WEDNESDAY 22ND MAY 2019

IMF, OPEC, GlobalData Target Dangote Refinery Chineme Okafor in Abuja The International Monetary Fund (IMF), the Organisation of Petroleum Exporting Countries (OPEC), and world data and analytics group, GlobalData, are hopeful that the new refinery being

built by Dangote Oil Refining Company (DORC) Limited will boost future capacity of global crude oil refining.

The company is constructing an integrated 650,000 barrels per day single-train crude oil refinery in the Lekki Free Zone in Lagos.

While, OPEC in the current edition of its World Oil Outlook (WOO), expects the Dangote refinery to drive world crude oil refining capacity increase in Africa by 2020, GlobalData says with about 158 mega refineries, including Dangote’s coming

on stream, global investments in crude oil refining facilities will rise exponentially.

In addition, the Dangote refinery, after coming on stream, will improve Nigeria’s trade balance by $9.9 billion per year.

In a report tagged: ‘Global

Planned Refining Industry Outlook to 2023.’ GlobalData said total global planned and announced refining capacity between now and 2023 would be 17,882,000 barrels per day (kbpd).

Under the projection, China leads other parts of the world

with 15,994 kbpd in 2018 from its emerging 10 new refineries, put at the cost of $53.2 billion.

In Africa, the Dangote refinery in Lekki, put at $12 billion capital expenditure (capex), will raise the oil and gas Continued on page 7

Trans Forcados Oil Pipeline Closure Hinders 240,000bpd Exports... Page 8 Wednesday 22 May, 2019 Vol 24. No 8808. Price: N250

www.thisdaylive.com TR

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NSE Defends MTN’s Listing as Market Awaits SEC Findings Scarcity of shares continues

Obinna Chima and Goddy Egene The Nigerian Stock Exchange

(NSE) yesterday defended the listing of MTN Nigeria Communications Plc, saying it followed due process

and did not violate listing rules just as the illiquidity of MTN shares continues while a few shareholders

continue to reap big.

The share price closed yesterday at N131.70 per share after four days of

trading, representing almost 50 percent rise in price.

The NSE, in a statement, said there seemed to be

a misconception that a concession was given to MTN Continued on page 8

Treasury Bills, Bonds: CBN to Limit Banks’ Investment Retains MPR at 13.5%, CRR at 22.5% Obinna Chima, James Emejo and Nume Ekeghe The Central Bank of Nigeria (CBN) is to limit Deposit Money Banks (DMBs) access to government securities to redirect their lending focus to the private sector.

CBN Governor, Mr. Godwin Emefiele, said yesterday in Abuja that the intention was to stimulate growth in the economy.

The CBN unfolded its new policy direction on banks’ access to investing in treasury bills and bonds just as the apex bank further resolved to hold all parameters of

retaining the Monetary Policy Rate (MPR), otherwise known as interest rate, at 13.5 per cent.

The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

It also retained the asymmetric corridor of +200/-500 basis points around the MPR; left both the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent.

Emefiele, who read the committee's communiqué at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja, said in arriving at the decision to hold all rates at

monetary policy constant by

Continued on page 7

Bandits Kill 34 in Katsina Communities… Page 8

THE PRESIDENT RETURNS… L-R: Inspector General of Police, Mr. Mohammed Adamu; Chief of Defence Staff, General Abayomi Olonisakin; Federal Capital Territory Minister, Alhaji Mohammed Musa Bello and President Muhammadu Buhari, at the Nnamdi Azikiwe International Airport, Abuja, after the arrival of the president from Mecca, Saudi Arabia… yesterday state house

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WEDNESDAY, ͺͺË&#x153; ͺ͸͚Π˞ T H I S D AY

PAGE SEVEN

2023 Race Intrigues Shape Bid for NGF Chair Onyebuchi Ezigbo in Abuja Intrigues over the 2023 presidential race will determine who emerges the new chairman of the Nigerian Governorsâ&#x20AC;&#x2122; Forum (NGF) as the 36 state governors gather in Abuja today to pick a successor to the outgoing Chairman, Governor Abdul'aziz Yari of Zamfara State.

Findings by THISDAY yesterday showed that the permutations by the governors over the next election season would influence their votes.

Although the next general election is four years away, Nigerian politicians have begun subterranean campaigns for the 2023 presidential poll shortly after the conclusion of the 2019 general election.

President Muhammadu Buhari who got a mandate renewal in the last general election, and is due to begin his second term in office from May 29,2019, is not eligible to run again due to constitutional restrictions to a two-term tenure for any elected president.

Sources told THISDAY that Ekiti State Governor, Dr. Kayode Fayemi, looked good to clinch the NGF chairmanship despite plots to stop him.

Besides Fayemi of the ruling All Progressives Congress (APC), who is said to enjoy support of his colleagues in the opposition

Peoples Democratic Party (PDP), another governor mentioned as being in the race is his Kaduna State counterpart, Mallam Nasir el-Rufai.

But one of the sources confided in THISDAY that el-Rufai would not be running.

It was gathered that some officials in the presidency and a top politician in the South-west were behind the plot to stop Fayemi from possibly succeeding Yari.

Those behind the plot were said to have anchored their position on the suspicion that Fayemi, who would have completed his secondterm tenure might bid for the presidency.

Sources familiar with the NGF politics said the governors had broken up into interest-driven blocs.

According to him, five of the governors are eyeing the NGF chairmanship position.

But only Fayemi has shown a disposition to running for the NGF chairmanship.

Apart from being considered highly qualified for the job because of his ranking as a second-term governor from the majority party, Fayemi is currently the only one with such credential in APC from the southern part of the country, which is being tipped to produce Yariâ&#x20AC;&#x2122;s successor.

According to the NGF Constitution, only second term governors from the majority party are qualified to contest for the chairmanship of the NGF. The position is also to rotate between Northern governors and their Southern counterparts.

But there are others who, though are being propped up to run by some influential sponsors, who have not come out to canvass support.

So far, there are about three powerful interests that may play a role in deciding who picks the forum's chairmanship slot.

One of the interests is said to be that of Yari, who is said to favour the emergence of the Governor of Kogi State, Yahaya Bello, as his successor.

"Yari is supporting Governor Bello to contest for the position but the Kogi governor is facing an obstacle, which is the pending governorship election in November that will either see him retain his seat or drop out as governor,â&#x20AC;? one of the sources said.

Another powerful lobby group are governors who are said to have consented to do the bidding of one of the APC leaders in the South-west to prevent Fayemi from emerging the chairman of the NGF. Also, there is another bloc said to be aligning with former Rivers State Governor and current

Minister of Transportation, Rotimi Amaechi, to produce the next chairman of the forum.

Amaechi was a former chairman of the NGF under whose watch the forum was plunged into a crisis over jostling for the 2015 general election.

Some officials in the Presidency were also said to have pushed for the Jigawa State Governor, Alhaji Mohammed Badaru Abubakar, to contest for the position.

But the governor reportedly declined, saying he does not want to break the rotation tradition in the NGF. However, despite the concealed plots, one of the governors told THISDAY last night that the election would turn out to be a coronation.

He said consensus had emerged among the governors that Fayemi should be the next NGF chair.

He said the governors were mindful of preventing a repeat of the NGF election under Amaechi when the forum broke into factions following disagreements ahead of the 2015 general election.

On the alleged plots to stop Fayemi, the governor said while that might not be ruled out, there was no serious disagreements among the governors on who succeeds Yari. â&#x20AC;&#x153;People who are not members of the NGF would be plotting

their own, but among us, there is consensus on the direction to go,â&#x20AC;? the governor said.

He dismissed speculations about el-Rufai running, saying the Kaduna governor was one of those that drafted his Ekiti counterpart into the race.

He said: â&#x20AC;&#x153;In fairness to Nasir (el-Rufai) that people are saying is running for the position, he was the first person to ask him (Fayemi) to contest. â&#x20AC;&#x153;He (el-Rufai) said Kayode (Fayemi), youâ&#x20AC;&#x2122;re the best to contest. Not only are you the oldest among us, you also have a network that cuts across many parts of the country. I cannot do it because I am outspoken and controversial; and I know PDP governors will not support me.You (Fayemi), your position is your position, yet you will still play with everybody. But me, Iâ&#x20AC;&#x2122;m not cut for such diplomacy.â&#x20AC;?

Another source quoted elRufai as saying that it would be preposterous for anyone from the North to be scheming to become the chairman of the NGF after another governor from the same region had just concluded his tenure.

The source said: "When I asked him, el-Rufai, I learnt you are contesting for NGF chairmanship, the governor responded, no, I'm not interested.

I was the one who told Lagos State Governor, Akinwunmi to

be coming to meetings so that he can take over from Governor Yari because anybody from the North who attempts to contest for the position is just trying to breach our constitution."

He quoted el-Rufai to have added: "We are democrats, we are elected and we should not be seen to be breaching our own constitution. If we do so, we will be facilitating other persons to be breaching the constitution."

A top APC chieftain confirmed to THISDAY that the top politician from the South-west doesnâ&#x20AC;&#x2122;t want Fayemi because of the belief that he is too ambitious and could split the votes in the South-west zone. â&#x20AC;&#x153;You know this NGF election is about 2023 presidential election.

Everybody knows that Buhari will go in 2023 and that he would not interfere with who emerges the party's candidate. So everybody is trying to position himself," he said.

When contacted yesterday, the Head, Media and Public Affairs at the NGF, Abdulrazaque BelloBarkindo, only confirmed that the governors' meeting has been scheduled for 8p.m, Wednesday (today).

He, however, did not state the modalities for the conduct of the election nor provide any information regarding those that may contest.

again, we have observed and unfortunately and increasingly so, that the banks, rather than even focusing on granting credit to the private sector, they tend to direct their focus mainly on buying government securities.

"The MPC has frowned on that and has directed the management of the CBN to put in place policies or regulations that would restrict the banks from unlimited access to government securities.

"It is important and expedient that the committee gives this directive to management because this country badly needs growth.

For us to achieve growth, those whose primary responsibility that it is to provide credit, who act as intermediaries in providing credit and are called catalysts to credit and growth in the economy must be seen to perform that responsibility."

According to him, it is unfortunate that rather than perform their responsibility to the

private sector that is the engine of growth in the economy, banks are directing liquidity to other sectors of the economy.

The CBN governor said the apex bank would implement the directive of the MPC. On the issues that have discouraged banks from lending to the real sector as well as the Non-Performing Loans (NPLs) in the industry, Emefiele said measures would be taken to mitigate losses.

Providing update on the level of bad debts in the industry, the CBN boss said: "If you recall, the prudential is that banks should have maximum of five percent in NPLs. I must say at this time it is about 19 per cent on the average which is a significant improvement from where it was a year or two ago.

"About a year or two ago, it was close to 15 to 17 per cent and moderating to 10 per cent I would say is a substantial and

significant and encouraging improvement in the level of NPLs. "And I do think that with the steps that would be taken by the CBN to support the bank through administrative, legal and regulatory framework, that certainly we would see to it that NPLs are brought down so that deposit money banks can be encouraged to go back and begin to lend more aggressively to those sectors that they consider to be risky."

Commenting on the MPC decision, an analyst at Ecobank Nigeria Limited, Mr. Kunle Ezun, backed the decision of the MPC. He, however, called for a reduction of the MPR at the next meeting to support real sector growth.

Speaking in a telephone interview, Ezun said: â&#x20AC;&#x153;For me, I think what the MPC did was

need and opportunity for product imports,â&#x20AC;? it added.

According to OPEC, in Africa, there are some 50 listed refining projects, which, if all built, would add nearly 5mb/d of new refining capacity to the continent. â&#x20AC;&#x153;This change relates primarily to one project in Nigeria now under construction. Recognising that this one major project is in West Africa, the prospects for North and East/ South Africa continues to be for further increases in regional net product imports. â&#x20AC;&#x153;It must be borne in mind that this regional outlook is unusual in that it hinges largely on a single project. Moreover, since the project is in West Africa, its implementation does not necessarily alter the situations in North and East/South Africa. What should happen, especially in West Africa, is a reduction in the need and opportunity for product imports,â&#x20AC;? it stated.

Reacting to the OPEC position, Group Executive Director, Strategy, Portfolio Development and Capital

Projects, Dangote Industries Limited, Mr. Devakumar Edwin, said the organisation was correct in its estimation and in ensuring the timely completion of the refinery.

He stated that the Dangote Groupâ&#x20AC;&#x2122;s ongoing refining and petrochemicals project could meet 100 percent of Nigeriaâ&#x20AC;&#x2122;s domestic requirement of all liquid petroleum products (gasoline, diesel, kerosene and aviation jet), leaving the surplus for export in line with the OPEC expectation.

He said that the high volume of petrol output from the refinery would transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products.

Edwin added that Dangote is also constructing the largest fertilizer plant in West Africa with capacity to produce 3.0 million tonnes of urea per year as part of the gigantic economic transformation project.

He explained that the Dangote fertiliser complex consists of ammonia and urea plants with associated facilities and infrastructure.

TREASURY BILLS, BONDS: CBN TO LIMIT BANKSâ&#x20AC;&#x2122; INVESTMENT current levels, nine members out of 11, voted to hold all parameters of monetary policy constant. Two members voted, however, to reduce the MPR by 25 basis points.

He said: "As in the past, the committee considered the options of whether to be more accommodative, tighten or hold its position. The committee felt that although the slight inflation uptick should result in tightening, it felt that doing this will limit the ability of DMBs to increase credit at this time, given the need to support or redirect the focus of DMBs to new credit in support of consumer, mortgage and other priority sectors of the economy, including, SMEs, agriculture and manufacturing.

"It also felt that given the fragile state of the economy, increasing the cost of credit would further diminish investment flow and impact negatively on output growth.

"As regards loosening, some members felt that it was desirable to aggressively stimulate growth, restart the capital market activities and increase lending at lower rates; which would ultimately stimulate domestic aggregate demand.

"Those against loosening felt that given that there was a marginal increase in headline inflation for April 2019, there is need to restrain from loosening in order not to exacerbate inflationary pressures.

"They also felt the economy would experience liquidity surfeit and without corresponding increase in real sector output, inflationary pressures could be elevated; resulting in likely exchange rate pressures.

"As for members who favoured a hold position, maintaining monetary policy rate at its present level was essential for better understanding of the momentum of growth before determining

any possible modifications.

"They also felt that retaining the current policy stance provides an avenue for evaluating the impact of the Bankâ&#x20AC;&#x2122;s intervention policies to support lending to the priority sectors of the economy."

The CBN urged government to ensure increase in tax revenue to enable it to fund its budget adequately.

Emefiele said the MPC particularly expressed concern at the development whereby banks abandoned their key roles of stimulating growth by investing in government instruments at the detriment of the economy.

He also highlighted some measures to address the situation.

He said: "The truth is that yes, according to our own regulations, there is a particular minimum percentage of treasury bills or government securities that the banks must invest in, in order to remain liquid. But

Continued on page 8

IMF, OPEC, GLOBALDATA TARGET DANGOTE REFINERY productivity rating of the continent, making it the second largest country in the world in terms of capacity additions.

This is because by 2023, Nigeria will add about 2,225 kbpd of refining capacity.

GlobalData, in the report, said: â&#x20AC;&#x153;Between 2019 and 2023, 158 new refineries worldwide are scheduled to start operations. Total new-build capital expenditure (capex) of around $520 billion is expected to be spent globally on planned and announced refineries.â&#x20AC;?

Similarly, IMF said in Nigeriaâ&#x20AC;&#x2122;s Country Report titled: â&#x20AC;&#x153;2019 Article IV Consultationâ&#x20AC;? that the Dangote refinery could transform the countryâ&#x20AC;&#x2122;s petroleum industry, boost growth, turn the country into exporter of refined products, improve balance of payments and transform regional trade patterns.

The IMF said: â&#x20AC;&#x153;With a crude oil production of almost two million barrels per day, Nigeria is Africaâ&#x20AC;&#x2122;s biggest oil producer and one of the largest oil exporters globally. Yet, only a small fraction of Nigeriaâ&#x20AC;&#x2122;s crude oil

production is refined domestically â&#x20AC;&#x201D;on average only about 0.08 mbpd have been delivered to local refineries between 2008 and 2017, just a fraction of the theoretical refining capacity of 0.445 mbpd (broadly covering domestic demand) including due to under-investment in the refinery. â&#x20AC;&#x153;This leaves a substantial opportunity for value added to meet domestic demand for petrol, kerosene, jet fuel, and diesel, and thus to reduce the import bill while diversifying exports. A new oil refinery constructed by the Dangote Group in Lagos State promises to double Nigeriaâ&#x20AC;&#x2122;s refining capacity and boost activities in the downstream sector.â&#x20AC;?

On its part, OPEC said the world was expecting some capacity expansion coming from Nigeria by 2020, either through the rehabilitation of existing refineries â&#x20AC;&#x201C; in part to raise their utilisation rates, or through grassroots projects, like the Dangote refinery.

OPEC stated: â&#x20AC;&#x153;Last yearâ&#x20AC;&#x2122;s World Oil Outlook hinted that, in Africa, â&#x20AC;&#x153;new projects could improve the

situation somewhat toward the end of the period. â&#x20AC;&#x153;This year, increasing confidence that the Dangote project in Nigeria will go ahead is indeed changing the picture. â&#x20AC;&#x153;Allowing for some uncertainty in the projectâ&#x20AC;&#x2122;s start-up timetable, incremental potential in Africa is expected to continue to lag behind incremental demand-based requirements through 2020, after which the potential is for a balance or excess requirements. â&#x20AC;&#x153;A deficit of around 0.2 million barrels per day (mb/d) in 2019 to 2020 is estimated to swing to an excess of around 0.3 mb/d by 2022 to 2023. It must be borne in mind that this regional outlook is unusual in that it hinges largely on a single project.â&#x20AC;?

OPEC said the completion of the project would reduce the importation of petroleum products in West Africa. â&#x20AC;&#x153;Since the project is in West Africa, its implementation does not necessarily alter the situations in North and East/South Africa.

What should happen, especially in West Africa, is a reduction in the

TOP GAINERS NGN NGN % MTNN 11.95 131.70 9.9 AFRIPRUD 0.34 3.94 9.4 THOMASWYATT 0.03 0.37 8.8 FORTEOIL 2.25 27.80 8.8 COURTVILLE 0.02 0.25 8.7 TOP LOSERS NGN % LIVESTOCK 0.07 0.63 10 JULI PLC 0.16 1.51 9.5 AFROMEDIA 0.04 0.41 8.8 CUSTODIAN 0.50 6.00 7.6 CUTIX 0.12 1.65 6.7 HPE Nestle Nig Plc â&#x201A;Ś1,430.00 Volume: 335.559 million shares Value: N17.186 billion Deals: 4,453 As at yesterday 21/5/19 See details on Page 39

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WEDNESDAY, ͺͺË&#x153; ͺ͸͚Π˞ T H I S D AY

NEWS

Bandits Kill 34 in Katsina Communities Residents take 18 bodies to Govt House, Emir's palace Francis Sardauna in Katsina Bandits yesterday attacked some communities in Katsina State, killing no fewer than 34 persons and injuring many others.

The bandits invaded Mara Zamfarawa village in Danmusa Local Government Area; SabonLayin Galadima community of Faskari LGA and Yarâ&#x20AC;&#x2122;Gamji village of Batsari LGA, shooting sporadically.

Hundreds of youths from Batsari LGA marched on the Government House, Katsina and the palace of the Emir of Katsina, the state capital, with 18 of the bodies of the victims.

They protested what they described as persistent killings of residents in the area by bandits.

Residents of the affected areas in Katsina said 26 persons, mostly farmers, were feared dead during the attacks.

The police, however, said five were killed by the bandits in Faskari

LGA but could not disclose the number of the dead recorded in Batsari and Danmusa LGAs "They attacked Yarâ&#x20AC;&#x2122;Gamji village of Batsari LGA and killed 10 persons. They entered the village on motorcycles. The attackers also rustled many animals and injured many people," an official of Batsari LGA, pleading not to be named, told THISDAY. He said despite numerous attacks on Batsari communities, the bandits still move freely without being

challenged by security personnel.

At Sabon-Layin Galadima village of Faskari LGA of the state, the bandits reportedly attacked the villages on Monday night and massacred 11 persons.

Local sources said the bandits, numbering about 30 on motorcycles, stormed the village about 8. 27 p.m.

They killed the villagers and carted away many animals and motorcycles belonging to the residents.

Five persons were also reportedly killed yesterday at Mara Zamfarawa

village in Danmusa LGA. The bandits were said to have attacked the residents while working on their farms, forcing those that survived the attack to scamper for their safety.

Speaking on the incidents, the spokesman of the police in the state, Gambo Isah, said only five persons were killed at Sabon-Layi village of Faskari LGA. He said: "On the Faskari incident, a group of Yansakai from Sabon Layi village, Faskari went into the forest

and confronted the bandits since yesterday and did not report back.

Angered by the killings, hundreds of youths from Batsari LGA displayed the bodies before the Emir of Katsina, Dr. Abdulmumini Kabir Usman, and Governor Aminu Bello Masari.

The Emir sympathised with the protesters over the incident and prayed for lasting peace in the state.

Addressing the protesters, Masari said the government would ensure that banditry was tackled head-on.

Trans Forcados Oil Pipeline Closure Hinders 240,000bpd Exports NNPC remitted N1.26tn to Federation Account in 2018 Ejiofor Alike in Lagos and Kasim Sumaina in Abuja with agency reports The closure of the Trans Forcados Pipeline by Heritage Oil has hindered the exports of about 240,000 barrels per day of Forcados grade of crude oil through the Forcados Export Terminal in Delta State, THISDAY has learnt.

This is coming as Shell Nigeria Exploration and Production Company Limited (SNEPCo) said it was working with the federal government and other partners towards the actualisation of the Final Investment Decision (FID) for the Bonga South West Aparo deepwater project, which will have a production capacity of 150,000 barrels of crude oil per day.

The Nigerian National Petroleum Corporation (NNPC) has also declared that it met its financial

obligations to the Federation Account in 2018 by remitting N1.26 trillion as against the N1.22 trillion projected in the 2018 budget, recording a surplus of N41 billion.

The Trans-Forcados pipeline is the major trunk line in the Forcados Pipeline System used by oil companies operating in the western Niger Delta to evacuate crude oil from about 15 producing fields to the Forcados export terminal.

The pipeline is the second largest network in the Niger Delta after the Bonny Oil Pipeline System in the eastern Niger Delta.

However, the pipeline has remained closed after a fire broke out around the facility on Sunday, but a Shell spokeswoman said yesterday that no force majeure had been declared.

Heritage Energy Operational Services Limited operates the pipeline, along with its oil block - Oil

Mining Lease (OML) 30.

Shell Petroleum Development Company (SPDC), Nigerian Petroleum Development Company (NPDC), Seplat Petroleum Development Company Plc, Shoreline Natural Resources, Neconde, Elcrest E&P, ND Western and First Hydrocarbon Nigeria are also some of the major producing companies that evacuate crude oil through the pipeline.

Marginal field operators such as Pillar Oil, Energia, Platform Petroleum, and Midwestern Oil, also evacuate crude through the facility.

While Shell manages the export terminal, Heritage Energy operates the pipeline.

A spokesman for Heritage said on Monday there was a fire near the pipeline on Sunday but did not say whether the pipeline itself was affected.

But Reuters quoted Collins Edema

who lives near the site of the incident as saying yesterday that â&#x20AC;&#x153;the fire is still ragingâ&#x20AC;?. â&#x20AC;&#x153;The pipeline is long due for replacement and leaks from time to time. Repairs were going on there on a leaking portion when the fire broke out, burning the pipeline, the pumping machine and other equipment the contractors were using for repairs,â&#x20AC;? he reportedly added.

Meanwhile, SNEPCo has stated that it was working with the federal government and other partners towards the actualisation of the FID for the Bonga South West Aparo deepwater project, which will have a production capacity of 150,000 barrels of crude oil per day.

The company quoted its Managing Director, Mr. Bayo Ojulari, as saying in a statement yesterday that â&#x20AC;&#x153;we are working with our government and other partners to take the project to a point where we are able to

take the final investment decision.â&#x20AC;?

Ojulari said the company was making progress with the 150,000 barrel per day capacity project after signing the Head of Terms (HoT) agreement with partners last February and released Invitation to Tenders (ITT) to contractors in the same month.

Also yesterday, NNPC said it met its financial obligations to the Federation Account in 2018 by remitting more than the projected N1.26 trillion.

The Managing Director of NNPC Capital, Mr. Godwin Okonkwo, gave the figure in Abuja when he represented the Group Managing Director, Dr. Maikanti Baru, during a presentation to the House of Representatives Ad Hoc

Committee on the Investigation of the Non-Remittances of Funds to the Federation Account by the corporation between July 2017 and December 2018.

A statement by the Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, quoted Baru as saying that though 2.3million barrels per day (mbpd) was proposed in the 2018 budget, national daily production for the period under review oscillated between 1.89mbpd and 1.9mbpd.

Baru listed the two sources of inflows into the Federation Account from the NNPC to include equity crude oil sales less cost of recovery from the Joint Venture cash call arrears and domestic crude less cost recovery.

He added that the JV cash call arrears were being efficiently managed now to ensure steady inflows to the Federation Account.

relating to the Attorney General of the Federation created a high degree of uncertainty over the valuation of MTNN, which makes it difficult to determine a fair price. â&#x20AC;&#x153;For MTN Nigeria at present, the associated risks and potential returns could not be fairly assessed and priced.

As a result, and in the best interest of all shareholders, both the current and future, the commencement listing price was set at N90 per ordinary share, which was determined with reference to the private shares sale transactions by MTNN shareholders over a 180 trading day period,â&#x20AC;? it said.

According to MTN, the N329 billion medium term facility it signed in 2013 would be fully paid by November 2019, while the N200 billion facility it signed last week formed part of its new debt program, in line with the medium term business plan of the company. â&#x20AC;&#x153;The new facility, when drawn down, will be used to support our medium term capital expenditure projects; fund our working capital needs, meet operational expenditure requirements and position the company to take advantage of future expansion opportunities. â&#x20AC;&#x153;The preference shares have not been redeemed.

The redemption of the preference shares was always envisaged as a necessary part of simplifying the capital structure

of the company ahead of, or soonest after listing. After obtaining necessary regulatory approvals, the preference shares redemption will be taken from the distributable reserves of the company and paid for with cash generated from its operations,â&#x20AC;? it added.

Meanwhile, Afrinvest has expressed concerns over the illiquidity of MTN shares on the exchange, adding that this is partly connected to the cheap valuation of the company at the point of listing. â&#x20AC;&#x153;In our discussion with management, we discovered that the N90 listing price was arrived at using the average trading price of linked units at the over-the-counter (OTC) market over 180 days. We also obtained information that MTN Nigeriaâ&#x20AC;&#x2122;s shareholder loan of US$402 million was converted to cumulative preference shares linked to ordinary shares in 2008.

However, prior to the listing on NSE, the shares were delinked, and the ordinary shares were subdivided into 50 shares at 2 kobo per share from N1 per share. There are plans to redeem the preference shares worth N144.7 billion (US$402 million),â&#x20AC;? it said.

AfriInvest said the N1 trillion (US$5.2 billion) fine imposed on MTN in 2015 for not disconnecting unregistered SIM cards and the $2 billion fine slammed

against the company by the Office of the Attorney General of the Federation in relation to taxes on the importation of equipment and payments to suppliers might be part of the reason for MTNâ&#x20AC;&#x2122;s cheap valuation at listing and why the IPO is on hold.

Since the listing of the telco by introduction last Thursday, its share price has remained scarce in the market, thereby fuelling suspicion of possible manipulation.

Yesterday, it extended the gains as investors traded 110.719 million units of MTN for N14.582 billion in 292 deals, while its share price rose further by 10 per cent or N11.95 to close higher at N131.70.

THISDAY had reported that investors on the NSE and stakeholders waiting to purchase the shares of MTN Nigeria Communications Plc, through an initial public offering (IPO), might do so at a very high premium whenever the telco decides to float the IPO. This was because of the free float accommodation and some other waivers MTN Nigeria was granted by the capital market regulators to pave the way for its listing last Thursday.

Since the listing of the telco by introduction last Thursday, its share price, has remained scarce in the market, thereby fuelling suspicion of possible manipulation.

the impact of the transmission mechanism of the recent cut in MPR earlier this year. â&#x20AC;&#x153;They still want to observe the market. There are usually lags in cutting rates and the intended impacts in the economy. You

could recall that the MPC just cut the MPR this year. â&#x20AC;&#x153;The MPC is privileged to have access to a lot of information and in reaching the decision that it took, I believe that it must have been the

optimal decision in the views of the MPC. â&#x20AC;&#x153;The market likes stability, so if there is stability in the MPR, then investors can at least plan as against having massive swings in rates.â&#x20AC;?

NNPC Remitted N1.26tn to Federation Account

NSE DEFENDS MTNâ&#x20AC;&#x2122;S LISTING AS MARKET AWAITS SEC FINDINGS Nigeria on the minimum free float required for companies listed on the exchange.

It said its Rule Book defined free-float as the number of shares that an issuer has outstanding and available to be traded on the Exchange.

This includes all shares held by the investing public, and excludes shares held directly or indirectly by promoters, directors and their close relatives; strategic investors holding five per cent and above of the issued share capital; or government.

The NSEâ&#x20AC;&#x2122;s defence came just as investors urged the Securities and Exchange Commission (SEC) to ensure that the ongoing investigation into the process that led to the listing of MTN Nigeria on the NSE is thorough, especially as it relates to the crossing of shares.

However, MTN in a reaction to the push-back that has trailed its listing, said it met all listing conditions and violated no guidelines.

In its statement, the NSE pointed out that its rules for listing on the Premium Board, which is the platform on which MTN Nigeria is listed, require a company to have a minimum free float of 20 per cent of its issued share capital or that the value of its free float is equal to or above N40 billion on the date the exchange receives the issuerâ&#x20AC;&#x2122;s application to list. â&#x20AC;&#x153;MTN Nigeria met with the free float requirement of N40

billion. The free float of MTN at the time of listing was in excess of N90 billion,â&#x20AC;? NSE added.

According to the NSE, where a company lists following an initial public offering, shares are expected to be available for trading on the day of listing, while in a listing by introduction, no shares have been offered for subscription by the company prior to listing.

It said: â&#x20AC;&#x153;Thus, without any intervention, it is possible that there will be no shares available for trading on the listing date. Indeed, currently, no rule of the exchange compels shareholders in a listed company to tender their shares for trading.

Shareholders are at liberty to trade their shares at any time and price suitable to them. Thus, in order to stimulate trading in the shares of companies that list by introduction, the NSEâ&#x20AC;&#x2122;s practice is to urge the company to make shares available on the day of listing. In the case of MTN Nigeria, the NSE had requested the company as part of the listing process to make shares available and The Exchange expects the company to do that. â&#x20AC;&#x153;We will like to assure our stakeholders and the general public that the exchange will continue to uphold global best practices in its business operations and will sustain engagement with its stakeholders to continually develop regulatory frameworks that ensure our

market completely reflects our values of ambition, fairness and inclusion.â&#x20AC;?

THISDAY had reported that investors on the NSE and stakeholders waiting to purchase MTN shares through an initial public offering might do so at a very high premium whenever the telco decides to float the IPO. This was because of the free float accommodation and some other waivers MTN Nigeria was granted by the capital market regulators to pave the way for its listing last Thursday.

The telco company, in a statement yesterday by its Company Secretary, Uto Ukpanah, said its listing on the NSE led to the creation of a new telecoms and technology asset segment for the NSE. This, the telco stated, also deepened the equity capital markets base of the country, which makes it possible to broaden the shareholding base of MTNN over time. â&#x20AC;&#x153;The listing by introduction means that the existing shares of MTN Group (78.8 per cent), the Nigerian investors (19.4 per cent) and other investors (1.8 per cent) are listed. All MTNN shareholders will be free to trade their shares on the NSE. â&#x20AC;&#x153;MTN Nigeria met all of the conditions required to list as a member of the Premium Board of the NSE and was required to publish a commencement listing price. The outstanding matter

TREASURY BILLS, BONDS: CBN TO LIMIT BANKSâ&#x20AC;&#x2122; INVESTMENT the best thing by keeping the rate for 13.5 per cent points for the policy rate and keeping the asymmetric corridor at +200/-500 basis points. â&#x20AC;&#x153;If you cut the rates in an environment where you have

exchange rate as a monster, it becomes a big issue because the idea is that the rate becomes so low that people could get naira at a cheap rate to purchase forex. So keeping the rate at 13.5 per cent is the best in the

interim.â&#x20AC;?

On his part, the CEO of Stanbic IBTC Nominees Limited, Mr. Akeem Oyewale, said: â&#x20AC;&#x153;From the information the MPC provided, it means that right now there is still need to observe

T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

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WEDNESDAY MAY 22, 2019 ˾ T H I S D AY

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NEWS

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

WHO: Over 40,000 Children Risk Dying in North-east Daji Sani in Yola More than 40,000 children are at the risk of dying in the North-east due to the combined threats of acute malnutrition and medical complications arising from high prevalence of malaria, the World Health Organisation (WHO), has said.

In its annual report for 2018 released yesterday to journalists at a workshop on health emergency response in Yola, Adamawa State, WHO explained that the destruction of many health facilities and the killing of several health workers in the region by the Boko Haram insurgents have made response to health emergency cases difficult .

WHO stated that the frequent movement of the Internally Displaced Persons (IDPs) due to the unending crisis in the region has made the region

stands a high risk of a repeat of outbreaks of diseases such as malaria, cholera, measles and meningitis, among the IDPs. “With attacks on healthcare facilities and staff, access impediments due to insecurity and difficult terrains, the affected population remain at high risk of epidemic-prone diseases like cholera, measles, meningitis and viral hemorrhagic fevers such as Lassa fever and yellow fever,” WHO said.

It added that malaria, acute respiratory infections and diarrhoea are the three leading causes of illness among the IDPs, especially women and children along with high level of severe acute malnutrition.

The health organisation appealed for more healthcare facilities and health workers to straighten the health system to aid prompt response to health

emergency cases in the region.

WHO recommended the training and retraining of response team, sensitisation of people on personal hygiene, and adequate surveillance to areas prone to outbreaks, as well as public health information on prevention, which includes vaccination and immunisation.

WHO also highlighted its major achievements in 2018, adding that more than 2.5 million children were offered

routine immunisation by mobile health teams, two million IDPs vaccinated against yellow fever, and more than 1.3 million provided with integrated healthcare intervention, including routine immunisation, ante-natal care and treatment of minor ailments in hard-to-reach areas.

The world body also said one million protected against cholera in Kukawa, Bade in Yobe State, as well as in Mubi North and South, and Mahia

Local Government Areas in Adamawa State.

“More than 748,000 children de-wormed and supplemented with vitamin A across Borno, Yobe and Adamawa states, over 640,000 mothers and caregivers reached with key messages on infant and young child feeding (lYCF),” the report added.

WHO said it also treated 216,000 children for malaria, cough, pneumonia and diarrhea by 1,120 Community

Resource Persons (CORPs), special intervention team reached 150,000 children with routine immunisations and 28,000 pregnant women reached with free HIV testing and Counselling Service (HTS) in Yobe State.

WHO also said that more than 21,000 beneficiaries have been provided with mental health services for the first time at the primary health care facilities in Borno State alone.

Your Comments on Boko Haram Divisive, FG Tells Obasanjo Olawale Ajimotokan in Abuja Former President Olusegun Obasanjo has come under fire for his recent remarks on the insurgency in the North-east and the herdsmen attacks across the country as the federal government yesterday accused him of imputing ethno-religious motive to the activities of Boko Haram and the Islamic State of West African Province (ISWAP).

The Minister of Information and Culture, Alhaji Lai Mohammed in a statement issued yesterday described Obasanjo’s remarks as “deeply offensive and patently divisive”.

Mohammed added such indiscreet outburst were unbecoming of the status of an elder statesman.

At the second session of the Synod at the Cathedral Church of St.Paul’s Anglican Church, Oleh in Isoko South Local Government Area of Delta State, Obasanjo had reckoned that the twin evils of Boko Haram and marauding cattle herders were deliberate ploy to Fulanise and islamise West Africa, adding that the threat had incubated and developed beyond what Nigeria alone could handle.

But Mohammed took a swipe at the former president, saying it was tragic that a man who fought to keep Nigeria one was the same person seeking to exploit the country’s fault lines to divide it in the twilight of his life.

The minister who was silent on the activities of the Fulani herdsmen, however, classified Boko Haram and ISWAP as terrorist organisations.

He also added that the group fighting to establish a Caliphate in the restive North-east, care little about ethnicity or religion when foisting its senseless ideology of killings and destruction on the hapless people living around the Lake Chad Basin. ‘’Since the Boko Haram crisis, which has been simmering under the watch of Obasanjo, boiled over in 2009, the terrorist organisation has killed more Muslims than adherents of any other religion, blown up more mosques than

any other houses of worship and is not known to have spared any victim on the basis of their ethnicity. It is therefore, absurd to say that Boko Haram and its ISWAP variant have as their goal the ‘Fulanisation and Islamisation’ of Nigeria, West Africa or Africa,’’ Mohammed said.

