MONDAY 20TH MAY 2019

Renewed Inflationary Pressure May Force MPC’s Hands on Interest Rate Obinna Chima The renewed inflationary pressure in the country is expected to be among the key focus at the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) meeting which commences

in Abuja today. The outcome of the two-day meeting would be announced tomorrow. Evidence suggests that higher inflation momentum in the months ahead may continue to build up as rise in banditry threatens food

security in Nigeria. The development may compel the MPC which at its last meeting had signalled the loosening of monetary policy, to reverse its stance. At its last meeting in March 2019, the MPC, in contrast to the expectation of most

analysts, had decided to cut the benchmark Monetary Policy Rate (MPR) by 50 basis points (bps). The MPC members had reached the decision after considering both the global and domestic economic environment.

Precisely, the committee had cut the MPR to 13.50 per cent; retained the asymmetric corridor of +200/-500 basis point around the MPR; retained the Cash Reserve Ratio (CRR) at 22.5 per cent; and retained the liquidity ratio at 30 per cent.

After monthly consecutive drop since January, the Consumer Price Index (CPI), which measures inflation rose to 11.37 per cent year-on-year in April compared to 11.25 per cent in March, according to Continued on page 8

Kachikwu Optimistic Oil Supply Cut Deal Would be Extended... Page 8 Monday 20 May, 2019 Vol 24. No 8806. Price: N250

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How Distressed Oil Sector Loans Damaged Diamond Bank... Page 10

Adamawa, Kano, Ogun, Oyo Top List of Buhari’s Aides Ogun, Edo, Imo dominate boards, agencies' roll South-west, North-west, North-east lead in political appointments Yemi Ajayi Appointees from Adamawa, Kano, Ogun and Oyo States dominated a list of presidential aides approved by President Muhammadu Buhari to work with his administration since he assumed office on May 29, 2015. Documents detailing the distribution of political

appointments made by the president among the 36 states of the federation, and exclusively obtained by THISDAY show that while Adamawa and Kano States have 12 appointees apiece to top the list, Ogun and Oyo States came second with 11 aides each. Continued on page 7

Call NFIU to Order, Governors Urge Buhari Davidson Iriekpen in Lagos and Onyebuchi Ezigbo in Abuja The 36 states governors in the country under the aegis of the Nigeria Governors’ Forum (NGF) have appealed to President Muhammadu Buhari to call the Nigerian Financial Intelligence Unit (NFIU) to order over its decision to prevent them from overseeing

local government funds. The governors in a letter addressed to Buhari, urged him to warn the agency not to dabble into a matter that is beyond its mandate. The Chairman of NGF and Governor of Zamfara State, Alhaji Abdulaziz Yari, who signed the letter on behalf of the governors, expressed Continued on page 8

States Agree on Legislature, Judiciary’s Financial Autonomy... Page 9

HONOUR FOR THE MONARCH... L-R: Alaafin of Oyo, Oba Lamidi Adeyemi III (left), and Oyo State Governor, Senator Abiola Ajimobi, during the inauguration of dualised Ibadan-Oyo/Iseyin-Owode Road named after the monarch, in Oyo, Oyo State... weekend

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Boko Haram: Political Leaders Task FG on Obasanjo’s Warning ACF, Lamido, Fani-Kayode disagree over former president’s position Shola Oyeyipo in Abuja, Segun James in Lagos and John Shiklam in Kaduna The Southern and Middle Belt Leaders Forum (SMBLF) has warned the federal government to take the recent statement credited to former President Olusegun Obasanjo, alleging that Boko Haram and herdsmen attacks were aimed at Fulanising Nigeria and Islamising Africa, very seriously. Obasanjo made the statement on Saturday as guest speaker at the 2nd session of the Synod held at the Cathedral Church of St. Paul’s Anglican Church, Oleh in Isoko South Local Government Area, Delta State while speaking on the topic, ‘Mobilising Nigeria’s human and Natural Resources for National Development and Stability.’ Reacting to the statement on behalf of SMBLF, the National Publicity Secretary, Afenifere, Mr. Yinka Odumakin said Nigeria cannot afford to take Obasanjo’s admonition with levity. This is coming as the Arewa Consultative Forum (ACF) and former Governor of Jigawa State, Alhaji Sule Lamido, have disagreed with the former president, even as a former Aviation Minister, Chief Femi Fani-Kayode, has hailed Obasanjo for being the only politically active southern and Middle Belt leader that understands the dangers lying ahead in the country. According to Odumakin, “Every line of what President Obasanjo said, we study it and we must have a response for it, otherwise we are losing the country fast, because when we get to a stage where Fulani herdsmen are being elevated to the level of Afenifere and Ohanaeze, it is said that when

short men begin to cast long shadows, the sun is about to set. Let the sun not set for Nigeria.� Odumakin emphasised that what former president Obasanjo said is something the country should take seriously because he is not a frivolous person. He said: “They have been talking about some people trying to destabilise Nigeria; you cannot say Obasanjo wants to destabilise Nigeria; Nigeria is a pet project for him. For him to come out and make those kinds of statements; and it is not as if he does not know what he is saying. “Don’t forget that original Boko Haram was a response to Obasanjo’s reforms in the country. What is called Sharia in many Northern states today was a reaction against Obasanjo but even in all those years, Obasanjo did not make those statements; he managed these situations in the interest of national stability. “I don’t know whether you have seen the latest global terrorism index. After Iraq and Afghanistan, Nigeria is the third most terrorised country in the world today, and in the global terrorism index of 2015, two of the first four most violent terrorist groups are in Nigeria; Boko Haram and Fulani herdsmen, which the government is now equating Fulani herdsmen with Afenifere and Ohanaeze Ndigbo and Garba Shehu is telling us we must respect Fulani herdsmen. “About eight months ago, Wall Street Journal, said that to release the Dapchi girls, federal government paid Boko Haram three million Euros; today, Boko Haram has become deadlier. “When the Fulani herdsmen wanted N100 billion recently, the federal government was denying, the herdsmen came out to say ‘yes, it is true,’ they

are asking for the money because they have been promised the money since the previous regime. “So, I think now with President Obasanjo raising a bar on this discuss, the federal government should talk with Nigerians; what is going on? The president cannot just be saying kidnapping has become a new business. Who are the people behind the new business? What did we do to them? What is going on? It is a new line of business, so should we live with it?� On his part, an elder statesman and Yoruba leader, Chief Ayo Adebanjo, said he was happy that Obasanjo has finally seen the light. Adebanjo stressed that he is happy that Obasanjo, despite years of political differences, is finally seeing things the same way as he (Adebanjo) and Chief Obafemi Awolowo. According to him, the only way to halt the impending doom is for the country to restructure along the way Awolowo posited before independence in 1960. Adebanjo stated that apart from the terrorists trying to islamise the country, herdsmen have also infiltrated every part of the country and are wreaking havoc as they go along, adding that something must be done before it is too late. He urged the leadership of the country to wake up to the reality of the situation in the country by ensuring the nation is restructured immediately. However, a former governor of Jigawa State, Lamido, has advised Obasanjo not to allow his disappointment with the current administration to turn him to a religious and ethnic bigot. He called on the former president to withdraw the

statement credited to him that Boko Haram has an agenda of ‘Fulanisation and Islamisation’ of West Africa. In a press statement issued yesterday through his media aide, Mr. Mansur Ahmad, the former governor said he believes Obasanjo’s statement was improper for a nationalist. He said such statement should not have come from the former president Lamido said: “If it were said at a non-religious venue to a non-religious audience, may be, it might have been more tolerable. “Please, sir, don’t let your disappointment with sitting presidents turn you into a bigot. You must not abandon the national stage. “The cracks along the various divides in our National cohesion are already turning into huge gorges.� But in a swift reaction to Lamido’s position, Fani-Kayode said in a statement yesterday that “Obasanjo remains the only politically active southern and Middle Belt leader that understands what is really going on, the grave danger that we are in and what lies ahead. “He is deeply courageous and his latest contribution that there is an agenda to Fulanise Nigeria and Islamise West Africa says it all,� he said, adding: “OBJ needs say no more. History and posterity will be kind to him for speaking the bitter truth and saying what almost every other southern and Middle Belt politician and leader knows to be true but is too timid and too scared to say publicly.� Fani-Kayode added that Afenifere and other regional groups such as the Middle Belt Forum, the Niger Delta Avengers, IPOB, MASSOB and Ohanaeze saw it in 2017 and

they told the world, adding also that the Christian Elders Forum, CAN and the church also saw it in 2018 and they told the world. “Sadly the world refused to listen, left us on our own and, instead of rising to the occasion and confronting the evil, Nigerians went on bended knee to the powers that be and acted as if they were not saddled with a major problem that was bound to eventually consume them all. Now they know better even though most of them are still in denial. Now they must live with the consequences of their indifference, ignorance, cowardice and stoicism. What a pity,� he said. Fani-Kayode said it was unfortunate that Lamido and a few others are not too happy with what Obasanjo said, insisting that Obasanjo has done more for the core north, Lamido's Fulani tribe, and Nigerian unity than any other former president or Head of State in the country’s history.

vice-president, and 25 were seconded to ministries, office of the chief of staff and extraministerial agencies, among others. Five of the political aides were deployed to the office of the wife of the president and three to the office of the wife of the vice-president. A breakdown of the number of political aides working with the president, excluding ministers who he is under constitutional obligation to appoint one from each of the 36 states of the federation shows that 26 of them, representing about 30 percent of the appointments, are from Adamawa (6), where his wife hails from, Kaduna (6), where he resides outside his Daura hometown, Kano (8), where he has his largest base of supporters and Katsina (6), his home state. However, apart from ministers, the president has no other political aides from any of the five states in the South-East (Abia, Anambra, Ebonyi, Enugu and Imo) working with him. The geopolitical zone is the bastion of the opposition People's Democratic Party (PDP), which Buhari has found difficult to penetrate since he started his presidential bid in 2003. Like his principal, Osinbajo drew the bulk of his political aides from his South-west geopolitical zone. Of the 39 aides working directly with him, 24, representing about 62 percent of the figure, are from the South-west. Appointees

from his home state of Ogun (7) and his political base in Lagos (5) top the list. Other South-west states such as Ekiti, Ondo, Osun and Oyo have three appointees each. A further breakdown shows that appointees of political aides from Abia are 2, Adamawa (12), Akwa Ibom (5), Anambra(2), Bauchi(4), Bayelsa (1), Borno(4), Cross River (3), Delta (6), Ebonyi(1), Ekiti(7), Enugu (2), Gombe (3), Imo (2), Jigawa (2) Kaduna (9), Kano (12), Katsina (9), Kebbi(1) and Kogi(3). Others are: Kwara(3), Lagos(9), Nasarawa(1), Niger(3), Ogun(11), Ondo(6), Osun(7), Oyo(11), Plateau(1), Rivers(3), Sokoto(2), Taraba(3), Yobe(3) and Zamfara(1). A breakdown of the list on a zonal basis reveals that South-west tops the list with 50 of the political officeholders, including the vice-president and ministers, in this category, coming from the six states in the region. Behind the South-west is the North-east with 29 beneficiaries of various political posts from the zone. The North-west, where Buhari hails from, occupies the third position with 25 people from the zone holding different categories of positions. Next to the North-west is the South-south with 23 appointees while the South-east occupies the bottom position with only 10 appointees, including a total

Don’t Give Ethnic, Religious Colouration to Criminality, ACF Warns Also reacting to Obasanjo’s statement, the Arewa Consultative Forum (ACF), cautioned against giving ethnic and religious colouration to criminal activities. The General Secretary of ACF, Mr. Anthony Sani, told THISDAY in Kaduna, that giving ethnic and religious colouration to crime, will only embolden the criminals to continue with their evil deeds. Sani said: “Former President Obasanjo may have his facts, for making such comments, but

for me, I do not want us to give ethnic and religious coloration to the criminal activities of some people, else we provide them with platforms upon which to stand and commit crimes, knowing it is almost impossible to prosecute religion and ethnicity.� According to him, there are moderate Muslims who are the majority and are opposed to religious fanatics, stressing that “such moderate Muslims need to be enlisted in the campaign against Islamic terrorists whose aims are not for piety but political, albeit attired in the garb of religious jihadists.� He added: “If we offend the sensitivity of such moderate Muslims and push them to the side of the fanatics, we would be playing to the gallery by swallowing the bait put by the fanatics and that is what they want. “That explains why President Obama won the Nobel Prize for a speech he made to Arabs in Egypt where he made clear distinction between Islam and terrorism cast in the mould of Islamisation. “Also, it is that distinction that enabled a coalition of 66 countries of all faiths, led by America that has defeated IS in Syria and Iraq. �I, therefore submit that the nation should have common narrative that emphasizes the trite that Islamic terrorists are not furthering Islamic faith when they desecrate by way of continuous killings of innocent people. “They merely use Islam as strategy to enable easy recruitment of gullible cannon fodders. West African countries should also regard all violent herdsmen who kill innocent people as criminals and treat them as such. No ethnic or religious coloration to purely criminal acts.�

ADAMAWA, KANO, OGUN, OYO TOP LIST OF BUHARI’S AIDES Next to Ogun and Oyo are nine appointees each from Kaduna, Katsina, the president's home state, and Lagos, the political domain of Senator Bola Tinubu, whose strategic alliance with Buhari led to the formation of the All Progressives Congress(APC), to pave the way for the realisation of the latter's presidential quest after three fruitless bids. On the bottom of the list are Bayelsa, Ebonyi, Kebbi, Nasarawa, Plateau and Zamfara States with one political appointee each as presidential aides. The documents also detail the distribution of statutory appointments into boards of federal parastatals and special agencies as well as appointments into executive positions therein. In this category, Ogun leads the list with 31 appointments either as board members, heads or executive members of these parastatals and special agencies. Edo State follows with 30 appointments and it is trailed by Imo State with 29 of its indigenes occupying some of the various positions. Zamfara and the Federal Capital Territory (FCT) with two appointees each occupy the bottom of the list. Other states with fewer than 10 appointees on the list of appointments into boards of federal parastatals and agencies are Sokoto (six), Ebonyi (seven), Plateau and Enugu(eight) while Bayelsa,

Taraba, and Yobe have nine members each. However, while the documents show that the appointments of presidential aides cover the period of the first picks by the president after his inauguration on May 29, 2015 to December 2018, those on boards of federal parastatals and special agencies show appointments made by Buhari's predecessor, Dr. Goodluck Jonathan, with some of them dating back as far as 2013. While some of the statutory appointments had lapsed by expiration of tenure and were not renewed, some other appointees got tenure extension. On the other hand, the list of political aides contains names of some who had left the cabinet. Among these are former Minister of Solid Minerals, Dr. Kayode Fayemi, who resigned in June 2018 to contest the governorship election in Ekiti State on APC platform and Mrs. Kemi Adeosun from Ogun State, who was appointed along with other ministers on November 11, 2015, but was forced to resign on September 14, 2018 after being accused of forging her NYSC exemption certificate. Also on this list are Hajiya Aisha Alhassan, former Minister of Women Affairs, who resigned on September 30, 2018 to pursue her political ambition in her Taraba State, and Alhaji Ibrahim Usman Jibril who resigned as Minister

of State, Environment, to become the Emir of Nasarawa. Till date, none of these ministers have been replaced; leaving their states without representation in the cabinet. On the list also is Mr. Taiwo Akinwunmi from Oyo State, who designed the Nigerian flag. The then President Goodluck Jonathan had given him double honours in September 2014 when he conferred on him the national honours of Order of the Federal Republic (OFR) and appointed him special assistant to the president for life. The list, obtained ahead of the dissolution of the cabinet as the Buhari administration winds down its first tenure in office and prepares for its second term from May 29, 2019, following Buhari's victory in the last election, categorised ministers, special advisers, senior special assistants and personal assistants as presidential aides. Among the aides are those seconded to the office of the vice-president, the office of the chief of staff to the president, office of the wife of the president, Mrs. Aisha Buhari, office of the wife of the vice-president, Mrs. Dolapo Osinbajo, and some ministries, departments and agencies(MDAs). The list also includes the names of the president and Vice-President Yemi Osinbajo. Of a total of 161 political aides, 88 work with the president, 39 with the

of five ministers from each of the states in the geopolitical zone. By aggregation, the South has the lion's share of political officeholders in this category with 83 of them coming from the area while 78 of their other colleagues are from the North. Meanwhile, a breakdown of the list of appointments into boards of federal parastatals and special agencies shows that 14 of the appointees are Continued on page 8

TOP GAINERS MTNN CUTIX ROYALEXCHANGE CHAMSPLC TRANSCORP TOP LOSERS FORTEOIL CHAMPBREW FCMB

NGN NGN 9.90 108.90 0.15 1.80 0.02 0.24 0.03 0.37 0.10 1.24 NGN 3.15 28.35 0.12 1.17 0.15 1.55 COURTVILLE 0.02 0.23 JAPAUL 0.02 0.26 HPE Nestle Nig Plc â‚Ś1,430.00 Volume: 267.838 million shares Value: N7.523 billion Deals: 3,684 As at yesterday 17/5/19 See details on Page 35

% 10 9.0 9.0 8.8 8.7 % 10 9.3 8.8 8.0 7.1

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NEWS

Kachikwu Optimistic Oil Supply Cut Deal Would be Extended

Ejiofor Alike with agency reports

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday said in Jeddah, Saudi Arabia, that he hoped the crude oil supply cut agreement between the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members would be extended until the end of 2019. OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, had agreed to reduce global crude oil output by 1.2 million barrels per day (bpd) from January 1, 2019, for six months, a deal designed to stop excess inventories building up in the oil market and crashing prices. When asked if the deal needs to be extended beyond June, Kachikwu said: “I’m hoping so,� adding that “I’m not so much worried about wars. I don’t think that will happen... I don’t think anybody’s going to push to the point of war,� when asked about a risk of war in the Middle East. Also speaking ahead of yesterday’s scheduled ministerial panel meeting of top OPEC and non-OPEC oil producers, in

Saudi Arabia, the country’s Energy Minister, Khalid alFalih, said he recommended “gently� driving oil inventories down at a time of plentiful global supplies, adding that OPEC would not make hasty decisions about output ahead of the June meeting. “Overall, the market is in a delicate situation,� Falih told reporters. While there is concern about supply disruptions, inventories are rising and the market should see a “comfortable supply situation in the weeks and months to come,� he said. OPEC, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output, Falih said. “It is critical that we don’t make hasty decisions – given the conflicting data, the complexity involved, and the evolving situation,� he said, describing the outlook as “quite foggy� due in part to a trade dispute between the United States and China. “But I want to assure you that our group has always done the right thing in the interests of both consumers and producers; and we will continue to do so,� he added. Russian Energy Minister

Kachikwu Alexander Novak also told reporters that different options were available for the output deal, including a rise in production in the second half of the year. The Energy Minister of the United Arab Emirates, Suhail al-Mazrouei, said oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision�. Mazrouei said the UAE did not want to see a rise in inventories that could lead to a price collapse and that OPEC would act wisely to maintain sustainable market balance. “As UAE we see that the job is not done yet, there is still a period of time to look at the supply and demand

and we don’t see any need to alter the agreement in the meantime,� he added. US crude inventories rose unexpectedly last week to their highest since September 2017, while petrol stockpiles decreased more than forecast, data from the government’s Energy Information Administration showed on Wednesday. On its part, Saudi Arabia sees no need to boost production quickly now, with oil at around $70 a barrel, as it fears a price crash and a build-up in inventories, Reuters quoted OPEC sources as saying. However, Russia wants to increase supply after June. The United States, not a member of OPEC+ but a close ally of Riyadh, wants the group to boost output to bring oil prices down. Falih has to find a delicate balance between keeping the oil market well supplied and prices high enough for Riyadh’s budget needs, while pleasing Moscow to ensure Russia remains in the OPEC+ pact, and being responsive to the concerns of the United States and the rest of OPEC+, the sources said earlier. The yesterday’s meeting of the ministerial panel comes

amid concerns of a tight market. Iran’s oil exports are likely to drop further in May and shipments from Venezuela could fall again in coming weeks due to US sanctions. Oil contamination also forced Russia to halt flows along the Druzhba pipeline - a key conduit for crude into Eastern Europe and Germany - in April. The suspension, as yet of unclear duration, left refiners scrambling to find supplies. Russia’s Novak told reporters that oil supplies to Poland via the pipeline would start on Monday. OPEC’s agreed share of the cuts is 800,000 bpd, but its actual reduction is far larger due to the production losses in Iran and Venezuela. Both are under U.S. sanctions and exempt from the voluntary reductions under the OPECled deal. Oil prices edged lower on Friday due to demand fears amid a standoff in Sino-United States trade talks, but both benchmarks ended the week higher on rising concerns over disruptions in Middle East shipments due to United States-Iran political tensions. Tensions between Saudi Arabia and Iran are running

high after last week’s attacks on two Saudi oil tankers off the UAE coast and another on Saudi oil facilities inside the kingdom. Riyadh accused Tehran of ordering the drone strikes on oil pumping stations, for which Yemen’s Iranaligned Houthi group claimed responsibility. The UAE has blamed no one for the tanker sabotage. Iran has distanced itself from both sets of attacks. Saudi Arabia’s foreign minister said yesterday that the kingdom wants to avert war in the region but stands ready to respond with “all strength� following the attacks. “Although it has not affected our supplies, such acts of terrorism are deplorable,� Falih said. “They threaten uninterrupted supplies of energy to the world and put a global economy that is already facing headwinds at further risk.� The attacks come as the United States and Iran spar over Washington’s tightening of sanctions aimed at cutting Iranian oil exports to zero, and an increased US military presence in the Gulf over perceived Iranian threats to US interests

votes that put him in office in 2015 than his then main opponent, Jonathan. Except for the South-south, another PDP stronghold, which with 99 appointees came third on the list of board and other appointments, the South-east remains at the bottom of the list and that of political aides. Perhaps, the chances of the South-south are brightened

by the fact that Edo, with 30 appointees, is in the APC's fold. Since his assumption of office, Buhari has been under swirling criticisms over his perceived insensitivity to geopolitical balancing in his picks for political appointments. Critics have cited the domination of the nation's security agencies' top

hierarchy by Northerners and many of his aides drawn from the North as a sign of his alleged clannishness. But the president has rebutted the allegations with explanation that it would be out of tune with "political realities" to treat equally "on some issues" geopolitical zones that gave him 97 per cent of the votes as those that gave him five per cent.

to exercise in the guidelines and is therefore acting in excess of its powers and by so doing, adding that the agency exhibits complete disregard of the Constitution of Nigeria. He further accused the NFIU of “stoking mischief and also deliberately seeking to cause disaffection, chaos and overheat the polity.� The NGF said that local government councils are a creation of the constitution and are not financial institutions. The governors added that local governments are not reporting entities and are

therefore not under the NFIU in the manner contemplated by the agency’s so-called guidelines. The governors said: “In principle, the NFIU should concentrate on its core mandate of anti-money laundering (AML) activities and combating financing terrorism (CTF) as prescribed in the Act establishing it and should desist from encroaching on or even breaching constitutional provisions. “The NFIU is the Nigerian arm of the global Financial Intelligence Units (FIUs) once

domiciled within the EFCC but now for the purpose of institutional location domiciled in the Central Bank of Nigeria. This means the NFIU is only mandated to trace or track laundered money that finds its way into terrorism financing and report such to the nation’s security agencies. “The NFIU should seek to comply with those standards on combating money laundering and financing of terrorism and its proliferation as stipulated and not dabble into matters that are both constitutional and beyond NFIU purview.�

credit creation. “The MPC members may be inclined towards reducing policy rates, however, FSDH Research believes the shortterm outlook of the global economy remains uncertain and may not sustain strong growth in crude oil prices. Therefore, considering the current situation, a cautious approach to the conduct of monetary policy is appropriate.� Also, analysts at Cowry Asset Management Limited anticipated that, “inflation rate to further move upwards in the months of May and June amid Ramadan festivities and the recent signing of the new minimum wage bill.� Also, a report by the Financial Derivatives

Company Limited predicted further rise in inflation in May and June. “This would be driven by both demand-pull and cost-push inflation factors. The commencement of planting season will result in food supply shortages while the minimum wage implementation and the Ramadan fast would increase consumer demand. “All things being equal, the confluence of supply shortages and increased demand would exert pressure on prices. The re-emergence of inflationary pressures increases the probability of the MPC members adopting a more hawkish monetary policy stance at its May meeting,� it added.

ADAMAWA, KANO, OGUN, OYO TOP LIST OF BUHARI’S AIDES from Abia State, 21 from Adamawa, Akwa Ibom(12), Anambra(20), Bauchi(18), Bayelsa(nine), Benue(17), Borno(21), Cross River(12), Delta(23), Ebonyi(7), Edo(30), Ekiti(12), Enugu(8), FCT(2), Gombe(15), Imo(29), Jigawa (12), Kaduna(16) and Kano(16). The standing of other states on the list is: Katsina(24), Kebbi(13), Kogi(22), Kwara(21), Lagos(17), Nasarawa(12),

Niger(20), Ogun(31), Ondo(17), Osun(12), Oyo(12), Plateau(8), Rivers(13), Sokoto(6), Taraba(nine), Yobe(nine) and Zamfara(seven). Of the total of 567 appointees in this category, 289 are from the North and 278 from the South. A further breakdown of data on appointments into boards and heads of parastatals and special agencies shows the

North-central leading the pack with 102 appointments, followed by the South-west (101), South-south (99), Northwest(94), North-east(93) and South-east (78). Taken together, the two lists of political aides and board appointments show conscious efforts by the Buhari administration to reward states and zones that gave him higher percentage of

CALL NFIU TO ORDER, GOVERNORS URGE BUHARI “dismay and anger at this brazen attempt by the NFIU to ridicule our collective integrity and show total disregard for the Constitution of the Federal Republic of Nigeria (1999) as amended.� The NFIU, which was excised from the Economic and Financial Crimes Commission (EFCC), had set June 1, 2019 as the take-off date of the new order, making it compulsory for all local government allocations to go straight to their respective bank accounts. The decision was contained in a guideline released by the

NFIU after a lengthy meeting with officials of commercial banks in Abuja. But in a swift reaction, the NGF letter titled: “Re: NFIU Enforcement and Guidelines to Reduce Crime Vulnerabilities Created by Cash Withdrawal from Local Government Funds Throughout Nigeria Effective June 1, 2019,� drew the attention of the president to section (6) (a) and (b), which confers on state Houses of Assembly and National Assembly the powers to make provisions for statutory allocation of public

revenue to the local councils in the federation and within the states respectively. Similarly, the governors added that Section 162 (6) expressly provides for the creation of the States Joint Local Government Account (SJLGA) into which shall be paid all allocations to the local government of the state from the Federation Account and from the government of the state. The NGF chairman emphasised that the NFIU Act 2018 did not give the body the powers that it seeks

RENEWED INFLATIONARY PRESSURE MAY FORCE MPC’S HANDS ON INTEREST RATE the National Bureau of Statistics (NBS). Inflation had resumed its descent in January when it dropped to 11.37 per cent from 11.44 per cent in December in 2018. The headline index further reduced to 11.31 per cent in February and 11.25 per cent in March before resorting to the upward trajectory in April. But the latest report by NBS released last Thursday, showed that food inflation stood at 13.70 per cent in April, higher than 13.45 per cent recorded the preceding month. The CPI figures for April had shown that core inflation stood at 9.30 per cent in the month under review compared to 9.50 per cent in March. Clearly, the high rate of

banditry and kidnappings in the north-western part of the country is having a spiral effect on food production in the region, thereby pushing inflation higher. The All Farmers Association of Nigeria and Rice Farmers Association of Nigeria, in recent interviews had stated activities of the bandits were discouraging farmers in the region, disclosing that the bandits had displaced more than 10,000 households, mostly peasant farmers, in Zamfara, while in Kebbi, the hub of rice farming in Nigeria, no fewer than 350 farmers had been forced to abandon their farms by the criminals. The Secretary of AFAN in Kebbi, Alhaji Muhammad Idris, had said: “Over 350

farmers have been affected as a result of the banditry in Danko/Wasagu, Argungu, Yauri, Ngaski, Zuru and Birnin Kebbi local government areas. “Our members, especially rice farmers, have stopped going to their farmlands in those areas for fear of being kidnapped or killed. “Rice farming is not like any other farming as it requires constant and close monitoring; you have to be closer and observant of how it grows and the level of water and all that, hence you have to be going to the farm everyday if not, it will not yield positive result.� Owing to this development, analysts at FSDH Merchant Bank Limited, in their prediction on the expectation

from the MPC meeting stated: “Given that the major objective of the MPC is to ensure price stability in the economy, inflation rate is one major pointer to the direction the MPC may adopt. “For the first time in 2019, inflation rate rose in April to 11.37 per cent, from 11.25 per cent in March. The rise in inflation is an indication of inflationary pressure and suggests that the MPC adopts a cautious approach and maintain rates.� The firm added: “FSDH Research reiterates that the current structural issues in the economy do not support strong growth in credit. Measures that remove the inherent risks in the economy will be required to stimulate

