing. But not a deconstructed Western culture modelling Western liberal philosophy which, according to Scruton “leaves the students, after four years of intellectual dissipation, with the view that anything goes and nothing matters� but a culture founded on true learning and character. Supreme Court Chukwudifu Oputa (of blessed memory) was of the view that a proper university education transcends mere academic education and instead entails the education of the whole man. To him, a proper university education is such that informs characters, inspires good behaviour, balanced judgment and trains the body, the mind the intellect and the will. This, arguably, was the quality of education that we encountered at the University of Nigeria, Enugu Campus (UNEC), at least, at the time we found ourselves there. The boisterous student life at UNEC was a part and parcel of the university culture. It was inseparable from the university unwritten code of behaviour in an atmosphere of freedom. Within the UNEC Faculty of Law precinct we were granted a vision of the ends of life. We took from our law lecturers the things that are not provided elsewhere, which are conception of intrinsic value. If my memory still serves me right as I scribble this, Professor Emeritus Cyprian O. Okonkwo (SAN) (“section 24�), arguably, the first and oldest law lecturer in Nigeria at the moment taught us Criminal Law and Company Law. In fact, in those days, Prof Okonkwo prided himself as having been taught by Professor Laurence Cecil Bartlett Gower MBE (of blessed memory), the renowned UK Company law
THE BOISTEROUS STUDENT LIFE AT UNEC WAS A PART AND PARCEL OF THE UNIVERSITY CULTURE. IT WAS INSEPARABLE FROM THE UNIVERSITY UNWRITTEN CODE OF BEHAVIOUR IN AN ATMOSPHERE OF FREEDOM
expert. Prof Okonkwo was a simple man. He was approachable. But he was demanding on students. If his roving eyes mistakenly descended on you in the class, he would, in keeping with the motto of the University of Nigeria: “To restore the dignity of man,� ask you a seemingly simple law question. And if you fail to answer it correctly, he would pause momentarily, take a contemptuous studied look at you and thereafter query: “So, what have you been doing in this university?� Prof. Gaius Ezejiofor (SAN), taciturn, (of blessed memory) taught Land Law. Prof. E. I. Nwogwugwu taught Family Law and International Law. I must confess that his seminal class on recognition of Israel as a sovereign nation under International law made a deep impression on me. Prof. D. I. O. Ewelukwa (of blessed memory) taught both Constitutional law and Administrative law. Prof C.U. Ilegbune taught us Contract Law. He was an amiable man. He was kind. He was patient with students. He dressed impeccably in his black suit and black tie to match. Prof. B. O. Okere taught Jurisprudence. He was a tall elegant-looking man. He wore an admixture of black and grey disheveled hair ostensibly as a sign of his wisdom and legal scholarship. He was a grammarian. You could attend a Prof. Okere one-hour-Jurisprudence lecture without assimilating anything at all because his deliveries were woven with high flown admixture of English and Latin. Prof (Justice) Okay Achike (of blessed memory) was a professors’ professor. Listening to him during a 30-minute Commercial Law lecture was tantamount to listening to a Princeton University Law Professor for three hours. He was erudite and cerebral. Small wonder he was appointed a Justice of the Court of Appeal right from the UNEC Law Faculty. He was later elevated to the Supreme Court. He died shortly after retirement. Prof. G. O. S. Amadi (of blessed memory) taught Industrial Law. Court of Appeal Justice Chinwe Iyizoba taught Evidence. The first time I appeared before Justice Iyizoba and her learned brother Justices at the Court of Appeal, Lagos, I made sure I told her that I was one of her students at the UNEC Law Faculty. Sampson Owusu (Owusu), a Ghanaian, taught Equity and Executorships. He was stoic. He dressed scantily. He religiously wore slippers or flapping sandals. He was a mean lecturer, so mean with his marks that he once wept in an open class room before his students because a student scored “A� in Equity. There was this apocryphal story spreading at that time at UNEC. The story was that Rev Chris Okotie failed Owusu’s course. Those were the days when sex-for-marks lecturers were virtually non-existent or few. Those were the days when lecturers won the hearts of their students. Although we (UNN Law Class 1986) have left we would continue to return to the citadel of learning and culture where we were tamed and nurtured. Those who do not know how to return do not know how to love. We cease to live when we cease to love.
THE TRIALS OF SARAKI Bukola Saraki, Senate President, will laugh last, writes Segun Showunmi
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ature makes fine gold go through the fire to purify it and make it into finer gold. Any sincere observer of the travails of Dr. Olubukola Saraki or ‘Oloye’ as he is fondly called, will see nothing but an excessive attempt to destroy a man whose destiny is firmly in the hand of his Creator. How does one explain this new set of activities directed at making uncomfortable, embarrassing and harassing the senate president and his family? If the history of the case that went all the way to the Supreme Court in the infamous ICPC trials does not represent a completion of the matter, what do honest Nigerians make of these hasty double jeopardy efforts of the EFCC? Surely, like the previous attempt, this one too will end in disgrace and would only propel Bukola Saraki to higher levels of love from his followers and the conscientious people around. What are Bukola’s sins, save for emerging as Senate President of the Eighth Senate in spite of the meddlesomeness of the cabal of APC into what ordinarily is a selection process of peers relying on their rules! Can the handlers of this regime soberly say that he had done anything
other than that which is allowed in a multi-party democracy, where qualified persons lobby and scheme for positions? There is a falling to which the souls of men must strive to rid themselves, for while the scheming is ongoing, all might scheme, but once one has been favoured, it is ridiculous, incongruous to hold a grudge and elevate same to enmity, an enmity of monstrous bile, induced hatred, which all rightly guided persons must seek to purge themselves of, otherwise eternal damnation awaits the individual who abuses authority! This persecution becomes more offensive given that the senate under Senate President Olubukola Abubakar Saraki has performed better than all others before it in terms of its duties by way of bills, oversight and legislative responsibilities on the side of the country and its citizens! Notwithstanding the attitude of the Buhari-led executive and the posturing of some of its ministers and agency heads, in true manner of one who understands the higher ideals of leadership, Bukola has ensured that the ship of state is not grounded to a halt, at the same time ensuring that the independence of the legislature is not trampled upon. The apparatchik of state went into the 2019 elections in Kwara with brazing
audacity in a bid to get the people of Kwara to dump their benefactor in such a way that might affect the noble history of that town if care is not taken to ensure outsiders do not dictate the pace of a revered Nigerian state. Again, but for the higher ideals of leadership, which made Oloye take that in his stride, and reason that no Kwaran must die or be maimed because of reactionary agents and enemies of the people, perhaps the story might have really been centred around avoidable chaos and killings. Bukola reasoned like a true leader: maybe Otoge indeed; maybe the people do not want all he does for them, how he promotes their sons and daughters, how he does continuous medical supports to the downtrodden. Perhaps his generosity is no more desired, and while he leads them in love, they may prefer those who care not about them and who would destroy the family bond that all Kwarans have enjoyed from a legacy nurtured and passed on from Olusola Abubakar Saraki senior, which Olubukola Abubakar Saraki junior has, through thick and thin, kept faith with. Time will tell if the people of Kwara made the right decision on that day; time will tell boya Otoge abi Kotoge!
As for the future, behold, I see an effectual door opened before Olubukola Abubakar Saraki, one that will prepare him for succession, for the baton will be passed to the long awaited divine leaders. The belly of time is pregnant, and in full season, the entire world will learn of Olubukola Saraki, Senate President of the Eighth Senate of the Federal Republic of Nigeria; the bridge, the urbane, the digital leader, the one that will hold the numerous tribes and tongues of Nigeria together. One only needs to look at the generation holding sway now to know that the clock is ticking and power must change hands now. Dear Olubukola Abubakar Saraki, stay strong. This too shall pass, and when the siege is over, you can be sure that the great Rewarder is more than able to perfect all things concerning you and the country Nigeria. Kwarans, if you like, sit idly, while enemies of Kwara plan to destroy your pride. Rest assured that a larger space, made up of thinking persons see the bright light in your midst. Like it is with prophets of the past eras, he will be honored and supported from far and near! Showunmi, a member of the PDP, wrote from Ogun State
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EDITORIAL The 2019 Jamb Examination Crisis JAMB must be commended for doing a good job
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ne major proof of the downward slide in the education sector in Nigeria is the growing cases of examination malpractices. Reports from the 2019 Unified Tertiary Matriculation Examination (UTME) reveal that the vexatious issue, rather than abate, has been on a steady rise. This has become a cause of grave concern considering the destructive effects on the education sector. Today, rather than read their books and prepare adequately for exams, the first option many students at various levels look for is the opportunity to cheat. It is even more disheartening that some parents connive with their wards to perpetrate this social malady. With the results of 34,120 candidates withheld for examination malpractices and 50 ‘professional examination writers’ arrested, the Joint Admissions and Matriculation Board (JAMB) last week released the 2019 UTME results. JAMB registrar, Prof. Ishaq Oloyede disclosed that 116 exam centres WE MUST PRECIPITATE have been blacklisted, A RETURN TO THE including one in Delta DAYS WHEN ACADEMIC State which allegedly EXCELLENCE AND HARD bribed exam officers WORK WERE REWARDED with N1.7m. “We have recovered the JUST AS SLOTH AND payment voucher and MEDIOCRITY WERE the concerned staff PUNISHED are being investigated, but they claimed that they received the bribe because their lives were in danger,” said Oloyede. He noted that the exams recorded multiple registrations with one candidate, for instance, registering for 23 times. JAMB has been helped by technology. About 200 candidates involved have reportedly been arrested and they have all confessed to the crime. JAMB has also secured the conviction of five of the arrested examination ghost writers. Yet the problem persists. While biometric identity is a unique feature that could aid in the elimination of registration cheats, JAMB has little or no time
Letters to the Editor
for a verification exercise in a country where data do not speak to themselves. Even though the National Identity Management Agency captures enrolees and gives them a temporary card, the background check and cross matching takes months.
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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
ith all these, it is only natural to do more screening to ensure that what will be presented to tertiary institutions are deserving of admission. But what this shows also is that previous results released were not thoroughly screened. While serious nations are seeing higher education standards as part of the heated contest for development and leading edge in every discipline, Nigerian authorities are not paying enough attention. Today, no Nigerian university is ranked; and that is only half the story. Many of the graduates are barely literate. The relatively literate ones are uncreative and unproductive. The corporate labour market shuns them. That is why we must support the efforts of JAMB to sanitise its examination process. We must curb all practices that sully the reputation of Nigerian certificates abroad. Meanwhile, in trying to solve a problem, JAMB has created a bigger one. To check results, candidates would have to text their details to a Code which costs N50 per SMS. Some have sent as many as six times without seeing any results. All they keep getting is: ‘Your request has been received and is being processed, you will get response shortly. The service will cost you N50’. This is clearly unacceptable and JAMB must deal with it immediately. To the extent that examination malpractice portends great danger to the quality of our human capital and by extension, our workforce, a thorough overhaul of our education system should be initiated and implemented urgently to curtail this malaise. It is a national shame that requires the involvement of all stakeholders to eradicate. We must precipitate a return to the days when academic excellence and hard work were rewarded just as sloth and mediocrity were punished. We must commend JAMB for their efforts.
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.
THE NON-OIL SECTOR AND NIGERIA’S SUSTAINABLE ECONOMY
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n February 2019, the National Bureau of Statistics (NBS) reported that the Nigerian economy grew by 1.93 per cent in 2018. This represents a 135 per cent improvement when compared to 2017’s 0.82 per cent growth. Specifically, Nigeria’s Gross Domestic Product (GDP) grew by 2.38 per cent in real terms in the fourth quarter of 2018 when compared to the same period in 2017 which indicates that the economy rebounded in the last quarter as against the lull in the second and third quarters of 2018. Remarkably, the non-oil sector contributed significantly to the increase with a 2.70 per cent growth in real terms in the fourth quarter. No doubt, the steady growth in the sector is very welcoming news particularly at this period that the clamour for economic diversification is rife. Nigeria relies heavily on crude oil earnings which account for 95% of its export earnings and 70% of government revenue, thereby signposting the country as a single product economy. Previous efforts by successive administrations to stimulate growth in the non-oil sector of the economy, particularly agriculture and solid mineral resources through dedicated polices, have yielded little success and barely outlived the administrations that formulated them. However, the sharp drop in the global oil prices that occurred in 2015 resulted in economic hardships due to the consequent decline of government revenue. This served as a wake-up call to government to explore ways to diversify the economy and broaden government’s revenue sources even as the economy slipped into recession. After five consecutive quarters of contraction, Nigeria finally exited economic recession in the second quarter of2017, a per-
formance largely buoyed by a rise in global oil prices. However, results also show that performance in the non-oil sector has been growing steadily. A breakdown of reports by NBS and other economic reporting institutions on the quarterly performance of the non-oil sector for the greater part of 2017 and 2018 showed noticeable increases in volumes and value in sectors such as raw materials, agriculture, solid minerals and manufactured goods. This signifies that the deliberate efforts at diversifying the economy have begun to yield fruits. Notable among the export items were frozen shrimps and prawns exported mainly to the Netherlands, Belgium, and USA; flour and meals of soya bean exported mainly to Spain, Ghana and Senegal; ginger exported to Vietnam, Morocco and Sudan; while manufactured goods such as cigarettes were exported to mainly West African countries. These contributed significantly to the country’s trade balance. Prominent among companies that have increased the country’s non-oil earnings are Olam Nigeria, which exports agro-based products, including fermented cocoa beans and sesame seeds to the United Kingdom, Netherlands, Turkey, Japan, and Jordan; Eleme Fertiliser and Chemicals Limited with large exports in granular urea to South American countries Argentina, Uruguay and Brazil; Atlantic Shrimpers Limited with fresh crabs to the United States, China, Vietnam and the Netherlands, among others. Also included are manufacturers like the British American Tobacco Nigeria (BATN) that exports tobacco products to Ghana, Liberia, Cote d’Ivoire, Niger and Guinea, among other West African countries; De-united Foods Industries Limited exports Indomie, and Minimie noodles to destinations such as the United States,
and neighbouring West African countries; Guinness Nigeria PLC shipped Malta Guinness to Ghana and Cameroon while Friesland Campina WAMCO exported full cream milk powder and evaporated Peak Milk to Sierra Leone and Ghana. A lot of government’s diversification efforts have been focused on the agriculture and raw material sector. Interestingly, the sector is also benefiting from increasing patronage of private sector players, particularly manufacturing companies which have adopted backward integration models. Backward integration refers to the process in which a company purchases or internally produces segments of its supply chain. It helps organisations to guarantee access to key materials. The backward integration policy, which was introduced in 2002, has resulted in a gradual and steady increase in installed capacity of local manufacturers in the country in recent years as they continue to increase the local sourcing of critical materials, which were largely sourced externally in the past. This has also created new capacity and jobs as the sourced inputs usually undergo some processing before final application. In the solid mineral subsector, for example, the policy has helped harness Nigeria’s huge limestone deposit saving the country about N240 billion per year, according to economic experts. Cement producers that have relied heavily on the use of local content are Dangote Cement and Lafarge Africa PLC. Data from the National Bureau of Statistics show that local production capacity of cement products in the country has increased, thereby changing Nigeria’s status from a top 10 cement importer to a net exporter of cement. Akinremi Sobowale, Centre for Promotion of Enterprise and Business Best Practices
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ANALYSIS
Recommended by Their Convictions
Nseobong Okon-Ekong writes that as the current political season draws to a close in a few weeks, the uniqueness of some serious players in the polity cannot be ignored
Buhari
Obi
Abubakar
Muhammadu Buhari Fighting, possibly, the biggest war of his political career, in the 2019 national elections, President Muhammadu Buhari was flustered in many instances by the main opposition party, the Peoples Democratic Party. Though the Independent National Electoral Commission declared him winner of the February 23 presidential election, the heat is still on him. Atiku Abubakar More than ever before, the name of the former Vice President, Atiku Abubakar has become better known. Most opponents of the Federal Government were drawn to Abubakar as the symbol of the ideal leader they desire. He carried the aspiration of the opposition, as a key figure in the 2019 national elections. Abubakar led the charge to triumph over the ruling All Progressives Congress (APC), the Presidential candidate of the main opposition Peoples Democratic Party (PDP). It is to Abubakar ’s credit that the presidential race provided all the anticipation of a keen contest that ended in a photo finish. Uche Secondus Against predictions, the National Chairman of the main opposition Peoples Democratic Party (PDP) Prince Uche Secondus turned around the fortune of the party when no one gave him chance of succeeding, having been part of the old order believed to have ruined the party. His open door policy brought many PDP members back to the fold including three state Governors of Sokoto, Benue and Kwara as well the Senate President and the Speaker of the House of Representatives. To his credit, Secondus supervised a widely acclaimed transparent presidential primary. His party defeated four seating APC governors, in Imo, Buachi, Oyo and Adamawa states to increase the party’s strength. Peter Obi If ever there was a man who played the part, Dr. Peter Obi, former Governor of Anambra State fit the bill. Arguably, the choice of Obi as his presidential running mate, was one of the best decisions made by Abubakar. Providing rare insights that stimulated debates, Obi brought an intellectual dimension to political campaign, particularly in matters of the economy. His electoral performance in the Presidential campaign in state of Anambra in particular and South East in general set him out as the most likely political leader of the geo political zone. Muhammad Inuwa Yahaya What Alhaji Yahaya of the APC did in Gombe state is akin to what Bala Mohammad did in neighbouring Bauchi State. After his defeat in the 2015 gubernatorial election in Gombe by the incumbent PDP Governor Ibrahim Dankwambo, he continued oiling his machinery to return four years later to crush the ruling PDP
Emmanuel
in the state. Victory in the 2019 governorship election in Gombe State stood him out as an outstanding politician. Yahaya’s success shows that the people of Gombe are possessed with astute political awareness. Neysom Wike Increasingly, Governor Nyesom Wike of Rivers State is acquiring the reputation of an enigma. It is not easy to overlook his doggedness in the face of daunting opposition. Wike’s is imbued with an uncanny boldness that confounds his opponents. Udom Emmanuel For leading the victorious party in Akwa Ibom State, that many had calculated will be taken by the APC, Governor Udom Emmanuel has written his name in gold. This feat qualifies his as one of the leading electoral icon in this dispensation. Emeka Ihedioha He is not new to national politics having been the Deputy Speaker of the House of Representatives. Hon. Emeka Ihedioha’s victory in the 2019 Imo State governorship race has increased his conspicuousness. Ihedioha brought down an incumbent APC administration. Aminu Tambuwal Another Nigerian politician with nine lives is Governor Aminu Tambuwal of Sokoto state. He had in the last dispensation rebelled against his party and emerged as Speaker of the House of Representatives from where he left to become governor under APC. After returning to the PDP, he contested the party’s presidential ticket which he lost to the eventual winner Atiku. He returned to pick his gubernatorial ticket and met huge obstacle in his godfather, Senator Aliyu Wamakko but was able to crush him to retain his position for a second term. Abdulrahman Abdulralazaq Irrefutably, the biggest political upset in
Sani
the 2019 national elections took place in Kwara State. Governor-elect Abdulrahmsn Abdulrazaq is on record to have done what every political watcher thought was impossible. He brutally dethroned the Saraki dynasty that has ruled the state for a long time. He not only defeated an incumbent PDP administration but ensured that the heir to the Saraki hegemony, Bukola Saraki, a seating Senate President did not retain his position as a senator. Bala Mohammad Mallam Bala Mohammad was known nationally having been the Federal Capital Minister during the reign of President Goodluck Jonathan but nobody gave him chance of dethroning a seating governor in Buachi state. Ahmadu Finitri His name rings a bell in Adamawa State. As Speaker of the Adamawa state House of Assembly he meandered his way during the impeachment crisis in the state to emerge as Acting Governor. It was that brief period that laid his foundation for a political breakthrough. As he showed interest in the position and got the ticket of the PDP, he was able to dethrone an incumbent governor. Chris Ekpenyong This Senator-elect introduces himself as the man who defeated Senator Godswill Akpabio and that says a lot for his new status. As a former Deputy Governor in Akwa Ibom state, Chris Ekpenyong was not neophyte in the state politics. In the February 23 National Assembly elections, Ekpenyong’s political career took a new shine when defeated Akpabio. Sam Ortom Governor Sam Ortom of Benue State has the herdsmen menace in his state to thank for his political turn around. He was among the lowly rated governors in performance and was slated for defeat. But he turned himself into a warrior in the
defense of his people against the herdsmen attack. That turned the table in his favour. He switched political party loyalty from the APC to the opposition PDP, got its ticket and retained his position for a second term. Rabiu Kwankwaso Though his overwhelming influence in Kano state politics did not yield immediate result, Senator Rabiu Kwankwaso’s Kwakwassiyya group emerged the biggest political movement in the current era. Kwankwaso remains one of the biggest political mobilizers in Northern Nigeria. Seyi Makinde Watchers of the political scene in Oyo state politics are in agreement that the victory of PDP’s Seyi Makinde in the state gubernatorial contest defeating incumbent APC was largely due to his popularity. Makinde certainly must have political antecedents that endeared him to his people so much that they had to throw away the APC government in the state for him. Dino Melaye Call him rebel with a mission or notorious political figure, Senator Dino Melaye is one political personality you cannot ignore in this dispensation. It is intriguing how he manages to survive many battles from both the federal and Kogi state governments. Against all odds, he emerged victorious, returning again to represent his people as a Senator. The witty dimension he has brought to politics cannot be ignored. Shehu Sani It is difficult to overlook the presence of Senator Shehu Sani of Kaduna State in the current dispensation. His insightful contributions stands him out. His unbiased report that nailed the former Secretary to the Government of the Federation David Babachir in the grass cutting scam was courageous and fearless.
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T H I S D AY ˾ WEDNESDAY MAY 15, 2019
MIDWEEKPOLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
NEWSMAKER
Stubbornly Determined to Defy His Political Party Nseobong Okon-Ekong writes that Senator Ali Ndume has vowed not to step down from the Senate presidency race, insisting that his party, the All Progressives Congress must allow democracy prevail
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OFF THE CUFF: ri5IF TFOBUF JT TVQQPTFE UP CF BO JOTUJUVUJPO $MFBSMZ CZ UIF DPOTUJUVUJPO JU T TVQQPTFE UP CF JOEFQFOEFOU *O UIF USBEJUJPOBM JOTUJUVUJPOT XIFSF ,JOHT &NJST BOE $IJFGT BSF OPU BQQPJOUFE UIFZ BSF FMFDUFE *G ZPV BSF B 1SJODF UIBU EPFT OPU HVBSBOUFF UIBU ZPV XJMM CF UIF ,JOH 5IFZ BSF XIBU UIFZ DBMM UIF LJOHNBLFST "OE UIF LJOHNBLFST JO UIJT PVS DBTF JT TVQQPTFE UP CF UIF TFOBUPST 4P OPX XIP PXOT UIF MPZBMUZ PG UIF CFOFÃ DJBSZ *T JU UIF TFOBUPST PS JT JU UIF QBSUZ 0S JT JU "EBNT 0TIJPNIPMF *U XBT "EBNT 0TIJPNIPMF UIBU KVTU UISFX JU UP VT UIBU "INFE -BXBO TIPVME CF PVS OFYU TFOBUF QSFTJEFOU u Ndume insisting a level playing field where all contestants for the office of Senate President are free to compete ri* EPO U CFMJFWF UIBU UIBU JT USVMZ UIF QPTJUJPO PG .S 1SFTJEFOU #FDBVTF MFU NF BEE UIBU CFGPSF * XFOU JOUP UIJT DPOUFTU * DPOTVMUFE XJUI .S 1SFTJEFOU BOE IF HBWF NF UIF HP BIFBE * DPOTVMUFE XJUI 5JOVCV IF HBWF NF UIF HP BIFBE 5IBU XBT JNNFEJBUFMZ BGUFS UIF QSJNBSJFT 5IJT DPVOUSZ OFFET B TFOBUF UIBU CFMPOHT UP /JHFSJBOT u Ndume explaining that he reached out to the top echelon of the APC before he started his quest for Senate Presidency r* BN WFSZ MPZBM UP UIF QBSUZ #VU * POMZ HP XJUI UIF QBSUZ UP FYUFOU UIBU UIF QBSUZ IBT
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UP #PLP )BSBN &WFO JG JU JT USVF UIBU * BN SFMBUFE UP #PLP )BSBN EP ZPV UIJOL UIBU UIFTF PQFSBUJPOT UIBU UIFTF JOTVSHFOUT BSF DBSSZJOH PVU JT TJOHMF IBOEFEMZ TQPOTPSFE CZ /EVNF 5IJT HPWFSONFOU BOE NPTU /JHFSJBOT MJTUFO UP UIF QSFTT *G ZPV IBWF UIF QSFTT TVQQPSU BOE JU TXJOHT UIJT XBZ GPS ZPV QFPQMF XJMM MFU ZPV HP * XBT BMSFBEZ DPOWJDUFE CZ UIF QSFTT JOJUJBMMZ u Ndume decrying conviction by the Nigerian media naming him as alleged sponsor of Boko Haram ri8F BSF BQQFBMJOH UP UIF NJMJUBSZ UP JOUFOTJGZ PQFSBUJPO PO UIF EBSLFTU TQPUT JO #PSOP TUBUF XIFSF UIF JOTVSHFOUT BSF TBJE UP CF DBSSZJOH PVU UIFJS PQFSBUJPOT GSPN 5IFTF UXP TQPUT BSF SFQPSUFE UP CF %BNCPB (XP[B BYJT BOE UIF -BLF $IBE BYJT *U JT TVTQFDUFE BOE SFQPSUFE UIBU "CVCBLBS 4IFLBV B GBDUJPOBM MFBEFS PG UIF TFDU JT PQFSBUJOH GSPN UIF $IJCPL BYJT XIJMF UIF .BNNBO /VS T HSPVQ PQFSBUFT GSPN UIF -BLF $IBE BYJT 5IF NJMJUBSZ TIPVME WJTJU UIF CBTFT PG UIF JOTVSHFOUT XJUI TVQFSJPS Ã SFQPXFS UIF JOTVSHFOUT XPVME CF EFGFBUFE u Ndume identifying two black spots from which Boko Haram insurgents operate in Borno State ri5IFSF XBT OPUIJOH BCPVU XIBU IBQQFOFE * EJE OPU TFF BOZUIJOH QFSTPOBM * EJE OPU UBLF BOZUIJOH QFSTPOBM * EPO U CFHSVEHF BOZCPEZ CVU JG UIFSF JT BOZCPEZ XIP UPPL QFSTPOBM MFBWF UIBU JT MFGU UP (PE u Ndume stating why he went to court to challenge his suspension from the senate
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T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325
Ambode’s Legacy of Youth Empowerment Sunday Ehigiator reports that the legacy of Governor Akinwunmi Ambode lives on through the Lagos State Employment Trust Fund, which has since inception been tailored towards youth empowerment and job creation
Lagos State Governor, Mr. Akinwunmi Ambode (fourth left); Chairman, Board of Trustees, Lagos State Employment Trust Fund (LSETF), Mrs. Ifueko Omoigui Okauru (third left); Executive Secretary of LSETF, Mr. Akintunde Oyebode (third right), with some of the beneďŹ ciaries Mrs. Victoria Adeyemi (fourth right); Mr. Adeoye Olumide of Jetco Global Services Limited (second right); Chinasa Patrick (right); Mr. Ismaila Sunmonu (second left) and Mr. Adewole Bamigbade (left) during one of the LSETF’s Chequers presentation ceremony at Blue Roof, Agidingbi, Ikeja
D
uring the electioneering campaign in 2014 and early 2015, the then governorship candidate of All Progressives Congress (APC) in Lagos State, Mr Akinwunmi Ambode promised the people that, if elected, he would come up with an initiative to provide loans and create jobs for the people, especially women and the youth. True to his words, few months after assuming office as the 14th governor of the state, Ambode immediately set machinery in motion to walk the talk, and eventually the Lagos State Employment Trust Fund (LSETF) was birthed on March 1, 2016 after the legal instrument had been sorted through an Executive Bill to that effect duly passed by the State House of Assembly. Three years after, according to official report of the LSETF, over N6.5 billion had so far been disbursed to almost 10,000 beneficiaries, while over 3,500 unemployed Lagos residents have been provided with vocational training, with over 1,500 of the trainees placed in jobs. Also, the fund has supported over 80 start-ups through its Lagos Innovates programme, while in total, LSETF’s interventions have helped create almost 90,000 jobs in the state since it started operations. MOU with USADF Not done yet with the feats recorded, the LSETF recently signed a Memorandum of Understanding worth $10million with the United States African Development Fund (USADF) to support 15,000 youths in Lagos State within the next five years. The deal is said to be in line with the mandate of the fund to provide employment and entrepreneurship opportunities for Lagos residents, while through the MoU, both parties would provide an equal sum of $2m every year for five years ($10m in total) to provide skill development and internship opportunities to 3,000 youth between the ages of 18 to 35 totaling 15,000, with women constituting at least 50 per cent of the beneficiaries. Speaking at the signing ceremony, which recently took place in Washington DC, in the presence of executives of both agencies, members
Governor Ambode (second left); with one of the beneďŹ ciaries Mrs. Adeyemi (right); Commissioner for wealth creation and Employment, Pharm (Mrs) Uzamat Akinbile-Yusuf (left) and Mrs. Okauru (second right) of the US Congress, partners and the international media, LSETF Board of Trustees Chairman, Mrs Ifueko Okauru, expressed optimism that the partnership would bring about massive positive impact. She said: “This USADF-LSETF collaboration will enable the expansion of world-class vocational training centres available in the state, the development of 15,000 skilled youth for employment into targeted sectors, the provision of internship cost subsidies to employers and the tracking of real-time placement of unemployed youth into jobs.â€? Also speaking, the acting Executive Secretary, LSETF, Mrs Teju Abisoye, said with the recent Labour Force Report by the National Bureau of Statistics, which showed a 6.7 per cent drop
in unemployment rate as Lagos State provided the largest number of 740,146 jobs in the third quarter of 2018, it was obvious that the deliberate employment intervention policies of the Lagos State Government were finally impacting on job creation. She said she was pleased to have the USADF join LSETF to create more jobs for youths while sustainably decreasing the alarming unemployment rate. On his part, the President/Chief Executive Officer, USADF, Mr CD Glin, stated that the foundation was proud to be in partnership with the LSETF as its programmes had been independently verified to be making an impact in the lives of young Nigerians. “This USADF-LSETF partnership further
expands our existing commitment to investing in high-impact initiatives that are hinged on generating income, providing financial solutions and causing a change in the African economy,� Glin stated. Core Derivatives Basically, the LSETF was set up by Governor Ambode’s administration to tackle unemployment and promote job creation in the state, and in a bid to achieve its mandate, the fund adopted three core areas of interventions including entrepreneurship, skills development and innovation. Aside the fact that the core areas are targeted to every indigene irrespective of gender, religion or tribe, there is also a commitment to ensure
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FEATURES at least 50 per cent of the beneficiaries are women through three programmes – Loan, Employability and Lagos Innovates. While the Loan Programme provides access to finance for Small and Medium Scale Enterprises (SME), Micro- Enterprises (ME) and ME Startups (MES) beneficiaries with a maximum value of N5million, N500,000 and N250,000 respectively, the Employability Programme in partnership with United Nations Development Programme (UNDP) through the Lagos State Employability Support Project aims to increase the pool of skilled manpower to alleviate the acute shortages of employable labour in key sectors such as Manufacturing, Health Care, Construction, Entertainment, and Hospitality. Also, the Lagos Innovates Programme is a dedicated platform that refers to a set of programs that provide support for the exciting and fast-growing startup ecosystem in the State. Lagos Innovates is also designed to assist founders and startups by facilitating access to high quality workspaces/infrastructure, learning, early stage investment capital and investor and peer networks. Past Presentations Speaking during one of the presentations of cheques to beneficiaries of the LSETF loan programme, Governor Ambode said it was gratifying that the initiative was meeting the objectives of creating jobs and contributing to the growth of the economy. At the event held at LTV Blue Roof, Agidingbi, Ikeja, Ambode expressed fulfillment that the initiative, which is a brain child of his administration, had positively impacted many Lagosians and help to scale up entrepreneurship with many businesses now thriving. “Today is a historic day. It is one of those days that we have this fulfillment that we tried our hands on something that was never done before and years after, we are able to see the result and I just want to say a big thank you to all of you that have accepted to be partners in this programme and to just congratulate ourselves that a day like this can come in Lagos State. “I am particularly delighted to be here today to see for myself the manifestation of a small dream we had at the inception of this government and the little seed we have sown in the lives and businesses of Lagosians. The Employment Trust Fund was a promise we made to Lagosians in 2015 and today, I am happy to see the faces of the people whose lives and aspirations have been positively impacted by this programme,� Ambode said. The governor, who noted the positive difference the beneficiaries of the scheme were making in the state, said the wonderful stories about the initiative were the true outcomes of governance, saying the vision was to use it to grow Lagos economy by supporting entrepreneurship, which in turn, would help to create jobs for unemployed residents. The governor said in line with his promise of inclusive governance, the beneficiaries of the LSETF programmes range from the youth to senior citizens in active business across all 20 Local Government Areas (LGAs) and 37 Local Community Development Areas (LCDAs) in this state, adding that the positive stories emanating from beneficiaries were pleasing to note. “A very big validation of this programme we have embarked upon comes from the over 25,000 new direct jobs created directly by these businesses in our state. This does not include the multiplier effect of those businesses on the Lagos economy and the indirect jobs created.� Testimonials According to Ambode, some of the testimonials were heartwarming. “Apart from the jobs being created, I am especially pleased to see testimonials from some of our beneficiaries. I watched the video of Ibrahim Shuaib; a final year student of Dentistry at the Lagos State University Medical School. With a loan of N250,000, Ibrahim has not only grown his dry-cleaning business, employing over 20 people, but also started another business which his sister runs. “I also read about Femi Oyedipe, whose chocolate production business, Loshes Chocolate, can now produce ten times more than before, employing more Lagosians as staff. Apart from employing more people, Loshes Chocolate makes it products from cocoa beans sourced from Ondo State, creating value for farmers outside Lagos. This is a very good example of the inter-state economic partnership Nigeria needs to grow its economy,� Ambode disclosed.