According to the minister, President Buhari had rejected the mis-characterisation of Boko Haram as an Islamic organisation in his inaugural speech in 2015, describing Boko Haram as a mindless, godless group who are far away from the teaching of Islam.

Mohammed said Obasanjo’s comments were insensitive, mischievous, offensive and divisive in a multi-ethnic and multi-religious country like Nigeria.

He also wondered whether there was no limit to how far the former Head of State would go in throwing poisonous darts at his perceived political enemies.

Mohammed also found a loophole in Obasanjo’s antidote for ending the Boko Haram/ISWAP insurgency, which includes seeking external intervention saying Obasanjo’s suggestion was belated as President Buhari had done that since assuming office and had achieved phenomenal success in the fight against the terrorists. ‘’Shortly after assuming office in 2015, President Buhari’s first trips outside the country were to rally the support of Nigeria’s neighbours - Benin, Cameroon, Chad and Niger - for the efforts to battle the terrorists. The President also rallied the support of the international community, starting with the G7, and then the US, France and the UN. ‘’That explains the massive degrading of Boko Haram, which has since lost its capacity to carry out the kind of spectacular attacks for which it became infamous, and the recovery of every inch of captured Nigerian territory from the terrorists,’’ Mohammed said.

He called on the former president to apologise to Nigerians by retracting his unfortunate statement and not allow personal animosity to override his love for a united Nigeria.

SECURITY ON THEIR MINDS…

L-R: Ooni of Ife, Oba Adeyeye Ogunwusi; Osun State Deputy Governor, Mr. Benedict Alabi; Governor Adegboyega Oyetola; his wife, Alhaja Kafayat; and Owa Obokun of Ijesaland, Oba Adekunle Aromolaran, during the Ife/Ijesa zone security stakeholders’ sensitisation meeting in Ilesa...yesterday

Lagos Court Sentences Cameroonian Cook to Death for Killing Boss Davidson Iriekpen Justice Adedayo Akintoye of the Lagos State High Court in Igbosere yesterday sentenced a Cameroonian house help, Leudjoe Koyemen Joel, to death for murdering her Nigerian employer, Mrs. Dayo Adeleke.

In a judgment delivered two years and five months after the crime, Justice Adedayo Akintoye convicted Joel and ordered that he be hanged to death.

The judge held that the prosecution proved beyond a reasonable doubt a count of murder pressed by the state against the Cameroonian.

The prosecution had in the charge told the court that Joel

murdered Adeleke on December 20, 2016, at her Parkview Estate, Ikoyi, Lagos home.

The family of the deceased, in a statement yesterday, hailed the judgment.

They regretted that the late Adeleke was killed by a “poor refugee” she offered to help.

The statement read, “On the night of December 20, 2016, we received the news that our daughter, sister, and friend Dayo Enioluwa Adeleke, was brutally slaughtered in cold blood while defenceless and in the solace of her own home by her Cameroonian domestic help, Joel Ledjou.

“Words cannot adequately describe the complete and utter devastation and sorrow that her

senseless murder has caused in our lives.

“Joel had just been employed two months prior to the murder of Dayo. Dayo’s usual empathy and the need to help a ‘poor refugee’ as described by the pastor who referred him to Dayo from Mountain of Solution Ministries, led to her employing him.

“It’s ironic that the person she employed, out of her compassion, turned round and snuffed out her life in one senseless act of greed.

“Her supposed ‘offence’ to warrant being murdered by him was that she had not obliged him a two-week salary advance, which he requested earlier that morning.

The reward for Dayo’s kindness was death!

“Joel robbed Dayo of marriage, motherhood and longevity, a painful fact that still hurts us as a family each and every day.

“The Nigeria Police worked tirelessly in investigating the matter and the Ministry of Justice, Lagos State, in turn, has worked diligently in prosecuting the matter in court.

“Today, Tuesday, May 21, 2019, two years and five months after the murder, Justice Akintoye, sitting at the Criminal Division of the High Court of Lagos State, delivered her judgment and found Joel Ledjou guilty of murder and sentenced him to death by hanging.”

“This murderer robbed Dayo of marriage, motherhood, and longevity.

FG, States, LGs Share N616.198bn April Allocation Ndubuisi Francis in Abuja The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.198 billion to the three tiers of government for the month of April 2019. The committee also announced that as at May 20, 2019, the balance in the Excess Crude Account (ECA) was $144 million.

A communiqué issued after the FAAC meeting in Abuja yesterday showed that the total distributable revenue of N616.198 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and gross statutory revenue.

The gross statutory revenue for the month was N518.916 billion, higher than the N446.647 billion received in the previous month

by N72.269 billion.

Revenue from Value Added Tax (VAT) was N96.485 billion as against N92.181 billion distributed in the previous month, resulting in an increase of N4.304 billion.

Exchange Gain yielded a total revenue of N0.797 billion.

From the total revenue of N616.198 billion, the federal government received N253.918 billion; the states got N168.056 billion, while the local governments received N126.278

billion. The oil-producing states received N46.353 billion as 13 per cent derivation revenue even as the revenue generating agencies received N21.593 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N518.916 billion, the federal government received N239.655 billion; the states received N121.556 billion; the local government councils received N93.715 billion; the oil-producing states received N46.256 billion as 13 per cent derivation revenue and the revenue collecting agencies received N17.734billion as cost

of collection.

From the Value Added Tax (VAT), the federal government received N13.894 billion, the states received N46.313 billion, the Local Government Councils received N32.419 billion and the revenue generating agencies received N3.859 billion.

For the month of April 2019, revenues from Petroleum Profit Tax (PPT), Import Duty and Companies Income Tax (CIT) recorded significant increases while oil royalty and export duty decreased substantially. Revenue from Value Added Tax (VAT) increased marginally

WEDNESDAY MAY 22, 2019 ˾ T H I S D AY

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NEWSEXTRA

Don’t Use Our Party to Seek Relevance, PDP Tells Tinubu Adedayo AkinwaleinAbuja The Peoples Democratic Party (PDP) has berated the National leader of the All Progressives Congress (APC), Bola Tinubu, for resorting to hauling insults against the party to seek political relevance, ostensibly for his selfish pecuniary interests.

The party urged the former Lagos State governor to call himself to order, saying Nigerians, including members of his party, have seen through his power-grabbing antics and are now determined to give him the back-seat treatment.

The party in a statement yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, said it was atrocious that at the time other leaders were in the Holy Land offering prayers and supplications for the

country, Tinubu was in Mecca for photo-ops, playing dirty politics and hauling insults at other Nigerians just to curry relevance before President Muhammadu Buhari.

The party noted that by travelling to far away Mecca, at this Ramadan period, just to meet Buhari and engage in gossips, invectives and diatribes against the PDP, Tinubu has further demonstrated that he has nothing to offer towards the development of the country.

The PDP also condemned Tinubu for making allusion to its determination with Nigerians to retrieve Atiku Abubakar’s stolen presidential mandate at the court, adding that no amount of blackmail can detract it from this resolve.

Ologbondiyan said, “Nothing but sheer hypocrisy would push

Tinubu to engage in unholy praises of a failed administration in a desperation to avert the purported threats by certain agents of the Buhari’s presidency to expose him.

“This is the same Asiwaju Tinubu, who, in January 2018, at the 15th Annual Daily Trust Dialogue,

berated the Buhari administration for its nepotism, incompetence, corrupt oil subsidy regime; blaming it for the high-level poverty in our country and counseled Nigerians to be guided by their conscience in electing leaders in the 2019 general election.”

He stressed that Tinubu, in criticising the Buhari administration held rightly that “too much political and economic power resides in the hands of too few. This result in a society described by too much of unemployment, inadequate infrastructure, too little food, yet

too much poverty.”

He then added correctly that under President Buhari, “rather than becoming a joyous nation, Nigeria has become a cruel playground where the fears and concerns of the average person get exploited but their interests never get promoted.”

Union Begins Industrial Action against NCAA Today

Chinedu Eze

Baring last minute negotiations, activities at the Nigerian Civil Aviation Authority (NCAA) would be disrupted from today by the National Union of Air Transport Employees (NUATE) for the failure of the management of the agency to acquiesce to their request on workers welfare.

The union and other labour organisations in the aviation industry had jointly requested that the agency should tinker its organogram to elevate some workers who were due for promotion but there were no vacant positions they would occupy if promoted.

A fortnight ago, the unions gave the agency ultimatum to create

positions in the organogram to accommodate the workers who are over 15 months due for promotion.

In a statement issued by the union yesterday, NUATE said that it was peeved by the inaction by the management of NCAA and therefore declared a shutdown of the agency from today.

“As you are aware, our unions issued a seven-day ultimatum

to the Federal Ministry of Transportation (Aviation) and NCAA over sundry issues. This ultimatum expired on Monday May 20, 2019. At this time, the ministry has completely neglected the ultimatum while NCAA has reacted with only half-hearted measures. This means that no single item on the demands list has been ameliorated.

CNPP Backs Fayemi over Sack of 2,000 Workers Victor Ogunje in Ado Ekiti The Conference of Nigerian Political Parties (CNPP), Ekiti State Chapter, has absolved Governor Kayode Fayemi of blame in the sack of over 2,000 workers employed under the administration of his immediate predecessor, Ayo Fayose.

The group said the alleged circumvention of the law and the civil service rule by Fayose spurred the present government to purge the service of “illegal workers”.

CNPP appealed to the victims to resist being misguided by politicians to protest against government and cause public disorder in the state.

The Fayemi-led government had during its executive council meeting last week taken a decision to sack over 2,000 workers employed after the July 14, 2018 governorship election.

Speaking to journalists yesterday in Ado Ekiti, the CNPP State Chairman, Deacon Olu Akomolafe, said governor Fayemi had been magnanimous enough by overlooking some infractions committed in the recruitment exercises and promised to retain those that were employed between 2014 and 2017 when Fayose was in the saddle.

Akomolafe stated that it was a gross abuse of office and insensitivity for Fayose to have employed people into service and still being paid manually, three years after.

The CNPP boss added that the present government was circumspect of the civil service rule, which stipulated how a legitimate worker can be sacked, saying the step confirmed that those workers were not protected by the rule, being products of illegality.

He said: From the first term of Governor Fayemi in 2010, every Ekiti worker knew that what qualifies you as a civil servant is the biometric payroll and if you are not captured, you are considered as a ghost worker.

“A very large number of the affected persons were not

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T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

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T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

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14

T H I S D AY Ëž Ë&#x153; Í°Í°Ë&#x153; Ͱ͎ͯ͡

COMMENT

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

HAVE WE BECOME A SUICIDAL PEOPLE?

There is need for adequate attention to mental health services, writes Sonnie Ekwowusi

H

ave we become a suicidal people? Why am I asking this question today? Because last week was a suicide week in Nigeria. On 12th May 2019, Chukwuemeka Akachi, a budding poet, 400-level student of the Department of English and Literary Studies, University of Nigeria, Nsukka, (UNN) committed suicide. On Monday, 14th May 2019 a Redeemed Christian Church of God,(RCCG) pastor Michael Arowosaiye committed suicide at Sunnyvale Estate, Lokogoma, Abuja over his accommodation problem.

In fact, the month of May 2019 has been a suicide month in Nigeria.

For instance, on Wednesday, May 1, 2019, a middle age man committed suicide by jumping down from the fifth floor of the University College Hospital (UCH) Ibadan, Oyo State. On the same May 1, 2019, Hikmat Gbadamosi, a 100-level student of the University of Port Harcourt, Rivers committed suicide. She drank two bottles of snipers. On May 4th 2019 a 26-year old hairdresser committed suicide in Lagos because she was jilted by her boyfriend.

Apart from the month of May, the months of March and April 2019 were suicide months in Nigeria. For instance, on March 23 Charles Orji, a graduate of Ken Saro-Wiwa Polytechnic killed himself because his girlfriend dumped him. On or about 6th April 2019 a former Maths lecturer of University of Ibadan (UI) simply identified as Mr. A.O Subair committed suicide by setting himself on fire at UI senior staff quarters located at Phillipson Road of the University. On April 23, 2019 Kolapo Olowoporoku studying computer science at Obafemi Awolowo University(OAU) committed suicide. On April 15, 2019, Tejiri Direia, 21, a Delta State University dropout, committed suicide. On Wednesday 17th April 2019, Miss Rebecca Michael, a 100-level student of Kogi University committed suicide after she was jilted by her boyfriend. On Saturday April 27, 2019, Miss Olaitan Gbadamosi, 18, a 100-level Chemical Engineering student of the University of Port Harcourt, committed suicide.

The year 2017 was also a suicide year in Nigeria. On Monday, March 20, 2017, a 35-year-old medical doctor identified as Allwell Orji, parked his beautiful Nissan X-Trail SUV car by the side of the Third Mainland Bridge, Lagos and jumped into the Lagos Lagoon. On November 18, 2017, Dr Solomon Osunlola, a lecturer at the Department of Crop Production, College of Agriculture, Kwara State University committed suicide. In October, 2017, Mercy Afolarami, 16, studying microbiology at OAU committed suicide.

The year 2018 was also a suicide year in Nigeria. On 19th February, 2018, Wilson Chukwudi, a student of Abia State University committed suicide because he failed to graduate after spending two extra academic sessions. On March 8th 2018, one madam Uzoaku (66), a native of Achalla-Umana, Mgbakwu committed suicide simply because her two children who graduated from higher institutions in Nigeria many years ago were unable to secure employment. On March 9, a 32-year old female banker and a mother of two committed suicide in Ughelli, Delta State because her husband brought his mistress to be staying with them in their matrimonial home. On March 10, 2018, Adams, a First Class graduating student of Computer Engineering, University of Benin, committed suicide.

Still on infidelity, on March 24, a 75-year-old man and a father of 10 called Mr. Charles Okafor committed suicide at Akitinyi village, Urum, in Awka

IN 2018 NIGERIA WAS RANKED AS A SUICIDEPRONE COUNTRY. TODAY NIGERIA IS RANKED THE FIFTH IN THE WORLD AMONG COUNTRIES WHOSE CITIZENS ARE MOST PRONE TO COMMIT SUICIDE

North Local government area of Anambra state over his wifeâ&#x20AC;&#x2122;s infidelity.

On July 10 2018, Aduba Daniel, a student of Niger Delta University, Bayelsa committed suicide because he was asked to re-sit four courses in the university. On August 16 2018 a young girl committed suicide in Delta State after her parents annoyed her. Two days later, Loveth aged 18 committed suicide after she scored 160 in the JAMB exam which was too low for admission to study medicine. On Tuesday 2 October, 2018 a frustrated middle-aged man jumped into the Lagos Lagoon and died.

On November 22, 2018, Jennifer Alongo, 21, an undergraduate killed her cheating boyfriend, and, thereafter committed suicide. On December 2018 Aisha Omolola, a 300 level student of Ahmadu Bello University, Zaria killed herself because her mother and brother quarreled with her.

I can go on and on reeling out nasty suicide cases in Nigeria. In the past suicide was rare in Nigeria. Today it is commonplace. What is happening to us in Nigeria? Is Nigeria cursed? It seems as if all the worse crimes have been afflicting Nigeria since 2016. Check them out yourself: Boko Haram terrorism, Fulani herdsmen terrorism, banditry, kidnappers laying siege to the expressways to kidnap motorists and passengers, assassinations, execution of uncountable Nigerians abroad for different alleged crimes, trafficking of Nigerian women, ritual killings, women selling their eggs, parents selling their children, rape and incest. Now suicide is rampart in Nigeria. In 2018 Nigeria was ranked as a suicide-prone country. Today Nigeria is ranked the fifth in the world among countries whose citizens are most prone to commit suicide. In June 2018 the Daily Trust newspaper reported that 79 Nigerians committed suicide between April 8, 2017, and May 12 2018.

Everyone is worried. In keeping with its tradition of penning timely and incisive editorials on national maladies, THISDAY last week published an editorial on suicide with the title: â&#x20AC;&#x153;A Deluge of Suicide Notes.â&#x20AC;? Why should the suicide rate in Nigeria not soar to high heavens when life is not livable in Nigeria? Why should suicide not overtake Nigeria when human life has become so cheap in Nigeria? To worsen matters our cultural, family and religious values are fast disintegrating. This is why a pastor of a church who ought to be counselling suicidal people should commit suicide himself over accommodation problem. It is also for the same reason that a student should proceed to kill himself for scoring a low grade in the JAMB exam.

Solution: Governments should lessen the worsening hardships and living conditions in Nigeria at the moment through concrete and directed policies capable of improving the wellbeing of the people. Most people from troubled homes are depressed, paranoid, angry and melancholic. More importantly, they are suicide-prone. Therefore the family which is the fundamental unit of society should be strengthened. One of the greatest challenges in the prevention of suicides today is giving suicide-prone people the urgent treatments that could save their lives.

This is not only a matter of access to emergency medical clinics, but also socialization and counselling programs and public education especially in our tertiary institutions. Suicidal people and their families should seek help early enough. Our tertiary institutions, churches, mosques and other public places should recruit suicide interventionists, social workers and therapists to attend to suicidal people. NGOs with competence in counselling suicidal people should be established in different parts of Nigeria. Governments should set up suicide crisis centres across the country for suicide treatment, management and therapy.

EASING THE TRAFFIC GRIDLOCK IN APAPA Babatola Oke writes that NPA, in alliance with others, is working hard to make the ports accessible

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s a long-standing player in Nigeriaâ&#x20AC;&#x2122;s maritime space I have watched the traffic gridlock along the Apapa axis progressively deteriorate and grow into the colossal national embarrassment over the years.

Since I started conducting business in the Apapa area in 1998, access roads into that part of Lagos have never been anything that reflect the revenue that the country reap from the natural endowments in the two ports as well as the multi- billion-naira investments in the area.

I have thought about this year-on-end and it has continued to appear to me that successive government has been at a loss as to what to do about this situation that has not only brought monumental losses to the national economy and damage to the environment but is resulting in serious human hardship. Even so it has continued to get worse and has finally reached a shameful head lately. How does a country priding itself as the foremost on the Africa continent allow its premium port facilities to become such eyesores? That is not to say that no effort has been made to reverse the situation, but these have been largely palliative measures that provide no sustainable solutions.

The roads have always come out worse than they were before these series of initiatives and life around the area, expectedly more tortuous.

Not even the hope that the swearing in of President Muhammadu Buhari would improve things has materialized and many people have

given up on the prospects that government would get its act together as it concerns improving the hellish congestions that exist in Apapa.

This is even more so when you read stories about the government bodies trading blame on who should do what to terminate this disgraceful situation that faces Nigeria. One has heard for instance the Nigerian Ports Authority and the Federal Ministry of Power, Works and Housing bicker over whether it is the roads or the volume of cargo coming into the ports for which they do not have holding capacity that is responsible for the congestions. So you wonder how agencies of the same government, responsible for the welfare of the citizens are unable to sit down and solve this problem permanently. I have been particularly peeved at the NPA for the seeming failure to take the initiative and save Nigeria the shame that Apapa has become. This is more so when the completion of rehabilitation of the Wharf Road, which the NPA commendably spearheaded in collaboration with Messrs AG Dangote and Flour Mills of Nigeria did not contribute anything significant to the actual decongestion of Apapa. Even though it had coughed out a whopping N1.8b in this collaboration, the fact that this congestion has persisted made stakeholders in Apapa expect that the NPA would at that time put up an aggressive plan that attend to holding trucks which have become a nuisance on the expressway.

But it seems the NPA is doing its best to find

a solution to the bewildering situation in Apapa and that is heartwarming. The recent news about conversion of the Lilypond Container Terminal into a truck park gave a deep sense of relief that the NPA is seriously set to deal with this issue. If NPA is deliberate at improving the call-up system for truck gaining access into the ports for cargo evacuation and removal as it introduced in 2018 as feelers indicate, then we would be on the path to resolving the perennial congestion in Apapa. The call up system, which is said to have been delayed due to the need to protect the shorelines at the Tin Can Island Port will take trucks off the road and free up more space to enhance free flow of traffic along the Apapa port access road.

And just before the end of last week, news filtered in that the NPA had signed a Memorandum of Understanding (MoU) with a company, A.P Moller capital on how to exploit the waterways for the movement of cargo.

This is really not a new initiative given that the NPA has sometime last year spoken about its licensing companies to evacuate containers to the Ikorodu Lighter Terminal. This current arrangement is reportedly considering to extend the use of barges to evacuate containers from the ports beyond Ikorodu to Epe. Public-private partnerships like this one is what one is expects of liberalized entities like the NPA. One assumes however that the NPA realises that the combination of Lilypond and the new initiative with A.P will not sufficiently take care of this congestion challenge. There are many

private parks on that road and the NPA should not relent in the effort that it made last year to license private park operators.

Attributing the congestion in Lagos because of inactivity in other ports in the country is largely debatable because the port business is usually determined by the most convenient location for port users. As such, rather than suggesting that more traffic in Onne, Warri and Calabar would have direct effect on traffic congestion in Lagos, Nigeria should work to make the ports in Lagos competitive. Even then, one has heard about efforts that are being made to improve service delivery at these ports. Was a contract for the dredging of the channel into the Warri Ports not awarded last year?

Given the positive steps the NPA has taken so far, I advise that it should pursue the recently signed contract between the federal government and Dangote AG for the construction of the Apapa Oshodi Expressway.

The government should create the enabling environment for greater private sector involvement and take great advantage of the inland waterways and rail network in the evacuation of cargo to and from the ports.

I am persuaded that as we optimize multi-modal means of transportation of goods and cargo from the port, we would minimize vehicular traffic, and the Apapa gridlock will become a thing of the past.

Oke, a licensed freight forwarder, wrote from Lagos

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T H I S D AY WEDNESDAY, MAY 22, 2019

EDITORIAL State Of The IDP Camps The challenges of the internally displaced persons should be addressed

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he humanitarian situation in the internally displaced persons’ (IDPs) camps across the country begs for urgent and prompt intervention from government. With thousands of people reportedly sleeping outside in the open and while others are in extremely overcrowded places, the conditions of the IDPs are dire, harsh and increasingly becoming critical. The number of the IDPs is also on the rise. It is estimated that 1.8 million people, of which women and children, constitute 87 per cent are affected by the continued widespread insecurity and hostilities in the country. Though we acknowledge the limitations of government, given lean resources, we must find ways to ameliorate the problems of the most vulnerable in our society.

Apart from massive food shortages, the victims are imperilled by several risk factors. Dislodgement of populations and resettlement in make WE MUST FIND WAYS shift locations create TO AMELIORATE THE PROBLEMS OF THE MOST atmosphere of overcrowding, economic VULNERABLE IN OUR and environmental SOCIETY degradation, poverty, lack of safe water, poor sanitation and waste management, all of which promote communicable diseases and make life unbearable for the displaced citizens.

There are also reports of the startling abuses to which women and girls are subjected in the camps. It is unacceptable and criminal for security personnel and aid workers, whose primary task is to guard and provide support for the displaced persons, to turn around and be demanding sexual gratifications from women and girls in exchange for food, money and other favours.

Some of the people in the IDP camps also suffer from post-traumatic stress disorders and increased rate of infectious diseases. Many children born in these camps do not have access to education, placing their future at a risk. We appeal to all critical stakeholders to help in tackling the diminishing quality of life in the

Letters to the Editor

IDP camps where the rate of mortality and malnutrition is unacceptable. Government, donor agencies and NGOs should also address the cases of low rate of vaccination in the camps amid allegation of shortfall in intervention by corresponding agencies.

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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

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.

MTN AND 20 BILLION SHARES

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efinitely, MTN is at it again and EFCC should please move in and investigate the whole process of the listing by introduction of 20 billion shares that is literally not seen by anyone and just being discreetly traded within the holders of the stock to push up the price up to the point it will be off loaded and dumped on the unsuspecting and innocent investing Nigerian public.

Would I call it Mauritius/South African wonder that 20 billion shares of a foreign-controlled company were listed in our national bourse and almost all the citizens of the nation who desire to buy the shares of the foreign company can’t find just one unit out of the 20 billion to buy? On our own bourse!

While this artificial scarcity may have made sense if it was caused only by the forces of demand and supply but looking at the holding structure of the MTN shares and when I calculated the amount the foreign major shareholder, MTN Mauritius, which allegedly owns 76.08% of the 20 billion shares has made since the listing last Thursday, my fear as a Nigerian citizen and investor was confirmed.

According to premium times 76.08% of the 20 billion shares are owned by the foreign investor, MTN International. It’s this foreign investor that was fully in charge of MTN during the period of regulatory infractions by MTN. The bankers of the company got slammed with heavy fines by the CBN and MTN itself fined N330b by NCC (after a reduction from N1.04 trillion), with another alleged case of tax infraction against MTN from the office of the Attorney General of the federation still in the court. I am seriously worried as a citizen if the government doesn’t protect its investing citizens from MTN investors.

How much has been made by the foreign investor?

unger is rife in the camps, medicare is in short supply even as shelter, clothing and water are essential commodities. The dire situation of the displaced persons is amply captured in a recent report by the United Nations Office for the Coordination of Humanitarian Affairs, which stated that “The vulnerable host populations are in critical need of humanitarian interventions that include food, water, sanitation, protection, education, shelter and health services.” The question, therefore, is: Why, in spite of the “huge and enormous” cost to the federal government, Nigeria, according to the UN agency, is facing “the biggest humanitarian crisis in Africa today”?

The challenges are probably the ineffectiveness of the several agencies of government saddled with the responsibility of soothing the pains of the IDPs, and massive corruption. After all, it is known that relief materials meant for the IDPs have been diverted to the open markets for sale to the general public by officials of government. Also notorious is the fact of misappropriation of funds meant for the relief of the displaced persons. The high level of corruption has exacerbated the poverty of majority of the people. By diverting scarce resources meant for the most vulnerable of our people, life is being made increasingly difficult for them. This challenge must be addressed.

While the case involving the former Secretary to Government of the Federation (SGF), Mr Babachir Lawal, remains pending, the federal government needs to ensure that resources being deployed to help the poor and vulnerable of our society are not being misappropriated by a few persons in positions of authority. The authorities must also work to restore lasting security to the communities from where people in the IDP camps ran so that they can return to pick up the bits and pieces of their lives.

MTN International (Mauritius) Limited, has the controlling 76.08 per cent equity, or 15,485,544,050 shares which was listed at N90. As at Monday, 20 May 2019, the same share costs N119; if you subtract the amount it was listed by introduction, it means the foreign investor has realised N29 on each unit of the 15,485,544,050 totalling a whopping N449,080,777,450 (approx half a trillion naira) in three days! By hoarding the shares and “moving the shares among the holders” under the pretext of cross deals, if not stopped immediately, the price will be artificially pushed up and later dump it on the unsuspecting and innocent investing Nigerian public. Yet no value has been created in the Nigerian economy while MTN eventually repatriates the funds back to Mauritius and most likely eventually South Africa, the homestead of the real owners of MTN. For me, I believe this is not a fair way a foreign company like MTN should reward its host Nigeria and Nigerians for the love shown to the company and its brand.

What did the regulators say? The management of the Nigeria Stock Exchange (NSE) issued a press release few days ago and reading the script reminds me of the build up to the crash of the market in 2008 from which the market is yet to recover, unlike other bourses. The release was titled “NSE clarifies Concerns on MTN Nigeria, http://www.nse.com.ng/mediacenter/pressreleases/Pages/ nse-clarifies-concerns-on-mtn-premium-board--listing.aspx.

The NSE is clearly not seeing the damage being done to the market or pretends not to be seeing it and the reasons are not far fetched. The NSE is smiling to the banks receiving mouth-watering commissions from these ‘cross deals’.

Sunkanmi Vaughan, Lagos

IN PRAISE OF JUBRIL BABA

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on. Jubril Ndagi Baba, who elected to represent Lavun Constituency in the Federal House of Representatives, is without doubt a politician with pedigree. Being privileged to be in his campaign team on the day I visited his constituency office recently, I witnessed first hand how people poured encomiums on him, evidence of his sterling service to the people. Despite the mammoth crowd, I was astonished that no security operatives were around him. He later waddled through the same crowd to observe his prayers. It was a lesson for me that whatever we do in life, we must endeavour to put God first.

But it was a testimony to the fact that Hon. Jubril Ndagi Baba is a true Muslim whose faith in Allah is unshakeable. In my view, he set himself apart as a man who would not allow his job block the path to his creator.

Ndagi Baba has impacted on his constituency in no small measure.

In the area of education, he gave free exercise books, mathematical sets, uniform and sandals to pupils in the public schools in Lavun Constituency in Niger State and its environs.

In the provisionof basic infrastructure, the unanimous view is that he has surpassed expectation of the people. Little wonder, he has earned the nickname Mutummai Jama’a or Man of the masses. He has provided boreholes, street lights, potable water, as well as giving cash donation to widows, among other people-oriented programmes. He empowered youth in the constituency with the donation of tricycles, bicycles and other valuable materials that could guarantee their financial independence. In the area of advocacy, he tried his best to organise series of seminars for the youth, aimed at encouraging them to shun violence and embrace peace, having made them understand that only in the environment of peace and harmony would there be meaningful development.

Anjorin Adeolu Joseph, Abuja

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T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

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T H I S D AY ˾ WEDNESDAY MAY 22, 2019

MIDWEEKPOLITICS

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

NEWSMAKER

Victim of His Own Foibles

Nseobong Okon-Ekong writes that Transportation Minister, Rotimi Chibuike Amaechi exhibits certain minor weaknesses which have boldly coloured his essential character

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OFF THE CUFF: r* EPO U TFF BOZUIJOH XSPOH XJUI UIPTF XBS TPOHT * TBOH EVSJOH UIF QSFTJEFOUJBM DBNQBJHO 5IPTF TPOHT BSF UIF USBEJUJPOBM TPOHT UIPTF QFPQMF BSF LOPXO XJUI *G ZPV HP UP "CB GPS FYBNQMF BOE EPO U TJOH A/TPHCV /TPHCV ZPV IBWF OPU TUBSUFE &WFO UIPVHI UIF PUIFS TPOH XBT BO 0IBÃ B XBS TPOH JU JT CFUUFS LOPXO BT 0XFSSJ TPOH 5IFZ BSF USBEJUJPOBM BOE BSUJTUJD 5IF TPOHT BSF UP MFU UIF *HCP LOPX UIBU JU JT IJHI UJNF UIFZ DBNF JOUP UIF OBUJPOBM QPMJUJDT 5IFZ BSF DPNQMFUFMZ PVU PG UIF OBUJPOBM QPMJUJDT *G *HCP BSF OPU GPVOE JO UIF OBUJPOBM QPMJUJDT JU XJMM CF UP UIF EFUSJNFOU PG UIFJS DIJMESFO Amaechi explaining why he sang war songs at a presidential campaign rally in the South-east r"U UIF TUBSU PG HPWFSONFOU BT $IJFG PG 4UBGG IF 8JLF XPSF MPOH SPCFT QPTJOH BT B .VTMJN 5PEBZ IF JT HPJOH PO CFOEFE LOFFT JO DIVSDIFT MFU NF UFMM ZPV EPO U UBLF (PE GPS HSBOUFE 5IF GVOOZ UIJOH JT UIBU IF LOPXT

UIBU * LOPX IJN Amaechi taking a swipe at Governor Nyesom Wike r8PVME (PWFSOPS 8JLF BOE IJT 1%1 QBSUZ QSFGFS UIF FMFDUJPO PG XIFSF UIVHT PWFSXIFMNFE UIF TUBUF BOE VOMFBTIFE UFSSPS PO JOOPDFOU 3JWFST QFPQMF UIBU SFTVMUFE JO UIF MPTF PG TP NBOZ MJWFT PO UIF TUSFFUT PG 1PSU )BSDPVSU .Z DPVTJO XBT BMTP LJMMFE JO GSPOU PG 8JLF GBUIFS T IPVTF Amaechi insisting the security situation in the 2019 elections in Rivers was better than 2015 r.BHOVT GFMM JMM UIF EBZ XF TBJE ZPV BSF OPU UIF DBOEJEBUF CVU 1FUFSTJEF *G .BHOVT TBZT IF T OPU B CFUSBZFS UBLF UIF DBTF PG /%%$ )F DBNF UP NF TPCCJOH UIBU 0HPOJ QFPQMF IBWF OPU IBE BOZ QPTJUJPO JO /%%$ * TBJE .BHOVT 0LBZ XF HJWF ZPV UIF OPNJOBUJPO GSPN 3JWFST "T TPPO BT IF HPU JU IF HSFX DPOWPZ EFDMBSJOH IF XBOUT UP SVO GPS HPWFSOPS 8IP JT B CFUSBZFS * XBOU UP TMFFQ LOPXJOH * BN BO IPOFTU NBO *G .BHOVT JT OPU BTIBNFE

NPTU QBSU BHHSFTTJWF UPP 5IJT PQFO JODMJOBUJPO UP BUUBDL JT EJSFDUFE BU IJT FOFNJFT XIFUIFS SFBM PS JNBHJOBSZ 4FWFSBM FYBNQMFT BCPVOE "NBFDIJ DBO FMFWBUF B TFFNJOH TJNQMF RVBSSFM UP B XBS #Z OPX .ST 1BUJFODF +POBUIBO GPSNFS GJSTU MBEZ 4FOBUPS .BHOVT "CF BOE (PWFSOPS /ZFTPN 8JLF LOPX UIFZ TIPVME OPU IBWF DSPTTFE "NBFDIJ T QBUI 5IPVHI IF MBCPVST UP TIPX IF JT UIF WJDUJN BOE UIF CFUSBZFE )F EPFT OPU IPME CBDL IJT IBOE PODF IJT TXPSE JT ESBXO 'JOEJOH QFBDF XJUI "NBFDIJ JT NPSF EJGGJDVMU UIBO CFDPNJOH IJT GSJFOE 8IJMF IJT IBOET BSF PQFO UP XFMDPNF OFX DPOGJEBOUT PODF UIF CPOE JT CSPLFO IF PGUFO IBT B NPTU GBTDJOBUJOH TUPSZ PG CFUSBZBM UP UFMM BOZPOF XIP DBSFT UP MJTUFO 3FWFBMJOH TPNF PG UIF IFBSUSFOEJOH EFUBJMT UP HJWF UIF UBMF B XIJNTJDBM ZFU OBUVSBMJTUJD TQJO NBOZ BSF QFSTVBEFE 5IFSF T B MPU PG PEEJUZ BCPVU "NBFDIJ 8FBSJOH B TVJU DPNFT OBUVSBMMZ UP IJN BT XFBSJOH IJT FUIOJD 3JWFST BUUJSF )F JT BMTP BU IPNF JO DBTVBMT *O QVCMJD IF DBO CF TFFO XJUI IJT IBOET DMBTQFE CFIJOE IJT CBDL JO B QFOTJWF NPPE 5IJT TBNF NBO JT DBQBCMF PG TVDI TUJGGOFTT *U JT FBTZ UP LOPX XIP IJT DVSSFOU FOFNZ PS GSJFOE BOE QFSIBQT UIF JTTVFT EFBS UP IJT IFBSU BU BOZ UJNF &WFO JG UIF TVCKFDU BU IBOE XBT EJGGFSFOU IF GJOET PG IJNTFMG MFU NF CF BTIBNFE PO IJT CFIBMG .Z TPO XJMM XPSSZ JG UIFZ IFBS UIFJS GBUIFS JT TMJQQFSZ Amaechi stating why he fell out with Senator Magnus Abe r8JLF EPFT OPU MJLF UIF GBDU UIBU UIF NJMJUBSZ JT NBJOUBJOJOH QFBDF 8IFSFBT IF TUBZT JO (PWFSONFOU )PVTF XJUI IJT TFDVSJUZ BOE QFPQMF BSF EZJOH PO UIF TUSFFUT PG 1PSU )BSDPVSU 8JLF JT TP EFTQFSBUF BCPVU QPXFS Amaechi justifying the presence of soldiers in Rivers during the 2019 national elections r* IBWF CFFO CFUSBZFE TFSJBMMZw JODMVEJOH TFOBUPST "GUFS ZPV Ã OJTI IFMQJOH UIFN BGUFS QSBZJOH GPS UIFN UIFZ XJMM HP BOE CFUSBZ ZPV GPS B QPU PG QPSSJEHF Amaechi casting aspersion on Senator Magnus Abe and Governor Nyesom Wike r'PS WPUJOH BHBJOTU UIF "1$ 'PS SFGVTJOH UP TVQQPSU UIF "1$ UIFZ DBOOPU DPNF UP UIF UBCMF UP EFNBOE UIF QSFTJEFODZ TMPU 'PS QFPQMF MJLF VT JO UIF "1$ JG UIF *HCP IBE