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NEWS

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

States Agree on Legislature, Judiciary’s Financial Autonomy Funds now to be on first line charge

Omololu Ogunmade in Abuja The judicial and legislative arms of government will henceforth heave a sigh relief from the stranglehold of the executive as the presidency and governors at the weekend in Abuja reached an agreement to place the annual budgets of both arms of government on first

line charge. This resolution was contained in a communiqué issued at the end of a two-day retreat organised by the Presidential Implementation Committee on Autonomy of State Legislature and Judiciary on modalities for the implementation of the financial autonomy granted the two arms

Senate Presidency: Again, Lawan, Ndume Meet PDP Senators-elect We are yet to take decision, says main opposition party Deji Elumoye and Adedayo Akinwale in Abuja The two main contenders for the position of Senate president of the 9th Senate, Senators Ahmad Lawan and Ali , at the weekend met again with the Peoples Democratic Party (PDP) Senators-elect in Abuja as part of their efforts to woo the legislators-elect. This is coming as the main opposition party yesterday restated that its leadership is yet to take any collective decision on the issue of the Senate presidency. Lawan and Ndume had last month met with the main opposition party’s Senatorselect during the two-week orientation course organised by the management of the National Assembly for 9th National Assembly’s legislators-elect in Abuja. The latest meeting with the lawmakers is coming just as the pro-Lawan Senators expressed their readiness to right the wrongs of the eighth Senate as soon as the ninth Senate is inaugurated in June. THISDAY gathered that Lawan (Yobe North), who is the Senate Leader and anointed candidate of the ruling All Progressives Congress (APC) spent the better part of last week up till weekend meeting with both returning and fresh PDP Senators. Sources privy to the meetings told THISDAY that the meetings held at the Transcorp Hilton Abuja campaign secretariat of Lawan, were aimed at further engaging the legislators on the need for them to support Lawan in his quest to take the National Assembly to a greater height. At one of such meetings, former Interior Minister and PDP Senator-elect for Benue South, Abba Moro, assured Lawan of his support, adding that he will personally take the Lawan for 9th Senate Presidency campaign to his colleagues in the opposition party. Spokesman of Ahmad Lawan Campaign Team, Senator Sabi Abdullahi, has alluded to the fact that the eighth Senate left many things undone, which the Ninth Senate under Lawan will improve upon. Abdullahi, a returning Senator and Chairman of the Senate Committee on Media, speaking yesterday on Lawan’s campaign activities declared that “I know that I am part of the outgoing

Senate but to be frank, there were so many things we didn’t do right. So, our plan is to ensure that Lawan’s presidency improves on that.” According to him, “we have been working and our contact and mobilisation committee has reached out to our colleagues. We are taking our campaign to the next level and we are not taking our chances lightly. Sabi added that “we are solidly on ground and working round the clock to deliver our candidate on the day of inauguration and this is our preoccupation. “We are selling Lawan’s strong attributes to our colleagues, which include integrity, intelligence and capability. We are also selling our agenda to our colleagues to buy into what we intend to do for the 9th Senate. He expressed confidence that “with what we have done, on that day of inauguration, by the grace of God, we shall carry the day and Lawan will emerge as president of the 9th Senate. No cause for alarm and we are marching forward”. On his part, Ndume (Borno South), former Senate Leader and Chairman of Senate Committee on Establishments, met privately with some of the 44 PDP Senators-elect in Abuja. THISDAY learnt that the consultative meeting between Ndume and the legislators held at a private residence in Maitama area of Abuja, was aimed at further getting the commitment of the Senators towards his cause. Ndume was said to have told his colleagues that he is the best candidate for the coveted position based on his past legislative experience and commitment towards a better society through inclusive legislative intervention. Also at the weekend, there appears a sharp disagreement among Senators-elect over the voting method to be adopted in electing officers for the 9th Senate when inaugurated in June. THISDAY gathered that Senators-elect who are loyal to Lawan, are canvassing for the adoption of the open ballot system, which was last used in 2011. The Pro- Ndume Senators, on the other hand, are also said to be making frantic efforts to ensure that the secret ballot system, which the 2015 Senate Rule Book provided for and which had already been distributed to all Senators-elect, are used for the election.

of governments in the 36 states by the National Assembly. The retreat was the fallout of the commitment of President Muhammadu Buhari towards the effective implementation of the recent amendments to the constitution which granted financial autonomy to states’ judiciary and legislature. The communiqué signed by the Chairman of the committee and Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami; the committee secretary and Presidential Liaison to the National Assembly, Senator Ita Enang, and others, stated that Buhari set up the committee following the discovery that the autonomy of the two arms in the states as enshrined in the new amendments to the constitution “was honored by the various state governments, more in breach, than in compliance.”

However, the communiqué stated that the retreat comprising governors and relevant stakeholders resolved that in expression of their commitment to the autonomy of the affected two arms of government, their approved annual budgets should be directly released by the accountant-general of each state to the heads of the affected institutions. According to the communiqué, the hitherto idea of releasing only the recurrent expenditure to these two arms of government while the capital expenditure remained in the custody of the executive has been abolished. The communiqué read in part: “At the end of the retreat, participants and stakeholders... Adopt the Budgeting model operating at the Federal level where the sum due to the Judiciary and the Legislature are captured

as first line charge in the budget laid before and passed by the Legislature; “That the budget proposal of the Legislature and Judiciary should be defended before the relevant Committees of the Legislature; “That the total sum, both capital and recurrent, approved in the annual budget of the state, be released monthly on a pro–rata basis by the Accountant-General of the State, directly to the Heads of the Legislature and the Judiciary, and Heads of Judicial Service Committee or Commission; “That the budgeted sum, capital and recurrent howsoever described, be released to the Judiciary to be spent by the Judiciary on the projects, programmes and capital development of the Judiciary, including recruitment and training of personnel. And so for the Legislature; “That the current practice in

some states where appropriated recurrent expenditure due the Judiciary and Legislature in the budget, are released to the Judiciary and Legislature and the Capital components are warehoused in the Executive is hereby abolished.” The communiqué also added that the retreat resolved that State Allocation Committee comprising relevant stakeholders should be created to determine the amount accruable to each arm of government on the basis of budgetary provision spurred by the volume of funds available to each state. It also provided specifications for the payment of pensions to judicial officers in superior courts and encouraged state legislatures to pass laws aimed at ensuring prudent use of funds accrued to the states.

SET FOR NIGHT FLIGHTS...

L-R: Captain Hosa Okunbor; Minister of State for Aviation, Senator Hadi Sirika; Edo State Governor, Mr. Godwin Obaseki; and Senator representing Edo North, Francis Alimikhena, at the inauguration of night landing equipment at the Benin Airport...weekend

Gunmen Kill One, Abduct 17 in Two Kaduna Communities John Shiklam in Kaduna Gunmen suspected to be Fulani herdsmen were reported to have invaded two communities in Kaduna State, killing one person while 17 others were abducted. Both incidents were said to have occurred in the early hours of yesterday when the bandits invaded ECWA Church Dankande village, Dogon Dawa area, Birnin Gwari Birnin Local Government Area (LGA) and Guguwa-Kwate village, Rigasa area in Igabi LGA of the state. The incident in Dankande was said to have occurred at about 12.30 a.m. when the bandits, surrounded the church, where a choir practice was ongoing. An eyewitness who spoke in a telephone interview with THISDAY in Kaduna, said the hoodlums forced everybody to lie down on the floor while all

mobile phones were seized at gunpoint. He said “it was at about 12.30 a.m. around midnight. We had a combined choir practice in the church with other neighbouring communities. We normally hold the combine choir practice from 9.00 p.m. to 1.00 a.m. “As we were in the church, Fulani herdmen, numbering over 20 just surrounded the church and started shooting. “Everybody was terrified, but there was no way we could run because they had already surrounded the church. They were asking for the pastor’s house and they threatened to shoot us if we don’t show them the house. “Some of them went to the pastor’s house while others kept watch over us. “They abducted the pastor’s daughter and 14 others - 10 girls and five men were abducted”.

“We later reported the incident to the soldiers that were stationed at Dogon Dawa”. The attack in Guguwa-Kwate village was said to have also occurred some few minutes after midnight. A community leader in the area who pleaded anonymity said the bandits were Fulani herdsmen, numbering about 30 and were armed with guns and machetes. He said they were shooting indiscriminately and they killed his senior brother’s son. “They entered one house and were beating people. They kidnapped one man and a woman in the house. The killed my senior brother’s son”. According to him, it was the fifth time the bandits were invading the community. “This is the fifth time these

bandits were invading our community. About two months ago, they abducted two people in the farm. The other person was killed even after we paid them ransom.” He said the community had reported all the incidents to the police, but there seemed to be no respite as the herdsmen continued to terrorise the village. ”We are helpless because there is nothing we can do other than to report to the police when such incidents happened. We have no arms and we cannot stand them, we are just at their mercy because they are well armed and they always come in large numbers,” he explained. Efforts to contact the spokesman of the Kaduna State Police Command, Mr. Yakubu Sabo on the matter were unsuccessful as his mobile phone was switched off.

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How Distressed Oil Sector Loans Damaged Diamond Bank Obinna Chimaa More facts have emerged on the reasons why the defunct Diamond Bank surrendered itself for a business combination deal with Access Bank Plc.

The deal was consummated on April 1. According to a report obtained by THISDAY yesterday, between December 2014 and June 2018, the immediate past management of Diamond Bank under the

Police Kill Mastermind of UBEC Chairman’s Kidnap, Arrest Eight Kidnappers Kingsley NwezehinAbuja The Nigerian Police weekend shot dead the kidnapper who masterminded the recent kidnap of Chairman of the Universal Basic Education Commission (UBEC), Alhaji Mahmood Abubakar, along Abuja-Kaduna highway. The suspect, Sumaila Sule, alias Shaho, was killed during a fierce encounter between his gang and police operatives attached to ‘Operation Puff Adder,’ recently launched to contain kidnapping and armed banditry on Abuja-Kaduna highway. An update on the war against armed banditry and Kidnapping provided by Force Public Relations Officer, DCP Frank Mba, said the suspect who was one of the most wanted kidnappers terrorising Nigerians in Kaduna and surrounding towns, was killed during a shootout with the police. He said eight kidnappers were arrested in Kaduna and Adamawa states within the last 24 hours while four AK 47 rifles and 26 live ammunition were recovered. “A kidnapping kingpin and notorious armed robber, who recently masterminded the kidnap of the UBEC Chairman along Abuja- Kaduna road is dead. “The suspect, one Sumaila Sule, alias Shaho male (estimated be in his mid-30’s a native of Rijana village in Kachia LGA of Kaduna State, was one of the most vicious and most wanted kidnappers that has been terrorising citizens in Kaduna and its environs. “He died in the early hours of May 18, 2019 following multiple bullet wounds he sustained during a deadly shootout with police operatives attached to Operation Puff Adder,” he said. Giving further details, Mba

said “the shootout took place in the evening of May 17, 2019, at the outskirts of Rijana village. “The police operatives, in line with the mandate of Operation Puff Adder, were carrying out routine surveillance and raid of suspected criminal hide-outs, when they suddenly came under gun fire attack from a heavily armed criminal gang”. He said “the police team fought back gallantly, repelling the attack and eventually bringing Shaho down, while his gang members fled. Shaho was rushed to hospital, where he eventually died the next day”. The Police spokesman said subsequent follow-up operations led to the arrest of the notorious Kidnapper’s gang members. The arrested gang members include Musa Hassan, 26 years; Yau Umar, 25 years; Umar Musa, 22 years and Muhammad Sani, 28 years , all males and natives of Rijiana Village Kachia LGA Kaduna State. “Shaho and his gang members have been on the radar of the intelligence community for a while, as they have been implicated in several high-level kidnappings and other heinous crimes along Kaduna-Abuja road and beyond,” the statement said. In another operation, a combined team of Operation Puff Adder operatives, comprising of the IG’s Response Team, the Technical Intelligence Unit, the Police Mobile Force and the Special Anti-Robbery Squad arrested another set of kidnappers who have been terrorising citizens at Mubi axis of Adamawa State. One AK 47 rifle and 26 rounds of live ammunition were recovered from the gang. The suspects arrested are: Umaru Ibrahim native of Yadi Buni, Yobe State; Abdul Maina, a native of Maiha in Adamawa State and Mohammed Abubakar, a native of Buni Yadi Yobe State.

Buhari Congratulates Falcons on Victory at WAFU Women’s Cup Omololu OgunmadeinAbuja President Muhammadu Buhari last night in Saudi Arabia congratulated the Super Falcons on their final victory at 2019 WAFU Women’s Cup, with an unbeaten record throughout the tournament. Presidential spokesman, Malam Garba Shehu, in a statement, said Buhari congratulated the players on their superlative performance which enabled them to win the cup. According to the statement, Buhari commended the Falcons for their fighting spirit and resplendent skills evidenced in team work, discipline and focus, which he

said enabled them to defeat the Ivorian Dame Elephantes at the finals of the championship. Shehu also said the president praised the officials and management of the team, led by Thomas Dennerby, for what he described as their sacrifice, commitment and diligence in winning the championship. The statement added that as the team prepares for the forthcoming FIFA Women’s World Cup in France, Buhari urged officials and players to stay focused and unleash the same zeal that won the WAFU Women’s Cup Champions.

leadership of Mr. Uzoma Dozie as Chief Executive Officer, inherited a distressed oil and gas portfolio of $1.8 billion (N302.6 billion). Of this amount, the sum under Watch list and non-performing loans (NPLs) stood at $406 million (N68.9 billion) and $73 million (or N12.3 billion), respectively. In addition, the bank had foreign currency balance sheet mismatch in excess of $883 million as at October 31, 2015, resulting from maturing trade obligations and customer transactional instructions. Similarly, Diamond Bank had unpaid billions of naira to the federal government’s Treasury Single Account (TSA), resulting to regulatory sanctions and negative public perception and waning customer confidence. The immediate past management of the defunct bank preserved Diamond Bank’s licence by paying down

the inherited forex liquidity mismatch, it stated. Furthermore, it showed that the inability of Diamond Bank to repay the Nigerian National Petroleum Corporation/Nigerian Petroleum Development Company Limited’s funds to the TSA, “due to the application of those funds in the creation of long-term oil and gas and power loans was a major threat to the bank’s corporate existence.” Without external management, the then management of the bank employed every legitimate means, including strong negotiation and relationship management skills to have the issue resolved. According to the report, as at the end of September 2018, this obligation had been fully extinguished. While resolving this, the Uzoma Dozie-led management built an enviable retail franchise that, stand-alone, can generate sustainable profitability and

low-cost deposits. However, the value of the retail deposit was hidden in bad corporate loans inherited by the then management. In addition, the management then developed long-term sustainable relationship with global institutions, which has helped to build thrust in its brand. These included Women’s World Banking, Bills and Melinda Gates Foundation, Afreximbank, International Finance Corporation, Ecowas International and Development Bank, among others. Commenting on the merger with Diamond Bank, the Group Managing Director/Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, had said: “Together, we would have 27 million customers, which is the largest customer base of any bank on the continent. We would have 33,000 point of sale (PoS) terminals, 3,300 automated teller machines (ATMs) and all of that. “Access Bank has grown over

time and has built a very strong wholesale banking capability. We have also shown significant expertise as far as treasury is concerned, risk management as well as our capital management plan. “We created and pushed a very strong value chain strategy which was our own way of building our retail business. “This was because we realised that the creation of a large diversified bank is critical, not just for Nigeria, but in Africa and the world. If you go to any part of the world, what you tend to see is that the top three or top five banks technically control market share.” Speaking further, Wigwe said the combination of Access Bank and Diamond Bank would ensure that “we are able to take and solve customers’ issues right from the wholesale end, down to the man in the village, just because of the use of technology.”

REMEMBERING DISPLACED PERSONS…

L-R: Former Chairman of the Nigerian Economic Summit Group (NESG), Mr. Kyari Bukar; Head of Office, United Nations Office for the Coordination of Humanitarian Affairs (OCHA), Nigeria, Ms. Edem Wosornu; Group Managing Director, Access Bank, Mr. Herbert Wigwe; Borno State Governor, Kashim Shettima; and Group Chief Executive, Oando Plc, Adewale Tinubu, during a visit of the private sector under the umbrella of the United Nations Nigeria Humanitarian Fund-Private Sector (NHF PSI), to IDP camps in Borno State…recently

Alleged Defamation: Atiku Threatens Legal Action against Buhari’s Aide, Onochie Demands N500m compensation Alex Enumah in Abuja The presidential candidate of the Peoples Democratic Party (PDP) in the 2019 presidential election, Atiku Abubakar, has threatened to file charges against the Special Assistant to President Muhammadu Buhari on Social Media, Lauretta Onochie, over a recent publication wherein the presidential aide alleged in her Tweeter handle that Atiku is on the watchlist of security operatives in the United Arab Emirates (UAE). Onochie, in the said publication of May 7, 2019, which has been published by many newspapers and online media platforms, also accused Atiku of shopping for terrorists in the Middle East. Atiku is currently challenging the victory of President Buhari

in the February 23 presidential poll at the Presidential Election Petition Tribunal, holding in Abuja. He insisted that going by results obtained from the Central Server of the Independent National Electoral Commission (INEC), he won the presidential poll by a lawful majority. However, INEC has continued to deny the deployment of its central server in the conduct of the 2019 general election. But Atiku, in a letter dated May 14, 2019 and written on his behalf by his lawyer, Chief Mike Ozekhome (SAN), described Onochie’s statement as not only vile and denigrating but a calculated attempt to disparage the person of Atiku in the eyes of right-thinking members of the public.

Onochie had on May 7, 2019 in her tweeter handled alleged: “Atiku on UAE watchlist - security sources. Security operatives in the United Arab Emirates are keeping a close tab on a former Nigerian Vice President, Atiku Abubakar, who has been in Middle East nation for several weeks now. What is he doing there? Me: shopping for terrorists?” But in his reaction, the PDP candidate insisted that there is no iota of truth in the said publication. According to him, the publication is beginning to affect public perception of his person, adding that, the publication since it was made has caused him national and international backlash and embarrassment as well as incalculable damages. “To say that our client is

shopping for terrorists is not only dishonest and reckless but is calculated and politically designed to instigate security agents against him not only in the UAE but across the world,” Ozekhome said. He subsequently demanded Buhari’s aide to publish and tender a written retraction and apology for the said libelous publication in six national newspapers, one international newspaper and all social media platforms wherein the said publication was made. In addition, Ozekhome on behalf of Atiku is demanding that Onochie pay Atiku the sum of N500 million as minimal damages to assuage Atiku’s already battered image wholly caused by her said defamatory publication.

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COMMENT

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

FOWLER’S FIRS: A SCORECARD

Tunde Fowler, chairman, Federal Inland Revenue Service, has performed remarkably, writes Romanus Mbah

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ith the prices of oil tumbling drastically to $48.86 per barrel in October 2015, after which it slid further to $44.82 the following month and $37.80 in the last month of the year, the signs were bold signs that Nigeria was facing a major economic crisis. The implication of the slump in revenue derivable from oil, the major source of funding for country’s infrastructural and human development aspirations, was that then new administration of President Muhammadu Buhari had flown into the most inclement weather possible. Public expectations of a national boom time were sky-high, but were almost immediately shattered, as governments at all levels were hamstrung in the discharge of their responsibilities and obligations. At the state level, governments, with the exception of a handful, for example, were unable to pay civil servants’ salaries and pensions to retirees let alone develop ideas for life-altering infrastructural projects and human development initiatives. Earlier in August of that year, with the federal government left with no option than to look internally for revenue, especially from previously neglected sources, President Buhari appointed Mr. Tunde Fowler as Chairman, Federal Inland Revenue Service (FIRS). Fowler’s appointment was widely well received because he had been a consistently vocal voice against the country’s heavy reliance on oil revenue and, more crucially, on account his headship of the Lagos State Internal Revenue Service (LIRS), during which the Internally Generated Revenue (IGR) rose from a monthly average of N3.6billion in 2006 to over N20billion between 2006 and 2015. Fowler met Lagos as a state unable to generate sufficient revenue from the vastness of her economic activities, reformed revenue collection and administration processes to make Lagos the model of the genre. Yet, there was the question of whether or not he was capable of reprising what he did in Lagos State at the national level. That question, the figures show, has been answered with a resounding “Yes� in four years, a period during which the country slipped into recession. A little over a week ago, it was announced that the country’s taxable population figure is approaching a record 45million. In 2015, the figure was 10million, rose to 14 million in 2017 and 19 million in 2018. Last year, the FIRS under Fowler collected N5.32trillion, the highest ever in the history of the federal revenue agency. The preceding year, the agency collected N4.02 trillion and in 2016, N3.3 trillion. The revenue growth, in spite of the country’s economic challenges, have been attributed to a variety of reform initiatives conceived to expand the tax net, block leakages and make tax collection methods more efficient. It has also been helped by enhanced collaboration with other stakeholders such as the Joint Tax Board (JTB) and other government agencies and a virile enforcement strategy, resulting in improved taxpayer compliance and collection of huge tax debts from defaulters; review of the National Tax Policy, amendment of tax laws and use of technology. The use of technology, which has resulted in the ease of tax payment and blocking of leakages, is evidenced by

LAST YEAR, THE FIRS UNDER FOWLER COLLECTED N5.32TRILLION, THE HIGHEST EVER IN THE HISTORY OF THE FEDERAL REVENUE AGENCY

the introduction of e-Registration, e-Filing, e-Payment, eReceipt, e-TCC (Electronic Tax Certificate), e- Stamp Duty, AutoVAT Collect, Integrated Tax Administration System (ITAS) and Government Information Financial Management Information System (GIFMIS). Among steps taken to expand the tax roll was the launch of the Voluntarily Assets and Income Declaration Scheme (VAIDS), which provided an opportunity for individuals and corporate entities with tax liabilities to regularize their tax affairs in exchange for freedom from prosecution, penalties and tax audits. Through VAIDS, a total of N17billion was collected in unpaid taxes within the first six months of the scheme’s implementation. The use of various e-payment channels has ensured that taxpayers can pay their taxes from anywhere in the world, at any time as well as making it possible for taxpayers to download their receipts. Taxpayers can also apply for and receive their Tax Clearance Certificates online immediately. A major shift in focus to non-oil revenue has seen collection grow from N2.149 trillion in 2016, N2.5 trillion to N2.852 trillion in 2018. Oil tax revenue also increased from N1.15 trillion in 2016 to N1.52 trillion in 2017 and N2.52 trillion in 2018. Value Added Tax (VAT) collection in 2018 went above N1trillion. In the preceding year, VAT yielded N972 billion and, in 2016, N828 billion collection. The rise in VAT revenue has largely been occasioned by the automation of the process, which allows for the automatic collection. The new auto collection scheme resulted in 31 per cent VAT increase over the N25billion collected in 2017. The FIRS was able to collect N13 billion as a result of the automated deductions at source and remittance of VAT and Withholding Tax from state governments. The automation scheme has also facilitated information exchange between the FIRS with third-party databases and other government agencies. Automation has equally impacted the Stamp Duty collection process, which in 2016 was N5.6 billion; N10.9 billion in 2017 and N15.66 billion in 2018. The FIRS has also upped the tempo of its enforcement by initiating audits through which under-remittances were discovered. These yielded N12 billion previously unpaid by taxpayers. As part of its diligence, the agency discovered 6,000 businesses with an annual banking turnover in excess of N1billion, but were unregistered for tax and made no payments. Through enforcement of relevant tax legislations, the agency recovered N21.75 billion from such companies, which have continued paying the balance in instalments. Similarly found were 45,361 businesses with banking turnovers of between N100 million and N999 million, many of which were found to be non-compliant with tax laws. Through another diligence initiative, the FIRS generated N1.33 billion in 2017 and N2.88 billion in 2018 from Lagos and Abuja-based property-owning corporate organisations that were not in the tax net. The various initiatives have been implemented alongside continuous tax education/ enlightenment programmes, which have seen the agency interacting robustly with taxpayers to sensitize them to their obligations. Mbah, a tax consultant, wrote from Lagos

BEHIND THE FINGERS Hakeem Bello writes that Ijeoma Nwogwugwu’s piece on the power, works and housing minister is mischievous

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nce upon a time, the imminent appointment of a Minister of Power lunged Ms Ijeoma Nwogwugwu, the columnist behind “Behind the Figuresâ€? into the moon. As she put it in the column (THISDAY, 29 December 2008), “I was ecstatic two weeks ago when I learnt that a friend and former colleague‌was going to be appointed Minister of Power by President Umaru Yar’Adua.’ She spent the greater part of the article not only being effusive about her “considerable confidence in (her friend’s) ability to execute a reform agenda for the electricity sector while at the same time carefully side-stepping the minefields and booby traps that will be placed in his wayâ€? but also making this and that suggestion on what he and the president should do. Then she took a long sleep like the Biblical Jonah, waking almost 12 months later. Or, to put it as she did, she gave the power sector and her

minister-friend “a reasonably wide berth and watched events as they unfolded,� adding: “I must confess that my personal bias played a role in the decision not to comment on the power sector for almost 12 months.� Rather than drill into what she described as the “slow pace of progress in the electricity sector� or, and lampoon the minister, she assumed the role of a spokesperson, supposedly standing on some “findings� of “investigations carried out�, to explain away the “deep(ly) disappoint(ing)� performance of the gentleman. “His seeming reluctance to engage the public regularly through the media, National Assembly and other stakeholder forums where he can draw the attention of Nigerians to the bottlenecks to the attainment of (the targeted) 6,000MW, among other challenges, has served to swell the ranks of critics on his stewardship and ability to deliver. Essentially, his taciturn nature and inability to multitask have boxed Babalola into a tight corner.� (“Sentiments Aside,� THISDAY, 14 December 2009). She would then offer her friend ideas on how to “redeem himself� – “put up a good fight in the

weeks and months ahead‌hound the oil and gas sector with all the resources and arsenal he has at his disposal. Whip up sentiments and galvanise the presidency, legislature, state governments (which are part owners of the NIPP) and the public to get the petroleum sector to meet its end of the bargain.â€? And so on and so forth. With that column and several others, there is no how Miss Nwogwugu can convince any well-meaning right-thinking person that “Behind The Figuresâ€? is an exemplar of an informed commentary. No, it is purely driven by “personal biasâ€? or hatred or prejudice or sentiments or all of the above. Ijeoma Nwogwugwu wasted precious space trying to rewrite the history of the Hon. Minister’s stewardship in Lagos. But this attempt at revisionism is too late in the day because the jury is already out there. Indeed, her antecedents underscore the reason why we would not go into any argument with her on the puerile tirade against the person and performance of Mr

Babatunde Raji Fashola, SAN, the Hon. Minister of Power, Works and Housing, in her column titled, “Fashola the Unabashed Lobbyist� (THISDAY, 8 May 2019); even with many of her inaccuracies and innuendoes. She seems possessed by what we cannot now put a finger on. Or, could she be on a mission to destroy? Just for the records, Miss Nwogwugwu, who is the managing director of Arise News Channel Africa, had about a week to the publication in question, called the minister on phone to invite him to appear on the station for an interview. A tentative appointment had been agreed; then, boom, the bazooka. With hope that she would be able to purge herself of her toxicity, the minister would be glad to sit down to a no-holds-barred interview with her and whoever else she chooses on her team. The ball is in her court now. Bello is Special Adviser Communications to the Hon.Minister of Power,Works and Housing

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EDITORIAL Curbing Flight Delays, Cancellations Passengers need better services from the airlines

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he major challenge in air travel in Nigeria is frequent delay of flights and sometimes, outright cancellation. A passenger on scheduled travel anywhere in the country at a particular time is never sure when the flight will actually take off or if it will take off at all. This disorganises business plans, appointments and other engagements and also gives rise to inconvenience and frustration, as travellers are sometimes left stranded at the airports. This situation, which has gone on for years, cannot be allowed to continue. According to the latest record released by the Consumer Protection Department of the Nigerian Civil Aviation Authority (NCAA), domestic airlines operating in Nigeria recorded 7,926 cases of delayed flights in the first quarter of this year (between January and March 2019) alone. This represents more than 50 per cent of the flights within the period under review. Air Peace, which operated 5,768 flights, topped the delayed flight chart with 3,058 and FAAN SHOULD PROVIDE 66 cancellations, while ADEQUATE NUMBER OF Arik Air followed with SECURITY EQUIPMENT 1,376 delayed flights, AND ADEQUATE NUMBER 32 cancellations out of its 3,001 flight OF PERSONNEL TO operations. Aero EFFECTIVELY MAN THE operated 1,535 flights MACHINES IN ORDER with 951 delayed and TO REDUCE THE DELAY 31 cancelled while CAUSED BY SECURITY Azman Air recorded SCREENING 637 delays and eight cancellations out of the 1,301 flights operated. Also, Dana Air operated 919 flights with 587 delays and 25 cancellations; Overland, 612 flights with 421 delays and six cancellations. The rest are Max Air, which operated 1,416 flights with 810 delays and four cancellations as well as Medview, which operated 183 flights with 112 delayed and nine cancelled. These data confirm that flights hardly take off at scheduled time in Nigeria and more worrisome is that all the aforementioned airlines operated an average

Letters to the Editor

number of four aircraft or less during this period, except Air Peace, which operated about 18 aircraft and recorded about 90 flights a day. Ordinarily, it is expected that airlines with few number of aircraft operate fewer destinations and therefore should record timely flight take-off because they are unencumbered by complex scheduling challenges, which airlines that operate many flights face. But all of the airlines behave in the same manner which suggests a systemic problem.