L-R second row: Chairman, IBILE MicroďŹ nance Bank, Hon. Kolawole Taiwo; representative of Lagos State Governor & Commissioner for Wealth Creation & Employment, Dr. Babatunde Durosinmi-Etti; Chairman, LSETF, Mrs. Ifueko Omoigui Okauru; Chairman, House Committee on Wealth Creation & Employment, Hon. Sola Giwa; Permanent Secretary, Ministry of Wealth Creation & Employment, Dr. Yakub Basorun; Executive Secretary, (LSETF), Mr. Akintunde Oyebode (third left) with some beneďŹ ciaries
Some of the beneďŹ ciaries with Gov. Ambode
Governor Ambode (second left); presents a cheque to one of the beneďŹ ciaries, Mr. Ismaila Sunmonu (second right), while the Chairman, Board of Trustees, Okauru (left) and Executive Secretary of LSETF, Mr. Akintunde Oyebode (right), watch with admiration during the LSETF Cheque presentation ceremony at Blue Roof, Agidingbi, Ikeja Commendation Commenting on the initiative during one of his visits to Lagos, Vice President, Professor Yemi Osinbajo hailed the state government for coming up with such brilliant idea, saying that it was particularly laudable that over 12,500 new jobs were created within the first six months of the scheme. Osinbajo, who spoke while delivering a keynote address at the Special Parliamentary Session to mark the third anniversary of the 8th Assembly of the Lagos State House of Assembly, said the ETF, which was created in 2016, was an excellent example of how state governments could intervene in creating opportunities for small businesses.
“At this point, I want to mention that the Lagos State Employment Trust Fund which was established in 2016 is an excellent example of state intervention in creating opportunities for small businesses. As of May 2018, 7000 loans totaling about N5billion have already been given out and 12,500 jobs were created even within the first six months of its operation. “This is a very important initiative of the state government and we think that it is important because it understands and addresses the concern of an important segment of our society – the young bright minds that require some capital to multiply their thoughts and trade,� Osinbajo said. One of the beneficiaries of the LSETF loan
programme, Mr Adeoye Olumide of Jetco Global Farms whose company was granted N3.750million loan, said aside that he applied and got the loan without knowing anybody in government, the multiplier effect of the scheme was amazing as more people had been employed into his business. “This is so unbelievable and it is so amazing. The positive effect on the entire value chain with this empowerment is very laudable and very commendable,� Olumide said. Without a doubt, the LSETF has performed exceedingly well to the admiration of both the governor and the people of the state. It is indeed, as observers have noted, one of the major achievements of the Ambode administration.
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Quick Takes Casava Gets Micro Insurance Licence
TheNationalInsuranceCommission(NAICOM)hasapprovedCasava Micro-Insurance Limited to operate as a State Composite Micro Insurance Company. The company is mandated to transact life and generalmicroinsurancebusinessesinLagosStateonly.Astatement conďŹ rming the NAICOM’s approval by Head, Commissioner’s Directorate, Salami Rasaaq, explained that it was in “continuing eort at deepening insurance penetration and increasing insurance access point in Nigeria.â€? He said, “Casava Micro-Insurance is one of the successful company among several applications received in the Commission from Individuals and corporate entities requesting registration as micro-insuranceoperatorsinNigeria.“Thecompanythusbecomethe second full-edge standalone micro insurance operator in Nigeria.â€?
Quadrant Unveils Intelligence Report
STOCK-TAKING
L-R: Managing Director, Champion Breweries Plc, Mr. Patrick Ejidoh; Chairman, Dr. Elijah Akpan and Company Secretary, Mr. Tosan Atle Aiboni, during the company’s43rdAnnualGeneralMeetingheldinLagos‌recently ETOP UKUTT
93,803 Retire Without Benefits on Delayed Pension Protection Fund Ebere Nwoji Despite promises made by the National Pension Commission(PenCom) on the establishment of Minimum Pension Guarantee Fund and the Pension Protection Fund as enshrined in the Pension Reform Act 2014, to ensure that Nigerian workers get retirement benefit at the end of their working years, a report by the Commission has revealed that about 93,803 private sector workers retired without benefits. These category of workers were faced with this ugly situation because their Retirement Savings Accounts (RSAs) balances were N550,000 or below and considered insufficient
PENSION to procure a programmed withdrawal or annuity. This was despite assurance by PenCom to establish the Pension Protection Fund to augment the savings of contributors whose contributions fall below N500,000. The commission disclosed this in its fourth quarter 2018 report. The pension industry regulator stated that in the fourth quarter of 2018, it granted approval for the payment of N845.36 million to 3,572 retirees, which comprised 188 public (federal and state) and 3,384 private sector retirees. PenCom noted that during the period, 103,016 retirees
received en-bloc payments totalling N25.80 billion from inception to the end of the fourth quarter of 2018, which was considered insufficient to procure a programmed withdrawal or annuity. According to PenCom, 93,803 private sector workers have so far retired without pension benefits, while public sector workers were 9,213. Aside the fact that establishment of the minimum pension guarantee fund and pension protection funds were enshrined in the 2014 Pension Reform Act, shortly after the enactment of the 2014 Act, the commission, had said it would establish the fund for the benefits of retirees registered with any of the PFAs.
According to PenCom under the leadership of its former Director General Chinelo AnohuAmazu, the fund was to be used to guarantee the minimum monthly pension stipends that retirees would be getting, just the way workers in both the public and private sectors were enjoying the minimum wage. According to the commission, part of the funds for the minimum guaranteed pension would be obtained through an annual subvention of one per cent of the total monthly wage bill payable to employees in the public service of the federation. The commission had further assured that the fund would also be funded from the annual Continued on page 24
Persistent Decline Makes Stocks More Affordable for Investors Goddy Egene As the year to date-date decline of the Nigerian Stock Exchange (NSE) All-Share Index hit 9.1 per cent on Monday, more opportunities have opened for investors to buy stocks at cheaper prices and enjoy good returns in the future. The persistent decline in the prices of most stocks in recent times have driven equities to one-year low, making them very attractive. While the NSE ASI has depreciated by 9.1 per cent, some other sectoral indicators have recorded worse declines. Also, some stocks have recorded declines that are over
ECONOMY 20 per cent, indicating favourable entry opportunity. According to analysts, investors should take advantage of low prices of stocks that recorded improved performance in the first quarter of 2019, saying they stood the chance of getting good dividend and capital appreciation later part of the year. For instance, Cement Company of Northern Nigeria Plc, United Bank for Africa Plc, Transcorp Plc, Zenith Bank Plc and GTBank Plc, which reported improved first quarter results
have suffered decline in prices. CCNN has declined by 21 per cent so far, while UBA Plc has shed 22 per cent. Transcorp Plc, Zenith Bank Plc and GTBank Plc are 13 per cent, 14.5 per cent and 10 per cent cheaper respectively. Before now, Analysts at Afrinvest had said although the downbeat nature of the market had left many domestic investors sceptical and confused over the potential near term upsides, investors should rather take advantage of the current cheaper valuations. A Professor of Finance & Capital Market, and Head,
Banking and Finance Department, Nasarawa State University, Keffi, Prof. Uche Uwaleke, recently urged investors to take advantage of low prices of equities in order to enjoy capital gain when the market rebounds soon. The equities market, which declined by over 17 per cent in 2018, has remained bearish, recording a year-to-date decline of 7.8 per cent as at yesterday. This development has led to significant fall in the prices of many stocks, which is an entry opportunity for investors. Speaking at the Capital Market
AleadingStrategicCommunicationsandPublicRelationsconsultancy, Quadrant MSL, a member of the Publicis Groupe, has unveiled the maiden edition of its PR Intelligence Report, titled “A Quadrant MSL Review of the Financial Services Industry: Banking Sectorâ€?. The report, which covers the last quarter of 2018 focuses on the ways banks engaged newspapers to communicate with various audiences and stakeholders. It was presented at an unveiling event at the company’s head oďŹƒce in Ikeja, Lagos. Managing Consultant, Quadrant MSL, Uche Ajene-Ayere, said while the maiden edition paid attention to the ďŹ nancial services industry, speciďŹ cally the banking Sector, it was designed to help communications and marketing executives across industries make more informed and data driven decisions. “This will help key stakeholders understand consumers and how best to inuence consumer buying decisions. The report will be released periodically and will go on to cover other sectors and industries,â€? Ajene-Ayere added. She further said, “the consultancy’s progression to strategic communications has come naturally because of the noticeable dynamism in the public relations industry. The public relations industry has come under strong disruptions with ever evolving consumer habits, media formats and consumption patterns, which in turn have impacted clients demands and expectations.â€?
CIBN Holds Annual General Meeting
Inlinewiththetraditionoftheorganisationstorenderyearlyaccounts to their members and other stakeholders, the Chartered Institute of BankersofNigeria(CIBN)hasconcludedallnecessaryarrangements towards hosting the 2019 Annual General Meeting (AGM) of the institute.ThemeetinghasbeenscheduledforSaturday,May18,2019, in Lagos.The President/Chairman of Council of the institute, Uche Olowu, will preside over the AGM.The meeting is expected to attract top bankers and other distinguished dignitaries from other sectors of the economy such as chairmen of banks; MD/Chief Executives of banks,pastpresidentsoftheinstitute,presidentsofotherprofessional bodies, top government functionaries, fellows, honourary senior members, associates, microďŹ nance certiďŹ ed, among others. “The meeting will consider the Annual Reports, Accounts, auditor’s report,adoptionoftheminutesoflastyear’sAGMandotherimportant matters aecting the Institute and the welfare of members. It is expected that members of the Institute all over the country will turn-out en-masse as well as participate actively at the discussions for the interest of the banking profession and industry,â€? the institute added in a statement.
Zimbabwe Faces Power Cuts
Zimbabwe’s state power utility imposed the worst rolling blackouts in three years on Monday, with households and industries including minessettobewithoutelectricityforuptoeighthoursdaily.Thepower cuts are bound to stoke mounting public anger against President EmmersonMnangagwa’sgovernmentasZimbabweansgrapplewith an economic crisis that has seen shortages of U.S. dollars, fuel, food and medicines as well as soaring ination that is eroding earnings and savings. Many Zimbabweans say life is getting harder and that Mnangagwa is failing to deliver on pre-election promises last year to rebuild an economy shattered during Robert Mugabe’s 37-year rule.
“When people talk about low performance of the budget, of which everybody is right to be concerned about, that concern really revolves around the capital expenditure side. But for recurrent expenditure, salaries are paid monthly, pensions are paid and other obligations necessary to keep government running are paid�
DG, Budget Office of the Federation,
Ben Akabueze Continued on page 24
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93,803 RETIRE WITHOUT BENEFITS ON DELAYED PENSION PROTECTION FUNDS pension protection levy paid by PenCom and all licensed pension operators at a rate it would determine from time to time. The commission had further said the pension protection fund would also be funded from income realised from the investment of the contributed fund and that it would utilise the pension protection fund for the minimum guaranteed pension for all Retirement Savings Account holders who had done business with a licenced Pension Fund Administrator for a minimum number of years to be specified by the commission. PenCom had further said the fund would be used for the payment of compensation to eligible pensioners during period of financial losses arising from investment activities. PERSISTENT DECLINE MAKES STOCKS MORE AFFORDABLE FOR INVESTORS Correspondents Association of Nigeria (CAMCAN) quarterly forum, Uwaleke, had called on investors to leverage the low prices of stocks and increase their stake ahead of the expected market rebound. According to the varsity lecturer, Nigerian stock market price earnings ratio (PE) ranks lower than established PE ratio index of global investment firms, therefore reflecting greater room for growth. He cited factors that would drive the market recovery as from the third quarter, to include the swearing in of the President Muhammadu Buhari and early constitution of cabinet members, lowering Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC), increase in minimum wage, increase in oil price and continued stability in foreign exchange (FX). He also highlighted the continued moderation in inflation, steady growth in Nigeria’s Gross Domestic Product (GDP), early signing of 2019 budget and implementation, improved growth in the non-oil sector as other factors that would lead to a rebound in the stock market.
Group Business Editor
Obinna Chima
Capital Market Editor
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FIRS Vows to Eliminate Multiple Taxation Obinna Chima The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has restated the agency’s commitment to eliminating multiple taxation in the country. Fowler said this at a tax breakfast seminar with the theme: “Tax Controversy and Dispute Resolution,’ organised by KPMG Nigeria in Lagos, recently. According to him, one thing the FIRS did when it initiated the ongoing tax reform was to sign a memorandum of understanding (MoU) with the State Internal Revenue Agencies to streamline tax payments. He explained: “We see things changing this year and I hope that the corporate body would take advantage of this opportunity. “This simply says that if you have businesses operating in more than one state, instead of having five State Internal Revenue Services and FIRS coming to check your books, you can do it at one stop. “You inform the committee, they look at your books and each state would get what is due them and of course the FIRS.� He listed some of the issues that cause dispute in terms of tax payment to include income tax, Value Added Tax holding tax in the country. According to him, defaulting
in tax payment is one of the reasons for controversies and dispute. He said the decision by the agency to place a lien on defaulting taxpayers with bank accounts with turnover of N100 million and above annually, for over three years was in order. “I don’t really think there should be much concern when you are talking about disputes in this respect. That is because 99 per cent of all
these accounts do not even have a tax identity. Without a tax ID at the FIRS level, you can’t make tax payments. “These businesses had collected VAT, they had deducted withholding tax and didn’t file any returns nor did they make any tax payment. So, when we are talking about a dispute here, I think it is an open and closed case,� he added. Continuing, Fowler said: “Some of the reasons for these
controversies basically might be wrong computation of taxes, misinterpretation of some section of tax laws and audits and the issue of double taxation. “On the issue of double taxation, politically, the states believe that they have the right to impose sales tax, whereas some people feel VAT should be a federal tax, which the states do share from that revenue. And i think that was the only area in Nigeria where we had an issue of double taxation.�
Fowler further noted that one of the reasons for low tax collections, not just in Nigeria, but the entire Africa, was the over-reliance on income from natural resources over the years. “If you look at Nigeria as a country, nobody has been sent to jail for criminal charges when it comes to taxation, because when you file the return which is four times it becomes a criminal case at the same time at the state level the same applies.
MEDIA BRIEFING
L-R: Finance Director, Nigerian Breweries Plc, Mr. Rob Kleinjan; Managing Director/CEO, Mr. Jordi Borrut: Corporate Affairs Director, Mrs. Sade Morgan and theCompanySecretary,Mr.UaboiAgbebaku,attheNigerianBreweries Plc.Pre-AGM,heldinLagos,yesterdayinLagos...recently
Banks, States Embrace NIRSAL’s Ratings Project James Emejo in Abuja The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has activated its ratings and incentive pillars as part of a broad mandate to fix the broken agricultural value chains. This, is to further stimulate the flow of finance and investment into the agri-business sector. Essentially, the rating facility seeks to assess the performance of key stakeholders such as financial institutions and state governments on the effectiveness of their agricultural policies and programmes. The first phase of this ratings exercise is targeted at banks, insurance companies and state governments. A statement from the agency
which was made available to THISDAY, explained that the pilot phase of the exercise was expected to commence on May 13, 2019, with six financial institutions including Stanbic Bank IBTC, Ecobank, Sterling Bank, AIICO Insurance, AXA Mansard and LAPO Microfinance Banks - all of which have expressed interest in participation. At least three state governments would also be assessed during this pilot phase. The results of the pilot phase would be used to design a comprehensive roll-out of the ratings programme for all interested stakeholders. According to NIRSAL: “The rating and incentive pillars represent the last two of the five pillars of NIRSAL to be activated. The first three are
the risk sharing facility, the technical assistance facility and the insurance facility. “These five strategic pillars provide the funding basis for NIRSAL’s de-risking operations and interventions across the agricultural value chain. “To successfully activate its rating and incentive pillars, NIRSAL has developed a scoring methodology for these three clusters to enable independent assessment of their agricultural activities. “These scoring methodologies have been validated by the relevant stakeholders through a consultation workshop held in November 2018. The consultation programme was well attended by participants from Access Bank, WEMA Bank, Sterling Bank, First Bank, LAPO
Microfinance Bank, Leadway Assurance Company Limited, AXA Mansard Insurance Plc, AIICO Insurance Plc, Royal Exchange General Insurance Company Ltd, Nigerian Agricultural Insurance Corporation (NAIC), Industrial and General Insurance Company Plc, Bauchi State Ministry of Agriculture, Ekiti State Ministry of Agriculture amongst others. It added: “The scoring methodology to be deployed for banks rates them according to their organisational commitment to agriculture, quality of their agricultural portfolio and recognises smallholder farmers’ inclusion and innovation in their agric lending activities. “Insurance companies will be rated based on the innovative agricultural insurance
products developed, customer acquisition and satisfaction and timely processing of claims. “The rating of sub-national governments will assess the ease of doing agribusiness in the respective States with a view to improving access to critical factors of production and providing the enabling and regulatory environment necessary for agribusinesses to thrive.� It further noted that the results of the exercise would also be used to develop a comprehensive incentives programme which would reward innovation and encourage healthy competition among financial institutions and state governments to support the agribusiness sector and encourage smallholder farmers’ inclusion.
Dangote Refinery Awards $368m Deals to Local Contractors Jonathan Eze Dangote Refinery and Petrochemical has so far awarded $368 million contracts to 120 local contractors as part of its contribution to supporting the Nigeria content development initiative. The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin, who made this disclosure during the tour of the Dangote Refinery by members of Nigerian Union of Journalists
(NUJ) and Nigeria Institute of Public Relations (NIPR), in Lagos, said there are several Nigerian content opportunities in the company’s refinery and petrochemical project. He noted that the refinery would lead to significant skills transfer and technology acquisition opportunities in the country. He said the group embarked on a landmark integrated refinery and petrochemical project regarded as the largest industrial complex in the history of Africa, which was expected
to take Nigeria to new heights through the transformation of the economy. According to him, the company was already in partnership with the Lagos State Government and Siemens in the skills development of the local community for employment at the construction site. “We have already trained and employed 250 artisans,� he added. He disclosed the company’s intention to train 900 Nigerian engineers in India. “The company has completed the overseas training of first and
second batches of Nigerian engineers and are being acclimatised at site. The third batch left for India classroom training for one month, on the job training for one year and working in real time with experts in the industry every day,� he added. He said that company has so far employed 3,580 Nigerian personnel on the site. “This excludes employment by the various contractors and sub-contractors at the site,� he added. Edwin, disclosed that the company, in partnership with the
Nigerian Content Development and Monitoring Board (NCDMB) and the National Directorate of Employment (NDE), commenced training for 200 youths in its host communities as part of its corporate social responsibility initiatives. Speaking on the progress made so far on the refinery project, Edwin disclosed that the company had imported world’s largest reactor regenerator and well as a crude column, which was equivalent to 30-storied building weighing about 100 fully loaded trucks.
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AIICO Records 146% Profit Growth Ebere Nwoji "**$0 *OTVSBODF 1MD TBJE it grew its gross written premiums for the year ended December 31st 2018 by 17.4 per cent to N37.7 billion, from N32.1 billion in 2017. The company, said the performance was driven by growth in its life and non-life businesses. A c c o rd i n g t o t h e E x e c u t i v e D i re c t o r / C h i e f O p e r a t i n g O ff i c e r, o f A I I C O , M r. B a b a t u n d e F a j e m i ro kun, “2018 was significant for the company as it marked the end of a 5-year transformation plan. “The meticulous execution of our transformation plans continued to yield expected results with year-on-year improvements in our performance,� Fajemirokun added. According to him, during the period under review, UIF QSPGJU BGUFS UBY 1"5 of the company continued on the same positive path with a 146 per cent im-
provement, to close at N3.1 billion, compared with N1.3 billon recorded i n 2 0 1 7 . Also, earnings per share & 1 4 J O D SF B T F E C Z per cent, from 18 kobo in 2017, to 44 kobo in 2018. He said the company’s d e l i b e r a t e a p p ro a c h t o risk selection, superior technical underwriting capabilities, actuarial excellence, asset / liability management, reinsurance arrangements and positive movement in yields contributed to over 180 per cent improvements in underwriting profit, from negative N4 billion in 2017, to over N3.2 billion in 2018. Also speaking, AIICO Managing Director, Mr. Edwin Igbiti, said AIICO is in the business of bringing relief to its esteemed clients in times of losses. “This is evidenced by over 25 per cent growth in gross claims from N23.3 billion in 2017, to N29.1 billion in 2018. From this amount, about 76 per cent was for benefits and claims
payment in life business with the remaining 24 per cent incurred in the non-life business. “We expect that as the company continues to grow, claims expenses will grow accordingly, however, sound reinsurance arrangements (for Non-Life) and conservative reserves (for Life benefits & claims) have been put in place to moderate impact on the company’s statement of financial position�, he said Igbiti, said the company’s financial position remains robust and has continued to improve with total assets witnessing 19 per cent growth from N92.4 billion in 2017, to N109.9 billion in 2018. Shareholders’ equities also increased by 38 per cent, to N14.5 billion (from N10.5 billion in 2017). He added that AIICO financial position was an indicator of its capacity and ability to continue to provide protection and risk assurance services to its clients over the long-term.
Jumia Partners Pizza Hut Ugo Aliogo The Managing Director of Jumia’s food marketplace, Guy Futi has announced an on-demand pizza delivery partnership between the F$PNNFSDF Ă SN BOE 1J[[B )VU Futi, who disclosed this in Lagos, at a media briefing, noted that the partnership was expected to boost operational performance and last mile delivery in Nigeria. He also said Jumia was opening up its platform to enable customers to order QJ[[B GSPN 1J[[B )VU XIJMF ensuring that it is delivered at record time. “As the premier food delivery business in Nigeria, we are opening up our platform to enable our customers to PSEFS QJ[[B GSPN 1J[[B )VU while ensuring that it is delivered at record time,â€? futi said.