B XBZ UP DPOOFDU JU UP XIBU NBUUFST JO IJT XPSME )F TUSJLFT QMBZGVM BOE FNPUJPOBM DIPSET JO FWFSZ TQFFDI 5IFZ BSF OPU KVTU GPS BEESFTTJOH IJT NBOZ XBST BT UIF PQQPSUVOJUZ QSFTFOUT JUTFMG IF ESPQT TVDDJODU TUBUFNFOUT UIBU TQBSLT B OBUJPOBM EJTDPVSTF 0GUFO UIJT IBT TPNF QSFUUZ CJH JNQMJDBUJPOT GPS UIF WBSJPVT TUSBUB PG IJT SFMBUJPOTIJQT #FJOH BO *HCP IJNTFMG XIZ XPVME IF TUJS UIF IPSOFU T OFTU XJUI IJT SFDFOU TUBUFNFOU PO UIF *HCP T BOE UIF QSFTJEFOUJBM SBDF "NBFDIJ JT EFGJOJUFMZ HPJOH GPS NPSF UIBO UIF TFOUJNFOUBM QVMM "MSFBEZ BMM LJOET PG JOWFDUJWFT IBWF CFFO IBVMFE BU IJN CZ BOHSZ *HCPT GPS TVQQPTFEMZ TFSWJOH UIF JOUFSFTU PG UIF /PSUIFSO CMPD 0OMZ B GFX IBWF TVQQPSUFE IJT QPTJUJPO 5IJT DPVME CF XIBU UIF 5SBOTQPSUBUJPO .JOJTUFS XBT IPQJOH GPS "T B UXP UJNF 1SFTJEFOUJBM $BNQBJHO %JSFDUPS (FOFSBM GPS 1SFTJEFOU .VIBNNBEV #VIBSJ IJT TDPSFDBSE IBT CFFO CMJHIUFE CZ BO JOBCJMJUZ UP EFMJWFS IJT IPNF TUBUF 5IJT CPXM GJMMFE XJUI CJUUFSTXFFU BTTFTTNFOU PG IJT SFDFOU FYQMPJUT JO QPMJUJDT JT POF IF XJTIFT EJE OPU FYJTU #PUI 8JLF BOE "CF BSF QBJOGVM SFNJOEFST PG IJT TFUCBDL JO QPMJUJDT PO UIF IPNF GSPOU )PXFWFS "NBFDIJ NVTU MPPL CFZPOE IJT DPNNVOJUZ GPS UIF FOFNJFT XIP TFFL UP DVSUBJM IJT CPME BEWBODFNFOU PO UIF OBUJPOBM QPMJUJDBM TDFOF 5IBU T B OJDF UIFPSZ CBOEJFE BSPVOE CZ MPZBMJTUT PG "NBFDIJ XIJMF PUIFST BSF TBZJOH GPSNFS 3JWFST 4UBUF HPWFSOPS %S 1FUFS 0EJMJ DPNFT JNNFEJBUFMZ UP NJOE GPS PCWJPVT SFBTPOT *U JT TBJE UIBU "NBFDIJ OBSSPXFE UIF QPMJUJDBM TQBDF GPS 0EJMJ VOUJM IF XBT TRVFF[FE PVU FOUJSFMZ 5IJT HSJN QSPTQFDU NBZ CF TUBSJOH UIF 5SBOTQPSUBUJPO .JOJTUFS JO UIF GBDF (JWFO UIF DPOUFYU PG UIF "NBFDIJ 0EJMJ TBHB IJT RVBSSFM XJUI 8JLF BOE "CF DPVME CF B CJU EFFQFS JO JUT NFTTBHJOH BOE UIFSFGPSF NPSF GVOEBNFOUBM JO JOUFSQSFUBUJPO "NBFDIJ XJMM CF ZFBST PO .POEBZ .BZ B EBZ DFMFCSBUFE BT $IJMESFO T %BZ JO /JHFSJB )JT MJGF IBT UIF DBQBDJUZ GPS SFBM XJTEPN BCPVU DIJMEIPPE BOE BQQSFDJBUJOH UIF QSFTFOU NPNFOU *U JT IBSE UP GJOE "NBFDIJ GPMMPXJOH IJT PXO BEWJDF BOE UP QMBZ BHBJO XJUI UIPTF XIP CFUSBZFE BOE IVSU IJN 5IJT JT OPU MJLF B QIZTJDJBO IFBM UIZTFMG NBOUSB *U JT NPSF MJLF BMMPXJOH UIF MFTTPOT HVJEF IJN JOUP BO VOEFOJBCMZ USVMZ HSFBU /JHFSJBO MFBEFS DPNF BOE WPUFE #VIBSJ UIFZ XPVME CPMEMZ UFMM .S 1SFTJEFOU BOE UIF /BUJPOBM $IBJSNBO PG UIF QBSUZ UIBU QSFTJEFODZ TIPVME HP UIF 4PVUIFBTU TJODF UIF 4PVUI TPVUI 4PVUI XFTU BOE /PSUI XFTU IBWF QSPEVDFE QSFTJEFOU 8IBU BSHVNFOU XPVME UIF 4PVUIFBTU DPNF VQ XJUI OPX UP DPOWJODF BOZCPEZ UIBU UIFZ EFTFSWF UIF TMPU GPS QSFTJEFOU Amaechi commenting on the quest by Igbos to take a shore at the Nigerian presidency in 2023 r* XJMM OPU IFTJUBUF UP JNQMPSF UIBU XF BMM BTL (PE GPS GPSHJWFOFTT BOE NFSDZ GPS BMM UIF UIJOHT EPOF PS MFGU VOEPOF BOE GSPN UIF DJUJ[FOT GPS UIF QBJO BOE BOHVJTI UIBU UIFZ IBWF CSB[FOMZ TVGGFSFE XIJDI NPTU UJNFT BSF VOSFQPSUFE 5IF QFSTJTUFODF PG HBOH WJPMFODF LJEOBQQJOHT BOE LJMMJOHT JO QBSUT PG UIF TUBUF IBT EFBMU B UFMMJOH CMPX PO UIF QTZDIF PG UIF QFPQMF 1FPQMF OP MPOHFS GFFM TBGF PS TMFFQ XJUI UIFJS UXP FZFT DMPTFE Amaechi lamenting the state of insecurity in Rivers and why the leaders must have a rethink

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T H I S D AY ˾WEDNESDAY MAY 22, 2019

ANALYSIS

For Inuwa Yahaya, It’s Sweet Victory at Last Segun Awofadeji writes that the uninterrupted 16-year hold of the Peoples Democratic Party on Gombe State has come to an end with the emergence Inuwa Yahaya of the All Progressives Congress as governor-elect

Bamusa

A

lhaji Inuwa Yahaya was elected to the office of Governor of Gombe State at the 2019 gubernatorial election. He scored a total number of 364,179 votes to defeat his closest rival of the Peoples Democratic Party (PDP), Sen. Usman Bayero Nafada who polled 222,868 votes.

The victory of the All Progressive Party (APC) at the 2019 governorship election in Gombe State did not come to many political watchers as a surprise considering the resilience of the party and especially the persistence of its candidate, Alhaji Mohammed Inuwa Yahaya.

As soon as the INEC Returning Officer in the state , Prof . Saminu Abdulrahaman, declared the result, with Yahaya scoring 364 ,179 votes to defeat his closest rival of the Peoples Democratic Party(PDP) , Sen . Usman Nafada,there was wild jubilation by APC supporters and other well-wishers across the state capital.

The celebration which was spontaneous saw individuals and groups, women and children singing and dancing on the streets of Gombe metropolis in a colourful ceremony like a typical festive season.

Yahaya, the amiable and astute businessman cum politician is not new in the political environment of Gombe State having served as the Commissioner of Finance from 2003 to 2010 when he showed interest to contest for the plum job in the state under the PDP in 2011.

This eight year period was under the current Senator representing Gombe Central zone in the red chamber, Muhammad Danjuma Goje.

Together with Danjuma Goje in the opposition, Inuwa Yahaya fought through the APC party primaries to become its governorship candidate but failed again at the general election in 2015. He still could not succeed when he challenged the election results at the tribunal.

Meanwhile, the PDP has been steering the wheel of governance in the state since 2003 without a break having had Danjuma Goje from 2003 to 2011 and Ibrahim Hassan Dankwambo from 2011 to date. Dankwabo’s eight year tenure is expected to end on May 29, 2019 making it an uninterrupted 16 years of PDP’s leadership in the state .

However, the new development in the political space of the state at the moment is that most of the personalities currently driving the opposition politics in the state especially in the last three and a half years were in the ruling PDP. Speaking with THISDAY in an interview,Umar Farouk Bamusa, a seasoned politician, technocrat and an IT specialist who contested for the ticket of the APC during the 2019 general elections in Gombe State but lost spoke on how the ruling party took over the reins of power from the opposition PDP in his state.

According to him, “Having lost out in our bid for the APC governorship flag in the last elections, all of us decided to support the aspirant that won the ticket who is now governor-elect. All the defeated gubernatorial aspirants decided to wholeheartedly throw our weight behind the man that defeated us during the primaries.” ”I decided from day one to support the can-

Inuwa

didate that emerged victorious at the primaries.

I did that because of my faith in the party.

We have a party that has fantastic ideas and programmes for the country. I believe that I owe a duty to ensure that the party is enthroned.

So I went back to my constituency in Gombe and ensured that not only have I supported the governorship candidate but also supported all other APC candidates. This is why Gombe became one of the few states where was able to turn the state from a fully PDP controlled state to a fully controlled APC state.”

He said further, “It is usually not easy to defeat an incumbent in Nigeria but with God on our side and the unflinching support and commitment of our people , the APC emerged victorious in Gombe state which had been under the control of the PDP for about 16 years.”

Bamusa who could not hide his excitement and happiness explained that “President Muhammadu Buhari won Gombe State hands down by nearly 90 percent. We also delivered all the three senators and House of Representatives members from our state. In the House of Assembly out of 22 we delivered 20 members.

So you can see that we turned the state from a red state to a completely blue state. Like I said earlier I enjoyed doing it effortlessly because of my faith in the party and the ideas of the President. I believe we were victorious because the President campaigned on three strong pillars that Nigeria needs at this moment; the economy, security and anti-corruption. On that basis we were able to convince our electorate in Gombe to deliver the state to the APC.” Also speaking in the same vein, another gubernatorial aspirant in the last election, Alhaji Abubakar Habu Muazu saluted the courage, commitment, determination and resolve of Gombe people to align with the change agenda of the federal government and determination to work with others to effect the necessary change in the administration of Gombe State.

Muazu, a founding member of APC said “the move by some gentlemen and their supporters in the PDP to join us before the last elections should serve as an encouragement and eyeopener to all progressives still in the PDP to do the needful- join the APC. We urged them to take action then by joining hands with us to end PDP rule in the state which we have achieved with great zeal and patriotism.”

However, political observers are of the opinion that shortly before the 2015 general election, when there was a spate of defections from the ruling PDP at the national level resulting in an alliance with other political parties that formed the APC, Senator Goje automatically became the leader of the APC having been a former governor and occupying the highest political office in the APC camp in the state at the particular moment.

One major factor that helped the party to come out victorious in the recent general elections is considering his political clout in the state, Goje had done his best in maintaining and retaining the opposition APC, making it a formidable force to reckon with since he joined the party in 2014.

In 2015, a lot happened and many wondered

Bayero

why APC could not deliver Gombe State after the APC tsunami that swept away all PDP states in the 19 northern States of the country with the exception of Gombe and Taraba States. To inuwa’s mind, he won the election and that was why he wanted to reclaim his mandate at the court.

Even the APC family in the state is of the opinion that the party was not as united as it is today. Many attribute this unity and harmony as the major factor that contributed to the party’s success in the last election. Something that was not tenable in 2015.

For instance , in 2015, there were wide unconfirmed speculations, that for some hidden reasons, Senator Goje was never comfortable with Inuwa Yahaya as the party’s governorship candidate even though Yahaya fought real hard to secure the party’s ticket.

The story completely changed in 2019, especially prelude to the election in 2018 after the party primaries. What many described as magic was the coming together of many strong party juggernauts. Most of these personalities like Abubakar Habu Mu’azu coming together under the same political roof with Senator Danjuma Goje was nearly an impossibility. However, as political interest or convenience would have it, Habu Mua’zu, one of the strong contenders of the party’s governorship ticket became a strategist of wining the APC election together with Senator Goje.

On the whole, in terms of weight, the APC also had very strong and powerful governorship contenders such as Jibrin Danbarde, Haidar Aliyu, Farouk Bamusa, Khamisu Mailantarki, Umar Kwairanga, Idris Umar, Dasuki Jalo Waziri and the winner of the primaries, Mohammed Inuwa Yahaya.

Contrary to speculations, it surprised many that immediately after the party primaries, all these aspirants remained together, campaigned and worked together and are still together.

None of them decamped or complained about the process of the primary election Another very strong factor that resulted in the APC success was the coming into the fold by Jamilu Isiaaku Gwamna, the PDP governorship aspirant that was favoured to pick the ticket during their primaries.

Though not exclusively his efforts, but Jamilu, Managing Director and CEO of Kano Electricity Distribution Company (KEDCO), was clearly seen at the front of the political war to ensure that the PDP governorship candidate, Bayero Nafada, was defeated.

The story of Jamilu’s defection to the APC started immediately he lost the PDP Governorship ticket at the primaries. What happened before the eyes of delegates and journalists during the primaries was that, inside the highly charged atmosphere of the New Banquet Hall of the Government House, Bayero Nafada, one of the aspirants, in anger called Governor Dankwambo into one of the side rooms in the hall.

It was rumoured that what they discussed was what likely changed the outcome of the primary election which would have produced Jamilu Isiaku Gwamna as the PDP Governorship candidate.

To many political analysts, this is what actually broke the power of the PDP from retaining political power in the State during the 2019 governorship election. Many see Jamilu, a well loved politician especially by the youths, whom he had empowered in terms of employment and many other philanthropic gestures, as the person that would have taken PDP to victory at the general polls.

With this anger, Jamilu and many of his supporters, barely 24 hours after the conduct of the PDP primaries, joined forces with the Inuwa Yahaya’s APC camp and swore to see the end of Dankwambo’s preferred candidate during the general elections and even Dankwambo’s Senatorial ambition which election took place earlier than the governorship polls.

For now, victory is what the APC is basking in and it is only a matter of time that the party would form the government and occupy the Government House.

Be that as it may, what is of great concern to many is the sustenance the unity of these political gladiators who are also seen as strange bed fellows especially when it comes to sharing of political offices. This is one challenge, Inuwa may be facing even before he took mantle of governance, considering the fact that the stakes are high.

Even more daunting challenge will be the fact that the position of the leader of the party in the state will now change hands from Senator Mohammed Danjuma Goje to Inuwa Yahaya, the Governor in waiting.

Like the experience is, in many states in Nigeria, incumbents have always sharply parted ways with their successors because of political patronage and influence. And in this case, it is uncertain if Senator Goje will cede his very strong political advantage. Senator Goje is still very strong politically and is good to go for any political office in Nigeria.

However, the highly principled businessman cum politician may have a way of successfully managing the presumed political uncertainties having worked under Goje as his Commissioner of Finance while he was Governor but now as the Governor of the State while Senator Goje takes the side seat.

For now since the announcement of his return as the governor and in his maiden address, the direction of his government seems to be on the development of human and physical infrastructure of the State.

During his first address as the Governor-elect, he told the people of Gombe State to expect better governance from what was experienced in the past. He said, “Having gone round the State, I am wearing the shoe now, I know what they want. You should expect me to work hard together with my team to meet their expectations and to take them to the next level”.

He promised to focus on all facets of development particularly in education, health delivery, agriculture and security adding that, “If well addressed, it will help to uplift the living standard of the people of the State”.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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FEATURES

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

Shettimaâ&#x20AC;&#x2122;s Education Legacy as Jab at Insurgency Borno State Governor, Kashim Shettima, came into governance with a strong passion for developing the state but he was welcomed by Boko Haram, a terrorist group which hates western education with disdain. As he bows out of office in a few days after eight years, Michael Olugbode examines if the governorâ&#x20AC;&#x2122;s legacy of 44 modern primary schools was a last but impactful message to the insurgents that education has come to stay

The exterior of one of the modern primary schools in Borno

J

ust like Malala Yousafzai, a Pakistani teenage girl shot in the head while she was riding the bus to school in October 2012, who on recovery had a reply for the terrorist group with renewed vigor which made her one of the strongest advocate for girl child education in the world, Borno State Governor, Kashim Shettima, has delivered a strong message to terrorists that a strong spirit cannot be killed by violence.

Inaugural Policy Thrust Shettima became the governor of Borno State on May 29, 2011 when Boko Haram was on the ascendancy. Though he probably knew the potency of the insurgents, he perhaps underestimated the group that later turned to becoming one of the fiercest terrorist group on the globe.

As cliche as Napoleon Bonaparteâ&#x20AC;&#x2122;s â&#x20AC;&#x153;A leader is a dealer in hopeâ&#x20AC;? quote is, that hope was the inaugural policy thrust of the governor. During his inauguration, Shettima who mounted the podium to give his first speech sold the message of conviction to all that Borno was not doomed, neither was hope lost.

Shettima in his inauguration speech said the policy thrust of his administration will be to contribute and complement the achievements of his predecessor, adding that, â&#x20AC;&#x153;in this regard, the policy direction of our administration is predicated on the conscientious and determined implementation of the following programmes: restoration of peace and tranquility in the state; equitable distribution of basic amenities to all our communities; repositioning and restructuring of the state civil service for increased efficiency and effectiveness; employment generation and entrepreneurship development; provision of potable water supply: functional education: qualitative health care delivery, food and agriculture, youth and women empowerment, rural development and urban regenerationâ&#x20AC;?.

He admitted that he was not ignorant of the fact that the task before him was daunting, adding that in order to take Borno State to an enviable position, peace is the first requirement and as such he also emphasised this during his

Some of the pupils in one of the primary schools inauguration.

"Governance is a continuous process and no government can execute everything at the same time due to certain exigencies and due to prioritisation and encumbrances of time constraints.

In this vein, the protracted security challenges which bedeviled our state despite the effort of government will be addressed as a matter of urgency towards ensuring a lasting solution for peace and progress to prevail in the state. We will therefore neither waiver nor renege in this resolve and along with other stakeholders, we shall overcome the challenges. â&#x20AC;&#x153;I therefore reiterate my call on all aggrieved sections of our society to eschew the violent expressions of their grievances and come forward and dialogue with us. We are indeed very willing

and ever ready to conference with such groups with a view to amicably resolving whatever their grievances with the rest of us,â&#x20AC;? he added.

Initial Clog in the Wheel Thinking the Boko Haram was interested in resolving the crisis at a roundtable was perhaps the greatest mistake Shettima made, and also the belief that the terrorist group would fold their arms and allow him to move the state into the era of development was a bigger mistake.

Before he could even get settled to etching his name in the sand of time as a governor with a purpose, the insurgents moved higher in their dastardly act to ruin the state; contractors were killed and road construction and other developmental projects had to be abandoned;

several hospitals were burnt and perhaps the major loser was the education sector in the state.

UNESCO GEM Report As indicated by 2018 United Nations Educational, Scientific and Cultural Organisation (UNESCO) global education monitoring report (GEM) about 2,300 teachers were killed by the insurgents with 19,000 teachers displaced in the North-east.

The report which reads in part: â&#x20AC;&#x153;In Northeastern Nigeria, as of late 2017, there were 1.6 million IDPs, including an estimated 700,000 school-age children, as a result of violent attacks on civilians by Boko Haram, which began in 2009 (UNOCHA, 2017b). â&#x20AC;&#x153;Boko Haram has destroyed nearly 1,000

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FEATURES schools and displaced 19,000 teachers (HRW, 2016). Reports indicated it had killed almost 2,300 teachers by 2017 (UNOCHA, 2017a). â&#x20AC;&#x153;The latest education needs assessment found that out of 260 school sites, 28 per cent had been damaged by bullets, shells or shrapnel, 20 per cent had been deliberately set on fire, 32 per cent had been looted and 29 per cent had armed groups or military in close proximity.â&#x20AC;?

War of Will It must be stated that mostly affected was Borno State, as over half of the devastation happened in the state which happened to be the birthplace and epicenter of the crisis. So big was the crisis that schools were closed for over a year in the state and at a time students were only allowed in schools in major seemingly secured towns with students from elsewhere relocated. One of the biggest things Boko Haram would be remembered for was the abduction of over 200 schoolgirls from Chibok.

At a point in time, it was like a competition between Shettima and the insurgents on who has the strongest will, at this point schools were destroyed by insurgents, rebuilt by state government and re-destroyed by insurgents. The governor was made a sad man as over half of his state was occupied and ruled by insurgents, it was so bad that at a point in his reign, he was like reduced to paying condolence visits; and had to open up at a public occasion that: "today is perhaps one of the few times I could be said to be really happy as I have to wear smile whereas inside I have been a sad man since assumption of office. â&#x20AC;&#x153;If I have to open up to all of you here, most of the time, I try to wear smiles on my face but in the true sense, I have had very few moments of inner joy and happiness in the last three years (then). Today is one of the few moments of my life since I assumed the leadership of Borno State as Governor in nearly three years that I could be said to be truly happy. You all know the traumatic experiences we have been facing as a state since 2009, you will recall that in 2011, we took over administration and continued to manage the unfortunate insurgency that brought very tragic and unforgettable experiences to our beloved heritage, Borno.

"One of the few moments of my inner joy, like I said earlier, is our gathering here to formally launch the Borno State Stalk Houses Eradication Programme which is an ambitious scheme that is targeted at gradually eliminating stalk houses in different parts of Borno State and replacing them with model houses, at no cost to be borne by the beneficiaries."

Back on Track At this point, itâ&#x20AC;&#x2122;s pertinent to state that one of the reports by the World Bank showed that in Borno State alone, about 20,000 were killed since the start of the Boko Haram insurgency and destruction put the cost of $5.9 billion.

But this may all have been consigned to history as the state seems to have been rediscovered and now on track for development; and one of the areas to see this is education.

With the building of a new state university, Kashim Shettima started his audacious investment in Borno education sector. He went further to throw a strong jab on Boko Haram that he is a man of strong spirit that will always rise from the dead with a bang with the building of mega schools, with many commissioned recently by President Muhammadu Buhari.

Some of the schools include; Babagana Kingibe Boarding Primary School, Ngomari; 24 air-conditioned classrooms for 960 pupils of Ali Modu Sheriff Primary school, Ngomari; 24 air-conditioned classrooms for 960 pupils at Mala Kachallah Memorial Primary School, Bulumkutu; 60 air-conditioned classrooms for 2400 pupils of Asheik Jarma Primary School, Bulumkutu; 57 air-conditioned classrooms for 2,040 pupils of Aliko Dangote Academy; 303 estate, 40 air-conditioned classrooms for 1600 pupils, Yemi Osinbajo Primary School, Bolori; 60 air-conditioned classrooms for 2400 pupils of Muhammadu Buhari Academy, Baga road bypass; 60 air-conditioned classrooms for 2400 pupils with hostels, and Aisha Buhari Primary School, New GRA with 24 air-conditioned classrooms for 960 children of Bororo Fulanis, whose parents work as gatemen in mega schools.

These were just few of the 44 mega primary schools, most of them with boarding facilities, spread across Borno State. Of these schools, about 24 are located in Maiduguri for a good reason, with the schools meant for 52,000 school-aged boys and girls, most of them unaccompanied by relatives and whose parents were killed by

Focus on primary education is pivotal

Some primary school pupils in their modern classrooms Boko Haram.

The governor decided to build these school for the children impacted by Boko Haram who have no one to send a message to the insurgents that though you might have brought the children down, you cannot bury them. These schools in Maiduguri are to give accommodation and education to the children. Shettima with these schools hope to systematically break the heart of Boko Haram whose original motive of killing parents and abducting some of the orphans, was to deprive them of education so they grow into their ideology.

Key components of these mega schools include air-conditioned classrooms, digital teaching aides built with K-YAN technology that is customised with local curriculum, they have libraries, playgrounds, dining halls where one meal is served to pupils while uniforms are provided free.

Presently a committee is in place to enroll pupils through online registration for electronic data collection; and the state government has shortlisted 2,000 teachers who are about completing the final stages of recruitment by the state teaching service board. Some of the schools are scheduled to operate two or three sessions to accommodate more pupils.

Focus on Primary Schools The governor, who was made sad by Boko Haram for so long, seems to now be a happy man going by his recent remark at the inauguration of a committee for the take-off of the mega schools.

He said: â&#x20AC;&#x153;For many years, societies have been making the terrible mistake of ignoring the quality of education in pre-primary and primary school levels. If at all government cares to do anything in the education sector, we rather focus

on secondary schools and to some extent, tertiary schools. Borno has been a case of irony. We have more state government owned tertiary schools than any state in Northern Nigeria, maybe with the exception of Kano.

We have about seven tertiary institutions. On the other hand, our primary school schools were so bad that pupils were either seating on bare floor or learning under trees. â&#x20AC;&#x153;Majority of these pupils learn nothing and they graduate to secondary schools without solid foundations. As secondary school students, majority hardly know how to read and write and how to communicate well in English. At the end, they manage to get few credits and end up in our many tertiary institutions where government pay more attention. The funny thing is that we build more schools because of our ever growing population of children in the north. However, when we build these primary schools, we don't focus on the quality of learning of primary schools, we neither care about their facilities nor do we care about the quality of learning. â&#x20AC;&#x153;We are in a continued determination, remodeling all existing schools and building 40 new boarding primary schools. Now, at the risk being misunderstood, we have located half of these schools within Maiduguri and Jere. However, the pupils that are targeted for these schools are more than 50,000 orphans from almost all the 27 local government areas. In fact, majority of them lost their parents to Boko Haramâ&#x20AC;&#x2122;s killings in local government areas located outside MMC and Jere. Majority of the children hail from Northern Borno and country sides of Central and Southern Borno. Very few of them hail from MMC and Jere. So, whereas majority of the mega schools are

located in MMC and Jere, they are for orphans from different parts of the state. â&#x20AC;&#x153;We deliberately sited the schools in MMC and Jere because many of these orphans have neither parents nor relatives. They are unaccompanied.

I, Governor Kashim Shettima is the father and mother of all the 50,000 orphans until May 29, 2019. Since they are my children, I prefer them to be located not far from where I live in order for me to cater for them. And the next father of the orphans will be Professor Babagana Umara Zulum and I have no doubt that he will even do better than me in sustaining the education and welfare of these orphans.â&#x20AC;?

He said the surest way to fight Boko Haram is to continually provide qualitative education to more and more children, paraphrasing the statement of Malala Yousafzai, that guns can only kill terrorists but it is education that can kill the ideology of terrorism.

Though Shettima administration may be winding up but he has surely sent the greatest message to his detractors, Boko Haram, that he was killing them off without a gun but with a deadly blow at the heart of their ideology.

And just like Malala, Shettima might have said: â&#x20AC;&#x153;We are stronger than those who oppress us, who seek to silence us. We are stronger than the enemies of education. We are stronger than fear, hatred, violence and poverty.â&#x20AC;?

And just like the young Pakistani, Shettima is equally saying: â&#x20AC;&#x153;Education is the best weapon we have to fight poverty, ignorance and terrorism.â&#x20AC;?

As Shettima is departing on a high with a message to his traducers, Boko Haram, it is however hoped that his successor will keep the flag flying.

22

T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

23

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

Group Business Editor Obinna Chima

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T REPO

9.86 % 10.67 %

CALL 1-MONTH 3-MONTH

7.50 % 9.63 % 10 %

M A R C H S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

Email obinna.chima@thisdaylive.com 08152447875

2 9 , 2 0 1 9 386.81 % 0.04 % 1.26 %

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

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

Quick Takes Ogun Farmers Get Kolanut Seedlings

Ogun State Government has distributed 5,000 improved Kolanut seedlings to farmers across the state. The move was part of effort to upscale the production of the produce in the state.

Speaking at the inauguration ceremony, the Permanent Secretary, Ministry of Agriculture, Mrs. Abosede Ogunleye, said the upscaling is necessary as many Kolanut trees are not only old to bear fruits but have very low yield potentials.

She added that the promotion of the seedling was a collaboration between the Ogun State Government and the Raw Material Research and Development Council, which would ensure that beneficiaries are trained and monitored for optimum Kolanut production which will in turn improve farmerâ&#x20AC;&#x2122;s welfare.

Ogunleye, therefore implored Kolanut farmers to make good use of the opportunity provided by the improved seedling to replace their old Kolanut trees which has a gestation period of fifteen years compared to the new seedling with a gestation period of four to five years.

Braie Named Among Top 25 CEOs

TECHNICAL SESSION

L-R: President-elect, Nigerian Association of Petroleum Explorationists (NAPE), Mr. Alex Tarka; President, Mr. Ajibola Oyebamiji; Guest Speaker, Dr. Layi Fatona and Chairman/CEO, Walter Smith, Mr. Abdulrazak Isa, at the NAPE technical session in Lagosâ&#x20AC;Ś recently Photo: ETOP UKUTT

Tax Revenue Key in Infrastructure Financing, Says Fowler Ugo Aliogo The Executive Chairman, Federal Inland Revenue Service (FIRS) Mr. Tunde Fowler has said revenue generated through taxation would play key role in VXSSRUWLQJ JRYHUQPHQWV WR Ă&#x20AC;QDQFH infrastructure and social services.

Fowler, who disclosed this at the maiden edition of the Nigeria Corporate Services with theme: â&#x20AC;&#x2DC;Building A Sustainable Economic Growth Through Quality Corporate Services Delivery,â&#x20AC;? that held in Lagos recently, noted that taxation was preferable to borrowing as debt has to be repaid usually with interest and other debt service obligations, which create additional burden on government.

ECONOMY He also described tax as a major enabler of generating revenue, adding that in an ideal environment, voluntary compliance by the tax payer would ensure that revenue is made available for improving social amenities and services.

Fowler, who delivered a paper titled: â&#x20AC;&#x2DC;Due Diligence, Best Practices in Revenue Generation,â&#x20AC;&#x2122; described taxation as a social contract between government and taxpayers, stating that taxation enhances accountability.

Fowler, who was represented at the event by Mr. Abolade Kehinde, said that in actualising its mandate, revenue authorities must ensure

WKDW HYHU\ HÍżRUW ZDV PDGH WR ensure that tax administration helps and does not hamper the valid interests of all stakeholders.

According to him, â&#x20AC;&#x153;While it is true that higher tax rates trigger higher tax evasion behaviour, there is also evidence that stronger tax enforcement that reduces tax evasion can also result in greater shareholder value. This is because those companies that are more compliant are more transparent and therefore, more attractive for investment. â&#x20AC;&#x153;A countryâ&#x20AC;&#x2122;s corporate JRYHUQDQFH V\VWHP DÍżHFWV WKH degree to which tax changes DÍżHFW WKH JURZWK RU QRW RI WD[ revenue. So, when it is easy to divert income to avoid tax or when

share ownership concentration is too unbalanced, an increase in the tax rate can reduce tax revenues. â&#x20AC;&#x153;By contrast, in a good corporate governance environment, controlling shareholders will have too little incentive to divert income to avoid tax especially when they are accountable to other investors. â&#x20AC;&#x153;This is because they take the personal risk of enforcement by tax DXWKRULWLHV EXW EHQHĂ&#x20AC;WV YHU\ OLWWOH from it in terms of shareholder value.â&#x20AC;?

In another address titled: â&#x20AC;&#x153;Ethics, the backbone of quality corporate services for economic growth,â&#x20AC;? the Director General, Lagos Chamber of Commerce and Continued on page 24

NIRSAL, Wâ&#x20AC;&#x2122;Bank, MECA Seal Deal to Boost Mechanised Farming James Emejo in Abuja The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc, along with its technical partner on agricultural mechanisation-Machines and Equipment Corporation Africa (MECA), yesterday signed an agreement with the World Bankâ&#x20AC;&#x2122;s FADAMA III-AF programme for the management of its agricultural infrastructure. ,Q HÍżHFW WKH )$'$0$ ,,, $) has now entrusted its agricultural infrastructure, including mechanisation equipment, irrigation systems, and storage facilities in care of NIRSAL and MECA, going by their joint mechanisation programme, referred to as the NIRSAL Comprehensive

AGRIC Agricultural Mechanisation Program (NCAMP).

Speaking at the signing ceremony, Managing Director/ Chief Executive, NIRSAL, Mr. Aliyu Abdulhameed said the collaboration project will boost access to tractor and land clearing VHUYLFHV DW DÍżRUGDEOH UDWHV IRU smallholder farmers as well as guarantee food security for the country.

He said the initiative will also help conserved foreign exchange as hundreds of the moribund and serviceable contractors spread across the country will be refurbished and out to use instead of acquiring new ones.

Essentially, NCAMP presents

a holistic mechanisation initiative designed to address the low agricultural mechanisation rate as a critical intervention for the achievement of food security, job creation and economic diversiĂ&#x20AC;FDWLRQ RI WKH FRXQWU\ The partnership is part of initiatives targeted at achieving sustainability and continuity of FADAMA III projects and infrastructure as the World Bank SURMHFW DSSURDFKHV LWV RÎ&#x20AC;FLDO closing date of December 2019.

Abdulhameed, however, commended FADAMAâ&#x20AC;&#x2122;s recognition of NIRSAL as a trustworthy and capable partner that would continue with the developmental activities which the former had undertaken in the country.

He said: â&#x20AC;&#x153;As FADAMA

has done, so too will NIRSAL continue to support the growth and expansion of the agricultural value chain as its mandate requires. At NIRSAL, we recognise that when it comes to agriculture, there is an opportunity to positively impact millions of livelihoods. What you have witnessed here today is another example of how we are utilising these opportunities to better the lives of smallholder farmers across the nation.â&#x20AC;?

He further told THISDAY: â&#x20AC;&#x153;What we have tried to do is to separate mechanisation equipment ownership from mechanisation users. You cannot expect smallholders farmers to Continued on page 24

TheManagingDirectorandChiefExecutiveOfficerofLinkageAssurance Plc, Mr Daniel Braie, has been named among Top 25 CEOs whose companies impacted positively on investors at the Nigerian Stock Exchange in the 2018 financial year.

The Top 25 CEOs & Next Bulls Awards Organised by Business Day Media Limited in partnership with the Nigerian Stock Exchange (NSE), which debuted in 2012 seeks to recognise chief executive officers of institutions who distinguished themselves by adding value to the investments of shareholders. â&#x20AC;&#x153;These companies have been honoured for contributing to the growth of the market capitalisation of quoted firms in 2018, in spite of the overall market performance ending in the negative territory, while others were celebrated for inculcating good corporate governance, innovations and raising the standards of their organisations to a point where it would be seamless if they were to be listed on the NSE today, the organisers had said.

TheExecutiveDirector,Technical,LinkageAssurancePlc,Mr Okanlawon, who represented Braie, received the award on behalf of the company.

Commenting on the award, he thanked the organisers for recognisng the efforts that the board and management of the Linkage Assurance were making to ensure value creation for shareholders. â&#x20AC;&#x153;As a company, we are committed to sustaining the rules and regulations of the capital market, ensure regulatory compliance and good corporate governance practice,â&#x20AC;? he said.

He noted that the company would continue to deploy strategies and measures to increase insurance penetration and grow the business such that its shareholders would continue to earn good returns on their investment.

Egypt May Hold Interest Rate

Egyptâ&#x20AC;&#x2122;s central bank is expected to keep interest rates steady at its meeting on Thursday, a Reuters poll showed on Tuesday, with most analysts saying a cut is unlikely ahead of fuel price increases due this summer. Eleven out of 14 economists polled by Reuters said the Central Bank of Egyptâ&#x20AC;&#x2122;s (CBE) monetary policy committee was unlikely to change its overnight rates, with deposits at 15.75% and lending at 16.75%.

Two analysts predicted the CBE would trim its key rates by 50 basis points (bps) and one expected a cut of 100 bps. â&#x20AC;&#x153;Inflation has tamed slightly and the Egyptian pound has been firm,â&#x20AC;?Angus Blair, chairman of business and economic forecasting think-tank Signet said via a WhatsApp message. â&#x20AC;&#x153;This positive economic window (before further hydrocarbon subsidy cuts push inflation higher in a few months) should see a cut in the bank rates to help reduce the government interest costs, allowing for greater fiscal manoeuvrability.â&#x20AC;?

Still, most analysts said the forthcoming fuel subsidy cuts and worries over the U.S.-China trade conflict were likely to weigh on the CBE decision.

â&#x20AC;&#x153;And at the end of 2018, which ZDV RXU Ă&#x20AC;UVW IXOO \HDU RI W IXOO \HDU RI operation we had done N31 billion in terms rms of loans provided for or on- lending to MSMEs. In terms of numberr of loans, we e did over 35,000 in 2018, which full ich was our ful ll year operation. ion. But I can assure you that the Ă&#x20AC;UVW TXDUWHU RI WKLV RI WKLV year we have ve done more than that, hat, butt usually we give our report annuallyâ&#x20AC;?