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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

e understand that some delays are caused by bad weather and the airlines cannot be blamed for this. But most of the time, there is no rational explanation for the delay and cancellations leading to suspicion that they are deliberate, most often to take more passengers. There is also the notorious ‘VIP movement’ which is now all-too-frequent. The authorities must deal with this nuisance. Another cause of delay is poor infrastructure at the airports. Passengers spend unduly long time at security screening points because of inadequate number of X-ray machines, so many passengers queue at security screening points, especially at peak hours. Ideally, it should take no more than 30 seconds to screen a passenger but in Nigeria it can take up to two minutes with the screening officials more interested in extortion than doing their job. This poses a problem for the airlines. For example, Air Peace and Arik Air face a lot of delay processing passengers at the General Aviation Terminal of the Murtala Muhammed International Airport, Lagos because there is only one functional X-ray machine at any point in time and hundreds of passengers destined to different destinations during the morning rush hours must pass through one functional X-ray machine at each of the terminals at the GAT. We urge FAAN to provide adequate number of security equipment and adequate number of personnel to effectively man these machines in order to reduce the delay caused by security screening at the airports. But the authorities must also deal with airlines that deliberately delay flights due to some dubious ‘operational reasons’.

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.

BEFORE THEYOUTHS LOSE INTEREST IN AGRICULTURE

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erusing through the early years of Nigeria’s independence, the connection between youths and agriculture was observed to be strong. Youths were seen as young, vibrant and indispensable national stakeholders whose contribution in economic affairs could foster sustainable development and security. As such, the agricultural sector never undermined their innovative capacity and timely need for their inclusion in latest innovations and practices within the agricultural space. As a matter of fact, their strategic inclusion, coupled with viable agricultural policies and timely implementation, resulted in economic transformation. How? Nigeria became one of the world’s most promising producers of palm oil and groundnuts, and a major producer of cotton and cocoa in the African continent. Agriculture became a major source of employment, employing 70 per cent of the country’s labour force. Amazingly, huge revenues were generated from the constant exportation of cash crops that accounted for 62.2 per cent of the nation’s foreign exchange and 62.4 of Nigeria’s Gross Domestic Product (GDP). It was visible, even to the blind that Nigeria flourished during these good old years as a result of the fortune brought by agriculture and importantly, because of the high level of youths’ inclusion as they were accorded due priority as national pillars and stakeholders. Today, the country is presently battling with food insecurity and massive rate of unemployment because youths no longer hold a stake in the economy. In fact, the degree of disconnection between Nigerian youths and economic policies, including agricultural policies, can be likened to a mobile device without an installed network

provider. Meanwhile, it is also very important to commend all agricultural stakeholders who have made submissions on this worrisome national challenge on different platforms. As some opined, the discovery of oil led to the worrisome decline in the agricultural sector; others shared the perspective that lack of continuity of brilliant agricultural programmes as well as the nation’s undemocratic leadership style impeded our growth within the agricultural space. Well, all of these views are very good part of the reasons we are trapped within the walls of national uncertainties. But it is imperative to say that the crucial reason for our national predicament is the lacuna between youths and contemporary agricultural innovations. How shall we escape? Truth be told, if we must avert the United Nations’ projection of famine in Nigeria by the year 2050 as a result of our increasing national population, then the youths - constituting about 60 per cent of the country’s population and 30 per cent of her workforce, must be productively encouraged to actively participate in agriculture through integration in contemporary agricultural innovations before they completely lose interest. Sincerely speaking, youths are already losing interest in agriculture; because the country’s agricultural landscape is not adopting the global developmental trend in the agricultural sphere. It is needful to say that the best way to entice young people back to farms is through introduction to agricultural technologies such as Soilless farming (hydroponics), cloud computing, block chain, among others, inclusive of digital and technical skills for strategic market penetration. If youths still do not realize agriculture as a noble profession with profitable opportunities for livelihood, it becomes very difficult to combat the challenge of food

insecurity and high rate of unemployment ravaging our national corridors. Meanwhile, there is an urgent need to address and redress this challenge from the grassroots, using a bottom-top approach. Why? From recent survey carried out to buttress this subject of discourse, it was observed that most walls of primary and secondary schools in the country had inscriptions like “I want to be a doctor”, “I want to be an engineer” and none of the inscriptions read “I want to be a farmer”. In fact, in many of the secondary schools visited, science students whose subjects included agriculture were victims of mockery by students in other departments. For me, it is not too late to make it right as a nation. Before our youths completely lose interest in agriculture, we need to do the needful. First, we need to deliberately restore the nobility of agriculture right from primary level across board. Secondly, agricultural curriculum must be reviewed and contemporary agricultural innovations such as block chain, artificial intelligence (AI), soilless farming, precision agriculture, use of drones, among other globallyadopted innovations in the agricultural sphere, should be introduced. Similarly, youths in tertiary institutions should also be taken through practical sessions by professionals in these innovative areas of agriculture, at close time intervals to strengthen their technical know-how. Finally, there should be more synergy between agriculture stakeholders in the industrial sphere, business/finance sector and management of agriculture-inclined tertiary institutions to help educate the youths on how to convert their theoretical and practical experiences into profitable businesses (agribusiness) for self-reliance. Adebisi Matthew, Convener, Agricultural Innovations Movement

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POLITICS

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

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

Scorecard of a Decisive Legislature Shola Oyeyipo writes that members of the 8th National Assembly in the House of Representatives will be remembered for their resolve to be collectively protective

House members supporting passage of a bill

Dogara being led into House for session

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hough the lifespan of the 8th House of Representatives is gradually winding down, history will preserve a unique place for every actor that participated in the 360-member House inaugurated on June 9, 2015 and expected to have run its full cycle in June 2019. The indication that the 8th assembly will stand out in its own class started when, against the wish of some forces in the ruling All Progressives Congress (APC), Hon. Yakubu Dogara representing Bogoro/Dass/Tafawa Balewa Federal Constituency in Bauchi State, emerged Speaker. Though just as presently, the APC leadership had backed Senator Ahmed Lawan and Hon. Femi Gbajabimila for Senate President and Speaker respectively, Dogara defeated Gbajabimila by just eight votes to clinch the position. Dogara polled 182 votes, one vote above the simple majority stipulated by the 1999 Constitution as amended, while Gbajabiamila on the other hand polled 174 votes. Two ballots were voided. After that Dogara was sworn-in by the Clerk, Alhaji Maikasuwa and he assumed office as Speaker of the Nigerian House of Representatives at around 4.45 pm that June 9. Dogara’s election came in a neat and incontestable way. But there was the issue of whether Gbajabiamila should still be made the Majority Leader. Under his (Gbajabiamila’s) arrangement, Hon. Alhassan Ado-Doguwa would have been

the Majority Leader, but after he lost to Dogara, following the party’s intervention, Gbajabiamila was named Majority Leader while Doguwa settled for the Chief Whip. Hence, the legislative year went into full swing. In 2016, Dogara came under fire over issues of budget padding. Groups and individuals demanded his resignation after sacked Chairman of the House of Representatives Committee on Appropriation, Hon.Abdulmumin Jibrin accused him and 12 others of padding the budget. After a closed-door meeting with President Muhammadu Buhari on Friday, August 4, 2016, Dogara told the world that he would not resign over the budget padding allegation. He maintained that budget padding was not an offence under the law. The development led to strained relationship between Dogara and his one-time staunch supporter, Hon Abdulmumin, leading to his eventually sack on the grounds of alleged high handedness and fraudulent acts. That same year, precisely in December 2016, the House commenced the process of reviewing the 1999 Constitution with a retreat by the ad-Hoc Committee on Constitution Review chaired by the Deputy Speaker, Hon. Yussuff Lasun in Abeokuta, Ogun State. At the inauguration of the 8th assembly, Senator President Bukola Saraki and Dogara promised that constitutional amendment would be a key agenda in their tenures, hence 33 amendments

were proposed by the National Assembly, and of all these, the aspect of devolution of power to the 36 states of the federation was perhaps the most fascinating to Nigerians. With a high level of collaboration received from State Assemblies throughout the process, as at the last count, no fewer than 25 out of 36 State Assemblies had voted on the amendments passed by the National Assembly in 2017. While it is not clear that the 8th assembly will receive the constitution review documents, noteworthy is the fact that despite the rigid processes of constitutional amendment in Nigeria, the ‘Not Too Young to Run’ bill fulfilled all conditions prescribed by the constitution for its passage and it became part of the Nigerian law. After the Senate and House of Representatives passed the bill with an overwhelming majority and 33 out of 36 state assemblies adopted the age reduction amendment, President Buhari did the needful on May 31, 2018 when he signed the Not Too Young To Run bill into law, thereby reducing the age for running for the office of the president from 40 to 35 years, House of Representatives from 30 to 25 and State House of Assembly from 30 to 25. Just as in the case of the Not Too Young To Run’ bill, the 8th assembly commenced work on the Electoral Act Amendment bill in 2016. It is a legislation that guides how Nigeria conducts its elections - how the Independent National Electoral Commission (INEC) handles its opera-

tions and how its members of staff go about the business of conducting elections for states and the federal political offices. Though there have been amendments to the act in 2004, 2006 and 2010 by parliament as a way to strengthen and improve conduct of elections, President Buhari declined to assent to the 2018 Electoral Act Amendment Bill on four different occasions returning it to the National Assembly. So the 2019 general election was conducted without a new set of laws. However, the House of Representatives revisited the gray areas identified by President Buhari as reasons for withholding his assent to the Electoral Act Amendment Bill 2018 and amended the clauses to suit the president’s desires. It is, however, unclear whether or not it would eventually see the light of the day in the few days before the end of the 8th assembly. Not many who followed activities of the 8th assembly will forget June 5, 2018 in a hurry. It was the day the joint sitting of the upper and lower chambers of the National Assembly threatened to invoke its powers against the executive arm of government if nothing was done to end the harassment and humiliation of perceived political opponents by the police after about three-hour deliberation. While the two chambers passed a vote of confidence on Saraki and Dogara, parts of the resolution of the lawmakers on that day were that President Buhari must be held accountable

‘The Electorate Suffer from the Feud between the Executive and the Legislature’ Shola Oyeyipo dialogues with Hon. Abubakar Lawal Garba, representing Yola North/South/Girei Federal Constituency,AdamawaState,ontheperformanceoftheoutgoingmembersoftheHouseofRepresentatives The 8th assembly is winding down and people have been talking about the successes and the failures of the assembly, what is your assessment of the 8th assembly? In all honesty my objective assessment of the 8th assembly is that we have come and we are able to make a lot of review of laws and enact some laws. That is as a result of the legislative agenda of Mr. Speaker, Rt Hon. Yakubu Dogara because he has a mission in the sense that he wanted to pursue a legislative agenda and one of his legislative agenda is to ensure that some of the archaic laws are either repealed or amended and we succeeded in working with different MDAs, some private sector players and also civil society organisations. We have passed some laws but they are not yet assented by the executive. By and large we have done our job. In my opinion, it is better to have, even if it is a bad law than not to have at all. If you have a law, if it is bad you can amend, you repeal and you improve on it. Like this Petroleum

Industry Bill (PIB), I feel very sad if that bill is not assented by the executive because I was privileged to be a member of the committee and we have done a lot of work on it. We even segregated the law into four parts, but up till now, we used to have a lot of observations from the executive. Last year, we were in Lagos in a retreat, we agreed to all the executive says just to so that at least we can have the bill and international community or rather, the OPEC will agree to deal with us because if you look at it practically, some of these oil companies have left Nigeria because we don’t have a law in place. Initially, I was made to understand we had about 32 rigs but now what is left is about 50 percent of it, most of them have moved to may be Niger, Ghana and some other oil producing countries, and it is very sad, for a law that, at least, we have been pursuing for almost 17 years. Though it is left for an outsider to assess, but in my opinion, we have done a lot to repeal amendment of laws than any other assembly

and it is my hope that the 9th assembly will, at least, do better than we have done. Another thing that is very sad to me in the 8th assembly is the relationship between the executive and the legislature, which to my mind was not really cordial at all. In a democratic set up, whether we like it or not, the two arms must work together because the primary goal of the executive and the legislature is how to improve and add value to the electorate that gave us the mandate. If we work at cross purpose, it is the electorate that will suffer and I believe they have really suffered, because if you look at the time we normally pass budget, it takes time. I cannot say in totality that it is not our fault. It may be partially our fault but the MDAs and executive have a lot of reasons to be blamed because if you invite them to defend their budget, they don’t come. If they cannot come, that means we cannot perform our constitutional responsibility of passing the budget and it doesn’t mean that when you are a legislator you should sit down

Garba

and rubber-stamp the executive. We need to scrutinize it in the interest of Nigerians. It is tax payers’ money. We have to know what they do with it. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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MONDAY DISCOURSE

Dogara

Yusuf

Gbajabiamila

Jibrin

for the actions of his appointees and that he must ensure a strict adherence to the principle of rule of law, security agencies must be given a marching order to curtail the killings across the country and protect lives of innocent Nigerians. They also insisted that the President and government should show sincerity in the fight against corruption and that the sanctity of the National Assembly must be protected. This was on the heels of the invasion of the National Assembly by hooded men of the Department of State Security. At this point, the no-love-lost relationship between the leadership of the National Assembly and the executive arm of had become very obvious. They were then openly at loggerheads. In Fact, by then Saraki had dumped the ruling APC for opposition Peoples Democratic Party (PDP). It was also obvious then that Dogara who also later decamped to the PDP was only passing time in the APC. There were eventually several defections in the 8th assembly. The APC lost quite a number of its members to the PDP at various points in the life of the 8th assembly. The early morning blockade at the National Assembly gate on August 7, 2018 by the DSS was connected to the protracted face-off between the executive and legislative arms of government. The insinuation was that it was a clandestine

operation targeted at forcibly removing Saraki and Ekweremadu. It was an action that caused a national embarrassment because of its implications on Nigeria’s democratic institution such as the National Assembly. The development led to the sack of former DSS Director-General, Lawal Daura by then acting president, Prof. Yemi Osinbajo, who said what happened was unauthorised, unconstitutional and unacceptable to rule of law. The presidency, the rulingAPC and many of the admirers of President Buhari will not forget the rowdiness that characterised President Buhari’s presentation of the 2019 budget to the joint session of the National Assembly. PDP lawmakers who were obviously set out to embarrass the president booed him and chanted anti-Buhari songs while their APC counterparts hailed him as he spoke on some of the achievements of his government. Bothered by the situation, President Buhari told opposition lawmakers that “the world is watching us and we are supposed to be above this.� The actions of the lawmakers threw the parliament into a rowdy session while the president presented his N8.83 trillion budget for 2019. However rowdy that day plenary seemed, President Buhari eventually presented the budget.

It is higher than the N8.6 initially proposed. Just as their counterparts in the Senate, lawmakers in the House of Representatives appropriated N8, 916, 964, 099, 373 (Eight trillion, nine hundred and sixteen billion, nine hundred and sixty-four million, ninety nine thousand, three hundred and seventy-three naira) for the 2019 budget. Buhari’s initial budget had been jerked up by N90 billion from N8.83 trillion to N8.91 trillion. The document is presently with the presidency which said it is studying it. The story of the 8th assembly will be incomplete without a mention of the numerous industrial actions by members of staff of the National Assembly under the umbrella of the Parliamentary Staff Association of Nigeria (PASAN). They embarked on protests and strike actions demanding for the backlog of their salaries. At the peak of their protest, the workers stayed away from duty on December 19 when the president visited the National Assembly to present the 2019 budget, an action capable of disrupting the process if not well-managed by the management of the National Assembly. Four lawmakers died within the period under review. First, member representing Mashi/ Dutsi federal constituency, Katsina State, Hon. Sani Bello died at the age of 48 on Wednesday, February 15, 2017 at the Aminu Kano Teaching

Hospital, Kano after a protracted illness. A female lawmaker Irepodun Isin/ Ekiti / Oke Ero federal constituency, Kwara State, Hon. Funke Adedoyin, also died on Friday, September 28, 2018 at the age of 54. The former Minister of Health and daughter of famous Nigerian industrialist, Chief SamuelAdedoyin had battled cancer some few years before her death. Later on December 30, 2018, member representing Ibeju-Lekki Federal Constituency, Lagos State, Hon. Abayomi Ayeola, was also reported dead. He breathed his last that Sunday at St. Nicholas Hospital, Lagos, after battling an undisclosed ailment. The lawmaker representing Lagelu /Akinyele federal constituency, Hon. Temitope Olatoye aka Sugar was neither sick nor involved in an accident, he was shot dead on Election Day on March 9. He was pronounced dead at the University College Hospital (UCH), Ibadan. Again, on Mar 28, 2019, a former Speaker, Kebbi State House of Assembly and member representing Yauri/Shanga/Ngaski federal constituency, Kebbi State, Hon. Muhmmad Dantani, better known as, Yellow died. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

‘This Parliament is Very Proactive’ Shola Oyeyipo holds a conversation with the Chairman, House of Representatives Committee on Public Procurement Committee, Hon. Wole Oke who represents Obokun/Oriade Federal Constituency, Osun State In your view, what do consider the greatest achievement of the 8th assembly? The greatest achievement of the 8th assembly is that it is focused and operated on a planned series of activities. This parliament came with a legislative agenda, which was conceived and authored by Mr. Speaker, Hon. Yakubu Dogara. He presented it to the entire house. We went through it. We researched it. We discussed it. We debated it and we adopted it. It became the Bible and Quran that guided the 8th assembly. What would you regard as the greatest legislative achievement of this 8th assembly? We achieved so much. Let me start with the last leg; look at the minimum wage amendment. Look at the Electoral Act that we

QUICK FACTS: r/JHFSJB T GFEFSBM MFHJTMBUJWF CPEZ UIF National Assembly, consists of two houses; the House of Representatives and the Senate. All members of the National Assembly are elected directly every four years. r5IF )PVTF PG 3FQSFTFOUBUJWFT DPNQSJTFT 360 members, while the Senate has 109 senators drawn from the 36 states of the federation and the Federal Capital Territory. r7BSJPVT FMFDUFE BOE VOFMFDUFE PGà DFST are instrumental to the functioning of the National Assembly. Key members of the National Assembly leadership include the Majority Leader, the Minority Leader, the Chief Whip, and the Minority Whip. Among the unelected officers of the National Assembly are the Clerk and the Sergeant-at-Arms. r"MTP DSVDJBM UP UIF QSPQFS GVODUJPOJOH of the body are the various committees. While the Nigerian Constitution requires each house of the National Assembly to form two committees—a joint committee on finance and a public accounts committee—it

sponsored. Look at the constitutional amendments that we made. Look at the age matter we are discussing about employment. Look at the discrimination between HND/BSc holders that we are trying to eradicate. Look at the review of the procurement act, which is before the executive but the executive is working with executive orders. We achieved so much. This is also a parliament that is very proactive. We take petitions from members of the public. We take petitions from every constituency. Mr. Speaker is aware of any development; he receives security reports. When there is an issue in your constituency, he draws your attention to it. We are very proactive. How do you evaluate the relationship between the executive and the legislature? In terms of relationship with the executive, permits each body to form as many other committees as it deems fit. The National Assembly may establish various forms of committees: special committees, standing committees, ad hoc committees, and committees of the whole r)PO :BLVCV %PHBSB FNFSHFE BT UIF Speaker of the Nigerian House of Representatives by a difference of 8 votes having polled 182 votes with 1 vote above the simple majority stipulated by the 1999 Constitution as amended, against Honourable Femi Gbajabiamila who polled 174 votes. His victory was against the wish of some forces in the ruling All Progressives Congress (APC) r0O +BOVBSZ %PHBSB PGĂ DJBMMZ BOnounced that he returned to the PDP because the party has rebranded r*O %PHBSB DBNF VOEFS Ă SF PWFS issues of budget padding. Groups and individuals demanded his resignation after sacked Chairman of the House of Representatives Committee on Appropriation, Hon. Abdulmumin Jibrin accused him and 12 others of padding the budget r0O +VOF B KPJOU TJUUJOH PG UIF upper and lower chambers of the National

we gave our utmost support to the executive. You bring budget at odd hours and we take it. We still consider it and pass it. On our own, we supported the executive, but there isn’t enough synergy between the executive and the parliament. On the side of the executive, in my own view, they were not ready to really work with the parliament. But let me say this, the parliament was actually weak in this country. The parliament ought to put aside the sentiments and work strictly in line with the provisions of the law.

Oke

What is you advise to the next assembly? My advise to the next assembly is to position the right persons in the right place. We should put in place a competent person, who has

capacity, who understands the rules, who understands the provisions of the constitution, who reads and comprehends what he or she is reading. We need leadership that has capacity.

Assembly threatened to invoke its powers against the executive arm of government if nothing was done to end the harassment and humiliation of perceived political opponents by the police r5IFSF XBT B OP MPWF MPTU SFMBUJPOTIJQ between the leadership of the National Assembly and the executive arm. They were openly at loggerheads r5IFSF XFSF TFWFSBM EFGFDUJPOT JO UIF UI assembly. The APC lost quite a number of its members to the PDP at various point in the life of the 8th assembly r0O UIF NPSOJOH PG "VHVTU UIFSF was a blockade of the National Assembly by the DSS. This was connected to the protracted face-off between the executive and legislative arms of government. The insinuation was that it was a clandestine operation targeted at forcibly removing Saraki and Ekweremadu r1SFTFOUBUJPO PG UIF CVEHFU CZ President Muhammadu Buhari to the joint session of the National Assembly was characterized by rowdiness. PDP lawmakers who were obviously set to embarrass the president booed him and chanted anti-Buhari songs, while their APC counterparts hailed

him as he spoke on some of the achievements of his government r5IF UI BTTFNCMZ SFDPSEFE OVNFSPVT industrial actions by members of staff of the National Assembly under the umbrella of the Parliamentary Staff Association of Nigeria (PASAN), demanding payment of backlog of their salaries r'PVS NFNCFST PG UIF )PVTF PG 3FQSFsentatives in the 8th assembly died. They include; Hon. Sani Bello representing Mashi/ Dutsi Federal Constituency, Katsina State. A female lawmaker Irepodun Isin/ Ekiti /Oke Ero federal constituency, Kwara State, Hon. Funke Adedoyin, also died. On December 30, 2018, member representing Ibeju-Lekki Federal Constituency, Lagos State, Hon. Abayomi Ayeola, was also reported dead. The lawmaker representing Lagelu / Akinyele Federal Constituency, Hon. Temitope Olatoye, better known as Sugar was shot dead on Election Day on March 9. On Mar 28, 2019, a former Speaker, Kebbi State House of Assembly and member representing Yauri/ Shanga/Ngaski Federal Constituency, Kebbi State, Hon. Muhmmad Dantani, better known as, Yellow died

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FEATURES

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

New Lease of Life for Edo Pensioners

Rebecca Ejifoma writes that for pensioners in Edo State, it’s a new lease of life as the government has not just systematically cleared backlog of pension arrears that piled up in the past two decades, but has gone a step further to create an efficient management process to prevent pilling up arrears in the future

Edo State Governor, Mr. Godwin Obaseki, observing the pensioners dressed in white during a march-past at a rally to mark the 2019 May Day celebration, in Benin City, Edo State capital

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n May 1, 2019, workers in Edo State marched out to mark the 2019 Workers Day at the University of Benin Sports Complex, filling the complex at the ivory tower with bright colours and laughter. The mood was jubilant, workers were unmistakably elated to have another Day dedicated to their sweat and turmoil for God and country. But one of the most striking displays that day was the dress code of pensioners at the event. The aged pensioners were robed in white, shining brightly as angels. Their apparel showed their mood, as they smiled and exchanged banters. The bright faces by the pensioners is a reflection of the far-reaching reforms of the Governor Godwin Obaseki-led government in Edo State, through which the government has systematically cleared backlog of pension arrears that piled up in the past two decades. The governor divided the pensioners into batches and ensured that the backlog was cleared methodologically after due confirmation. Those in active service have been migrated to the Contributory Pension Scheme and are entitled to Group Life Insurance, ensuring that their families do not suffer in the event of their demise. Also, N200 million is set aside every month to defray the pension arrears, a trend the Obaseki-led government has

When this government came into power, I promised that we will not leave the pension scheme the way we met it. Those who do not believe that our government is working will now know that we mean well for our people and those who served the state

Pensioners at the rally sustained ever since. This is cast against the backdrop of what obtained in the past when pensioners wore long, forlorn faces, draped in black and cried unconsolably about their bitter experience with successive governments, when they celebrated Workers’ Day. In those days, weeping pensioners were regular visitors to the Kings Square where they congregated in protest of unpaid pension. But all these are in the past, as pensioners in Edo State portrayed on May 1. Not only do recent retirees get their pension as and when due, those who have retired long ago are now assured of their arrears, as the government has paid up to the 50th batch, a testament to the sincerity of the government’s commitment to their welfare. Speaking at the parade in UNIBEN, State Chairman of Nigeria Union of Pensioners, Mr. Egbon Osamwonyi said all the promises made by the governor concerning pension payments have been fulfilled. He said they wore white cloths to the May Day rally to thank Governor

Obaseki and tell the world they are now happy. He said: “Our issues are being looked into. Many of our members have been paid and others have been captured. The governor is living up to his promise. He has done what many others could not do.� On his part, Chairman of the Edo State Chapter of the Nigeria Labour Congress (NLC), Comrade Sunday Osayande, commended the governor for seeing to the welfare of the workers and retirees, also making reference to the white robe worn by pensioners. According to him, “we also commend Obaseki for the infrastructural development in the state especially on the construction of roads across the state. Thank you for the prompt payment of workers’ salaries, payment of pension arrears, as pensioners are smiling today. Before, they wore black to this commemoration, but today they are on white, showing that the governor has made them happy. “We commend our governor for creating the atmosphere in the state for investors

to contribute to our development as jobs have been created in the state under the Obaseki-led administration� New Regime Obaseki kickstarted the turnaround with the inauguration in December 2017 of the Ad-Hoc Committee on Pension Management chaired by Mr Saylor Juwobor, to supervise modalities for clearing pension arrears accumulated from 1996 to 2000 and thereafter, and also ensure migration of public servants to the Contributory Pension Scheme. At the inauguration, Obaseki reiterated his commitment to clearing the arrears, noting, “we cannot solve all the problems of pensioners in one day. This problem accumulated for a long time. As a government, we are committed to resolving all pension-related problems�. He assured civil servants that pension payment will not be delayed when they retire, urging them they ensure to start documentation for pensions six months to their retirement. He said the setting up of the commit-

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FEATURES tee is in accordance with the provisions contained in section 17 sub-section 3 of the Pension Act, adding “the committee is meant to supervise and ensure effective administration of the contributory pension scheme in the public service. “Edo State Government employees who have more than five years to retirement have joined the contributory pension scheme. The fund for the payment of their pension is in a special account usually with their pension fund administrators. We have also appointed pension fund administrators and custodians who will hold those funds.� Pension Arrears Process The state government makes monthly allocations to clear pension arrears of retirees. During the monthly Joint Account Allocation Committee (JAAC) meeting, local government chairmen also set aside sums to clear pension arrears owed their retirees. Commissioner for Local Government and Community Affairs, Hon. Jimoh Ijegbai, speaking after the governor approved N843m for settling pension payment early this year, said that the state government has paid almost N5.5bn to pensioners between 2018 and 2019. According to him, “this recent approval of N843, 324, 509.46 is a further demonstration of the commitment of the Obaseki-led administration in Edo State to ensure that all arrears of pension are cleared. In 2018, on a monthly basis, we were using N264 million to pay pensioners and at the close of December, we paid pensioners to the tune of N3.168billion. If you add this to the N1.5 billion that we paid in June last year and this recent approval of N843, 324, 509.46 that we are paying today, it will bring the total amount used in paying pensioners for one year to N5, 511,324, 509.46.� In Edo, pensioners often look forward to the announcement of new batches of pensioners up for payment. The State Pension Bureau announces the commencement of physical and documentary verification for payment of pensioners of a new batch twice every three months, the last batches so far paid being 48, 49 and 50. Permanent Secretary and Chairman, Pension Bureau, Mr. Saylor Juwobor, call on pensioners to present themselves for physical and documentary verification at the Imaguero Hall, Benin City, at a stipulated date and time. Previous batches who fail to participate in preceding verification exercises are urged to partake in newly scheduled screenings to ensure no one is left out. Affected pensioners come to the venue of the verification exercise with their “Pension Authority; Retirement Letter; Letter of First Appointment; Pension I.D. Card; Biometric Slip; and Bank details including bank name and Account Number�. Upon conclusion of the verification exercise, the outstanding pension arrears of those screened are credited into the pension account of each pensioner after necessary documentation by relevant agencies involved in the payment process. Contributory Pension Scheme The Contributory Pension Scheme has taken full effect in Edo State, creating an efficient pension management regime which provides adequate welfare for retired workers and ensures the state doesn’t run the risk of pilling up pension arrears

The state government has made impressive progress in pension reforms among its peers in the country, for which it ranks highly in the books of the National Pension Commission

Edo State Governor, Mr. Godwin Obaseki observing members of the state chapter of the Nigeria Labour Congress (NLC) at the May Day rally

Some of the pensioners

The governor waving at the pensioners in future. The state government has made impressive progress in pension reforms among its peers in the country, for which it ranks highly in the books of the National Pension Commission (NPC). One of the features of the pension reforms in the state is the Group Life Insurance Scheme, which ensures that deceased workers’ families are taken care of with a lump sum payment for their upkeep. Over N28 million has been disbursed by the state government to families of deceased workers in the state’s civil service, restoring faith and hope in the state government as an upright, humane

employer of labour. Presenting cheques to some of the families of deceased workers in the state, in July last year, at the Government House, in Benin City, Governor Obaseki, said the presentation of cheques to the next of kin to deceased civil servants with the State Civil Service Commission is history being recorded during his administration. “When this government came into power, I promised that we will not leave the pension scheme the way we met it. When we came into office, we assured Edo people that all issues relating to pension are going to be resolved. Those who do not believe that our government is working will now know that we mean

well for our people and those who served the state,� the governor said. Explaining how the amount paid to the families are arrived at, the State Head of Service (HoS), Mr. Isaac Ehiozuwa said the Contributory Pension Scheme provides that 300 per cent of the deceased’s salary be paid to his or her family, adding, “today, we have eight beneficiaries to receive cheques and this is the third time we are doing this�. One of the beneficiaries, Mr. Peter Monday, expressed appreciation to the state government for doing the needful, noting, “we thank the state government for responding within six months after we lost our loved ones�.