He stated that presently, Jumia’s average delivery time was less than 45 minutes which he noted was the quickest in the country. According to him, “Currently, our average delivery time is less than 45 minutes which is the quickest in Nigeria. We are reinforcing our operations to further cut our average delivery time to guarantee that both food and pizza are delivered at best times to our customers while not compromising quality.� On his part, the Chief Executive Officer of Marathon 3FTUBVSBOU "GSJDB XIJDI manages and operates 1J[[B )VU JO /JHFSJB 5POZ Ozanne, explained that as a recent entrant into the Nigerian market, it has conducted extensive research to identify key players in the market and
Jumia’s food marketplace was one of them, thus the partnership. He remarked: “Jumia’s Food marketplace has the platform and the customers. We felt that since we are new in Nigeria, we can ride on their back to get the traction we want. As from today, you can either walk into our three locations in Lagos (Ikoyi, Ikeja City Mall and Lekki) to buy 1J[[B PS UBLF UIF DPOWFOJFOU step by ordering on Jumia’s Food marketplace.� On expansion plans in Nigeria, Ozanne said: “In the next five years, we are looking at expanding our GPPUQSJOU UP "CVKB 1PSU Harcourt, Ibadan and of course open more outlets in Lagos. And as we touch these cities and towns in Nigeria, so will our partnership with Jumia’s food marketplace grow.�
Xiaomi Launches Smartphone in Nigeria Nosa Alekhuogie 3FENJ /PUF B OFX smartphone from the stable of Xiaomi Corporation has been launched in the Nigerian market. 5IF )FBE PG 3FHJPOBM Marketing, Xiaomi Global, Steven Wang, described the smartphone as the biggest VQHSBEF UP 3FENJ /PUFT FWFS i3FENJ /PUF CPBTUT PG unique features aided by most modern technological innovations that make it a toast of the users,� he said. Wang, spoke during the launch of the product in Lagos, which was attended by top company executives and stakeholders including General Manager, Yafeng Nigeria, Mr Seiful Gaya; 7JDF 1SFTJEFOU 9JBPNJ .S
Ling Ming Wang; Chief Executive Officer, Jumia Nigeria, Juliet Anammah; Xiaomi brand loyalist, Mr. Temidire Olajide; and special guest, Senator Kabir Gaya. He listed the features to include expansive 6.3 inch 19.5.9 FHD+ Dot Drop display with vibrant and true-to-life colors. It also boasts of unique stylish design and a 2.5D front and back curved glass. It is also equipped with high capacity 4000mAh battery that sustains life on the go even under heavy usage. #FTJEFT 3FENJ /PUF TQPSUT B TVQFS IJHI SFTPMVUJPO .1 Samsung sensor that offers a flagship level photography experience. The sensor also uses the Samsung’s tetracell technology that merges four pixels to produce one large
1.6 pixel, delivers brighter photos when shooting in low light. Head of Marketing, Xiaomi Nigeria, Somoye Habeeb said: “This activation comes with MPUT PG HJGUT TVDI BT 3FENJ Note 7, Xiaomi accessories worth more than N10,000 and lots more. It’s time you experience it first and enjoy it best.� He added: “We love all our fans across the globe. We are only running the activation in Computer Village, we are running a promo and customer that CVZT GSPN 3BZB PS 1PJOUFL stores, will get gifts worth more than N10,000 and also stand a chance of winning B CSBOE OFX 3FENJ /PUF We are giving out 20 free 3FENJ /PUF u
ELEVATING TO THE NEXT LEVEL Marie-Therese Phido
Turning Your Passion into Business In my parent’s time your career involved getting a degree, graduating, an automatic job with the government, car, house, and retirement at 65. In my time, it is the same but many are leaving their jobs mid-career to pursue their passions or have never been employed because they decided at the very begining to be entrepreneurs. Today, we find ourselves in a profoundly different world, where being an entrepreneur is no longer something to be scared of but embraced. While not being scared is good, but many people have romanticized the idea of being an entrepreneur. They tend to see the successful people in business who have made it big and think they got there overnight. I sometimes remind myself too that Bill Gates, Jeff Bezos and co. did not achieve success overnight. They must have put in their blood, sweat, tears and an enormous amount of time to get to where they are today. It was clear from their devotion to their trade they loved what they were doing a 100 percent. It was not something they stumbled into or were not sure about. How do you know when your life’s passion is worth pursuing professionally? According to Alexa Von Tobel, to understand when you should turn your passion into your business you need to do the following: Dig Deep Start by confirming that your passion is just that--something you love, something that inspires you, something you’ll be happy to think about 24/7. While many people look around to see what others are doing to gain inspiration for their business, I recommend doing the opposite. Think about how you spend your time currently. What minutes of your days make you happiest? Look internally to find the motivation behind your business. Do you have a passion that has sparked joy your whole life? Maybe it’s a childhood hobby you just can’t shake or maybe it’s something you love but don’t consider yourself an expert in but you can work on honing your skills to getting better. Write a Business Plan Let’s say you’ve zeroed in on what your passion is. But how do you know if there’s any business potential? Tobel said, “I knew I had a deep-seated passion for personal finance that dated back to my childhood. When my dad passed away suddenly, I watched my mom grapple with our household finances and realized how important financial empowerment is to families across the country. With just the spark of an idea, I took the time to sit down and write a 75-page business plan. The exercise was incredibly daunting, but it did two things: first, in confirmed that I wanted to spend significant time on my passion. It was a self-motivated project. And second, it proved to myself and to others that my idea was worth pursuing. I wrote my way into a strategy for what would become LearnVest and built a roadmap that lead me to my first investors and gave my business a solid foundation.� This is more than a writing exercise. It’s the time to understand whether your business idea is viable. To get started, you must:
this arena? This involves consuming everything you can get your hands on (articles, podcasts, books). Then, start with a simple Google search to find key numbers. You’d be surprised how many industry reports (from reputable analyst firms) are available to peruse. r -PPL GPS DPNQFUJUPST 8IP JT BMSFBEZ doing this, and are they succeeding? What could you do better? What will your secret sauce be? r 1SPQPTF B CVTJOFTT NPEFM )PX will you stand up your idea into something that can succeed? It’s time to crunch the numbers and formulate some potential strategies. This process will vary dramatically based on your business idea. For an example, let’s say you want to build a company around a retail product. You’ll need to think about everything from production and shipping, to whether you’d like to sell director-to-consumer, wholesale, or via your own brick and mortar location. This is an important area to utilize your resources, so speak with others in the space to get the download on their business model. Even if this is an idea you can fund yourself, go through the rigor of putting together a business plan that you would be proud to show a potential investor. Seek External Advice Now is the time to get vulnerable. Many of us have friends and family cheering us on from the sidelines. They know how much your business idea means to you, and they know your ability to execute. But before you take the leap, it’s time to put your business plan through the smell test. Go beyond your inner circle to find smart people you trust. Walk them through your plan and get their feedback, positive and negative. The more difficult questions, the better. This critical feedback will help you create V2 of your business plan and debut stronger than ever. How do you find those trusted people? 3FBDI PVU UP ZPVS OFUXPSL "TL ZPVS inner circle for introductions to someone you don’t know whose council they find insightful. From your competitive research, identify some industry leaders who might be willing to give advice to a budding entrepreneur. And whenever you set up a conversation, ask that person for two more names. After this period of reflection, deep strategy, and smart advice, you’ll be ready to know whether it’s time to shift gears--or go all in. If after all of your research you realize that 1) blending work with your passion doesn’t make you as happy as you thought or 2) that the market and business opportunity is simply too risky, it’s most likely time to shift gears. Don’t be afraid to take a step back, reflect on what you’ve learned, process the smart advice you sought out, and make the right call for you. So, what’s your passion? Have you discovered your passion? What do you want to do about it? When do you want to do it? Don’t leave it too late. Good luck!
Marie-Therese Phido is Sales & Market Strategist and Business Coach r 3FTFBSDI UIF NBSLFU *T UIFSF B Email: mphido@elevato.com.ng big opportunity here? Are consumtweeter handle @osat2012 ers or businesses spending money in TeL: 08090158156 (text only)
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As UBA Remains Resilient With a 21 per cent growth in profit after tax in the first quarter ended March 31, 2019, amidst a challenging operating environment, the United Bank for Africa Plc has shown its ability to deliver impressive returns going forward, writes Goddy Egene
Uzoka
When shareholders of pan-African financial, United Bank for Africa (UBA) Plc met last month at the annual general meeting, they were full of commendation for the board and management. According to them, despite the challenging environment, the bank has remained resilient and deliver significant returns to all stakeholders. They also stressed that the current management was fulfilling the vision of the founders and past leaders of UBA in creating a truly pan-African bank. For instance, one of the shareholders, Dr. Faruk Umar, said: “I want to specially commend the management of UBA under the leadership of the Group Managing Director/CEO, Kennedy Uzoka, for a selfless commitment and hard-work towards building an enduring institution that we and future generations can be proud of. “More so, I am impressed by the tenacity of this management in delivering on the vision of shareholders to create a leading and dominant pan-African financial service institution with global reputation and culture. Whilst it may have taken us some time to appreciate the cutting-edge vision of Chairman, Mr. Tony Elumelu, in expanding our group’s operation to Africa, we are today excited by the performance and contribution of these operations to our Group’s earnings.� The shareholders also tasked the board and management to work harder and deliver higher dividend and the bank promised not to disappoint the shareholders at the end of the current financial year. Therefore, given the first quarter (Q1) financial performance of UBA, which showed growth in performance indicators, the shareholders would definitely have course to celebrate at the end of the year. First Quarter Financial Results United Bank for Africa Plc grew its profit after tax (PAT) in Q1 ended March 31, by 21 per cent to N28.665 billion up from N23.736 billion in the corresponding period of 2018. The profit was realised from gross earnings of N131.7 billion, showing a an increase of 10.3 per cent compared with N119.4 billion in 2018. Operating income rose 7.9 per cent to N83.7 billion from N77.6 billion. The bank was able to moderate the operating expenses rise by 4.6 per cent from N49.7 billion to N51.9 billion, making it to end the period with a profit before tax of N30.157 billion in 2019, as against N26.555 billion in 2018. PAT grew faster by 21 per cent to hit N28.665 billion, compared with N23.736 billion. A look at the balance sheet showed that customer confidence in the brand is rising as
deposits grew by 5.4 per cent from N3.35 trillion as at December 2018 to N3.53 trillion at the end of Q1 in 2019. Shareholders’ funds appreciated by 15 per cent to N543.3 billion, while total assets stood at N5.11 trillion , up from N4.87 trillion as at December 2018. Bank explains performance Commenting on the result, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said: “This impressive set of Q1 result is encouraging and reinforces the resilience of our business model and capacity to sustainably grow earnings, even in a slow economic growth environment. Notwithstanding the election season in Nigeria and Senegal, two of our high impact markets, we grew fees and commission income by double digits. Reflecting our enhanced customer service and digital channels, we recorded strong accretion of remittance, transaction banking and fund transfer fees, which grew 73 per cent, 35 per cent and 30 per cent respectively. Given our commitment to diligent execution of cost efficiency initiatives, operating expenses grew barely 4.6 per cent, thus improving cost-to-income ratio by 200bps. Growing profit before tax by 13.6 per cent to N30.2 billion and recording N28.7 billion PAT, I am particularly pleased by the annualised return on average equity of 22 per cernt, as this reinforce the strong upside to our performance over the medium term, as we extract the benefits of our digital strategies and balance sheet efficiency initiatives. We are constructive on the macros of our countries of operation, especially as inflation outlook remains benign and local currencies are stabilising across most of our markets. As broad macro risks abate, especially in Nigeria and Senegal where elections were concluded in the first quarter of the year, we look forward to growing our loan portfolio and overall balance sheet. Nonetheless, we will maintain a low to moderate risk profile and sustain our prudent risk management practice, as profitable growth and asset quality remain our priority. I am excited the 5.4 per cent year-to-date (YTD) growth in deposit, as it puts us on track to further gain market share this year. More so, improved contribution from savings and current account deposits (CASA), which now represent some 79 per cent of customer deposits, is a positive fundamental that should support our NIM and ROAE upside over the medium term. It is our commitment to sustain this strong start through the year, as we look forward to delivering stronger returns to our esteemed shareholders in 2019.� Speaking in the same vein, the Group Chief Financial Officer, Ugo Nwaghodoh said: “We
have a strong start to the year and are optimistic on sustaining this exciting performance through the year. With improving deposit mix, positive trends in interest and non-interest income as well as improving cost profile, we are upbeat on the quarters ahead, with expectation of outperforming our 18 per cent ROAE target for the year. With increased focus on our offshore operations (Africa ex-Nigeria, United Kingdom and United States), which contributed half of the earnings in 2019Q1, we are confident on the strong prospect for earnings growth, particularly as we are better positioned to gain market share in Nigeria and elsewhere in Africa. Furthermore, our strong capital adequacy ratio of 24 per cent and 50 per cent average liquidity ratio provide headroom for growth, even in BASEL III environment. Thus, we are excited to leverage our unique fundamentals in profitably growing our balance sheet and sustainably creating wealth for our esteemed shareholders.� Analysts assessment Assessing the Q1 result of UBA, analysts at FBNQuest maintained their rating on UBA and increased the bank’s price target by eight per cent to N13.9, following the performance, which they said surprised positively relative to their forecasts. According to them, the upward revision to their price target was driven by an eight per cent increase to their 2019 estimated (E) earnings per share (EPS) forecast. “On the back of the upgrades to our forecasts, we now expect the bank to deliver a 2019E ROAE of 19 per cent, 100bps higher than management’s 18 per cent guidance for the year. We believe that the bank’s current valuation level (2019 P/B multiple of 0.4x or a 41 per cent discount to the sector’s 0.7x multiple) look compelling when compared with peers and justifies a more positive view on the stock. The discount is also unjustified when comparing our forecast ROAE of 17.3 per cent in 2020E versus the 18.9 per cent for the sector,� they said. They explained that following the declassification of its 9mobile exposure (from stage 3 to stage 2 loans), UBA’s NPL ratio improved by 116bp to 5.3 per cent. “Its loan book was flattish quarter on quarter (q/q). However, following the conclusion of the general elections in Nigeria in Q1 2019 and the dissipation of associated political risks, management is more positive on the bank’s loan growth prospects for second half (H2) 2019. In addition, the bank’s financial soundness indicators, mainly capital adequacy, loan-to-deposits and liquidity ratios which stand at 24 per cent, 48 per cent and 50 per cent respectively as at the end of
Q1 2019 are amongst the best in the sector. At current levels, we see an upside potential 107 per cent in the shares,� FBN Quest added. An assured future Meanwhile, Uzoka has said despite the fact politics will be a key event that will shape the business environment in 2019, UBA’s resilient business model and governance structure, would shield its earnings and balance sheet quality from the volatilities that may arise from. “There will be general elections in some of our markets like Nigeria, Senegal and Mozambique, as well as the parliamentary elections coming up in Benin and Tchad. Whilst uncertainties around future fiscal policies and broader macro events may dominate the business environment, we remain optimistic about these economies and more importantly, we are confident of our resilient business model and governance structure, which have overtime relatively shielded our earnings and balance sheet quality from the volatilities that may arise from these external events. Interestingly, post-election, we expect new economic reforms that will further open these markets for new business opportunities as the increasing demand from electorates and maturing democracy will accelerate implementation of requisite reforms that are pertinent for economic progress,� he said. According to him, over the past few years, the dynamics of the industry has been quite exciting, but they anticipate the changes will be faster in the next couple of years and they therefore, positioning the group to be a key game changer in this evolution. “We remain committed to sustaining our lead, particularly as the innovative and preferred customerfocused bank that supports businesses and individuals towards achieving their financial aspirations seamlessly. We have more than ever, invested in our systems and people to further optimise our product and service delivery to customers, as excellent service delivery remains the cardinal strategy in our journey to sustainable leadership. I am elated by the re-energised culture of execution and efficiency across the group at all levels and we have put in place the requisite people management practice to deepen positive attitudes and attendant pay-offs in productivity,� he said. The GMD assured all stakeholders that “we will continue to deepen our play in target growth sectors that are benefactors of the government’s reforms and policies whilst also banking new opportunities. This will ensure your bank stays ahead of the curve on all performance metrics, even as we fulfil our aspirations of powering inclusive growth and development of the economies, where we operate.�
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Giving Microfinance Banking a Facelift Obinna Chima writes on recent efforts to reposition the microfinance sub-sector in Nigeria Globally, microfinance banks (MFBs) are known for their intermediation role, especially in the provision of financial services to micro and small businesses with the primary aim of poverty alleviation and financial inclusion. MFBs were established to fill the gap created by the commercial banks by improving the socioeconomic condition of the poor in the society. As a result of the essential role micro, small and medium scale enterprises (MSMEs) that are largely described as the catalyst for economic growth, play in any economy, a vibrant microfinance banking system is always the target of policy makers. Unfortunately, the MFB subsector in Nigeria has not been able to meet its objectives. Consequently, in order to revamp the sub-sector, the Central Bank of Nigeria (CBN) recently extended the recapitalisation deadline for firms and directed operators to meet up with half of the new capital requirement by next year. The CBN had last year raised the capital base for MFBs, with a 2020 deadline. It had increased the minimum capital base for national MFBs to N5 billion while that of state was increased to N1 billion. Prior to the policy, the minimum capital base for national MFBs was N2 billion while state MFBs were required to have N100 million. However, in the latest circular that was signed by the Director, Financial Policy and Regulation, Kevin Amugo, the CBN said it reviewed the capital base to aid the recapitalisation process. Furthermore, it stated that the move was to ensure continued operations of micro finance banks in the rural, unbanked and underbanked areas of the economy. It added: “Accordingly, Unit microfinance banks shall comprise two tiers; tier 1 Unit microfinance banks, which shall operate in the urban and high density banked areas of the society; and tier 2 Unit microfinance bank, which shall operate only in the rural, unbanked or underbanked areas.� Under the categorisation, tier 1, unit microfinance bank is to be capitalised to the tune of N200 million, while tier 2 unit micro finance bank would have a capital base of N50 million. State microfinance banks, would have capital base of N1 billion, while National Microfinance banks are to be capitalised to the tune of N5 billion. “To aid the process of recapitalisation, all microfinance banks shall be required to comply with the following: Tier 1 microfinance bank shall meet a N100 million capital threshold by April 2020 and N200 million by April 2021. “Tier 2 Unit microfinance banks shall meet a N35 million capital threshold by April 2020 and N50 million by April 2021. A State microfinance bank shall increase its capitalisation to N500 million by 2020 and N1 billion by April 2021 and national microfinance bank shall hold a capital of N3.5 billion by April 2020 and N5 billion by April 2021,� it added. Clearly, the central bank has over the years continued to design policies to ensure that the sub-sector effectively plays its role in the financial system. That was why the focus of the 27th seminar for financial journalists that was organised by the Bank in Gombe, recently was themed: “Repositioning Microfinance Bank for Real Sector Growth.� The regulator stressed that the recent directives, which included a thorough review of the sub-sector, increasing surveillance and revocation, where necessary to strengthen their operations. “In a developing economy like ours the link between microfinance and the real sector is quite strong. Microfinance banks are conceived to serve as critical financial lubricants for the real sector, which is the pillar of sustained economic growth. “At the moment economic policy in Nigeria faces a major challenge of reviving growth, which is the (only) sure path to ending pervasive poverty. “Microfinance has worked in this regard in many climes and promises to work in Nigeria, if we get it right,� Emefiele said in his keynote address at the workshop. Represented by the Deputy Governor, Corporate Services Directorate, Mr. Edward Adamu, Emefiele said the Bank remains committed to the economic empowerment of disadvantaged groups including women and actively seeks to achieve this through the instrumentality of microfinance among other initiatives. Emefiele disclosed that an aggregate loans granted by MFBs was N482.896 billion and that loan sizes that are below N 1.4 million accounted for 72 per cent of the total.
According to him, data from the licenced credit bureaus indicated that microfinance banks operations have helped to improve financial inclusion among smallholder peasant farmers. However, the challenges remained inadequate spread in the location of the MFBs in relation to their target beneficiaries, demand for immoveable collaterals for loans, high interest rate, and absence of a credit reporting system. “We are committed and working assiduously to address these limitations,� Emefiele said, adding that the Bank in collaboration with other agencies of government is implementing various intervention schemes in addition to promoting microfinance. The Bank, he said, has since worked towards increasing access to financial services for the economically active poor in order to enhance job creation and poverty reduction. The target is to increase the share of micro credit as percentage of total credit to at least 20 percent by 2020. Emefiele, noted that the CBN had in 2005 formulated the Microfinance Policy Regulatory and Supervisory Framework in line with its developmental role. “The policy was aimed among other at bringing microfinance institutions and activities into greater focus in order to deepen financial inclusion and alleviate the financing needs of micro, small and
We have been in the forefront of driving ďŹ nancial inclusion, we have been in the forefront of empowering the vulnerable sectors economically and also in alleviating poverty in the land. Nigeria is a big country, with an estimated population of 190 million and out of that, 80 million people do not have access to ďŹ nancial services, either in terms of loans, savings or making payments, and that is the gap that the microďŹ nance sub-sector was created to ďŹ ll
medium enterprises (MSMES),� he said. According to him, “The bank has since then worked towards increasing access to financial services for the economically active poor in order to enhance job creation and poverty reduction. “The bank remains committed to the economic empowerment of disadvantaged groups including women and actively seeks to achieve this through the instrumentality of microfinance amongst other initiatives.� He further added: “Only recently, the bank took some actions including a thorough review of the subsector, increased surveillance and revocation, where necessary. These measures were intended to revitalise the sector to ensure the institutions remain mission-focused and to grow public confidence in sub-sector. But the Managing Director/Chief Executive Officer, Accion Microfinance Bank Limited, Mr. Taiwo Adesina Joda, believes that since it was created, the sub-sector has recorded remarkable growth in all spheres of the Nigerian economy. “We have been in the forefront of driving financial inclusion, we have been in the forefront of empowering the vulnerable sectors economically and also in alleviating poverty in the land. Nigeria is a big country, with an estimated population of 190 million and out of that, 80 million people do not have access to financial services, either in terms of loans, savings or making payments, and that is the gap that the microfinance sub-sector was created to fill. And I think we have done so well in the last 15 years,� he had said in an interview. Speaking further, Joda pointed out that MFBs were not set up to subsidise the poor, but to provide finances for the active poor, which are the traders and those who do petty businesses. He, however, identified paucity of funds as a challenge confronting operators. While welcoming the recent directive for operators to recapitalise, Joda said, “the new capital base is supposed to create a strong and virile microfinance sector and that gives the capacity for every microfinance bank to be able to do more and also to be able to increase the volume of loans it gives in terms of size and in terms of a single obligor limit to the end-users. “Obviously, the new capital requirement is going to create a very strong and virile microfinance banking sub-sector that can confidently intervene in poverty alleviation.� Refocusing MFBs To the CBN Director, Other Financial Institutions Supervision Department (OFISD), Mrs. Tokunbo Martins, the microfinance policy was to provide financial services to the poor who are traditionally not served by the conventional banks. These
financial services, she said includes credit, savings, micro-leasing, and money transfer and payment services. However, Martins noted that rather than mobilise funds and ease access to credit for micro businesses and rural communities, a lot of MFBs have been operating like mini commercial banks, with a large concentration in urban areas. She therefore stressed the need for the firms to refocus their operations. She addedd: “Deposit mobilisation by many of the MFBs is not enough, otherwise why do we have so much currency outside the banking system? With the statistics within the CBN, what we are seeing is that the currency outside that banks is still huge. “Cash should either be in vaults of banks or in vaults of CBN and we know how much we have issued. So when we minus the one in our vaults and we minus the one in the banks then where is the rest? “What we are saying is that this is the money MFBs should pursue and encourage them to, not just keep it under their pillows or wherever they are putting it.�W She further pointed out that microfinance banks would be pivotal to economic growth if only they can enhance their reach and give out loans to MSMEs to further develop their businesses. Martins said: “With over 80 per cent of the population working in MSMEs which contributes to over 80 per cent of the jobs and over 80 per cent of GDP. “Specifically, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Lagos Business School did a survey that there are 37 million SMEs and out of that, 36 million are micro and only one million are able to get access to loans. “The micro finance banks are supposed to be more nimble, are supposed to serve and are supposed to be owned, exists to the rural areas and communities and are supposed to serve them better because these are the majority.� The CBN in collaboration with the Bankers’ Committee last December agreed to establish a National Microfinance Bank using NIPOST outlets in 774 local governments. In the National MFB establishment plan, the CBN and the Bankers Committee would utilise the sum of N5 billion as equity from N60 Billion Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) Fund, while NIPOST would contribute its offices in the 774 local governments. This is expected to strengthen the network of MFBs in the country and ensure that they live up to their responsibility of poverty alleviation and support for MSMEs.
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Cahill: We Are Ready to Resolve Dispute with FG The founder, Process and Industrial Development, Mr. Brendan Cahill, in this email interview with THISDAY, speaks about the company’s failed contract with the federal government to process wet gas to power its generating plants, the hefty arbitration award against Nigeria and the company’s desire to find an amicable end to the dispute even as it awaits the outcome of an enforcement proceeding holding in London on May 21. Excerpts: Let’s be clear: these arguments are tired and old – as are the games of delay and desperation by the Nigerian government. P&ID put in years of planning, field work, design and on-the-ground preparation. We spent 2.5 years offering solutions, while the government consistently failed to deliver its side of the contract. This is a tragic ending to a venture that would have delivered low-cost electrical energy to hundreds of thousands of households throughout Nigeria, and would have brought vital revenue to the Nigerian treasury.
Could you give us a brief background to the court case your ďŹ rm, Process and Industrial Development (P&ID), instituted against the federal government in 2012? P&ID’s Gas Supply and Processing Agreement (GSPA) failed when the government did not uphold its commitments. In August 2012, after several attempts, over two and half years by P&ID to salvage the agreement, including offers to renegotiate the deal, the company initiated arbitration proceedings. The tribunal was organised in London under the rules of the Nigerian Arbitration and Conciliation Act as part of the original contractual agreement between parties. In January 2017, the tribunal ruled that Nigeria was liable for $6.6 billion in damages, which by now has increased to over $9 billion with interest. P&ID is now seeking approval from US and UK courts to enforce the award.
There has been a persistent claim that P&ID is a “fake� company that made a “fraudulent arrangement� with some persons in Nigeria. How do you react to this claim? We are well aware of the government’s efforts to characterise P&ID, and its founders, as frauds. This is absolutely false. The arbitrators in London spent five years carefully reviewing the written agreement and all the facts surrounding the deal, and in the end they unanimously concluded that Nigeria was to blame for the deal’s collapse and had to pay damages to P&ID. Not once during those five years did Nigeria present the tribunal with any evidence that there had been some kind of fraud—because there wasn’t one. It is truly unfortunate that Nigeria seems unable to take responsibility for its own failure to meet its contractual obligations, and instead keeps blaming others. The campaign will inevitably end up costing Nigeria even more. The agreement and the tribunal process provided the government with ample opportunity to provide input and affect decisions. The facts could not be clearer in support of P&ID.
You claim that your company worked in Nigeria for several years, and even handled many projects successfully in the past. How much effort did you make to resolve this matter by other means, and at what point did you decide that you had no other option but to go to court? Michael Quinn, my late business partner, and I had over 30 years’ experience of executing successful engineering projects in Nigeria before we launched the P&ID. From the moment we signed the deal in 2010, P&ID worked tirelessly to implement the agreement. After 2.5 years and several attempts to salvage the agreement, we had no option but to initiate arbitration. The original project was a win-win deal that would have brought power and economic growth to Nigeria by supplying free natural gas for electricity generation, while at the same time building a highly successful commercial venture, with a share of profits going to the Nigerian government. My biggest regret is the missed opportunity for Nigeria, which is now compounded by the government’s lack of willingness to find a reasonable solution. Why did you approach a London court for arbitration in a matter that took place in Nigeria? The decision to seek arbitration was not an easy decision. P&ID was eager to deliver this promising project in the hope of bringing electricity to millions and helping Nigeria reach its full potential. Unfortunately, the government did not uphold its side of the contract, so the project failed. Having been unable to find a willing partner in government to resolve the matter, we had no option but to seek remediation through arbitration in London for the repudiation of our contract, as that was what the contract said. It was in fact Nigeria who went to the London Court, when the arbitrators found against them. Your ďŹ rm did succeed in getting a judgment for about $6 billion dollars against
Cahill
the Nigerian government, in the London arbitration. That award has since been attracting interest at the rate of $1.2million daily. That is a lot of money, and it was obviously based on the claims you made. Why did you make such a huge claim? It is unfortunate for the Nigerian people that the government caused such a promising project to fail and result in an arbitration award against it of billions of dollars that it now shows no interest in honouring or even trying to resolve amicably on a reasonable basis. The P&ID project would have supplied 2,000 megawatts of electricity in a country where tens of millions do not have access to
electricity. The award judgment was handed down by the independent arbitration panel because it represented the loss of profits for P&ID over the 20 years of the project. The OfďŹ ce of the Attorney-General of Nigeria (AGF) issued a statement in late February this year, apparently contesting the huge sum of money the court awarded your ďŹ rm as damages, largely on the grounds that the project did not actually kick off the ground. It means that there was no actual physical work done on the project to warrant such a huge claim in damages. How do you react to that?
Are you worried that if your enforcement application succeeds, there is the possibility of this case now assuming an international dimension, with the possible seizure of Nigeria’s assets overseas? P&ID looks forward to the UK and US courts granting enforcement rights that will allow P&ID to collect what is rightfully ours. If history is any guide – just look at how creditors seized Argentina’s naval frigate while docked in Ghana. Efforts by Nigeria to evade this judgement will inevitably fall flat. The ball is in Nigeria’s court, if the government is prepared to find a good-faith solution. Is there any ray of hope that this matter could still be resolved outside the court, even at this stage, and would your firm be willing to consider this option? If yes, what would it take for this to happen? P&ID remains open to a settlement on a reasonable basis, but we need a willing partner in government to help resolve this matter. The onus is on the Nigerian government to act in good faith, if they wish to find a solution.
FirstBank Rewards Winners in Promo Ugo Aliogo First Bank of Nigeria Limited has splashed scholarship worth N2.7 million to 18 winners in its XploreFirst promo, as part of efforts to boost saving culture and promote financial inclusion among students. The winners were drawn from the six geopolitical zones. The winners emerged through an electronic draw conducted by Tequila on behalf of the bank and supervised by KPMG, the National Lottery Regulatory Commission,
Lagos State Lottery Board and Consumer Protection Commission (CPC). Speaking at the event, First Bank’s Group Executive,e-Business and Retail Products, Mr. Chuma Ezirim, said XploreFirst is a FirstBank savings account variant designed specifically for students between the ages range of 18 to 29 years. Ezirim, said a minimum amount of N1,000 was required to open the account and account holders are to maintain a minimum balance of N200 to run the account. He said
that the XploreFirst promo was one of the special benefits of the account. According to him, the 18 winners that emerged at the final draw would be offered yearly scholarships of N150, 000 each. Ezirim, said the initiative was targeted at youths, especially those in tertiary institutions and informal sector to enhance savings culture and drive financial inclusion across the country. “Customers are offered yearly scholarships of N150,
000 as incentives to maintain a certain amount of deposit, in this case, N10, 000 in their account over a 30-day period to qualify for the monthly draws and giveaways. “Customers would successfully maintain the set balance over the six months period is eligible to win the jackpot of N150, 000, the grand finale prize�, he said. Ezirim, noted that the initiative would be sustained by the bank in the future in line with the Central Bank
of Nigeria (CBN) financial inclusion mandate. Also speaking, First Bank’s Head, Youth/Women Banking, Mr. Olufemi Odumuboni, said the promo dynamics was centred on making people to engage in financial discipline. Odumuboni, said winners were selected based on certain principles that made them eligible to qualify for the draw. He explained that apart from the N2.7 million set aside for the yearly scholarship, the bank had splashed about N900, 000 to customers that emerged win-
ners at the various monthly draws for data purchase for their mobile phones. “Winners from the monthly draw selected from the bank’s six geopolitical zones, are entitled to N5, 000 each which they are encouraged to use for data purchase for their mobile phones,� Odumuboni stated. The Chief Planning Research and Statistics Officer, Consumer Protection Council, Ms Susie Onwuka, commended the bank for ensuring transparency throughout the promotion process.