MD/CEO, Development Bank of Nigeria,

Mr. Tony Okpanachi

24

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

BUSINESSWORLD TAX REVENUE KEY IN INFRASTRUCTURE FINANCING, SAYS FOWLER Industry (LCCI) Mr. Muda Yusuf, said services were increasingly important to the Gross Domestic Product (GDP), exports and employment. â&#x20AC;&#x153;Services sector has become the largest sector in the economy, ZLWK LWV VKDUH RI *'3 SHU FHQW LQ LQ DGGLWLRQ WR WKH sector also contributing the largest proportion of employment at SHU FHQW Âľ KH DGGHG According to him, â&#x20AC;&#x153;Nigeria KDV PDGH VLJQLĂ&#x20AC;FDQW SURJUHVV LQ its services sector, becoming one of the leading corporate service providers in the continent of Africa- our banks have registered their footprint in many Africa countries, we have a robust Business Process Outsourcing (BPO) and others, providing diverse services to businesses and governments. â&#x20AC;&#x153;These are immense economic opportunities we must optimise and unleash for tangible sustainable economic deliverables.â&#x20AC;?

NIRSAL, Wâ&#x20AC;&#x2122;BANK, MECA SEAL DEAL TO BOOST MECHANISED FARMING RZQ 1 PLOOLRQ HTXLSPHQW DV an individual asset and they do one or two hectares and pack those equipment to their homes. â&#x20AC;&#x153;What we have tired to do is to separate usage from service provision and that is what we christened in NIRSAL as mechanisation as a service.

And therefore, farmers pay as you go.â&#x20AC;?

He said: â&#x20AC;&#x153;Today, what you notice between MECA and Fadama is exactly that model in action. With this now, more equipment manufacturers will seize the opportunity and step in. â&#x20AC;&#x153;NIRSAL is guaranteeing up WR SHU FHQW RI WKH IURQW HQG value of every Investment or Ă&#x20AC;QDQFLQJ XQGHU WKH VFKHPH WKHQ for any successful outing where Ă&#x20AC;QDQFLQJ LV GRQH HTXLSPHQW works, and repayment has happened, we are ready to support with interest drawback as well.â&#x20AC;?

The National Project Coordinator of Fadama III AF, Mr. 7DLZR $GHZXQPL VDLG WKH Agricultural Equipment Hiring Enterprises (AEHE) centers had been established in 14 states of the federation and equipped ZLWK WUDFWRUV XQGHU WKH Agriculture Promotion Policy (Green Alternative).

Group Business Editor

Obinna Chima Capital Market Editor

Goddy Ogene AgriBusiness/Industry Editor

Jonathan Eze Comms/e-Business Editor

Emma Okonji Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

Nume Ekeghe

NEWS

US, China Trade Wars Good for Naira Stability, Says Gwadabe

Speaking when he received a The trade wars between the United States of America (US) and China have led to higher crude oil (Brent) prices, which is good for the naira and Nigerian economy, the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has said.

The ABCON Chief said since the beginning of April this year, oil prices have remained above $70/barrel as the trade war rages.

He said the US sanctions on Iran and Venezuela have tightened the supply of crude oil to the market and put upward pressure on oil prices.

Gwadabe, disclosed that Washington had last week, raised WDULÍżV RQ ELOOLRQ ZRUWK RI &KLQHVH LPSRUWV WR SHU FHQW from previous rate of 10 per FHQW SXVKLQJ SULFHV RI DÍżHFWHG consumer goods higher. â&#x20AC;&#x153;The rising oil prices as a result of tension in the Persian Gulf and the increasing trade wars between two world economic giants, China and America will help to take the naira to another next level of stability. â&#x20AC;&#x153;I advise the federal government and the Central Bank of Nigeria (CBN) to take advantage of the two crises- trade tensions and rise in crude oil prices by introducing that will support growth and development opportunities,â&#x20AC;? he quoted to have said in a statement.

Gwadabe, said with the exchange rate stability being witnessed in the market, the next target of the central bank should be to have a single digit interest rate that would stimulate economic activities and business growth.

He said that Russia and the Asian countries were already utilising their Yuan Swap agreement with China to strengthen their local currency, a strategy Nigeria was also expected to pursue.

The ABCON boss expects the CBN management to deepen currency SWAP pact with China

and diversify commodity exports to the United States in other to diversify foreign exchange earnings for the country. â&#x20AC;&#x153;Other great areas to focus for diversifying our foreign exchange earnings include promoting Diaspora remittances IRU HFRQRPLF EXÍżHU DQG IRUHLJQ reserves accretion as seen in India and United Arab Emirates where migration remittances have lifted their economies,â&#x20AC;? he said.

+H VDLG HÍżRUW VKRXOG DOVR EH LQWHQVLĂ&#x20AC;HG E\ Ă&#x20AC;VFDO DXWKRULWLHV in empowering the youths through job creation and higher productivity. â&#x20AC;&#x153;The ABCON Executive Council under my leadership will continue to promote improved capacity and technological advancement among BDC operators. We are also committed to better skills acquisition for BDC operators to elevate them

to viable monetary regulatory partners and lead player in exchange rate stability,â&#x20AC;? he said.

He commended the CBN for promoting a sustainable exchange rate stability policy that is in consonance with its price stability mandate.

Gwadabe said the CBN has been able to create a peoplefocused central bank, promoting macro-economic objectives such DV ORZ LQĂ DWLRQ DQG D VWDEOH

exchange rate, along with a focus on promoting inclusive growth and reducing unemployment in the country.

He added that the central bank has also increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Anchor Borrowers Program, Commercial Agricultural Credit Scheme and the Real Sector Support Facility.

COURTESY VISIT

Founder, Nigeria and Entrepreneurship Summit & Honours(NESH), Emeka Ugwu-Oju (right), receiving a souvenir pack from the Executive Chairman, Lagos Inland Revenue Service (LIRS), Ayo Subair, during a courtesy visit to the LIRSâ&#x20AC;Śrecently

Ecobank Promotes Environmental Sustainability with Plastic Recycling Sunday Ehigiator

In a bid to promote a healthy environment and creating job opportunities for Nigerian youth, Ecobank Nigeria has commenced a campaign to take away 4,000,000 used bottles from Lagos State.

The campaign which was RÎ&#x20AC;FLDOO\ ODXQFKHG DW WKH /DJRV State Sewage Treatment Plant, was in partnership with Alkem Nigerian Limited; a recycling company based in Lagos State and the Lagos State Waste Management Agency (LAWMA),

was aimed at creating wealth for Nigerian youth and achieve some key components of the United Nations Sustainability Development Goals through waste recycling and management.

Speaking at the event, the MD/ CEO Ecobank Nigeria, Mr. Patrick Akinwuntan said: â&#x20AC;&#x153;Ecobank is a brand that is committed to sustaining the environment for all. Its sustainability activities are part of the universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. â&#x20AC;&#x153;For us across the Ecobank

Group, there is only one award available when we meet at the AGM of the Group; it is called the Ecobank Group Chairman Sustainability award. That is to demonstrate that what we are doing here is in direct consonant with Ecobank across Africa. â&#x20AC;&#x153;For us in Nigeria we particular chose plastic bottle recycling because, given a population of PLOOLRQ SHRSOH WKH DUULYDO rate of plastic through various means such as water, minerals, petrochemical, is alarming.â&#x20AC;?

He further added: â&#x20AC;&#x153;For thousands of years, these plastics

maintain form and wonâ&#x20AC;&#x2122;t break down. But even for us in Nigeria and particularly in Lagos State, we have plastics blocking the gutter, we have plastics being burnt in a manner that causes pollution; even taking the space in most houses and shops. â&#x20AC;&#x153;And we felt at Ecobank that how can we help or contribute to solving and improving this environmental health situation. â&#x20AC;&#x153;We have a lot of aquatic resources. We have the Lagoon, Ocean; and all those, we see plastics being dumped in them. $QG ZH KDYH Ă&#x20AC;VKHV DQG RWKHU

aquatic animals actually injecting these plastics. And we end up EX\LQJ WKRVH Ă&#x20AC;VKHV IRU FRQVXPStion when with ignorance that they are already contaminated from our carelessness to the environment. â&#x20AC;&#x153;And this causes a lot of health hazard. This is why we decided to work with Lagos State waste management authority, Lagos State Waterways Authority, friendly institutions like Alkem, the Soroptimist, and each of you who are community leaders, the CDA chairmen, market women, market men, and students.â&#x20AC;?

StarTimes Restates Commitment to Nigerian Economy Jonathan Eze

7KH &KLHI ([HFXWLYH 2Î&#x20AC;FHU RI StarTimes Nigeria, David Zhang, KDV H[SUHVVHG FRQĂ&#x20AC;GHQFH LQ WKH Nigerian economy.

Zhang said: â&#x20AC;&#x153;We are a major investor in Nigeria, with our LQYHVWPHQW SXW DW RYHU P We also employ many Nigerians today with direct employment of over 1,000 in all 36 states of the country and indirect employment

RI PRUH WKDQ VWDÍż WKURXJK our dealers.â&#x20AC;?

Addressing a press conference recently in Lagos, Zhang, recalled that he joined StarTimes group in China about 30 years ago, and have worked in the overseas department in Africa for seven years. â&#x20AC;&#x153;I worked for four years in Kenya as the CEO until January ZKHQ , FDPH EDFN WR Nigeria as CEO of StarTimes;

Because I love Nigeria and her people. ´6SHFLĂ&#x20AC;FDOO\ ZH VWDUWHG PDLQO\ DV D SD\ WY FRPSDQ\ RÍżHULQJ '77 service that allows Nigerians to watch digital satellite TV from GLÍżHUHQW SDUWV RI WKH FRXQWU\ XVLQJ just an antenna and a decoder. â&#x20AC;&#x153;Our customers on DTT now enjoy more than 100 channels in sports, entertainment, news, kids programs, documentaries, religion and much more.

â&#x20AC;&#x153;After some years, we introduced DTH, which is the dish.

With this service, we broadcast programs to our entire pan -African customers with a far-reaching coverage of more than 30 African countries as at today. â&#x20AC;&#x153;Our most recent business RÍżHULQJ LV RXU 277 EXVLQHVV called StarTimes ON. StarTimes ON is our online video streaming service. It is the next generation of StarTimes streaming service.

â&#x20AC;&#x153;It introduces new features such as video on demand (VOD) live TV and lots of movies, sports, and entertainment content all on the mobile app and free of charge,â&#x20AC;? he explained.

Zhang assured Nigerians that he would build a good network and solicit more supports to grow the company and ensure that more Nigerians are aware of its good ZRUNV WR SURYLGH DÍżRUGDEOH entertainment to every home.

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

25

BUSINESSWORLD

COLUMN

NCC, FRC to Enforce Corporate Governance in Telecoms Sector Ebere Nwoji In a deliberate move to deepen insurance penetration in Nigeria and lure propHUW\ RZQHUV WR WKH VHFWRU 2OG Mutual General Insurance Company Nigeria, has urged SURSHUW\ RZQHUV WR DWWDLQ Ă&#x20AC;nancial security on their assets through adequate insurance coverage.

2OG 0XWXDO *HQHUDO ,QVXUDQFH D VXEVLGLDU\ RI WKH 2OG Mutual Pan African Insurance &RPSDQ\ DQG JOREDO Ă&#x20AC;QDQFLDO services group, stated this at a SUHVV EULHĂ&#x20AC;QJ WR DQQRXQFH LWV strategic insurance partnership with an online real estate Ă&#x20AC;UP 1HZKRPHV QJ Representative of the companyâ&#x20AC;&#x2122;s management and Executive Head, Marketing and Customer Experience of the company, Alero Ladipo, QRWHG WKDW 2OG 0XWXDO DQG LWV friends at Newhomes.ng were proud to announce the exclusive partnership in their quest to deepen insurance protection and bridge the gap of access to insurance products and services in Nigeria.

She noted that though insurance is an important tool for Ă&#x20AC;QDQFLDO SURWHFWLRQ DQG ULVN management, in Nigeria, the message has not been fully embraced by the populace. â&#x20AC;&#x153;Insurance products are not readily adopted, owing to

a number of reasons ranging from economic challenges, lack of access to insurance services and negative cultural perception of insurance, amongst others,â&#x20AC;? she added.

She said as Africaâ&#x20AC;&#x2122;s foremost insurers with over 170 yearsâ&#x20AC;&#x2122; experience in wealth creation DQG Ă&#x20AC;QDQFLDO SURWHFWLRQ 2OG Mutual understands the risks Nigerians face, especially homeowners, and has taken it as a duty to help them carry these risk and help them protect their investments.

According to her, understanding that access to insurDQFH ZDV D SUREOHP WKDW DÍżHFWV Nigeriansâ&#x20AC;&#x2122; decision to purchase insurance, it becomes expediHQW IRU 2OG 0XWXDO WR FRPH XS with an innovative solution to bridge this access gap between Nigerians and insurance. â&#x20AC;&#x153;It is to this end that we entered into this exclusive partnership with Newhomes.ng, to provide innovative technology led solutions aimed at delivering the right insurance services for homeowners in Nigeria and at the same time bridging the JDS RI DFFHVV WR EDVLF Ă&#x20AC;QDQFLDO insurance,â&#x20AC;? she added.

She said the collaboration ZDV DQ RSSRUWXQLW\ IRU 2OG Mutual to provide insurance protection for property owners and home owners, adding that through the newhomes.

QJ SODWIRUP 2OG 0XWXDO would be providing premium

home insurance package to property owners. The benHĂ&#x20AC;WV LQFOXGH EXLOGLQJ Ă&#x20AC;UH DQG peril household goods and personal belonging, burglary, Ă&#x20AC;UH LQVXUDQFH DOWHUQDWLYH DFcommodation cost in event of home loss, personal accident cover and personal liability cover.

She said the partnership ensures that Nigerian property owners, whether individuals or real estate corporates can have access to insurance protection with just one click from a mobile device or computer. â&#x20AC;&#x153;From the Newhomes.ng platform, Nigerians would be able to identify the insurance product of their choice from RXU RÍżHULQJV FDOFXODWH WKHLU premium in seconds, complete seamless transaction end to end and obtain their policy FHUWLĂ&#x20AC;FDWH DOO IURP WKH FRPIRUW RI WKHLU KRPHV RU RÎ&#x20AC;FHVÂľ VKH explained.

Also Speaking, Chairman $IUHDO /WG SDUHQW Ă&#x20AC;UP RI 1HZKRPHV QJ 3URI &KULV 2JEHFKLH VDLG WKH Ă&#x20AC;UP XQGHUVWDQGV YDULRXV LVVXHV DÍżHFWLQJ real estate sector in Nigeria.

He noted that with over 17 PLOOLRQ KRXVLQJ GHĂ&#x20AC;FLW SURElem in Nigeria, the real estate sector was a big market in Nigeria.

He said it was time every Nigerian should begin to think about home ownership in Nigeria.

Group Rewards Employees Hamid Ayodeji $V SDUW RI HÍżRUW WR ERRVW DFcountability at the workplace, organisers of the Tams Summit and Awards has rewarded employees that have exhibited excellent performances at their various sectors of workplace.

7KH &KLHI ([HFXWLYH 2Î&#x20AC;FHU RI the Financial Derivatives Company Limited, Mr. Bismarck Rewane, during the â&#x20AC;&#x2DC;Nigerian Employees of the Year Award,â&#x20AC;&#x2122; ceremony recently in Lagos, stressed the importance of human capital to industrialisation, infrastructural development, national savings and investment.

According to him, without skills, technology, productivity infrastructure and an educational structure that is both IXQFWLRQDO DQG HÍżHFWLYH WKHUH cannot be sustainable growth in any nationâ&#x20AC;&#x2122;s economy.

Rewane said, â&#x20AC;&#x153;The standard of education we pass on must be technical, vocational, professional, and academic. Whether we like it or not, we have to make these adjustments if not we would not be able to experience sustainable economic growth. â&#x20AC;&#x153;Nigeria is going through a stage of growth and development, however if it is not complimented by a social and political structure that compliments one another we can end up having positive economic growth, negative political growth, much more negative social growth and then in the end the entire society collapses due to poor standard of living and social infrastructures. â&#x20AC;&#x153;For instance, experiencing economic growth but still having to battle with Boko Harram an organized terrorist group and paying them ransoms.â&#x20AC;?

In his remark, the Chief Exec-

XWLYH 2Î&#x20AC;FHU RI 6% 7HOHFRPV DQG Devices limited, Afolabi Abiodun said, â&#x20AC;&#x153;Considering the fact that Tams Summit is a social impact initiative designed to promote accountability of time and resources in workplaces across all sectors of the economy, in the fourth year of its prestigious Tams and Summit Awards we FHOHEUDWH WKH HÍżRUWV DQG FRQWULbution Nigerian workers have put into their various organisations and the growth of the countryâ&#x20AC;&#x2122;s economy. â&#x20AC;&#x153;We felt celebrating productive employees should go beyond Tams customers so we opened up our platforms to the public which we got the shortlist of twenty employees from several organisations that subscribed for our platforms and after three weeks of public evaluation we arrived at the top tree employees.â&#x20AC;?

Heritage Bank Promotes Sustainable Development Heritage Bank Plc has continued to make positive impact in the implementation of the Central Bank of Nigeria (CBN) initiative on Nigeria Sustainable Banking Principle (NSBP) by giving backing to greener environment.

The bank partnered the promoter of the Redball initiative, themed: â&#x20AC;&#x153;Going Green,â&#x20AC;? to canvass for tree planting in order to contain environmental pollution and promote the sustainable development of the nation.

Speaking at the event held in Port Harcourt recently, the MD/ &(2 RI WKH EDQN ,Ă&#x20AC;H 6HNLER said Heritage Bank, which had been at the forefront of implementing the NSBP had been carrying out business activities with conscious consideration for the environmental and social impacts of those activities.

7KH 0' &(2 ZKR ZDV represented by the Directorate Head, South-south and South-

HDVW 2VHSLULER %HQ :LOOLH VDLG trees play a key role in neighbourhood landscapes, a belief that has been widely held for millennia in areas beyond SubSaharan Africa.

He, however, warned against cutting of trees or plants and burning of vegetation.

Sekibo, said we consistently cut down trees to make boats, plywood and all kind of things for comfort and donâ&#x20AC;&#x2122;t think about replenishing them, remarking that they are actually exhaustive, they are not inelastic and there is need for deliberate steps to be taken to replenish them.

He added that, â&#x20AC;&#x153;we seemed to forget that our lives as Nigerians/Africans started with the land. If we donâ&#x20AC;&#x2122;t take care of the land, the land will take care of us, the land does not need us, and we need the land to take care of us.

$ÍżRUHVWDWLRQ LV RQH RI WKH ways to take care of the land and we need to talk about carbon credit because we need to Ă&#x20AC;QG D ZD\ WR PDNH PRQH\ Âľ Sekibo, disclosed that Heritage Bank had been championing the implementation of sustainable banking both in their internal daily operations (in terms of how they manage their physical branches/ locations, human capital, costs, opportunities, risks exposures) and their activities relating to external interactions with their clients and the types of projects they fund.

The Convener of Redball DQG (GLWRU LQ &KLHI &KLHI 2SHUDWLQJ 2Î&#x20AC;FHU RI (YH $IULTXH magazine, Mrs. Ivy Davies Etokakpan commended Heritage Bank for its relentless support to sustainable and greener environment and, to the growth of Rivers State.

ELEVATING TO THE NEXT LEVEL

D Marie-Therese Phido

DoYou Have an Entrepreneurâ&#x20AC;&#x2122;s DNA?

A

s you all know I am now an entrepreneur after spending over 25 years in corporate Nigeria. I run a consulting business called Elevato, an internet business (consumer review site www.holleri.com) called Holler! and publish Boundless. These DUH WKUHH GLÍżHUHQW HQGHDYRXUV UHTXLULQJ GLÍżHUHQW VNLOO VHWV D ORW RI SDVVLRQ and perseverance. Some are well known, others are gaining adoption and traction. The one thing I know for sure is that it is not easy being an entrepreneur.

7KH Ă&#x20AC;UVW WKLQJ , GLVFRYHUHG ZDV WKDW you never shut down. You are always at work irrespective of the time or GD\ 7KRXJK , ZDV D FRPPLWWHG VWDÍż and always put my job on a pedestal, sometimes to the detriment of my family and all other personal commitments, being an entrepreneur is on another level all together.

John Rampton says, â&#x20AC;&#x153;Entrepreneurs are a unique group of people. Not RQO\ GR WKH\ WKLQN GLÍżHUHQWO\ WKH\ DFW GLÍżHUHQWO\ 7KH\ GUDZ RQ SHUVRQDOLW\ traits, habits and mind-sets to come up with ideas that straddle the line between insanity and genius.â&#x20AC;?

What Rampton is saying is that not everybody is cut out to be an entrepreneur. In Nigeria the in-thing is to say I am an entrepreneur. Not everybody is really an entrepreneur. What does it take to be one?

If you ever wondered if you were an entrepreneur, check out the following list. You may not have all these traits or skills, yet if you have some, this is a pretty good indicator that you have what it takes.

1. You come from a family of individuals who just couldnâ&#x20AC;&#x2122;t work for someone else. Your parents worked for themselves. Though this isnâ&#x20AC;&#x2122;t true for every entrepreneur (myself included), many have a family history with one or both parents having been selfemployed.

2. You hate the status quo. Youâ&#x20AC;&#x2122;re a person who is always questioning why people do the things they do. You strive to make things better and are willing to take action on it. <RX¡UH VHOI FRQĂ&#x20AC;GHQW +DYH \RX ever met an entrepreneur who was pessimistic or self-loathing? After all, if you GRQ¡W KDYH FRQĂ&#x20AC;GHQFH KRZ FDQ RWKHUV believe in you? Most entrepreneurs are very optimistic about everything around them.

4. Youâ&#x20AC;&#x2122;re passionate. There will be times when you spend an excessive amount of time and do not make money. Itâ&#x20AC;&#x2122;s your passion that will keep you going.

5. You donâ&#x20AC;&#x2122;t take no for an answer.

An entrepreneur never gives up -- ever.

6. You have the ability to create unlikely partnerships from out of nowhere because of your ability to connect the dots. People tend to gravitate toward you because you are likable. Many times this is because of your passion.

7. You spend more time with your coIRXQGHU WKDQ \RXU VSRXVH RU VLJQLĂ&#x20AC;FDQW other.

8. You believe that there is more WKDQ RQH GHĂ&#x20AC;QLWLRQ RI MRE VHFXULW\ <RX realize that your job is safe as long as you are in control as opposed to relying on a boss who could ruin your career after one swift mistake.

9. You have a competitive nature and are willing to lose. You always know that you can do something better.

10. Your idea of a holiday is a working day without anything interfering with the tasks you really need to get done.

11. You want to be in control and in command of your own company. You typically like overseeing most things that go on at your company.

12. You see opportunities everywhere.

For example, you walk into a building and are curious about its worth or the companies inside.

13. Youâ&#x20AC;&#x2122;re a logical thinker with ideas about how to correct problems and the overall situation.

14. Speaking of problem solving, have you checked to see if thereâ&#x20AC;&#x2122;s an app for that? Perhaps youâ&#x20AC;&#x2122;ve already begun to create a business model and the software architecture to see if itâ&#x20AC;&#x2122;s feasible.

15. Youâ&#x20AC;&#x2122;re a people person. You have no problem communicating with people. <RX VROG VWXÍż DV D \RXQJ SHUVRQ and when there were class sales, you were probably one of the top sellers.

17. Youâ&#x20AC;&#x2122;re a self-starter, meaning you donâ&#x20AC;&#x2122;t give up on a project until itâ&#x20AC;&#x2122;s completed.

18. No matter what you do on a daily basis, you always think of it in terms of delivering a return on investment.

19. You think outside of the box. If not, what will change?

20. Youâ&#x20AC;&#x2122;re a charming and charismatic person.

21. Rules donâ&#x20AC;&#x2122;t apply to you. Weâ&#x20AC;&#x2122;re not talking about breaking the law. ,QVWHDG \RX EHOLHYH LQ HÎ&#x20AC;FLHQF\ DQG will bend rules to make things run smoothly.

22. You realize that you canâ&#x20AC;&#x2122;t do everything alone. You have an idea and can promote it but also know that youâ&#x20AC;&#x2122;re not skilled at every task of running a business.

23. Youâ&#x20AC;&#x2122;re very opinionated. Thatâ&#x20AC;&#x2122;s another reason you sometimes do not get along with people..

24. Youâ&#x20AC;&#x2122;re unpredictable. As an entrepreneur, you know how quickly things can change. Thankfully, youâ&#x20AC;&#x2122;re ready and willing to make adjustments.

25. Youâ&#x20AC;&#x2122;re determined. You have to make the impossible possible.

26. You have the support of your friends and family. These are the people who get you. And theyâ&#x20AC;&#x2122;ll be there to support you along the way.

27. Youâ&#x20AC;&#x2122;ve done the market research.

You know that just because you have an incredible idea doesnâ&#x20AC;&#x2122;t mean that itâ&#x20AC;&#x2122;s SURĂ&#x20AC;WDEOH %XW \RX¡YH DOUHDG\ ORRNHG into whether customers will make the purchase.

27. You surround yourself with quality people -- not leeches who will bring you down.

28. Youâ&#x20AC;&#x2122;re a bit out there. Having the ability to create something out of nothing takes a mad-genius type of person. Remember, people thought Albert Einstein was insane before he proved the theory of relativity.

29. You believe that your time is worth more than money.

Rampton says, even if you donâ&#x20AC;&#x2122;t have all the above traits right now, youâ&#x20AC;&#x2122;ll probably develop more of them over time. After all, being an entrepreneur is a lifestyle, not a job or hobby.

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

26

BUSINESSWORLD

ANALYSIS

A â&#x20AC;&#x2DC;Noâ&#x20AC;&#x2122; Vote by Shareholders

Shareholders have kicked against the proposal by the Securities and Exchange Commission to stop the distribution of gifts by listed companies during their Annual General Meetings, writes Goddy Egene

S

ince the stock market downturn of 2018 and 2009, when investors recorded huge ORVVHV LW KDV EHHQ GLÎ&#x20AC;FXOW IRU WKH PDUNHW to witness high patronage. Regulators have been trying to restore investor FRQĂ&#x20AC;GHQFH WR WKH PDUNHW The Securities and Exchange Commission (SEC) has, in recent times, introduced various strategies and policies to ensure that more investors return to the nationâ&#x20AC;&#x2122;s capital market. Apart from ensuring that more investors return to the market, SEC believes that investors should equally enjoy VLJQLĂ&#x20AC;FDQW UHWXUQV RQ WKHLU LQYHVWPHQWV +HQFH they have been introducing policies that enable shareholders receive their dividends regularly.

And in line with its determination to ensure that companies deliver higher returns to shareholders, SEC, penultimate week exposed new rules and sundry amendments to some of the existing rules to the market operators before they are implemented.

The New Rule SEC is seeking to create a new sub rule to regulate the conduct of Annual General Meetings (AGMs) and make some amendments to some H[LVWLQJ UXOHV 6SHFLĂ&#x20AC;FDOO\ WKH QHZ VXE UXOH VSHFLĂ&#x20AC;FDOO\ VHHNV WR UHGXFH WKH FRVW RI RUJDQLV ing shareholder meetings, by making illegal the distribution of gifts to shareholders, observers and any other persons at AGM and extraordinary general meetings (EGMs).

Should the rule be agreed on, â&#x20AC;&#x153;public companies shall not convene any meeting with select group(s) of shareholders prior to an AGM/EGM.â&#x20AC;?

Justifying the proposed rules, the SEC observed: â&#x20AC;&#x153;that some companies arrange meetings with select groups of shareholders ahead of general meetings to discuss proposed resolutions and agree on strategies which are often detrimental to the interest of other shareholders.â&#x20AC;?

According to SEC companies that violate these provisions, â&#x20AC;&#x153;shall be liable to a penalty of not less than N10 million.â&#x20AC;?

SEC decried the huge amount spent by such public companies on corporate gifts at AGMs/ (*0V ZKLFK JUHDWO\ LPSDFW WKHLU SURĂ&#x20AC;WDELOLW\ It argued that at a time when few companies DUH PDNLQJ UHDVRQDEOH SURĂ&#x20AC;WV DQG HYHQ IHZHU FDQ DÍżRUG WR SD\ GLYLGHQGV WKH ODWHVW PRYH would positively impact on earnings per share of many if the amount â&#x20AC;&#x153;budgeted for gifts at AGMs/EGMs can be reserved for other relevant operational or administrative expenses.â&#x20AC;? ´3XEOLF FRPSDQLHV VSHQG D VLJQLĂ&#x20AC;FDQW DPRXQW of money on corporate gifts at AGMs/EGMs and WKLV KDV D JUHDW LPSDFW RQ WKHLU SURĂ&#x20AC;WDELOLW\ )HZ RI WKH FRPSDQLHV DUH PDNLQJ UHDVRQDEOH SURĂ&#x20AC;WV DQG HYHQ IHZHU FDQ DÍżRUG WR SD\ GLYLGHQGV ,I 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,â&#x20AC;? SEC said.

Apart from the rule of the conduct of AGM/ EGMs, the commission also proposed amend ment to Rule 42 that will lead to the creation RI 6XE UXOH ZKLFK VWDWHV WKDW ´SXEOLF companies shall disclose some minimum corporate governance information on their websites including governance structure, composition and structure of the board, shareholding and dividend analysis among others.

Justifying this amendment, SEC said as part of the Corporate Governance Scorecard implementa tion strategy, companies are expected to disclose a Minimum Corporate Governance Report on their websites. The information is expected to be structured to contain reasonable corporate governance information on the public companies.

In another proposed new rule, SEC is moving WR UHLQVWDWH WKH LQGLYLGXDO VXE EURNHU IXQFWLRQ WR WKH PDUNHW ,QGLYLGXDO VXE EURNHU IXQFWLRQ ZDV UHPRYHG LQ 1RYHPEHU +RZHYHU 6(& said the deletion of that rule generated a lot of comments from the Nigerian Stock Exchange 16( DQG $VVRFLDWLRQ RI 6WRFN %URNLQJ +RXVHV $6+21 ZKR WKHUHDIWHU UHTXHVWHG IRU WKH reinstatement of the function. â&#x20AC;&#x153;The Rules Committee revisited the issue and the commission agrees that reinstatement of Individual Sub â&#x20AC;&#x201C; broker function will help

Shareholders at Annual General Meeting LQ HQKDQFLQJ Ă&#x20AC;QDQFLDO LQFOXVLRQ GHHSHQLQJ WKH market, and attracting more retail investors as well as enable the Sub â&#x20AC;&#x201C; brokers have more presence at the grass root level,â&#x20AC;? SEC explained.

Shareholders React While SEC may have been pushed by the rowdy nature of some AGMs during the shar ing of gifts and is trying to check the situation, shareholders said rather than stop companies IURP SURYLGLQJ JLIWV WKH UHJXODWRU VKRXOG Ă&#x20AC;QG a better way to manage the situation.

A legal practitioner and shareholder activist, 0UV 2OXGHZD 7KRUSH VDLG DOWKRXJK LW LV WUXH WKDW some retail shareholders have become nuisance to FRPSDQLHV WKH UHODWLRQVKLS LV PXWXDOO\ EHQHĂ&#x20AC;FLDO ´6WRSSLQJ GLVWULEXWLRQ RI JLIWV DQG SUH $*0 meetings is like throwing the baby away with WKH EDWK ZDWHU 7KH Ă&#x20AC;QDQFLDO RXWOD\ IRU JLIWV

LV PLQLPDO FRPSDUHG WR WKH EHQHĂ&#x20AC;W GHULYHG by the company. Rather than stopping it, the SURFHVV VKRXOG EH Ă&#x20AC;QH WXQHG Âľ 7KRUSH VDLG The founding National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, said shareholders could be properly managed even though some of them, sometimes, behave unruly. â&#x20AC;&#x153;In some cases, shareholders donâ&#x20AC;&#x2122;t go home with any money(dividend). It is that gift that they take home. If it a souvenir, it tells them that they are shareholders of the company.

The gifts also keep them happy that they are also enjoying from their company and that is YHU\ LPSRUWDQW )RU 6(& WR EH LQWHUIHULQJ LW LV never by force. If the companies are capable of doing this, they should be allowed to do so.

There are companies that do not come with any gift to AGM. There are so many other things that SEC ought to interfere and not gifts that cost little to the companies,â&#x20AC;? Nwosu said.

2Q SUH $*0 PHHWLQJV KH VDLG LW ZDV WKH prerogative of the management and not even the board because they use that to call stakeholders , agents, key distributors and others to explain to them how the business is being managed and receive advice when necessary. â&#x20AC;&#x153;SEC should have a rethink and leave manage ment and board to decide whether or not to distribute gifts. If SEC is asking for N10 million, indirectly they are trying to make money from the companies. I donâ&#x20AC;&#x2122;t think that draconian rules should be introduced now,â&#x20AC;? he said.

In his reaction, Chairman, Ibadan Zonal Shareholders Association, Mr. Eric Akinduro,

said the move was to short change retail investors in the market.

According to him, the gifts are at the discretion of individual company, noting that the amount they spend on gifts is very small compared to what companies spend as end of year appreciation to regulators and others. â&#x20AC;&#x153;What is the total value of gifts companies are giving to shareholders. Did the company complain? I have never seen an AGM where shareholders compelled companies to distribute gifts. It is at the discretion of the companies.

Again, these gifts, particularly souvenirs, can go a long way as marketing strategy to sell the companyâ&#x20AC;&#x2122;s products,â&#x20AC;? Akinduro said. +H H[SODLQHG WKDW SUH $*0 PHHWLQJV DUH QRW bad as far discussions at such meeting will help to improve companiesâ&#x20AC;&#x2122; performance. ´0RVW RI WKH SUH $*0 PHHWLQJV DV IDU DV I know, are to update leaders of shareholders group, who care to attend to keep them abreast of operations of the companies. The shareholders leaders will then pass such information to their members who are at grass root level because they may not be able to attend the AGM proper,â&#x20AC;? he added. +H QRWHG WKDW 6(& PD\ EH ORRNLQJ DW WKH budget reported in annual reports, hence the assumption that huge amount is being spent on gifts at AGMs. â&#x20AC;&#x153;AGM expenditure is not only on corporate gifts.

2WKHU H[SHQVHV OLNH SULQWLQJ DQG GLVWULEXWLRQ RI annual reports, payment for venue, lodging and feeding of board members in hotels, provision of security and other logistics are included. Corporate gift is just small fraction of the expenses,â&#x20AC;? he said.

Also speaking, the National Chairman, Progres sive Shareholders Association of Nigeria (PSAN), 0U %RQLIDFH 2NH]LH VDLG KH VXSSRUWHG WKH banning of distribution of the gifts if it will bring sanity to the venue of AGMs. According to him, some of shareholders come to AGM because of the gifts and not to listen to how their companies are performing or to contribute meaningfully to the progress of the company. ´7KLV LV QRW SDODWDEOH %XW SUH $*0 PHHWLQJV should be allowed to be handled by the companiesâ&#x20AC;&#x2122; boards of directors and management with their shareholders. It is not the duty of regulator to GHFLGH KRZ WKH FRPSDQLHV UXQ WKHLU DÍżDLUV 6(& can only play advisory role but not to threatening WR LPSRVH Ă&#x20AC;QH RI 1 PLOOLRQ RQ DQ\ FRPSDQ\ that did not comply.

â&#x20AC;&#x153;The truth is that SEC cannot regulate the conduct of AGMs. That is why we have boards made of experienced men and women who can take best decisions in that respect .SEC should look into why many companies are no longer posting annual reports with in 21days allowed by the law only to bring them at venue of the meeting. In some cases, the annual reports are not even enough for the shareholders. ´3UH $*0V VKRXOG EH DOORZHG WR FRQWLQXH E\ the companies that wish to do so provided they do it orderly because on the AGM meeting we donâ&#x20AC;&#x2122;t have enough time to ask many questions. â&#x20AC;&#x153;l think SEC need to apply wisdom in dealing with the delicate issues like this so that the good intention would not be ruined.â&#x20AC;?

2Q KHU SDUW WKH 1DWLRQDO &RRUGLQDWRU RI 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. â&#x20AC;&#x153;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 GHĂ&#x20AC;QLWHO\ EH FKHFNHG QRW WKDW WKH VKDUHKROGHUV should be denied their delights,â&#x20AC;? she said.

Bakare said such rules and proposal from SEC show that the commission has lost focus in the capital market. â&#x20AC;&#x153;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 FDQQRW EHQHĂ&#x20AC;W IURP WKHLU KDUG HDUQHG PRQH\ they invested, who else should do so. Again, WKH LVVXH RI URZGLQHVV LV FDXVHG E\ VWDÍż RI VRPH VWRFNEURNLQJ Ă&#x20AC;UPV ZKR JLYH QDPHV RI investors to fake shareholders to attend AGMs, FROOHFW WKH JLIWV DQG VKDUH ZLWK WKH VWDÍż DW WKH end of the meeting,â&#x20AC;? she said.