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T H I S D AY ˞ ˜ Ͱ͎˜ 2019

BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

A S

A T M A Y 1 0 ,

REPO 10 % 9.14%

CALL 1-MONTH 3-MONTH

8.50% 10.63 % 11.75%

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

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

2 0 1 9 S & P INDEX 1/4 TO DATE

387.93% 0.04% 0.32%

YEAR TO DATE

0.35% 8.67%

EXCHANGE RATE N307/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes DBN Boss Becomes CIBN Fellow

STRATEGY SESSION

R-L: Chairman of the Board, H.Pierson Associates Limited, Dr. Larry Osa-Afiana; Director, Dr. (Mrs) Cathy Clardy; ExecutiveVice Chairman, Mrs. Eileen Shaiyen and Director, George Etomi, during a board meeting and commencement of its 29th year anniversary, held in Lagos...recently

The Managing Director of the Development Bank of Nigeria, Mr. Tony Okpanachi, has become a fellow of the Chartered Institute of Bankers of Nigeria(CIBN).TheeventwasheldinLagosattheweekend.Okpanachiwas given this honorary fellowship awards alongside other ďŹ ve distinguished bankers in recognition of their contributions to the Banking Industry and the nation’s economy. The award was the ďŹ rst ever extraordinary Investiture of the Institute held outside the regular CIBN Investiture series. A seasoned banker of over 29 years’ experience, Okpanachi was appointed the pioneer Managing Director/CEO of Development Bank of Nigeria Plc (DBN) in January 2017. Before his appointment as MD/ CEO of DBN, he was the Deputy Managing Director of Ecobank Nigeria. Prior to that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda,Tanzania, Burundi, Rwanda, South Sudan and Ethiopia). He was also at various times ManagingDirectorofEcobankMalawiandRegionalCoordinatorforLagos and South West of Ecobank Nigeria. Commenting on the recognition, Okpanachi said, “I am delighted to be recognised by the professional association that I have been a member of for close to three decades now.To me, this award is a call for more commitment to both the banking profession and the Nigerian economy at large.â€? The event was graced by dignitaries such as the former Head of State, General Yakubu Gowon who was the Chairman of the occasion and the Founder and Chairman, Dangote Group of Companies, Alhaji Aluko Dangote who was the Special Guest of Honour. Other guests include Management of Banks and other ďŹ nancialinstitutions,RegulatoryAgencies,CaptainsofIndustry,Diplomats, Government Functionaries and Other Stakeholders.

EY Holds Forum on NOGICD Act

FGtoDemolish,RebuildMMIA TerminalforN14bn Chinedu Eze The federal government at the weekend disclosed plan to demolish the international terminal of the Murtala Murhammed Airport (MMIA), Lagos, and rebuild it at the cost of N14 billion. The Minister of State, Aviation, Senator Hadi Sirika, who made this known during a meeting with stakeholders in Lagos, said when the new terminal that is almost completed comes on stream before the end of the year, the old terminal would be demolished. Sirika, said the airport which was inaugurated in 1999 for 200, 000 passenger capacity now

AVIATION processes about eight million passengers, noting that the facility has been overstretched. This, he said was one of the reasons why it was becoming continuously uncomfortable for passenger facilitation. The minister said major construction company, Julius Berger, had been contacted to carry our feasibility studies and projected the cost of rebuilding the terminal to be at N14 billion. “The Lagos airport was built to handle N200, 000 people but today Lagos airport is handling eight million people. So it must collapse. Julius Berger will help give it the new look it requires.

“The airport generates most of the income, so it is only right we give it facelift it requires,� Sirika added. The minister assured that the new Lagos airport terminal would be completed by the end of this year, and some of the operations at the old terminal could be moved to the new airport. He clarified, however, that it was only after the new terminal is completed that the old one would be brought down for the commencement of rehabilitation work. On his achievements in the industry, Sirika disclosed that out of 157 aviation projects the administration set out to achieve, it had completed about 130 of

such projects, noting that the federal government was judiciously following the aviation roadmap. The minister also reiterated that the national carrier project, the leasing company project and the maintenance, repair and overhaul (MRO) programmes were still on, adding that they would be continued in the second term of the Buhari administration. He said the aviation industry has increased its contribution to the nation’s Gross Domestic Product to $900 billion, but regretted that currently the country does not have strong airlines. According to him, the President Buhari-led administration would Continued on page 24

Food, Beverages Operators Call for Favourable Govt Policies Hamid Ayodeji Operators in the food and beverage industry, under the auspices of the Association of Food, Beverage and Tobacco Employers (AFBTE) have stressed the need for the federal government to enact and enforce favourable policies that would encourage manufacturers in the country. The President of the Group and Managing Director, Intercontinental Distillers Limited, Patrick Anegbe, said this in Lagos, during the association’s 49th Annual General Meeting. He pointed out that multiplicity of taxes and logistics cost was affecting Ease of Doing business in the country. According to him the association would continue to engage, interact and collaborate with various government agencies that regulate the industry. This he said, would go a long

ECONOMY way to ensure the industry and member-companies understand their expectations, policies and thinking. Anegbe, explained that the government in most cases through its ministries and agencies introduced some policy measures which affected Ease of doing Business in the country negatively, while some state legislation and regulations threatened the existence of firms in the industry. He added, “The government now more than ever should enact, implement and enforce policies as well as regulations aimed at encouraging manufacturers and the issues of multiple taxes and cross functional activities of the agencies needs to be addressed as these affects the players in the industry.

“Some state legislations and regulation were of concern in the year. These included Lagos state government’s increase in Land Use Charge, Ogun and Lagos state Water Abstraction charges and multiple tax imposition, among others, and the result is that some members carried-out redundancy exercises while some increased third party provided resources.� He also explained that the second tranche of the 2017 signed collective agreement on salaries/wages, allowance/fringe benefits for junior and senior employee in the industry, was implemented in October and December respectively. Anegbe added, ‘‘Our industry’s extant collective agreements on salaries/wages, allowance/fringe benefits with National Union of Food, Beverage and Tobacco Employees(NUFBTE) and Food, Beverage and Tobacco Senior Staff

Association(FOBTOB) will be due for renewal this year.� Meanwhile, the Guest Speaker, Managing Director/ CEO, Financial Derivatives Company Limited, Mr. Bismarck Rewane, in his speech said despite Nigeria existing recession, food inflation has been the key driver of inflation. He continued, as he highlighted some of the factors that could affect disposable and discretionary income in 2019, to include subsidy, exchange rate, oil prices and telecommunication, while reiterating that cost of Logistics and low investment in road has effect in the overall delivery of goods in the country. The CEO, Financial Derivatives Company Limited, also urged the operators to advocate for effective management of financial system and laws that promote Continued on page 24

Ernst & Young (EY) Nigeria is poised to seek urgent panacea to many challenges faced by players in the oil & gas space while complying with the Nigerian Content requirements as contained in the Nigerian Oil & Gas Industry Content Development (NOGICD) Act. To this end, the professional services ďŹ rm is organising a roundtable breakfast session in Lagos this Thursday. The event, tagged “The challenges of complying with the Nigerian Content requirement and suggested solutions,â€? would bring together industry experts and stakeholders as a veritable platform for robust discussions on the compliance requirements of NOGICD Act with suggestions on strategies towards achieving full compliance by relevant companies. Speaking on the rationale behind the Roundtable session, Temitope Samagbeyi, Partner and Head, Business Tax Services and Oil & Gas Sector leader (EY), said the event would be to complement the eorts of the NCDMB in expounding on the relevant sections of NOGICD Act as it pertains to the oil and gas sector of the Nigerian economy. In his view, the NCDMB has made decent improvement in the Nigerian content within the Oil & Gas sector. In 2018, the NCDMB rolled out a 10-year strategic roadmap, which was designed to grow the aggregate Nigerian content in the sector to about 70% (this is about 26% in 2018) by Q4 2027; generate 300,000 jobs within the sector and retain $14 billion (this is $5 billion as at 2018) in-country from the sector’s annual spend.

Madagascar Seeks Afreximbank’s Support

President Andry Rajoelina of Madagascar has urged the African Export-Import Bank (Afreximbank) to partner with the government in its eort to make the country the “window into a modern Africaâ€?. Speaking in Antananarivo recently, when he received an Afreximbank delegation led by Prof. Benedict Oramah, President of the Bank, Rajoelina saidthegovernmenthadputinplacean“InitiativeforEmergingMadagascarâ€? which articulates its plans to turn the country into a modern industrial nation. That document had been endorsed by key internal and external stakeholders as necessary for the country’s development, he stated. It captured the government’s vision to become a model for the African continent and was a reection of the wind of change that was blowing across Africa. “Our objective is to industrialise Madagascar,â€? he said, as he identiďŹ ed energy, tourism and hospitality, agriculture, social housing, education, healthcare and infrastructure development as the priority areas where Afreximbank’s support was required. Rajoelina noted that energy costs in Madagascar were among the highest in Africa and said that the government’s objective was to produce energy at aordable costs and to double or triple production capacity from the current 400 megawatts, focusing on renewable sources.

“In this sector, one area of difference between our privatisation model and what I know of the European models is that the assets were privatised as on-going and functional undertakings requiring only private sector managerial models to optimise commercial value. In our case the assets sold were not viable on-going concerns, they were in many cases ageing, de-rated and the service was disappointing�

Minister of Power, Works and Housing,

Mr. Babatunde Fashola

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BUSINESSWORLD FG TO DEMOLISH, REBUILD MMIA TERMINAL FOR N14BN support any domestic carrier that wants to build up its capacity and stressed the need for a national carrier, as the answer to the current limited capacity of the airlines. He said many countries interested in developing air transport industry in Africa establish national airlines to help realise their aviation industry goals. The minster remarked that there was increase in passenger traffic to over 18 million in 2018, and said that indications showed that it would continue to rise as more Nigerians are used to travelling. “Nigeria is where the market is and all these airlines that come here and targeting the market in Nigeria so we have to develop capacity in order to compete and benefit from our huge travel market,� he said.

FOOD, BEVERAGES OPERATORS CALL FOR FAVOURABLE GOVT POLICIES ease of doing business in the country considering the rate of unemployment in the country, which according to him affects sales. After monthly consecutive drop since January, the Consumer Price Index (CPI), which measures inflation recently rose to 11.37 per cent year-on-year in April, compared to 11.25 per cent in March, according to the National Bureau of Statistics (NBS). Inflation had resumed its descent in January when it dropped to 11.37 per cent from 11.44 per cent in December in 2018. The headline index further reduced to 11.31 per cent in February and 11.25 per cent in March before resorting to the upward trajectory in April. According to the latest report by NBS, food inflation stood at 13.70 per cent in April from 13.45 per cent in the preceding month. The CPI figures for April released by the NBS showed that core inflation stood at 9.30 per cent in the month under review compared to 9.50 per cent in March. The report indicated that the 0.12 per cent increase in inflation was as a result of increases recorded in all the key parameters, which determine the headline index for the month under review.

NEWS

‘Banks, Fintechs’Collaboration Key to DigitalTransformation’ Emma Okonji Experts that spoke at the African Fintech Foundry Disrupt Conference 2019, an initiative of Access Bank, have stressed the need for collaboration between the banks and the financial technology (fintechs) in order to effectively drive digital transformation in the financial sector of the Nigerian economy. The Executive Director, IT and Operations, Access Bank, Mr. Ade Bajomo, in his opening remarks at the conference, which held recently in Lagos, said 82 per cent of financial services companies needed to collaborate with fintechs, if they must survive and participate in the planned all-inclusive tech economy of the future, where Africans would be solving Africa challenges. “The future is digital and we must embrace it through collaboration with FinTech players to achieve the digital transformation dream of Nigeria and Africa at large,� Bajomo said. The Chief Executive Officer, Access Bank Nigeria, Mr. Herbert Wigwe, in his presentation on, ‘The Future of the Intelligent Bank,’ said: “Banks have evolved over the years, with growing customer population, which calls for the adoption of digital solutions from fintech players to address the growing needs of customers, which will also help in achieving the digital transformation drive of the country.� He pointed out that 20 years ago, the banks were struggling to sell debit cards to their customers, adding that cards were gradually

being phased out with technology evolution and replaced with online transactions, using the mobile phones and other mobile devices that allow customers to transact while on the go. Wigwe, said Artificial Intelligence (AI) remained an essential tool for banks to remain competitive, and called on banks and the fintech players to leverage AI technology to achieve full digital transformation. Speaking to the theme of the conference, ‘Digital Gold Rush: Building a Sustainable Tech-Economy’’, Wigwe said: ‘’Leveraging such technology as

Artificial Intelligence and utilising data analytics is imperative if banks and fintechs are to remain competitive. Today, becoming an intelligent bank is not an option, it is a necessity, as technology is redefining the way banks operate.� He said AI, big data, cloud computing, virtual reality, robotics, cryptocurrency, have all brought enormous opportunities for banks to significantly improve the way customers access and manage finances. According to him, with automation technology, banks and fintechs would be able to

grant credit in seconds, adding that a manual review of 12,000 documents used to take 360,000 hours, but that today, this could be done in seconds using AI. Wigwe said blockchain could be used to execute smart contracts, eliminating manual costs of transactions. He said robotics technology would be used to serve customers in banks, adding that there is so much that can be done with data, as big data analytics can help an intelligent bank to understand its customers better. The Head, Africa FinTech Foundry (AFF), Mr. Segun

Adeniyi, said the evolution of technology and the Fourth Industrial Revolution were about opportunities that would drive financial services. He, therefore called on banks and the fintechs to use the power of technology to harness the opportunities that avail in Africa. According to Adeniyi. ‘’We aim to help innovators harness the power of their innovations, give them platforms to test and go to market. We provide them with unparalleled access to global financial, technology, business and investor partner

KNOWLEDGE SHARING SESSION

L- R: Executive Secretary, Knowledge Exchange Centre, Maria Glover; Special Guest, Innocent Chukwuma; Permanent Secretary, Ministry of Wealth Creation, Ganiat Raji, and National Coordinator, SWAT Leadership Academy, Emmanuel Emeh, at the knowledge exchange career workshop held in Lagos‌recently SUNDAY ADIGUN

NIMN Restates Commitment to Economic Growth Raheem Akingbolu The National Institute Marketing of Nigeria (NIMN) has expressed its readiness to contribute to the growth of the nation’s economy, by partnering with the federal government to achieve its set economic goals for the country. The President/Council Chairman of the National Institute of Marketing of Nigeria, Tony Agenmonmen stated this, in his address at the institute’s Annual General Meeting, held recently, in Port Harcourt, the Rivers State capital. Agenmonmen, who admitted that though the nation’s economic environment had

been challenging for members of the institute, with many members struggling to pay their subscriptions, however expressed the hope that the recent re-election of President Muhammadu Buhari might be the needed elixir for the nation’s economy to make a rebound. The NIMN boss expressed the determination of the institute to take advantage of all opportunities, available from government policies, to give marketing practice a pride of place in the country. On the progress made by the institute in the last one year, Agenmonmen, stated that the Council, under him , had been able to, “engage and interact

with government at various occasions and all levels, with the aim of raising the profile of the institute in government quarters. “Our inherited debt profile remains high. We have made concerted efforts to drive it down gradually. However, our strategy remains to rebuild the institute to be strong enough to be able to pay these unfortunate debts. “We therefore appeal to you our creditors, including some retired employees and corporate organisations, to bear with us as we work hard on the balancing act of keeping the institute strong and drawing down the debts,� he stated.

Agenmonmen, also disclosed that the institute had, in the past few years, been able to develop a completely new database management system, capable of meeting members’ needs. Meanwhile, the nation’s marketing practitioners have been urged to package agriculture and make it attractive as the nation’s creative industry. Making the charge, in his Keynote Address at the event, the Chairman, Editorial Board and former presidential spokesperson, Mr. Olusegun Adeniyi, argued that the need to make the nation’s agriculture sector had become imperative since it remains the biggest non-oil sector window to grow the

nation’s economy. Adeniyi, in his address, titled, ‘Marketing Nigeria’s Non-oil Sector for Sustainable Growth and Development,’ observed that despite the nation’s entertainment sector being touted as the largest employer of labour, it does not have a growth potential that can match that of agriculture, if the sector is well-harnessed. “For instance, between 2017 and 2018, the value of exports in the cocoa sector increased by 33 percent to US$17.5milion, annually, while within the same period, the value of exports of oil seeds (sesame) increased by 52 per cent to US$274.5million,� he added.

Group Business Editor

Obinna Chima

Delta Community Seeks FG’s Intervention in Dispute with Chevron

Capital Market Editor

Sylvester Idowu in Warri

AgriBusiness/Industry Editor

Indigenes of Ugborodo Community in Warri South-west Local Government Area, have called on the federal government to intervene in their ongoing face-off with Chevron Nigeria Limited (CNL) to avert a looming crisis, insisting that their demands are beyond Delta State Government. The people of the oil rich Itsekiri community had laid siege on the Chevron tank farm since May 5, thereby threatening the operations of the company. Chairman of Ugborodo Com-

Goddy Egene Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

munity Management Committee (UCMC) Mr. Austin Oboroegbeyi, explained that their decision to sustain the protest against Chevron, despite the intervention of Delta State Governor, Dr. Ifeanyi Okowa, was because, “CNL and other IOCs didn’t abide by agreements entered into with them previously, hence we want the relevant federal government agencies in the oil and gas sector to be involved, in order for any agreement to be reached that will be binding on both parties.� According to him, Ugborodo

demands that require immediate attention included employment of their indigenes; award of more contracts; supply/review of maintenance project; provision of portable drinking water; provision of standby electricity; increase in scholarship slots / better funding as well as road map to other social amenities. He also called for the removal of NNPC/NAPIMS bottleneck in order for Ugborodo Indigenes to be awarded capital intensive contracts; engagement in the ongoing EGTL Turnaround Maintenance Projects; supply

of logistics, which CNL uses to operate in their facilities and shore line protection of Ugborodo Community. The UCMC Chairman, described the establishment of Itsekiri Regional Development Committee (IRDC) as, “a fraud used to deceive Ugborodo people by CNL, because CNL don’t fund it adequately.� According to him, IRDC gets N400 million yearly, which when shared between the 23 Itsekiri communities, amounts to less than N3.6million annually to each of the community.

Secretary of Ugborodo Community Management Committee, Dr. Ayo Ayomike said CNL exploration activities had adversely affected Ugborodo Community resulting in Ocean Surge, which he said had wiped away large section of their land. Ayomike, said the people of Ugborodo would prefer a separate Memorandum of Understanding, (MoU) with Chevron, as against the existing Global Memorandum of Understanding (GMoU) which presently covers 23 Itsekiri Oil and Gas bearing communities.

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Equities Market Halts Bearish Trend Goddy Egene Temporary relief came to the Nigerian stock market last week following the listing of MTN Nigeria Communications Plc. Trading in the shares of MTN in two days reversed Nigeria’s equities market fortune to the positive territory. The high demand for the stock after its listing without commensurate supply led to a jump of 21 per cent in its price from N90 to N108.90. The gain by the telecoms giant effectively wiped off losses from the prior sessions. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.08 per cent to close at 28,871.93 points. Market capitalisation added N1.9 trillion to close higher at N12.7 trillion. But investors on the NSE and stakeholders waiting to purchase the shares of MTN Nigeria Communications Plc through an initial public offering (IPO) may do so at a very high premium whenever the telco decides to float the IPO. This is because of the free float accommodation MTN Nigeria was granted by the capital market regulators to pave the way for its listing, even as MTN exercised its option on preference shares worth N145 billion a day after the listing and went ahead to borrow a further N200 billion from Nigerian banks, to pay off the preference shareholders at the listing price of N90 per share, a source revealed. However, analysts at Cordros Capital Limited said since the gain recorded was not broad based, they advised investors to still maintain cautious trading. “Clearly, the gain was not broadbased, at such we reiterate our cautious trading pattern. Meanwhile, we believe that the blend of positive macroeconomic fundamentals and compelling valuations still supports a near term recovery,� they said. A further review of the trading pattern last week, showed that the market was bearish for three days prior to the listing of MTN. For instance, the market opened with a decline of 1.26 per cent on Monday on the back of losses in Nestle Nigeria Plc and Guaranty Trust Bank Plc. The market witnessed further decline of 0.22 per cent on Tuesday and 0.48 per cent on Wednesday. However, the bearish run reversed on Thursday and Friday following the listing of MTN on the Nigerian Stock Exchange increasing the ASI by 0.53 per cent and 1.53 per cent respectively. Across sectors, performance was negative as all indices tracked trended southwards led by the NSE The Banking Index led with a decline of 4.3 per cent. The Consumer Goods Index trailed, shedding 4.1 per cent, while the NSE Insurance Index shed 3.3 per cent. Similarly, the NSE Industrial Goods and NSE Oil & Gas Index dipped by 2.8 per cent and 2.3 per cent in that order. Nevertheless, the listing of MTN on the exchange elicited excitement among its board and management. For instance, the Chairman MTN Nigeria, Pascal Dozie, said: “Today is a major milestone in the evolution of MTN in Nigeria and it is fitting that it takes place 18 years to the day since I made the first call on the MTN network on May 16th 2001. Since our initial investment in 2001, we have worked in partnership with Nigerians to deliver the largest network in Nigeria, with over 60 million people now able to access mobile communications services. “We employ over 1,600 people and our operations create employment for more than 500,000 Nigerians.

a sustained focus on customer-centric delivery, striving to ensure that every subscriber gets as much value for their money as possible. We are grateful to customers for their loyalty, and to our people, our partners and our regulators for the opportunity to continue to contribute to Nigeria’s growth story. “We are only beginning to tap into the opportunities that connectivity enables and are fully focused on investing to connect every Nigerian, and to make social innovations like mobile electricity and high impact mobile solutions in education, healthcare and agriculture available in communities everywhere.�

Our technology has empowered millions of people and businesses in rural and urban areas. This has driven innovation, expanded market access and enhanced local economic inclusion. I am delighted that we can expand this impact further today, by

enabling investors to trade our shares on the NSE.� Also commenting, the Chief Executive Officer, Ferdi Moolman, said: “We have evolved from an ambitious start-up at the genesis of a new and emerging industry, to a business that

is able to touch lives in every corner of Nigeria. We have established a sustainable platform for growth, from which we are able to meet the growing and dynamic needs of our customers, our communities and our country. “This platform has been built through

Market turnover Meanwhile, investors traded a total turnover of 1.172 billion shares worth N17.887 billion in 18,380 deals were traded last week compared with a total of 1.477 billion shares valued at N10.876 billion that exchanged hands the previous week in 20,740 deals. However, the Financial Services Industry led the activity chart with 680.592 million shares valued at N7.395 billion traded in 11,035 deals, thus contributing 58.09 per cent and 41.34 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 266.636 million shares worth N818.249 million in 1,152 deals. The third place was ICT Industry with a turnover of 82.390 million shares worth N6.085 billion in 346 deals. Trading in the top three equities namely, Transnational Corporation of Nigeria Plc, Access Bank Nigeria Plc and Guaranty Trust Bank Plc, accounted for 421.064 million shares worth N4.681 billion in 3,073 deals, contributing 35.94 per cent and 26.17 per cent to the total equity turnover volume and value respectively. Also, a total of 18,181units of Exchange Traded Products (ETPs) valued at N215,365.64 executed in four deals compared with a total of 97,154 units valued at N1.318 million transacted the preceding week in two deals. A total of 10,366 units of Federal Government Bonds valued at N9,783 million were traded last week in nine deals compared with a total of 265 units valued at N281,654.91 transacted two week in five deals. Price gainers and losers A look at the price movement chart showed that 16 equities appreciated in price during the week, lower than 18 in the previous week, while 42 equities depreciated in price, lower than 49 equities of the previous week. Thomas Wyatt Nigeria Plc led the price gainers with 24 per cent, trailed by Neimeth International Pharmaceuticals Plc with 22 per cent. A.G Leventis Nigeria Plc gained 16.6 per cent, while Transcorp Plc and NPF Microfinance Bank Plc chalked up 8.8 per cent. Okomu Oil Palm Plc and UAC of Nigeria Plc appreciated by 5.0 per cent. Other top price gainers included: Veritas Kapital Assurance Plc (5.0 per cent); Mutual Benefits Assurance Plc (4.7 per cent ) and Unilever Nigeria Plc (3.2 per cent). Conversely, Regency Assurance Plc led the price losers with 20 per cent, trailed by Forte Oil Plc with 18.8 per cent. Champion Breweries Plc shed 18.2 per cent, just as FCMB Group Plc and Wema Bank Plc went down by 13.8 per cent apiece. Goldlink Insurance Plc closed 13.04 per cent lower, while NEM Insurance Plc dipped by 12 per cent. Other top price losers were: University Press Plc (9.7 per cent); Access Bank Plc (9.1 per cent) and Cement Company of Northern Nigeria Plc (9.1 per cent).

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Shareholders Fault SEC’s Plan to Ban Gifts at AGMs Goddy Egene Shareholders under the aegis of Pragmatic Shareholders Association of Nigeria (PSAN), have faulted moves by the Securities and Exchange Commission (SEC) to stop listed companies from distributing gift items at annual general meeting (AGMs). They said the cost of such little impact on the companies’ profitability compared to what they spend on corporate social responsibility (CSR). In a bid to ensure that investors get more value for their investments and thereby positively impact on their earnings per

share, the Securities and Exchange Commission, SEC is seeking to create a sub rule to regulate the conduct of AGMs. Justifying the proposed rule, the commission said: “Public companies spend a significant amount of money on corporate gifts at AGMs/EGMs and this has a great impact on their profitability. Few of the companies are making reasonable profits and even fewer can afford to pay dividends. If the amount budgeted for gifts at AGMs/EGMs can be reserved for other relevant operational or administrative expenses, it would positively impact on their earnings per share.�

But the National Coordinator of PSAN, Mrs. Bisi Bakare, said the gifts shared at AGMs should not be stopped by the commission, saying the gifts have created a kind of bond among shareholders who meet one every year. “The gifts at AGM is a smile to an annual birthday which you mark in appreciation of another successful business year. Apart from the statutory requirements to approve the accounts and all others, it is a celebration between the company and its shareholders. The abuses will definitely be checked not that the shareholders should be denied their delights,� she said.

Bakare said such rules and proposal from SEC show that the commission has lost focus in the capital market. “What is the cost of the gifts being distributed at AGM to shareholders whom are owners of the companies with CSR and donations recorded by companies each year. If owners of the business cannot benefit from their hard earned money they invested, who else should do so. Again, the issue of rowdiness is caused by staff of some stockbroking firms who give names of investors to fake shareholders to attend AGMs, collect the gifts and share with

the staff at the end of the meeting,� she said. According to her, the Nigerian Stock Exchange (NSE) need to look into issue of minimum units to buy in the secondary market just as is done during primary issues. “When we are applying for public offer, there’s minimum units required. Why not consider same strategy in the secondary market. All these so called shareholders that are causing problems and nuisance at AGM are those that have 100, 500 or 1000 units. The NSE should look into this critically to bring back sanity into the system,� the shareholder said.

On the pre-annual general meeting (AGM) special meetings with shareholders’ group, which SEC also plan to stop, Bakare said this was also part of shareholders’ right which they should not be denied. “How many hours do we spend on the floor of AGM. But pre-AGM gives enough opportunity to ask cogent questions and give advice that will enable company to move forward. There are question/ advice that cannot handled on the floor of AGM for the sake of the company image. We, at PSAN are totally against SEC’s proposal and it will never work,� she said.