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Osuagwu: SMEs Pivotal in Fostering Econmic Growth The Head of Business Banking, Stanbic IBTC Bank Plc, Remy Osuagwu, in this interview with Oluchi Chibuzor and Hamid Ayodeji, explain the bank’s role in providing financing to micro, small and medium scale enterprises. Excerpts: Given the pivotal role SMEs play in fostering economic growth, what must the government, regulators and banks do to further drive growth of the sector in Nigeria? The pivotal role of SMEs in fostering economic growth is not in doubt. This is evident in the importance advanced economies like the United Kingdom, China and the United States of America, place on SMEs. The broad task of all stakeholders is to create an enabling environment for businesses to start, grow and succeed. Nigeria is 146th on the latest “Ease of Doing Business Rankingâ€? of the World Bank. Our collective effort should be geared towards improving on this ranking by improving efficiency in all areas of business interaction and growth. It is pleasing to note that progress is being made in this respect. The “Doing Businessâ€? 2019 report recognised Nigeria’s relative improvement in areas such as making it easier to start a business by reducing the time needed to register a company at the Corporate Affairs Commission; moving the submission and processing of documents for imports online; and making the enforcement of contracts easier by issuing new rules of civil procedure for small claims which limit adjournments to exceptional circumstances. What this teaches us is that supporting enterprise growth requires a long-term perspective and a consistent, coherent strategic approach. Small, incremental improvements across different ministries, departments and government agencies become visible in the mid to long term. So government and regulatory authorities must continue to aggressively create policies that foster a dynamic business environment, facilitates entrepreneurship and enables firms of all sizes to aim for and reach their full potential. With respect to banks, they currently sit on a huge trove of wealth. No, I’m not referring to money or profits, I am referring to data. The efficient use of data could enable banks to address previously unmet needs like automatic tax payments, pension remittance, insurance payments etc., proficiently. Banks need to partner with providers of enterprise services to increase the attractiveness of their banking propositions. Further, tailoring products for specific enterprise segments and in line with stages in the growth cycle of the enterprise will better serve SMEs because as an enterprise grows, its needs become more complex thus presenting even more opportunity to the banks, while meeting the SME’s specific needs. It is also important that banks partner with entrepreneurs from a capacity building perspective. Stanbic IBTC is at the forefront of this via several programs. Finally, ability to source financing at affordable interest rate is another area in which the government can support SMEs. Availability of such intervention funds for on-lending to SMEs ensures they can access financing at affordable rates. Related to this, is the need for efficient administration of existing on-lending schemes, to ensure SMEs feel the positive impact of the schemes. As government alone is not able to provide the ďŹ nancing and resources to cater for the needs of the citizenry, what kind of role do you see public-private partnerships playing to support economic development, especially in catalyzing ďŹ nancing and growth of small and medium enterprises? First, I will like to debunk the school of thought that places the burden of providing the financing needed by the citizenry on the government. The merits and demerits of this may be debated on another forum. If resources are spent on digitising and improving the overall efficiency of ministries, departments and agencies which directly interact with business enterprises, it will serve as a huge catalyst in the growth of SMEs. We can already see the impact at the Corporate Affairs Commission and the National Collateral Registry. The new passport issuance process being rolled out by the Immigration Office will also have a positive impact. Having said that, public-private partnerships, which are mutually beneficial relationships that are formed between the public and private sectors,
segments, as well as attract new players? As I indicated in response to your first question, policies and regulations which influence the growth of enterprises are interconnected and often cut across the boundaries of different ministries, agencies, levels of government and administration. With this as a backdrop, we have recorded significant progress. Good examples to highlight include: The collaborative effort between the CBN and the Nigeria Inter-Bank Settlement System (NIBSS) to create a regulatory sandbox, to nurture the development of innovative financial services; the memorandum of understanding between the CBN and the Nigerian Communications Commission on the development of digital payment systems; the CBN supervised partnership between the committee of bank CEOs and other private sector players to roll out a massive network of 500,000 agents nationwide; and the establishment and support given to the Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) with a mandate to stimulate, monitor and coordinate the development of the MSME sector. Are they perfect or sufficient in and of themselves? Perhaps not, but they are the right steps in the right direction and they provide hard evidence that attempts are being made to fashion policies that support operators in the Nigerian SME segment. This is just the beginning, bearing in mind that the benefits will become clearer in the mid to long term.
Osuagwu
can play a huge role in stimulating Nigeria’s economic growth. Typically, the private sector partner makes a substantial investment and in return, the public-sector gains access to new and improved services. In Nigeria the perennial complaint of our ‘lack of maintenance culture’ at various government installations can be mitigated with public-private partnerships. With regards to how the growth of SMEs may be catalysed by public-private partnerships, the power sector comes to mind. The good work being done by the Rural Electrification Agency cannot be overlooked. In collaboration with two renewable energy developers, Ariaria Market Energy Solutions Limited (AMES) and Solad Power Holdings, the partnership has brought consistent and sustainable power to the economic clusters at Ariaria market Aba and Sura Market Lagos based on the idea that providing sustainable electricity increases productivity and stimulates real economic development. The SMEs in these locations have experienced a leap in productivity. So, such partnerships should be encouraged and proliferated. A fundamental shift has occurred in the manner ďŹ nancial assistance is given to businesses from the traditional criteria
With respect to banks, they currently sit on a huge trove of wealth. No, I’m not referring to money or proďŹ ts, I am referring to data. The efďŹ cient use of data could enable banks to address previously unmet needs like automatic tax payments, pension remittance, insurance payments etc, proďŹ ciently
for assessing creditworthiness to ďŹ nancing ahead of anticipated growth and development, instead of on growth that has already occurred. Is this model working in the Nigerian space? There is a parallel paradigm in financial assistance directed at financing anticipated growth but I do not think there is a complete paradigm shift. Venture Capital, as this manner of financing is called, involves providing funds to early-stage firms (startups) that are perceived to have high growth potential. Arthur Rock helped popularise it with his involvement in Fairchild Semiconductor in 1957. However, not all businesses are at an early stage in terms of their growth. A significant number of businesses are not designed to have a high growth rate and the source of an investor’s funds is a key consideration when determining risk appetite. Having this in mind, it becomes obvious that there will always be a place for financial intermediation or traditional banking as we know it. Businesses further along on the growth curve will need debt for expansion projects, or as working capital, or to acquire assets, and the provision of this debt will rely heavily on assessing the creditworthiness of such enterprises. Businesses with a much slower growth rate will need well structured finance that accommodates consideration for their peculiar cash flows patterns – businesses like farming/agriculture, small businesses like salons, businesses critical to society like traditional brick and mortar schools, all fall in this category. But to the point, the Venture Capital model works. Some of the biggest firms in the world today grew with the support of VCs. I spoke of Fairchild Semiconductor earlier, that company started the microchip revolution that was the precursor to the personal computer revolution in the 80s. In Nigeria, the payment industry is replete with several existing and thriving examples of companies borne on the auspices of this mode of financing. The future will see even more of these investments in Nigeria but the opportunities available are large enough to accommodate both forms of financing. Would you say policies and regulations are fashioned in a manner to provide necessary support to operators in the Nigerian SME
The large share of agriculture in Nigeria’s GDP suggests that strong growth in agriculture is necessary for overall economic growth. What kind of opportunities exists for investment that will help to unlock the potential of agriculture and to derive optimal beneďŹ ts from the country’s natural resources? The potential of agriculture in Nigeria is yet to be fully tapped and this is responsible for the country’s inability to meet the ever-increasing demand for agricultural produce. According to a World Bank report, the agricultural sector remains a dominant employer of labour in Nigeria and investment opportunities abound across the following areas to enhance production and increase Agriculture contribution to the country’s GDP. Crop production to achieve food security and to provide industrial raw materials. Potentials exist for the following crops: cereals (Rice, Maize, Sorghum, Millet and Wheat); legumes (Soya Beans, Groundnuts, Cowpeas); vegetables (Cabbage, Green Pepper, Carrots, Lettuce, Spice, Onions, Melons, Tomatoes - these are focus crops for Greenhouse farming, with significant and growing offtake from large retail stores across the country); root crops (Cassava, Yam, Ginger, Potato); Fruits (Mango, Banana, Oranges, Guava, Pawpaw, Pineapple); tree crops (Oil Palm, Cocoa, Rubber, Coconut, Kola Nut, Coffee, Shea Nuts, Beni Seed, Cotton, Cashew Nut, Sugar Cane). Mechanisation, to enhance commercial agriculture practices. Nigeria currently has one of the lowest densities of tractor per hectare of land in the world (currently estimated at 4 by 1,000 Hectare). Agricultural inputs supplies (i.e. fertilisers, seeds, agrochemicals). Irrigation facilities to support opportunities for all-year-round crop production and flood control infrastructure. Food processing and preservation: this will involve industries that will use agricultural produce as raw materials. Development and fabrication of appropriate small-scale mechanised technologies for on-farm processing and secondary processing of agricultural produce (e.g. Cassava). Livestock and fisheries production which possess great potentials for development. Grazing lands are abundant, facilities for animal feed production are plentiful, and the in-land rivers, lakes and coastal creeks are sufficient to augment ocean fishery resources. Commodity trading and transportation. Non-performing loans remain a major challenge for commercial banks in Nigeria. How do you reconcile this with your commitment to supporting businesses with the much needed funding and how are you navigating this challenge? CONTINUED ON PAGE 31
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OSUAGWU: SMES PIVOTAL IN FOSTERING ECONMIC GROWTH In banking, especially in lending, risk can only be mitigated, not eliminated. We recognise the clear and present danger that non-performing loans pose to our ability to continue supporting businesses. In this regard, we have ensured we factor learnings into our risk appetite and also put in place a rigorous credit evaluation process that ensures we lend only to genuine borrowers. We have also enhanced our monitoring as well as collections capabilities. Additionally, we have introduced loan management modules into our capacity building sessions for SMEs, aimed at inculcating the right behavior in entrepreneurs towards facilities they access. Sometimes, it is the unfamiliarity with consequences of delinquent loans that causes business owners not to give priority to avoiding defaulting on their obligations.
There are a number of on-going projects in the enterprise space driven by Stanbic IBTC Bank. But just to mention a few, I had alluded to Stanbic IBTC being at the forefront of capacity building for SMEs in response to an earlier question. The Capacity Building sessions we organise annually for SMEs recognises the need for enterprises to be trained on formal business structures and financial practices in Nigeria. The event is usually organised in partnership with reputable leaders in business education with the aim of upskilling our SME clients. Speaking further to capacity building, we are in partnership with Lagos Business School to provide entrepreneurial training to our customers as a prerequisite to benefiting from the Agri-business Small and Medium Enterprises Investment Scheme (AGSMEIS), driven by the CBN. Our Africa-China You ran a testimonial campaign a while Banking Centre facilitates business interactions ago of select customers in various businesses between our clients and their Chinese suppliers. across the country. They all had one thing It also caters to the needs of Chinese businesses in common, which is, they do business with established in Nigeria. Our Enterprise Direct Stanbic IBTC Bank and beneďŹ ted from banking initiative houses a dedicated team of Business and partnering with you. What would you Bankers committed to helping enterprises avoid say sets you apart from other banks in respect to business or enterprise banking? Simply put, our unwavering commitment to having an in-depth understanding of our clients’ businesses and their plans; our ability to genuinely partner and grow with our clients; our simple but effective means of providing solutions for the needs identified through having a thorough understanding of our clients’ businesses, our dedication to ensuring the best experience for our clients in interfacing with us; our ability to put at the clients’ disposal our recognized broad expertise and the end-to-end capabilities of our Group; our clients’ trust in the fact that we maintain the highest level of integrity in our dealings with them; are defining factors that differentiate us. Can you provide us with details of major signature projects in the enterprise segment ďŹ nanced by Stanbic IBTC Bank?
The NIRSAL-Stanbic IBTC Agribusiness Finance scheme did commence with a portfolio cap of N10billion, but this was increased to N15billion in 2018. Currently, value of facilities we have approved stands at N13.7billion, with a utilization level of N10.67billion
visiting the branches for basic banking needs. This affords the entrepreneur more time to spend on their businesses. In partnership with the Kaduna State Government, we established the Kaduna State Incubator where selected entrepreneurs are trained. The project aims to address identified challenges faced by entrepreneurs – access to markets, access to funding and access to resources. We also have the Blue Lab, an innovation lab purpose built by Stanbic IBTC in Yaba area with a focus on co-creating with entrepreneurs in the Fintech and startups. Stanbic IBTC Bank also deliberately facilitates connecting our clients to opportunities both within and outside Africa. Our mode of achieving this includes our annual Trans Regional Conference which brings together businesses across Africa. Through our strong links with Industrial and Commercial Bank of China (ICBC), we sponsor clients to China annually, where they can establish new trade networks with their Chinese counterparts. A growing trend we’ve witnessed is that banks are offering products to support traders and their businesses. Given the homogeneity of many banking products and services, what differentiates Stanbic IBTC Bank business banking offering from the competition? There is a term of purpose which we use in Stanbic IBTC – Universal Financial Service Organization (UFSO). As a holding company, we have the benefit of access to financial experts in diverse areas of financial needs, some of which you are probably very familiar with like pension management, asset management, insurance brokerage, stockbroking, trusteeship, custodial services, corporate and investment banking, and retail banking where the Enterprise Banking business sits. The UFSO concept enhances our ability to uniquely provide solutions for our clients’ needs holistically by introducing our other areas of financial expertise, as the complexity
of their businesses increase with growth. This differentiates us. Stanbic IBTC Bank noticeably has since the start of the year aggressively increased its push and efforts in business banking, is that a sign of your renewed commitment to sector? Our dedication to the business banking sector has actually been unflagging over the years. The increased push that you have noticed reflects our recognition of the strategic importance of this sector, as well as our decision to fully embrace the inherent potential in it. We know that we can add much more value to the overall economy by focusing on serving this sector and we expect to be rewarded handsomely in doing so. Stanbic IBTC Bank and the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) in 2017 signed a N50billion agriculture financing partnership deal for the 2017 and 2018 dry and wet farming seasons. Stanbic IBTC committed an initial N10billion for the take-off of the scheme, with a plan to expand gradually as milestones are achieved. Did agric based businesses that fall under the enterprise banking segment benefit from this deal and what’s the thrust of your involvement? The NIRSAL-Stanbic IBTC Agribusiness Finance scheme did commence with a portfolio cap of N10billion, but this was increased to N15billion in 2018. Currently, value of facilities we have approved stands at N13.7billion, with a utilization level of N10.67billion. The difference of N3.01billion is for transactions that are either undergoing NIRSAL approval process, or awaiting clients’ payment on NIRSAL CRG invoices issued. Categories of Agric based businesses under the Enterprise Banking segment that have benefited from this scheme include input supplies (i.e. fertilizer distributors); processing; and anchor borrowers (under the NIRSAL Anchor Borrower Program – ABP). The thrust of our involvement is primarily to support government’s objective of enhancing lending to the Agric sector by financial institutions.
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EDUCATION Curbing Child Prostitution Touched by the need to rescue children being used as prostitutes, the Iyaniwura Children Care Foundation has expressed its disappointment at the Lagos chapter of the Nigerian Labour Congress for allowing the Owutu Diamond Women Initiative, a prostitute group, which had some children as its members to march during the May Day rally. The foundation is drawing a battle line with the labour body. Funmi Ogundare reports
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n May 1, a day set aside to commemorate the International Workers’ Day, the Owutu Diamond Women Initiative, a prostitute group, which has some young adults among its members, were among those who filed out alongside other labour groups. At the rally held at Agege Stadium, Lagos, the group carried a banner with the inscription, ‘Sex Workers Need Rights, Not Rescue’, to demand for their rights. Not done, the convener posted on social media that ‘Today is May Day, ‘Workers’ Day’, in Lagos State, the first time participating in May Day march. The sex workers were demanding their rights and not rescue, they demand that they be treated like others regarding sex work as work’ Disappointed by this show of shame, the Founder of Iyaniwura Children Care Foundation (ICCF), Mrs. Jumoke Otitoloju told THISDAY that using children to get involved in the illegal trade is demoralising, while blaming the Nigerian Labour Congress (NLC), Lagos chapter for allowing the group to participate in the match past. According to her, “we are already saddled with the issue of child sexual abuse every day, but when we portray sex as work; our children are going to bear the brunt because they will just be hiding them in brothels. “We have a lot of brothels that harbour children who are brought from the villages to work as sex workers. It is really annoying that NLC will have that boldness to tell us that they are fighting for Nigerian workers and want sex to be part of a trade where children will work when they finish from school.� She expressed regret about the nongovernmental organisation parading the children as prostitutes, saying: “It is so painful and pathetic. I am ashamed of the organisation because prostitution is not legalised in Nigeria. It is legalised in eight western countries, but they are regulated. Children are not used as prostitutes.� Otitoloju said her foundation is still carrying out investigations to know where the children are and see how it can rescue them. “They are agitating that they don’t want to be rescued, but we want to tell them that these children are innocent, they do not know what they are doing. Prostitution is dehumanising, sex is a mutual activity between two people, but when children are forced to have sex with seven or eight men a day, it is no fun anymore. “If you have a one-on-one with any prostitute, they will tell you that prostitution is not a trade. It is either they went into it out of frustration or depression or ignorance. So for someone to say it should be legalised as a trade is appalling. Some people will tell you they are fighting for human rights; does it mean that you have to infringe your right on other people? “Rather than do that, I will prefer that they propagate polygamy. If you think you are a man and cannot hold on to one woman, you can marry as many as you can,� the founder stressed, adding that most organisations propagating sex to be a trade get funding from international organisations. “Now they are saying that aside your one man, one wife, you can start practicing prostitution. We cannot tolerate that. We will stand against it. It is like kidnapping and robbery. We will stand against it. We don’t support prostitution to be a trade, rather I will allow polygamy. Otitoloju expressed disappointed that NLC, which stands as a body for Nigerian
Some of the sex workers that participated in the May Day march, among who are children
The founder of ICCF, Mrs. Jumoke Otitoloju workers, would allow the group to match with them. “It is a disgrace! It is also a disgrace to those of us who went to the university. I am so proud that I can match on Workers Day, but when I saw what the NGO posted on social media, my mind blew off. It is a shame. Because we are humans, does it mean we don’t have our morals! There are rules and regulations guiding different countries and prostitution. No child should
be used as a prostitute. NLC has the list of legalised trades in Nigeria which they can fight as a body for and prostitution should not even be among them. Now they are fighting for prostitution to be a right.� The founder, who said ICCF gives holistic care to children from a day old to 17 years, in terms of health and education, security, development and preventing them from child abuse said, “NLC will meet us there because NGOs working with children will
not allow that from them, neither are we going to allow them to legalise sex or prostitution as a trade. We will stand and kick against it. “Our children are not safe because every day you hear cases of child abuse. Legalising prostitution will make children go into depression the more. If you ask children who go into prostitution, they will tell you they don’t know what they are doing. When NGOs are trying to rescue, empower and reintegrate them into the society so that they can go to school and seek better jobs in future, some people are saying they will legalise prostitution. What they have done is unlawful and criminal. I didn’t expect that from NLC.� For children that are rescued from the illegal trade, Otitoloju said her foundation works hand in hand with the Ministry of Youths and Social Development. “There is a brutal cartel that hides children in brothels, but when we get information, we move very fast. We call in the police and child protection agencies, which we are a member. The children gotten from the brothels are being rehabilitated. “We have a home for them in Ipaja Ayobo established with the aim of reintegrating them into the society. Some are also taken back to their parents if they can actually tell us where they are, but most times, they have lost contact with their families. “In terms of education, we have also supported schools, through the Lagos State Universal Basic Education Board (SUBEB) and in terms of community care, I work with local governments and I get their support too. So anything that has to do with children so that they can have the best, ICCF is ready.� In a telephone interview, the Chairperson of NLC Lagos State chapter, Mrs. Funmi Sessi told THISDAY that the union was embarrassed that the sex workers were able to find their way in to march with other workers’ group, adding that they are neither affiliated to the NLC nor Trade Union Congress (TUC). “While we were waiting with the representatives of the governor on the podium that day, we saw the group coming, an official reliably informed me about them asking me how they were invited. They claimed that they are an affiliate of NLC. But they are neither our affiliate nor Trade Union Congress (TUC), so they are not supposed to come up at all. What they have done is a criminal offense. “The security personnel were supposed to challenge and stop them at the entrance on seeing their banner and the clothes they wore bearing the inscription that they are sex workers.� She said by the time the workers were set to march, there was nothing they could do to stop them. “The only thing that could have been done was for the security details not to allow them. We wondered why and how they were able to come in. It was an embarrassment for us. We didn’t like it.� According to THSDAY’s investigation, the sex workers had defied any untoward reaction or showed any form of fear that they might be arrested while trying to press for their demands during the match past on May Day. The convener of the Owutu Diamond Women Initiative, Mrs. Margaret Onah confirmed to THISDAY that her group belongs to the civil society organisation and that it sent a letter to NLC, but didn’t get any response from the body. “NLC accepted our letter, but didn’t give us a reply. We were on our right like every other person and we decided to join them to march on May Day,� she said.
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EDUCATION
Public Outcry Trail Appointment of Acting VC in KWASU Hammed Shittu in Ilorin Academic activities at the Kwara State University (KWASU), Malete, which has been in existence for over 10 years, have been suspended until further notice by the management of the institution following the continuous protest by the entire students of the institution. The closure of the institution was sequel to the power tussle between the visitor to the institution, Governor Abdulfatah Ahmed and the governing council over the appointment of the acting Vice-Chancellor, Professor Kenneth Adeyemi while the two-term tenure of the incumbent Vice-Chancellor, Professor Abdulrasheed Na’Allah still subsists and runs till July 2019. The university has two campuses located at Kosubosu in Baruten Local Government Area, while the other campus is in Osi in Ekiti Local Government Area. The former Governor Bukola Saraki appointed the Professor of English Language, Na’Allah for the take-off of the institution. He commenced work in earnest and had worked hard to set the new university on a higher pedestal to the extent that the university has ranked as one of the best state university in Nigeria. The institution was known for its entrepreneurship skills as most of its graduates have become employers of labour. It was these achievements that prompted the renewal of Na’Allah’s appointment for a second term of five years to manage the affairs of the university. And since his reappointment, peace and tranquillity and especially the academic excellence of the university have continued to rise. However, the recent confusion at the institution according to reports was the alleged refusal of the incumbent vice-chancellor to cooperate with the governor to sign some financial documents that were pertaining to the activities of the university which Na’Allah was said to have considered uncommon. One of such financial documents according to sources close to the institution was the alleged granting of monthly subvention of N150 million to the university since 2015, which hitherto was not released and therefore Na’Allah was said not to be disposed to such documents for signing at the later stage of the outgoing administration in the state. It was also learnt that the development prompted the vice-chancellor to leave Ilorin and the campus for some weeks because of the pressure on him to sign the financial documents for the visitor. When this could not yield any positive result according to sources, the governor through the Commissioner for Tertiary Education, Science and Technology, Alhaji Abdullahi Alikinla issued a statement directing the vice- chancellor to proceed on compulsory terminal leave and appointed an acting ViceChancellor, Professor Kenneth Adeyemi. The development according to sources at the ivory tower, was meant to weaken Na’Allah’s power to pave way for the outgoing administration to get all the alleged financial documents to be signed since the time of the
outgoing administration in the state is almost far spent Alikinla, who announced Adeyemi’s appointment on behalf of the governor in a statement, also directed Na’ Allah to hand over to the acting vice-chancellor and proceed on compulsory terminal leave as his tenure expires in July 2019. He said Adeyemi is to take charge of responsibilities relating to the smooth running of the institution in accordance with the law establishing it, adding that the governor took the decision in the exercise of the powers conferred on him by the Kwara State University Law 2009 as amended, which empowers the visitor to appoint and remove the vice-chancellor for good cause and following due consultations. As the news went round the campus and the entire state, the governing council of KWASU dissociated itself from the statement of the governor over the compulsory terminal leave of Na’Allah. It described Adeyemi’s appointment as illegal, adding that “it does not conform to the rules guiding the appointment of the new acting vice-chancellor of the university.� A statement issued in Ilorin by the Chairman of the Governing Council, Professor Saka Nuhu read in part: “This directive is not in tune with the university’s law and is going to lead to distraction from the rain semester examination and the process of appointment of principal officers that are currently in progress. “This action of the state government is illegal and the governing council of KWASU has no hand in the directive.� Also, the National Association of Nigerian Students (NANS), in conjunction with the Students’ Union Government (SUG) of the institution, embarked on a protest to call on the governor to reverse the decision to appoint an acting vice-chancellor for the university. As early as 8 am on May 8, students came out in large number for the peaceful protest on campus to show their position against the government to change the leadership of the university without following laid down rules. Addressing journalists after the protest, the Chairman, NANS, Kwara State, Saheed Olosasa and President, KWASU SUG, Abdulganiyu Dikko, expressed dissatisfaction with the decision, while calling on the governor to explain the decision within 24 hours or face more protests. The students, who described the decision as illegal and a manipulation of the education sector, called on stakeholders and well-meaning Nigerians to stand against what they described as disregard for due process. The students’ leaders also stated that government, be it state or federal, has no constitutional right to unilaterally remove or appoint a vice-chancellor without approval and recommendation from the university governing council. “We want to affirmatively state that we the entire students still recognise and further reauthenticate that Na’Allah is our vice-chancellor and vehemently warn the government not to toy with our career.� As the situation continued, the management of the institution ordered the closure of the
KWASU gate university until further notice and asked the students to leave the campus with immediate effect. In a statement signed by the Deputy Vice-Chancellor (Academics), Professor Saka Mahmud, the management said the measure was to ensure security of the campus. “Because of recent developments in our state and in the university and our students’ reactions to the government’s appointment of an acting vicechancellor in which the students gave a 24 hour ultimatum to government, the university management met on May 8, 2019 and decided to temporarily close the university until further notice as a preventive measure against any possible disturbances.� “I am in touch with the Prochancellor and council chairman and he indicates total support that closing the campus at this time is desirable. Thank God exams have been completed
and grading is still ongoing with some lecturers already uploading their grades. “Staff and students should leave the university quietly and ensure the safety of property and lives. Reports reaching me indicate that a contingence of police was being driven towards the campus and it took some intervention to get them to return to Ilorin. “KWASU does not want any situation in which the ongoing temporary crisis, which will be safely and easily resolved by the grace of God will lead to the loss of any life. Please take your luggage and other personal properties and go home safely until further notice.� Meanwhile, reactions from interest groups in the state have continued to trail the issue. The apex socio-cultural organisation of Ilorin indigenes, Ilorin Emirate Descendants Progressive Union (IEDPU) has accused
the governor of desperation in making sure that a particular candidate emerges as the next vice-chancellor of the university. Addressing journalists in Ilorin, the acting National President of the union, Alhaji Yahaya Ahmed said: “The union wishes to state that the directive that Na’Allah should go on compulsory accumulated leave prior to the glorious conclusion of his eventful two-term tenure is alien to the university system. The decision was taken in bad faith as the universal practise is that chief executives of ivory towers usually proceed on leave after the completion of their tenure of office. “We also want to stress that we have it on good authority that the governing council of the university, under the chairmanship of Prof. Saka Nuru did not meet to take any decision on the matter under review. “We have equally noticed
that the administration of Governor Abdulfatah Ahmed appeared to be too desperate in making sure that a particular candidate emerges as the next vice-chancellor of the university not minding the thinking, positions and assessment of the duly constituted governing council invested with the authority to oversee and recommend worthy candidates for the position to the visitor. “The reason for that desperation is nebulous and therefore unacceptable to the good people of Ilorin Emirate. Our union and indeed the peace-loving people of Ilorin Emirate also find it extremely suspicious the drafting of septuagenarian, Prof. Mathew to serve as the acting vice-chancellor of KWASU despite the presence of two active deputy vice-chancellors between whom one could have been selected to act if the out-going administration actually means well.�
Tech-U Will Curb Youth Unemployment in Nigeria, Says VC Kemi Olaitan in Ibadan The Vice-Chancellor, First Technical University (Tech-U), Ibadan, Prof. Ayobami Salami has expressed the institution’s readiness to help the country frontally tackle the scourge of unemployment through its Centre for Technical, Vocational and Entrepreneurship Training (TVET). He said the university holds the conviction that a truly productive nation must necessarily be pivoted on sustained and strategic investment in human capital development. Salami said this at the closing ceremony of a two-week intensive youth empowerment programme in poultry and fisheries for 154 youths from the Niger Delta region, held at the university, sponsored by the Ministry of Niger Delta Affairs and facilitated by the TVET, in conjunction with Dosmark CJ and Oil Investment Limited. He said the programme, in addition to the other unique offerings, is anchored on the innovative model of education, which the university is known for, adding that “as a socially
responsive corporate entity, reflects our avowed commitment to making Nigeria work by getting her young people empowered for wealth creation. “As implemented by the university’s Centre for TVET, it is devoted to equipping individuals with skills acquisition and entrepreneurship training in carefully-selected areas of needs in the larger society. Aside commitment to bridging the yawning skills gap, the programme is focused on generating self-employment among the teeming youths of the country.� He stressed that since the commencement of the initiative, not less than 350 youths have been trained in diverse skills and the target is to have at least 1,000 beneficiaries trained before the end of 2019. “We are on a mission to spearheading a silent revolution that would ultimately disrupt Nigeria’s economy for good. We therefore call on other well-meaning citizens and agencies to work with us as we seek to create a brighter future for our nation. “Going by our fledging
reputation as a unique citadel of learning with positively disruptive educational model, it is indeed a proud heritage. Hence, we expect you to not only put to practice all that you have been exposed to, but to also exemplify the best entrepreneurial practices that would make you create wealth and become a notable employers of labour, he said. The VC therefore congratulated the154 beneficiaries from the Niger Delta region, who are the latest addition to the list of ambassadors. “You have, through this programme, been conferred with the prestigious status of TVET alumni of the university and this naturally places a responsibility on your shoulders to live as change agents within a citizenry yearning for hope.� The Minister of Niger Delta Affairs, Usain Uguru Usain said the federal government is determined to put a stop to the restiveness in the region through the empowerment of youths in the area. Usain, who was represented by the Director, Economic Empowerment Directorate in the ministry, Mr. Ibrahim Akanya,
also said 1,000 youths from the area will be empowered this year. He said the empowerment for the youths is key to stopping restiveness so as to make the region economically viable, adding that trainings were being held simultaneously in Benin, Asaba and at the Polytechnic, Ibadan. “The federal government under the leadership of President Muhammadu Buhari will continue to do everything possible most especially through empowerment to engage the youths in the Niger Delta region to keep them busy in order to bring meaningful development to the area and end the restiveness there.� While charging the beneficiaries to effectively utilise the skills acquired from the twoweek programme, the minister disclosed that returnees from Libya were included in the training so as to re-integrate them into the society. He also urged the participants to judiciously use the grant given to them and not use it lavishly, adding that N200 million was earmarked for the training of the youths.