2Q WKH SUH $*0 VSHFLDO PHHWLQJV %DNDUH said this is part of shareholdersâ&#x20AC;&#x2122; right which they should not be denied. ´+RZ PDQ\ KRXUV GR ZH VSHQG RQ WKH Ă RRU RI $*0 %XW SUH $*0 JLYHV HQRXJK RSSRUWXQLW\ to ask cogent questions and give advice that will enable company to move forward. There are question/ advice that cannot handled on WKH Ă RRU RI $*0 IRU WKH VDNH RI WKH FRPSDQ\ image. We, at PSAN are totally against SECâ&#x20AC;&#x2122;s proposal and it will never work,â&#x20AC;? she said.

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

27

BUSINESSWORLD

INTERVIEW

Opaleye: Nigeriaâ&#x20AC;&#x2122;s Consumer Finance Market Massive, Risky 7KH &KLHI ([HFXWLYH 2Î&#x20AC;FHU 6(/ &DSLWDO /LPLWHG 0U 6HJXQ Opaleye, in this interview during the opening of the FRPSDQ\¡V KHDG RÎ&#x20AC;FH LQ 9LFWRULD ,VODQG /DJRV VSRNH RQ LWV support for small and medium scale enterprises and its plan to transit into a merchant bank in the next three years.

Hamid Ayodeji presents the excerpts:

H

ow do you think opportunities in the power sector can be unlocked so that investment in that sector can be attractive and the risks in the sector minimised?

The major problem in the power sector is illiquidity. When you look at the entire value chain, you have the Gas Company, the power generation companies (Gencos), and power distribution companies (Discos) and government agencies as well. For example, you have a Genco that is supplying about 900 megawatts to the grid but getting paid half of that due to Aggregate Technical, Commercial and Collection (ATC & C) losses. So, today, no investor will want to lend to any sector that is plagued with illiquidity. For us, we are very careful and that is why we support captive power plant projects. With captive power plant, there is a willing buyer and a willing seller. So, you are only WDNLQJ WKH ULVN RI WKH RÍż WDNHU RU WKH EX\HU ,I \RX see any power project getting funded easily, it is most likely to be a captive power plant because all the illiquidity challenges are not there. So, you really will not go wrong with such. As long as those challenges in the sector are not addressed, the sector will not be attractive to funding. :H DOVR KDYH D IXQGLQJ JDS LQ FRQVXPHU Ă&#x20AC;nance segment, which you also want to explore.

What do you think has improved in that sector to enable you take such risk? &RQVXPHU Ă&#x20AC;QDQFH LV D YHU\ PDVVLYH PDUNHW and very risky business as you rightly pointed out. But again, you are taking the risk of the indiYLGXDOV 6R ZH Ă&#x20AC;QG RXW WKH ULVN RI OHQGLQJ WR \RX and that will determine the rate you will get. Of course, there are some cases where the proposed borrower does not meet our risk management FULWHULD ,Q WKDW FDVH ZH FDQQRW JR IRUZDUG :H developed a proprietary algorithm that enables us sieve out the people we cannot lend to. But if you are in lending business, you will still have some bad loans, but a good collections structure and your ability to sieve those that will not payback help reduce the non-performing loan rate. ,W LV D WRXJK PDUNHW EXW LI \RX XQGHUVWDQG WKH market very well, you will do well.

Since its creation, the Investorsâ&#x20AC;&#x2122; and Exporters (I&E) forex window has been attracting a lot RI PRQH\ LQĂ RZV 6R WKH TXHVWLRQ ZH VKRXOG be asking ourselves is where have we been all this while that we did not think through that?

And we need consistent policy, and continuity to be able to do things. There are economic plans that you do not truncate even if a new governPHQW LQ SODFH ,W PXVW EH LQGHSHQGHQW RI SROLWLFV And that is how we can achieve this type of thing. , NQRZ WKH HFRQRPLF PDQDJHUV DUH ORRNLQJ DW LW but it will not happen overnight. Clearly, we need the right economic team in place, and a framework that ensures that economic policies are not

approvals. &DQ \RX WHOO XV DERXW \RXU Ă&#x20AC;QDQFLDO LQFOXVLRQ project and how you are exploring opportunities in the retail market space? $V SDUW RI RXU Ă&#x20AC;QDQFLDO LQFOXVLRQ VWUDWHJLF GULYH ZH DUH SODQQLQJ WR Ă RDW D 1 ELOOLRQ 60( )XQG :H DUH VWDUWLQJ ZLWK WUDQFKH RQH RI 1 billion which is expected to close within the third quarter of this year.

Can you give us overview of your growth trajectory?

Our plan as an institution is to move from this initial phase, and in the next three years, translate to a merchant bank. So, some of the things we are doing today are geared towards ensuring that we can easily move into the merchant banking space, which is our end game. We believe that with the support of our customers and other key stakeholders, we are on track to achieving this goal. While, we acknowledge it is a tough order, but if you see what we have done in the last one year, everything is geared towards that goal and we are poised to achieving it.

Are there special plans you have to deepen your operations in the oil and gas sector? , ZLOO QRW VLW KHUH DQG VD\ WKDW ZH FDQ FRPSHWH ZLWK WKH ELJ SOD\HUV LQ WKDW PDUNHW :H GHĂ&#x20AC;QH what we can do based on our understanding of WKH PDUNHW 6R RXU JRDO LV WR VXSSRUW HYHU\ 60( EXVLQHVV DFURVV VHFWRUV /LNH , VDLG HDUOLHU ZH DUH also planning to become a merchant bank where we can take on the bigger players within that market.

Opaleye truncated due to change of government. :K\ GR \RX WKLQN LW LV GLÎ&#x20AC;FXOW WR EULQJ GRZQ the Monetary Policy Rate (MPR) to the level where the funds will be cheap to achieve lower lending rates? ,W LV QRW DV LI WKH &HQWUDO %DQN RI 1LJHULD LV not mindful of the need to have a lower lending rate. But the reality is that we are a nation that GHSHQGV RQ D ORW RI )RUHLJQ 'LUHFW ,QYHVWPHQWV )',V DQG )RUHLJQ 3RUWIROLR ,QYHVWPHQW )3,V

And one of the things you can do to encourage these investors is high yield. Some of them understand the problems in developing nations.

There is a premium they require for the foreign LQYHVWRUV WR Ă&#x20AC;QG \RXU HFRQRP\ DWWUDFWLYH ,I \RX keep the rates low and you do not get what you QHHG WR UHĂ DWH WKH HFRQRP\ LW LV ELJ SUREOHP There must be strategic direction and plans and DW WKH PLQLPXP LW LV D WKUHH WR Ă&#x20AC;YH \HDU SODQ ,W is not a knee-jerk response, otherwise you will kill a lot of things. And we need consistent policy, and continuity to be able to do things. There are economic plans that you do not truncate even if D QHZ JRYHUQPHQW LQ SODFH ,W PXVW EH LQGHSHQdent of politics. And that is how we can achieve WKLV W\SH RI WKLQJ , NQRZ WKH HFRQRPLF PDQDJers are looking at it, but it will not happen overnight. Clearly, we need the right economic team in place, and a framework that ensures that economic policies are not truncated due to change of government.

Can you tell us the business that SEL Capital Limited specialises in? , ZLOO VWDUW E\ VD\LQJ WKDW 6(/ &DSLWDO /LPLWHG was incorporated to seize emerging business opSRUWXQLWLHV LQ WKH Ă&#x20AC;QDQFLDO VHUYLFHV VHFWRU 2XU YLVLRQ LV WR EHFRPH D OHDGLQJ 3DQ $IULFDQ Ă&#x20AC;QDQFLDO LQVWLWXWLRQ RÍżHULQJ Ă&#x20AC;QDQFLDO DGYLVRU\ ZHDOWK management & investment advisory services and provision of funding solutions to individuals, 6PDOO DQG 0HGLXP (QWHUSULVHV 60(V :H DOVR help project promoters to create bankable projects and access funding for their projects. Our aspiration is to be the gateway and catalyst for mobilising capital for growth and development across Africa.

And that is essentially, the way we are strucWXUHG :H DUH VWDUWLQJ RÍż ZLWK FRQVXPHU Ă&#x20AC;QDQFH 60(V VWUXFWXUHG Ă&#x20AC;QDQFH DOO DGYLVRU\ VHUYLFHV DURXQG SURMHFW Ă&#x20AC;QDQFH FRUSRUDWH Ă&#x20AC;QDQFH DQG wealth management. We are one-stop funding solution. We want to leverage our transactions H[SHULHQFH ZRUNLQJ LQ RQH RI WKH ELJJHVW Ă&#x20AC;QDQFLDO institutions in Africa to drive business growth, which we believe is the required catalyst for growth and development in any economy.

Regarding funding for SMEs, are there special approach you are deploying to achieve your vision within that segment of the market?

2QH RI WKH PDMRU FKDOOHQJHV IDFLQJ 60(V LV that a lot of times, the business is not in a position where one can go to sleep as a lender or a potential equity investor. What we usually do for them is WR VWDUW WKHP RÍż ZLWK WKH DGYLVRU\ VHUYLFHV KHOSing them to understand exactly how the business should be structured for easy access to capital.

So, we take so much time in guiding them through what is required to run a proper business. We try as much as possible to help them create a structure that clear the usual doubts about 60(V $OWKRXJK HYHU\ERG\ WDONV DERXW SURYLGLQJ VXSSRUW WR 60(V EXW WKH TXHVWLRQ LV DUH \RX UHally giving them the solutions that set them apart from the pack? First and foremost, you have to get them to the point where the structure supports transparency, good governance and sustainable business. That is what we are doing: guiding them through the process and helping them to fund and grow their businesses.

You also talked about the High Net Worth Individuals (HNIs). What advisory supports are you providing to this group of people?

We provide investment advisory services to WKHP :H DOO NQRZ WKDW +1,V XQGHUVWDQG VRPH of the market dynamics. Based on our experience, we provide them with the requisite insights that will help them in making better investment decisions and spotting compelling investment opportunities.

We see that you are expanding. This should EH \RXU VHFRQG RXWOHW DQG KHDGTXDUWHUV" <HV :H VWDUWHG RXW ODVW \HDU IURP 3DUNYLHZ (VWDWH ,NR\L /DJRV :H EHOLHYH ZH QHHGHG D ELJJHU VSDFH D EHĂ&#x20AC;WWLQJ FRUSRUDWH KHDG RÎ&#x20AC;FH DQG WKDW ZDV ZKDW LQIRUPHG WKLV KHDG RÎ&#x20AC;FH LQ 9LFWRULD ,VODQG /DJRV 7KLV KDV EHHQ LQ WKH ZRUNV IRU WKH SDVW VL[ PRQWKV 1RZ LW LV UHDG\ DQG VR ZH DUH ready for more business. :LWK WKH RSHQLQJ RI \RXU KHDG RÍżFH DUH \RX likely to lend more to deepen your market penetration? What will you be doing better?

The whole idea is to increase our clientele base across all our touch points, be it our physical locaWLRQV DQG H FKDQQHOV 6(/ 0RELOH $SS DQG :HE Access). We have also in the short period, been very instrumental in capital raising for clientsâ&#x20AC;&#x2122; projects in key growth sectors of the economy.

For instance, we just concluded a $12 million capital raising for a captive power plant project for a client. We are also lending to businesses and LQGLYLGXDOV DV ZHOO DV KHOSLQJ 60(V WR PHHW WKHLU IXQGLQJ UHTXLUHPHQWV :H DUH KHOSLQJ 60(V WR HVWDEOLVK /HWWHUV RI &UHGLW /&V IXQG WKHLU 3XUchasing Orders (POs) and support their treasury management needs. On the wealth management side, we have a few new products and at the appropriate time, we will let you know about some of these products as soon we get the regulatory

What do you think gives you an edge over your competitors given the highly competitive environment you are playing in?

For us, the business model is very clear. You really cannot support customers if you do not know their business. We do not intend to play in a sector we do not understand. Remember what , VDLG HDUOLHU FRQFHUQLQJ WKH 60(V VSDFH <RX FDQ lend to anybody. But the question is are you creDWLQJ YDOXH IRU \RXU FXVWRPHUV" 9DOXH FUHDWLRQ is the only way to create emotional connection ZLWK \RXU FXVWRPHU ,Q RXU RZQ FDVH ZKDW ZH GR Ă&#x20AC;UVW LV WR FUHDWH YDOXH WKURXJK RXU DGYLVRU\ services. The same thing goes with our other lines of business. We work with them, give them the best by understanding their needs and being able WR SURYLGH WKH VROXWLRQ WKDW PHHWV WKHLU VSHFLĂ&#x20AC;F QHHGV DV GHPRQVWUDWHG LQ WKH H[DPSOH , JDYH \RX FRQFHUQLQJ WKH SRZHU SODQW ,W LV DOO DERXW SURYLGLQJ VROXWLRQV ,I \RX GR QRW SURYLGH VROXWLRQV WR their issues, there is no way you can keep them.

What are you doing for start-ups?

7KH IDFW LV PRVW RI WKH VWDUW XSV DUH 60(V $FFRUGLQJ WR WKH ,QWHUQDWLRQDO )LQDQFH &RUSRUDWLRQ ,)& QLQH RXW RI QHZ MREV ZRUOGZLGH are created by small businesses. Therefore, for an economy to develop, such economy must GHYHORS WKH 60(V VSDFH $W 6(/ &DSLWDO ZH KHOS EXVLQHVV RZQHUV WR create a sustainable business and make their busiQHVV PRUH EDQNDEOH ,I ZH XQGHUVWDQG ZKDW \RX are doing as a business, then the question is, is it in a sustainable/ bankable state that equity investors or lenders will be comfortable to fund the business? So, we guide you through the process to ensure you get the needed support.

For someone that is not yet your customer, what will the SEL Mobile App do for such a person? ,I \RX GRZQORDG WKH 6(/ 0RELOH $SS IURP Google Play Store, it asks you whether you want a loan, you have a business idea that you are seeking capital for, or you want to invest with us, or you want to take a personal loan as a consumer.

So, it allows you to do your Know Your Customer (KYC) and of course, you are up.

Many SMEs have complained about the high cost of loans. How are you addressing that, and do you think they can get better lending rates? /HW PH WDNH \RX EDFN WR WKH FRPPHUFLDO EDQNV WRGD\ ,Q FRPPHUFLDO EDQNV WRGD\ DV D QRQ SULPH borrower, you will probably get loans at 20 per cent plus. The question has always been, why have we not achieved single digit lending rate?

The truth is that the same customer that wants you to do a single digit lending is the same person that will bring funds to you and be asking for 20 SHU FHQW $QG UHPHPEHU Ă&#x20AC;QDQFLDO LQVWLWXWLRQ¡V role is purely intermediation. The good news is there are government initiatives and policies JHDUHG WRZDUGV VXSSRUWLQJ 60(V

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

28

BUSINESSWORLD

ANALYSIS

Simple Steps Towards Financial Independence Goddy Egene writes on KRZ WR EH Ă&#x20AC;QDQFLDOO\ independent based on tips provided by Fund Managers Association of Nigeria

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want to be a Mike Adenuga. I want to be a Folorunso Alakija. I want to be richer than Aliko Dangote. These and more are some of the thoughts that dominate the minds of many young Nigerians because they provide motivation and hope in respect of what is achievable. It is not good enough just to desire but actions are required to achieve our dreams and goals.

Independence is often associated with a sense of freedom and it is probably one of the most universally common goals of all human beings.

Whether it is independence from parents, from friends or from debtâ&#x20AC;Śeveryone is seeking to be independent in one form or the other.

As you get older and are saddled with individual and collective responsibilities, the quest IRU Ă&#x20AC;QDQFLDO LQGHSHQGHQFH LV OHW ORRVH You begin to ask yourself questions like â&#x20AC;&#x153;how do I pay my rent? How do I pay for that dream wedding?, how do I pay for my childrenâ&#x20AC;&#x2122;s school fees?, how do I pay for my vacation?, how do I get all the good things in life that I need and desire such as a nice house or car?â&#x20AC;?

All these thoughts can hit you in a way that might be scary, especially in light of your current income and other realities. But there is no need to fear because there are ways you can better manDJH \RXU Ă&#x20AC;QDQFHV DQG LPSURYH \RXU TXDOLW\ RI life, while living within your means.

While there are many books and articles with theories and steps on how to get rich and how to make money, these books and articles are not wrong, but as â&#x20AC;&#x2DC;expertsâ&#x20AC;&#x2122; in money management, the Fund Managers Association of Nigeria (FMAN) think it is important to provide simple, time-tested solutions that work.

FMAN believes the steps are simple even if the GLVFLSOLQH RI WKH SURFHVV FDQ EH GLÎ&#x20AC;FXOW )0$1¡V practical solutions are: Save and Invest â&#x20AC;&#x153;Do not save what is left after spending. Instead VSHQG ZKDW LV OHIW DIWHU VDYLQJ Âľ :DUUHQ %XÍżHW The importance of developing a healthy savings habit cannot be overemphasised. As such, it is critical to build the habit of saving a portion of your earnings with maximum discipline. Having a savings culture can be hard, but it is not impossible. Savings provides the platform that allows \RX PDNH RWKHU Ă&#x20AC;QDQFLDO GHFLVLRQV DW \RXU FRQYHnience and provides a viable platform for making investments instead of simply leaving your savings in a bank account. You can therefore save

DQG LQYHVW LQ 0XWXDO )XQGV DQG RWKHU Ă&#x20AC;QDQFLDO products that give returns higher than ordinary savings accounts. Mutual Funds provide invesWRUV WKH Ă H[LELOLW\ RI OHDYLQJ WKHLU IXQGV IRU DV ORQJ as possible irrespective of the minimum holding period of the Fund. Investors can also redeem their funds before the minimum holding period elapses but would be subject to a penal charge.

The penal charge is usually a percentage of income earned and does not eat into the principal invested. This approach also makes your money work for you through the power of compound interest as your income/dividend is reinvested to make more money. Read up on treasury bills, government bonds and stocks, as these can also provide a good avenue for you to earn some more money on your savings. Ensure you determine your investment risk appetite, before investing.

yourself of the urge to splurge on unplanned expenses. We usually write budgets but are unable to keep to them because we often spend on things ZH GRQ¡W UHDOO\ QHHG EH\RQG WKH à HHWLQJ VDWLVIDFtion they give.

Have an emergency fund Consider this your own personal insurance.

3OHDVH XQGHUVWDQG WKDW WKLV LV GLÍżHUHQW IURP \RXU savings. You save towards something you want to do (expected) in future but you have an emergency fund for unexpected events in the future.

We never anticipate emergency bills and it is important not to allow the costs from unplanned expenses eat into the funds set aside for other purposes. An alternative for an emergency fund is an insurance plan. Insurance allows you transfer the liability for replacement costs of an insured item to a third party.

Live within your means There are many things that contribute to the GHWHULRUDWLRQ RI WKH Ă&#x20AC;QDQFHV RI DQ LQGLYLGXDO 2QH of them is â&#x20AC;&#x153;living beyond your meansâ&#x20AC;?. Learning to structure your lifestyle and living within your PHDQV PLJKW DOVR EH GLÎ&#x20AC;FXOW SDUWLFXODUO\ ZLWK peer pressure and demands from loved ones. +RZHYHU WKH EHQHĂ&#x20AC;WV RI VWD\LQJ RXW RI WKH UDFH WR keep up with the Joneses and meet the demands of loved ones are enormous. Living within your means is a discipline that will require you to deny

Look out for bargains Always remember that it is not necessarily a VLJQ RI ZHDOWK RU DÎ XHQFH WR SD\ WKH KLJKHVW price for an item. Strive to get the best value for your money by negotiating for discounts and purchasing quality items on sale. Never rush into an expense and be less frivolous in your spending.

A little patience often provides us with better perspective on how an item we want is not what we need because often times, we confuse our wants for needs but if it is something you really want,

then save towards it.

Be passionate about whatever you do It is important you choose a career path that lets you live the life you envision for yourself while enjoying what you do. Do a lot of research and talk to people who already do the type of work \RX ZDQW WR GR $VN ORWV RI TXHVWLRQV DQG Ă&#x20AC;QG out how to create a successful niche for yourself in whatever career or business path you choose.

7KH MRXUQH\ WR Ă&#x20AC;QDQFLDO LQGHSHQGHQFH LV D ORW easier if you are convinced the road you are on is the one that gets you there. Being passionate DERXW \RXU FKRVHQ Ă&#x20AC;HOG FDUHHU RU EXVLQHVV SDWK is not just important because you will earn lots RI PRQH\ EXW Ă&#x20AC;JXULQJ RXW ZKDW \RX ZDQW WR EH doing in your life helps you set targets and measure yourself against those targets as you move WKURXJK GLÍżHUHQW SKDVHV RI \RXU OLIH The most important lesson here is to tailor your MRXUQH\ WR Ă&#x20AC;QDQFLDO LQGHSHQGHQFH WR FRPSOHPHQW your life goals. Understand that life is in phases and we all go through each phase in our own unique time and way. None of the things we have said here are really age dependent and you can start making the small changes that can make a ELJ GLÍżHUHQFH LQ \RXU Ă&#x20AC;QDQFLDO OLIH WRGD\ 6RPHone very smart once said, â&#x20AC;&#x153;whenever you wake up, is morningâ&#x20AC;?. Make today the morning on \RXU MRXUQH\ WR Ă&#x20AC;QDQFLDO LQGHSHQGHQFH

Fighting Inequality through Capacity Building Uzoho Peter

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n 2018, at the peak of the construction and LQWHJUDWLRQ RI WKH (JLQD )362 RYHU Nigerians were employed by Samsung (SHIMCI). The challenge was that most of these HPSOR\HHV KDG QR LQGXVWU\ TXDOLĂ&#x20AC;FDWLRQV or experience before starting work on the project.

Samsung chose to meet this challenge headon not by mobilizing employees from overseas but instead investing 560,000 man-hours of training programs with one goal in mind: to identify future Nigerian talent who could participate in WKH KLVWRULF FRPSOHWLRQ RI WKH (JLQD )362 7KLV transformation resulted in thousands of Nigerians eventually joining Samsung team to form the core RI 6DPVXQJ¡V Ă&#x20AC;UVW KHDY\ LQGXVWULHV RSHUDWLRQ RQ the African continent. :KHQ *RGZLQ 2JKHQHJXHNH ZDV KLUHG DV D FOHDQHU RI 6DPVXQJ¡V ZHOGLQJ Ă RRU LQ KH never expected that he would have a chance to be RQH RI WKH Ă&#x20AC;UVW EHQHĂ&#x20AC;FLDULHV RI 6DPVXQJ¡V IUHH RI charge welding training course. â&#x20AC;&#x153;I started by watching over the shoulders of the students grinding, welding and coating. Seeing this, the Korean instructors invited me to help them with small tasks. Even though it was a small thing, having seen my commitment and hard work, they invited me to train with them. They said â&#x20AC;&#x2DC;ok let this guy to learn to weld.â&#x20AC;&#x2122;â&#x20AC;? He is now DQ LQWHUQDWLRQDOO\ FHUWLĂ&#x20AC;HG ZHOGHU SHUPDQHQWO\ hired by Samsung as a professional welder.

Godwinâ&#x20AC;&#x2122;s instructor remembers how Godwin watched intently and enthusiastically over the

VKRXOGHUV RI WKH Ă&#x20AC;UVW EDWFK RI WUDLQHHV *RDQJhun Kim, a senior trainer at Samsungâ&#x20AC;&#x2122;s Welding 4XDOLĂ&#x20AC;FDWLRQ &HQWHU :4& QRWHG WKDW ´SDVVLRQÂľ and â&#x20AC;&#x153;enthusiasm to learn and improveâ&#x20AC;? are the most valued attributes they seek in Samsungâ&#x20AC;&#x2122;s future team members. â&#x20AC;&#x153;There was lot of resistance amongst existing trainees. They saw him as beneath them. We told those students that background is not important. As long as you are devoted in developing your skills, thatâ&#x20AC;&#x2122;s what matters to us.â&#x20AC;?

Creating equal opportunities and instilling an inclusive work culture enabled Samsung to break record after record. Motivated by trust and without the constraints of societal prejudice, Samsungâ&#x20AC;&#x2122;s Nigerian trainees and employees were propelled to keep pushing the boundaries of industry norms; Samsung can proudly boast a 100 per cent pass rate in the international welder training program.

These achievements eventually led the SHI-MCI integration and fabrication yard to become one of the few companies in Africa to be awarded accredLWDWLRQ DQG WUDLQLQJ FHUWLĂ&#x20AC;FDWHV E\ ERWK QDWLRQDO and international bodies including the Nigerian Federal Ministry of Labour and Employment and the International Institute of Welding.

Welding trainer Mr Goanghun Kim is very Ă&#x20AC;UP LQ VD\LQJ WKDW 6DPVXQJ¡V ZRUN FXOWXUH DQG equal opportunity policy are just enablers, and the DFKLHYHPHQWV DUH GXH WR WKH PRUH WKDQ LQdividuals just like Godwin who worked tirelessly. â&#x20AC;&#x153;Nigerians should be proud and empowered by these achievements. This proves the competency and potential of Nigerian people in the international job market and will help establish Nigeria as an engineering hub to global manufacturing industries. Nigerians are ambitious and hard working. I have never seen such enthusiasm and eagerness to improve and to learn.â&#x20AC;?

Godwinâ&#x20AC;&#x2122;s story proves how training opportunities can be equalizers between the haves and the have-nots, and should be further harnessed and fostered in Nigeria to play its part in providing economic growth. It also highlights the fact that many vocational courses are too expensive and are not accessible to those who need them the most.

This barrier aggravates the economic and societal prosperity gap. $Q LQWHUQDWLRQDO ZHOGLQJ FHUWLĂ&#x20AC;FDWH WUDLQLQJ course similar to Godwinâ&#x20AC;&#x2122;s can cost on average between 2.5-2.8 million NGN per person which PDNHV WKH FRXUVH XQDÍżRUGDEOH IRU PDQ\ 1LJHULDQV ZLWKRXW H[WUD Ă&#x20AC;QDQFLDO VXSSRUW Godwin is one of many inspiring stories from the Egina project. â&#x20AC;&#x153;I would not have been able WR DÍżRUG WKLV WUDLQLQJ ZLWKRXW 6DPVXQJ¡V KHOS , know of many lives which improved thanks to the project. Some people came in as helpers and now WKH\ DUH DVVLVWDQW PDQDJHUV VFDÍżROGHUV ZHOGHUV operators or riggers. I also came in as a nobody and now I can help my grandma and younger siblings.â&#x20AC;?

People like Godwin are a living testimony to many ambitious young Nigerians. â&#x20AC;&#x153;I have set an example for my friends and younger siblings.

I tell them what I studied and learnt which gives WKHP JRDOV DQG KRSHV WR IXOĂ&#x20AC;OO Âľ *RGZLQ ZKR now works at Samsung as Material Controller says that what makes him happy is to have the privilege to teach others, passing on the same opportunities he received.

For this story to continue in Nigeria, more global engineering companies should follow Samsungâ&#x20AC;&#x2122;s example and help the government and educational sector as a part of their local content plans.

By providing opportunities, transferring skills and supporting vocational programs to those who canQRW DÍżRUG HGXFDWLRQ 6DPVXQJ¡V H[DPSOH ZLOO hopefully serve as a pathway for other companies to further accelerate Nigeriaâ&#x20AC;&#x2122;s economic growth and human development.

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

29

BUSINESSWORLD

PERSPECTIVE

/HDGLQJ (ÍžRUWV WR 'HOLYHU $ÍžRUGDEOH +RXVLQJ

Ugo Aliogo

John M. Agbokpile

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o tackle the housing crisis, a concerted and collaborative approach is required. This explains WKH PXOWL OD\HUHG HÍżRUWV RI KRXVLQJ development institutions such DV WKH )HGHUDO 0RUWJDJH %DQN RI 1LJHULD )0%1 WKH )HGHUDO +RXVLQJ $XWKRULW\ )+$ ZKLFK DUH ZKROO\ JRYHUQPHQW OHG and private sector-driven housing programs VXFK DV WKH 1LJHULD 0RUWJDJH 5HĂ&#x20AC;QDQFH &RPSDQ\ 105& )DPLO\ +RPHV )XQG )+) 1LJHULD 0RUWJDJH :DUHKRXVH )XQG /LPLWHG 10:)/ ZKHUHLQ JRYHUQPHQW DOVR holds substantial interest amongst others. ,GHDOO\ WKH FROOHFWLYH SURJUDPV RI WKHVH QDWLRQDO KRXVLQJ VFKHPHV DORQJ ZLWK WKRVH at state levels should result in the massive GHYHORSPHQW DQG GHOLYHU\ RI GHFHQW TXDOLW\ DQG DÍżRUGDEOH KRXVLQJ :KLOH PDQ\ KDYH UHFRUGHG VRPH SURJUHVV DQG QHZFRPHUV VXFK DV WKH 105& DQG )DPLO\ +RPHV )XQG LQVSLUH KRSH IRU EHWWHU GD\V RYHUDOO WKH SUDFWLFDO VWDWH RI KRXVLQJ GHOLYHU\ LQ WKH country is depressing. <HDU RQ \HDU WKH KRXVLQJ GHĂ&#x20AC;FLW LV ULVLQJ not decreasing as the national population JURZV DQG GHPDQG IRU KRXVLQJ VSLUDOV 7R PDNH D GLÍżHUHQFH JRLQJ IRUZDUG D PRUH WUDQVIRUPDWLRQDO DSSURDFK LV UHTXLUHG $V WKH %XKDUL DGPLQLVWUDWLRQ UH VWUDWHJLVHV IRU LWV second term, the government should consider anchoring its housing sector development VWUDWHJ\ RQ WZR NH\ SODQNV 7KH Ă&#x20AC;UVW LV WR WDNH EROGHU DQG IDU UHDFKLQJ SROLF\ DFWLRQV WKDW DUH GHVLJQHG WR H[SDQG WKH FDSDFLW\ RI government housing institutions to do more.

7KH VHFRQG SODQN ZRXOG EH WR HQFRXUDJH private sector-led housing programs to deepen investment in the housing sector. $ VWUDWHJLF VWDUW SRLQW ZRXOG EH WKH )HGHUDO 0RUWJDJH %DQN RI 1LJHULD )0%1 &KLHĂ \ EHFDXVH RI WKH FHQWUDO UROH WKDW LW SOD\V LQ WKH LQGXVWU\ 7KH EDQN LV ZKROO\ RZQHG by the government and is unarguably the oldest mortgage institution in the country.

More so, despite several challenges that KDYH RYHU WLPH KREEOHG LWV JURZWK D FDUHIXO DQDO\VLV RI )0%1¡V WUDFN UHFRUG VKRZ WKDW LWV SHUIRUPDQFH ² LQ DFWXDO WHUPV UHPDLQV unmatched by other similar players in the industry.

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T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

30

BUSINESSWORLD

PERSPECTIVE

Fiscal Responsibility as Antidote against Corruption Emmanuel Onwubiko

P

olitics aside, most poor people in the north of Nigeria have been fed the media impression that the current president Muhammadu Buhari is a PDQ WKDW OLNHV WUDQVSDUHQF\ DQG Ă&#x20AC;VFDO responsibility. In local parlance, they called him â&#x20AC;&#x153;sai maigaskiyaâ&#x20AC;? the man of honesty.

Anyway, this was long before Muhammadu Buhari assumed the mantle of an elected president.

For the last four years, it is believed that a VLJQLĂ&#x20AC;FDQW SHUFHQWDJH RI WKHVH KLWKHUWR OR\DO IDQV RI 0U SUHVLGHQW ZKR KDYLQJ EHHQ EXÍżHWHG E\ near intractable poverty, expanding insecurity and bleak economic future, may not be in the good frame of mind to see him still as that man who ORYHV WUDQVSDUHQF\ DQG Ă&#x20AC;VFDO UHVSRQVLELOLW\ Few days back, a powerful traditional ruler in the home state of President Muhammadu Buhari warned against the weakness of the federal government to bring criminals to face the full weight of the law.

Again, only recently, hundreds of thousands of poor people and peasants openly demonstrated against the president for not living up to expectation.

These protesters say they no longer see the president DV D PDQ ZKR ORYHV Ă&#x20AC;VFDO UHVSRQVLELOLW\ ZKLFK would have led to drastic economic relief measures that would have transparently checked the rise in widespread mass hunger, poverty, deprivation, want and joblessness.

Worried that he is beginning to lose track of some of his die-hard supporters amongst the poorest of the poor, the president made up a media presentation in which he appeared to be castigating the elite for not doing enough to half the widening poverty in the land.

Good as the statement above made by the president may be, it is of essence to call his attention to the fact that one way to check the trend of poverty which drives up crime and social GLVFRQWHQWV LV WR HQIRUFH Ă&#x20AC;VFDO UHVSRQVLELOLW\ LQ DOO the projects that government is executing so the impacts are felt across board.

It is a notorious knowledge that procurement corruption within Federal and state agencies account for much of the developmental challenges that Nigeria face.

Surprisingly, even with the Fiscal Responsibility Commission in place backed up by law, the LQVWLWXWLRQ VXÍżHUV WRR IURP DE\VPDO DQG KLVWRULFDO neglect and marginalisation to a cruel extent that the commission old as it is since establishment by law but in Abuja it operates from a rented apartment as a highly pathetic tenant unable to HÍżRUWOHVVO\ SD\ KHU UHQWV There are also reports in some media houses that the Fiscal Responsibility Commission is treated as an orphan who has no parents to protect it IURP URJXH RÎ&#x20AC;FLDOV ZKR DUH LQ WKH HYLO KDELW RI circumventing both the public procurement laws DQG WKH Ă&#x20AC;VFDO UHVSRQVLELOLW\ EHQFK PDUNV LQ WKH design and execution of projects that ought to positively and constructively impact on the living standards of Nigerians. This is where the interest of this piece lies.

The current president should holistically deliver XUJHQW IXQGLQJ OLIHOLQH VR WKH HQIRUFHPHQW RI Ă&#x20AC;VFDO discipline in the implementation of all governmentâ&#x20AC;&#x2122;s projects are enforced without let or hindrance.

To start with, the Fiscal Responsibility Commission needs to operate from its own facility because of the strategic and sensitive mandates that the enabling law clothed them with.

The Fiscal Responsibility Act of 2007 is all embracing and must be enforced holistically.

The Fiscal Responsibility Act 2001 known as 2007 ACT No. 31 is an act to provide for prudent management of the nationâ&#x20AC;&#x2122;s resources, ensure long-term macro-economic stability of the national economy, secure greater accountability DQG WUDQVSDUHQF\ LQ Ă&#x20AC;VFDO RSHUDWLRQV ZLWKLQ D PHGLXP WHUP Ă&#x20AC;VFDO SROLF\ IUDPHZRUN DQG WKH HVWDEOLVKPHQW RI WKH Ă&#x20AC;VFDO UHVSRQVLELOLW\ FRPPLVVLRQ to ensure the promotion and enforcement of the nationâ&#x20AC;&#x2122;s economic objectives; and for related matters enacted by the National Assembly of the Federal Republic of Nigeria: 6SHFLĂ&#x20AC;FDOO\ D UHDGLQJ IURP 3$57 , (VWDEOLVKPHQW Functions and Powers of the Fiscal Responsibility Commission states as follows: 1.

(1)There shall be established, a body to be known as the Fiscal Responsibility Commission (in this Act referred to as â&#x20AC;&#x153;the Commissionâ&#x20AC;?). (2) The Commission shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.2. (1) For the purpose of perform-

Buhari

ing its functions under this Act, the Commission shall have power to :(a) compel any person or government institution to disclose information relating to public revenues and expenditure; and(b) cause an investigation into whether any person has violated any provisions of this Act. (2) If the &RPPLVVLRQ LV VDWLVĂ&#x20AC;HG WKDW VXFK D SHUVRQ KDV FRPPLWWHG DQ\ SXQLVKDEOH RÍżHQFH XQGHU WKLV $FW violated any provisions of this Act, the Commission shall forward a report of the investigation to the Attorney-General of the Federation for possible prosecution.

3.(1)The Commission shall: (a) monitor and enforce the provisions of this Act and by so doing, promote the economic objectives contained in section 16 of the Constitution; (b) disseminate such standard practices including international good practice that will result in greater HÎ&#x20AC;FLHQF\ LQ WKH DOORFDWLRQ DQG PDQDJHPHQW RI public expenditure, revenue collection, debt control DQG WUDQVSDUHQF\ LQ Ă&#x20AC;VFDO PDWWHUV F XQGHUWDNH Ă&#x20AC;VFDO DQG Ă&#x20AC;QDQFLDO VWXGLHV DQDO\VLV and diagnosis and disseminate the result to the general public; (d) make rules for carrying out its, functions under this Act; and (e) perform any other function consistent with the promotion of the objectives of this Act. (2) The Commission shall be independent in performance of its functions.