Turkish Airlines to Unveil Five Lounges at New Istanbul Airport Chinedu Eze Turtish Airlines has said it will open five passenger lounges available for Business Class, Miles & Smiles Elite Plus & Elite, Star Alliance Gold and Corporate Club passengers with the completion of its, ‘Great Move,’ a brand new home base, Istanbul Airport. There are currently three lounges open, which include the Turkish Airlines Business Lounge, Miles & Smiles Lounge and Domestic Lounge. The Exclusive Lounge and Arrival Lounge are planned to open later in 2019. The Turkish Airlines Business Lounge has an approximate area of over 60,000 square feet, seats 765 guests and features 13 private suites with showers. Turkish Airlines designed a 130 square foot museum in there in collaboration with the arts and cultural institution in Istanbul. The Turkish Airlines Miles & Smiles Lounge on over 60,000 square feet space, seats 765 guests and offers 11 private suites with showers and space where guests can rest on comfortable couches, savor

delicious and enjoy exclusive treats from Turkey along with international cuisine, or enjoy mobile masseur services. A console gaming experience, golf simulators and large children’s play area provide entertainment, while a technology center with 3D glasses and virtual reality is planned. The two lounges also provide meeting rooms, a library and prayer room. The Turkish Airlines Domestic Lounge is accessible through a special entrance gate located outside the terminal so passengers can complete check-in procedures and transfer directly to the aircraft via buses. Lounge amenities include comfortable couches, Turkish cuisine, a large children’s play area, media wall with multiple TV screens and a prayer room. According to Turkish Airlines General Manager for Lagos, Mr. Yunus Ozbek, “As the global carrier that flies to more destinations in the world, we are well aware of passenger traffic and constantly strive to adapt in order to provide absolute comfort, style and unique travel experience for our travelers.

Experts to Discuss Future of Marketing Raheem Akingbolu All is set to discuss the future of brands and marketing in Nigeria as Brand Communicator, a brand and marketing publication, has concluded plans to organise its maiden edition of Brandcomfest. According to the organisers, 48 speakers from corporate organisations and Integrated Marketing Communications agencies are billed to speak on advertising, public relations, the out of home sub-sector, experiential marketing, sustainability, media investment and brand management. The theme of the event, “Digital Disruption and the Future of Brands and Marketing Communications.� The two- day event is scheduled to hold on Thursday and Friday, May 23rd and 24th, in Lagos. Convener of Brandcomfest and publisher of Brand Communicator, Joshua Ajayi, said, “The essence of organising Brandcomfest is to serve as the magazine’s way of linking

the future, in line with the vision which we have religiously kept faith with since we hit the newsstands over a decade ago. “Also, the event will serve as a rallying point for integrated marketing communications practitioners to chart a new course for the industry. “There is no platform of convergence for stakeholders in the IMC value chain to foster co creation while addressing each of the challenges of the sub sectors. Hence, Brandcomfest was conceived to bridge this gap.� He noted that on the first day, topics such as Digital disruption and the future of Brands and Marketing Communications, The future of Experiential Marketing in a Technologically Driven World, The future of Out of Home Advertising in the Face of Digital Disruption, Sustainability and E ective Brand Building for the Future, Digital Disruption and the Future of Public Relations Practice will be deliberated upon.

STAKEHOLDERS’ MEETING

L-R: President , Association for the Advancement of the Rights of Nigerian Shareholders (AARNS) , Dr Faruk Umar ; Chairman , BUA Group, Alhaji Abdussamad Rabiu; President , Dangote Group of Industries, Alhaji Aliko Dangote; His Highness , the Emir of Kano , Muhammadu Sunusi II ; a former Presidential Candidate, Alhaji Bashir Othman Tofa , and Professor Murtala Sagagi of Bayero University , at a conference organised by Kano Concerned Citizens Initiative (KCCI) in Kano ...recently

Operators of Chinese Trading Centres Assures Nigerians on Quality Goods Ebere Nwoji The General Manager of the Lagos- based China Town Trading Centre, Liu Chang’an, has said the current move for total rebranding of the centre will bring about zero tolerance for entry of poor quality products into the centre. Chang’an, who stated this at a recent press briefing to announce the centre’s rebranding, insisted that all brands entering the mall must be rigorously screened to ensure that Nigerians get nothing less than quality products. He said his regime as manager of the centre looks forward to working with more Chinese companies to explore the Ni-

gerian market, so that Nigerians can also enjoy quality Chinese goods and services. According to him, his tenure, would also ensure that prices of goods and services marketed at the centre are better than what is obtained in the conventional market, adding that this would start with promotions at the centre every month. He also said his administration was working hard to bring into different states in Nigeria, especially Osun state, Chinese investors that would site their factories in the state, to not only produce quality goods but also create employment for Nigerian youths. “In China, there are three

African study centres, we are working with the three for them to give us good factories, for us to go back and select good factories is not easy, we are working with them to do the selection for us,� he added. Chang’an, who is also the Chairman, Huafei Group and the president and founder of institute of Nigeria China Development Studies at University of Lagos, stated that the management was about to sign MOU with Osun state because the state is peaceful and accepts investors. He added that the factories would display their quality products here and China Town will attract them to set up their factories there.

“My target is to work with Nigerians to set up more factories but for now it’s not easy, in the next three years we want to make sure that this place is hot so we can have more products and factories. “I told them that we will help them move their goods in Nigeria here but on the condition that they will set up their factories here if not we won’t help them,� he said. Speaking on the quality of Chinese goods sold in Nigeria, he noted that low quality products were fast disappearing alongside China development. “There are competitors now, no body has the monopoly of any product anymore.

DPR Issues Licence for Ajaokuta LNG Project Peter Uzoho Axxela Limited, a gas and power portfolio company, has announced that the Department of Petroleum Resources (DPR) has issued a Licence to Establish (LTE) for the Liquefied Natural Gas (LNG) facility in Ajaokuta, Kogi State. Axxela, in a statement, explained that the LNG project was being developed via a joint

venture between its subsidiary, Transit Gas Nigeria Limited, and Nigerian Gas Marketing Company (NGMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). It added that the Federal Ministry of Environment had also approved the project’s Environmental and Social Impact Assessment (ESIA). It also stressed that the DPR’s issuance of the LTE and the

Federal Ministry of Environment’s ESIA approval were significant project milestones demonstrating the critical regulatory support for the LNG facility development. Axxela, however, noted that the project would be fast-tracked to ensure timely completion as it recently received a Gas Purchase Order (GPO) for its feed gas from the Gas Aggregation Company of Nigeria (GACN).

Axxela said: “NGMC and Transit Gas have adopted a world-class development approach in collaborating with a global team of experienced Engineering, Procurement and Construction (EPC) contractors, technology providers, and other professionals to ensure project delivery in accordance with international best practices and safety standards.

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Rebooting Nigeria’s Fledgling Economy

Buhari

Chima Christian and Oseloka H. Obaze

narrative is hardly flattering. It upends Buhari administration’s predilection aimed at making government look good, regardless of whether or not it delivers on its economic promises. A correlation exists between economic performance and governance. Often, the seeming lack of faith in the country’s ability to conduct credible elections and related uncertainties dampen investor confidence. Naturally, supersession or capital flight follows, resulting in a distorted economy. Also partisan politicking continues to impact adversely on the economy, just as personal and institutional disposition of policymakers. Hence the line between work and politics has blurred. Similarly, prolonged or inconclusive aspects of a general election tend to prove exceedingly distractive. With the prevailing uncertainty after the 2019 elections, potential domestic and foreign investors are tiptoeing around, waiting for the final determination of election petitions. This has direct consequences on the economy. The extended wait by Nigerians in and out of government translates to the economy tanking. Nigeria’s economic woes derive mostly from governance structures of the Nigerian state. Existent rent-seeking structures and transactional mindset does little to task creativity. The monthly gathering in Abuja to share the “national cake� has created a mind-set of redundancy and laziness of the political elite, more so at the sub-national level. This redundancy has rubbed off on the civil-service, accounting for little or no incentive to formulate and implement purposeful policies capable of growing and diversify the economy. Likewise, Nigeria’s strong-personality style of politics and governance undermines emergence of strong institutions. This perhaps offers compelling reasons why Nigerians should insist that ‘round pegs are put in round holes’. President Buhari’s reappointment of the Governor of the Central Bank of Nigeria, Godwin Emefiele, seems a reassurance of continuity-in-government. Such consideration, however, should not underpin the required strategic decision relative to an overhaul of the cabinet. Anything short of empaneling a robust cabinet, and a sound economic management and advisory team may well sound a death kneel to the already troubled economy. Understandably, there is a demand for the operational and governance structure of the country to be tweaked so that it stops being a clog to economic development. Economic progress often gets hindered in an atmosphere of insecurity. That Nigeria has such a huge number of internally displaced persons in peacetime is indicative of a deep-seated problem. Rebooting Nigeria’s economy will entail very serious and discernible efforts to curtail the myriads of existing security challenges. Moreover, Nigeria cannot fully take off economically with its crumbling and decrepit infrastructure. Access to capital, especially as it relates to Micro, Small and Medium Scale Enterprises should be prioritized. Financial inclusion for several unbanked Nigerians, especially men and women in the remotest parts of the country should stop being a matter of pity interventions but a sensible economic agenda to drive a shared economic growth.

Nigeria’s economy is stressed. Several performance indicators and ratings point to its parlous inclination. But no performance indicator is as stark as everyday realities that confront the general populace. Beyond the gross erosion of the disposable income, many Nigerians are presently unable to afford three square meals and medical care. Food inflation continues to worsen. The average national Jollof Rice Index, which rose from “N4,087 in July 2016 to N5,388 in February 2017â€? had spiraled by 8.3 per cent, from N6,040 in March 2018 to N6,545 in June 2018. This cost of preparing a pot of Jollof rice for an average Nigerian family of six, is projected to rise further to over N7000 by June 2019. Relatedly, with the N30,000 minimum wage just signed into law by President Buhari, the average low end worker in a single-income family can only afford four pots of Jollof rice a month, with little or nothing left in finances for other necessities of life. Deprivation and increasing hunger, more than any other social indicators underline Nigeria’s stance within the community of world’s extreme poor. The rising number of out of school children –now over 13 million, is telling. Spawning hopelessness including massive brain drain pervades the system. Reportedly, an average of about 12 doctors emigrates from Nigeria every week. Such numbers represent a troubling diminution of the Nigeria’s middleclass. Nigerians who do not possess the skill set and resources required to legally migrate to recipient countries are literarily voting with their feet. Despite well-publicized horrors migrant crisis in Libya and the Mediterranean, a sizeable number of Nigeria’s youth still make that perilous journey. Such choice is not out of liberty, but acts of desperation. Any consideration that such excursion into the unknown offers more hope than Nigeria’s current realities, should trouble Nigerian authorities deeply. Sadly, authorities seem ambivalent, with an attitude that manifestly suggests that Nigeria’s fledgling economy and its deleterious consequences is the least of their worries. Nigerian authorities continue making discernable efforts premised on the Economic Recovery and Growth Plan (ERGP). Yet, the overall focus and coordination of this hybrid platform leave much to be desired by way of synergy and collectivised intervention. Many months after its implementation, the EPRG is yet to yield tangible results. The end result is that the economy is not functioning optimally. Indeed, experts contend that “the prevailing high cost of governance in Nigeria is attributable to both structural and operational factors.â€? Rather than tackle the challenges robustly, the administration has defaulted to a public relations overdrive and blame games expediently assigned to the “recklessnessâ€? of the past administration, the tanking price of crude oil globally, and the blasĂŠ attitude, taste and lifestyle of Nigerians. Ordinarily, the “live within your meansâ€? mantra should suffice in prodding Nigerians into belt-tightening in response to prevailing economic Chima is a Research Associate at Selonnes realities. Lamentably, such exhortations have been distorted with a glaring malign predisposition Consult, Awka; Obaze is the MD/CEO, Selonnes to the beatification of poverty. Such defeatist Consult in Awka

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Okpanachi: MSMEs Have Huge Financing Needs The Managing Director, Development Bank of Nigeria, Mr. Tony Okpanachi, in this interview says with a strong on-boarding exercise it carried out within the year, the Bank currently has a total of 29 participating financial institutions. He speaks about the determination of the institution to ensure that micro, small and medium scale enterprises continue to get the required financial support. Obinna Chima presents the excerpts: Can you give us an overview of what the DBN does? The Development Bank of Nigeria (DBN) is a wholesale development finance institution. We were set up to provide and elevate the funding need of micro small and medium enterprises (MSMEs). So, essentially we focus on providing long-term finance to micro small and medium enterprises. Our mandate is in three fold - we do lending activities and that is wholesale lending funds to financial institutions to on-lend to MSMEs. That is one of our investment angle and which is the core or our mandate. The second part of our mandate which we are also going to do is to provide partial guarantees for financial institutions to encourage them to be able to provide access or credit to MSMEs. We have already set up a subsidiary which will focus on that, with skill set for credit guarantee. The third part of our mandate is capacity building or what you call technical assistance to financial institutions. Again, because we are a wholesale finance institution, all we do, we work through other financial institutions. So, in these three mandate, at the end of it all, it is to be able to act as a catalyst to ensure that other financial institutions like commercial banks, micro finance institutions, and other financial institutions that interface or that provide finance MSMEs are able to do that. So that is what the DBN does. But ultimately, we do all these to be able to achieve what we call our developmental objectives. And what are these developmental objectives? In the Nigerian economy for example, we want to see how do we create jobs and we know that the Nigerian population is growing and we also know that the MSME segment of the economy is the greatest employer of labour. So, the more we are able to empower them, the more we are able to achieve that. So we also want to see the diversification of the economy, we want youth empowerment, gender empowerment and all these developmental impact that in the long-run will positively impact the Gross Domestic Product of the country. One of your core mandates is to provide financing to MSMEs. We also see some other Development Finance Institutions (DFIs) and lot of commercial banks and microfinance banks do same. But all we hear every day is that a whole lot of MSMEs still lack the required funding. What is responsible for that? First and foremost, I will say the financing needs for that segment is quite huge. It is in trillions. The available finance is pretty much not truly adequate, so you need to actually get catalyst to get more institutions to be able to finance. So, I will categorise the issues starting from first, the availability itself. Secondly, the risk profile of that segment and thirdly, talking about the bankability of what they call their business. So, if you look at it from that perspective, I have talked about the available funds. If you know as at the last count, when the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), they did their survey in 2015, they came out with about 37 million MSMEs. It is quite huge. If you look at it in terms of the number of people that are employed in that segment in Nigeria, I can tell you that it is the greatest employer of labour, both full time and part time labour. And the importance of that segment of the economy cannot be over emphasised. So, in terms of the need for that area, it is quite huge. So most businesses will assume that the issue they have is finance. So they have ideas and all they require is finance.

Okpanachi

So, both effective needs for financing and perceived need for financing, when you put it together, it shows that there is a huge demand for that segment. So, there has to be a concerted effort to be able to meet that need. That is in terms of quantum and availability. The second part which I talked about is in terms of risk profile. Historically,

So, essentially we focus on providing long-term ďŹ nance to micro small and medium enterprises. Our mandate is in three fold - we do lending activities and that is wholesale lending funds to ďŹ nancial institutions to on-lend to MSMEs. That is one of our investment angle and which is the core or our mandate

lending to MSMEs is usually where most banks seems to have high number of nonperforming loans. There are issues about people not being able to differentiate between the business and the owner and there are issues about going into business without proper feasibility studies and then when you get the finance, it is misapplied. So, because of these experiences, some financial institutions tend to shy away from lending to MSMEs. So, we have the issue of risk profile of that segment being very high, relative to, for example, the large corporates, which are more structured, more organised, have track records and have reputation to protect. So, over time you can dimension them in a way that their risk profile is better. That is the second reason why I will say mostly they complain about financing not being available. Another greater part, which is the third part of it, I will say, is the bankability of some of the projects. Every entrepreneur that gets up now has an idea and puts it’s together. Typically, you have to go through a process to know if it is bankable for you to be able to get financing from an institution. So, the bankability of this project is also a major issue. What are those things that distinguishes the DBN from the Bank of

Industry and also from the Central Bank of Nigeria’s development finance function, because you all appear to be doing the same thing? Firstly, I started by saying the need of that that segment is very huge; so no single institution will be able to do all. So you have the Development Finance Department of the CBN coming with their own and making those impact, you have the Bank of Industry focusing on industry and in some cases also doing MSMEs, you have NEXIM Bank also providing funding for export for exporters. You also have the Bank of Agriculture focusing on strictly on agriculture, in terms of how do you provide funding or finance to farmers. For us at the DBN, the difference is that most of these other finance institutions focus on specific sectors or areas, but at the DBN, our focus is the whole gamut of MSMEs. So if you are in agriculture, industry, or any sector of the economy, DBN focuses on that. So, we cut across all sectors. The second distinguishing factor for us is that we are a wholesale DFI. So our funding model is to do all our financing through other financial institutions that already have relationships with these MSMEs. So the Continued on page 29

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OKPANACHI: MSMES HAVE HUGE FINANCING NEEDS

First being a new institution some of the challenges are ďŹ rst awareness. But, we are addressing that through advertisement and other means. But being a wholesale DFI we needed to work and partner with other ďŹ nancial institutions to reach out. So you needed the buy-in of those ďŹ nancial institutions philosophy of the DBN is to ensure that we collaborate as much as possible with all these other financial institutions that are able to provide access to credit MSMEs. How much have you disbursed so far? In 2017 we started our pilot lending with two micro finance institutions; but I will say 2018 was our first full year of operation. And at the end of 2018, which was our first full year of operation we had done N31 billion in terms of loans provided for on- lending to MSMEs. In terms of number of loans, we did over 35,000 in 2018, which was our full year operation. But I can assure you that the first quarter of this year we have done more than that, but usually we give our report annually. The figures are also still looking up because by the end of the first quarter, we had gone beyond that, 35, 000 number of loans and then 31 billion till date. You projected that you are going to do 70 billion loans and you have also told us what you did in Q1 in terms of number of loans. Does it look like you are going to meet the 70 billion disbursement target this year? Definitely, we are going to meet the 70 billion disbursements this year. With what we have done in the first quarter and this second quarter, the trend is going towards meeting the target. You are a wholesale lender that goes through other financial institutions. How do you mitigate bad loans from the kind of lending you do? Clearly, being a wholesale DFI, the credit risk on the lending is on the financial institutions. So they do the credit appraisal, they do the discussion, the pricing, they take whatever, if there is need for collateral or not. They do all that. And so they have the relationship with these end borrowers. So in the event that the loans go bad, they also have a machinery to be able to collect it back. So we provide the funds to them on wholesale for on-lending, we don’t have direct interface with the end borrowers. So, collection of loans and all that is their own. We will be talking about NPL when the financial institutions that we give wholesale funds have issues. That is where our won NPL comes from. So, if for example, a financial institution that was given wholesale funds, something happens to it and it is not able to meet its obligation to us, then it becomes a non-performing loan. But, be that as it may, because we also have interface with them, part of our capacity building and technical assistance is to see where there are technical issues. If we need to come in there to provide some technical assistance to help the financial institutions, that is one of the things our mandate also covers. We work with them to see the reason(s) why we are having rising growing non-performing loans in that segment and to find out if there is anything we need to do in terms of helping them with capacity, technical assistance, then we do that. Now if we also notice that for example, the institution is not growing its loan book, we will ask what are the issues, we sit with them and see areas we can come in to provide technical assistance. Let me again reiterate the fact

Okpanachi

that being a wholesale institution and the fact that our own catchment segment is MSMEs, it is not jack of all trade, it is within the segment. So, for example, if a large corporate comes and wants a loan, DBN will not lend to such because we have maximum loan amount you can get from us. How many financial institutions are you working with presently? We have about 29 financial institutions now and that cut across commercial and microfinance banks. And our plan and objective is to ensure that we get as many that meets our eligibility criteria to be on-boarded, so that we give alternatives and options to end-borrowers. As we speak, we have about 10 commercial banks on-board already and some of them are already at different phases of our on-boarding exercise to bring them up, so that their customers can go there and apply for DBN loan and get it. For microfinance institutions, we have both the national and states microfinance banks. A lot of these MFBs have already been on-boarded and we are talking about between 85 to 90 per cent of our borrowers. The average loan size of the microfinance banks that we sell is about N170,000; And the average for commercial banks is about N70 million. Now the drive is to ensure that customers are able to go to those banks, ask them for DBN loan and be able to access the loan. What are your eligibility criteria? Essentially they are the same. First and foremost, we have to look at if you have been profitable in the last two years, we have to look at issues which include nonperforming loans and several other things. And then how strong are they in MSME lending? But it is quite simple, it is on our website and we are transparent about it. And then the process is that we send you a questionnaire, you fill the questionnaire, we asses it, if you meet our criteria, we do due diligence on you, if you meet our due diligence then we on-board you. Do you collaborate with the chamber of commerce and industries like the Lagos Chamber of Commerce and Industry, the Abuja Chamber of Commerce and others, since their members are mostly SME operators? We have strategic alliances with all these chambers of commerce, even the Nigeria Association of SMEs. We are even a corporate member of that association. We have common objective and we have common goal. How do we empower the micro small and medium enterprises? How do we ensure

that they have access to credit? So we all have the same objective. So we have strategic alliance with them, we interface with them, we go make presentations at their seminars when necessary and create awareness with them. We have been on panels where they have invited us in their conferences. So it is ongoing, because we need to also create that awareness. Yes, the DBN funds is available through banks, let the customers go to the banks and ask. And they can access it either directly or they go through the associations, the chambers of commerce and so on. So we collaborate with them, we have a very strong unit that handles our strategic alliance with them and that has to keep going. You were part of the 140 members that joined the Global Finance, how is that going to impact on your operation? You see what we are doing, that forum ensures that global best practises is shared and it is made up of both financial institutions and even professional bodies, Fintech companies, and so on and so forth. So that forum enables you to have a feel of how the businesses are doing, what are their requirement, what are their foreign requirement and how is it done in other areas. So, you use the experiences of other areas to improve on what is being done in Nigeria. If you remember in Nigeria, I think we are the only financial institution that is there and the only other one that was there was Diamond Bank before their acquisition. We are the only financial institution that is a member of that global SME finance forum. And we took that deliberate step to say look, if we say we are a bank for SMEs then wherever SMEs are, we should go with them all over the world. And the learning from that so far has been very interesting because we share experiences. Whatever we are going through in Nigeria and whatever the issues of this financing constraint and all that, other countries have gone through it. So how did they do it? Learning from what they have done and what are the new things they are doing to ensure that at the end of it, all the MSMEs are able to access those funds. In the next five years, where do you expect the DBN to be and what level of impact do you expect to have made in the economy? First, we want to have achieved maybe about 10 per cent of the funding available to that segment, in terms of direct lending. But most importantly, with our credit guarantee and technical assistance, we want to act as

catalyst to ensure that overall, the news is no longer that financial institutions are running away from funding that segment. And in collaboration with other several initiatives, other DFIs who are providing different funding, that segment itself should in the next five years should become an attractive segment and a most sort after segment of the economy. And access to credit should now become an issue that will not be there, though it will always be there but it will not be as critical as it is. They will now begin to look at other issues beyond just access to credit. What are those challenges you encounter in the course of your job and how did you manage to scale through? First being a new institution some of the challenges are first awareness. But, we are addressing that through advertisement and other means. But being a wholesale DFI we needed to work and partner with other financial institutions to reach out. So you needed the buy-in of those financial institutions. It is a challenge, in the sense that you want to work to get their buy-in on that. But ultimately when you now get their buy-in it becomes an advantage. Because they now become your apostle and reach to others. At the initial time, they were reluctant to partner with the DBN. So it was a challenge for us. The other one is that there is this market perception about pricing. That DBN is a government bank, so they come and they price loans at single-digit. So we said DBN was set up to provide sustainable financing and when you are going to be sustainable, the institution itself has to be sustainable. And being sustainable means that the institution itself has to ensure that, the cost of raising funds, the cost of lending, your pricing must reflect adequately to be able to ensure that you are there in the long- run. Not that you come out and then what has happened in the past to other financial institution or other DFIs that are struggling for funding becomes an issue. How do you feel about the special recognition that was given to you by the Chartered Institute of Bankers of Nigeria? I feel quite great. I think it is monumental, given the fact that a profession that I have been in for almost 30 years recognises me and it the highest recognition you can get from a professional body. So, I think it is quite great and I am excited about it. I am quite grateful to CIBN for deeming it fit to be conferred a fellow. And on my part I think it is a commitment, and I going to live the ideals expected of a fellow of the Chartered Institute of Bankers of Nigeria.

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T H I S D AY ˞ ˜ Ͱ͎˜ 2019

BUSINESS/MONEYGUIDE

Gowon, Ahmad Harp on Ethics, Integrity in Banking Nume Ekeghe The Deputy Governor, Financial System Stability of the Central Bank of Nigeria, Ms. Aisha Ahmad has stressed the need for bankers to build and uphold integrity in their daily dealings. Also, a former Head of State, General Yakubu Gowon, has urged bankers to ensure that they adhere to integrity and abide by regulations in the banking system. Gowon, who was the special guest at the extraordinary Investiture ceremony of the Chartered Institute of Bankers of Nigeria (CIBN), at the weekend noted that the Nigerian financial industry has in recent times been in the news for the wrong reasons. The former president said the rising trend of bad news constitutes a threat to the public trust in the financial industry which he said thrives on integrity. Gowon said: “The Nigerian banking and finance industry has in recent time been plagued with frauds and unethical practices. No day passes without reports of frauds and other unethical practices in the industry. “This constitutes a big threat to the values of trust and professionalism which ought to be the

basic principles of the banking industry.� On her part, Ahmad noted that upholding the highest level of ethics and professional standards in the banking industry was critical, stressing that it was the responsibility of members of the CIBN to conduct ourselves both in our personal lives and professionals lives at high standards. Ahmad, was honoured with Fellowship of the institute together with the Deputy Governor, Corporate Services of the CBN, Mr. Edward lamtek Adamu, the Managing Directors of Guaranty Trust Bank, Zenith Bank, Development Bank of Nigeria and Jaiz Bank, Mr. Segun Agbaje, Mr. Peter Amangbo and Mr. Tony Okpanachi and Usman Hassan respectively, as well as the Chairman of Goldfield Group, Mr. Abimbade Yekini. She urged the CIBN to continue to encourage members to remain committed to enhancing the level of standards of professionals. She said: “The new fellows of the institute to are to be role models and mentors to other professionals in the banking industry and also to support the institute in its broader activities in terms of what it is trying to do in building capacity of bankers and their

professionalism.� Noting that the theme of the investiture “Ethical Dilemma in Financial Institutions: The Way Forward,� was fitting, she said: “We all need to build in ourselves that high sense of integrity and do the right thing. Usually, when you are very clear about your value it is easier to solve ethical dilemmas.� On his part, the Chairman of Council of the CIBN, Mr. Uche Olowu noted that the financial crisis of 2009, “was brought about by dubious and illicit activities of bankers who granted sub-prime mortgages to low-income customers with troubled credit histories. “As history has taught us, ethics and professionalism are the cornerstones of the banking business and it is practically impossible to implement sustainable banking principles without good ethical conduct. Today, the banking profession does not command respect as it used to. He said: “So concerted efforts must be made to steer it back to its rightful position. To achieve this, we must be sure that both the current and next generation of bankers are men and women of the highest professional and personal integrity and honesty, trusted and respected by the banking public alike.

ABCON Advises BDCs to Activate Official e-Mails The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised over 4,500 Central Bank of Nigeria (CBN)licenced Bureaux de Change (BDCs) to create or activate over 4,000 official/ corporate emails on its platform and stop use of Yahoo and Gmail for official communication. ABCON President, Alhaji Aminu Gwadabe, was quoted in a statement to have said the advice followed a circular from the Other Financial Institutions (OFIs) Department of CBN, directing all OFIs including BDCs to adopt corporate e-mails for their communication with the apex bank. He said: “We are also glad to inform the gathering that over 1,000 BDCs in the South-west have been integrated with the new CBN Forex return rendition platform. In due course, our members in the other zones shall be integrated to achieve

online real time return rendition to CBN from the comfort of their offices.� Gwadabe, said ABCON proactiveness in the automation of its members’ operations, had paid off, as all BDCs now have opportunity to re-active their official e-mails on the ABCON platform. “ABCON advises all members to activate their emails on the automation platform to enable them comply with the CBN circular. All members are to visit national and zonal secretariats for further enquiry and assistance, where necessary,� he added. The ABCON boss said the rising threats of cyber-security attacks on the financial system means that all stakeholders, including BDCs must be proactive to protect their data, businesses, reputation and overall operations from cyber attackers. He said e-mails have remained the weakest link on

cyberattacks and BDCs under his leadership will continue to upgrade their IT systems to ensure that they are ahead of the cyber criminals. He said banks, OFIs, digital wallets and remittance players are prime targets by cyber criminals seeking quick monetisation of stolen credentials. “It is therefore important that we do not relent in our efforts at protecting this space and increasing public confidence in financial system,� he said. Gwadabe, backed the OFIs Department of CBN on the policy shift, agreeing with the regulator that most cyberattacks involve the use of web or internet-based emails to send malicious software or viruses that compromise the data and IT systems of organisations. This, he said, has attendant negative impact on the confidentiality, integrity and availability of critical information assets.