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Dangote has Invested More in Nigerian Varsities than any Individual, Says FG Jonathan Eze The federal government has revealed that the N1.2 billion hostel donated by the Aliko Dangote Foundation to Ahmadu Bello University, Zaria is the single largest donation by an individual in the history of universities in Nigeria. The Executive Secretary of the National Universities Commission (NUC), Professor Abubakar Rasheed, who represented President Muhammadu Buhari at the inauguration of the Aliko Dangote Hall, extended the federal government’s appreciation to the president of the Dangote Group. Buhari said: “You have done what no other Nigerian has done since 1948 when the first university was founded. This is the single largest intervention by
any individual in any university in this country in the 70 years history of our university. So I congratulate Alhaji Dangote.� A visibly elated Governor of Kaduna State, Nasir El-Rufai, who is also an alumnus of the university, hailed Dangote for the project. He described Dangote’s generosity as unprecedented, especially his support for education. The Vice-Chancellor of the university, Professor Ibrahim Garba said Dangote will forever remain dearly to the institution. “The student population of ABU is over 50,000, made up of about 35,000 undergraduates and about 15,000 postgraduates. Every year, 11,500 undergraduates and about 6,000 postgraduates are admitted, while about 6,000 undergraduates and 3,000 postgraduates
respectively graduate. In any one academic year, we are only able to accommodate about 13,000 students on our two campuses. “We are happy that Dangote has fulfilled the pledge he made in 2016 to build 10 blocks of hostels for our students to improve their living condition. We may accommodate six students per room. This will certainly go a long way in ameliorating the accommodation challenge bedevilling the university,� Garba said. Speaking about his motivation, Dangote, who also bagged an honorary doctorate degree, said: “If there are two things that I am passionate about, they are education and entrepreneurship. I believe they go hand-in-hand.� He said it was this philoso-
phy that led to the creation of the Dangote Academy in 2010, where about one thousand graduates have been absorbed after their training. He expressed hope that students who stay in the Aliko Dangote Hall will follow his entrepreneurial footsteps and become future Aliko Dangote. “When I came here as a guest speaker in 2016, the vice-chancellor told me that they have needs for accommodation, in fact the last accommodation they had was 37 years ago as at then. “It is not good for us to leave a university like this without accommodation; really our intention was to accommodate the female students not boys. However, I still plead with the vice-chancellor to leave it for the females.�
L-R: The Chairman, Ogun State Universal Basic Education Board (SUBEB), Alhaji Abdul Jeleel Okewole; Permanent Secretary, Ministry of Education, Science and Technology, Aikulola Olu Ola; the Public Aairs and Communications Manager, Coca-Cola Nigeria, Amaka Onyemelukwe; and the Balogun of Ijaiye and Aare of Egbaland, High Chief Ganiyu Alemo Babayeju at the inauguration of upgraded educational facilities at the First Baptist Primary School held at the school premises in Abeokuta‌ recently
Don Seeks Inclusion of Internet as Subject in Schools David-Chyddy Eleke in Awka A former Resident Electoral Commissioner of the Independent National Electoral Commission (INEC) in Anambra State, Prof. Chukwuemeka Onukaogu has called for the inclusion of internet as a separate subject in schools. Onukaogu, who spoke during the presentation of a book, ‘New Media and African Society’, edited by Prof. Kate Omenugha and two others, said teaching
internet as a separate subject in schools will equip students for the secular society. “We need to expose our children to what to encounter in the society, the use of the social media and others. We have to warn them of the uncouth languages people use in the social media and also help them to avoid such languages. “Internet should be taught as a subject in schools. Internet literacy should be made a
vital part of our education,� Onukaugu said while reviewing the book. In her remarks, Omenugha said the book was co-authored by 28 scholars across Africa and touches on the everyday use of the internet and how it affects the society. “Our lives today bother much on the use of the internet and I felt that for us to tell ourselves the truth, we needed to know the advantages of the internet
and to also remind ourselves that the advantages outweigh the disadvantages, and also highlight how the internet can be used positively.� Anambra State Governor, Willie Obiano, who was represented by the Head of Service, Harry Uduh, said the book is worthy of being owned by every adult that uses the internet in Africa, promising that the state government will distribute copies to schools and libraries.
Lagos Schools Target Stockholm Water Prize Awards Funmi Ogundare A total of five schools will represent Lagos State at the 2019 National Stockholm Junior Water Prize competition finals scheduled to hold at the Embassy of Sweden in Abuja on May 31. The schools with their projects, made it to the national finals as against that expected from each states. The selected projects are ‘Water Purifier’ by AnsarUd-Deen Grammar School, Surulere; ‘Coagulating Effects and Potential Use of Medicinal Plants and Lower Plant in Wastewater Purification’ by Mogaji Millennium Senior Secondary School, Agege; ‘Natural Ultra Water Purifier’ by Kuje Senior
Secondary School, Lagos. Others are ‘Absorption Property of Activated Charcoal obtained from Corn Cobs to Purify Water’ by Penny International College, Orile Iganmu; and ‘Natural Water Purifying Column’ by Marvel Grace College, Abule Egba; The Stockholm Junior Water Prize is a competition organised by the Stockholm International Water Institute (SIWI), designed to bring together the world’s brightest young scientists to encourage their continued interest in water and the environment. It is the most prestigious international student competition for water-related issues which offers an opportunity for thousands of students each
year, within the ages of 15 and 20 from over 35 countries to join national competitions for a chance to represent their nation at the international final held during the World Water Week in Stockholm, Sweden. SJWP is open for projects striving to improve water quality, water resources management, water protection, water and wastewater treatment, as well as water education and social related aspects of water. A letter addressed to the Lagos State Commissioner for Education, by the Chairman, International Water Institute Young Water Professionals (IWI YWP) Nigeria/National Organizer National Stockholm Junior Water Prize (NSJWP), Mr. Ikechukwu Chinemerem
read in part: “We are pleased to inform you that five projects from secondary schools in Lagos State have made it to the national finals of the 2019 Nigerian Stockholm junior water prize.� He said the students would be competing with other national finalists from different states across Nigeria. “The National winners that emerge would be representing Nigeria at the International finals in Stockholm Sweden, come August 2019. There is no gainsaying that the various inventions will help in the nation’s bid to provide portable water for all, especially people in the rural areas who have no access to pipe borne water or borehole.�
KEHINDE OMORU www.kayomoru.com
WHAT GIFTS DO YOU BEAR? Ă’Ă? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹ Ă‹ĂœĂ? Ă Ă?ĂœĂŁ Ă˜Ă?ĂŒĂ&#x;Ă–Ă™Ă&#x;Ă? ÚÖËĂ?Ă?Ă?Ë› Ă’Ă“Ă? Ă“Ă? Ă“Ă˜ ÞÒĂ? ĂĄĂ‹ĂŁ ÞÒËÞ ÞÒĂ?Ă“Ăœ Ă?Ă™Ă˜ĂžĂ?Ă˜ĂžĂ? Ă‹ĂœĂ? ĂŒĂŁ Ă˜Ă‹ĂžĂ&#x;ĂœĂ? Ă‹Ă—ĂŒĂ“Ă‘Ă&#x;Ă™Ă&#x;Ă?Ëœ Ă“Ă—ĂšĂœĂ?Ă?Ă“Ă?Ă? Ă‹Ă˜ĂŽ Ă“Ă˜ĂŽĂ?Ă?Ă“Ă˜Ă“ĂžĂ?Ë› Ă™Ă&#x; Ă˜Ă?Ă Ă?Ăœ ĂœĂ?Ă‹Ă–Ă–ĂŁ Ă•Ă˜Ă™ĂĄ ĂĄĂ’Ă‹Ăž ĂŁĂ™Ă&#x;ËŞĂœĂ? Ă‘Ă™Ă“Ă˜Ă‘ ÞÙ ĂĄĂ‹Ă•Ă? Ă&#x;Ăš ÞÙ Ă™Ă˜ ÞÒĂ?Ă?Ă? ĂšĂ™ĂœĂžĂ‹Ă–Ă?Ë› Ă’Ă? ˊåÙå˪ Ă‹Ă˜ĂŽ ËŠĂ‹ĂĄËŞ Ă?Ă‹Ă?ĂžĂ™ĂœĂ? Ă‹ĂœĂ? Ă?Ă&#x;ĂœĂ? ÞÙ ĂŒĂ? ÞÒĂ?ĂœĂ? Ă‹Ăž Ă–Ă?Ă‹Ă?Ăž Ă™Ă˜Ă?Ă? Ă?Ă Ă?ĂœĂŁ ĂĄĂ?Ă?Ă•Ë› Ă’Ă? ÑÙÙÎ Ă‹Ă˜ĂŽ ĂŒĂ‹ĂŽ Ă‹ĂœĂ? ĂœĂ?Ă?ÚÖĂ?Ă˜ĂŽĂ?Ă˜Ăž Ă™Ă˜ ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹Ëœ Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă?Ă?ĂšĂ‹ĂœĂ‹ĂžĂ? Ă?Ă™ĂœĂ—Ă? Ă‹Ă˜ĂŽ Ă‘ĂœĂ‹ĂŽĂ?Ă? Ă™Ă? Ă Ă“ĂœĂžĂ&#x;Ă? Ă‹Ă˜ĂŽ Ă?Ă Ă“Ă–Ë› Ă’Ă? ĂšĂ‹Ă˜Ă™ĂœĂ‹Ă—Ă“Ă? Ă˜Ă‹ĂžĂ&#x;ĂœĂ? Ă™Ă? ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹ Ă—Ă‹Ă•Ă?Ă? ÞÒĂ?Ă— Ă Ă?ĂœĂŁ ĂœĂ?Ă?Ă™Ă&#x;ĂœĂ?Ă?Ă?Ă&#x;Ă– ÚÖËĂ?Ă?Ă? ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ Ă‘Ă™ ÞÙ Ă‹Ă˜ĂŽ ĂŒĂ? Ă?Ă˜ĂžĂ’Ă&#x;Ă?Ă?ĂŽ ĂŒĂŁËœ ÞÒËÞ Ă“Ă? Ě‹ Ă“Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă—Ă™ĂžĂ“Ă™Ă˜Ă‹Ă– Ă˜ĂžĂ?Ă–Ă–Ă“Ă‘Ă?Ă˜Ă?Ă? Ă“Ă? Ă?Ă&#x;Ă?Ă?Ă“Ă?Ă“Ă?Ă˜ĂžĂ–ĂŁ ĂŽĂ?Ă Ă?ÖÙÚĂ?ĂŽ ÞÙ Ă?Ă?ÓäĂ? Ă™Ă&#x;Ăž ĂŁĂ™Ă&#x;Ăœ Ă˜Ă?Ă?ĂŽË› ÓÞÒÙĂ&#x;Ăž Ă’Ă‹Ă Ă“Ă˜Ă‘ ĂĄĂ?Ă–Ă–Ě‹Ă‘ĂœĂ™Ă&#x;Ă˜ĂŽĂ?ĂŽ Ă‹ĂžĂžĂœĂ“ĂŒĂ&#x;ĂžĂ?Ă? Ă™Ă? Ă?Ă—Ă™ĂžĂ“Ă™Ă˜Ă‹Ă– Ă“Ă˜ĂžĂ?Ă–Ă–Ă“Ă‘Ă?Ă˜Ă?Ă?Ëœ ĂŁĂ™Ă&#x; Ă—Ă“Ă‘Ă’Ăž Ă?ÞÓÖÖ Ă˜Ă™Ăž ĂŒĂ? Ă‹ĂŒĂ–Ă? ÞÙ Ă?Ă?Ă?Ă?Ă?ÞÓà Ă?Ă–ĂŁ ÚÖËã Ă™Ă&#x;Ăž ÚÙĂ?ÓÞÓà Ă? Ă“Ă—ĂšĂœĂ?Ă?Ă?Ă“Ă™Ă˜Ă? Ă?Ù×Ă? Ă˜Ă‹ĂœĂœĂ‹ĂžĂ“Ă Ă?Ă? Ă—Ă‹Ă•Ă? Ă“Ă˜ ĂŁĂ™Ă&#x;Ăœ Ă—Ă“Ă˜ĂŽË› Ă˜ ÞÒĂ? ÙÞÒĂ?Ăœ Ă’Ă‹Ă˜ĂŽ ÒÙåĂ?Ă Ă?ĂœËœ Ă“Ăž Ă“Ă? ÞÒÓĂ? Ă?Ă‹Ă—Ă? Ă?Ă˜Ă?ĂŁĂ?ÖÙÚËĂ?ĂŽĂ“Ă? Ă˜Ă‹ĂžĂ&#x;ĂœĂ? Ă™Ă? ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹ ÞÒËÞ Ă—Ă‹Ă•Ă?Ă? ÞÒĂ?Ă— Ă“Ă˜Ă?Ă“Ă?Ă“Ă Ă? ĂšĂ™ĂœĂžĂ‹Ă–Ă?Ë› Ă™ Ă—Ă‹Ă˜ĂŁËœ ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ ÞÒĂ? ĂŒĂ‹Ă˜Ă? Ă™Ă? Ă‹Ăž Ă–Ă?Ă‹Ă?Ăž Ă™Ă˜Ă? Ă‹Ă‘ĂœĂ™ ÞÒĂ?ĂŁ Ă’Ă‹Ă Ă? Ă?âÚĂ?ĂœĂ“Ă?Ă˜Ă?Ă?ĂŽ Ě™ĂŽĂ“ĂœĂ?Ă?ÞÖã Ă™Ăœ Ă“Ă˜ĂŽĂ“ĂœĂ?Ă?ÞÖã̚ Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă–Ă“Ă?Ă?ÞÓ×Ă?Ë› Ă›Ă&#x;Ă‹Ă–Ă–ĂŁ ĂžĂ™Ă™Ëœ åÓÞÒÙĂ&#x;Ăž ÚÙĂ?Ă?Ă?Ă?Ă?Ă“Ă˜Ă‘ Ă‹ ĂœĂ™ĂŒĂ&#x;Ă?Ăž Ă?ËÚËĂ?ÓÞã Ă™Ă? Ă?Ă?Ă–Ă?Ě‹Ă‹ĂĄĂ‹ĂœĂ?Ă˜Ă?Ă?Ă?Ëœ Ă?Ă?Ă–Ă?Ě‹ĂœĂ?Ă‘Ă&#x;Ă–Ă‹ĂžĂ“Ă™Ă˜Ëœ Ă—Ă™ĂžĂ“Ă Ă‹ĂžĂ“Ă™Ă˜Ëœ Ă?×ÚËÞÒã Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă–Ě‹Ă?Ă•Ă“Ă–Ă–Ă?Ëœ ĂŁĂ™Ă&#x; Ă—Ă‹ĂŁ Ă‘Ă?Ăž Ă?Ă‹Ă&#x;Ă‘Ă’Ăž Ă&#x;Ăš Ă“Ă˜ ĂœĂ?Ă?Ă?Ă˜ĂžĂ—Ă?Ă˜Ăž Ă‹Ă˜ĂŽ Ă?Ă?Ă–Ă?Ě‹ĂŽĂ?Ă?ĂžĂœĂ&#x;Ă?ĂžĂ“Ă™Ă˜Ë› Ă?Ă Ă?ĂœĂžĂ’Ă?Ă–Ă?Ă?Ă?Ëœ Ă“Ăž ËÚÚĂ?Ă‹ĂœĂ? ÞÒËÞ Ă—Ă™Ă?Ăž ĂšĂ?ÙÚÖĂ? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă—Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜ ÞÒËÞ ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹ Ă‹ĂœĂ? Ă‘Ă“Ă?ĂžĂ? ÞÙ ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽË› Ă’Ă?Ă“Ăœ ĂŒĂ?Ă˜Ă?Ă?Ă“ĂžĂ? Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ? ÞÒĂ? Ă‹Ă?Ă›Ă&#x;Ă“Ă?Ă“ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜Ăž Ă™Ă?Ë? Ă?Ă™Ă?Ă“Ă‹Ă– Ă?Ă™Ă˜Ă˜Ă?Ă?ĂžĂ“Ă™Ă˜Ă?Ëž Ă?Ă™Ă?Ă“Ă‹Ă– Ă˜Ă?ĂžĂĄĂ™ĂœĂ•Ă?Ëž Ă‹Ă?Ă?Ă?Ă?Ă?Ă“ĂŒĂ“Ă–Ă“ĂžĂŁ ÞÙ Ă—Ă™ĂœĂ? Ă“Ă˜Ă?Ă™ĂœĂ—Ă‹ĂžĂ“Ă™Ă˜Ëž Ă‹ Ă?Ă™Ă?Ă“Ă‹Ă– à ÙÓĂ?Ă? Ă?Ă™Ăœ Ă?Ă?ĂœĂ Ă“Ă?Ă?Ëž ÞÒĂ? ĂšĂœĂ™Ă—Ă™ĂžĂ“Ă™Ă˜ Ă™Ă? Ă‹ Ă?Ă?Ă˜Ă?Ă? Ă™Ă? ĂŒĂ?Ă–Ă™Ă˜Ă‘Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă?Ă?Ă–Ă?Ě‹Ă?Ă?ĂžĂ?Ă?Ă—Ëž Ă“Ă˜ĂŽĂ?ĂšĂ?Ă˜ĂŽĂ?Ă˜Ă?Ă? Ă‹Ă˜ĂŽ ĂœĂ?Ă?Ă“Ă–Ă“Ă?Ă˜Ă?Ă?Ëœ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ÞÒĂ? ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜Ăž Ă™Ă? Ă•Ă?ĂŁ Ă‹Ă˜ĂŽ ĂœĂ?Ă‹Ă– Ă–Ă“Ă?Ă? Ă‹Ă˜ĂŽ ĂĄĂ™ĂœĂ–ĂŽ Ă?Ă•Ă“Ă–Ă–Ă?Ë› Ă™ Ă—ĂŁ Ă—Ă“Ă˜ĂŽËœ ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹ËŞĂ? Ă‘ĂœĂ?Ă‹ĂžĂ?Ă?Ăž ĂŒĂ?Ă˜Ă?Ă?Ă“Ăž Ă“Ă? Ă“Ă˜ ÞÒĂ? ĂĄĂ‹ĂŁ ÞÒĂ?ĂŁ Ă?Ă˜Ă‹ĂŒĂ–Ă? ĂŽĂ“Ă?Ă?Ùà Ă?ĂœĂŁË› Ă? Ă‹ĂœĂ? Ă—Ă‹ĂŽĂ? ÞÙ ĂŒĂ? Ă?Ă™Ă?Ă“Ă‹Ă– ĂŒĂ?Ă“Ă˜Ă‘Ă? Ă‹Ă˜ĂŽ ĂœĂ?Ă–Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă“Ă˜ Ă˜Ă‹ĂžĂ&#x;ĂœĂ?Ë› ÙÞ ĂŒĂ?Ă“Ă˜Ă‘ ĂœĂ“Ă?Ă’ Ă™Ăœ Ă’Ă“Ă‘Ă’Ă–ĂŁ ÚÖËĂ?Ă?ĂŽ Ă“Ă? Ă˜Ă™ Ă–Ă™Ă˜Ă‘Ă?Ăœ Ă‹Ă˜ Ă?âĂ?Ă&#x;Ă?Ă? Ă?Ă™Ăœ ĂŒĂ?Ă“Ă˜Ă‘ Ă™Ă?ĂžĂœĂ‹Ă?Ă“Ă?Ă?ĂŽ Ă™Ăœ ĂŽĂ“Ă?Ă?Ă™Ă˜Ă˜Ă?Ă?ĂžĂ?ĂŽË› Ă?Ă?ĂœĂ? Ă‹ĂœĂ? Ă˜Ă™ĂĄ Ă‹ĂŒĂ–Ă? ÞÙ Ă—Ă‹Ă•Ă? Ă?ĂœĂ“Ă?Ă˜ĂŽĂ? Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽËœ Ă‹Ă˜ĂŽ ĂŒĂœĂ™Ă‹ĂŽĂ?Ă˜ ÞÒĂ?Ă“Ăœ Ă’Ă™ĂœĂ“Ă¤Ă™Ă˜Ă? Ă™Ă˜ ÒÙå ÙÞÒĂ?Ăœ ĂšĂ?ÙÚÖĂ? Ă–Ă“Ă Ă? Ă‹Ă˜ĂŽ ĂžĂ’Ă“Ă˜Ă• Ă“Ă˜ ÙÞÒĂ?Ăœ ĂšĂ‹ĂœĂžĂ? Ă™Ă? ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽË› Ă˜Ă–ĂŁ Ă–Ă‹Ă?Ăž ĂĄĂ?Ă?Ă•Ëœ ÞåÙ ĂžĂœĂ?Ă˜ĂŽĂ“Ă˜Ă‘ Ă?ĂžĂ™ĂœĂ“Ă?Ă? Ă?Ă&#x;Ă?Ă?Ă“Ă˜Ă?ÞÖã ĂšĂ™ĂœĂžĂœĂ‹ĂŁĂ?ĂŽ ÞÒĂ? Ă˜Ă?ĂŒĂ&#x;Ă–Ă™Ă&#x;Ă? Ă˜Ă‹ĂžĂ&#x;ĂœĂ? ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă‹Ă– Ă—Ă?ĂŽĂ“Ă‹Ë? Ă?ĂĄĂ? Ă?Ă‹ĂœĂœĂ“Ă?ĂŽ Ă‹ĂŽĂ™ĂœĂ‹ĂŒĂ–Ă? Ă“Ă?Ă˜Ă?ĂŁËŞĂ? Ͱͳ̋Ă?Ă?Ă?Ă™Ă˜ĂŽ Ă?ĂœĂ?Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? Ă‹ Ă?Ă’Ă™ĂœĂž Ă‹Ă˜Ă“Ă—Ă‹ĂžĂ“Ă™Ă˜ Ă“Ă˜ ĂĄĂ‹ĂžĂ?ĂœĚ‹Ă?ÙÖÙĂ&#x;Ăœ Ă™Ă? Ă“Ă˜Ă˜Ă“Ă?̋ÞÒĂ? ÙÙÒ Ă–Ă&#x;Ă—ĂŒĂ?ĂœĂ“Ă˜Ă‘ ĂŽĂ™ĂĄĂ˜ Ă’Ă? Ă™Ă˜Ă‘ Ă‹Ă–Ă• ÞÙ ĂŽĂ?Ă–Ă“Ă Ă?Ăœ Ă‹ Ă?ĂšĂ?Ă?Ă“Ă‹Ă– Ă‘Ă“Ă?Ăž ÞÙ ĂœĂ?Ă’Ă“Ă? Ě‹ ÞÒĂ? Ă˜Ă?ĂĄ ĂœĂ™ĂŁĂ‹Ă– ĂŒĂ‹ĂŒĂŁ Ă™Ă? Ă&#x;Ă•Ă? Ă‹Ă˜ĂŽ Ă&#x;Ă?Ă’Ă?Ă?Ă? Ă™Ă? Ă&#x;Ă?Ă?Ă?Ă˘Ëœ Ă‹ĂœĂœĂŁ Ă‹Ă˜ĂŽ Ă?Ă‘Ă‹Ă˜Ë› Ă˜ ÞÒÓĂ? Ă?Ă–Ă“ĂšËœ ÙÙÒ ÔÙĂ&#x;ĂœĂ˜Ă?ĂŁĂ? Ă?ĂœĂ™Ă— Ă˜Ă? Ă&#x;Ă˜ĂŽĂœĂ?ĂŽ Ă?ĂœĂ? ÙÙÎ ĂŽĂ™ĂĄĂ˜ Ă’Ă? Ă™Ă˜Ă‘ Ă‹Ă–Ă•Ëœ Ă?Ă™ĂœĂŽĂ?ĂŽ Ă‹ ĂœĂ“Ă Ă?Ăœ Ă‹Ă˜ĂŽ Ă?Ă Ă?Ă˜ĂžĂ&#x;Ă‹Ă–Ă–ĂŁ Ă‹ĂœĂœĂ“Ă Ă?ĂŽ Ă‹Ăž Ă“Ă˜ĂŽĂ?Ă™Ăœ Ă‹Ă?ÞÖĂ?Ë› Ă˜Ă?Ă“ĂŽĂ?Ëœ Ă’Ă? Ă?Ă“ĂžĂ? Ă&#x;Ă˜Ă‹Ă?Ă?Ă&#x;Ă—Ă“Ă˜Ă‘Ă–ĂŁ ĂŒĂ?Ă?Ă“ĂŽĂ? Ă‹ĂœĂœĂŁ Ă‹Ă˜ĂŽ Ă?Ă‘Ă‹Ă˜ Ă‹Ă? ÞÒĂ?ĂŁ ĂŽĂ?Ă–Ă“Ă‘Ă’ĂžĂ?ĂŽĂ–ĂŁ ĂšĂ™ĂœĂ?ĂŽ Ùà Ă?Ăœ ÙÙÒ˪Ă? Ă‘Ă“Ă?Þ˛ Ă™Ă˜Ă Ă?ĂœĂ?Ă?Ă–ĂŁËœ Ă˜Ă?ĂĄĂ? Ă‹Ă–Ă?Ă™ Ă?Ă‹ĂœĂœĂ“Ă?ĂŽ Ă‹ ÞåĂ?Ă?Ăž ĂŒĂŁ Í´ÍŻĚ‹ĂŁĂ?Ă‹ĂœĚ‹Ă™Ă–ĂŽ Ă‹Ă˜ĂŽ ĂœĂ‹ĂŽĂ“Ă™ ĂšĂœĂ?Ă?Ă?Ă˜ĂžĂ?ĂœËœ Ă‹Ă˜Ă˜ĂŁ Ă‹Ă•Ă?ĂœË› Ă’Ă“Ă? ĂĄĂ‹Ă? Ă‹ ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ăž Ă•Ă“Ă˜ĂŽ Ă™Ă? Ă‘Ă“Ă?Þ˛ Ă‹Ă˜Ă˜ĂŁËŞĂ? ÞåĂ?Ă?Ăž ĂĄĂ‹Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ? ĂœĂ™ĂŁĂ‹Ă– ĂŒĂ‹ĂŒĂŁ Ă&#x;Ă?Ă“Ă˜Ă‘ Ă‹ ÚÓĂ?ĂžĂ&#x;ĂœĂ? Ă™Ă? Ă‹ Ă—Ă™Ă˜Ă•Ă?ĂŁË› Ă’Ă“Ă? ÞåĂ?Ă?Ăž ÞÓÞÖĂ?ĂŽ ËŤ ÙãËÖ Ă‹ĂŒĂŁ Ă?Ă‹Ă Ă? Ă™Ă?ÚÓÞËÖˏ ĂĄĂ’Ă“Ă?Ă’ Ă’Ă? Ă›Ă&#x;Ă“Ă?Ă•Ă–ĂŁ ĂŽĂ?Ă–Ă?ĂžĂ?ĂŽ Ě™ĂŒĂ&#x;Ăž ĂĄĂ’Ă“Ă?Ă’ Ă’Ă‹ĂŽ Ă‹Ă–ĂœĂ?Ă‹ĂŽĂŁ ĂŒĂ?Ă?Ă˜ Ă?Ă?Ă?Ă˜ ĂŒĂŁ Ă—Ă‹Ă˜ĂŁ ĂšĂ?ÙÚÖĂ?Ěš Ă‹ĂžĂžĂœĂ‹Ă?ĂžĂ?ĂŽ Ă›Ă&#x;Ă“Ă?Ă• Ă&#x;ĂšĂœĂ™Ă‹ĂœĂ?Ë› Ă‹Ă˜Ă˜ĂŁ ĂžĂ?Ă˜ĂŽĂ?ĂœĂ?ĂŽ Ă‹Ă˜ ËÚÙÖÙÑã Ă“Ă˜Ă?Ă“Ă?ĂžĂ“Ă˜Ă‘ Ă’Ă? ĂĄĂ‹Ă? Ă™Ă˜Ă–ĂŁ Ă”Ă™Ă•Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă’Ă‹ĂŽ Ă˜Ă™Ăž ĂœĂ?Ă‹Ă–Ă“Ă?Ă?ĂŽ ÞÒĂ? Ó×ÚÖÓĂ?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă? ÚÙĂ?ĂžĂ“Ă˜Ă‘ ÞÒĂ? ÚÓĂ?ĂžĂ&#x;ĂœĂ?Ë› ÓÞÒ ÞÒĂ? Ă‹ĂŒĂ™Ă Ă? Ă“Ă˜ Ă—Ă“Ă˜ĂŽËœ Ă‹Ă?Ă• ĂŁĂ™Ă&#x;Ëœ ËŤĂĄĂ’Ă‹Ăž Ă‘Ă“Ă?ĂžĂ? ĂŽĂ™ ĂŁĂ™Ă&#x; ̙ÞãÚÓĂ?Ă‹Ă–Ă–ĂŁĚš ĂŒĂ?Ă‹ĂœËŁ
Mrs Kehinde Omoru writes from the UK
Alumni Donate Printer, Photocopier to Clegg School Ugo Aliogo As part of efforts to ensure academic excellence in Clegg High School, Lagos, and to commemorate 25 years of leaving the school, the 1994 set of its alumni has donated a brand new printer and photocopy machine to the school. Speaking at the event, the President of the 94 alumni set, Mrs. Moriam Shittu, said the silver jubilee was symbolic, adding that initially people didn’t really key into the idea of celebration, “but with continuous push, people keyed into the idea.� She said the set agreed that before organising the dinner, there was need to visit the school and meet with the principal, who pleaded with the members to refurbish the annex. Shittu remarked that the principal had complained that the school had challenges with
the annex because it wasn’t fortified with burglar-proof most times thieves come to cart things away. She stated that the alumni have remained vibrant and the bond has grown stronger despite leaving school many years, adding that the set organises end of year dinner annually to reconnect with each other. In her remarks, the Principal of the school, Mrs. Adeyemi Muslimat commended the 94 set for the donation of the printer and photocopy machine, adding that the gesture displayed by the former students gladdened her heart. “The alumni came to my aid when I needed their services most. God will protect and bless them more. There have been donations from alumni, but since I assumed office as the school principal this is the first time I am receiving donations from the alumni.�
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T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
A Varsity and its Tuition Fee Saga Grace Semudara
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hen in December 2017, the Governor of Ondo State, Oluwarotimi Akeredolu announced to a large audience during a convocation ceremony of the Adekunle Ajasin University Akungba Akoko (AAUA), his intention to increase the tuition fee of the school, many were baffled at the sudden declaration, while others greeted the news with mixed feelings. He said: “The tuition fee of Adekunle Ajasin University Akungba Akoko was not worthy or capable of purchasing a pair of shoe.� Hence his decision to increase the tuition fee, as well as to boost the state’s economy. Obviously, it was shocking news to both the students and parents at large. It was an impromptu announcement,
which led to the convening of a stakeholders’ meeting between parents of the students, the school management, the governor and students themselves. At the forum, it was debated, the amount to be paid and by how many per cent should the fee be increased. Although the meeting was inconclusive, it still came as a bombshell when the new school fee was announced with an increase of over 70 per cent of the former payment, or how do you explain the feasibility of a fee hike from a maximum of N35,000 former payment to a new minimum of N100,000. Consequently, the students protested against the “unfortunate development.� They expressed their displeasure against the state government’s decision. It was concluded that a half-payment per semester agreement be put in place. But one continues to wonder if this method is a feasible remedy to the eco-
nomic plight of hundreds of thousands in a state where most parents earn and live on nothing close to a hundred thousand naira. This is no thanks to the school management’s decision of ‘no school fee, no exam’ policy, as well as the fixed payment of the new tuition fee throughout the years of students in the institution, with no reduction regardless of the level you are. Having a new “bogus� school fee to also take care of the state’s economy is a good and welcome development. However, it should go beyond a rash decision, sudden declaration and forceful implementation; neither does the excuse that the former fee is low when compared to what other institutions in the same state are paying justify this act. Rather, a better approach could be used by the government and the school management at large, to coax the students and parents to reason with them.