7KH SURYLVLRQ RI 3XEOLF 2Î&#x20AC;FHUV 3URWHFWLRQ Act shall apply to the members of the Commission in discharge of their functions under this Act. 4.---(1)The Commission shall establish and maintain a Fund from which shall be defrayed all expenditure incurred by the Commission.

(2) There shall be credited to the Fund established pursuant to subsection (1) of this section, the budgetary allocation from the Federal Government and grants from any other source.

5.---(1) The Commission shall consist of: D D FKDLUPDQ ZKR VKDOO EH WKH &KLHI ([HFXWLYH DQG DFFRXQWLQJ RÎ&#x20AC;FHU RI WKH &RPPLVVLRQ (b) one member representing: (i) the organized private sector; (ii) Civil Society engaged in causes relating to probity, transparency and good governance, (iii) organized labor; (c) a representative of the Federal Ministry of Finance of a level not below the rank of a Director; and (d) one member to represent each of the following six geopolitical zones of the country, that is: North-Central, 1RUWK (DVW 1RUWK :HVW 6RXWK (DVW 6RXWK :HVW and South-South.

(2) All members of the Commission shall be persons of proven integrity and must possess DSSURSULDWH TXDOLĂ&#x20AC;FDWLRQV ZLWK QRW OHVV WKDQ \HDUV FRJQDWH SRVW TXDOLĂ&#x20AC;FDWLRQ H[SHULHQFH (3) The Chairman and other members of the &RPPLVVLRQ RWKHU WKDQ H[ RÎ&#x20AC;FLR PHPEHUV VKDOO EH DSSRLQWHG E\ WKH 3UHVLGHQW VXEMHFW WR FRQĂ&#x20AC;UPDWLRQ by the Senate.

(4) The Chairman and members representing the six geo-political zones shall be full time members.

6. The Chairman and members of the Commission VKDOO KROG RÎ&#x20AC;FH IRU D VLQJOH WHUP RI \HDUV 7. The Commission shall have power to: (a) formulate and provide general policy guidelines for the discharge of the functions of the Commission; (b) superintend the implementation of the policies of the Commission.

It was whilst I was watching president Buhari as he blames the elite for the widening poverty of millions of people that I remembered that if the )HGHUDO JRYHUQPHQW KDG HQVXUHG WKH HÍżHFWLYHQHVV of the Fiscal responsibility commission imbued with all the noble mandates, then by now Nigeria could not have slipped into the inglorious and notorious position as the worldâ&#x20AC;&#x2122;s poverty capital overtaking India.

Fortunately, a journalist with African Independent Television Dr. Amaechi Anakwue recently wrote D SDJH ERRN WLWOHG ´7KH SROLWLFV RI (FRQRPLF regulation in Nigeriaâ&#x20AC;?.

This writer exactly echoes the sentiments that such regulatory bodies in the economy need to be FRQVWDQWO\ DOORZHG WR EH Ă&#x20AC;QDQFLDOO\ DXWRQRPRXV He wrote: â&#x20AC;&#x153;Political considerations in their appointments rob the country of the much-needed quality manpower to drive regulatory activities in critical sectors of the nationâ&#x20AC;&#x2122;s economy. Party men and women exert all manner of pressure on the president to concede appointments to their cronies, thereby compromising standards and FRPSHWHQFH 6RPH &(2¡V RI UHJXODWRU\ DJHQFLHV in Nigeria are card-carrying members of political parties, mostly ruling parties. Some others that were not initially politicians begin to eye and do FRQWHVW IRU SROLWLFDO RÎ&#x20AC;FHV DW VRPH SRLQW LQ WKHLU tenure or completion of itâ&#x20AC;?. â&#x20AC;&#x153;Regulatory activities should be knowledge driven. Clear understanding of nuances, complexities, intricacies and nitty-gritty of the sector LV QRW RQO\ LPSHUDWLYH EXW PDQGDWRU\ IRU HÎ&#x20AC;FLHQW RSHUDWLRQ RI WKH VHFWRU (YHU\ UHJXODWHG LQGXVWU\ is dynamic. It is constantly transformational. So, even experienced and competent regulators may not be enough to tracend the sector and serve as a leviathan. A continuous update of knowledge base and better understanding of international best practices will help to seek the dialectical operating environment in checkâ&#x20AC;?. +H DÎ&#x20AC;UPHG WKDW ´,Q 1LJHULD H[HFXWLYHV¡ RUGHUV are also sometimes issued. On Friday may 19, 2017, Acting president Yemi Osibajo issued three executive orders. According to a Proshare Intelligent Investing publication, among the three orders in one of timely submission of annual Budgetary estimates by all statutory and non-statutory agencies, including companies owned by the federal government.

The order demand that all federal government agencies shall, before the end of July every year, cause to be prepared and submitted to the minister

RI Ă&#x20AC;QDQFH DQG PLQLVWHU RI EXGJHW DQG SODQQLQJ WKHLU annual budget estimates, which shall be derived from the estimates of revenue and expenditure as projected in their three-year schedule.

The order also notes that heads of agencies and FKLHI H[HFXWLYH RÎ&#x20AC;FHUV RI JRYHUQPHQW RZQHG companies shall take personal responsibility for any failure to comply with this order.

Anakwue argued that this is a clear usurpation of the powers and functions of the Fiscal Responsibility Commission. The act establishing the commission explicitly gave it the mandate to compel ministries, departments and agencies to do exactly what the executive order is craving to achieve.

He posited further: â&#x20AC;&#x153;As I stated earlier, the commission serves as regulators to ministries, agencies and parastatals, MDAâ&#x20AC;&#x2122;s, in that it endures and enforces prudent managements of the nationâ&#x20AC;&#x2122;s resources, long term macro-economic stability of the national economy, greater accountability and WUDQVSDUHQF\ LQ Ă&#x20AC;VFDO RSHUDWLRQV ZLWKLQ D PHGLXP WHUP Ă&#x20AC;VFDO SROLF\ IUDPHZRUN DQG SURPRWLRQV RI Nigeriaâ&#x20AC;&#x2122;s economic objectives.â&#x20AC;? â&#x20AC;&#x153;It was clearly stated in section 1, subsection (2) that the commission shall be independent in performance of its functions. Though appointed E\ SUHVLGHQW DQG FRQĂ&#x20AC;UPHG E\ VHQDWH LWV ERDUG enjoys full independence in carrying out its prescribed roles.â&#x20AC;? :LWK WKLV LQGHSHQGHQFH KH UHDÎ&#x20AC;UPHG WKH commission can, upon realisation that a public RÎ&#x20AC;FHU RU LQVWLWXWLRQ YLRODWHV WKH SURYLVLRQ RI Ă&#x20AC;VFDO responsibility act, forward a copy of its investigation to the Attorney General of the federation for possible prosecution.

The Fiscal Responsibility Act stipulates timeline for ministries, departments and agencies on the submission of their annual budgets. This is the same message that the acting presidentâ&#x20AC;&#x2122;s executive order conveys.

He then asked; Is it that the presidency is not aware of the provisions in the Fiscal Responsibility Act? Or is it that it acknowledges the failure of the Fiscal Responsibility Commission, the body responsible for the implementation of the Fiscal Responsibility act? Or perhaps, the executive order is meant to reinforce and complements the functions DQG UROHV RI WKH Ă&#x20AC;VFDO UHVSRQVLELOLW\ FRPPLVVLRQ" He said this, no doubt is another violation of the independence of a statutorily independent regulatory institution in Nigeria. Is it the failure of the regulatory institutions in living up to their responsibilities that provides the opportunity for the president to invade and violate their independence? Or is LW D FDOFXODWHG DQG FRQFHUWHG HÍżRUW WR XQGHUPLQH their operations for pecuniary reasons? +H UHPLQGV KLV UHDGHUV WKDW WKH Ă&#x20AC;YH \HDU WHQXUH RI WKH ERDUG RI Ă&#x20AC;VFDO UHVSRQVLELOLW\ FRPPLVVLRQ with Jubrin Yelwa as chairman expired in 2013.

The board provides guidelines for the operation of the commission besides being its highest decision-making organ. Up till May 2017, no new board had been put in place, thus nearly paralyzing its operations. The commission had remained a spectator as ministries, departments and agencies freely violate the provisions of the Ă&#x20AC;VFDO UHVSRQVLELOLW\ DFW â&#x20AC;&#x153;The MDAâ&#x20AC;&#x2122;s and government owned companies are supposed to remit their operating surplus to government treasury. Section 22, sub section 1 of WKH Ă&#x20AC;VFDO UHVSRQVLELOLW\ DFW GHPDQGV WKDW RI RSHUDWLQJ VXUSOXV RI WKH DJHQFLHV RU IRXU Ă&#x20AC;IWKV should be paid into the consolidated revenue IXQG ZKLOH RQH Ă&#x20AC;IWK RU VKRXOG EH UHWDLQHG as operational costs.â&#x20AC;?

This directives has been continually ignored. The Fiscal Responsibility Commission he lamented has been weak in enforcement. There is a widely-held belief that the refusal of government to reconstitute the board of the commission since 2013 and the perceived lack of cooperation and support from the government are part of a plot to render it LQHÍżHFWLYH $Q HÎ&#x20AC;FLHQW IXQFWLRQDO DQG SRZHUIXO )LVFDO Responsibility Commission would to a large extent, stop the diversion of government funds by revenue generating agencies and companies.

This has regrettably remained a conduit pipe for slush funds, Dr Anakwue concluded(â&#x20AC;&#x153;The Politics RI (FRQRPLF 5HJXODWLRQ LQ 1LJHULDÂľ E\ $PDHFKL Anakwue).

I appeal to President Buhariâ&#x20AC;&#x2122;s administration to KDOW WKH LQFUHGLEOH QHJOHFW RI WKH Ă&#x20AC;VFDO UHVSRQVLELOLW\ FRPPLVVLRQ LI ZH DLP WR HQWKURQH Ă&#x20AC;VFDO GLVFLSOLQH in the spending of tax payers money. â&#x20AC;˘ Onwubiko heads the Human Rights Writers Association of Nigeria

T H I S D AY â&#x20AC;˘ WEDNESDAY MAY 22, 2019

31

BUSINESSWORLD

INTERVIEW

Igeleke: Businesses Must Be Innovative to Survive Head of Business Intelligence, Corridor Communication, Integrated ,QVWLWXWH RI 3URIHVVLRQDO 0DQDJHPHQW ,,30 0RUROD\R ,JHOHNH VSHDNV about the objectives of the organisation and its contributions to the economy. Ugo Aliogo brings the excerpts:

W

hy was the IIPM established?

Integrated Institute of Professional Management (IIPM) was established to improve the degrading quality of human capital in Africa. It is solely aimed at building, integrating and repositioning capacities for sustainable growth and development in Africa What are the key issues that the institute set out to achieve?

7KH NH\ LVVXHV ZH DUH DGGUHVVLQJ DUH KLJK performance human capital development to meet overarching human capital needs of both private and public sector. We have lots of graduates in Nigeria, but we donâ&#x20AC;&#x2122;t have properly trained graduates WKDW FDQ DGG UHDO YDOXH WR RUJDQLVDWLRQV DQG PDNH positive impact in their environments. We are here to meet that need. Furthermore, IIPM is also focused in helping individuals, teams and organisations EXLOG KLJK SHUIRUPDQFH VNLOOV LQ PDQDJHPHQW leadership, entrepreneurship and business. We are all about improving performance, as Brian Tracy said: â&#x20AC;&#x153;The true measure of the value of any business leader and manager is performance.â&#x20AC;?

Excellence in business is gradually dwindling in the Nigerian context. The economic pressures have made companies shift from innovation to FRPSODLQ 7R GULYH H[FHOOHQFH LQQRYDWLRQ LV NH\ %XVLQHVV OHDGHUV PXVW OHDUQ WR UHWKLQN WKHLU FRUSRUDWH vision and mission, customer needs, operations +5 PDUNHWLQJ DQG RWKHUV 1RZ EXVLQHVV OHDGHUV donâ&#x20AC;&#x2122;t need to cut on price and quality to become PDUNHW GRPLQDQW 7KH\ MXVW QHHG WR EH LQQRYDWLYH These brings to mind what happened in Japan a FRXSOH RI \HDUV DJR WKHUH ZDV DQ HDUWKTXDNH LQ 2011 alongside economic slump which led to the death of, many Japanese companies, however a few of them survived and these are what they did to survive. The companies have narrowed their strategic scope by concentrating on a few SURGXFW PDUNHWV LQ DUHDV ZKHUH WKH Ă&#x20AC;UP KDG extreme strength. Companies have also scrapped their conveyor belts and replaced with small cells of six, instead of thirty in the old system which dropped their cost of man power and inventory by over 20 percent.

Also, these companies refocused its attentions to more research and developments to bring out

Can you talk give an insight PRUH UHOHYDQW SURGXFWV WKDW WKH FXVWRPHUV OLNHG Awareness campaigns were stepped up, especially into activities lined up for your WR WKH LQWHUQDWLRQDO PDUNHWV ZKHUH WKHUH ZDV QR forthcoming seminar?

7KH VHPLQDU LV NQRZQ DV EXVLQHVV recession. There is need for companies in Nigeria have got to innovate and redesign in such ways. in excellence summit. The seminar LV D VWUDWHJLF EXVLQHVV ZRUNVKRS ,W What can businesses do to imbibe the culture will focus on increasing business VDOHV DQG UHYHQXH PRWLYDWH VWDÍż of the leadership and excellence? &RPSDQLHV PXVW LPELEH D FXOWXUH RI HÍżHFWLYH for greater performance, create OHDGHUVKLS DQG H[FHOOHQFH WRS PDQDJHPHQW PXVW VWUDWHJLF FROODERUDWLRQV WKDW ZRUNV identify and understand that the future and teach business managers on how VXVWDLQDELOLW\ RI DQ\ Ă&#x20AC;UP LV EDVHG RQ HÍżHFWLYH to win the heart of their clients leadership and excellence. Also, top management through innovation, create PXVW Ă&#x20AC;UVW EH WKH H[DPSOHV WKH\ ZDQW WR VHH LQ a mover products/service, both the middle and low management cadre. GRPLQDWH \RXU PDUNHW DQG Furthermore, there must be in place a system others.

RI HÍżHFWLYH OHDGHUVKLS DQG H[FHOOHQFH 0RUHRYHU organisations must imbibe the culture of continuous improvement for excellence to prevail. There is need for continuous investments in their human capital through continuous learning through training, ZRUNVKRSV DQG FRQIHUHQFH DQG RWKHUV 7KHUH LV DOVR QHHG IRU FRQWLQXRXV FRPPXQLFDWLRQ LV NH\ WR HÍżHFWLYH OHDGHUVKLS DQG H[FHOOHQFH What are the challenges facing the businesses/ corporate organisations in the attaining the culture of leadership and excellence?

The major challenge is with the top management in most cases, since they are the highest level of GHFLVLRQ PDNHUV LQ WKH RUJDQLVDWLRQ $OVR PRVW organisations feel continuous investment in quality improvement and capacity is a waste. When the top management live outside the corporate rules, obviously you donâ&#x20AC;&#x2122;t expect corporate excellence.

The primary issues organisations are facing today is negligence.

What does excellence for sustainability stands for and how can it drive businesses?

Excellence can be short-changed if the leadership becomes deviant. Excellence for sustainability entails organisations having to be excellent all through their existence. To achieve this, organisations need to have excellent succession plan Even though Apples founder (Steve Jobs) died, the company has still continued strong strategic integrations and collaboration, training mentoring and coaching plans, continuous improvement plans to customer meet and exceed customer expectations and needs thereby driving customer satisfaction retainership and loyalty.

Igeleke

Advancing Business of Climate Change in Nigeria Tonbofa Ashimi

of their people. Meeting climate change goals is regarded as an expensive project that remains he International Finance Corpora- urgent only in the minds of world â&#x20AC;&#x153;do goodersâ&#x20AC;?. tion â&#x20AC;&#x153;IFCâ&#x20AC;? in its Report- â&#x20AC;&#x153;Climate This state of mind is however changing and Investment Opportunities in Cities, $IULFDQ *RYHUQPHQWV PXVW FKDQJH WKHLU WKLQNLQJ An IFC Analysisâ&#x20AC;? â&#x20AC;&#x153;the Reportâ&#x20AC;? The IFC Report shows that climate change is predicts investment potential of D SURĂ&#x20AC;WDEOH LQYHVWPHQW RSSRUWXQLWLHV WKDW FDQ USD$3.2 Trillion in African cities, IDVW WUDFN WKH GHYHORSPHQW $IULFDQ QDWLRQV VHHN African businesses are embracing building (with USD$1.5 Trillion of this sum available in sub-Saharan Africa) for these cities to become UHVLOLHQW FLWLHV IRU SURĂ&#x20AC;W SXUSRVH ,QYHVWPHQW climate change resilient and limit global warm- in renewable energy is clearly one of the most ing as pledged by their national Governments accepted business green investment opportunities. in acceding to the Paris Agreement by 2030. 7KLV LV EHFDXVH LQWHUQDWLRQDO Ă&#x20AC;QDQFH ´ELJ ZLJVÂľ 7KH 5HSRUW LGHQWLĂ&#x20AC;HG NH\ LQYHVWPHQW DUHDV DV have deliberately decided to provide low cost including green buildings, public transportation, Ă&#x20AC;QDQFLQJ WR JUHHQ HQHUJ\ SURMHFWV 0RQH\ LV renewable energy, electric cars. The sources of thus pushing the goals of climate change more WKHVH Ă&#x20AC;QDQFLQJ LQFOXGH GHEW LQVWUXPHQWV IXQGV HÍżHFWLYHO\ WKDQ WKH UKHWRULF RI PRUDO VXDVLRQ from development institutions, equity funds, of the past few years. African businesses alone FDQQRW HQVXUH WKDW DOO $IULFDQ FLWLHV EHQHĂ&#x20AC;W IURP public-private partnerships.

Most African Governments, including Nigeria, WKH Ă&#x20AC;QDQFLDO RSSRUWXQLWLHV DYDLODEOH LQ FOLPDWH have signed the Paris Agreement and indicated change. African governments need to champion their plans to achieve compliance. Having regard the use of green, carbon reduction materials to the huge development needs in Africa, many LQ WKHLU SURMHFWV WR HQVXUH WKHLU QDWLRQV EHQHĂ&#x20AC;W African Governments regard climate change Ă&#x20AC;QDQFLDOO\ DQG HQYLURQPHQWDOO\ IURP PRQLHV goals as secondary to the development needs geared towards climate change.

T

The Nigerian Government is about to commence a new tenure at the Federal and most of the State levels. In reaching their development plans, they must include plans to ensure carbon reduction, especially amongst low-income areas in their cities. Since the world is experiencing how money- through availability, ZDLYHUV LQFHQWLYHV Ă&#x20AC;QHV KDV EHHQ HÍżHFWLYH LQ achieving carbon reduction goals, the Nigerian *RYHUQPHQW Ă&#x20AC;QDQFLDO LQVWLWXWLRQV DW )HGHUDO and State levels should implement a general Federal or State Government strategy using WKHVH Ă&#x20AC;QDQFH WRROV )RU H[DPSOH LQ ORZ KRXVLQJ developments, contractors should be required to build green buildings to win government contracts, development agencies and partners VKRXOG HQVXUH DOO QRQ SURĂ&#x20AC;W SURMHFWV XWLOL]H JUHHQ products, public-private partnerships should be structured in transportation (for example) to meet carbon goals and EHQHĂ&#x20AC;W IURP JRYHUQPHQW DJHQF\ JXDUDQWHHV JRYHUQPHQW LQGXVWU\ SURPRWLRQ EDQNV VKRXOG RÍżHU Ă&#x20AC;QDQFH LQFHQWLYHV WR SURMHFWV WKDW PHHW FDUERQ UHGXFWLRQ JRDOV DQG Ă&#x20AC;QDQFLDO LQFOXVLRQ strategies should embrace carbon reduction goals

in implementing their inclusion objectives.

The IFC Report stated that rating agencies have indicated plans to include cities resilience to climate issues as part of their indices in rating cities. Where African Governments ensure carbon reduction goals drive their operations, it would be easier for SULYDWH EXVLQHVVHV WR DFFHVV DYDLODEOH Ă&#x20AC;QDQFLQJ as private issuers in climate resilient cities may get higher ratings than issuers in non resilient cities. Most importantly however is the question of what development really means to African Governments. If the essence of development is WR GHYHORS FLWL]HQV¡ OLYHV DQG WKH KLVWRU\ RI RWKHU QDWLRQV KDV FRQĂ&#x20AC;UPHG WKDW \RX NLOO OLYHV ZKHQ you use resources without regard to carbon, ZK\ VKRXOG ZH HPXODWH WKH PLVWDNHV RI WKHVH other nations? Should we not learn from the errors of other nations in developing our lands?

If African Governments are going to develop, they might as well develop healthy, alongside WKH UHVW RI WKH ZRUOG DQG WDNH DGYDQWDJH RI WKH ZRUOG¡V ´JUHHQÂľ Ă&#x20AC;QDQFLDO DVVLVWDQFH â&#x20AC;˘ Ashimi is a Managing Partner at Edward Ekiyor & Co.

32

T H I S D AY Ëž Í°Í°Ë&#x153; Ͱ͎ͯ͡

EDUCATION LASUâ&#x20AC;&#x2122;s Best Graduands: We Succeeded through Hard Work, Determination Having emerged the overall best graduating students at the just concluded 23rd convocation ceremony of the Lagos State University (LASU) with a Cumulative Grade Point Average of 4.88, the duo of Ridwan Ola-Gbadamosi of the Faculty of Engineering and Nneka Enumah of the Faculty of Science attributed their achievement to hard work, focus, inquisitiveness and sheer determination. Funmi Ogundare reports

I

t was celebration all the way recently at the 23rd convocation ceremony of Lagos State University (LASU), as Mr. Ridwan Ola-Gbadamosi, 22, of the Faculty of Engineering and Miss Nneka Enumah, 23, of the Faculty of Science, were called to the podium to receive their prizes for emerging the overall best graduating students with a CGPA of 4.88.

The duo were among the 57 graduands that bagged first class out of a total of 14,369 students that graduated from the institution and rewarded for their efforts, brilliance and outstanding performance in their various disciplines.

They received a cash prize of N500,000 from the wife of the Lagos State Governor, Mrs. Bolanle Ambode, among other school and alumni prizes.

They recounted how they were able to succeed and win the hearts of many through zest, passion, inquisitiveness and sheer determination.

In his valedictory speech, Gbadamosi, whose mother died when he was only 12 years old, said he had to assist his father financially by investing the cash prize he received at the Federal Government College, Ijanikin, where he finished as the best graduating student. â&#x20AC;&#x153;My story is that of zest, passion, inquisitiveness and sheer determination.

It typifies passion for success, a recipe in every degree award recipient in this hall that I have been chosen to represent today. Paying the tuition fee of N284,750 as LASU Engineering students as at 2013 was a big task mindful of the fact that two of my younger siblings were getting ready for tertiary education and my dedicated father had the onerous responsibility to shoulder all of the financial demands from all of us. â&#x20AC;&#x153;Eventually, my father was able to pay the full tuition, while I had to take charge of other associated expenses. In order to assist him financially, I decided to invest the cash prize I received at my secondary school speech and prize- giving day in the production of 150 broilers, which I successfully raised from day old chicks till maturity during the 2013 ASUU strike. â&#x20AC;&#x153;I remember using bandage to wrap their broken legs and a sipping straw to administer drugs on one of the birds not because I cared about the health, but because I was desperate about making the desired profit. The return on the investment was used to cater for my personal and academic needs,â&#x20AC;? he said.

Gbadamosi, who is also a recipient of Nigerian Liquefied Natural Gas, MTN Foundation and federal government scholarships and other grants, appealed to the government to provide continuous funding to ensure that workshops and laboratories in tertiary institutions in the country measure up in standard to what obtains in advanced climes. â&#x20AC;&#x153;Engineering is my profession and because I love the profession passionately, I also implore the government to provide funds to support studentsâ&#x20AC;&#x2122; industrial and technical visits on a weekly basis while also creating an environment that would attract more of foreign investors and collaborators in the field of engineering. This would ensure that the country has the right manpower to drive its industries and in the long run improve the gross domestic product capacity of the country, while reducing unemployment simultaneously.

The Vice-Chancellor, Lagos State University (LASU), Professor Olanrewaju Fagbohun (middle), ďŹ&#x201A;anked by the best graduating students, Mr. Ridwan Ola-Gbadamosi and Miss Nneka Enumah, during the 23rd convocation ceremony of the institutionâ&#x20AC;Ś recently â&#x20AC;&#x153;Equally, Nigeria will experience youthsâ&#x20AC;&#x2122; application of information and other technological means to solve humanity problems rather than using existing ones for cyber bullying and other crimes,â&#x20AC;? he said.

On her part, Enumah, the second of a family of four, expressed excitement about her success, saying that though from a poor background and being in the Faculty of Science does not come easy, but with focus, hard work and consistency, one

My father was able to pay the full tuition, while I had to take charge of other associated expenses.

In order to assist him ďŹ nancially, I decided to invest the cash prize I received at my secondary school speech and prize-giving day in the production of 150 broilers, which I successfully raised from day old chicks till maturity during the 2013 ASUU strike

would achieve oneâ&#x20AC;&#x2122;s aims. â&#x20AC;&#x153;Being in the Faculty of Sciences is not an easy thing, you have to study hard because the lecturers will really task you and set limit such that you will feel such limits are not attainable except you put in your best. For me, it is about consistency and focus, with that, you can meet your targets.â&#x20AC;?

On her challenges while in school, she said â&#x20AC;&#x153;I had the challenge of finance, I come from a humble background so it wasnâ&#x20AC;&#x2122;t easy for me. I had no boyfriend in school because I was able to drive them away by studying.â&#x20AC;?

Enumah, who has her eyes on academics, said â&#x20AC;&#x153;I will like to get a masterâ&#x20AC;&#x2122;s degree in a top notch institution and a doctorate degree in Mathematics.â&#x20AC;?

In his remarks, the Vice-Chancellor, Professor Olanrewaju Fagbohun, who expressed excitement about the achievement of the graduands, said: â&#x20AC;&#x153;Our worthy graduands, today is about you all. It is to celebrate your achievement. We are very proud of you. I join the visitor of our university, Mr. Akinwunmi Ambode, Chancellor and the Pro-Chancellor in congratulating you all. â&#x20AC;&#x153;The world without doubt has become more competitive, but you have also been equipped to meet the challenges ahead.

Do not exercise self-doubt. It shall be well with you.â&#x20AC;?

Governor Akinwunmi Ambode advised the students not to be daunted by societal challenges, but to go out and make a positive difference, saying, â&#x20AC;&#x153;the world out there is highly competitive and you will face challenges. This institution has equipped you to surmount those challenges and I pray you surmount them. The university looks up to you, your family looks up to you. Do not disappoint them. Go out there and make us proud.â&#x20AC;?

Also speaking, the Chancellor, Justice George Oguntade said: â&#x20AC;&#x153;The future belongs to the creative, smart and intelligent. Op-

portunities abound in all spheres of the economy, it is therefore up to you to look inward and create your own blue sea, as Nigeria is going through transformational period. Be the light to darkness and path to greatness of our nation by contributing your quota to the development of LASU, inspire hope and love and be involved in taking it to greater heights.â&#x20AC;?

In his convocation lecture at the two-day event, the Vice-President, Professor Yemi Osinbajo stressed the need for the country to redesign its education curriculum so as to boost schemes that are scheduled to drive the visions at large, adding that science and technology will boost skills if introduced into the university curriculum.

In his paper titled, â&#x20AC;&#x2DC;Towards Achieving a Working Robotics as a Veritable Tool for Developmentâ&#x20AC;&#x2122;, Osinbajo said Africa must form research innovation by collaborating with various faculties. â&#x20AC;&#x153;Competent education must assist in increasing earnings, reduce issues of poverty and GDP will be 70 per cent reduced if properly managed and emulated. A nation that does not educate its citizenry is not assisting its development hence its sustainable developmental goals will be at risk.â&#x20AC;?

The vice-president, who also harped on quality teaching in institutions, boosting the confidence of teachers and ensuring a conducive learning environment, said these would go a long way for the functionality and workability of STEM education.

He stated that research and knowledge production are mainly the required skills by Africa Centre of Excellence (ACE), adding that they must be by nature extended to the faculties and students. â&#x20AC;&#x153;African Centre of Excellence programmes sponsored by World Bank focused majorly on Engineering, Science and development.

Designated centres for the programme include UNILAG, OAU and a host of other institutions in Nigeria and Africa. They are primarily meant for research collaboration.â&#x20AC;?

33

T H I S D AY Ëž Í°Í°Ë&#x153; Ͱ͎ͯ͡

EDUCATION

Meadow Hall Foundation Rewards Six Inspirational Teachers with N5.2m The Meadow Hall Foundation (MHF), a non-governmental organisation, which partners with individuals, public and private organisations to implement sustainable initiatives, projects and programmes that support teachers, students, schools, and communities, has rewarded three school leaders and three teachers who have been sources of inspiration to students.

They were rewarded during the third edition of its Inspirational Educator Awards (INSEA) and Education Convention held in Lagos recently with the theme â&#x20AC;&#x2DC;Accelerating National Development through Educationâ&#x20AC;&#x2122;.

The INSEA is a merit-based annual award aimed at elevating the teaching profession and motivating teachers and school leaders to continue to strive for excellence in their profession.

The award is open to teachers in Nigeria who teach in public or private schools (primary or secondary) and participation is free. The award is in two categories: The Inspirational School Leader of the Year Award and The Inspirational Teacher of the Year Award. The winners were selected based on pre-defined criteria and were rewarded for their commitment and passion.

According to the Head of MHF, Mr. Omotola Oni, â&#x20AC;&#x153;in selecting the INSEA winners, the foundation put out a call for nominations for the Teacher of the Year and School Leader of the Year categories; nominees filled out a comprehensive form, detailing their qualifications, experience, inspirational stories, and personal initiatives carried

out that stands them apart; the shortlisted candidates from this stage were invited for an interview with carefully selected judges across various industries in order to determine the winners and runners-up.â&#x20AC;?

Cash awards were presented to the six winners as follows: N1,250,000 each to Mrs. Akinbami Adebola and Mrs. Charity Tony-Ubah, winners of the Inspirational School Leader of the year; N500,000 to Mr. Tajudeen Ayofe Amusan as the runner-up of the Inspirational School Leader of the year.

Also, N850,000 each went to Mr. Soji Megbowon and Mr. Lanre Oguntoye as winners of the Inspirational Teacher of the year; and N500,000 to Mr. Olusegun Michael Adeniyi as the runner-up of the Inspirational Teacher of the year.

The founder, Meadow Hall Foundation, Mrs. Kehinde Nwani said: â&#x20AC;&#x153;The vision of MHF is to improve the educational outcomes of the Nigerian child through enhancing teaching quality, changing mind sets about teaching and advocating for the teaching profession.â&#x20AC;? She said the foundation has rewarded 13 inspirational teachers and school leaders with N13 million from 2017 till date through the INSEA. Speaking at the education convention, Nwani said: â&#x20AC;&#x153;In todayâ&#x20AC;&#x2122;s knowledge-driven economy, education plays a pivotal role in national development.

Substantial investment in human capital is a key component of socioeconomic development.

Education enriches peopleâ&#x20AC;&#x2122;s understanding of themselves and

L-R: The Head, Meadow Hall Foundation, Mr. Omotola Oni; member, Advisory Board, Meadow Hall Group, Prof. Yetunde Ajibade; the Registrar, Teachers Registration Council of Nigeria (TRCN), Prof. Josiah Ajiboye; the founder, Meadow Hall Foundation, Mrs. Kehinde Nwani, at the Meadow Hall Foundation Education Convention and Inspirational Educator Awards (INSEA) 2019 in Lagosâ&#x20AC;Ś recently world. It improves the quality of their lives and leads to broad social benefits to individuals and society. â&#x20AC;&#x153;Education raises peopleâ&#x20AC;&#x2122;s productivity and creativity and promotes entrepreneurship and technological advances. In addition, it plays a very crucial role in securing economic and social progress and improving income distribution. Studies show that no country has achieved constant economic development without considerable investment in human capital.â&#x20AC;?

The keynote speaker, Prof.

Josiah Ajiboye, Registrar Teachers Registration Council of Nigeria (TRCN) said: â&#x20AC;&#x153;I am very glad Meadow Hall is also involved in education. It is very clear to me that government alone cannot fund education. Private participation in education; it is real and it has come to stay. The only thing you need is the rules and regulations to guide private participation.â&#x20AC;?

He added that education is an accepted veritable instrument for national development hence the saying that â&#x20AC;&#x153;no society can develop beyond its educational

system. â&#x20AC;&#x153;The quality of a nation depends upon the quality of its citizens, the quality of its citizens depends not exclusively but in a crucial measure upon the quality of education and the quality of education depends more than upon any single factor upon the quality of their teachers and the quality of the teacher depends mainly upon the quality of policy thrust guiding the operations of the teacher which is provided by professional regulatory authority such as TRCN controlling and providing benchmarks

for standard of operations. It is in this context that national development all over the world is viewed from the lens of education which is pivoted by accurate policy provided by professional authority in the field.â&#x20AC;?

MHFâ&#x20AC;&#x2122;s education convention provides an opportunity for teachers, school leaders, school owners, parents, government officials, policy-makers and other stakeholders to gain fresh perspectives on pertinent educational issues from their interactions with teachers and educational experts.

11th TOSSE to Reinvigorate, IIDA: Indomie Commences Search for Heroic Children deserving Nigerian children. editions producing a total of 39 categories: physical, social and Empower Educators with New Uchechukwu Nnaike He stated that the major winners who were rewarded intellectual bravery categories.

Solutions Dufil Prima Foods Plc, makers objective of the award is to extol with scholarship prizes worth â&#x20AC;&#x153;The physical bravery category Ogechukwu Obi The 11th edition of the Total School Support Seminar and Exhibition (TOSSE) will hold on June 6 and 7, 2019 in Lagos with the theme â&#x20AC;&#x2DC;The Future of Education in Africaâ&#x20AC;&#x2122;. The annual education conference and exhibition, organised by Edumark Consult aims to connect all stakeholders in the world of education to provide diverse solutions, products and services from various professionals and service providers.

Speaking on the uniqueness of this yearâ&#x20AC;&#x2122;s edition, the Managing Director of Edumark Consult, Mrs. Yinka Ogunde said it has been specially packaged with some invigorating programmes that will help participants get a grip on the latest development and events in the education sector. â&#x20AC;&#x153;It will equip you with practical skills and ideas to grow yourself and make a great impact in the growth of your institution.â&#x20AC;? â&#x20AC;&#x153;TOSSE brings together stakeholders in the education sector (school owners, administrators, teachers, students, parents, government agencies and other actors in the education industry) to discuss issues on school management, 21st century teaching skills, leadership skills, parenting and equip participants with trainings that will aid smooth

transformation and rejuvenate our education system,â&#x20AC;? she said.

On some of the new programmes this year, Ogunde said there will be 20 free seminars for teachers in addition to legal aid where attendees will be provided with free advisory services, business clinic, arts and crafts village, leadership/ personal growth seminar, among others. According to her, seasoned professionals have also confirmed their attendance to speak on different seminar topics. â&#x20AC;&#x153;Our keynote speaker at the opening ceremony is the Country Director of Google, Mrs. Juliet Ehimuan. The Executive Director, Corona Schools, Mrs. Adeyoyin Adesina will be speaking on â&#x20AC;&#x2DC;Effective School Administrationâ&#x20AC;&#x2122; at the TOSSE Business Clinic scheduled for June 6 and many other programmes that have been line up for the two-day event.

She added that the impact of TOSEE on the countryâ&#x20AC;&#x2122;s education sector in the past 10 years has been tremendous. â&#x20AC;&#x153;It has provided schools the opportunity to expose their staff to global practices right here in Nigeria. This year, we are also trying to involve head teachers and principals in public schools. We are trying to ensure we get individuals that will sponsor them to the TOSSE leadership seminar.â&#x20AC;?

of Indomie Noodles has announced the commencement of the 12th edition of its corporate social responsibility initiative tagged Indomie Independence Day Award for Heroes of Nigeria (IIDA).

The award is aimed at recognising children that have have against all odds, exhibited extraordinary acts of bravery and determination in the face of danger and societal challenges.

Briefing journalists in Lagos to kick-start the search exercise for the next set of heroes, the Chief Operating Officer, Dufil Prima Foods Plc, Mr. Girish Sharma said the declaration heralds the commencement of the field search and call for entry for the award for

the exemplary accomplishments of children who have against all odds exhibited extraordinary acts of bravery, by identifying, recognising and celebrating them publicly.