Chinese Firm Promotes Manufacturing Nume Ekeghe Chinese firms present at this year’s China Homelife Fair have urged Nigerians to invest in machineries to enhance manufacturing in Nigeria. The Project coordinator of the Fair, and CEO of ELAN Nigeria, Jude Chime, said the fair was organised to bridge the gap between Chinese manufacturers, who are seeking to expand their footprints to the country and the West African region. Speaking at the opening ceremony of the fair over the weekend, Chime said there had been more interest in Chinese firms in promoting local manufacturing and that some manufacturers are looking at backwardly integrating production of certain electronic items in the country.

He said: “We have over 200 manufacturers representing China. The purpose is not to make sales, but to meet with stakeholders in the investment sector to explore opportunities on how to create an investment hub where manufacturing activities can take place. “One of the companies from Shenzhen that is into production of television will be offering some Semi-Knocked Down (SKD) aspect of the television to start production in Nigeria. “They will be meeting with some stakeholders to see how to exploit the project so as to bring the production cost of television in Nigeria and in the West African region. “The essence of the exhibition is to promote investment. China and Nigeria have always had a great level of relationship in

terms of trade and I believe the exhibition will aid trade growth from the present level. “Only original Chinese manufacturers are the ones being admitted for the expo,� he added. On his part, the Chief Operating Officer, Meorient International Exhibition Co, Binu Pillai, noted that this year’s fair attracted more exhibitors than in 2018. On the purpose of the fair, he explained that the manufacturers were in Nigeria to deepen their investment, saying: “Last year, we had over 140 exhibitors, and this year there is about 15 per cent increase. “Acceptance of Chinese products is increasing in Nigeria. Most of the exhibitors are here to deepen their investment in Nigeria and to see the market for themselves.

L-R: Chairman, SPE Nigeria Council, Mr. Debo Fagbami; Managing Director, Shell Nigeria Petroleum Development Company(SNEPCO) Mr. Bayo Ojulari and Bonga South-west Opportunity Development Leader, Mr. George Ottoh, during the Society of Petroleum Engineers meeting with SNEPCO leadership in Lagos recently...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

NOVEMBER 2018 Money Supply (M3)

31,794,803.44

-- CBN Bills Held by Money Holding Sectors

6,333,064.28

Money Supply (M2)

25,461,739.17

-- Quasi Money

14,773,076.98

-- Narrow Money (M1)

10,688,662.18

---- Currency Outside Banks

1,711,763.59

---- Demand Deposits

8,976,898.59

Net Foreign Assets (NFA)

18,990,400.78

Net Domestic Assets(NDA)

12,804,402.66

-- Net Domestic Credit (NDC)

26,062,986.22

---- Credit to Government (Net)

2,980,229.66

---- Memo: Credit to Govt. (Net) less FMA

7,093,619.43

---- Memo: Fed. and Mirror Accounts (FMA)

-4,144,571.43

---- Credit to Private Sector (CPS)

23,082,756.56

--Other Assets Net

13,258,583.57

Reserve Money (Base Money

6,811,192.37

--Currency in Circulation

2,100,129.91

--Banks Reserves

4,366,259.05

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Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY, 16 MAY 2019

The price of OPEC basket of fourteen crudes stood at $72.61 a barrel on Thursday, compared with $71.26 the previous day, according to OPEC Secretariat calculations.The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

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T H I S D AY Ëž Ëœ Í°ÍŽËœ Ͱ͎ͯ͡

MARKET NEWS

‘MTN Listing will Attract More Firms to NSE’ Goddy Egene Chief Executive Officer of Chapel Hill Denham Advisory Limited, Mr. Bolaji Balogun has said the listing of MTN Nigeria Communications Plc will encourage many other large unlisted companies in telecommunications and other sectors to list on the Nigerian Stock Exchange (NSE). The NSE last Thursday listed the shares of MTN Nigeria, add-

ing N1.8 trillion to the market capitalisation of the exchange. MTN is the second largest stock on the NSE now after Dangote Cement Plc. Balogun, whose company and Stanbic IBTC Capital, acted as joint financial advisers to MTN on the successful listing, said it was significant. “The listing is very significant firstly because it is adding almost N1.8 trillion to market capitalisation. It would be the second

P R I C E S MAIN BOARD

F O R DEALS

largest company by market capitalisation on the exchange and more importantly, it will also bring more of Nigeria’s best companies on to the exchange and give a wider group of Nigerians the opportunity to participate in its share holding,� he said. According to him, there are very few companies in Africa today that generate $1 billion of free cash flow, explaining that MTN is one of those special companies and “I am really

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pleased we have it on the stock exchange.� “This listing would encourage many other large unlisted companies both within that sector and as well as other sector to start to think about the Nigerian stock market,� Balogun added. An excited Chief Executive Officer of NSE, Mr. Oscar Onyema had said they were delighted to welcome MTN Nigeria to the exchange. He said: “The listing is a

T R A D E D MAIN BOARD

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promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital. Having MTN Nigeria listed in our market is a testament of the exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment. This listing will

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promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development.� The listing will create a new telecoms and technology asset class for investors and provide an opportunity for a wider group of Nigerians to participate in the MTN investment story opportunity.

1 7 / 0 5 / 2 0 1 9 DEALS

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˾ MONDAY, MAY 20, 2019

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Monday, May 20, 2019 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ DdEE >ŝƐƟŶŐ ZĞǀĞƌƐĞƐ ϴ

THISDAY AFRINVEST 40 INDEX

tĞĞŬƐ ĞĂƌŝƐŚ ZƵŶ͙ E^ ^/ ƵƉ ϭ͘Ϭй dŚĞ ĚŽǁŶƚƌĞŶĚ ŝŶ ƚŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ĐĂŵĞ ƚŽ Ă ŚĂůƚ ƚŚŝƐ ǁĞĞŬ ĂƐ E^ ůů ^ŚĂƌĞ /ŶĚĞdž ƚƌĞŶĚĞĚ ƵƉǁĂƌĚ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ĂĚǀĂŶĐŝŶŐ ϭ͘Ϭй t-o-t ƚŽ ƐĞƩůĞ Ăƚ Ϯϴ͕ϴϳϭ͘ϵϯ ƉŽŝŶƚƐ͘ ^ŝŵŝůĂƌůLJ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ĂĚǀĂŶĐĞĚ Eϭ͘ϵďŶ t-o-t ƚŽ ĐůŽƐĞ Ăƚ EϭϮ͘ϳƚŶ ǁŚŝůĞ zd ůŽƐƐ ƐĞƩůĞĚ Ăƚ -ϴ͘ϭй͘ ,ŽǁĞǀĞƌ͕ ƚƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ǁĂƐ ŵŝdžĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĚĞĐůŝŶĞĚ Ϯϭ͘ϳй ƚŽ Ϯϵϱ͘Ϯŵ ƵŶŝƚƐ ǁŚŝůĞ ĂǀĞƌĂŐĞ ǀĂůƵĞ ƚƌĂĚĞĚ ŝŶĐƌĞĂƐĞĚ ďLJ ϰϱ͘ϴй ƚŽ EϮ͘ϮďŶ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϭϮϰ͘ϵŵ ƵŶŝƚƐͿ͕ 'h Z Edz ;ϭϬϰ͘ϴŵ ƵŶŝƚƐͿ ĂŶĚ ^^ ;ϵϮ͘ϵŵ ƵŶŝƚƐͿ ǁŚŝůĞ 'h Z Edz ;Eϯ͘ϯďŶͿ͕ E/d, ;Eϭ͘ϯďŶͿ ĂŶĚ E/' Z/ E Z t Z/ ^ ;EϴϬϬ͘ϭŵͿ ƚŽƉƉĞĚ ƚƌĂĚĞƐ ďLJ ǀĂůƵĞ͘

WĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ǁĂƐ ŵŝdžĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ĚĞĐůŝŶĞĚ ŽŶ ϯ ŽĨ ϱ ƚƌĂĚŝŶŐ ĚĂLJƐ͘ dŚĞ E^ ^/ ŽƉĞŶĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ƌĞĚ͕ ĚĞƉƌĞĐŝĂƟŶŐ ϭϮϲďƉƐ ŽŶ DŽŶĚĂLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ůŽƐƐĞƐ ŝŶ E ^d> ĂŶĚ 'h Z Edz͘ /ƚ ĨƵƌƚŚĞƌ ĚĞĐůŝŶĞĚ ďLJ ϮϮďƉƐ ĂŶĚ ϰϴďƉƐ ŽŶ dƵĞƐĚĂLJ ĂŶĚ tĞĚŶĞƐĚĂLJ ƌĞƐƉĞĐƟǀĞůLJ ĂƐ ŝŶǀĞƐƚŽƌƐ ƚŽŽŬ ƉƌŽĮƚ ŝŶ E ^d> ͕

& E,͕ E' D ĂŶĚ h E͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ďĞĂƌŝƐŚ ƌƵŶ ƌĞǀĞƌƐĞĚ ŽŶ dŚƵƌƐĚĂLJ ĂŶĚ &ƌŝĚĂLJ ĨŽůůŽǁŝŶŐ ƚŚĞ ůŝƐƟŶŐ ŽĨ DdEE ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ^/ ďLJ ϱϰďƉƐ ĂŶĚ ϭϱϯďƉƐ ƌĞƐƉĞĐƟǀĞůLJ͘

ĐƌŽƐƐ ƐĞĐƚŽƌƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŶĞŐĂƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ƚƌĞŶĚĞĚ ƐŽƵƚŚǁĂƌĚƐ t-o-t͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůĞĚ ĚĞĐůŝŶĞƌƐ͕ ĚŽǁŶ ϰ͘ϯй t-o-t ĚƵĞ ƚŽ ůŽƐƐĞƐ in 'h Z Edz (-ϰ͘ϰйͿ ĂŶĚ ^^ (-ϵ͘ϮйͿ͘ dŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ƐŚĞĚĚŝŶŐ ϰ͘ϭй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ , DW/KE (-ϭϴ͘ϮйͿ ĂŶĚ E ^d> (-ϱ͘ϵйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƐĞůů ŽīƐ ŝŶ Z ' >/E^ (-ϮϬ͘ϬйͿ ĂŶĚ 'K> /E^h (-

Ticker

Current Price

THISDAY AFRINVEST 40

Ϯ͘ϴй ĂŶĚ Ϯ͘ϯй t-o-t ƌĞƐƉĞĐƟǀĞůLJ ĂƐ ŝŶǀĞƐƚŽƌ ĞdžŝƚĞĚ ƉŽƐŝƟŽŶƐ ŝŶ EE (-ϵ͘ϮйͿ͕ E' D (-ϭ͘ϳйͿ͕ &KZd (ϭϴ͘ϵйͿ ĂŶĚ d ZE (-ϯ͘ϴйͿ͘

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ǁĂƐ ƵŶĐŚĂŶŐĞĚ͕ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐĞƩůĞĚ Ăƚ Ϭ͘ϰdž͕ ĨŽůůŽǁŝŶŐ ϭϱ ƐƚŽĐŬƐ ƚŚĂƚ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϰϭ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ

(-ϮϬ͘ϬйͿ͕ &KZd (-ϭϴ͘ϵйͿ ĂŶĚ , DW/KE (-ϭϴ͘ϮйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ƚŽ ƐĞĞ ŝŶĐƌĞĂƐĞĚ ŝŶǀĞƐƚŽƌƐ ĂƉƉĞƟƚĞ ĨŽƌ ƚŚĞ DdEE ƐƚŽĐŬ ƉĂƌƟĐƵůĂƌůLJ in the ĞĂƌůLJ ĚĂLJƐ ŽĨ ƚŚĞ ǁĞĞŬ ĂŶĚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ ĨƵŶĚĂŵĞŶƚĂůůLJ

ƐŽƵŶĚ ƐƚŽĐŬƐ ĨŽƌ ƐŚŽƌƚ ƚĞƌŵ ŐĂŝŶƐ͘ tĞ ƚŚĞƌĞĨŽƌĞ ŵĂŝŶƚĂŝŶ Ă ďƵůůŝƐŚ ŽƵƚůŽŽŬ ĨŽƌ ƚŚĞ ŵĂƌŬĞƚ ŝŶ ƚŚĞ ŶĞĂƌ-ƚĞƌŵ͘

ROA

P/E

P/BV

Divindend Earnings Yield Yield

-0.25%

-10.1%

31.9%

17.4%

6.5%

4.8x

0.7x

6.2%

15.5%

30.60

-1.3%

19.1%

-11.2%

-11.3%

33.1%

5.3%

4.6x

1.5x

8.9%

21.9%

2 Zenith Bank PLC

19.60

0.3%

11.8%

-15.0%

-5.5%

24.7%

3.2%

3.3x

0.8x

14.3%

30.4%

176.00

0.0%

9.4%

-7.2%

-5.4%

40.1%

21.8%

7.9x

2.9x

9.1%

12.6%

1,430.00

0.0%

8.8%

-3.7%

-3.1%

81.2%

27.4%

24.0x

18.0x

4.2%

4.2%

62.50

0.0%

5.0%

-26.9%

-18.3%

9.5%

4.4%

28.6x

2.9x

3.9%

3.5%

7.00

0.0%

5.2%

-11.9%

-12.5%

10.0%

1.1%

4.2x

0.5x

3.7%

23.8%

13.90

0.0%

3.6%

-28.4%

-28.4%

4.7%

4.3%

4.0x

0.5x

2.9%

24.8%

6.00

0.0%

3.8%

-22.1%

-23.1%

15.5%

1.7%

2.5x

0.4x

14.2%

39.2%

3 Dangote Cement PLC 4 Nestle Nigeria PLC 5 Nigerian Brew eries PLC 6 FBN Holdings Plc 7 Cement Co Northern Nigeria PLC 8 United Bank for Africa PLC 9 International Brew eries PLC 10 SEPLAT Petroleum Development C

20.00

0.0%

2.6%

-34.4%

-36.5%

-23.8%

-3.2%

520.00

0.0%

3.2%

-18.8%

-16.2%

10.1%

6.3%

5.0x

0.5x

3.5%

19.8%

7.7%

60.9%

11 Access Bank PLC

4.9x

-1.8%

6.45

-0.8%

3.6%

-5.1%

-0.8%

22.2%

2.1%

1.6x

0.4x

12 Ecobank Transnational Inc

10.00

0.0%

2.3%

-28.6%

-30.1%

15.3%

1.2%

2.8x

0.4x

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

32.00

0.0%

2.4%

-13.5%

-13.5%

12.7%

7.7%

17.9x

2.2x

4.7%

5.6%

15 Lafarge Africa PLC

10.50

0.0%

1.6%

-15.7%

-12.5%

-53.7%

-7.9%

0.7x

13.9%

-60.0%

35.6% 15.1%

16 Guinness Nigeria PLC

49.05

0.0%

1.0%

-31.9%

-31.9%

6.8%

3.7%

16.4x

1.2x

3.8%

6.1%

17 Okomu Oil Palm PLC

74.00

0.0%

1.4%

-2.9%

-2.9%

32.9%

24.4%

11.7x

2.2x

4.5%

8.6% 10.6%

18 Total Nigeria PLC

162.00

0.0%

1.2%

-20.2%

-20.2%

19.3%

4.5%

9.5x

1.8x

10.6%

19 11 PLC

170.00

-2.3%

1.3%

-8.4%

-8.4%

38.0%

16.8%

5.7x

1.9x

4.9%

17.6%

15.70

-0.9%

0.9%

-32.0%

-29.3%

6.6%

2.0%

7.3x

0.4x

6.5%

13.8%

6.4%

48.7%

20 Flour Mills of Nigeria PLC 21 Oando PLC

4.80

6.7%

1.2%

-4.0%

0.0%

14.3%

2.5%

2.2x

0.3x

22 Fidelity Bank PLC

1.72

-3.9%

1.0%

-15.3%

-15.3%

12.7%

1.4%

2.1x

0.2x

45.9%

23 Transnational Corp of Nigeria

1.24

8.8%

1.0%

-6.1%

-1.6%

19.3%

4.3%

4.6x

0.7x

2.5%

21.6%

24 Dangote Sugar Refinery PLC

13.60

0.4%

0.9%

-10.8%

-8.1%

22.3%

12.6%

6.8x

1.5x

8.1%

14.6%

26 FCMB Group Plc

1.55

-8.8%

0.6%

-18.0%

-13.9%

8.8%

1.2%

1.9x

0.2x

9.0%

51.6%

27 UAC of Nigeria PLC

7.30

-1.4%

0.4%

-25.1%

-23.6%

-7.9%

-3.6%

0.4x

8.8%

-26.8%

43.7%

25 Diamond Bank PLC

2.50

0.0%

0.7%

31.6%

31.6%

9.3%

0.9%

7.7x

0.7x

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%

32.2%

12.9%

11.7x

3.8x

5.6%

31 Forte Oil PLC

28.35

-10.0%

0.4%

-1.2%

1.3%

48.9%

7.4%

28 Sterling Bank PLC

32 Union Bank of Nigeria PLC

7.00

2.2%

0.4%

25.0%

25.0%

6.6%

1.2%

12.2x

0.9x

23.00

0.0%

0.3%

14.4%

4.1%

23.0%

2.7%

4.8x

0.9x

34 PZ Cussons Nigeria PLC

13.0%

2.2x

33 Julius Berger Nigeria PLC

8.5% -7.4% 8.2%

9.1%

20.7%

8.50

0.0%

0.2%

-29.8%

-30.9%

0.8x

1.8%

34.00

0.0%

0.2%

-2.4%

-2.4%

68.7%

31.5%

11.5x

7.2x

8.5%

8.7%

36 Wema Bank PLC

0.62

0.0%

0.2%

-1.6%

-1.6%

7.3%

0.7%

6.5x

0.5x

4.8%

15.5%

37 Beta Glass PLC

69.70

1.1%

0.2%

2.0%

2.0%

21.1%

14.7%

6.4x

1.2x

1.9%

15.5%

38 Dangote Flour Mills Plc

16.15

0.3%

0.4%

135.8%

144.7%

-15.8%

-5.1%

2.5x

1.2%

-7.0%

39 Transcorp Hotels Plc

5.40

0.0%

0.1%

-11.5%

-9.2%

6.0%

3.2%

12.0x

0.7x

2.8%

40 AXA Mansard Insurance PLC

1.80

0.0%

0.1%

-1.6%

-1.6%

10.7%

3.1%

7.9x

0.9x

35 Chemical and Allied Products P

T o p 10 G a i n e r s T ic k er

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

R OYA LEX

0.24

9.1%

T R A N SC OR P

58.6

8.8%

C UT IX

1.80

9.1%

A C C ESS

27.4

-0.8%

CHA M S

0.37

8.8%

UB A

19.4

0.0%

T R A N SC OR P

1.24

8.8%

Z EN IT H B A N K

17.6

0.3%

T H OM A SWY

0.31

6.9%

GUA R A N T Y

12.4

-1.3%

OA N D O

4.80

6.7%

R EGA LIN S

9.0

0.0%

LIVEST OC K

0.64

6.7%

F ID ELIT YB K

8.7

-3.9%

T ic k er

Vo lum e

P ric e C hg %

WA P IC

0.40

5.3%

UB N

8.6

2.2%

UB N

7.00

2.2%

UA C N

7.9

-1.4%

UN IT YB N K

0.66

1.5%

FB NH

7.8

0.0%

T o p 10 L o s e r s

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

T ic k er

P ric e

P ric e C hg %

FO

28.35

-10.0%

1.17

C H A M P ION

T ic k er

Value

P ric e C hg %

GUA R A N T Y

380.1

-1.3%

-9.3%

Z EN IT H B A N K

344.4

0.3% -0.8%

FCM B

1.55

-8.8%

A C C ESS

178.5

C OUR T VILLE

0.23

-8.0%

NB

167.4

0.0%

J A P A ULOIL

0.26

-7.1%

UN ILEVER

161.5

0.0%

A B CTRA NS

0.27

-6.9%

N EST LE

138.7

0.0%

UN ION D A C

0.23

-4.2%

UB A

117.6

0.0%

F ID ELIT YB K M OB IL

8.3% 12.7%

P ric e

UC A P

Afrinvest West Africa Limited

ROE

1,319.38

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Price Change Index to Date

1 Guaranty Trust Bank PLC

ϭϯ͘ϬйͿ ƉƵůůĞĚ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ůŽǁĞƌ͕ ĚŽǁŶ ϯ͘ϯй t-o-t͘ ůƐŽ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĚĞĐůŝŶĞĚ

Price Previous Current Change Price Weightin YTD Change g

1.72

-3.9%

D A N GC EM

77.5

0.0%

170.00

-2.3%

T R A N SC OR P

72.2

8.8%

2.42

-1.6%

UB N

60.4

2.2%

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

37

MONDAY, MAY 20, 2019 ˾ T H I S D AY

MARKET NEWS

CIS Awards Scholarships to Boost Capital Market Development Goddy Egene The Chartered Institute of Stockrokers (CIS), has awarded scholarships to 31 financial journalists to undergo its Diploma 2 Progamme in securities and investment market. The scholarships are part of its determination to invest in human capital for overall development

of the market in the area of information dissemination. The programme will not only deepen the beneficiaries’ knowledge of the market but pave way for them to aspire to become professional securities dealers. Speaking on the development in Lagos, the President of CIS, Mr Adedapo Adekoje explained

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

that it was part of the corporate social responsibilities (CSR) to upscale the skills of those who cover the capital market for professional reportage. He said: “It is hardly contestable to say that investors, especially in Nigeria, form their opinion of the capital market from what they read in the mass media. In recent years, this has

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 16May-2019, unless otherwise stated.

been further amplified by the social media. It is therefore critical that financial journalists are wellinformed about the market such that they can give enlightened and balanced reporting. In recognition of the very important role of Journalists in the Securities and Investment industry, the CIS council recently approved a scholarship scheme that will

enable outstanding financial journalists undertake the CIS Diploma in Securities and Investment (DSI) programme at no cost. The scholarship will cover registration fees, examination enrolment fees and study materials. The CIS diploma will give you immense opportunities to understanding the capital market better and

position you just one step away from becoming chartered stockbrokers. I encourage you to make the most of this rare opportunity and make it count in your professional journey. “Domestic investors need education and enlightenment. They need to know the facts behind the numbers that are unleashed on them every day.”

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 148.26 149.99 -5.85% Afrinvest Plutus Fund 100.00 100.00 8.11% Nigeria International Debt Fund 276.52 276.52 1.21% 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 4.13% ACAP Income Funds 0.63 0.63 13.05% 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 13.31% AIICO Balanced Fund 2.29 2.31 3.11% 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 15.58 16.05 -6.10% ARM Discovery Fund 345.18 355.58 -3.21% ARM Ethical Fund 28.94 29.82 2.49% ARM Money Market Fund 1.00 1.00 13.14% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 1.81 1.81 8.99% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.98% Paramount Equity Fund 11.96 12.04 1.18% Women's Investment Fund 105.49 106.03 1.81% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 12.74% Cordros Milestone Fund 2023 98.93 99.39 Cordros Milestone Fund 2028 98.87 99.18 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 0.83 0.84 Coronation Fixed Income Fund 1.19 1.19 6.43% 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 12.49% 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 1,185.44 1,186.26 6.21% FBN Heritage Fund 142.64 143.61 -0.10% 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 140.57 142.57 -6.29% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 11.28% Legacy Debt Fund 3.39 3.39 4.56% Legacy Equity Fund 1.13 1.15 -7.39% Legacy USD Bond Fund 1.05 1.05 1.80% 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 2,958.99 2,988.19 -0.85% Coral Income Fund 2,886.89 2,886.89 5.38% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 11.92% Nigeria Entertainment Fund 108.18 108.53 0.93% 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 N/A N/A N/A

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 12.23% Vantage Balanced Fund 2.12 2.15 -1.20% Vantage Guaranteed Income Fund 1.00 1.00 14.91% Kedari Investment Fund (KIF) 129.96 130.04 3.98% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.17 1.19 2.43% Lotus Halal Fixed Income Fund 1,096.85 1,096.83 5.08% 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 10.63 10.72 -7.60% Meristem Money Market Fund 10.00 10.00 12.16% 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 3.01% PACAM Fixed Income Fund 11.40 11.46 2.52% PACAM Money Market Fund 10.00 10.00 12.93% 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 2,341.01 2,352.73 1.12% Stanbic IBTC Bond Fund 201.05 201.05 5.74% Stanbic IBTC Ethical Fund 0.91 0.92 -3.68% Stanbic IBTC Guaranteed Investment Fund 254.00 254.03 4.79% Stanbic IBTC Iman Fund 157.06 158.74 -3.75% Stanbic IBTC Money Market Fund 100.00 100.00 12.67% Stanbic IBTC Nigerian Equity Fund 7,995.61 8,083.64 -5.86% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 2.36% 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 -0.46% United Capital Bond Fund 1.69 1.69 5.82% United Capital Equity Fund 0.68 0.70 -3.44% United Capital Money Market Fund 1.00 1.00 13.06% United Capital Eurobond Fund 110.52 110.52 3.04% United Capital Wealth for Women Fund 1.12 1.12 2.31% 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 10.25 10.41 -2.68% Zenith Ethical Fund Zenith Income Fund Zenith Money Market Fund

11.94 21.75 1.00

12.07 21.75 1.00

-0.30% 12.87% 11.47%

REITS NAV Per Share

Yield / T-Rtn

5.40 120.61 52.31

-44.85% 2.45% 1.10%

Bid Price

Offer Price

Yield / T-Rtn

9.57 100.40 81.07

9.67 102.52 82.56

-9.29% -14.42% -8.58%

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

3.54 6.38 13.14 10.43 155.28

3.58 6.46 13.24 10.63 157.28

-11.52% -16.18% -12.04% -15.46% 8.12%

NAV Per Share

Yield / T-Rtn

106.90

17.40%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

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Emefiele Challenges Policy Makers to Get Nigeria Working Again James Emejo in Abuja The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has tasked policy makers in all sectors of the economy, particularly political leaders who had witnessed “the good old days” in the country, to take up the responsibility of ensuring that the system works again. Speaking while delivering his keynote address, titled: “From Recession to Growth: The Story of Nigeria’s Recovery from the 2016 Economic Recession,” at the special convocation of the University of Nigeria, Nsukka (UNN), Enugu State over the weekend, he said the failure of the country to implement its development plans alongside the Asians tigers,in the 1960s, was partly responsible for its current travails. The CBN boss also said he would like to be remembered as one who did his best to get the country working again by the time retires from public office and challenged other public office holders to have similar mindset. Emefiele who went briefly outside his written address to dwell on the moral burden, which all public office holders should have said: “It will be selfish for those of us who saw this country when it was good, being in a position of policy-making, to allow the current bad trend to continue. “We owe it as a responsibility

as policy makers, whether in the educational sector, in the banking sector, in the political arena to see to it that you contribute your best, your quota towards changing the situation for the better in our country.” He said:” I have had the opportunity of traveling out of the country. Some of you who know Dubai can imagine what Dubai was 20 years ago. Today, Dubai is a tourist attraction to anybody. Let’s leave Dubai. Some of us who read economics during the Asian crisis, 1997 to 2000/2001, know the kind of crisis that hit the Far East countries- the Asian countries. They were so badly hit but out of adversity, they turned their situation round. “Those of you who read, you can go and read the history of the Malaysian economy or the history of the Indonesian economy, their development plan arrangements.” “Nigeria started development planning with Malaysia and Indonesia and some of the developing countries in about 1960/1961. They have moved on with their development plan but Nigeria receded with its development plan. “And hence, the reason we are where we are today. We need to beat our chest as policy makers whether in education, in politics, in banking and tell yourself that you want to reverse the situation. “It is unthinkable and I have been abused when we proposed exclusion of certain items, that

I just went I to a room and found different things and I took toothpicks and I said we should not import toothpicks into Nigeria and that am I not ashamed that I am picking toothpick? “And true; they may be correct. Because what does it take to produce toothpicks, ladies and gentlemen? Toothpicks machine can be imported for less than $50,000...and yet Nigeria was importing toothpicks.” “Also, pencil that is used in writing, Nigeria imports pencil. What does it take to produce pencil, ladies and gentlemen? Go to Ebonyi State, you have Lead in large quantity and today, Lead is being exported out of Ebonyi State. That is what we did to our country. “But what am I doing at this lecture? I am trying to say, in the midst of these adversity lies opportunities and all it takes is for us to stand and tell yourself that you want to do something for your country.” “You want to sow something for yourself and for your country by extension. We express regret over what is happening today because we said things have gone bad but can you please stand and tell yourself in the next 15 to 20 years, we pray that we are able to turn things around- when people are beginning to talk about policy makers of today- that they will say positive things about what you have done for your country.”