While I appreciate the frustration of the students in the face of this ugly event, I urge them to be civil while they register their displeasure. Furthermore, a more strategic approach to reducing the exorbitant fee can be taken, as an increase of about 50 per cent will still go a long way in enriching the state’s economy. This will also be affordable to the parents. Meanwhile, the government and the school management should intensify efforts to bring the tense atmosphere in the institution under control, instead of degenerating into a bloody fracas because any violent demonstration at this period is surely an ill wind that will blow no good to both the “Sunshine State� and AAUA itself. -Semudara is a final year Mass Communication student of AAUA
Lab Scientists Bemoan Students’ Admission into Non-existent Programmes Okon Bassey in Uyo The Association of Medical Laboratory Scientists of Nigeria (AMLSN) has condemned the admission of students by some Nigerian universities to do non-existent medical laboratory science programmes. The National Publicity Secretary, Dr. Cosmir Ifeanyi, who briefed journalists at the end of the 13th public health lecture series and 198th National Executive Council meeting of AMLSN in Uyo, expressed worry that universities are running such departments without the requisite human resources. “We have also noted with dismay the escalating cases of universities illegally granting admission to students into non-existent medical laboratory science programmes due to the lucrative nature of the programme. “Mention must be made of the situation in Lead University and Kwara State University where candidates were admitted into non-existent medical laboratory programmes. “These universities are anchored by not up to four members of tenured staff, without professors and without full complement of academic and technical staff. “We urge the Medical Laboratory Science Council of Nigeria to blacklist or withdraw accreditation from all such universities violating the student indexing programme which was introduced to streamline admission and training in medical laboratory science in Nigeria. Activities of such institutions are undermining quality training. The association said it is not comfortable with the churning out of half-baked medical laboratory scientists from any ill-equipped and inadequately staffed university. “Accordingly, we urge the Medical Laboratory Science Council of Nigeria and the National Universities Com-
mission (NUC) to consider a review of accreditation of all such universities, irrespective of the status of their accreditation. “We call on the management of Kwara State University to address forthwith the issue of the over 500 students that were granted admission falsely into a medical laboratory science programme. “We also call on the management of the Lead University to right the wrongs and address the deficiencies in their training programme else, AMLSN shall have no option than invoke all relevant authorities in the country to get Lead University to comply with the minimum standards set for training institutions for medical laboratory science education in Nigeria,� Ifeanyi stated. The body described as alarming, the state of affairs in the health sector, which borders on the training and retraining of medical laboratory scientists across the country. “We are particularly worried that the internship programme for fresh graduate medical laboratory scientists is still a very big challenge. “We now have many who upon graduation are unable to find where they can complete their mandatory one year facility training to hone their skills for inclusion into the membership of the healthcare team. “The internship is the mandatory requirement for their certification and eventual qualification to practice. Unfortunately, due to racketeering of the internship placement, countless fresh graduate medical laboratory scientists wait for years to secure placement for internship. “We call on the president to keep faith with his promise of a centralised internship posting. It is a promise made by the government under his leadership,� the association posited.
L-R: Patrick Udochi, Fareedah Kassim and Odianosen Okojie, some of the IB Diploma students of Greensprings School that were accepted into foreign universities and colleges and also got scholarships
Greensprings IB Diploma Economic Devt: Varsity Graduates Get $1.3m Don Makes Case for Scholarships from Foreign Bio-renewable Resources Varsities, Colleges research institutions focus on Funmi Ogundare Uchechukwu Nnaike Over 100 top universities and colleges in the US, UK and Canada have accepted the cohort of 22 IB Diploma graduates of Greensprings School, Lagos with an average acceptance rate of five universities per student, just as a total of $1.3 million scholarships have been awarded to them by some of the institutions. The students, after graduating from their various secondary schools, joined the Greensprings School sixth form college, one of the few certified IB schools in Nigeria. Upon completing their studies, they applied to the universities and colleges of their choice; apart from being accepted, most of them were awarded a substantial amount of scholarships, including Fareedah Kassim, who got a scholarship worth $120,000 from Illinois Institute of Technology. Odianosen Okojie got $100,000 from Colorado Boulder, while Patrick Udochi got full tuition from Georgia State University. The top tertiary institutions in the US, UK and Canada that the students got acceptance into include University of California - Riverside, University of Toronto, University of Manchester, University of Waterloo, Georgia Institute of Technology, Kings College London, University of Alberta, University of British Columbia, University of Warwick, University of Leeds,
among others. Expressing her satisfaction with the performance of the students, the IB Diploma Principal, Mrs. Jennifer SunkanmiQazzeem said: “It is a common saying among our IB students that being accepted into universities and colleges is a given; the main goal is to be accepted into top universities and colleges with substantial scholarships. “Therefore, the acceptance of these students into the A-list schools re-affirms the fact that the IB diploma programme is the surest way not only to secure admission into top universities and colleges around the world, but also a guaranteed path to securing meaningful scholarships.� She added that the students were dedicated to their studies, so she is happy that their efforts have paid off. The Deputy Director of Education at Greensprings School, Dr. Barney Wilson also expressed his satisfaction with the students’ performance, saying: “Without any doubt, Greensprings School grooms students to become extra-ready for college and university. Over the years, many of our alumni have proceeded to top tertiary institutions across the world and graduated with good grades. “For this reason, I believe these newly accepted students will be able to face the academic challenges in the tertiary institutions and pass out in flying colours.�
A Professor of Chemical Engineering in Pasadena, California, USA, Adesoji Adesina has called for more investment in bio-renewable resources as a basis for sustained economic development in the country. He said this move can only be initiated and led by collaboration among the federal government, private national stakeholders and international agencies. Adesina, who delivered the 2019 Nigerian National Merit Award (NNMA) winner’s lecture titled, ‘Making a Case for Agrobased Energy Development: A National Priority for Sustainable Economy’, recently at the University of Lagos, expressed concern over the underdevelopment of renewable energy potential in the country, which are subjected to seasonal variations. “Energy is arguably the most significant satellite in the constellation. In the modern era, energy is no longer a luxury item, but an essential determinant of economic growth due to the requirements of contemporary technologies. The energy situation in Nigeria and Africa in general has however received only scant attention. “The relatively few but detailed reports by UN-affiliated agencies, non-governmental organisations and academic
energy in the context of poverty mitigation and climate change challenges. Although the nation is endowed with mineral and fossil resources, it is a no-brainer that the associated wealth will be shot-lived because of the depletive nature of its origin,� the don stressed. The Chairman, Governing Board of NNMA, Professor Shekarau Yakubu said the award lecture is one of its programmes designed primarily to assist in creating an enabling environment where healthy and intellectual discourse and exchange of ideas are fostered. “The basic objectives of the award winner’s lecture are to officially and publicly promote the platform for the best and the brightest of Nigerian intellectual enquiry for national development. “The lectures are often held in different parts of the country and are mostly organised within university communities to afford the general public and other stakeholders the opportunity to interact with the laureates,� he said. In his remarks, the ViceChancellor of the university, Professor Oluwatoyin Ogundipe said the lecture was organised to celebrate scholarship and how to apply what have been learnt for the benefit of mankind.
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T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
CITYSTRINGS
ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒
Questionable Disappearance of UNIBEN Graduate For the Ezeugwu family, there are many unanswered questions on the disappearance of their son, Obinna, a University of Benin graduate, who disappeared mysteriously two years ago when he went for clearance for the mandatory NYSC programme. Chiemelie Ezeobi reports that the family is now seeking the intervention of the Inspector General of Police, Mohammed Adamu
The missing boy, Obinna
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Mrs Ezeugwu
hen Obinna Ezeugwu, a 26-year-old graduate of the University of Benin (UNIBEN) went back to school to do his clearance for his mandatory one year National Youth Service Corps (NYSC), nothing prepared his family for the turmoil they would be embroiled into. Barely two days after his arrival, he went missing and hasn’t been found two years and four months later.
abduction. We were no longer in doubt that the police had compromised in the case not minding that human life is at stake,� they said. The family stated further that on March 7, 2017, starring at the apparent “end of the road� in the case, they decided to report their plight and the non- committal attention they received from the
Pains of a Family The pains of the Ezeugwu family in Amaekwuru, Amal village, Orba, Udenu Local Government Area of Enugu State, knows no bounds as they have been unable to find closure over the mysterious disappearance. Represented by Sir Onah Uche Godwin, they lamented that their son had gone to the university on January 17, 2017 to enrol in the mandatory NYSC programme but was abducted two days after he arrived Benin for the clearance. According to the family, the police swung into action promptly and even arrested some likely suspects only for their joy to be cut short few days later when the police began to back-pedal soon after the relations of the suspects appeared at the scene. “This was clearly evidenced when in no time, the suspects were released under unclear circumstances and the police in Benin blackmailed the DSS from stepping into the matter. “They neither went to the house of the suspects to search for clues for useful information nor did they make the expected tracking of the phone numbers including the one Obinna had on him at the point of
All we are saying is that he should be located dead or alive and those that abducted him, who are very well known as bad boys, apprehended and made to face the law. It is heartrending for us to go through this painful experience after suffering to train our easygoing, soft-spoken and well behaved son and wicked people had to snatch him from us, just like that
Mr Ezeugwu
police in Benin through a petition to the then Inspector-General of police with a firm belief that the police in Benin would be called to order to do the needful “but till date, nothing was seen to have been done.� Initial Report Police sources hinted that after the boy was abducted, a close family female friend that lives close to the scene narrated to detectives what she witnessed. She reportedly told detectives that the group of boys who were well known in the vicinity as questionable characters accosted Obinna while he was chatting with them and lured him out. According to sources, Obinna came back few minutes later and was behaving abnormally. “When confronted by the people around, he was seen not to be himself and those boys that earlier came to see him burst in again and whisked him to unknown destination. That was the last he was seen but those boys were seen freely parading the vicinity unmolested while they could not account for Obinna’s whereabouts.� Demands Parents of the victim lamented that their only son had been missing for about two years now because the case was promptly reportedly to security agencies but nothing has been done to assuage their feelings. In tears they said: “All we are saying is that he should be located dead or alive and those that abducted him who are very well known as bad boys apprehended and made to face the law. “It is heartrending for us to go through this painful experience after
suffering to train our easy going, soft-spoken and well behaved son and wicked people had to snatch him from us, just like that. “We pray that IG Adamu Mohammed should wipe our tears and anguish because our hearts will forever remain with this innocent boy of ours that was made to go through this painful experience, the resultant effect, we are yet to know.� Marching Orders Following the fresh petition, the Acting Inspector-General of Police, Adamu Mohammed, was said to have given marching orders to the police in Edo state to round up the suspected abductors of the 26-year-old. The police boss gave the order to both the police in Benin and operatives of DCP Kyari Abbaled Intelligence Response Team (IRT), after the distraught parents of the boy alerted him following the inability of both the police and operatives of the Directorate of State Services (DSS), to make headway in the case. Following the IGP’s directive, crack detectives have been assigned by Edo State Police Command to swing into action with a view to arresting all those connected with the abduction of the boy while a formidable team from the Inspector General of Police Intelligence Unit, have been briefed to wade into action and assist in locating the missing boy either dead or alive. While it’s still early to know if the police will make a headway in the fresh investigation it has begun, it is pertinent to state that the clamour by the Ezeugwu family for closure needs to be assuaged with verifiable results.
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T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
CRIME&SECURITY
Nigerian Fraud Gang Jailed for More Than 43 Years in UK Bayo Akinloye writes that the United Kingdom recently jailed some Nigerian brothers, their wives and others, for 43 years for their roles in a large-scale “diversion fraud� scam using hacking software
A
gang of Nigerian fraudsters have been jailed for a total of more than 43 years for their parts in the theft of millions of pounds from businesses and individuals in the United Kingdom and abroad. The fraudsters were sentenced on May 2, at Blackfriars Crown Court, following a sixmonth trial and conviction for their roles in a large-scale “diversion fraudâ€? scam using hacking software, the UK Metropolitan Police said in a statement made available to THISDAY last Thursday. The Nigerian convicts include Bonaventure Sunday Chukwuka, 41, of Roding Gardens, Loughton, who was found guilty of conspiracy to commit fraud by false representation, and conspiracy to "conceal/transfer criminal property (money laundering)". He was also found guilty of possession of a prohibited item (a phone) in prison and sentenced to 11 years' imprisonment. Also, Andrew Chike Chukwu, 35, of River Road, Buckhurst Hill was found guilty of conspiracy to commit fraud by false representation and conspiracy to conceal/transfer criminal property. He was sentenced to 10 years’ imprisonment; and Emmanuel Chike Chukwuka (brother), 27, of Roding Gardens, Loughton was found guilty of conspiracy to commit fraud. He was found not guilty of conspiracy to money launder. He was sentenced to two years and eight months’ imprisonment. Others are: Christian Chukwuka (brother), 39, of Latchetts Shaw, Basildon, Essex was found guilty of conspiracy to commit fraud by false representation and conspiracy to conceal/ transfer criminal property. He was sentenced to five years and nine months’ imprisonment; Nadeem Abbasi, 48, of St Michaels Avenue, Wembley pleaded guilty to conspiracy to convert/conceal criminal property. She was sentenced to two years and three months’ months imprisonment; and Queen Chukwuka, 32, of Roding Gardens, Loughton was found guilty of acquiring/possessing criminal property. She was sentenced to a community order. Another Nigerian involved in the criminal case was Grace Plange Chukwu, 39, of River Road, Buckhurst Hill was found guilty of acquiring/possessing criminal property. She was given conditional discharge. The court heard during the trial that Bonaventure Chukwuka led an organised criminal gang that targeted businesses and individuals by hacking into their email accounts, and stealing large sums of money. Officers from the Met’s Falcon Fraud Squad launched the investigation after receiving referrals from Action Fraud. During investigation, detectives identified a total of 228 separate frauds committed by the same network between 2014 to 2018, and totalling ÂŁ10,112,312.54. A total of 69 victims provided evidence during the trial. Many of them have been unable to recover their losses. "Several victims were traced with the help of the National Fraud Intelligence Bureau whose Action Fraud service allows both domestic and overseas victims to report fraud online. The gang used computer malware to intercept and steal the log-in details of email accounts
The convicts belonging to businesses and private individuals worldwide, with the intent of identifying high-value financial transactions. "They then intercepted emails about these transactions and sent spoof emails, duping the victims into paying the funds into alternative UK-based “muleâ€? bank accounts – accounts obtained and controlled by the fraudsters for this purpose - instead of the intended recipient," the UK police explained in the statement. The British polics added that a total of 165 “muleâ€? accounts, opened with fake identification documents or bought from unscrupulous account holders, were identified by detectives. They were used to receive the proceeds of the diversion fraud, where the money was quickly transferred onto other accounts, some of which were untraceable. The fraudsters also used the funds from mule accounts to buy and export thousands of pounds of baby milk to Nigeria, to launder the money. One of the fraud victims was a small construction company with a small team of employees based in the south west of England. It was defrauded out of nearly ÂŁ13,000 by the group in 2017 and had to close as a result. "Bonaventure, Emmanuel and Christian Chukwuka were arrested on 26 January 2018 on suspicion of fraud. They were charged the following day. Abassi established a sham company and opened business bank accounts, one of which received ÂŁ1.9m on behalf of the wider gang. Abassi was arrested at Heathrow airport on 14 February 2018. He pleaded guilty to conspiracy to launder money on 2 November 2018," the police said.
Following the arrest of the Chukwuka brothers, Andrew Chike Chuwku was identified as a significant associate. He was arrested on 11 April 2018. Queen Chukwuka and Grace Chukwu, the wives of Bonaventure and Andrew, received funds into their own personal bank accounts. The Met said it would soon begin confiscation proceedings under the Proceeds of Crime Act to try and recover the money stolen. DC Chris Collins of the Falcon Fraud Squad said: “This gang of fraudsters were unscrupulous, organised and prolific, and over a period of four years stole millions of pounds from unsuspecting businesses and individuals, and lived an extremely comfortable life with the profits. The frauds were brazen, and this gang clearly thought they could continue with their criminal lifestyle without detection." He added: "However, arrests followed what was a complex investigation carried out diligently by the Met’s Falcon Fraud Squad, with hundreds of fraud reports being reviewed by detectives trawling through financial records. The evidence amassed by detectives and presented during the trial pointed towards a large-scale, planned fraud operation which involved payments arranged between two parties being successfully intercepted and diverted by this gang, into “mule� accounts set up for the purpose of receiving stolen funds." Collins said he hoped the conviction would send a strong message to online fraudsters that the police have the ways and means of tracing criminals and "will seek to bring you to justice". He said further: "We would advise anyone
conducting financial business by email to verify the bank account they are sending their money to, by contacting the intended recipient and taking precautions to ensure the money is going to the right place.� The National Police Coordinator for Economic Crime at the City of London Police, Commander Karen Baxter, said: “As the national lead force for fraud, Action Fraud and the National Fraud Intelligence Bureau are responsible for ensuring that the UK can better identify, investigate and detect fraud and cyber crime. As a result of the reports made to Action Fraud, the Falcon Unit has been able to achieve justice for the hundreds of victims affected by these substantial crimes. This case is a shining example of law enforcement using a joined-up approach to combat fraud and cyber crime." Other convicted fraudsters are Mansoor Zaman, 27, of no fixed abode was found guilty of conspiracy to commit fraud by false representation, and conspiracy to conceal/transfer criminal property. He was sentenced to six years and nine months’ imprisonment; Ionut Relu Muresan, 34, of Long Deacon Road, E4 pleaded guilty to conspiracy to commit fraud and conspiracy to money launder. He sentenced to five years’ imprisonment; and Mohammed Rahman, 31, of Garnies Close, Peckham was found guilty of conspiracy to commit fraud by false representation and conspiracy to conceal/transfer criminal property. He is to be sentenced at a later date. Zaman and Rahman sourced mule accounts. Zaman was arrested at Gatwick Airport on April 4, 2018. Rahman was arrested on 11 April.
PSC, IGP Chart Way Forward to Arrest Security Challenges Sunday Ehigiator At a recent courtesy visit of the acting Inspector General of Police, Mohammed Adamu and the Management team of the Nigeria Police Force to the Police Service Commission (PSC), led by its Chairman, Alhaji Musiliu Smith; a retired IGP, the nation’s current security challenges amidst other security issues were discussed with a view to chart the way forward.
Smith while receiving the team, said although the commission was aware of the state of insecurity in the country, the IG and his management team should not be discouraged. While stating that the commission was ready to assist in finding an enduring solution, he added that the IG was on track and should be encouraged to succeed. At the meeting, it was agreed to project a reorganised and viable Federal High
Way Patrol Team throughout the country; review and withdrawal of excess and unauthorised policemen seconded to some politicians and businessmen; inventory of arms and ammunition in police custody nationwide; introduction of voluntary Community Support officers in Nigerian Communities and building of more barracks to instill discipline and make personnel available promptly for emergencies. The PSC Chairman also
hinted that the commission will soon set up an independent Investigative Unit to handle complaints against police by members of the public; a development, the IG said was a step in the right direction so that the police do not constitute themselves into judges in their own cases. While calling for detective trainings for serving police officers, he likewise decried the fact that “many officers in the investigative units
have never attended any detective courses.� Other areas of training he recommended were on proper weapon handling, handwriting analysts, ballistics intelligence gathering and others. The IG in his response lamented the current practice of not releasing fully approved allocations to the force, stressing that only “20 percent of the approved allocation was released in 2018.
“The force has therefore continued to battle with logistics problems, inadequate barracks, poor facilities at training colleges epileptic communication network and grossly inadequate vehicles for effective policing.� He however agreed with the commission on the need for regular meetings between the two organisations to ensure collaborative efforts in the search for peace and improved security in the country.
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T H I S D AY Ëž ÍŻÍłËœ 2019
BUSINESS/MONEYGUIDE
BoI Disburses N44.34bn to Beneficiaries Under N-Power,TraderMoni Schemes James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË The Managing Director/Chief Executive, Bank of Industry (BoI), Mr. Olukayode Pitan has disclosed that a total of N44.34 billion was disbursed to beneficiaries of the federal government’s social intervention programmes at the end of 2018. He said through the implementation of the N-Power programme, one of the social protection schemes, soft loans valued at N15.34 billion were provided to 199,989 beneficiaries to purchase work-tools in sectors such as agriculture, health and education. He added that under the Government Enterprise and Empowerment Programme (GEEP), which is also a component of the social investment programme, the Bank facilitated the disbursement of N29 billion to 1,550,000 beneficiaries
nationwide through its flagship intervention namely TraderMoni and MarketMoni. Speaking at bank’s 59th Annual General Meeting (AGM), he assured that the Bank would continue its intervention programme in various sectors of the economy. Meanwhile, the Chairman of the Bank, Mr. Aliyu Dikko further disclosed that a total of N259.6 billion was disbursed by the Bank to support the industrialisation policy of the Federal Government by the end of 2018. He said the amount represented an increase of N147.1 billion or 130 per cent when compared to the N112.5 billion credit which the Bank provided to businesses in the 2017 financial year. He added that out of the N259.6 billion, about N33.9 billion was disbursed specifically
to micro, small and medium scale enterprises (MSMEs), while the balance of N225.7 bilion was deployed to support large enterprises. According to him, the group’s total asset grew by 49 per cent from N713.3 billion in 2017, to N1.07 trillion in 2018. Dikko, stressed that Bank achieved improvement in its total equity as it increased by 12.5 per cent, from N241 billion in 2017 to N258.3 billion in 2018. The bank’s profit before tax stood at N36.7 billion, indicating a 39 per cent increase, compared to the N26.4 billion recorded in the preceding year. The chairman further disclosed that the management proposed a dividend of N2 billion to be paid to the shareholders- which was unanimously approved by the latter.
R-L:Group Managing Director, SO&U Group, Mr Udeme Ufot, receiving a Certificate of Induction as a Fellow of the National Institute of Marketing of Nigeria from the President and Chairman of Council of the Institute, Mr Tony Agenmomen during Institute’s Dinner and Award Night held in Port Harcourt...recently
NEMA to Compensate Flood Affected Farmers in Kebbi State Kasim Sumaina Ă“Ă˜ ĂŒĂ&#x;ÔË The National Emergency Management Agency (NEMA) has disclosed that it is set to embarked on enumerating farmers affected by the 2018 floods in Kebbi State, so as to enable them benefit from the federal government’s agricultural intervention. NEMA, spokesman, Sani Datti, in a statement, revealed that the intervention exercises was further to the implementation of the National Emergency Agricultural Intervention fund under the National Food Security Program of the federal government, for farmers affected by flood and
security challenges across Nigeria. The Head of NEMA Operations Office, Sokoto, Dr. Kofoworola Soleye, was quoted in the statement to have said, “the agency has already begun the intervention with enumeration which is still ongoing in identified states affected by the 2018 flood which devastated the farmlands.� He explained that the exercise in Kebbi state targeted affected farmers in nine local government areas of the state and they were issued with identification slips during the enumeration exercises which would be used for collection of agro relief intervention. Reacting to the intervention
exercises, the Chairman Kebbi state Emergency Management Agency (SEMA), Alhaji Sani Dododo, appreciated the federal government’s kind gesture and also commended NEMA for being diligent in reaching out directly to the farmers. A total sum of N27.5 billion had been approved by the Federal Executive Council on its meetings on Wednesday, 20th March 2019 for special intervention to assist farmers and crisis affected communities with inputs such as fertilizers, seedlings and agro chemical products in 18 identified states in the country.