Sharma also announced the companyâ&#x20AC;&#x2122;s readiness to invest more in the initiative as it is also one of the ways to invest in the Nigerian child. â&#x20AC;&#x153;We strongly believe in this initiative. This is one of the ways we sow into the future of Nigeria because when you support the Nigerian child, you are invariably investing in the future of the country. â&#x20AC;&#x153;Indomie Independence Day Award for Heroes of Nigeria has so far recorded huge successes in the last 11

several millions of naira. This has impacted the lives of the awardees positively and we intend to scale further this edition.â&#x20AC;?

Also speaking, the Group Public Relations and Events Manager, Mr. Tope Ashiwaju stated that the last 11 editions of the award have been tremendous as they attracted commendations to the brand and the company by well-meaning individuals, captains of industries and corporate organisations. â&#x20AC;&#x153;We are therefore encouraged to intensify our efforts towards a better and more impactful event.â&#x20AC;?

Ashiwaju stated that the award is divided into three

will acknowledge children who at great personal risk, saved lives or by their actions, prevented extensive damage to property or others. â&#x20AC;&#x153;Social bravery category will celebrate kids who work against social evils such as child marriage, illiteracy and environmental concerns in a sustained manner; while the intellectual bravery category will recognise children with innate ability that have performed remarkably despite physical, mental, emotional or financial limitations. â&#x20AC;&#x153;As a national event, the award is expected to draw participants from all the six geo-political zones in the country in October,â&#x20AC;? he said.

Pension Firm Takes Financial Literacy to UNIABUJA Students Kuni Tyessi in Abuja Pensions Alliance Limited (PAL) has engaged students of the University of Abuja in financial literacy campaign project called NEXTU and this is expected to educate them on career choices, how to manage resources and invest wisely with small funds.

They were joined by popular music star, Ice Prince, Laura Ikeji-Kanu, Vincent Egbe, Tomi Balogun and Mark Essien in educating the students on financial literacy, entrepreneurship, new media, entertainment

and life choices.

In a statement by its Head, Brand Management and Corporate Communications, Sunmisola Mark-Okoma, the organisation said the NEXTU project is aimed at guiding young people through career choices and financial literacy.

According to the statement, PAL has already added the project to the University of Lagos, University of Benin, University of Port-Harcourt, Ahmadu Bello University, Obafemi Awolowo University and University of Nigeria,

Nsukka.

It said that Ikeji-Kanu, Egbe, Balogun and Essien gave the students tips on how to be successful in their career and business, manage funds and invest wisely with small funds.

The statement reads: â&#x20AC;&#x153;NEXTU is the corporate social responsibility (CSR) initiative of PAL focused on providing knowledge and guidance for unleashing the potential of young people on career, finances, entrepreneurship/ tech, new media, entertainment and life choices.

â&#x20AC;&#x153;PAL pensions is always interested in ways to impact the society positively. This is why we started the NEXTU project, a project that aims at guiding young people through career choices and financial literacy.â&#x20AC;?

The statement added: â&#x20AC;&#x153;Basically, we are telling them that PAL pensions would provide them with the support they need to become whom they want to become. University of Abuja is the second of three schools we would be adding to the network this year.

T H I S D AY Ëž Í°Í°Ë&#x153; Ͱ͎ͯ͡

34

NB Targets More Teachers, as Maltina Teacher of the Year Kicks off Uchechukwu Nnaike Nigerian Breweries Plc has announced plans to reward more teachers under the Maltina Teacher of the Year initiative with the introduction of the consumer engagement online contest tagged â&#x20AC;&#x2DC;That one teacherâ&#x20AC;&#x2122;.

The contest will allow members of the public to nominate a teacher that has made notable impact in their lives; the nominated teacher will be rewarded depending on the number of likes the post generates.

Speaking at the launch of this yearâ&#x20AC;&#x2122;s edition of the Maltina Teacher of the Year in Lagos, the Corporate Affairs Director, Nigerian Breweries Plc, Mrs. Sade Morgan said the award is one of the initiatives through which the company contributes to the development of education in the country, in line with its corporate philosophy of â&#x20AC;&#x2DC;Winning with Nigeriaâ&#x20AC;&#x2122;.

She explained that Maltina Teacher of the Year is an offshoot of the Nigerian Breweries-Felix Ohiwerei Education Trust Fund, adding that the trust fund, which was established by the

company in 1994 to facilitate its active contribution to the development of the countryâ&#x20AC;&#x2122;s education sector, is in line with the United Nations Sustainable Development Goal (SDG) four.

Morgan stated that the 2019 edition is symbolic because it is the fifth edition and the company has added a new twist to the project with the introduction of â&#x20AC;&#x2DC;That one teacherâ&#x20AC;&#x2122; contest. â&#x20AC;&#x153;Maltina Teacher of the Year is one initiative that is very close to the hearts of our vibrant and dynamic management team who are passionate about education. Through this initiative we have been able to rewrite history by changing the age long narrative that the reward of teachers is in heaven by ensuring that they receive deserved recognition while still in active service.â&#x20AC;?

She announced that entries for this yearâ&#x20AC;&#x2122;s edition opened on May 16, 2019 and will close on July 12, 2019, adding that interested teachers could download application forms from the Maltina website - http://www. maltina-nigeria.com/maltinateacher-of-the-year.html or pick up a form at their respective

states Ministry of Education and Nigeria Union of Teacher (NUT) office nationwide.

She said all applicants should complete their forms and upload to the website or send them by email to maltinateacheroftheyear@heineken.com.

According to her, the winner will receive a total cash prize of N6.5 million and a capacity training abroad, while a block of classrooms will be built at the school where he/ she teaches. She added that the first runner-up and the second runner-up will get a cash prize of N1 million and N750,000 respectively while state champions will receive N500,000 each.

In her remarks, the Director, Basic and Secondary Education, Federal Ministry of Education, Dr. Lami Amodu said the federal government acknowledges the role of Nigerian Breweries in celebrating the impact and contributions of teachers through the initiative, adding that this would serve as an encouragement for them to aspire to greater height.

On his part, the Secretary General, NUT, Dr. Mike Ene commended the company

for bringing teachers across the country to limelight. He further pledged the support of the union and charged teachers nationwide to participate and ensure that they enter for the initiative.

In his remarks, the President, All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), Anselm Izuagie thanked the management of Nigerian Breweries for creating a platform that not only celebrates teachers but also provides reward for their efforts. â&#x20AC;&#x153;We are happy that Nigerian Breweries Plc has transformed the lives of several teachers with this initiative over the past five years.â&#x20AC;?

Sharing his experience, the 2018 winner, Olasunkanmi Opeifa also thanked the company for contributing to the education sector through the Maltina Teacher of the Year award.

He stated that the initiative remains the most inclusive of the teacher prize in the world, adding that it is the only initiative that rewards teachers in significant sum and has helped to deepen his interest in teaching.

KEHINDE OMORU www.kayomoru.com

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Mrs Kehinde Omoru writes from the UK

L-R: The CEO, Automedics, Kunle Shonaike; graduand, MechTech 2.0, Halimat Adeyemi; CEO, Enyo Retail and Supply, Abayomi Awobokun; the ďŹ rst prize winner, MechTech 2.0, Ayeni Akinyemi; and Chairman, MOMTAN, Alhaji Moruf Arowolo, at the graduation ceremony of MechTech 2.0 students powered by Enyo, in Lagosâ&#x20AC;Ś recently PHOTO: ETOP UKUTT

AAU Executes 33 Projects through TETFund, Needs Assessment, Others

Ekweremaduâ&#x20AC;&#x2122;s Foundation Awards Scholarship, Bursary to Enugu Students

Adibe Emenyonu in Benin City

Christopher Isiguzo and Gideon Arinze in Enugu A total of 300 undergraduates from Enugu State in various universities, monotechnics and polytechnics across the country and 19 undergraduates from the 17 local government areas in the state have benefitted from scholarships and bursary awarded by Ikeoha, a foundation owned by the Deputy Senate President, Ike Ekweremadu.

While 300 of the students received 50,000 bursary each, 19 students got 400,000 each to fully fund their education from first to final year.

Speaking during the award ceremony in Enugu, Ekwer-

emadu said the establishment of the foundation was a little way of putting smiles on the faces of citizens and giving back to the community. â&#x20AC;&#x153;It is true that we are in difficult times, but we shall continue to make determined efforts to better the lives of our people.â&#x20AC;?

He stated that the foundation intends to take its activities to the next level by extending its hand of fellowship to the entire region, the country and Africa at large, adding that another batch of 80 students will also receive 50,000 bursary from the foundation.

Also speaking during the event, Governor Ifeanyi Ugwuanyi said Ekweremadu has

yet again shown his readiness to give back to the community that chose him to represent it. â&#x20AC;&#x153;Goodwill is the greatest asset and what Ekweremadu has done here today is a perfect example of that. Education is necessary and that is why what we are doing here today is very important,â&#x20AC;? he said.

The governor urged beneficiaries of the bursary and scholarship to make good use of the funds in their pursuit of academic excellence and also extend the same hand of fellowship when it comes to their turn.

In her remarks, the Executive Director, Ikeoha Foundation, Cindy Ezeugwu said the event is in line with Ekweremaduâ&#x20AC;&#x2122;s

vision of philanthropy and commitment to continuously empower the people of Enugu State through initiating and carrying out laudable programmes that are intended to better the lives of the people. â&#x20AC;&#x153;Our leader has distinguished himself in service to leadership and humanity as he has continued to build and empower indigent and vulnerable people in the society, as well as offered humanitarian services to widows and children,â&#x20AC;? she said.

Other personalities at the occasion were Senator Chukwuma Utazi, Hon. Toby Okechukwu, Prof. Uchenna Eze, members of the State House of Assembly and traditional rulers.

The Vice-Chancellor of Ambrose Alli University (AAU), Ekpoma, Edo State, Prof. Ignatius Onimawo has announced that his administration in the last three years, has initiated over 33 projects with many completed.

Addressing journalists in Ekpoma, Onimawo explained that the feat was made possible with N3 billion High Impact Intervention Fund from the Tertiary Eduction Trust Fund (TETFund), N740 million Needs Assessment Fund and other intervention funds.

According to him, â&#x20AC;&#x153;infrastructurally, we have changed the face of AAU and we are still working.â&#x20AC;?

Onimawo explained

that his administration has deployed Information Communication Technology (ICT) through computerbased examination for 100 and 200 level students to improve the conduct of examinations and ensure quick release of results.

Besides, he said ICT has helped the institution in efficient collection of school fees, preparation of results and conduct of studentsâ&#x20AC;&#x2122; union elections, adding, â&#x20AC;&#x153;we are the only university to do this in the country.â&#x20AC;?

The vice-chancellor also attributed the achievement to God through the universityâ&#x20AC;&#x2122;s monthly prayer that he instituted. â&#x20AC;&#x153;It is through the effort and grace of God that we are succeeding. If you put God first, everything will work out.â&#x20AC;?

35

T H I S D AY Ëž Í°Í°Ë&#x153; Ͱ͎ͯ͡

Milestones of Malam Adamu Adamu and UnďŹ nished Business in Education Peter Okebukola

W

hat is the mandate of a Nigerian Minister of Education?

It is essentially to superintend educational provisions and be the chief harnesser of the power of education for national development. In a federal system, he sits atop the apparatus for national policy formulation and standards setting. The enforcement of standards in collaboration with federal and state-level actors is also part of his or her charge. As chairman of the national council on education with state commissioners of education as members, the minister wields the power of captain of the education ship, steering it into shores that can be rocky or calm. In November 2015, Malam Adamu Adamu received the baton from Malam Ibrahim Shekarau, stepping into the track as Nigeriaâ&#x20AC;&#x2122;s 46th Minister of Education since independence in 1960. After three plus years of â&#x20AC;&#x153;ministeringâ&#x20AC;?, a behindthe-scene assessment of his stewardship shows several interesting milestones and some unfinished businesses.

We open these excerpts of milestones with a glimpse at some public misperceptions.

To some, Malam Adamu Adamuâ&#x20AC;&#x2122;s literary and journalist bent and training are weak ingredients for success as a minister of education. This warped perception is like looking at the hood of the monk rather than his deep entrails which serve as driver of the monkâ&#x20AC;&#x2122;s personality. In the mindâ&#x20AC;&#x2122;s eye of many, the archetypal minister of education should have a doctorate degree. The blind spot in the mindâ&#x20AC;&#x2122;s eye of such persons fail to see that the world of the leader of today and the far future is not about the higher degrees brandished (although these provide added value) but on the ability of the leader to â&#x20AC;&#x153;learn how to learnâ&#x20AC;? and possession of 21st century skills such as problem solving, critical thinking, creativity, ability to work with others, media literacy, technology literacy and flexibility. These skills which Malam Adamu Adamu is generously endowed, are called to duty in the day-to-day desk and field work of a minister of education of today. More than half of the ministers of education in high-performing countries in education in the world have no more than a first degree, a masterâ&#x20AC;&#x2122;s at best, but are politicians and technocrats with superlative leadership and 21st century skills. The minister of education of Finland, unarguably the best-performing country in education, Sanni GrahnLaasonen is a career politician who worked as a journalist (like our education minister!) in the Finnish afternoon newspaper Iltalehti.

The other misperception is that Malam Adamu Adamuâ&#x20AC;&#x2122;s personality is ad contra to the bulldozer type needed

in the education ministry to ferociously pierce the armour of challenges facing the Nigerian education sector.

Unknown to many, Malam Adamuâ&#x20AC;&#x2122;s strategy is even more potent than being a bulldozer leader. Rather than being reactive, pugnacious and limelight-seeking, Malam Adamu empowered what can be likened to as his divisional commanders to take the battle to the enemies of poor-quality education and rout the foes.

Donning my chemistry cap, Malam Adamu Adamu is like a group 0 element in the periodic table of chemical elements. Members of this group such as helium, neon, argon, krypton, xenon, and radon are noble gases. They are octet in nature which makes them stable and unable to gain or lose electrons. I extend this analogy to Malam Adamu Adamuâ&#x20AC;&#x2122;s nature of ensuring that every subsector in education is served, not wishing some to gain and others to lose. So, what have we gained in the last four years, what education battles have been won? In the logbook of victories, some major milestones are discernible. A few will be highlighted.

The â&#x20AC;&#x153;battle planâ&#x20AC;? was encoded in the Ministerial Strategic Plan 2016-2019. Here, access to quality higher education was one of the areas to be â&#x20AC;&#x153;capturedâ&#x20AC;?. The goal was to increase access by minimum of 5% and significantly improve quality.

Malam Adamu Adamuâ&#x20AC;&#x2122;s field generals in the higher education sector especially Professor Abubakar Adamu Rasheed (Executive Secretary, NUC) and Professor Is-haq Oloyede (Registrar, JAMB) achieved the 2016-2019 goals. Riding on the Rasheed Revitalisation Plan for the Nigerian university system, Professor Rasheed led NUC to increase the carrying capacities of our universities by over 8% through the twin approach of expanding the human and facilities resourcing of existing universities and licensing new private universities as well as recognising new state universities. Numerical strength of our universities leapt by over 15% since Malam Adamu Adamu took over as minister.

On the quality front, Professor Rasheed embarked on a massive, no-holds-bared attack on quality depressants through sharpening the qualityassurance teeth of NUC, barking and biting along the rough road of getting the universities to maintain quality standards. Today, on all measures of quality, the Nigerian university system has gained 12 percentage points since 2016. With the launch of the 2019-2023 Revitalisation Plan for the Nigerian University System, what is now popularly known as the Rasheed Revolution, is off to a fine start.

The success story of JAMB catalysed by the mandate given it by Malam Adamu Adamu is now legendary and a subject of several global citations. Professor Is-haq

Malam Adamu Adamu Oloyede has set at least two gold standards- one for administering JAMB and the other for public accountability.

The JAMB story of conduct of the Unified Tertiary Matriculation Examination (UTME) is one of freshness of vision, creativity and trust in authenticity of UTME scores.

It is one of best practice in conducting cheat-proof public examinations. It is one of following your heart regardless of pressure by parents and candidates to release the results of the UTME without removing the bugs inserted by crooked candidates and their conniving parents and sponsors.

It is one of establishing a

level-playing field for blind candidates and offering equal opportunities for all regardless of disabilities. Incidentally, both Professor Rasheed and Professor Oloyede are of the same prudent, masses-loving, creative-achiever stock as their boss- Malam Adamu Adamu.

These two are unquestionably, ministerial materials.

At the basic education level, UBEC under Malam Adamu Adamu and his minister of state, Professor Anthony Anwuka reformatted its intervention system in the states. UBEC Executive Secretary, Dr. Hamid Bobboyi was backed by the ministers to improve the machinery of release of funds to the states

and monitor same for greater accountability. Today, there has been significant improvement in the performance of UBEC on its mandate over the status in 2016, chief of which are at least 10% improvement in facilities for the delivery of basic education by way of new and refurbished classrooms and schools and school supplies.

The new focus on teacher professional development by UBEC is heartwarming and a credit to the Adamu Adamu administration. The school feeding programme coordinated by the Presidency is another positive development in the education sector.

The funding of the sector took a slightly upward swing from 2016-2019 and in the direction anticipated by the Ministerial Strategic Plan. While the tape of the anticipated quantum was not breasted at the end of the plan period, noteworthy gains were made through interventions by TETFund, UBEC and others.

Turning to other education indicators such as literacy rate, gender parity indices, school completion rates and efficiency, there were marginal positives, although not enough for celebration. The expectation of the Ministerial

Strategic Plan that the number of out-of-school children will significantly drop by 2019 failed to achieve the mark.

Spates of strikes interrupted the academic calendar at several points in the period although the firmament is now calmer. Examination malpractice at all levels of the education system is still a blight. Minister Adamu Adamu, a man not to deceive himself, is aware of these pockets of resistance to quality education hence he convinced the federal executive council and the national economic council to declare a state of emergency in the education sector. Now is the time to step on the throttle of the implementation of the provisions of the declaration and hence a call to Mr. President to ensure that the persona behind the call, Malam Adamu Adamu is at the steering wheel of the implementation train. We need an Adamu-led Ministerial Strategic Plan 2019-2023 for the education sector to continue to take its rightful place as a level for national development as we gallop to â&#x20AC;&#x153;the next levelâ&#x20AC;?.

-Okebukola is the Chairman of Council, Crawford University, Igbesa, Ogun State

L-R: The Bursar, Edwin Clark University (ECU) Kiagbodo, Delta State, Mrs. Elizabeth Opara and the Vice-Chancellor, Professor Timothy Olagbemiro, presenting a gift to former Vice-Chancellor of Delta State University, Abraka, Professor Uvie Igun after delivering a lecture at ECU... recently

Varsity Don Canvasses Right Values for Societal Foundation Funmi Ogundare A former Vice-Chancellor, Delta State University, Abraka, Professor Uvie Igun has stressed the need for the academia to imbibe in students the right values and culture that would prevent them from losing their identity.

Igun, who said this while delivering the third distinguished lecture of Edwin Clark University, Kiagbodo, Delta State, titled â&#x20AC;&#x2DC;Globalisation and the Coming Age of Legalised Lawlessness: A Focus on Societal Foundational Values and Ethicsâ&#x20AC;&#x2122;, stressed the need to critically analyse the development coming from the west and adopt only the positive aspects of it. â&#x20AC;&#x153;There are developments

that come from the west, we need to critically analyses them just as the Indians did when they excelled in technology, but refused to take the cultural dimension. â&#x20AC;&#x153;In our universities, our academics must ensure that we are not pushed to a direction where our students now become godless without any moral in the name of civilization as being practiced in the US. Most youths in the US lack moral foundation except that which they pick from social media. They are in a state of anomie. If we adopt that culture, we will ruin our youths. This is the way of the west which is very wrong. â&#x20AC;&#x153;Our problem in Nigeria is that we want to take it in and copy anything that

comes from the west without being critical or selective. As Africans, we have an identity and values. We cannot go below our moral foundation. Anything that pushes us below that, we are losing our humanity as Africans. We need to take the good ones.â&#x20AC;?

Igun, a Professor of Medical Sociology, stressed the need for Nigerian leaders to be proactive and sharpen strategies of adaptation without being overwhelmed like some African countries, saying, â&#x20AC;&#x153;Nigerian leaders must deliberately choose a response that filters the good out of globalisation for adoption (that is choose and adopt its technology), but reject its evil. The very recent pressure from the US

for Nigeria to legalise same sex marriage or forgo US aid is a lesson to the point.â&#x20AC;?

The Vice-Chancellor of Michael and Cecilia Ibru University, Delta State, Professor Ibiyinka Fuwape said there is need for Nigerians to begin to put value on what is African and Nigerian and reject the negative aspect of globalization. â&#x20AC;&#x153;We tend to look down on our clothes, traditions and language. Young Nigerians believe that anything that comes from Europe or developed countries is good and everything that is African is bad. It is a lie. An ideology or policy that is anti-God is evil.

Let us imbibe our culture for the betterment of our nation,â&#x20AC;? she stressed.

T H I S D AY Ëž Í°Í°Ë&#x153; Ͱ͎ͯ͡

36

CITYSTRINGS

Ă&#x153;Ă&#x2122;Ă&#x;Ă&#x161; Ă?Ă&#x2039;Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153;Ë? Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă? äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C; Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă?Ë&#x203A;Ă?äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;Ë&#x153; Í&#x2018;Í&#x2122;Í&#x2019;Í&#x2013;Í&#x201C;Í&#x201C;Í&#x2013;Í&#x201C;Í&#x201D;Í&#x201C;Í&#x2013;

Hope as Ondo Coastal Town Awaits Electricity In this report, Kayode Fasua captures the excitement of the coastal people of Ugbonla in Ondo State, many who have never seen electricity in a lifetime, as the state government is set to give them light

L

ike the seemingly fairy but real tale of the Koma people of Adamawa State who at a time went about naked, the story of Ugbonla, a coastal community in Ilaje Local Government Area of Ondo State evokes yet another drama.

For years on end, the locals of Ugbonla have been living in darkness as the community is dimly lit at night with lanterns, candles and by the benevolence of natureâ&#x20AC;&#x2122;s moonlight.

However, there are now indications that there is a glimmer of hope for the locale, as the administration of Governor Rotimi Akeredolu, having initiated a solar-power devise in solving the problems of electricity in various communities of Ondo State, has taken steps to rescue Ugbonla from its hiatus.

Rationalising the state of backwardness in the community before the latest cheery news, a fisherman in the area, Mr. Raphael Ehinmisan, told THISDAY, â&#x20AC;&#x153;You see, the truth is that most of our people who have never travelled out of this area donâ&#x20AC;&#x2122;t know what electricity is all about. â&#x20AC;&#x153;In fact, my advice to government is to first of all do a sensitisation programme on what electricity is about. They should probably bring a celluloid so that people will see what they mean by electricity; otherwise, on the first day the light is switched on, a lot of people will faint out of shock, that they are experiencing the anger of the gods or that Sango, the god of thunder, is about to strike. Indeed, some can develop strokeâ&#x20AC;?.

Greatly enthused that Ugbonla is sure-footed to witness salvation through electricity, the Special Adviser to Ondo Governor on Public Utilities, Mr. Tunji Ariyomo, an engineer, revealed to THISDAY that the next community to enjoy round-the-clock electricity in Ondo State is the strategic town of Ugbonla.

He spoke at the sidelines on an occasion where he delivered this year's distinguished lecture of South West Herald Group, an intellectual body composed by young professionals, held in Akure, the stateâ&#x20AC;&#x2122;s capital, recently.

Ariyomo said that following the success of the Gbagira town solar mini-grid power project that came on stream recently, the state's joint venture partner-Messrs A4 and T Power Solutions, has formally requested for a date from the Governor Akeredolu-led administration to officially flag off the construction component of the Ugbonla power project, as part of the Phase 1 of the Ondo State Electricity Improvement Scheme (OSEIS).

When completed, the Ugbonla mini-grid electrification project would bring to six, the number of towns and communities being powered by solar energy in Ondo State, under a scheme initiated and funded by the state government.

The OSEI scheme started last year in Ondo State by the state government as a way of jump-starting availability of uninterrupted power supplies in the state, for the purpose of powering productive clusters and residential areas, Ariyomo revealed.

Various private power-service providers were engaged by the state to provide electricity for isolated communities and business hubs. The biggest power plants under the scheme are expected to be located in Igbokoda in Ilaje Local government area of the state and in Alagbaka in the state capital, he further told THISDAY. According Ariyomo, "one of the objectives of the Ondo State Government includes the ability to power un-served or abandoned communities as well as all offices housing its businesses, and ultimately, all residential estates wholly owned by the government.

"As at today, we have impacted in excess of 1,750 homes in Aboto, Ebute Ipare and Igbobini, with stand-alone solar systems in each house. We have impacted additional 470 houses with solar mini grid in Gbagira. We have also positively affected businesses and entrepreneurship in the Gari (a popular staple food) processing cluster, near Igbatoro in Akure.â&#x20AC;?

Only late last year, the administration of Akeredolu reversed the age-long deprivation as per lack of electricity, as it restored power to communities in the area, in communities in Ikale, Ilaje and Ese-Odo local council areas, many of which are marooned by coastal surges and sundry deluge.

In last yearâ&#x20AC;&#x2122;s mini grid power restoration effort, which drew riotous dances from the happy locals, the state government powered Aboto and Igbobini, two large communities overlooking the Atlantic Ocean, using stand-alone solar systems under the state's Small Home Power Utility (SHoPU) scheme.

Declaring open the power restoration programme which was executed by R. R. Reynolds-one of the state's power service providers at the period, the governor assured other communities in the area that he would not relent until power was fully restored to all the benighted communities in mostly riverine southern senatorial district of the state.

L-R: Mrs. Abike Bayo-Ilawole Acting Secretary, OďŹ&#x192;ce of Public Utilities (OPU); Oba Mobolorunduro Henry Ogunfeyimi, Akingbade Atarioye II of Ugbonla in Ilaje LGA, and Mr. Tunji Ariyomo, Special Adviser to the Governor on Public Utilities at the signing ceremony at the Cluster Offtake Unit (COU) signing ceremony for electricity supply to Ugbonla, recently

L-R: Mrs. Abike Bayo-Ilawole Acting Secretary, OďŹ&#x192;ce of Public Utilities (OPU); a royal father in Ilaje Local Goernment, the Ahaba of Ajagba, and Mr. Tunji Ariyomo, Special Adviser to the Governor on Public Utilities, at another signing ceremony for Cluster Offtake Unit (COU) to supply electricity to Ajagba, last week He explained that the solar power systems were immediate palliatives for the most deprived parts of the district, and were being deployed as a start-off point, even as he assured the people that the company handling the project would soon put a major hybrid reciprocating gas engine in Igbokoda, the hub of Ilaje and Ijaw ethnic nationals that cluster the area.

Akeredolu also promised the people that the power from the national grid would eventually reach many communities in the area, as the Niger Delta Power Company (NDPC) would be carrying out major rehabilitation works on the power distribution infrastructure. â&#x20AC;&#x153;The solar systems that have been given to these two communities will become backups to our major mini-grids, and the power from the national level, as soon as they are ready,â&#x20AC;? he assured.

The governor further explained that a mini-grid power plant would be sited for the use of the Ondo State University of Science and Technology (OSUSTECH), Okitipupa.

Akeredolu, who had two major town-hall meetings with the people of Ilaje, Eseodo, Irele and Okitipupa, urged them to protect the facilities from vandals.

He expressed deep concern over the long disconnection of an entire senatorial district from the national grid.

"How can I be happy when a whole senatorial district of my state is in darkness? The South is our industrial base and we have been moving

from one place to another, wooing investors.

We're determined to explore our bitumen and resuscitate all our moribund industries and therefore, we must have electricity," he protested.

Enthused, the communityâ&#x20AC;&#x2122;s monarch, the Olu of Igbobini in Eseodo Local Government, Oba Raphael Oyedele, had thanked the governor for the intervention. He also described Akeredolu as God-sent, following years of being in total darkness. â&#x20AC;&#x153;Akeredolu, you have brought back God to Igbobini; because, a place without light does not have God. We thank you,â&#x20AC;? an enthralled Oba Oyedele commended.

Also, the traditional ruler of Aboto community in Ilaje Local Government, the Alaboto-elect, Ofoaye Oyetayo, applauded the gesture of the governor for resolving an 11-year-old blackout problem in his community.

"We have been in darkness for 11 years. We are happy about your gesture, Mr. Governor.

You surprised us with this good thing. It's been 11 years we had power supply last in Aboto and the rest of Ilaje communities,â&#x20AC;? he said.

Meanwhile, Ariyomo said the Igbobini, Aboto electricity activation and the impending similar activation in Ugbonla was only a tip of the iceberg, as the Akeredolu administration had series of power projects lined up for most rural communities in Ondo State. â&#x20AC;&#x153;With mini-grids, we shall be providing private power for places like Igbokoda, Igbekebo, Ode Omi, Iju Odo, Ilutitun, Kiribo, Igbootu, Ala Elefosan, Ugbonla, Aboto, Oda, Aponmu, Auga,

Oke Igbagbo, Ese by Ogbagi Akoko, Bamikemo in Ile Oluji, and several other places, with the communities themselves owning as much as five percent of the equity in the power plants,â&#x20AC;? he assured.

According to him, l Akeredolu has declared emergency on blackout in the Ondo southern district, through a two-prong approach that includes direct intervention by the state government, as well as grid-tied intervention through federal agencies such as NDPC, Transmission Company of Nigeria (TCN) and the Niger Delta Development Commission (NDDC).

He added that the state government is currently covering over 60 per cent of houses in Igbobini with stand-alone solar systems under the SHoPU scheme.

"Apart from Igbobini, the Aketi Power Team is also currently working in Aboto in Ilaje Local Government. Over 80 per cent of the houses in Aboto now have light.

"We have started Ebute-Ipareâ&#x20AC;&#x2122;s, and not too long from now, Igbokoda will be having a major hybrid reciprocating gas engine, with a solar-farm backup, while a dedicated Independent Power Project (IPP) is due for OSUSTEC to power the university and certain parts of Okitipupa," Ariyomo said.

The adviser, however, explained that the stand-alone solar system is different from the mini-grid, saying that the former was only being deployed as an immediate palliative in those communities, while the latter was meant to be a lasting solution, in the meantime.

37

T H I S D AY Ëž Í°Í°Ë&#x153; Ͱ͎ͯ͡

CRIME&SECURITY

Controversy Trails Alleged Release of Suspect from Police Custody Sunday Ehigiator

C

ontroversy is currently trailing the alleged release of a suspect, that allegedly obtained N15 million from his friend in 2009 under the guise of purchasing land, from police detention in Lagos.

It was gathered that the suspect, Ikechukwu Odogwu, a businessday man at the popular International Trade Fair market along Badagry Expressway in Lagos allegedly collected the sum of N15, 170,000 to purchase land for his friend, Callistus Okafor who was residing outside the country then but ended up allegedly presenting fake documents from a land he purportedly bought in Abuja.

The complainant stated in a petition he sent to the Assistant InspectorGeneral of Police, Zone 2 headquarters, Onikan, Lagos in 2017 that the suspect convinced him that the land was situated within Lugbe 1, Extension Layout, Abuja Municipal Area council and later presented him with a document titled â&#x20AC;&#x2DC; irrevocable power of Attorney purported to have been given to his company by another company and receipts as well as offer of the term of grant/conveyance of approval purported to have emanated from Abuja Municipal Area Council.

However, according to the complainant, when he got to the said office in Abuja to confirm the authenticity of the documents, he was told point blank that the documents were fake and all efforts he made to recover his money from the businessman 10 years after, failed woefully.

It was learned that detectives that investigated the case discovered that based on a letter sent to Federal Capital Territory Administration Department of land, plots No MF 8034 and CP 8047 Lugbe 1 Extentsion layout which the suspect said he bought for the complainant are not in the list of allocation forwarded from Abuja Municipal Area Council (AMAC) Zonal Planning office and that the N15m was not used to purchase the land as claimed by the suspect.

Police sources at Zone 2, Onikan intimated that after investigations, the suspect who was earlier arrested after he refused to honour police invitation, confessed to the allegations of conspiracy, obtaining money by false pretence, stealing and forgery and pleaded with a written undertaken to refund the money to the complainant

but he never did.

The case was subsequently taken to a Lagos High court where the suspect was granted bail pending the hearing of the case. However, the case took a different dimension after the suspect failed to appear in court during subsequent hearings prompting the issuance of a bench warrant by the court for his immediate arrest or that of his sureties, who were later found to be fake too.

It was gathered that when all efforts to arrest him allegedly failed, the complainant engaged the services of Inspector-General of Police Response Team (IRT), who succeeded in arresting the suspect and handing him over to the prosecutor pending the adjourned hearing date of the case.

However, the case took a dramatic turn when a telephone call from both a commissioner of police in one of the South-west states and a man that claimed to be a presidential special adviser allegedly ordered the immediate release of the suspect with threats to arrest members of the IRT that arrested him.

Based on this, the suspect was released unconditionally, prompting the complainant to seek the fourth estate of the realm to appeal for justice in order for him to recover his money.

Meanwhile, in one of the instances when he was formerly arrested, the suspect claimed that he actually bought the land from one Mrs. Jeremiah Tafilda but when the complainant raised issues about the authenticity, he lodged the case with the police in Abuja and she was arrested with another accomplice.

The case later filed in court and in her statement, Tafilda claimed that she sold the piece of land to the suspect for only N2.5 million.

The police at Zone 2, Onikan also confirmed investigating and charging the case to court for trial, while the team from IRT also confirmed that they were engaged officially to arrest the fleeing suspect and handover to the prosecutor of the case in court.

When contacted for his reaction, Odogwu referred THISDAY to another reporter whom he had spoken to earlier, explaining that he traveled to the east for burial.

According to the statement he gave earlier, he said: â&#x20AC;&#x153;I am also a victim. We were four in number. We bought the hectares together and mine is 3.5 while the complainantâ&#x20AC;&#x2122;s is 2.5. He is fighting me because he sent N7.5 million through my bank account. When we

discovered that something was amiss, I was the person who reported the woman to the police. â&#x20AC;&#x153;We were not quarrelling over this issue until I contested for for the president of Balogun Market Association, Trade Fair Complex ,Ojo. My opponent cashed in on the political atmosphere to convince my friend that I may have swindled him. I swear, my friend knows that I am also victim. Four of us came back from abroad and bought the land. â&#x20AC;&#x153;Why are the other two persons not fighting me? The complainant should unite with us to fight the person who

sold the land to us. The person said there is hope. As for the allegations that I jumped bail, it is a lie. I have slept in prisons many times for the sin I did not commit. He did not want me to get a lawyer, I have to get one that is my offense. â&#x20AC;&#x153;As for IRT, I have been in touch and the IPO is aware that I am not on the run. I will still report next week.

What I am saying is that I am also a victim. I am not dubious. Let him stop tarnishing my image and unite with me to fight the person that sold the land to us.â&#x20AC;?

IG Mohammed Adamu

Police, Obaâ&#x20AC;&#x2122;s Palace in Running Battle over Arrest of Chief Priest Adibe Emenyonu in Benin City

The once cordial relationship between the Benin Kingdom and the police has broken following the recent arrest and detention of the Chief Priest of Okhuaihe shrine, Osarodion Usuanlele, the Ohen N' Ukoni Neyedo by the Edo State Police Command headquarters in Benin City.

According to the age old tradition dating back to 1440 AD during the reign of Obaseki Ewuare the Great, the Ohen Nâ&#x20AC;&#x2122; UKoni does not enter Benin, the abode of the Oba of Benin.

This tradition dating back to 15th Century was however desecrated Wednesday May 1, 2019 when the Anti-cultism squad of the police in Benin, forcefully arrested the Ohen N' Ukoni from his house in Evbieko, Uhunmwode Local Government Area of the state.

As gathered, the Okhuaihe Shrine is located at Evbiekoi, about 25km

off Benin City and as part of coronation rites of a new Oba, the Chief Priest would have a symbolic wrestle with the Crown Prince before both of them would go opposite ways never to see each other again once the latter ascends the throne.

Trouble however was said to have started when some operatives of the anti-cultism unit stormed the Evbuekoi community based on a petition by one John Elvis (a k.a Atekha), who was an ex-official of the banned Community Development Association (CDA).

Narrating the incident to journalists, Secretary to Evbiekoi community, Chief Paul Ajayi, said the policemen shot sporadically and insisted on taking Chief Priest Usunalele to Benin City despite pleas that the man does not enter Benin or he would die in the process.

Ajayi said the strange and mysterious downpour of heavy rain on that day in Benin accompanied

by a violent wind, thunder and lightening witnessed that day was a consequence of the desecration.

He said they were informed at the Oba of Benin palace that the Oba got the signs of desecration and presence of Ohen Nâ&#x20AC;&#x2122; UKoni in his domain and began to make inquiries.