HDPVice Presidential Candidate, Others Dissociate Selves from Petition against Buhari’sVictory The vice presidential candidate of Hope Democratic Party (HDP) in the 2019 presidential election, Alhaji HarunaYahaya-Shaba, has dissociated himself from the legal action instituted by the presidential candidate of the party, Chief Ambrose Owuru. Yahaya-Shaba, who is also the Deputy National Chairman of the party, disclosed this in a statement he personally signed and issued to journalists in Abuja, yesterday. He said that he was working with other National Executive Committee (NEC)membersagainstthelegalaction taken by Owuru. “We called an emergency NEC meeting to discuss very serious issues affecting our great party. “We have taken the decision to instructourlawyerstocommunicatethe decision of the NEC to the Presidential Election Tribunal sitting in Abuja. “In the last two weeks, I have been inundated with calls from many party members, including some NEC members, to explain the information that our party has filed a petition at the Presidential Election Petition Tribunal sitting in Abuja,” Yahaya-Shaba said. He said many people were shocked and surprised when he explained that as the deputy national chairman and indeed the vice presidential candidate of HDP, he only heard of the news of filing petition at the tribunal from the media. “HDP is not a personal property

of any individual. It is, therefore, illegal and unacceptable for any individual in the party to take such a unilateral decision without getting official approval of the party. “As the running mate of the party in the last presidential election, I, therefore, dissociate myself from this unilateral action.”

He also disclosed that the NEC of HDP had also constituted a seven-man committee to investigate allegations against Owuru that he allegedly received substantial amount of money from the opposition PDP to institute the illegal petition.

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Falana Writes Buhari, Seeks Release of 40 Nigerians Detained by Navy Peter Uzoho A human rights activist and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has asked President Muhammadu Buhari to order the release of 40 Nigerians in the detention of the Nigerian Navy. In a letter addressed to Buhari, the senior lawyer alleged that the detainees have been held incommunicado in dehumanising conditions for periods ranging from six to eight months without trial, adding that he had received complaints from their families over their continued detention. Falana’s letter, which was addressed to the president and dated May 19, was titled: “Request for Release of 40 Nigerian Citizens from Illegal Custody of Nigerian Navy”. Falana urged President Buhari to direct the Chief of Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas, to either release the detainees from unlawful custody or arraign them in court without any further delay. He said this has become expedient since all the detainees are entitled to their fundamental rights to dignity and liberty

guaranteed by sections 34 and 35 of the Constitution of the Federal Republic of Nigeria, 1999 as amended and articles 5 and 6 of the African Charter on Human and Peoples Rights Ratification and Enforcement Act (Cap A9) Laws of the Federation of Nigeria, 2004. He gave the names of the detainees as Captain Dada Labinjo, Lt. Commander Sherifat Ibe Lambert, Benjamin Gold, Peter Pulle, Pius Paul, Onoja Reuben, Adeleke Adewale, Labinjo Kehinde, Ogunmoyero Oluwasehun, Emmanuel Oputa, Innocent Sunday, Lejoro Friday, Hamza Yakubu, Segun Yusuf, Master-Melvin Jack ; Chief Mate-Adebayo Mayoma, Chief Mate- Francis Oneyema, Godwill Umoh, Bosin-Miebaka Iyala and Edu Fidelis. Others are Richard David, Daniel Harrison, Asaiki Okeoghene, Omogoye Bolaji, Victor Uchendu, Oloyede Ademola, Oiler-Simon Onyisi Mike, Udom Victor Jerome, Godwin Etiaka Ojodusi, Sixtus Ganabel, Owei Ukuto, Jeremiah Victor, Collins Joel, Augustine

Omonisa, MV Akemijo Deborah, Mike Simeon, Umoren Daniel, James Archibong, Umon Godswill Emmanuel and MT Adeline Jumbo. “In view of the fact that the illegal detention of the 40 Nigerian citizens for several months without trial has exposed the federal government to unwarranted embarrassment the Chief of Naval Staff ought to be sanctioned by Your Excellency,” Falana told the president. “We have received complaints

from the family members of 40 Nigerian citizens who are being detained without trial on the orders of the authorities of the Nigerian Navy. “It may interest Your Excellency to know that the above-named detainees have been held incommunicado in dehumanising conditions for periods ranging from six to eight months. In fact, some of the detainees are incarcerated in an underground military detention facility in Abuja while others are held inside one

of the vessels impounded by the Nigerian Navy in Marina, Lagos. “The detainees have been subjected to mental, psychological and physical torture contrary to the provisions of the Anti-Torture Act, 2017. “Furthermore, in utter contempt of court the authorities of the Nigerian Navy have defied valid and subsisting orders of competent courts for the unconditional release of some of the detainees. “Apart from such contemptuous conduct, the Nigerian Navy

recently denied knowledge of the whereabouts of the 15 detainees held in a detention facility in Abuja. “As soon as we pointed out that the remand order procured by the Nigerian Navy for the detention of the 15 detainees had been quashed by the Chief Magistrate Court in Apapa, Lagos State, the Naval Authorities turned round to file criminal charges against five of them before a court-martial,” Falana explained.

Enugu Airport: EFTZ Pledges Full Compliance to Safety Standards Hamid Ayodeji Stakeholders in the Enugu Free Trade Zone (EFTZ) in Enugu State have declared willingness to work with the Ministry of Aviation in addressing all concerns over the proximity of one of the units of the FTZ with the Akanu Ibiam International Airport in Enugu. Enugu Power Free Zone Company (Enpower FZC), which manages the facility development, stated in a media statement at the weekend that the need to work together in addressing safety concerns at the airport has become necessary to clear misconceptions over the well-conceived aviation facility development and growth plans that informed location of the FTZ close to the airport. The statement came as a reaction to media reports crediting the Minister of Aviation, Mr. Hadi Sirika, with statements that the federal government was considering downgrading the Akanu Ibiam International Airport, Enugu, to local status and subsequently shut it down on safety concerns. Sirika is reported to have listed major safety concerns at the airport to include bad runway, state radio mast on landing approach to the runway, location of EFTZ at the end of the runway and threats of bird strikes from an abattoir at a nearby market. Chairman of Enpower FZC, Mr. Emeka Ene, who stated that the reports of the minister’s comments have already triggered panic among international investors that have already staked interests in the free trade zone, said the company and Enugu State Government are already working to address all concerns raised by the minister, including mast removal and market relocation. He, however, clarified that the

EFTZ, which is the only such facility in the South-east zone of the country, is eminently certified compliant to the Nigerian Civil Aviation Authority (NCAA) and International Civil Aviation Organisation (ICAO) Annex 14 regulations for Aerodrome Safety and Height restrictions. Independent checks showed that the EFTZ was approved by the federal government in 2015 and the registration and operating licences issued by Nigerian Export Processing Zone Authority (NEPZA) to operate as a free trade zone following a rigorous evaluation process spanning over seven years. “The EFTZ, situated on two sites at the Akanu Ibiam International Airport and at the Ninth Mile area, was established since 2015 by the federal government and not the state government as reported by the media, after rigorous engagement with NEPZA, the Ministry of Investment and regulatory authorities under the Ministry of Aviation to ensure compliance to international free zone best practices and aviation regulations,” Ene said. He said safety and quality audits conducted on the facility by federal government regulators recognised the importance of aviation safety and international compliance to proximity of the free trade zone. “As a result of this engagement, the free trade zone provided for all relevant specifications of aerodrome approach distances, setbacks, RESA, height restrictions in compliance with NCAA and ICAO Annex 14 international aviation regulations. Although the Enugu airport is not a Category 2 airport, Enpower FTZ provided for setback and aircraft inner approach distances in compliance with a more advanced Category 2 airport,” he explained.

TRUCE AT LAST…

L-R: Permanent Secretary, Federal Capital Territory Administration (FCTA), Sir Christian Chinyaka Oha; Enugu State governorship candidate of All Progressives Congress (APC) in 2019 general election, Senator Ayogu Eze; Enugu State Governor, Hon. Ifeanyi Ugwuanyi; and National Vice Chairman of APC (South East), Hon. Emma Eneukwu, at the Akanu Ibiam International Airport, Enugu… yesterday

Facebook Has Exposed FG, APC as Real Enemy of Nigeria, PDP Insists Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) has said that the Facebook revelation detailing the devious manipulations and engineering of disinformation in the 2019 general election by President Muhammadu Buhari’s handlers and the All Progressives Congress (APC), has further exposed them as schemers and real enemies of Nigeria’s democracy and national cohesion. It said that indeed, the Buhari Presidency and the APC should hide their faces in shame as Nigerians have seen that their professed sanctimony and ‘holier-than-thou’ claims are mere masquerading.

The party, in a statement yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, said that the ruling party, which engaged in manipulation to foist itself, would do anything, no matter how vile, to sustain itself in office, not minding the social, economic and collateral damages such could cause Nigeria. The main opposition party insisted that the revelation exposed the APC as a fraudulent and violent-loving party, whose divisive activities are now directly threatening the security and stability of the country. The party’s spokesperson said that since the Facebook revelation, the federal government and the presidency have suddenly gone

dumb, having been exposed and shown in their true colours. “The Facebook revelation exposes how President Buhari, in his claimed integrity, allowed the enlisting of criminals, hackers and internet fraudsters in the desperate attempt to manipulate the views of Nigerians against Atiku Abubakar; a scheme which failed as Nigerians had already made up their minds to do away with the incompetent, deceptive, vindictive and corrupt APC administration. “It is also unpardonable that instead of owning up, the federal government and the APC, through the Minister of Information and Culture, Lai Mohammed, are seeking to cover their tracks

and divert public attention from their devious acts by making unsubstantiated security allegations against our party and Atiku Abubakar. “Our party has information of how the APC had to resort to crude manipulation of the electoral process to muscle votes and alter election results after it failed in the smear campaign project. “It is however, to say the least, despicable that in their desperation to hold on to power at all costs, President Buhari’s handlers and the APC engaged in this sneaky disinformation, internet lies and smear campaigns against PDP presidential candidate, Atiku Abubakar.

ICPC: Why It’s Difficult to Arrest, ProsecuteVote Buyers The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has said checking vote buying is a daunting task due to the large number of people involved in the act. Owasanoye stated this yesterday in an interview with the News Agency of Nigeria (NAN) in New York. According to him, vote buying is so rampant and widespread in the country that it is difficult to arrest and prosecute offenders. Besides, attempts to arrest vote

buyers at polling units usually lead to clashes between armed thugs and security agents that endanger the lives of voters. He suggested that more attention should rather be given to prevention through deployment of technologies and improvement in the country’s voting infrastructure. “When something is rampant like this, you can hardly eradicate it by enforcement measures alone. “Take for example a situation where a whole a community, led by their leaders, reached an agreement to trade their votes.

“People were led by opinion leaders to say we must be paid for our votes. Now, can you arrest an entire community? “Investigation and prosecution is very expensive, and the capacity to do all the available cases is severely limited. “It is not possible to prosecute all the cases that are staring you in the face. “So, you have to adopt preventive measures that help to diminish corruption much more vigorously than enforcement,”

Owasanoye said. To this end, the ICPC boss said the commission held a policy dialogue after the last general election to identify effective ways to eliminate the problem. One of the key recommendations at the forum, according to him, is the need to increase the role of technology in the voting process. He said: “If you reduce the human interface, those who want to buy votes will realise that their money will be wasted.

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S’Court Judgment: Presidential Panel Wants IOCs to Pay N1.65tn Oil majors, others frustrating court judgment, lawyer alleges Emmanuel Addeh in Yenagoa A presidential committee set up by the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, has disclosed that the federal government and some Niger Delta states - Bayelsa, Rivers and Akwa Ibom lost $46 billion or approximately 1.6 trillion to oil companies operating in the country under the Deep Offshore and Inland Basin Production Sharing Contracts (PSC) Act.

The panel, has therefore, recommended that the oil multinationals should pay the said sum to the federal government and the affected states, which are entitled to 13 per cent of the entire amount. On October 17, 2018, a sevenman Supreme Court panel decided on a consent judgment brought before it by the three Niger Delta states. The crux of the matter was that in 1993, the then military federal government entered into a contract

FG Upgrades Benin Airport to Operate Night Flights Unveils FAAN’s ICAO training centre Chinedu Eze The federal government has upgraded the Benin-city airport, Edo State, in order to perform night flights and flights during low visibility operations with the installation of Precision Approach Lighting System and Instrument Landing System (ILS) Category II. The Minister of State for Aviation, Senator Hadi Sirika, made this known at the weekend when he inaugurated the new equipment. During the unveiling, the minister commended the state Governor, Mr. Godwin Obaseki, for his support to make the installation possible, saying the governor had expressed worries over why aircraft could not land at night, during bad weather, low visibility and why there was no ILS. According to him, “From now on, you have the Instrument Landing System (ILS), which can allow pilots in reduced visibility and bad weather to be able to shoot on approach and land in Benin-city, just like they do in London. Also, it is no longer closure from 6: 00 p.m. The operational capability of the airport has improved with the installation of these sets of equipment.” The minister also said t the Federal Ministry of Transportation (Aviation), through Nigeria Meteorological Services (NiMET), has constructed and donated a meteorological station to the University of Benin (UNIBEN). He hinted on the plan to construct a cargo terminal at

the Benin-city airport. “Here in Benin-city, we will site an agro-allied cargo terminal. We will soon commence civil works, and the governor had promised the state participation,” the minister said. Obaseki, in his response, acknowledged a cordial relationship with the federal government, which he said made it possible for the partnership to execute the projects. “Benin-city airport which was built over 60 years ago is one of the oldest airports. It is today being upgraded so that it can be ranked as an airport to match any other airport in the world by equipping it with the kind of instruments a modern airport should have,” he said. On the airport landing aids and the proposed cargo terminal, the governor said: “For you to have economic growth, you need to have the infrastructure. “People must be able to come into your economy and leave freely. This air transportation infrastructure will complement the effort we are currently making in the area of agriculture, industrialisation, tourism and culture and even education.” Obaseki also expressed his appreciation to the minister on the NiMET upgrade of its facilities and the equipment donated to the state. Meanwhile, the minister also inaugurated the multimillion naira International Civil Aviation Organisation (ICAO) approved Federal Airports Authority of Nigeria (FAAN) training centre, located at the Murtala Muhammed International Airport (MMIA), Lagos.

Nigerian Soldier on UN Assignment Killed in Mali A Nigerian soldier was killed and several others injured in two attacks on the UN peacekeeping mission in Mali, UN officials said yesterday. Gunmen attacked the UN troops in Timbuktu in the north of the country, where several groups of militants are active, according to Stephane Dujarric, spokesman for UN Secretary-General, Antonio Guterres. The peacekeeper, who was killed, was a Nigerian, as were three of those injured. A further three UN soldiers from Chad were injured in Tessalit in

the northern Kidal region near the border with Algeria when their vehicle drove over an explosive device. Condemning the violence and expressing his condolences to the family of the killed soldier, Guterres said such attacks on UN soldiers could be considered war crimes under international law. Mali has experienced sporadic attacks by armed groups since a 2012 coup that helped separatist rebels and groups associated with al-Qaeda gain a foothold in the country’s restive north.

with the oil companies to explore oil and gas in the deep offshore and inland basins of Nigeria. The two parties had agreed that if at any point the price of crude oil exceeds $20 per barrel, both parties would renegotiate the sharing formula as contained in the law. Since then, the three states argued, oil had soared from nine dollars to above $20. Therefore in 2016, the states took the federal government to court through their respective Commissioners of Justice. The court led by the then Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, gave the order in a consent judgment and adopted it as its judgment. “The AGF is expected to work with the three states to “immediately set up a body and the necessary mechanism for recovery” of all the lost revenue since August 2003,” the Supreme Court directed. Also, the apex court ordered

that within 90 days, the federal government should put in place the mechanism for the recovery of the lost revenue. The three states had argued that they, along with the federal government were short-changed to the tune of $1,149,750,000,000 between 2003 and 2015. But Speaking with THISDAY, a lawyer to the three Niger Delta States, Chief Lucius Nwosu (SAN), said that the panel after a thorough analysis of the 26-year error, has now decided that the oil companies will pay $46 billion to the benefitting states and the federal government. The senior lawyer admitted that the matter was a delicate one, alleging that several interests had cropped up over the matter, thereby slowing down the enforcement of the supreme court judgment. “It is a delicate case. Once a case involves the big oil companies, a lot of interests come to play. They have a big purse and within

the corridors of power they have planted people who pretend to be working for Nigeria, but are working for the oil companies. “But you don’t blame them, they are here to do business and sometimes the end justifies the means for them. But the Attorney General seems to have done so well in that particular aspect. “All attempts to sabotage the judgment of the supreme Court he has resisted, but the people who are on the hire of the oil companies are not resting. “So, there is internal economic sabotage going on, but fortunately, I don’t think these people will succeed if a government is responsible enough. That is the way I look at it,” he said. On whether the governors should return to the apex court before the judgment is implemented, Nwosu explained that it might not be necessary, adding that the federal government must muster the political will to ensure the enforcement of the

judgment, especially since both parties agreed to it. “They (governors) don’t necessarily have to go back to the Supreme Court. All they have to do is to say gentlemen we have a judgment and we are making a demand, pay us. “If you (FG) wants to forgo your own 87 per cent, go ahead, but our own 13 per cent give it to us, because this judgment is final and it is even more delicate when we are talking about what they call a consent judgment. That is when the two sides, plaintiff and defendant, agree to the judgment or what was in contest and then submit to it,” he explained. According to him, the issue should not be allowed to linger for too long, since it had been decided by the highest court in the land as a consent judgment. “That’s why it is a more difficult judgment for anybody to impeach. This judgment is from the apex court, so, there is nowhere else to go,” Nwosu explained.

ALL EYES ON HIGHER RETURNS…

L- R: Managing Director, 11Plc, Mr. Adetunji Oyebanji; Chairman, 11Plc, Mr. Ramesh Kansagra; Director, Alhaji Abdulkadir Aminu; Company Secretary, Mr. Danladi Ochekpe; Director; Mr. Paul Obi; and Director, Richi Kansagra, during the company’s 41st Annual General Meeting in Lagos…recently

Stand up forYour Fatherland, Okuntimo Tells Okun People in Kogi Yekini Jimoh in Lokoja The Yagba people and Okun nation in Kogi West senatorial zone of Kogi State have been charged to rededicate and commit themselves to the defence and transformation of their fatherland. Former Nigerian Army Brigadier General Paul Okuntimo (rtd) gave the charge at the weekend at Isanlu, the headquarters of Yagba East Local Government Council during his 70th birthday celebration organised for him by Like Mind Group of the senatorial district. Okuntimo, who was full of appreciation to God for taking him this far on earth, commended the Like Minds Group under the leadership of Dr. Toyin Akanle for putting up a befitting birthday celebration for him. He said the gesture rekindled his determination to live the remaining part of his life standing

up for the defence, protection and promotion of Yagba and Okun nation. The former army general urged the people to devise means to legitimately defend themselves against external and internal threats, adding that he is always available to render his professional service at no cost to the people. According to him, Okun nation is surrounded by Fulani herdsmen who keep destroying farm products of the people, stressing that under the law, the people have the rights to life and to use legal means to defend their lives. He said: “The Yagba and Okun people under the Nigerian Constitution have the right to defend their lives and property. I call on communities to organise themselves using commonsense to protect our land. The remaining part of my life on earth is to defend the interest of Okun land.

I’m a trained infantry soldier with wealth of experience. Call on me at any time, I will give my advice at no cost to safeguard our land. “It saddens me that one of us went to his farm and was killed by the Bororo Fulani herders and the people are wailing and crying. This must stop. I have surrendered my life to defend the lives and property of our land.” Okuntimo, who was the first chairman of Governor Yahaya Bello staff screening exercise, explained that his unceremonious sack was divine, noting that he decided to keep quiet over the issue because of the chains of events that heralded the administration. He added that he worked assiduously to come out with time tested reports, but unfortunately, he was sacked, even as he challenged anybody to come out to compare his report with any other reports since he was

sack from the committee. Okuntimo said he had put the matter behind him, but urged the government to have the fortitude to pay the lingering salary arrears while praying to God to repose the souls of those who died of nonpayment of salaries in the state. In his remark, Chairman of the central planning committee, Dayo Akanmode, said the celebrant has many parts, stressing that the group hosted him for his contributions to peace building and his resilience in speaking the truth to power. He added that the occasion is the modest recognition of Okuntimo’s contributions to the development and progress of Yagba and Okun land, as he challenged other sons and daughters of the nation to emulate his courage, principle and forthrightness throughout his service years.

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Europe-based Nigerians Laud Buhari over Emefiele’s Reappointment Adedayo Akinwale in Abuja The Association of Nigerians in Europe has hailed the decision of President Muhammadu Buhari, to reappoint Godwin Emefiele as the Governor of Central Bank of Nigeria (CBN). The association, in a communiqué issued yesterday at the end of the 5th Annual General Meeting, which was

held in Belgium to deliberate on recent events in Nigeria, expressed excitement over the reappointment of Emefiele as the governor of the apex bank. The association also commended the numerous sacrifices made by the Nigerian troops fighting terrorism in North -East Nigeria and also praised the leadership of the various armed forces in providing sound

guidance and direction for the services. The communiqué was jointly signed by Dr. Agwu Onyeke (President), Adesugun Lawal (Ukraine), Chief Adekoya (Italy), Mr. Bright Anyanwu (Spain), Mr. Godspower Smith (Germany), Chief Chuba Chime (UK) Mr. Charles Ayoola (UK), Prof. Afik Babarinde (Cyprus), Mrs. Anita Ibeh (Malta), Dr. John Umeh (Republic of Ireland) and

Tobias Idoko (Netherlands). “The Association of Nigerian Professionals in Europe commends President Muhammadu Buhari for reappointing of the Governor of the Central Bank of Nigeria, Mr. Godwin Emefeile. This action is a deviation from the past, where hard work and dedication to duty are always sacrificed on the altar of politics. “The Association of Nigerian Professionals in Europe foresees

a great future for Nigeria with the disposition of President Muhammadu Buhari to issues in the critical sectors of the country despite the instigation of violence and criminality by politicians especially those that have refused to accept electoral defeat in good faith. “It is a known fact that the state of insecurity in Nigeria, are politically motivated in an attempt to discredit the efforts of the current administration and by extension

the efforts of the Armed Forces of the Federal Republic of Nigeria. “On the state of the Economy, the Association of Nigerian Professionals in Europe commends President Muhammadu Buhari for restoring confidence on the suitability of Nigeria for businesses that have seen to a significant increase in the number of Nigerians relocating back to Nigeria to contribute their quota to the development of Nigeria,” the communiqué explained.

Air Pollution: NLNG Earns N36tn from Flare Gas Monetisation Ahead of the 2019 World Environment Day (WED) celebration, which amplifies the clamour for players in the petroleum industry to curb the rising level of global air pollution, Nigeria Liquefied Natural Gas (NLNG) Limited has declared over $100 billion or N36 trillion gross income from gas monetisation. The Managing Director of the company, Mr. Tony Attah, who spoke on the company’s 20 years of operations, said that NLNG has over two decades delivered economic, environmental, commercial and social dividends to the Nigerian people. He said the company had converted over 6.37 trillion cubic feet of associated gas to Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs) in the past 20 years, thus helping to cut gas flares in the country from over 60 percent in 1999 to less than 20 percent. Attah stated that apart from capturing flared gas for monetisation, the company has also delivered immeasurable financial returns to asset holders, operators and sundry stakeholders. From the monetisation of gas hitherto being flared, he said NLNG has generated over $100 billion revenue since inception and paid over $36 billion (N12.96 trillion) to shareholders as dividends. Attah explained that $17.64 billion (N6.35 trillion) of the total dividends went to federal government through the Nigerian National Petroleum Corporation (NNPC) which holds overriding 49 percent equity interest in NLNG under an incorporated

joint venture with Shell, Total and Eni. He added that another $16.464 billion (N6.0 trillion) out of the $28 billion (N10.08 trillion) used in buying the feed gas from upstream oil production sites was also paid to government which holds average of 58.8 percent stake in the three joint ventures that supply feed gas to the liquefaction company. Attah stated that NLNG is the biggest tax payer in Africa with over $40.47 billion or N14.6 trillion in revenues to the government in the past 19 years, adding that the company paid government about $864 million in incremental company income tax (CIT) alone in 2018. Other payments declared by the company include employee income tax, state and local government taxes as well as regulators’ levies and fees totaling over N60 billion. Beyond dividends, taxes and gas purchase values, he pointed out that the company has also voluntarily committed to about N222 billion social responsibility projects in Nigeria, especially in rural communities. In providing details of the company’s corporate social responsibility in the country, he counted that NLNG has spent over N25 billion on community projects over the years; over N2.0 billion in building world-class engineering laboratories in six Nigerian universities under its University Support Programme, and another N63 billion in counterpart funding for the construction of Bonny-Bodo road in Rivers State.

Buhari toVisit Ogun May 25 Ogun State Governor, Senator Ibikunle Amosun, has disclosed that President Muhammadu Buhari will be paying an official visit to the state on Saturday, May 25. The governor disclosed this yesterday, in Abeokuta, the state capital, while inspecting work on some of the projects, scheduled to be commissioned by the president. Addressing journalists, Amosun assured that Buhari will arrive Abeokuta by 9.05 a.m. on Saturday, urging residents to come out and give him a rousing welcome. Some of the projects,

which the governor said are billed for commissioning, are Judicial Complex, along Kobape road, Amphitheatre in the City Centre and the renovated old Governor’s Office, at Oke-Ilewo. Others are the 250-bed ultramodern hospital at OkeMosan, Wasinmi International Airport, in Ewekoro Local Government Area and the Ogun State Television Digital studio, along Ajebo road. Amosun restated his government’s resolve to work till its tenure ends, assuring that the contractors will be working round the clock to ensure completion of ongoing projects.

NEW SERVICES UNVEILED…

L-R: Business Development Manager, International Lottery & Gaming Limited, George Khoury; Marketing Director, Mike Ogor; Team Lead, Customer Service, Angela Duru; and Managing Director, International Lottery & Gaming Limited, Manolis Lambrakis, at the launch of Bettabet.ng in Lagos …recently AKINYELE ABAYOMI

Ramadan: Masari’s Wife Donates Foodstuffs to Orphans, Widows Francis Sardauna in Katsina The wife of the Katsina State Governor, Dr. Hadiza Bello Masari, at the weekend donated assorted food items and clothes to over 300 orphans, widows and people living with disabilities to assuage their sufferings. Presenting the items to the beneficiaries in Funtua Local Government Area, Mrs. Masari said the gesture would help solve the immediate needs of the most vulnerable people during the

Ramadan period. According to her, “Orphans and widows are bedeviled with a lot of challenges; some of them cannot source for their daily meals while a lot of them have their own sad stories and gory tales. This is why I felt it is important to assist them. “As Muslims, in the Holy Qur’an, the Almighty Allah has commanded and encouraged giving out assistance to the needy during this period.” The governor’s wife urged

them to have confidence in themselves and be determined to change their lives positively by engaging in any legal means of earning a living “instead of begging.” She called on well-meaning individuals and political office holders in the country to provide similar assistance to people in their respective communities in order to reduce hardship among rural dwellers. While pledging her unflinching supports to vulnerable persons

in the society within her limited resources, Masari said: “This is part of my activities in the holy month of Ramadan to provide assistance to widows, orphans and other categories of needy.” The first lady, however, admonished Muslims to use the Ramadan period to pray for the security challenges facing the state and country, adding that meaningful development cannot be achieve in an atmosphere of acrimony.

WASRA Guidelines on Cross-border Issuance Ready, Says SEC Ndubuisi Francis in Abuja The draft guidelines on cross border issuance of fixed incomes and Mutual Recognition Agreement drawn up by the West African Securities Regulatory Authorities (WASRA ) for the sub-region is ready, the acting Director General Securities and Exchange Commission (SEC), Ms. Mary Uduk has disclosed. This was among the high-points of a meeting of WASRA held in Sydney, Australia on the sidelines of the 44th conference/meeting of the International Organisation of Securities Commissions ( IOSCO). According to a statement issued by SEC, Uduk, who spoke in an interview, said members discussed the guidelines and others extensively at the meeting with the aim of giving a final approval in their next Executive

Council meeting. “Recall that WASRA had also consented to the convergence of existing rules of capital market regulatory agencies within the region in a bid to ensure that cross-border listing is carried out with little or no hitches. “This is expected to allow foreign companies carry out their businesses and assist in deepening capital markets within the West African sub-region. The SEC DG disclosed that the body is working towards building the relationship between WASRA and ECOWAS Commission; working on the integrated supervision model needed for the establishment of crossborder transaction and issuers; the monitoring framework and recommendation of appropriate risk management framework for the supervision in the region

(issuance of cross border). She therefore commended WASRA members for their determination to build a strong and competitive regional market that would rank at par with the markets of other regions of the world, and more importantly, in the areas of transparency, disclosure, efficiency, accountability and investor protection. Uduk also disclosed that the Africa and Middle East Regional Committee, AMERC met during the meeting and deliberated on the findings of a report on Listings as a challenge in the region; and members agreed to engage consultants to implement the recommendations of the report. “The Growth and Emerging Market Committee (GEMC) also deliberated on its work carried out on Sustainable Financing. This is an area considered by the

GEMC to be critical and urges the capital market regulators to engage the industry largely to promote sustainable financing in the region. “The aim of these meetings was to foster the growth of capital markets in the region through integration and deepening of the markets by sharing information and experiences from different jurisdictions” she added. Highlights from these meetings, she said, included high-level discussions on Emerging Risks in the region; Margin requirements, Leveraging on Asset Management Investment Funds, Market Fragmentation, Fintech, Crypto Assets and Sustainable Finance. Uduk said notes will be issued after due consultation with the various regional committees for purpose of direction and harmonisation of standards.