Duke Joins Pereira International’s Advisory Board Former Cross River State governor, Donald Duke has been appointed a member of the Pereira International’s Advisory Board to help it develop a niche market strategy and establish footprints in new geographical regions such as Africa .In a letter addressed to Duke, a copy of which was cited by THISDAY, the Chief Executive Officer, Derwin Pereira said the “main purpose of Pereira International’s Advisory Board is to provide guidance and direction for the company. Specific goals for this year include developing a niche
market strategy and establishing footprints in new geographical regions such as Africa.� He explained that, “As one of the pioneers of political consulting in Indonesia and the Southeast Asia, being a member of Pereira International Advisory Board will provide you with an opportunity to help shape political outcomes in one of the fasting growing regions in the world. `A person with your experience, insight and international standing is vital for Pereira International’s global reach.�
On its current membership, Pereira pointed out that “We currently have a stellar advisory board which includes former CIA director James Woolsey and ex-FBI chief Louis Freeh;� adding that the board which has been “Operating since 2010, Pereira International is a Singapore-based political consultancy. Our clients are political entrepreneurs from both the private and public sectors. Pereira International conceptualizes, develop and implement strategies of political branding and promotion.�
United Capital Partners Africa Fintech Foundry In its bid to drive growth and innovation within the fintech industry, United Capital Plc has gone into partnership with Africa Fintech Foundry, one of the continent’s premier tech startup accelerators for the AFF Disrupt 2019 conference. The conference which holds in Lagos tomorrow, is expected to engender interaction about fintech through panel discussions, masterclasses and the main conference itself. Speakers are expected from the length and breadth of the local and international fintech community, including leaders
of top banking, telecommunications and technology organizations around the country and continent. The Group Chief Executive Officer of United Capital, Peter Ashade, was quoted in a statement to have said, “as an industry leader in finance and an organisation committed to financial inclusion across the continent, we are very aware that fintech is the future of finance. Consequently, we are also very interested in the conversation on innovating and shaping the future of fintech itself as a tool for
driving our purpose.� Ashade added, “our participation at Disrupt 2019 aligns with our group strategy of leveraging technology to better empower our clients with bespoke financial services. “We are aware that eight out of the top ten global brands are Fintech companies and what better way to show our involvement than to be part of this conference. During the conference, visitors can come to our stand to learn more about United Capital various offerings as well as set up an Investnow account among others.�
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
NOVEMBER 2018 Money Supply (M3)
31,794,803.44
-- CBN Bills Held by Money Holding Sectors
6,333,064.28
Money Supply (M2)
25,461,739.17
-- Quasi Money
14,773,076.98
-- Narrow Money (M1)
10,688,662.18
---- Currency Outside Banks
1,711,763.59
---- Demand Deposits
8,976,898.59
Net Foreign Assets (NFA)
18,990,400.78
Net Domestic Assets(NDA)
12,804,402.66
-- Net Domestic Credit (NDC)
26,062,986.22
---- Credit to Government (Net)
2,980,229.66
---- Memo: Credit to Govt. (Net) less FMA
7,093,619.43
---- Memo: Fed. and Mirror Accounts (FMA)
-4,144,571.43
---- Credit to Private Sector (CPS)
23,082,756.56
--Other Assets Net
13,258,583.57
Reserve Money (Base Money
6,811,192.37
--Currency in Circulation
2,100,129.91
--Banks Reserves
4,366,259.05
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Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
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OPEC DAILY BASKET PRICE AS AT MONDAY, 13 MAY 2019
The price of OPEC basket of fourteen crudes stood at $71.21 a barrel on Monday, compared with $70.66 the previous Friday, according to OPEC Secretariat calculations. . The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna
39
T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
MARKET NEWS
Nigerian Stock Exchange to List MTN Shares on Thursday Goddy Egene The Nigerian Stock Exchange (NSE) yesterday said the shares of MTN Nigeria Plc will be listed on the Premium Board of exchange tomorrow (Thursday). The NSE, which disclosed this on its website, however, did not give details about the number and price at which MTN shares would be listed. It said the company would address capital market stakeholders with a ‘Facts
behind the listing’ presentation. The company recently registered 20.35 billion ordinary shares with the Securities and Exchange Commission (SEC) with about 20 per cent expected to be listed on the Nigerian bourse. SEC had last week confirmed the receipt of MTN’s application to list on the exchange by introduction. “The SEC can confirm that we are in receipt of an application from MTN requesting for registration of their existing securities.
P R I C E S MAIN BOARD
F O R DEALS
They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange. Their application is presently receiving attention,� it had said. Ahead of its planned listing, MTN also appointed some new directors, including former Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi. The listing of the MTN is one
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
of the factors that is expected to drive the stock market this year. For instance, analysts at Afrinvest (West Africa) had said: although there were broad expectations for the listing of MTN Nigeria (MTNN) shares on the NSE( in 2018), however, this plan was stalled and is now expected in 2019. Given the pedigree of MTNN, which is a subsidiary of the South African company MTN Group and the biggest telecommunications
T R A D E D MAIN BOARD
A S
operator in Nigeria, a listing of this magnitude is expected to drive interest and activity in the market, as well as boost market capitalisation,� they said. The Chief Executive Officer, MTN Nigeria, Mr. Ferdi Moolman had said but for the disagreement the company had with the Central Bank of Nigeria (CBN) last year, it would have gone ahead with its listing plan. Meanwhile, the equities market extended its losing streak to
O F
seventh day as the NSE All-Share Index fell 0.47 per cent to close at 28,430.37. Similarly, market capitalisation shed N23.2 billion to close lower at N10.7 trillion. Activity level also declined as volume and value traded fell 6.8 per cent and 3.4 per cent to 200.1 million shares and N2.7 billion respectively. The most traded stocks by volume were GTBank (33.1 million shares), Zenith Bank (27.0 million shares) and Access Bank (23 million shares).
1 0 / 0 5 / 2 0 1 9 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
˾ WEDNESDAY, MAY 15, 2019
40
Wednesday, May 15, 2019 Thisday Afrinvest 40 Index Gains 14bps
THISDAY AFRINVEST 40 INDEX
Yesterday, the Thisday Afrinvest 40 Index gained 14bps to ƐĞƩůĞ Ăƚ ϭ͕ϯϰϵ͘ϯϯ ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ GUARANTY ;нϭ͘ϵйͿ͕ ZENITH ;нϭ͘ϱйͿ ĂŶĚ UBA ;нϮ͘ϱйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϯϰ͘ϴй ŽĨ ƚŚĞ ŝŶĚĞdž͘
Local Bourse Posts 7-day Bearish Run͙ ASI down 0.47%
dŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƉŽƐƚĞĚ Ă ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ Ăƚ ƚŚĞ ĐůŽƐĞ ŽĨ ƚƌĂĚĞ LJĞƐƚĞƌĚĂLJ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ĨĞůů ϰϳďƉƐ ƚŽ Ϯϴ͕ϰϯϬ͘ϯϳ ƉŽŝŶƚƐ͕ ƉƌŝŵĂƌŝůLJ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ NESTLE (-ϯ͘ϱйͿ͕ FBNH (-ϯ͘ϯйͿ ĂŶĚ OKOMUOIL (-ϯ͘ϵйͿ͘ Ɛ Ă ƌĞƐƵůƚ͕
Ticker
Current Price
THISDAY AFRINVEST 40
ĨƵƌƚŚĞƌ ďLJ EϮϯ͘ϮďŶ ƚŽ EϭϬ͘ϳƚŶ͘ ĐƟǀŝƚLJ ůĞǀĞů ƐŝŵŝůĂƌůLJ
Mixed Sector Performance ĐƌŽƐƐ ƐĞĐƚŽƌƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ
ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚƐ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ĂĚǀĂŶĐŝŶŐ ϭ͘ϯй͕ ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ GUARANTY ;нϭ͘ϵйͿ ĂŶĚ ZENITH ;нϭ͘ϱйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ gaining 70bps ĂŶĚ ϮďƉƐ ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ ŝŶ DKBIL ;нϱ͘ϱйͿ͕ AIICO ;нϯ͘ϬйͿ ĂŶĚ WAPIC ;нϮ͘ϲйͿ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ in ƚŚĞ ƌĞĚ͕ ĂƐ ƚŚĞLJ ƐŚĞĚ Ϯ͘ϴй ĂŶĚ Ϭ͘ϲй ƌĞƐƉĞĐƟǀĞůLJ͕ ĚƵĞ ƚŽ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ NESTLE (-ϭϬ͘ϱйͿ͕ DANGSUGAR (-ϭ͘ϱͿ ĂŶĚ WAPCO (-Ϯ͘ϳйͿ͘
/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ
P/BV
Divindend Earnings Yield Yield
-8.1%
34.9%
18.6%
6.9%
4.9x
0.7x
6.0%
1.9%
19.2%
-8.3%
-8.4%
33.1%
5.3%
4.7x
1.5x
8.9%
21.2%
2 Zenith Bank PLC
20.00
1.5%
11.8%
-13.2%
-3.6%
24.7%
3.2%
3.4x
0.8x
14.0%
29.8% 12.4%
3 Dangote Cement PLC 4 Nestle Nigeria PLC
178.50
0.0%
9.3%
-5.9%
-4.0%
40.1%
21.8%
8.1x
2.9x
9.0%
-3.5%
8.6%
-3.7%
-3.1%
81.2%
27.4%
24.0x
18.0x
4.3%
4.2%
65.00
0.0%
5.0%
-24.0%
-15.0%
9.5%
4.4%
29.8x
3.0x
3.7%
3.4% 23.0%
6 FBN Holdings Plc
8 United Bank for Africa PLC 9 International Brew eries PLC 10 SEPLAT Petroleum Development C
15.2%
1,430.00
5 Nigerian Brew eries PLC
ϮϬϬ͘ϭŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϳďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ŵŽƐƚ ƚƌĂĚĞĚ
͘
P/E
0.14%
11 Access Bank PLC
;Eϱϯϳ͘ϴŵͿ ĂŶĚ NESTLE ;EϯϭϬ͘ϬŵͿ ůĞĚ ďLJ ǀĂůƵĞ͘
ROA
31.60
12 Ecobank Transnational Inc
and ACCESS (Ϯϯ͘ϬŵͿ ǁŚŝůĞ GUARANTY ;Eϭ͘ϬďŶͿ͕ ZENITH
ROE
1,349.33
ĚĞĐůŝŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϲ͘ϴй ĂŶĚ ϯ͘ϰй ƚŽ
ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ GUARANTY ;ϯϯ͘ϭŵͿ͕ ZENITH ;Ϯϳ͘ϬŵͿ
Price Change Index to Date
1 Guaranty Trust Bank PLC
7 Cement Co Northern Nigeria PLC
zd ůŽƐƐ ĚŝƉƉĞĚ ƚŽ -ϵ͘ϱй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĚĞĐůŝŶĞĚ
Price Previous Current Change Price Weightin YTD Change g
7.25
-3.3%
5.3%
-8.8%
-9.4%
10.0%
1.1%
4.3x
0.5x
3.6%
15.30
0.0%
3.9%
-21.1%
-21.1%
4.7%
4.3%
4.4x
0.6x
2.6%
22.5%
6.15
2.5%
3.8%
-20.1%
-21.2%
15.5%
1.7%
2.6x
0.4x
13.8%
38.3%
5.0x
0.5x
3.5%
19.8%
7.4%
20.00
0.0%
2.5%
-34.4%
-36.5%
-23.8%
-3.2%
520.00
-0.4%
3.1%
-18.8%
-16.2%
10.1%
6.3%
4.9x
-1.8%
6.80
1.5%
3.7%
0.0%
4.6%
22.2%
2.1%
1.7x
0.4x
10.20
-1.4%
2.3%
-27.1%
-28.7%
15.3%
1.2%
2.9x
0.5x
13 Stanbic IBTC Holdings PLC
44.05
0.0%
2.7%
-8.1%
-5.1%
30.3%
4.6%
6.6x
1.7x
3.4%
14 Unilever Nigeria PLC
31.00
0.0%
2.2%
-16.2%
-16.2%
12.7%
7.7%
17.3x
2.1x
4.8%
5.8%
15 Lafarge Africa PLC
10.70
-2.7%
1.6%
-14.1%
-10.8%
-53.7%
-7.9%
0.7x
13.6%
-58.9%
16 Guinness Nigeria PLC
50.00
0.0%
1.0%
-30.6%
-30.6%
6.8%
3.7%
16.8x
1.2x
3.6%
6.0%
17 Okomu Oil Palm PLC
74.00
0.0%
1.4%
-2.9%
-2.9%
32.9%
24.4%
11.7x
2.2x
4.1%
8.6%
18 Total Nigeria PLC
162.00
0.0%
1.1%
-20.2%
-20.2%
19.3%
4.5%
9.5x
1.8x
10.5%
10.6%
19 11 PLC
174.00
5.5%
1.3%
-6.2%
-6.2%
38.0%
16.8%
5.8x
1.9x
4.7%
17.2%
16.00
0.0%
0.9%
-30.7%
-27.9%
6.6%
2.0%
7.4x
0.4x
6.3%
13.5%
20 Flour Mills of Nigeria PLC
57.8% 34.9% 15.1%
21 Oando PLC
4.70
1.1%
1.2%
-6.0%
-2.1%
14.3%
2.5%
2.1x
0.3x
22 Fidelity Bank PLC
1.82
-0.5%
1.1%
-10.3%
-10.3%
12.7%
1.4%
2.2x
0.3x
6.0%
23 Transnational Corp of Nigeria
1.15
0.9%
0.9%
-12.9%
-8.7%
19.3%
4.3%
4.3x
0.7x
2.6%
23.2%
24 Dangote Sugar Refinery PLC
13.60
-1.4%
0.9%
-10.8%
-8.1%
22.3%
12.6%
6.8x
1.5x
8.1%
14.6%
26 FCMB Group Plc
1.71
0.6%
0.6%
-9.5%
-5.0%
8.8%
1.2%
2.1x
27 UAC of Nigeria PLC
7.30
4.3%
0.4%
-25.1%
-23.6%
-7.9%
-3.6%
46.9% 46.0%
25 Diamond Bank PLC 0.2x
8.2%
46.7%
0.4x
8.8%
-26.8%
43.7%
2.65
0.0%
0.8%
39.5%
39.5%
9.2%
0.8%
8.2x
0.8x
29 Presco PLC
58.00
0.0%
0.4%
-9.4%
-9.4%
37.0%
24.8%
2.3x
0.7x
3.5%
30 NASCON Allied Industries PLC
17.95
0.0%
0.4%
-0.3%
-0.3%
47.0%
17.5%
11.7x
4.2x
5.6%
31 Forte Oil PLC
34.95
0.0%
0.4%
21.8%
24.8%
48.9%
7.4%
28 Sterling Bank PLC
2.7x
32 Union Bank of Nigeria PLC
7.00
0.0%
0.4%
25.0%
25.0%
6.0%
1.1%
12.2x
0.9x
33 Julius Berger Nigeria PLC
23.00
0.0%
0.3%
14.4%
4.1%
31.5%
3.6%
4.2x
0.9x
34 PZ Cussons Nigeria PLC
12.2%
8.5% -6.0% 8.2%
8.7%
23.5%
8.50
0.0%
0.2%
-29.8%
-30.9%
0.8x
1.8%
34.00
0.0%
0.2%
-2.4%
-2.4%
80.4%
35.8%
11.5x
8.5x
8.3%
8.7%
36 Wema Bank PLC
0.68
0.0%
0.2%
7.9%
7.9%
7.3%
0.7%
7.1x
0.5x
4.4%
14.1%
37 Beta Glass PLC
68.95
0.0%
0.2%
1.0%
1.0%
21.1%
14.7%
6.4x
38 Dangote Flour Mills Plc
17.00
0.0%
0.4%
148.2%
157.6%
-3.2%
-0.9%
39 Transcorp Hotels Plc
5.40
0.0%
0.1%
-11.5%
-9.2%
6.0%
3.2%
40 AXA Mansard Insurance PLC
1.81
0.0%
0.1%
-1.1%
-1.1%
10.7%
3.1%
35 Chemical and Allied Products P
1.2x
1.9%
15.7%
2.4x
1.2%
-6.6%
12.0x
0.7x
2.8%
7.9x
0.9x
8.3% 12.6%
T o p 10 T r a d e s b y V o l u m e
T o p 10 G a i n e r s
/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ
;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϭ͘ϯdž ĨƌŽŵ Ϭ͘ϰdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ĚĂLJ ĂƐ ϮϬ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϭϲ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵĞƌƐ ǁĞƌĞ NEIMETH ;нϵ͘ϭйͿ͕ COURTVILLE ;нϴ͘ϯйͿ ĂŶĚ THOMASWY ;нϴ͘ϯйͿ ǁŚŝůĞ UPL (ϵ͘ϳйͿ͕ ROYALEX (-ϴ͘ϯйͿ ĂŶĚ CHAMS (-ϴ͘ϯйͿ ǁĞƌĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ͘ ĞƐƉŝƚĞ ƚŚĞ ϳ-ĚĂLJ ďĞĂƌŝƐŚ ƌƵŶ ǁŚŝĐŚ ĨƵƌƚŚĞƌ ƉĞƌƐŝƐƚĞĚ in yesterday͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ǁĞ opine that the ŵĂƌŬĞƚ ŵĂLJ ƌĞďŽƵŶĚ ƚŽĚĂLJ ďĂƐĞĚ on the
T ic k er
P ric e C hg %
T ic k er
Vo lum e
P ric e C hg %
N EIM ET H
0.60
9.1%
GUA R A N T Y
33.1
C OUR T VILLE
0.26
8.3%
Z EN IT H B A N K
27.0
1.5%
T H OM A SWY
0.27
8.0%
A C C ESS
23.0
1.5%
A GLEVEN T
0.28
7.7%
UB A
19.4
2.5%
J A P A ULOIL
0.30
7.1%
FB NH
8.9
-3.3%
1.9%
2.32
5.5%
UA C N
8.0
4.3%
174.00
5.5%
GOLD IN SUR E
6.4
-4.8%
UA C N
7.30
4.3%
C OUR T VILLE
5.8
8.3%
UC A P
2.40
3.4%
J A P A ULOIL
5.0
7.1%
A IIC O
0.68
3.0%
GUIN EA IN S
4.5
0.0%
M A YB A KER M OB IL
T o p 10 T r a d e s b y V a l u e
T o p 10 L o s e r s
ŝŵƉƌŽǀŝŶŐ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ŽďƐĞƌǀĞĚ LJĞƐƚĞƌĚĂLJ͘ ͘
P ric e
P ric e C hg %
T ic k er
Value
UP L
1.67
-9.7%
GUA R A N T Y
1029.3
1.9%
R OYA LEX
0.22
-8.3%
Z EN IT H B A N K
537.8
1.5% -3.5%
T ic k er
P ric e C hg %
CHA M S
0.33
-8.3%
N EST LE
310.0
GOLD IN SUR E
0.20
-4.8%
A C C ESS
156.0
1.5%
H ON YF LOUR
1.10
-4.3%
UB A
120.3
2.5%
1430.00
-3.5%
NB
81.7
0.0%
0.29
-3.3%
FB NH
64.6
-3.3%
FB NH
7.25
-3.3%
UA C N
57.2
4.3%
WA P C O
10.70
-2.7%
UN ILEVER
53.4
0.0%
N EM
2.20
-2.2%
D A N GF LOUR
50.8
0.0%
N EST LE LA SA C O
Afrinvest West Africa Limited
P ric e
Brokerage
Asset Management
Investment Research
Ayodeji Ebo | aebo@afrinvest.com
Ola Belgore | obelgore@afrinvest.com
Robert Omotunde | romotunde@afrinvest.com
Adedoyin Allen | aallen@afrinvest.com Oluwarotimi Ashimi | oashimi@afrinvest.com
Jolomi Odonghanro | jodonghanro@afrinvest.com
41
WEDNESDAY, MAY 15, 2019 ˾ T H I S D AY
MARKET NEWS
Assets Custodians Restate Commitment to Promotion of Portfolio Investments Goddy Egene The President, Association of Assets Custodians of Nigeria (AACN), Mrs. Taiwo Sonola, has said the association is committed to the promotion of portfolio investments in Nigeria, adding that the potential of the Nigerian economy are enormous and should be
showcased globally. Sonola stated this at 8th Annual Nigerian Investors Day in London, organised by AACN. The association is the umbrella body for Nigerian custodian banks, providing investor services and custodial services such as asset safe keeping, corporate actions etc to foreign and domestic
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
institutional investors. The 2019 conference focused on investor confidence, processes, infrastructure, products, governance, regulations and market developments. Speaking at the conference, Sonola said: “The aim is to build foreign investor confidence and provide a platform for foreign
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 13May-2019, unless otherwise stated.
investors to network with the Nigerian capital market regulators, operators with particular focus on custodians, fund managers, broker dealers, and regulators and also provide a forum for the promotion of custody business in Nigeria.It also provided opportunities for participants to air their views and challenges.”
The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele commended AACN for organising the forum, which he said fits into the apex bank and the federal government’s goal of making Nigeria Africa’s top investment destination. He assured stakeholders that the CBN would be unrelenting in driving policies
that ensure macroeconomic stability while enhancing the ease of doing business in Nigeria, which would be instrumental in attracting and sustaining investments in the country. The CBN boss also assured investors that the monetary policy objectives of the CBN would remain consistent.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.88 0.88 4.36% ACAP Income Funds 0.63 0.63 12.98% 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 13.26% AIICO Balanced Fund 2.29 2.31 2.95% 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 15.77 16.24 -4.96% ARM Discovery Fund 347.98 358.48 -2.43% ARM Ethical Fund 29.09 29.97 3.01% ARM Money Market Fund 1.00 1.00 13.15% 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 97.01 97.69 -4.13% AXA Mansard Money Market Fund 1.00 1.00 12.60% 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 14.06% Paramount Equity Fund 12.01 12.10 1.64% Women's Investment Fund 105.90 106.42 2.19% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 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 11.85% Coronation Balanced Fund 0.84 0.84 Coronation Fixed Income Fund 1.19 1.19 6.23% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 12.47% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.39% 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 1,183.77 1,184.59 6.07% FBN Heritage Fund 143.25 144.23 0.33% FBN Money Market Fund 100.00 100.00 13.16% FBN Nigeria Eurobond (USD) Fund - Institutional 0.00 0.00 -100.00% FBN Nigeria Eurobond (USD) Fund - Retail 0.00 0.00 -100.00% FBN Nigeria Smart Beta Equity Fund 142.40 144.43 -5.07% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 11.28% Legacy Equity Fund 3.39 3.39 4.45% Legacy Debt Fund 1.14 1.16 -6.32% Legacy USD Bond Fund 1.05 1.05 1.76% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,979.88 3,010.04 -0.14% Coral Income Fund 2,881.81 2,881.81 5.20% 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 15.50% Nigeria Entertainment Fund 108.77 109.11 1.59% GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund 10.00 10.00 12.80%
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 13.40% Vantage Balanced Fund 2.15 2.18 0.23% Vantage Guaranteed Income Fund 1.00 1.00 15.03% Kedari Investment Fund (KIF) 129.79 129.88 3.85% 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 1.19 1.73% Lotus Halal Fixed Income Fund 1,095.26 1,095.26 4.94% 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 10.75 10.81 -6.66% Meristem Money Market Fund 10.00 10.00 12.13% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.26 1.29 3.02% PACAM Fixed Income Fund 11.37 11.43 2.21% PACAM Money Market Fund 10.00 10.00 12.92% 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 121.70 122.09 0.73% 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 1.02 1.02 5.21% 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 2,350.04 2,362.51 1.53% Stanbic IBTC Bond Fund 200.44 200.44 5.42% Stanbic IBTC Ethical Fund 0.91 0.92 -3.68% Stanbic IBTC Guaranteed Investment Fund 253.74 253.76 4.68% Stanbic IBTC Iman Fund 158.59 160.28 -2.81% Stanbic IBTC Money Market Fund 100.00 100.00 12.67% Stanbic IBTC Nigerian Equity Fund 8,060.05 8,150.43 -5.09% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 2.31% 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 1.19 1.20 -0.42% United Capital Bond Fund 1.69 1.69 5.85% United Capital Equity Fund 0.69 0.70 -3.15% United Capital Money Market Fund 1.00 1.00 13.25% United Capital Eurobond Fund 110.48 110.48 3.00% United Capital Wealth for Women Fund 1.12 1.22 6.99% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 10.76 10.93 2.48% Zenith Ethical Fund 12.21 12.35 2.65% Zenith Income Fund 21.65 21.65 12.16% Zenith Money Market Fund 1.00 1.00 12.01%
REITS NAV Per Share
Yield / T-Rtn
5.40 120.17 52.31
-44.85% 2.07% 1.10%
Bid Price
Offer Price
Yield / T-Rtn
9.99 104.32 85.19
10.09 106.53 86.75
-5.26% -11.07% -3.93%
Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund
VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
funds@vetiva.com Bid Price
Offer Price
Yield / T-Rtn
3.79 6.71 13.85 11.48 153.55
3.83 6.79 13.95 11.68 155.55
-5.12% -11.92% -7.35% -7.07% 6.93%
NAV Per Share
Yield / T-Rtn
107.24
17.42%
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
42
WEDNESDAY MAY 15, 2019 ˾ T H I S D AY
INTERNA TIONAL
Senior Conservatives Tell May to Ditch Brexit Talks with Labour British Prime Minister, Theresa May, was told by senior members of her own party on Tuesday to abandon talks to find a Brexit compromise with the opposition Labour Party as pressure mounted on her to name a date for standing down. Nearly three years after the United Kingdom voted 52 per cent to 48 per cent to leave the EU, there is still no agreement among British politicians about when, how or even if the divorce should take place. The country was due to have
left the EU on March 29 but May has been unable to get her divorce deal approved by parliament, so she has turned to the Labour Party, led by socialist Jeremy Corbyn for help. Thirteen of May’s former cabinet colleagues as well as Graham Brady, Chairman of the 1922 Committee of Conservative lawmakers, wrote to May to ask her not to agree to Labour’s demand for a post-Brexit customs union with the EU. “You would have lost the loyal middle of the Conservative
Party, split our party and with likely nothing to show for it,” the letter said. “We urge you to think again.” “No leader can bind his or her successor so the deal would likely be at best temporary, at worst illusory,” said the letter, The letter was signed by Gavin Williamson, who was sacked as defence minister this month, and former foreign minister Boris Johnson. May has repeatedly ruled out signing up to a permanent
customs union. Corbyn said last week May had made no big offer on Brexit and had not moved her “red lines”. At a meeting with the parliamentary Labour Party on Monday, Corbyn came under pressure to clarify his position on Brexit, with both backers of a second referendum and others who want a deal to leave arguing their case, said. May, who secured the leadership in the chaos that followed Britain’s 2016 vote to
leave the EU, has promised to step down if lawmakers back the deal she struck with Brussels to leave the bloc. But the prime minister has lost heavily on three attempts to get it through parliament. And some of her own lawmakers want her to name a date for her departure. U.S. investment bank JPMorgan said on Tuesday it was difficult to see May surviving beyond the end of June. “Although PM May’s survival
skills have been impressive to date, our sense is that the sand is finally running out of the hourglass for her leadership of the Conservatives,” JPMorgan said. May’s chief Brexit negotiator Olly Robbins was due in Brussels to discuss changes to the political declaration on the UK’s future relationship with the EU. The EU has said it was willing to change the political declaration but it must know what changes London wants to make.
Trump Denies Plan to Send 120,000 Troops to Counter Iran Threat Iran’s supreme leader says no war with US President Donald Trump on Tuesday denied a New York Times report that U.S. officials were discussing a military plan to send up to 120,000 troops to the Middle East to counter any attack or nuclear weapons acceleration by Iran. This is coming as the Iranian Supreme Leader Ayatollah, Ali Khamenei yesterday said Tehran would not seek war with the U.S. in spite of mounting tensions between the two archenemies over Iranian nuclear capabilities and its missile programme. Trump who spoke with newsmen at the White House, said: “I think it’s fake news, OK? Now, would I do that? Absolutely. But we have not planned for that. “Hopefully we’re not going to have to plan for that. And if we did that, we’d send a hell of a lot more troops than that.” The Times reported that Acting Defence Secretary Patrick Shanahan presented an updated plan recently in a meeting of top national security aides. They, however, envisaged sending as many as 120,000 American troops to the region if Iran attacks U.S. forces or accelerates work on its nuclear weapons. “The updated plan does not call for a land invasion of Iran, which would require far more troops,’’ the Times reported, citing unidentified administration officials. According to the newspaper, the plan reflects revisions ordered by Iran hawks including national security adviser John Bolton. Meanwhile, Iranian Supreme Leader Ayatollah Ali Khamenei has said Tehran does not seek war with the US in spite of mounting tensions between the two arch-enemies over Iranian nuclear capabilities and its missile programme.
Khamenei, in comments to senior officials carried by state television, also reiterated that the Islamic Republic would not negotiate with the U.S. on another nuclear deal. “There won’t be any war. The Iranian nation has chosen the path of resistance. “We don’t seek a war, and they don’t either. They know it’s not in their interests,” Khamenei was cited as saying by the state media President Donald Trump withdrew the U.S. a year ago from a 2015 nuclear deal between Iran and global powers under which Tehran curbed its uranium enrichment capacity, a potential pathway to a nuclear bomb, and won sanctions relief in return. Since then, Trump has ratcheted up sanctions on Iran, seeking to reduce its lifeblood oil exports to zero, to push Tehran into fresh negotiations on a broader arms control deal, targeting in part the Iranian ballistic missile programme. “Such negotiations are a poison,” Khamenei said. The United Arab Emirates reported on Sunday that four commercial vessels including two Saudi oil tankers had been sabotaged offshore from the UAE emirate of Fujairah just outside the Strait of Hormuz. U.S. national security agencies believed proxies sympathetic to or working for Iran may have been behind the attacks. Iran has rejected the allegation and Iranian Foreign Minister Mohammad Javad Zarif said that “extremist individuals” in the U.S. government were pursuing dangerous policies, stoking a war of words with Washington over sanctions. Trump warned on Monday Iran would “suffer greatly” if it targeted U.S. interests after Washington deployed an aircraft carrier and B-52 bombers to the Middle East.
Somali Security Forces Kill 14 al-Shabab Militants in Attack Somali security forces killed 14 al-Shabab militants after they foiled a terrorist attack by the terrorist group in Bariire town in Southern region, the government on Tuesday said. The ministry of information said the terrorists were killed on Monday night during a fierce fighting between the Somali National Army (SNA) and the militants in Lower Shabelle province. The terrorists were killed on Monday night when SNA
successfully repelled an attempted attack by terrorist infiltration into Bariire town in Lower Shabelle province, the ministry said. Al-Shabab, which controls large parts of rural Southern and Central Somalia, continues to carry out high-profile attacks in Mogadishu and elsewhere, targeting bases manned by AU and Somali security forces. Al-Shabab forces have been fighting to overthrow the internationally-backed government in Mogadishu.
DIPLOMATIC VISIT…
L-R: Director, Institute Francais De Recherche en Afrique (IFRA), Dr Elodie Apard; Oyo State Governor, Senator Abiola Ajimobi; Ambassador of France to Nigeria and ECOWAS, Mr. Jerome Pasquier; and Consul-General of France to Nigeria, Mr Laurent Polonceaux, during the French envoys’ visit to the governor, in his office, Ibadan... on Monday OYO STATE GOVT
Maduro Govt Must Face International Justice, Says Amnesty International Security forces bar opposition lawmakers from parliament Amnesty International on Tuesday said Venezuelan government may have committed crimes against humanity, and called for it to be taken before “an independent and impartial judicial body.’’ It accused President Nicolas Maduro of widespread policy of repression which constituted crime against humanity. According to it, selective extra-judicial executions, arbitrary detentions, and deaths and injuries caused by excessive use of force by Maduro’s government as part of systematic and widespread policy of repression since 2017 may constitute crimes against humanity. “The government is repressing opponents simply because they
are protesting, for which Nicolas Maduro’s government must be held accountable before the international justice system,’’ Amnesty’s Americas Director, Erika Guevara-Rosas, said. It said that during massive anti-government protests from Jan. 21 to 25, no fewer than 47 people were shot dead in 12 of the country’s 23 states. “No fewer than 33 of them were killed by state security forces and six by third parties acting with the approval of the authorities. “Over 900 people were arbitrarily detained. “The events during those five days reflect a policy of repression documented by Amnesty since 2014, which includes cruel and
inhumane treatment and torture,’’ the rights group said. Amnesty has also denounced more than 8,000 extra-judicial executions by the security forces between 2015 and 2017. It urged UN Human Rights Council to establish a commission of inquiry into the issue, and called for the activation of universal jurisdiction by countries genuinely concerned about the situation in the country. Meanwhile, Venezuelan security forces prevented opposition lawmakers from entering the parliament building for a session yesterday, a week after the top court stripped several lawmakers of their immunity amid a political crisis in the South American
country. “Members of the Sebin intelligence service, wearing masks and carrying long guns, members of the national police and the military blocked the entrance. “They were investigating the possible presence of an explosive device inside the National Assembly building,’’ lawmakers said. Recently, one opposition lawmaker was arrested and several took refuge in foreign embassies in Caracas or fled the country as President Nicolas Maduro cracked down on allies of opposition leader Juan Guaido, following a failed effort to convince members of the military to rise up against Maduro in April.
Soldiers Kill Six Sudanese Protesters Six people were killed and dozens of others were injured when soldiers tried to break up a peaceful mass sit-in to demand a civilian government, the Central Committee of Sudanese Doctors said on Tuesday. The transitional military council, which is currently in charge of the country, however denied attacking the protesters in front of the army headquarters of the capital, Khartoum on Monday night. The sit-in has been taking place since earlier this year and was one of the main protests leading to the ousting of long-time President Omar al-Bashir.
“Outlaws’’ who were trying to break up an agreement between the military council and opposition groups had staged the attack, the council said in a statement. “These parties have entered the sit-in area and sought to escalate incidents, including firing of bullets, security raids and causing provocation between regular forces and protesters,” the council said. Among the dead was a military officer, while three soldiers were wounded, according to the statement. The attack comes after protesters poured into the main streets of Khartoum on Monday
to intensify pressure on the transitional military council to set up a civilian government. Police and soldiers initially responded by using tear gas and batons on hundreds of demonstrators. The transitional military council and leaders of opposition groups meanwhile announced on Monday evening that they had agreed on a power structure and governance system for a joint council they formed in late April to solve their disagreements. Talks are expected to continue on Tuesday, among other things to determine the length of the transitional period, said Military
Council spokesman, Shams Khabbashi. Earlier this month, the transitional military council and opposition groups had been unable to come to an agreement, causing much discontent among protesters. Anti-government demonstrations began late last year with the call for al-Bashir to go. The protesters got their wish on April 11, when the military deposed and arrested him. But participants say the new military rulers are a continuation of al-Bashir’s former regime and have clamoured for more concessions.
WEDNESDAY MAY 15, 2019 ˾ T H I S D AY
43
NEWSEXTRA
Ambode: Insecurity Inspired Construction of World-class Jetty Gboyega Akinsanmi Lagos State Governor, Mr. Akinwunmi Ambode, yesterday disclosed that the growing incidence of cult clashes, killing and insecurity in Ilaje in Bariga area of the state inspired his administration to construct a world-class jetty in the riverine community. The governor stated that at the height of killing and cult rivalry in the riverine community, the state government decided to prohibit dredging and other related activities in the area as the first step to resolve grave security condition. He made the remarks at the inauguration of Ilaje road, Bariga Waterfront Jetty and five ferries his administration developed to complete the state’s integrated transport management system and diversify the mode of transportation within the metropolis. After unveiling the projects, Ambode noted that in 2015, incessant cult war in Ilaje, a sprawling riverine community, propelled him to evolve a
lasting solution to the security challenges in the entire community. “What we are doing here today is strategic. I will remind you what actually brought us here so that in future if you are talking about urban regeneration. You can use this particular project as a very clear example of how to turn things around. “A lot of people have forgotten. In 2915, the beginning of our security challenges actually started from this particular spot. There were always cult rivalries in this particular community. People were actually going house-tohouse to kill each other. “I tried to find out what was actually responsible. We discovered that a lot of the cult members were having free access to money by dredging the sand and selling it. They were making free money to use it to harm other people in the community. “So, when we came towards the end of 2015, we visited the community. We saw that it was a dump site. We were
looking for a way to solve the security challenges in the community. We decided to stop sand dredging in this whole neighbourhood,” the governor explained. The governor said solving the security issues then became a huge challenge, noting that the state government decided “to construct a jetty in the area to tackle the security challenges. What we are unveiling today is a response to security challenges in this area.” In line with his administration’s policy of developing an efficient integrated transport model which would ease the traffic on roads, Ambode said the state government decided to unveil the Bariga Waterfront Jetty, five transport ferries and the Ilaje road. He said the three projects were part of the grand plan to decongest state roads by getting more people to use the waterways transportation, saying the new Ilaje Road “will serve as a very good access road to the Jetty as well as opening up this community.
Joint Operations: UK Military, DHQ Train Paramilitary Officers FG seeks collaboration of regional security agencies Kingsley Nwezeh inAbuja In line with the federal government’s renewed determination to improve joint operations of the military and security agencies in Nigeria and the ECOWAS sub-region, the United Kingdom Military Advisory Training Team (MATT), in collaboration with Defence Headquarters (DHQ), yesterday commenced a joint campaign planning programme for military, paramilitary officers and high operational level staff of Ministries, Departments and Agencies (MDAs) of the government. This came amid the federal government’s appeal to police chiefs in West Africa to develop a joint operational strategy to eliminate crime and criminality in the sub-region. Speaking yesterday at the inauguration of the training
programme, the Chief of Defence Staff (CDS), General Gabriel Abayomi Olonisakin, emphasised the need for more effective collaboration among security agencies in tackling insecurity in the country. He said the main goal of the Joint Operational Planning Course was to further promote efficiency in joint operations, as participants were expected to gain in-depth knowledge on campaign planning necessary for joint military operations. At the end of the course, he said, the participants would be well grounded in the integrated concepts of joint operational planning. Speaking during the inauguration ceremony of the course, the CDS, who was represented by the Director Campaign Planning, DHQ, Major General Benjamin Ahanotu, said the course would address
the various lapses witnessed in previous and ongoing joint operations, especially, in counter terrorism and counter insurgency operations. On the training collaboration between Nigeria and the United Kingdom, the CDS, commended the efforts of the BMATT towards building the capacity of the Nigerian Armed Forces in order to address its internal security challenges and urged the participants to therefore take full advantage of the course to enhance their knowledge on joint campaign planning. On his part, the BMATT Facilitator, Wing Commander Nick Limb, expressed optimism that the training would stimulate series of discussions, as well as intellectual and mental exercises which will assist Nigeria to tackle security challenges in a more complex environment, given the new trend of insecurity around the globe.
NFIU’s CEO Lauds FIRS’ Tax Reforms Esther Oluku The Chief Executive Officer of the Nigeria Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, has credited the Federal Inland Revenue Service (FIRS) with revolutionising tax administration in the country. Tukur made his view known during a courtesy visit to the FIRS Chairman, Mr. Tunde Fowler, in Abuja, at the weekend. According to Tukur, FIRS’ contribution to the country’s revenue through tax is almost at par with oil revenue, adding that Fowler’s exploits, in addition to what he inherited, are revolutionary. The NFIU boss also promised that tax compliance would soon become a key constituent of every criminal investigation by NFIU. “The FIRS has been a partner of the NFIU. Our
MoU (Memorandum of Understanding) with you underscores the importance of the relationship and how we all feel for this country. In our own record, there is no government agency that recorded so much transition and changes since the advent of this democracy like the Federal Inland Revenue Service. What happened at the FIRS is a complete revolution and it fell in line with the expectation of every democratic society where the citizens are always expected to fund the existence of the community and finance existence of the government and its own welfare and security apparatus. And that is exactly what the FIRS is doing today,” Tukur explained. He noted that since 2008, the FIRS has benefited from repositioning more than any other government agency. This, he explained, is
evidenced by the increase in revenue collection figures. “So, today, the FIRS is either contributing to the economy better than the oil industry or you are contributing at an equal rate with the oil sector even if you factor in the forex aspect of it. That is very encouraging because the more the Internally Generated Revenue grows farther, the more the oil sector will be winding down,” Tukur added. The NFIU boss stated that Fowler inherited a foundation at FIRS, but has built a stronger one within the last four years. “Having a public instrument is good but what is more important is sustainability. The FIRS revenue is N5.3 trillion. If by tomorrow, the figure starts going down, then you know that there is a problem. But you have been able to sustain what you inherited and built on it,” Tukur stated.
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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com 08111813083
Mikel Returns as Rohr Lists 24 Others for AFCON 2019 Camp Ezenwa is only home-based in main list, Enyimba trio on standby Duro Ikhazuagbe After nearly one-year’s absence from the Nigerian senior national team, Middlesbrough FC midfielder, John Mikel Obi, yesterday made his return to the Super Eagles. The former Chelsea FC midfield enforcer was one of the 25 players Coach Gernot Rohr listed in his squad to begin preparations for the 32nd Africa Cup of Nations finals in Egypt this summer. Six other players were placed on standby in case of injuries to any of the players in the main list. Mikel who captained Eagles at the FIFA World Cup finals in Russia last year summer, has not been with the group since Nigeria’s elimination from the finals after a 1-2 defeat by Argentina in Saint Petersburg.
THISDAY had reported recently that the former Tianjin Teda player in the Chinese Super League remains on Rohr’s radar as the coach is seeking the commanding influence of the Mikel in the team at the continental showpiece in Egypt. However, a recent meeting with Coach Rohr in the United Kingdom sealed Mkkel’s return to the three-time African champions, with the possibility of adding to his 85 international caps. Interestingly, most of the players invited were the usual suspects since Rohr took charge of the team. They are the same Trojans who earned a ticket to the AFCON 2019 finals with a match to spare, with goalkeeper Francis Uzoho, defenders Leon Balogun and William Ekong, midfielders Oghenekaro Etebo and Wilfred Ndidi and forwards Odion Ighalo,
25 EAGLES FOR CAMP Goalkeepers: Francis Uzoho (Anorthosis Famagusta, Cyprus); Ikechukwu Ezenwa (Katsina United); Daniel Akpeyi (Kaizer Chiefs, South Africa) Defenders: Olaoluwa Aina (Torino FC, Italy); Abdullahi Shehu (Bursaspor FC, Turkey); Chidozie Awaziem (Caykur Rizespor, Turkey); William Ekong (Udinese FC, Italy); Leon Balogun (Brighton & Hove Albion, England); Kenneth Omeruo (CD Leganes, Spain); Jamilu Collins (SC Padeborn 07, Germany); Semi Ajayi (Rotherham United, England) Midfielders: John Mikel Obi (Middlesbrough FC, England); Wilfred Ndidi (Leicester City, England); Oghenekaro Etebo (Stoke City FC, England); John Ogu (Hapoel Be’er Sheva, Israel)
Forwards: Ahmed Musa (Al Nassar FC, Saudi Arabia); Victor Osimhen (Royal Charleroi SC, Belgium); Moses Simon (Levante FC, Spain); Henry Onyekuru (Galatasaray SK, Turkey); Odion Ighalo (Shanghai Shenhua, China); Alexander Iwobi (Arsenal FC, England); Samuel Kalu (Girondins Bordeaux, France); Paul Onuachu (FC Midtjyland, Denmark); Kelechi Iheanacho (Leicester City, England); Samuel Chukwueze (Villarreal FC, Spain) Six On Standby: Theophilus Afelokhai (Enyimba FC); Bryan Idowu (Lokomotiv Moscow, Russia); Ikouwem Utin (Enyimba FC); Mikel Agu (Vitoria Setubal, Portugal); Junior Ajayi (Al Ahly, Egypt); Valentine Ozornwafor (Enyimba FC)
AFN Risks Ban from IAAF over Misappropriated Money Duro Ikhazuagbe Nigerian athletes are at the risk of been thrown out of the sport over no fault of theirs but because of the greed of certain elements within the country’s sports authorities who have misappropriated an over payment to the federation. Last Monday, the Athletics Federation of Nigeria (AFN) received a warning letter from the world governing body-IAAF that if within the next two weeks, the over payment of the $150,000 it wrongly credited to Nigeria is not repaid in full, sanctions are likely to follow. This warning is coming on the heels of the Minister of Youth and Sports, Solomon Dalung who promised that his ministry was going to repay 50 per cent of the ‘missing money’ was going to step down from office. In the letter addressed to President of the AFN, Ibrahim Shehu Gusau, IAAF said: “ We understand that the Minister of Sports will be stepping down soon and it will be imperative that you arrange for the return of the full amount within two weeks
at the latest. Failure to receive the funds within that period, we will have no alternative than to apply appropriate sanctions against your federation,” the letter signed by IAAF’s Senior Manager, Governance, Member & International Relations Department, Jee Isram, observed in part. Two years ago, the IAAF made an over payment to the AFN. Instead of the usual grant of $15,000 the world athletics body paid $150,000. When the mistake was discovered in just matter of days, a letter was written to AFN to refund the money. But Amaechi Akawo who was secretary general of AFN at the time when no board was yet to be constituted for the federation was alleged to have used part of the money to run a competition. Nothing was said of the balance. But in a bizarre twist, Sports Minister Dalung offered to repay 50 per cent of the money back to IAAF. Despite repeated correspondences on the matter and two years gone, the said money is yet to be returned to IAAF.
Alex Iwobi and Moses Simon up a final training camp in the on Sunday, 16th June,” concludes city of Ismailia and tackle Africa’s Olajire. also on the roll-call. Nigeria confront Burundi, Among the six players placed number one-ranked team, Senegal on standby are defenders are in their final pre-AFCON friendly Guinea and Madagascar in that Enyimba’s trio of Ikouwem Utin, Valentine Ozornwafor, and goalkeeper Theophilus Afelokhai. Both Utin and Ozornwafor were named in Nigeria’s final 21 for the FIFA U20 World Cup starting in Poland next week. The Franco-German tactician however explained that he has included the two players knowing the FIFA U20 World Cup will end on 15th June, six days before the first match will be played at the AFCON. 2018 FIFA World Cup defender Bryan Idowu is also on standby, alongside Portugal-based Mikel Agu and Egypt-based Junior Ajayi. NFF’s Director of Communication Ademola Olajire said yesterday that all invited players and officials are to report at the Golden Tulip Hotel, Asaba on Sunday, 2nd June, ahead of the friendly with the Warriors of Zimbabwe at the Stephen Keshi Stadium on Saturday, 8th June. “The team will depart for Egypt on Sunday, 9th June aboard a chartered aircraft, set Mikel back to the fold after one-year absence from Eagles
order in Group B of the 32nd Africa Cup of Nations taking place in four Egyptian cities 21stJune – 19th July
Fadiga is Early Bird for The Match for Ambode Organisers plan to donate proceeds from the game to charity homes Former Bolton Wanderers’ midfielder, Khalilou Fadiga, 45, is the early bird expected to arrive in Lagos today ahead of Saturday’s The Match for Lagos State Governor Akinwunmi Ambode. The Senegalese is to fly into the former federal capital city from Brussel, Belgium where he has been living with his family after retiring from the game almost eight years ago. Fadiga is familiar with Lagos turf, having scored for the Teranga Lions in their 2-1 defeat by the Super Eagles at the AFCON 2000 that Nigeria jointly hosted with Ghana. Though a Senegalese, he also holds a Belgian passport.
Twelve other ex internationals are to arrive Lagos tomorrow from their various country of residents. Meanwhile, organisers of the farewell game to celebrate Gov Ambode’s strides in the provision of sports infrastructure for Lagos, have announced that proceeds from the game will be distributed to some charity homes in the state. “Special Olympic Nigeria that has been championing the cause of children with intellectual disabilities will get part of the proceeds from the match. Some foundations set up by some former Super Eagles will also be considered in the sharing of the proceeds from the
match,” stressed Waidi Akanni, one of the organisers of The Match for Ambode. He also listed at least 10 children of some indigent former Nigerian players to benefit by way of getting their school fees for next season paid. Former Nigeria’s Head Coach, Jo Bonfrere is to coach some retired ex internationals to take on their counterpart coming into Lagos to honour Gov, Ambode. Bonfere is to be assisted by the duo of former Super Eagles Assistant Coach, Joe Erico and ex international Henry Nwosu ‘The Match’ aimed to celebrate Gov. Ambode’s strides in provision of sports
infrastructure for Lagos was moved from Onikan Stadium under reconstruction to Agege Stadium, Lagos. Former World Footballer of the Year and President of Liberia, George Weah is listed amongst other retired top African soccer legends like El-Hadji Diouf, Michael Essien, Samuel Eto’O Fills, Abubarkar Titi Camara, Didier Zokora and Yaya Toure, Others include; Richard Kingston, Herita Illunga, Christian Karembeu (former Real Madrid and France World Cup winner), Aaron Mokoena and Mamodu Sissoko among others coming for The Match.
L-R: Trophy Brand Ambassador, Femi Adebayo; Managing Director, International Breweries, Annabelle Degroot; Trophy Brand Ambassador, Joseph Yobo (behind); Captain of the winning team, Scope FC, Lagos, Folorunsho Sunday; Trophy Brand Ambassador, Folarin Falana a.k.a Falz (behind); Marketing Director, International Breweries, Ms. Tolu Adedeji and First Vice President, NFF, Seyi Akinwunmi (behind), during the grand finale of Trophy Five-a-side tournament at the Campos Mini Stadium, Lagos Island, Lagos…last Saturday Abiodun Ajala
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Bakare to Presidency
“It is shameful for anyone to compare Miyetti Allah with Afenifere. Such person cannot be in his right senses to think that Miyetti Allah and Afenifere and Ohanaeze are the same. How can a group that has been rated as the fourth most deadly group in the world by the UN, a group of terrorists, be the same as Afenifere?� – Pastor Tunde Bakare condemning the presidency for putting Miyetti Allah Cattle Breeders’ Association of Nigeria on the same social status as Afenifere and Ohanaeze Ndigbo.
CHIDIAMUTA Power, Politics and Peace in Rivers GUEST COLUMNIST
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n a recent international flight into Nigeria, Transport Minister, Rotimi Amaechi, found an all too familiar co-passenger: Dr. Peter Odili, his mentor, political ‘father’ and predecessor in the office of Governor of Rivers State. On arrival, Amaechi waited at the door of the aircraft for Dr. Odili to disembark. He then proceeded to carry Odili’s carry on bag and patiently escorted him to claim his baggage before departing. Against the background of an elongated political estrangement between both men and the lingering bad blood in Rivers State politics, this chance encounter is a metaphor for much needed peace and rapprochement. It brought together the two principal actors and the combination of humility and forgiving understanding required to restore peace to Rivers State. The tragic progression of events in the recent political history of the state is all too familiar. The state has somehow come to embody the ugly face of present day Nigerian politics. Political contest has often turned into armed conflict. Rival private armies have clashed openly and left a trail of blood and destruction. The official security forces have either looked on helplessly or indeed helped themselves to the spoils of the partisan fray. At other times, the security forces have been hopelessly outgunned by rival militias and sundry gunmen in vicious pursuit of private interests dressed as the common good. The great expectations of goodness that democracy should bring has turned into mournful processions to the gravesides of innocent victims. This ugly narrative is an insult and a tragic derogation of a strategic state with a proud people and illustrious heritage. The story needs to change and urgently too. The challenge of changing this narrative is a historic and generational assignment. It invites the present generation of dueling partisans to alter the age long pattern of conflict for power and political pre-eminence in what historians call the ‘Oil Rivers’ or now the Niger Delta. From the warring boat houses and war canoes of old that clashed over supremacy in the slave and palm oil trade in the swamps in pre-colonial and colonial times, we now have gangs of armed political thugs clashing over the power of control over crude oil and gas revenues. There has only been a progression in the article of trade and object of power rivalry: from slaves and palm oil to crude oil and natural gas. The time has come for the present generation of Rivers sons and daughters to look back at this past with anger and utterly reject it. For the avoidance of doubt, I am an interested party. I am a Nigerian. Although my birth cord lies buried beneath a kola nut tree in a village in Abia State, I lay rightful residency claims to two other states in this imperfect federation. I live and work in Lagos, discharging all the obligations of citizenship in that state. I lived and worked in Rivers State for more than a decade of my younger and more productive years as a teacher at the University of Port Harcourt. As a young idealistic Marxist scholar, I and others undertook outreach community projects to see first hand the devastation of gas flaring and
Wike
oil pollution in the lives of ordinary people in rural Rivers. The insensitive exploitation of the oil companies made us very sad. At a personal level, most of my children were born in Port Harcourt just as a good number of my best friends are from Rivers State. So, I feel psychologically and emotionally involved in the drama of Rivers State. As the French would put it: Je suis Rivers! More directly, the major protagonists and actors in the current political drama of the state are well known to me. Specifically, Mr. Rotimi Amaechi, Minister of Transport, stands out in this regard. I have known him for the better part of 35 years as my former student at the University of Port Harcourt and subsequently as a friend, younger brother and more. In a teacher’s update of his testimonial, I can attest to his tenacity of purpose, altruism
The only right now is the right of the people of Rivers State to a peaceful existence. At stake also is the right of other Nigerians and foreigners who have come to see the state as home. The call to that peace is urgent and above party, above upland and riverine; it is above sectional interests and all divides
and tempestuous commitment to whatever cause he commits himself. A revolutionary idealist, he is politically sagacious and therefore impatient with stasis. He is as efficient as he is impatient. Amaechi is at once fearless and irreverent but sometimes disruptive in a progressive way. But he remains humble and very humane at the core. I got to meet and know the other major actors through Amaechi. As Director General of the Amaechi Campaign Organisation for a second term, I watched Mr. Nyesom Wike at campaigns throughout the state. I was struck by his political agility and I did then remark casually that he is a man to watch. Governor Wike has the memory of an elephant when it comes to grassroots politics. He knows by name literally everyone who matters politically in every ward in the state. He combines this grassroots political familiarity with fierce and fearsome courage and feisty impatience. Senator Magnus Abe is that rare combination of technocratic shrewdness and razor sharp intellect with a strategic and analytic mindset that is rare among political animals in these parts. These gentlemen are all friends and largely members of the same political family that is traceable to the leadership of former Governor Peter Odili. To that extent, the current political differences that have turned the state into a virtual theatre of war is in a sense a political family quarrel that has been allowed to fester into ugly clashes of rival partisan gangs. Naturally, too many external interests have invited themselves into this squabble among friends. While the right of historical precedence belongs to Dr. Peter Odili, Rotimi Amaechi can justifiably lay claims to a precedence of commitment, focus and undeniably demonstrable legacies. Apart from the founding legacies of the revered Alfred Diete Spiff, Amaechi stands out as easily the most experienced and illustrious Governor that has presided over the state. He was House Speaker for eight years, governor for eight years and has been federal minister for four years and still counting. To that extent, he is a reservoir of experience and service. For this reason, he may be entitled to a certain understandable messianic swagger. In fairness to Governor Wike, he has strained to match or surpass the achievements of his immediate predecessor to the best of his ability. While his aspirations and achievements equally deserve acknowledgment, ultimate judgment ought to be left with the people and posterity. However, what is undeniable is that all the significant current contenders for political pre-eminence in the state rose to prominence mostly at Amaechi’s behest: Governor Wike was his Chief of Staff; Senator Magnus Abe was his Secretary to Government while Dr. Dakuku Peterside was his Commissioner for Works. This background can serve the interests of those who insist on the benefit of hindsight. But the challenge of the moment is somewhat different and more urgent. The future of a whole state is at stake. Because of the strategic import of Rivers State, the peace, stability and continued prosperity of the Nigerian
federation is also at stake if we allow Rivers State to unravel. In the aftermath of the political and judicial battles of the 2019 elections, therefore, the clear imperative that urgently invites all the interests in Rivers State is that of an enduring peace. A genuine peace process must be rolled out quickly. The first condition of that process is non-partisanship and the abandonment of all forms of violence in pursuit of selfish or partisan goals. No party is right and none is wrong. The only right now is the right of the people of Rivers State to a peaceful existence. At stake also is the right of other Nigerians and foreigners who have come to see the state as home. The call to that peace is urgent and above party, above upland and riverine; it is above sectional interests and all divides. It is only wise that the feuding partisans should sheathe their swords and be seen by the ordinary people to have agreed to reunite for peace and progress. Governor Wike should as the presiding sovereign authority of the state demonstrate a statesmanlike readiness to create an atmosphere for an urgent peace process. Similarly, Hon. Rotimi Amaechi as the pre-eminent federal commissar from the state, exemplary former governor and emerging national statesman must bury the hatchet. Other activated interests like Senator Magnus Abe with their followership have earned a seat at the table of peace and must get involved with a sense of humility. Beyond the immediate partisans, the Rivers State peace process must have guarantors from among key segments of the populace. It must include traditional rulers, notable elders, religious leaders and representatives of women and youth groups. The pillars of such a peace process must include the following: 1.The discontinuation of all politically motivated court cases by the Rivers State Judiciary through a serial nolle prosequi 2. The withdrawal of all petitions and suits regarding the outcome of the 2019 governorship and other elections in the state 3. A moratorium on all hate speech and divisive propaganda by all parties in the social media and the popular press 4. A community-based biometrics based and comprehensive youth disarmament programme supervised by the Nigeria Police and military authorities with inbuilt incentives (arms-for-jobs; arms for amnesty or arms for SME credit through the Rivers State Micro Finance Agency). I therefore suggest an urgent convening of an All Rivers Peoples Peace Conference. This Conference should be hosted by Governor Nyesom Wike and chaired by Dr. Peter Odili with Hon. Rotimi Amaechi as co-Chairman. I suggest further that the conclusions of the conference should include the setting up of a Leaders Advisory Council, a state equivalent of the National Council of State to meet quarterly to examine matters of leadership interest to the state. The major agreements must be guaranteed by non-partisan stakeholders and witnessed by credible representatives of pan-Nigeria.
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