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I Won’t Dabble into Obaship Politics in Ekiti, Says Fayemi Victor Ogunje in Ado Ekiti Ekiti State Governor, Dr. Kayode Fayemi, has assured that his administration won’t meddle in who becomes a king in any town in the state, saying he would allow tradition and culture to dictate the pace rather than politics. He said this as he presented the instrument of appointment and staff of office to the new Alaaye of Oke Ayedun Ekiti, Oba Olufemi Aribisala, with a call on the traditional institution to partner his administration in ensuring better standard of living for the citizenry. Performing the official presentation of staff of office to the new monarch at Oke Ayedun in Ikole Local Government Area, Fayemi said his present administration was passionate at carrying out meaningful programmes that would have direct impact on the people. Represented by his Deputy, Otunba Bisi Egbeyemi, Fayemi charged the new royal father to work harmoniously with his people to accelerate the rate of

development of the Oke-Ayedun community. A statement issued yesterday and signed by the Special Assistant (Media) to the Deputy Governor, Odunayo Ogunmola, said the process of selecting a new Alaaye was consequent upon the demise of the last occupant of the throne, Oba Jacob Fatunase Ala, on March 22, 2018. The governor explained that the selection and enthronement of Oba Aribisala was in accordance with paragraph 1, Section 8 of the Chiefs Edict of 1984, as amended in 1991 which was further amended as Ekiti State Chiefs Law in 2010. Noting that the selection of Oba Aribisala was devoid of political coloration and influence, Fayemi reminded the new king that his position demands considerable diligence, sacrifice, initiatives and perseverance. The governor appealed to the people of the community to demonstrate the spirit of oneness and sincerity of purpose by supporting and cooperating with their monarch. Fayemi urged the people of

the community to contribute their quota to the socioeconomic development of the community, admitting that government cannot sufficiently satisfy all the needs and aspirations of the people due to limited available resources. Commending the roles of royal fathers across the state in the sustenance of peace and stability in their domains, Fayemi, implored them to display high sense of responsibility and sincerity in carrying their subjects along

when taking issues that had to do with their welfare. The state’s number one citizen also seized the opportunity to call on all Ekitis both at home and Diaspora to partner his administration in its drive to restoring the values of the people of the State. Fayemi reiterated his commitment to implementing his cardinal programmes of social investment, knowledge economy, infrastructure and industrial development, agricultural and rural development.

In his acceptance speech, the new Alaaye of Oke Ayedun Ekiti, Oba Aribisala, promised to work with all his strength and intellect to surpass the achievements of his predecessors. Oba Aribisala called on those aggrieved to sheathe their swords and join hands with him to move the community forward in the path of peace, progress and prosperity. Earlier in his address, the Coordinating Director of Ikole

Local Government, Mr. Gabriel Fasanmi, disclosed that the college of the Kingmakers followed the normal laid down guidelines as five out of the six kingmakers voted in favour of Oba Aribisala. He added that out of the two ruling houses in Oke Ayedun namely, Usinola and Ilero ruling houses, the Chieftaincy declaration clearly stated that the next ruling house is Ilero ruling house where Oba Aribisala Olufemi came from.

Buhari, APC Leaders to Meet Friday over Inauguration Onyebuchi Ezigbo in Abuja The national leadership of the All Progressives Congress (APC), including the National Working Committee (NWC) members and other key stakeholders will be meeting with President Muhammadu Buhari on Friday. The ruling party leaders will be joining the president to break his fast in the evening of Friday at the Presidential Villa, Abuja. A presidency source, who spoke to THISDAY at the weekend, said President Buhari invited the leaders of the party to the State House as part of the usual courtesies during the Muslim Ramadan fast. “President Buhari has extended an invitation to the APC leadership to join him in breaking fast at the Villa,” the source said.

Another top member of APC told THISDAY that the National Chairman of the party, Mr. Adams Oshiomhole informed the NWC members of the president’s invitation at their last meeting on Friday. He said that the president, who will be back to the country early this week, is very keen in having a smooth transition to the next administration and would be ready to work with the party to achieve that. The source explained that beyond the breaking of fast, the president and the leaders of the party may use the opportunity to discuss the preparation for the inauguration of his second term and most as well as the raging tussle for the leadership of 9th National Assembly.

Dokubo Explains Buhari’s Commitment to Amnesty Programme Ndubuisi Francis in Abuja Special Adviser to the President on Niger Delta, Prof. Charles Dokubo, has stated that the federal government views the Presidential Amnesty Programme as a necessary and veritable tool to transform the hitherto restive oil-rich region. This, he noted, informed President Muhammadu Buhari’s commitment to actualising the objectives of the programme. Dokubo, who is also Coordinator of the Presidential Amnesty Programme, spoke in Abuja at a commemorative rally to mark the struggle for the emancipation of the Niger Delta spearheaded by the late Isaac Boro. The Boro Day is an annual event organised by the Ijaws in all states of the South-south and Abuja.

Describing Boro as the first person to see the Niger Delta as a viable region, Dokubo noted that the Amnesty Programme is a direct reflection of his desires for the Niger Delta people. “We are here today because of a journey he started some years ago. What we do here is to symbolize the aspiration and the ambition of Boro. Amnesty is a direct reflection of his desires for the Niger Delta people,” Dokubo said in a statement issued by his Special Assistant (Media), Murphy Ganagana. He noted that the federal government under the late President Yar’Adua took up the issue of Amnesty not because it was a difficult task, but because it was a necessary task, adding that this was why the present government “is so committed to the Amnesty Programme.”

AWARD OF EXCELLENCE…

Presidential Adviser on Amnesty Programme, Professor Charles Dokubo (left), receiving an award of excellence in service, from Ijaw community in Abuja, during the celebration of Boro Day, at Jabi Lake side… weekend

TO HELL WITH SELF(ISH) INTERESTS Again, this bill has attracted the attention of civil society organisations and organised labour who have mounted resistance asking that the governor withholds accent. While all these were on, the National Assembly, in approving this year’s budget, approved a staggering sum of N23.678 billion as severance package for Senators and members of the House of Representatives. We wish to put it stridently that this column condemns this self-serving attitude of our lawmakers, both at the national and state levels. Our laws are very clear about who fixes salaries and allowances for public officers. In the 1999 Constitution, the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) is responsible for fixing salaries and allowances of public officers including lawmakers. It is a breach of our constitution for the law makers to hijack the job of RMAFC. It is also against the doctrine of separation of powers and checks and balances for law makers to be fixing their own emoluments. We also worry about the state of the economy. Like we had said in this column over and over, we run a very expensive public sector at all levels, such that over 70% of our budget goes to recurrent expenditure. It is a known fact that all tiers of government have been borrowing to pay salaries. It is sad that the same people who should worry most are the ones who pass laws that enhance

their self-interests and put further pressure on our earnings and our collective interests. Related to this is the clear insensitivity to the plight of workers and the real people who should actually be entitled to pensions; namely the real pensioners. In some of the states paying jumbo salaries and allowances to both the executive and legislator, salaries of poor workers have been in arrears for several months. One would have expected these ‘elected representatives of the people’ to show greater empathy and concern for such people who need the money more, rather than approving jumbo packages for already well-off people in government. We are also of the opinion that it is very inappropriate for someone who offered himself for public service to spend his or her valuable time discussing pension. Frankly, we should begin to do everything possible to make public service very unattractive to people who see it as an avenue to make a living. Elsewhere, people offer themselves for such services when they had been successful in other walks of life. Unfortunately, the reverse is the case here in Nigeria. It is also the main reason why our elections have turned into banditry and war. It is up to us to sit down and change this deplorable situation. I believe we all know what to do, if we don’t do it voluntarily, the realities of the economy would force us to do it. Even then, these are the more palatable choices facing us. It is

difficult to contemplate worse, but not impossible scenarios. The French monarchy and aristocracy had its comeuppance in this manner about 200 years ago. If we let that happen here, the consequences could be too dire for all of us. There are a lot of cases where governors and other public officers receive jumbo packages called pension on leaving office. Some like we had seen, are entitled to mansions in their states and elsewhere, in addition. Meanwhile, many of them, surprisingly, do not retire. Many of them end up in the Senate or the House of Representatives while others get appointed to ministerial and other juicy positions. So, they end up collecting salaries twice or even more. This also applies to retired military officers. This is simply unfair and dishonest, but more importantly, dangerous in a society like ours where the poverty levels are rising daily. By the way, have you bothered to find out how much your governor draws as monthly ‘security vote’? Is the information classified? I also want to put it on record that I do not believe that pension should apply to temporary positions of 4 years, 8 years or even more, in the case of legislators. We must let our public officers know that they are not employees of the government. My understanding is that pensions apply to employees and today, we have all adopted the contributory pension scheme. Let it be known that anyone who

is interested in receiving pensions should approach pension funds administrators and work out an arrangement for payment as required by the pension reform act, which interestingly, was also passed by the National Assembly a few years ago. I believe it is an insult on our collective intelligence for someone to offer himself for a 4 year or 8 year service and on expiration of his tenor, want us to put him on the payroll for the rest of his life. Finally, I call on citizens to become more vigilant and show interest in how our commonwealth is used. It is our responsibility to know and we should be asking questions. As they say, the rat cannot steal from the hands of someone who is alert. Our leaders are bound to take us for granted if we do not ask questions. We must learn to hold them accountable because they are actually our servants and not our lords. That many of them are pulling in the same direction is understandable, but just like Edward Abbey wrote “One man can be pretty dumb sometimes, but for real bona fide stupidity, there ain’t nothing that can beat team work”. The choice is ours. We can decide to be collectively dumb or collectively wise. We must thank organisations like the CLO and SERAP for rising to the occasion. We must emulate them and help raise this public alarm. They also deserve our support. We must do these yesterday.

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MONDAYSPORTS

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

Diouf Warns AFCON 2019 Will be Tougher than Previous Editions Duro Ikhazuagbe Former Senegal and Liverpool FC forward, El Hadji Diouf, 38, has warned countries going for the 2019 Africa Cup of Nations in Egypt to be prepared for bruising battles as the elongation of teams from 16 to 24 will make it more difficult than previous tournaments. Speaking at the weekend in Lagos shortly after featuring for African All Stars versus Naija Legends in the testimonial match for outgoing Lagos Governor Akinwunmi Ambode, Diouf stressed that now teams are going to play more matches than before. “It is going to be more difficult now with 24 teams. Countries have more teams to play in the competition now unlike in previous tournament. What that means is that chances of getting knocked out early is very obvious,” observed the Senegalese who led the Teranga Lions to their first ever quarter final appearance at the 2002 World Cup in Korea/Japan. While not dismissing the prospects of host Egypt lifting the trophy with the arrays of stars in the current Pharaohs’ squad, Diouf however observed that the Egyptians will be under tremendous pressure from their fans who will want them to win. “I agree with those tipping Egypt to likely win the tournament as hosts but football is not mathematics. Other factors play roles in final outcome of matches. Egyptian players are going to be under pressure to win and of course, this has its side effect on the psychology of the players,” the former Liverpool forward noted. He however did not rule out his country, Senegal, Nigeria and Côte d’Ivoire from also making impact at the 32nd edition of

the African football showpiece. “Senegal, Nigeria and Côte d’Ivoire are other countries with likely chances of also winning AFCON 2019 because of the quality players in their ranks. We are having good time now in Senegal with big players in the current (Teranga) Lions,” he stressed. Speaking on the all English Premier League teams finals in both the UEFA Champions League and the Europa League, Diouf insisted that it was a testimony that the league in England remains the best in the world. “You don’t need further proof that the English league is the best in the world. I have played there and other leagues in Europe and know the difference. The English league has just reconfirm its status as the best having its four teams in the finals of both the Champions League and the Europa League.” He praised Nigerian football fans for trooping out en-mass to fill Agege Stadium during the African All Stars versus Nigerian Legend game at the weekend. “This is amazing. It is only in Nigeria you can find this type of crowd, I mean fans trooping out in their thousands to fill a stadium in a novelty match. You guys here love football with passion. I can see it reflected here this afternoon. I love your country so much and will always come back here if invited,” Diouf concluded. Though retired from football since 2015, El Hadji Diouf still have his eyes on the game, working as a Government Goodwill Ambassador and Adviser on Sport to President Macky Sall. He is also running his own sports newspaper business in Dakar and operating his own gymnasium. Diouf was signed on in 2002 for £10m by Gérard Houllier

Nigerian forward, Henry Onyekuru scored the winning goal as Galatasaray defeated Istanbul Basaksehir 2-1 to clinch the Turkish Super Lig title with a game to spare…yesterday

before the 2002 World Cup. His impressive performances

in the tournament for Senegal, led to much excitement for his

Onyekuru Scores Winning Goal as Galatasaray ClinchTurkish Lig Nigerian forward, Henry Onyekuru became the hero for Galatasaray yesterday as he scored the winning goal of the clash with Basaksehir to clinch the Turkish Super Lig title. His goal in the 2-1 defeat of Basaksehir gave Fathi Terim’s

men their 22nd title. Galatasaray have now completed the double having defeated Akhisarspor 3-1 in the final of the Turkish Cup earlier last week. Istanbul Basaksehir took the lead in the 17th minute through

Rijad Bajic following a pass from Eljaero Elia. Galatasaray however rallied back in the second half with Algerian midfielder Sofiane Feghouli grabbing the equaliser two minutes after the break. Onyekuru got the decisive

second goal for his side in the 64th minute. It was Onyekuru’s 14th goal in 30 league appearances for Galatasaray this season. The forward is on loan at the club from English Premier League outfit, Chelsea.

Dan Oil, Wells Carlton Hotel Back Okpekpe Race One of Nigeria’s leading indigenous oil and gas companies, Dan Oil and Petrochemicals Limited and The Wells Carlton Hotel and Luxury Apartments, a five-star hospitality outfit have become the

NPFL MATCH DAY 21 TODAY @4pm Group A Rangers vs Rivers Utd Lobi vs Wikki Tourists Kwara Utd vs Remo Enyimba vs Tornadoes MFM FC vs Katsina Utd Insurance vs Sunshine Group B Plateau Utd vs Yobe Stars Nasarawa vs Go Round FC K’Pillars vs Delta Force Akwa Utd vs A’Warriors Elkanemi vs IfeanyiUbah Gombe Utd vs Heartland

latest corporate organisations to throw their weight behind the IAAF silver label Okpekpe International 10km Road Race. Mercy Etukudo, who heads the secretariat of the first road running event in West Africa to be granted an IAAF label status announced at the weekend the coming on board of the two heavyweight companies as preparations continue for a hitch-free race on Saturday in Okpekpe near Auchi, Etsako East Local Government Area of Edo State. “We are delighted to have on board one of Nigeria’s leading international oil companies, Dan Oil and Petrochemicals Limited and The Wells Carlton Hotel and Apartments as official partners. “While Dan Oil, an indigenous oil and gas company incorporated in 2002 under the laws of the Federal Republic of Nigeria as a limited liability company will sponsor our women empowerment

programme, The Wells Carlton Hotel and Apartments is coming as our hotel/hospitality partner,” said the delectable Miss Etukudo. “The Okpekpe race is not just about athletes running on a smooth, asphalted road constructed by the Edo State government in and around Okpekpe town, it is also used as a platform to promote causes that will benefit the society or draw attention to social vices. Since the inaugural edition of the race, we have always had people and organisations who used our platform to promote so many charitable causes. “On our own, we have also been consistent in empowering women of the community as we know there is no better tool for development that is more effective than empowering our women. Like the saying goes, when you educate a man, you educate an individual but when you educate

a woman, you are educating an entire family. “This is why we are happy that Dan Oil and Petrochemicals Limited has accepted to empower not less than 50 women in and around Okpekpe town. The women will be trained and provided tool to work,” said Etukudo. ‘’We are also happy with the official announcement of The Wells Carlton Hotel and Apartments as our official hotel/hospitality partner. We are super delighted the owner of the five-star hotel, Captain Idahosa Wells Okunbo JP has also registered for the race. “He will be among our celebrity runners that will race alongside His Excellency, the Executive Governor of Edo State, Godwin Obaseki and the Honourable Minister of Youth and Sports Development, Solomon Dalung,” concludes the race official.

arrival at Anfield. He was a hit at Liverpool

before taking his trade elsewhere in the English league.

SWAN Urges FG to Probe AFN over IAAF’s Missing $150,000 The Sports Writers Association of Nigeria (SWAN) has condemned the failure of the Athletics Federation of Nigeria (AFN) to return the excess of $135,000 which the International Association of Athletics Federation (IAAF) mistakenly remitted to it. In 2017 the IAAF, while trying to disburse the $15,000 it remits to each of its affiliate federations around the world, erroneously overpaid Nigeria. Soon after they discovered the mistake, IAAF wrote to its Nigeria’s affiliate body, AFN, to return the excess to no avail. Even reminders and discussions with the sports authorities in the country have not yielded any result. It is regrettable that the federation and indeed the Federal Ministry of Youth and Sports have for over two years failed to find out how the money developed wings from the accounts of the AFN to the extent that the IAAF has threatened sanctions on Nigeria. In fact, Nigeria is set to be

barred from the forthcoming All Africa Games in Morocco this year due to this embarrassing scandal. SWAN said that it is even more worried because when the issue broke out, the House of Representatives Committee on Sports said it was going to investigate the matter but till date nothing has been heard. The sportswriters’ body stressed that perhaps, if the lawmakers had diligently carried out their investigation, the country would have been saved this international embarrassment. SWAN, therefore calls on the Federal Government, in line with its zero tolerance for corruption, to immediately initiate a thorough investigation into how Nigeria arrived at this inglorious situation and bring everybody involved to book. SWAN insists that Nigerian athletes must not suffer for the brazen misdemeanor of some personnel at both the AFN and the Sports Ministry.

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Monday May 20, 2019

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MISSILE Cross River Speaker to NFIU

“NFIU is not the National Assembly and, therefore, cannot make laws. They cannot give deadline on such matter because the constitution does not recognise NFIU for that. They can only give deadlines if there is a delegated power or guidelines that are provided under a national Act� –The Chairman of PDP Speakers’ Forum and Speaker of Cross River State House of Assembly, Mr. John Gaul-Lebo, describing the NFIU as meddlesome interlopers which going into an area it had no jurisdiction over.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

To Hell with Self(ish) Interests “Politics is a strife of interests masquerading as a contest of principles; the conduct of public affairs for private advantage� - Ambrose Bierce

A

s is usual in Nigeria, the word ‘interest’ has been bastardised but I will come back to that shortly. Take the expression ‘PR’, which has acquired such notoriety that the actual Public Relations practitioners think twice before using that expression to describe what they do. When a Nigerian tells you that he’s not ‘being carried along’, you must think twice to realise that oftentimes it has a deeper sinister meaning than just not being briefed on areas relevant to him. He may not be aware of the dynamics of a transaction he should be on top of, and yet be ‘carried along’, when the due share of the loot comes his way. In the same light the word ‘interest’ has become a much purloined and desecrated word in its Nigerian parlance. It has become a popular saying in Nigeria that in politics, there are no permanent friends nor enemies but permanent interests. This quote was adapted from Henry John Temple, 3rd Viscount Palmerston (1784-1865). Lord Palmerston, as he was popularly called was a two time British Prime Minister in the 19th century. He had said “Nations have no permanent friends or allies, they only have permanent interests. We have no eternal allies and we have no perpetual enemies. Our interests are eternal and perpetual, and these interests, it is our duty to follow�. What Lord Palmerston meant is very different from the context that we use it in Nigeria today. When you listen to a typical Nigerian talk about interest, you will get the feeling that he is talking about the general good of the nation or better still, his constituents. Sadly, you will be mistaken big time. Our politicians actually mean self or better still, selfish interests. For them, it is not about the people they represent. It is about themselves, family and friends. They also employ this expression to explain their legendary ability to camp in one party today, decamp tomorrow and “recamp� the next day. Of course, it has been proved time and time again that our over 90 political parties are just mere platforms to stand for elections, believing in nothing in particular. There is virtually no difference between one and the other. There is no ideological orientation in practically all the parties. Even when they proclaim such, their actual practice demonstrates that they go where the money, better still, interest, dictates. The fact that there exists a humungous number of parties, including those that exist practically inside the suitcases of their sponsors, only creates room for the confusion. Even the simple issue of ballot papers has become so cumbersome as all the political parties that sponsored candidates be they contenders or pretenders must be accounted for on the ballot sheet, otherwise, the election would be subject to cancellation. From the people we copied democracy, political parties have clear distinguishing characteristics based on what they believe in. So, it is unimaginable that someone who is a conservative today would suddenly become a liberal tomorrow, only to swing back the day after, with no modicum of shame or conscience. It seldom happens that someone would be a Democrat today and tomorrow pitch his tent with the Republicans. In Nigeria, these things don’t matter. The end justifies the means and the Maradona politician is hailed as being smart. In recent times, there had been reports of politicians attempting to hijack the patrimony of their electorate for personal interests. The first notable case was that of Bayelsa State House of Assembly members, passing a law to appropriate funds to themselves as pension on

Bayelsa State Governor, Seriake Dickson

leaving the House of Assembly. A document titled, “Pension Bill for Governors, Deputy Governors and Members of the State House of Assembly� released recently, generously awarded a retired Speaker a monthly pension of N500,000; a retired Deputy Speaker N300,000; House Leader and the Whip, N250,000; Deputy Leader N200,000 and other retired members of the House, N100,000. In addition, former lawmakers, including persons of Bayelsa origin, who served in the old Rivers State House of Assembly, would enjoy life pensions as applicable to former presidents, vice-presidents, governors and deputy governors across the country. This new bill was to replace the “Bayelsa State Pensions for Governor and Deputy Governor Law� passed in 2003. Apparently, the 2003 law did not make provisions for lawmakers, so this new bill was to include the lawmakers in the looting game. After all, they are the ones that make the laws and should not have been left out in the first instance, so it seems. For the new bill

to be attractive to the governor whose signature would make it a law, there was something in it for him also. He needed to be ‘carried along’, obviously. The new bill consequently increased the allowances for both the governor and his deputy in tow. In the new law a governor’s monthly allowance is put at 8 per cent of his Annual Basic Salary (ABS); wardrobe allowance, 50 per cent of his ABS; entertainment, 40 per cent of his ABS; transport allowance, 50 per cent of ABS and utilities, 80 per cent of ABS. Deputy governor’s allowances were also enhanced as follows: monthly basic, 8 per cent; wardrobe, 25 per cent of ABS; entertainment. 20 per cent, transport allowance 30 per cent and utilities 40 per cent. But where the governor and his deputy successfully served a second term of office, they would be guaranteed,150 per cent of their ABS. As if all those were not enough, a governor is also entitled to seven bedroom duplex and a three-room boys quarters in any location of his choice in the state. A deputy governor exits with one five bedroom duplex and a two-room boys quarters in any location of his choice in the state. In addition, they were to receive two cars and one backup car, and one car and one backup car to be replaced every five years respectively. The pension includes three drivers, a cook, a steward and a gardener, who shall also be pensionable and two drivers, a cook and a gardener between the governor and the deputy respectively. Both of them will also enjoy paid vacation of 60 per cent of ABS for and 40 per cent of ABS, respectively. Holy Macro! The action of the Bayelsa State House of Assembly generated so much condemnation and pressure from citizens that the governor withheld accent to the bill. This is probably one of the few terrible things that happen in the polity that had attracted this kind of attention. A lot of bills that get approved at the state assemblies seem to be shrouded in secrecy such that people hardly know

before they are smuggled through, given assent and implemented without recourse to how it affects the populace. While we were trying to settle down from the ‘Bayelsa war’, news filtered in that the Kano House of Assembly had also passed its own version of the Pension bill and had sent it to the governor for assent. The Kano Assembly is known for passing bills with jet speed like the recent one that was passed within 48 hours to split the Kano emirate into five small units. As if the house of assembly was seeking compensation for a job well done with the “Kano Emirs Appointment and Deposition Amendment Bill 2019�, the Assembly quickly packaged and passed the “ Life Pensions Bill for Speaker and Deputy Speaker 2019�. The bill grants Speakers and their deputies pension for life by the state, provided that such person were not impeached. “There shall be paid pension to persons who held office as Speaker and Deputy Speaker equal to the emoluments of a serving Speaker and deputy speaker, provided that either the Speaker or the Deputy do not hold any paid elective or selective appointment.� “Where the speaker or deputy speaker dies in office before the expiration of the term of his tenure, he shall be paid pension pro-rata the number of years he spent in relation to his tenure of office. This provision needs to be explained as our understanding is that the House wants to pay a dead Speaker or Deputy. I hope they would be required to sign for the money! The bill continues, “there shall be provided for the speaker and the deputy speaker a brand new vehicle to be bought by the state government every four years. “There shall be provided for the speaker and the deputy speaker medical expenses either home or abroad depending on the nature of the illness�. Continued on page 54

Re: Fashola the Unabashed Lobbyist Hakeem Bello Once upon a time, the imminent appointment of a Minister of Power lunged Ms. Ijeoma Nwogwugwu, the columnist behind “Behind the Figuresâ€? into the moon. As she put it in the column (THISDAY, 29 December 2008), “I was ecstatic two weeks ago when I learnt that a friend and former colleague‌was going to be appointed Minister of Power by President Umaru Yar’Adua.’ (italics ours). She spent the greater part of the article not only being effusive about her “considerable confidence in (her friend’s) ability to execute a reform agenda for the electricity sector while at the same time carefully side-stepping the minefields and booby traps that will be placed in his wayâ€? but also making this and that suggestion on what he and the president should do. Then she took a long sleep like the Biblical Jonah, waking almost 12 months later. Or, to put it as she did, she gave the power sector and her minister-friend “a reasonably wide berth, and watched events as they unfolded.â€? Adding, “I must confess that my personal bias played a role in the decision not to comment on the power sector for almost 12 months.â€? (all italics ours). Rather than drill into what she described as the “slow pace of progress in the electricity sectorâ€? or, and lampoon the minister, she assumed the role of a spokesperson, supposedly standing on some “findingsâ€? of

R I G H T O F R E P LY “investigations carried outâ€?, to explain away the “deep(ly) disappoint(ing)â€? performance of the gentleman. “His seeming reluctance to engage the public regularly through the media, National Assembly and other stakeholder forums where he can draw the attention of Nigerians to the bottlenecks to the attainment of (the targeted) 6,000MW, among other challenges, has served to swell the ranks of critics on his stewardship and ability to deliver. Essentially, his taciturn nature and inability to multitask have boxed Babalola into a tight corner.â€? (“Sentiments Aside,â€? THISDAY, 14 December 2009). She would then offer her friend ideas on how to “redeem himselfâ€? – “put up a good fight in the weeks and months ahead‌hound the oil and gas sector with all the resources and arsenal he has at his disposal. Whip up sentiments and galvanise the presidency, legislature, state governments (which are part owners of the NIPP) and the public to get the petroleum sector to meet its end of the bargain.â€? And so on and so forth. With that column and several others, there is no how Ms Nwogwugu can convince any well-meaning right-thinking person that “Behind The Figuresâ€? is an exemplar of good informed commentary. No, it is purely driven by “personal biasâ€? or hatred or prejudice or sentiments or all of the above.

Ijeoma Nwogwugwu wasted precious space trying to rewrite the history of the Hon. Minister’s stewardship in Lagos. But this attempt at revisionism is too late in the day because the jury is already out there. Indeed, her antecedents underscore the reason why we would not go into any argument with her on the puerile tirade against the person and performance of Mr Babatunde Raji Fashola, SAN, the Hon. Minister of Power, Works and Housing, in her column titled, “Fashola the Unabashed Lobbyist� (THISDAY, 8 May 2019); even with many of her inaccuracies and innuendoes. She seems possessed by what we cannot now put a finger on. Or, could she be on a Mission to Destroy? Just for the records, Ms Nwogwugwu, who is the Managing Director of Arise News Channel Africa, had about a week to the publication in question, called the minister on phone to invite him to appear on the station for an interview. A tentative appointment had been agreed, then, boom, the bazooka. With hope that she would be able to purge herself of her toxicity, the Minister would be glad to sit down to a no-holds-barred interview with her and whoever else she chooses on her team. The ball is in her court now. t#FMMP JT 4QFDJBM "EWJTFS $PNNVOJDBUJPOT UP UIF .JOJTUFS PG 1PXFS 8PSLT BOE )PVTJOH

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