It was after the inquiries that he sent emissaries to the state Police Commissioner, Danmallam Abubakar, after confirmation that the Okhuaihe Chief Priest was in Benin.

According to a palace source, the police CP was informed of the consequences of the arrest his men has brought to the command.

On this premise, three dogs were slaughtered and and other sacrifices carried out near the police headquarters before the Ohen Nâ&#x20AC;&#x2122; Ukoni was released.

The sources also confided that a list of other items for cleansing the land had been been given to the

police hierarchy.

He listed the items to include 14 native cows, tortoise, sheep, goats, cocks as well as other items of sacrifice to appease ancestors of the kingdom.

It was gathered through a sources at the police headquarters who pleaded anonymity that the CP has ordered the arrest and detention of policemen involved in the arrest.

Meanwhile, Ajayi called on the police to beef up security around the Chief Priest as other groups were still threatening to cause mayhem.

When contacted, the Edo Police Spokesman, DSP Chidi Nwabuzor urged our reporter to wait till when the CP would be addressing journalist as he has not been feeling well for some days.

However, in his response when contacted on the phone, the CP said he has already reprimanded his men for refusing to respect the people's tradition.

38

T H I S D AY Ëž Ë&#x153; Í°Í°Ë&#x153; 2019

BUSINESS/MONEYGUIDE

Unpaid Debt: Access Bank, Etiebet to Settle Out-of-Court Davidson Iriekpen Parties in the suit between Access Bank Plc and former Minister of Petroleum, Chief Don Etiebet, over an unpaid debt yesterday told Justice Mohammed Liman of the Federal High Court in Lagos that they had agreed to settle the dispute out-of-court.

Following the inability of Etiebet to pay the multi billion naira loan owed the bank, the plaintiff, Access Bank, had taken steps to take over the Etiebet Place, a property situated at Mobolaji Bank Anthony Way, Ikeja, Lagos, one of the properties used as collateral to secure the facility.

But the move was resisted by the defendant, Obodex Nigeria Limited, under which name the property was registered.

At the resumed hearing of the matter yesterday before Justice Mohammed Liman, counsel to Access Bank Plc, Obinna Divine, told the court that parties in the dispute are exploring settlement and that the talks had reached an advanced stage.

He then pleaded with the court for a short adjournment

for them to come and file their terms settlement before the court and adopt same as judgment of the court.

The defence counsel, E. I. Azuzu Evarastus, confirmed the position of Access Bankâ&#x20AC;&#x2122;s counsel as the true position of things.

Consequently, the trial judge adjourned the matter till June 4, for adoption of terms of settlement.

Justice Liman had earlier refused Obodex Nigeria Limitedâ&#x20AC;&#x2122;s plea to stay the execution of a December 17, 2018, judgment of Justice Ibrahim Buba, which empowered Access Bank to take over the property.

Access Bank had dragged Obodex Nigeria Limited to court over an alleged indebtedness.

The firm challenged the court jurisdiction to hear the matter.

However, on December 17, 2018, Justice Buba dismissed the objection filed by Obodex Nigeria Limited and ruled in favour of Access Bank.

Pursuant to this, Access Bank took over Etiebetâ&#x20AC;&#x2122;s Place and appointed Mr. Kunle Ogunba (SAN) as Receiver/ Manager to

manage the property towards the recovery of the alleged debt.

Not pleased with the decision of the court Obodex Nigeria Limited under whose name the property, Etiebet â&#x20AC;&#x2DC;s Place is, filed an appeal as well as an application for stay of execution of the judgment.

In the application for stay of execution, filed through its lawyer, Mr Dele Adesina (SAN), Obodex Nigeria Limited sought an order restraining Ogunba and his privies or assignees from â&#x20AC;&#x153;advertising or offering for sale, selling, mortgaging, transferring, alienating or otherwise interfering with the applicantâ&#x20AC;&#x2122;s equitable right of redemption on the property situated and lying at 21 Mobolaji Bank Anthony Way, Ikeja, Lagos, also known as Etiebetâ&#x20AC;&#x2122;s House, pending the hearing and final determination of the applicantâ&#x20AC;&#x2122;s appeals.â&#x20AC;?

But Access Bank, through Ogunba, opposed Obodexâ&#x20AC;&#x2122;s application for stay of execution.

However, Justice Liman in his ruling, had refused to stop the bank from taking over the property.

Purchasing Managersâ&#x20AC;&#x2122; Index Edges Higher in May The manufacturing Purchasing Managersâ&#x20AC;&#x2122; Index (PMI) stood at 57.8 index points in May. The development indicated an expansion in the manufacturing sector for the 26th consecutive month, the Central Bank of Nigeria disclosed in its PMI report for May that was posted on its website. The index grew at a faster rate when compared to the index in the previous month.

Thirteen of the 14 subsectors surveyed reported growth in the review month in the following order: transportation equipment;

electrical equipment; petroleum & coal products; paper products; cement; food, beverage & tobacco products; plastics & rubber products; chemical & pharmaceutical products; fabricated metal products; furniture & related products; non-metallic mineral products; textile, apparel, leather & footwear and printing & related support activities. The primary metal subsector recorded decline in the review period.

Also, at 59.1 points, the production level index for the manufacturing sector grew for

the 27th consecutive month in May 2019. The index indicated a faster growth in the current month, when compared to its level in the month of April 2019.

In all, 11 of the 14 manufacturing sub-sectors recorded increased production level, while three recorded decline. At 56.9 points, the new orders index grew for the 26th consecutive month, indicating increase in new orders in May 2019. Eight sub-sectors reported growth, one remained unchanged, while five contracted in the review month.

FCMB Empowers More Customers in â&#x20AC;&#x2DC;Race to China Promoâ&#x20AC;&#x2122; First City Monument Bank (FCMB) has rewarded another set of its small and medium scale enterprises (SMEs) customers in the season two of its reward scheme tagged, â&#x20AC;&#x2DC;FCMB SME Race to China Promo.â&#x20AC;&#x2122; The winners emerged through rounds of electronic selection from the pool of qualified SME customers in the first draws of the promo (for the months of March and April) held in Lagos, Kano, Abia and Oyo states on May 21, 2019.

Among the winners were eight customers who each won the star prize of an all-expense paid trip

(return flight ticket to China and hotel accommodation for seven nights) to participate in the 2019 edition of the Canton Trade Fair, one of the worldâ&#x20AC;&#x2122;s biggest import and export trade fairs, scheduled to hold later this year.

In addition, several other SME customers won various exciting items.

These, according to a statement from the bank include, $500 pre-loaded shopping cards, business enablers (such as, power generating sets, laptops) and other consolation prizes.

At the Lagos regional draw, Eternal Fabrics Enterprises and

Gold Tech Multi-Global Limited, won the star prizes for the months of March and April, respectively, while Jahved Ventures and Sapart Integrated Services Limited in Gombe State emerged winners at the Northern regional draw which took place in Kano. Similarly, Soupah Farm-En-Market Limited and Lade Olagbenro & Company were the star prize winners at the regional draws for South-west, held in Ibadan, Oyo State. Ife Progress Resources Limited and The Congregation of the Mission emerged lucky winners at the South-east/South-south regional draw held in Aba, Abia State.

Coca-Cola Ends Plan to Refranchise Africa Bottling Unit Coca-Cola Co said it has dropped plan to refranchise its Africa bottling business, Coca-Cola Beverages Africa (CCBA) and would instead keep its majority stake in the unit for the time being.

Coca-Cola said in a statement it had discussions with a number of potential partners over the issue.

Coca-Cola HBC and rival CocaCola European Partners were seen as potential buyers for the unit. â&#x20AC;&#x153;While we remain committed

to the refranchising process, we believe itâ&#x20AC;&#x2122;s in the best interests of all involved for Coca-Cola to continue to hold and operate CCBA,â&#x20AC;? Coca-Cola said.

The U.S. beverage giant had wanted to refranchise the unit as part of its global plan to divest its manufacturing and distribution assets to focus on main beverage business and boost margins.

Shares of Coca-Cola HBC were down 7.4 per cent in Monday

trading, according to the News Agency of Nigeria (NAN).

Coke in 2016 bought a majority stake in CCBA, the continentâ&#x20AC;&#x2122;s largest soft drink bottler, with operations in a dozen markets including South Africa, Kenya, Uganda and Tanzania, from Anheuser-Busch InBev SA. The company said it would reclassify its financial statements from second quarter in 2019 to include CCBA as part of its continuing operations.

L-R: Second runner-up, Avon Medical 5K Colour Run event, Ayagwa Success; Winner, Akpojotor Mudiaga Stephen; Chairman, Heirs Holdings, Tony Elumelu; CEO, Avon Medical, Dr Awele Elumelu, and First Runner-up, Okeh Paul, during the inaugural event to mark the World Hypertension Day in Lagosâ&#x20AC;Śrecently

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

Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

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&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT MONDAY, 20 MAY 2019

The price of OPEC basket of fourteen crudes stood at $72.47 a barrel on Monday, compared with $72.57 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

39

T H I S D AY Ëž Ë&#x153; Í°Í°Ë&#x153; Ͱ͎ͯ͡

MARKET NEWS

CHI Plc Restates Commitment to Regular Dividend Payment Goddy Egene Consolidated Hallmark Insurance (CHI Plc) has restated its commitment to continue to reward investors, having paid dividend for seven out of its 11 years in operations. The Chairman of CHI Plc, Mr. Obinna Ekezie, stated this in his address to shareholders of the company 24th annual general meeting (AGM) held in Lagos yesterday.

Ekezie said the companyâ&#x20AC;&#x2122;s

disciplined approach to cost management led to a profit after taxation(PAT) of N407.074 million for the year ended December 31, 2018. Out of the profit, the directors recommended a dividend of N162.6 million, that translated to two kobo per share. â&#x20AC;&#x153;We shall remain committed to our promise of regular dividend payment, God willing, having paid dividends seven nancial years out of eleven of our operations in the past. This

P R I C E S MAIN BOARD

F O R DEALS

year, we are proposing a total dividend payment of two kobo per share subject to your approval at this meeting. This will translate to a total dividend payout of N162.6 million from our 2018 operations,â&#x20AC;? he said.

Speaking on the financial performance of the company, the Managing Director/CEO, CHI Plc, Mr. Eddie Efekoha said the results of their performance in 2018 was an improvement on the growth projections for

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

QUANTITY TRADED

VALUE TRADED ( N )

the industry. â&#x20AC;&#x153;It is an all-time high rise in revenue, hitting a gross premium written of N6.865 billion, an increase of 20.85 per cent over the 2017 gure. Business retention remains good, even as we have further energized our Retail and agency segments to grow new business in ow into the group. The retail segments achieved a combined growth of 135per cent in 2018 on their 2017 performance,â&#x20AC;? he said.

According to him, CHI Plcâ&#x20AC;&#x2122;s

T R A D E D MAIN BOARD

A S

revenuea diversi cation drive was a major factor that aided the sustained nancial performance through the challenging market conditions of 2018, further reinforcing its role as a formidable player in the Insurance Industry. â&#x20AC;&#x153;We have continued to ful l our claims payment obligations to customers promptly amidst rising claims in the industry, with N4.787 billion on claims settlement in 2018 when compared with the N3.354 billion. The

O F

42.72 per cent increase, though signi cant, is a reduction of the 93 per cent growth in 2017 claims expenses over that of 2016. The increase in the gure for 2018 is attributable largely to a few large one-offs with a single payment on a marine hull loss amounting to N2,174 billion.

Signi cant recoveries on overall claims expenses amounting to N2.984 billion were, however, made from our robust reinsurance arrangement,â&#x20AC;? Efekoha said.

2 0 / 0 5 / 2 0 1 9 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ WEDNESDAY, MAY 22, 2019

40

Wednesday, May 22, 2019 Thisday Afrinvest 40 Index Gains 55bps

THISDAY AFRINVEST 40 INDEX

Yesterday, the Thisday Afrinvest 40 Index gained 55bps to ƐĞƩůĞ Ăƚ ϭ͕ϯϮϮ͘ϲϲ ĨŽůůŽǁŝŶŐ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ GUARANTY ;нϯ͘ϬйͿ͕ DANGCEM ;нϯ͘ϵйͿ ĂŶĚ CCNN ;нϬ͘ϳйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϯϮ͘ϴй ŽĨ ƚŚĞ ŝŶĚĞdž͘

Local Bourse Maintains Upward Trend͙ ASI up 2.88%

dŚĞ ďƵůůŝƐŚ ƐƚƌĞĂŬ ŽĨ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ǁĂƐ ƐƵƐƚĂŝŶĞĚ ŝŶƚŽ yesterday͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ MTNN ;нϭϬ͘ϬйͿ͕ DANGCEM ;нϳ͘ϬйͿ ĂŶĚ GUARANTY ;нϬ͘ϵйͿ ĚƌŽǀĞ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ŶŽƌƚŚǁĂƌĚƐ ďLJ Ϯ͘ϴϴй ƚŽ ϯϬ͕Ϯϭϴ͘ϭϰƉŽŝŶƚƐ͕

Ticker

Current Price

THISDAY AFRINVEST 40

ŽŶƐĞƋƵĞŶƚůLJ͕ zd ůŽƐƐ ŵŽĚĞƌĂƚĞĚ ƚŽ -ϯ͘ϵй ǁŚŝůĞ ŵĂƌŬĞƚ

GUARANTY

;Eϳϰϯ͘ϱŵͿ͕

ĂŶĚ

DANGCEM

;EϲϮϭ͘ϱŵͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘

Consumer Goods Index Emerges Lone Loser ĐƌŽƐƐ ƐĞĐƚŽƌƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂƐ ϰ ŽƵƚ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĞŝƚŚĞƌ ĂĚǀĂŶĐĞĚ Žƌ ƐƚĂLJĞĚ ŇĂƚ͕ ƐĂǀĞ ĨŽƌ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ǁŚŝĐŚ ĚĞĐůŝŶĞĚ Ϭ͘ϰй ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ UNILEVER (-ϭ͘ϱйͿ͕ NIGERIAN BREWERIES (-Ϭ͘ϰйͿ and VITAFOAM (-Ϭ͘ϭйͿ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ Ϯ͘ϭйŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ DANGCEM ;нϳ͘ϬйͿ ĂŶĚ CCNN ;нϬ͘ϭйͿ͘ ^ŝŵŝůĂƌůLJ͕ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ GUARANTY ;нϬ͘ϵйͿ͕ UBN ;нϬ͘ϯйͿ͕ FORTE ;нϮ͘ϯйͿ and ETERNA ;нϬ͘ϯйͿ ĚƌŽǀĞ ƚŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ǁŚŝĐŚ ǁĞƌĞ ƵƉ Ϭ͘ϵй ĂŶĚ Ϭ͘ϱй ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž͕ ŚŽǁĞǀĞƌ͕ ĐůŽƐĞĚ ŽŶ Ă ŇĂƚ

-9.9%

32.3%

17.0%

6.3%

4.7x

0.7x

6.3%

-9.1%

-9.3%

33.1%

5.3%

4.7x

1.5x

8.8%

21.4%

2 Zenith Bank PLC

19.50

-0.8%

11.7%

-15.4%

-6.0%

24.7%

3.2%

3.3x

0.8x

14.2%

30.5% 12.0%

3 Dangote Cement PLC 4 Nestle Nigeria PLC

185.00

3.9%

9.8%

-2.5%

-0.5%

40.1%

21.8%

8.3x

3.0x

9.0%

0.0%

8.7%

-3.7%

-3.1%

81.2%

27.4%

24.0x

18.0x

4.2%

4.2%

62.15

-0.6%

4.9%

-27.3%

-18.8%

9.5%

4.4%

28.5x

2.8x

3.9%

3.5% 24.2%

6 FBN Holdings Plc

8 United Bank for Africa PLC 9 International Brew eries PLC 10 SEPLAT Petroleum Development C

ĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϴdž͕ Ă ŵŝůĚ ĚĞĐůŝŶĞ ĨƌŽŵ ƚŚĞ Ϭ͘ϵdž ƌĞĐŽƌĚĞĚ ƉƌĞǀŝŽƵƐůLJ ĂƐ ϭϲ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϮϬ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵĞƌƐ ƚŚŝƐ ǁĞĞŬ ǁĞƌĞ MTNN ;нϭϬ͘ϬйͿ͕ AFRIPUD ;нϵ͘ϰйͿ ĂŶĚ THOMASWY ;нϴ͘ϴйͿ ǁŚŝůĞ

ĞdžƉĞĐƚ ƚŚĞ ďƵůůŝƐŚ ƌƵŶ ŝŶ ƚŚĞ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƚŽ ĐŽŶƟŶƵĞ͘

Afrinvest West Africa Limited

6.90

-1.4%

5.1%

-13.2%

-13.8%

10.0%

1.1%

4.1x

0.5x

3.7%

14.00

0.7%

3.6%

-27.8%

-27.8%

4.7%

4.3%

4.1x

0.5x

2.9%

24.6%

5.95

-0.8%

3.8%

-22.7%

-23.7%

15.5%

1.7%

2.5x

0.4x

14.3%

39.6%

5.0x

0.5x

3.5%

19.8%

8.2%

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%

6.00

-1.6%

3.3%

-11.8%

-7.7%

22.2%

2.1%

1.5x

0.4x

10.00

0.0%

2.3%

-28.6%

-30.1%

15.3%

1.2%

2.8x

0.4x

4.9x

-1.8%

65.5% 35.6%

13 Stanbic IBTC Holdings PLC

44.05

0.0%

2.7%

-8.1%

-5.1%

30.3%

4.6%

6.6x

1.7x

3.4%

14 Unilever Nigeria PLC

31.00

-3.1%

2.3%

-16.2%

-16.2%

12.7%

7.7%

17.3x

2.1x

4.8%

5.8%

15 Lafarge Africa PLC

10.20

0.0%

1.5%

-18.1%

-15.0%

-53.7%

-7.9%

0.7x

15.8%

-61.7%

15.1%

16 Guinness Nigeria PLC

50.50

0.0%

1.0%

-29.9%

-29.9%

6.8%

3.7%

16.9x

1.3x

3.7%

5.9%

17 Okomu Oil Palm PLC

74.00

0.0%

1.4%

-2.9%

-2.9%

21.0%

16.0%

11.7x

2.4x

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

10.7%

19 11 PLC

170.00

0.0%

1.3%

-8.4%

-8.4%

38.0%

16.8%

5.7x

1.9x

4.9%

17.6%

15.50

0.0%

0.9%

-32.9%

-30.2%

6.6%

2.0%

7.2x

0.4x

6.6%

14.0%

20 Flour Mills of Nigeria PLC 21 Oando PLC

4.65

-1.1%

1.2%

-7.0%

-3.1%

14.3%

2.5%

2.1x

0.3x

22 Fidelity Bank PLC

1.66

-4.0%

1.0%

-18.2%

-18.2%

12.7%

1.4%

2.0x

0.2x

6.6%

23 Transnational Corp of Nigeria

1.27

2.4%

1.1%

-3.8%

0.8%

19.3%

4.3%

4.8x

0.8x

2.4%

21.1%

24 Dangote Sugar Refinery PLC

13.40

0.0%

0.9%

-12.1%

-9.5%

22.3%

12.6%

6.7x

1.5x

8.2%

14.9%

26 FCMB Group Plc

1.61

-3.0%

0.6%

-14.8%

-10.6%

8.8%

1.2%

2.0x

0.2x

8.4%

49.6%

27 UAC of Nigeria PLC

6.45

-2.4%

0.4%

-33.8%

-32.5%

-7.9%

-3.6%

0.3x

9.6%

-30.3%

43.7%

47.4% 50.4%

25 Diamond Bank PLC

2.30

0.0%

0.7%

21.1%

21.1%

9.3%

0.9%

7.1x

0.6x

29 Presco PLC

58.00

0.0%

0.4%

-9.4%

-9.4%

37.0%

24.8%

2.3x

0.7x

3.6%

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

27.80

8.8%

0.4%

-3.1%

-0.7%

48.9%

7.4%

28 Sterling Bank PLC

32 Union Bank of Nigeria PLC

7.10

4.4%

0.5%

26.8%

26.8%

6.6%

1.2%

12.4x

0.9x

23.00

0.0%

0.3%

14.4%

4.1%

19.9%

2.3%

4.7x

0.9x

34 PZ Cussons Nigeria PLC

14.1%

2.1x

33 Julius Berger Nigeria PLC

8.5% -7.6% 8.1%

8.7%

21.5%

8.50

0.0%

0.2%

-29.8%

-30.9%

0.8x

1.8%

34.00

0.0%

0.2%

-2.4%

-2.4%

68.7%

31.5%

11.5x

7.2x

8.5%

8.7%

36 Wema Bank PLC

0.63

0.0%

0.2%

0.0%

0.0%

7.3%

0.7%

6.6x

0.5x

4.8%

15.2%

37 Beta Glass PLC

69.70

0.0%

0.2%

2.0%

2.0%

21.1%

14.7%

6.4x

38 Dangote Flour Mills Plc

16.35

0.0%

0.4%

138.7%

147.7%

-15.8%

-5.1%

39 Transcorp Hotels Plc

5.40

0.0%

0.1%

-11.5%

-9.2%

6.0%

3.2%

40 AXA Mansard Insurance PLC

1.80

0.0%

0.1%

-1.6%

-1.6%

11.0%

3.1%

35 Chemical and Allied Products P

T o p 10 G a i n e r s

1.2x

1.9%

15.5%

2.6x

1.2%

-6.9%

12.0x

0.7x

2.8%

7.9x

0.9x

8.3% 12.7%

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

T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

M TNN

131.70

10.0%

M TNN

110.7

10.0%

A F R IP R UD

3.94

9.4%

FB NH

31.4

-1.4%

T H OM A SWY

0.37

8.8%

ST ER LN B A N K

26.1

0.0%

27.80

8.8%

GUA R A N T Y

23.9

3.0%

C OUR T VILLE

0.25

8.7%

T R A N SC OR P

21.2

2.4%

ET ER N A

4.00

6.7%

Z EN IT H B A N K

19.5

-0.8% -0.8%

UB N D A N GC EM LA SA C O GUA R A N T Y

7.10

4.4%

UB A

16.3

185.00

3.9%

A C C ESS

15.7

-1.6%

0.31

3.3%

FCM B

12.0

-3.0%

31.30

3.0%

F ID ELIT YB K

9.9

-4.0%

T o p 10 L o s e r s

LIVESTOCK (-ϭϬ͘ϬйͿ͕ JULI (-ϵ͘ϲйͿ ĂŶĚ AFROMEDIA (-ϴ͘ϵйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ &ŽůůŽǁŝŶŐ ƐƵƐƚĂŝŶĞĚ ŝŶƚĞƌĞƐƚ ŝŶ MTNN, ǁĞ

15.5%

1,430.00

5 Nigerian Brew eries PLC

FO

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬ

Divindend Earnings Yield Yield

19.4%

ŶŽƚĞ͘

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ tĞĂŬĞŶƐ

P/BV

3.0%

ůĞǀĞů ĂůƐŽ ŝŵƉƌŽǀĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĂĚǀĂŶĐĞĚ

;Eϭϰ͘ϲďŶͿ͕

P/E

0.55%

12 Ecobank Transnational Inc

FBNH ;ϯϭ͘ϰŵ ƵŶŝƚƐͿ ĂŶĚ STERLING ;Ϯϲ͘ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ MTNN

ROA

31.30

11 Access Bank PLC

dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ MTNN ;ϭϭϬ͘ϳŵ ƵŶŝƚƐͿ͕

ROE

1,322.66

ĐĂƉŝƚĂůŝnjĂƟŽŶ ŝŶĐƌĞĂƐĞĚ ďLJ EϯϳϮ͘ϭďŶ ƚŽ Eϭϯ͘ϯƚŶ͘ ĐƟǀŝƚLJ

ϱϲ͘ϵй ĂŶĚ ϭϭϲ͘ϳй ƚŽ ϯϯϱ͘ϰŵ ƵŶŝƚƐ ĂŶĚ Eϭϳ͘ϮďŶ ƌĞƐƉĞĐƟǀĞůLJ͘

Price Change Index to Date

1 Guaranty Trust Bank PLC

7 Cement Co Northern Nigeria PLC

ĂďŽǀĞ ƚŚĞ ƉƐLJĐŚŽůŽŐŝĐĂů ďĞŶĐŚŵĂƌŬ ŽĨ ϯϬ͕ϬϬϬ͘ϬϬ ƉŽŝŶƚƐ͘

Price Previous Current Change Price Weightin YTD Change g

T ic k er

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

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

0.63

-10.0%

M TNN

14581.7

10.0%

J ULI

1.51

-9.6%

GUA R A N T Y

743.5

3.0%

A F R OM ED IA

0.41

-8.9%

D A N GC EM

621.5

3.9%

C UST OD IA N

6.00

-7.7%

Z EN IT H B A N K

382.5

-0.8%

C UT IX

1.65

-6.8%

FB NH

219.4

-1.4%

GLA XOSM IT H

8.50

-5.6%

UB A

97.6

-0.8%

A IIC O

0.66

-4.3%

A C C ESS

95.2

-1.6%

F ID ELIT YB K

1.66

-4.0%

NB

66.2

-0.6%

J A P A ULOIL

0.24

-4.0%

ST ER LN B A N K

60.2

0.0%

UN ILEVER

31.00

-3.1%

N EST LE

57.8

0.0%

LIVEST OC K

Brokerage

Asset Management

Investment Research

Ayodeji Ebo | aebo@afrinvest.com

Ola Belgore | obelgore@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

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

Jolomi Odonghanro | jodonghanro@afrinvest.com

41

WEDNESDAY, MAY 22, 2019 ˾ T H I S D AY

MARKET NEWS

IST Chairman Lists Benefits of Quick Resolution of Market Disputes Goddy Egene The Chairman of Investment and Securities Tribunal (IST), Mr. Isaiah Isiaka Idoko-Akoh has said that corporate governance and economic prosperity are guaranteed where quick trade dispute settlement mechanism exists.

Idoko-Akoh said this during the inauguration of the Lagos office

of IST in Ikeja, Lagos, saying the office will now handle numerous commercial disputes within the state and its environs.

The IST is a dedicated, specialised fast-track civil court established by the federal government pursuant to Section 274 of the Investments and Securities Act (ISA) 2007, for the resolution of disputes arising from investments and securities

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

transactions.

The chairman of the tribunal disclosed that more than 300 cases of trade disputes in the capital market had been settled in the last six years.

According to the him, stakeholders in the market should expect faster resolution of market disputes as the IST is committed to thriving capital market and robust economy.

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 20May-2019, unless otherwise stated.

Before now, Idoko-Akoh had restated the tribunal’s commitment to early resolution of disputes arising from capital transactions to further enhance investor confidence in the market.

According to him, emerging markets could only fully achieve their potential in an atmosphere of an entrenched adjudicatory framework that makes for certainty and predictability in the resolution

of disputes.

“The IST is no doubt strategically placed to meet this expectation with a view to boosting and maintaining investors’ confidence in the market. The Tribunal was established as a part of the federal government’s key reform initiative for the financial sector of the economy,” he said.

He explained that IST’s vision, which is to be a world class capital

market tribunal that is fair and transparent, dispensing justice without fear or favour, is in tandem with its overriding objective to deal with cases fairly, justly and to provide reliable, informed, expedient, flexible and affordable dispute settlement mechanism for investors, public companies, capital market operators, self-regulatory organisations and other market participants.

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 145.90 147.68 -7.32% Afrinvest Plutus Fund 100.00 100.00 8.11% Nigeria International Debt Fund 276.73 276.73 1.28% 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 0.87 0.88 4.05% ACAP Income Funds 0.63 0.63 13.18% 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 13.32% AIICO Balanced Fund 2.30 2.32 3.22% 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 15.57 16.04 -6.14% ARM Discovery Fund 345.25 355.66 -3.19% ARM Ethical Fund 29.01 29.88 2.72% ARM Money Market Fund 1.00 1.00 13.07% 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 96.38 97.06 -4.75% AXA Mansard Money Market Fund 1.00 1.00 12.40% 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 14.13% 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 11.95 12.04 1.14% Women's Investment Fund 105.78 106.31 2.08% 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 12.45% 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 11.90% Coronation Balanced Fund 0.83 0.83 Coronation Fixed Income Fund 1.19 1.19 6.49% 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 12.48% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.26% 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 1,188.02 1,188.84 6.43% FBN Heritage Fund 142.74 143.70 -0.03% FBN Money Market Fund 0.00 0.00 0.00% FBN Nigeria Eurobond (USD) Fund - Institutional 0.00 0.00 -96.82% FBN Nigeria Eurobond (USD) Fund - Retail 0.00 0.00 -96.81% FBN Nigeria Smart Beta Equity Fund 139.00 140.97 -7.33% 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 3.40 3.40 4.70% Legacy Equity Fund 1.13 1.15 -7.64% Legacy USD Bond Fund 1.05 1.05 1.85% 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 2,957.86 2,986.92 -0.89% Coral Income Fund 2,890.72 2,890.72 5.52% 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 16.37% Nigeria Entertainment Fund 107.81 108.18 0.41% GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund 10.00 10.00 12.86%

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 12.35% Vantage Balanced Fund 2.12 2.15 -1.16% Vantage Guaranteed Income Fund 1.00 1.00 14.97% Kedari Investment Fund (KIF) 130.15 130.24 4.14% 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 1.19 1.21 3.92% Lotus Halal Fixed Income Fund 1,098.63 1,098.63 5.25% 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 10.71 10.80 -6.93% Meristem Money Market Fund 10.00 10.00 12.12% 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 1.28 2.82% PACAM Fixed Income Fund 11.43 11.49 2.73% PACAM Money Market Fund 10.00 10.00 13.02% 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 120.25 120.63 -0.47% 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 5.48% 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 2,342.61 2,354.02 1.18% Stanbic IBTC Bond Fund 201.27 201.27 5.85% Stanbic IBTC Ethical Fund 0.90 0.91 -4.74% Stanbic IBTC Guaranteed Investment Fund 254.33 254.36 4.92% Stanbic IBTC Iman Fund 157.27 158.94 -3.62% Stanbic IBTC Money Market Fund 100.00 100.00 12.67% Stanbic IBTC Nigerian Equity Fund 7,986.62 8,072.48 -5.98% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 2.42% 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 -0.18% United Capital Bond Fund 1.69 1.69 6.22% United Capital Equity Fund 0.68 0.69 -3.87% United Capital Money Market Fund 1.00 1.00 13.10% United Capital Eurobond Fund 110.63 110.63 3.14% United Capital Wealth for Women Fund 1.12 1.12 2.56% 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 10.61 10.77 0.70% Zenith Ethical Fund Zenith Income Fund Zenith Money Market Fund

11.91 21.78 1.00

12.04 21.78 1.00

-0.50% 13.01% 11.91%

REITS NAV Per Share

Yield / T-Rtn

5.40 120.77 52.38

-44.85% 2.58% 1.24%

Bid Price

Offer Price

Yield / T-Rtn

9.69 99.75 80.64

9.79 101.86 82.13

-8.15% -14.97% -9.06%

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

3.48 6.38 13.13 10.44 155.62

3.52 6.46 13.23 10.64 157.62

-12.82% -16.17% -12.14% -15.43% 8.36%

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.

T H I S D AY • WEDNESDAY MAY 22, 2019

42

UTILIZATION OF FOREIGN EXCHANGE AS AT 17TH OF MAY 2019 S/N

CUSTOMERS

1

SHOBANDE J. FADEKE

2 3 4

AMOUNT (US$)

S/N

CUSTOMERS

400.00 PTA

PURPOSE

359.00 13-May-19

RATE DATE

41

YUSUF ADEBAYO SAIBU

AMOUNT (US$)

S/N

CUSTOMERS

10,787.00 SCHOOL FEES

PURPOSE

359.00 14-May-19

YUSUF P. AMAKA

1,000.00 PTA

359.00 13-May-19

42

CBN

MADU DANIEL

2,000.00 PTA

359.00 13-May-19

43

CBN

EZIKE KELECHI & ADAOBI C

4,000.00 PTA

359.00 13-May-19

44

ETERNA

5

OBAYAGBO H. BARINE

2,300.00 PTA

359.00 13-May-19

45

BRANDCO NIG LTD

6

IHEKWABA A. EJIKEME

4,000.00 PTA

359.00 13-May-19

46

OKIRIE HELEN

4,000.00 PTA

7

ANAETOO N. CHRISTOPHER

4,000.00 PTA

359.00 13-May-19

47

EBENEZER O OLAJUYIGBE

8

LORETTA A. BALLA

4,000.00 PTA

359.00 13-May-19

48

9

OHAKAWA C. LUCIOUS

4,000.00 PTA

359.00 13-May-19

49

10

PROF OJUKWU C. FLORENCE

2,700.00 PTA

359.00 13-May-19

11

OSAJUYIGBE E. OLUYEMI

1,600.00 PTA

12

AKHILE I MARY

3,100.00 PTA

13

OHAKAWA NKECHI LILIAN

4,000.00 PTA

359.00 13-May-19

14

MEZUE W. CHUKWUEMEKA

2,580.00 PTA

15

AGAMAH DANIEL ATTAH

1,306.00 PTA

16

PORBENI FORTUNE

17

OKANLAWON E. FUNMILAYO

18

BALOGUN OLASHENI

19

OKPALEFE FAVOUR

20 21 22

IGWE NELSON

23

NWANKWO C. CHIDIADI

24

CLARA EBYN-AHISU

25

CHINDA NNENDA

26

CBN

27

CBN

28

OBAYAGBO H. BARINE

2,300.00 PTA

29

OBIJIAKU PAUL-DOE IHENACHO

3,300.00 PTA

30

OKOILU A. OLUWAYEMISI

31

OGBUJI S. NMESOM

4,000.00 PTA

32

FALEYE F. ADELANI

4,000.00 PTA

33

IHEKWABA A. EJIKEME

4,000.00 PTA

34

IKHISEMOJE PHILIP

35

IGBOEKWE A. NGOZI

36

RATE DATE

81

OBASI ELEWACHI

95,507.05 IMTO TRANSFERRED TO CBN

357.00 14-May-19

82

OWARIETA GEORGE

3,330.00 BTA

359.00 16-May-19

33,094.14 IMTO TRANSFERRED TO CBN

357.00 14-May-19

83

OKORONKWO CHUKWUMA

1,935.00 PTA

359.00 16-May-19

360.90 14-May-19

84

OYEWOLE O. OLUBUNMI

1,290.00 PTA

361.00 14-May-19

85

IBEME SABINA OKWUI

3,920.97 PTA

359.00 16-May-19

359.00 15-May-19

86

URAIH CHUKWUWETA

551.04 PTA

359.00 16-May-19

1,000.00 PTA

359.00 15-May-19

87

NDILEMENI C. CHUKWUNONSO

1,242.00 PTA

359.00 16-May-19

IBEABUCHI O. IKEM

4,000.00 PTA

359.00 15-May-19

88

ZUOFA TIBIEBIOWEI

3,287.60 PTA

359.00 16-May-19

NWACHUKWU A. BENJAMIN

1,000.00 PTA

359.00 15-May-19

89

WILLIAMS IBIRONKE

3,597.07 ACCOMMODATION FEES

359.00 16-May-19

50

AHIA, K. CHUKWUEMEKA

4,000.00 PTA

359.00 15-May-19

90

AGBENDEH MEMBER ABIGAIL

2,600.00 SCHOOL FEES

359.00 16-May-19

359.00 13-May-19

51

SODIQ BOLAJI

2,700.00 PTA

359.00 15-May-19

91

UWANDU JASON NMEKA

15,000.00 SCHOOL FEES

359.00 16-May-19

359.00 13-May-19

52

ANUCHA E. EGWUMA

4,000.00 PTA

359.00 15-May-19

92

ABDULSALAM ABDULRAZAK

4,405.80 SCHOOL FEES

359.00 16-May-19

53

MICHAEL O AYELOWO

1,300.00 PTA

359.00 15-May-19

93

FASASI KASEEM AKINOLA

11,195.00 SCHOOL FEES

359.00 13-May-19

54

FARONBI O. AKANBI

1,000.00 PTA

359.00 15-May-19

94

IDAM GEORGE OGBONNA

11,755.80 SCHOOL FEES

359.00 16-May-19

359.00 13-May-19

55

PICCOLO BRUNELLI DANTE

5,000.00 BTA

359.00 15-May-19

95

NDAHBROS ROSEMARY

501.44 SCHOOL FEES

359.00 16-May-19

3,870.00 PTA

359.00 13-May-19

56

OKEKE M. OSINACHIADINMA

1,000.00 PTA

359.00 15-May-19

96

IBUJE GODWIN

3,920.10 SCHOOL FEES

359.00 16-May-19

3,280.50 PTA

359.00 13-May-19

57

AMINU MARYAMU

2,000.00 PTA

359.00 15-May-19

97

WAMI JULIET

2,940.75 SCHOOL FEES

439,122.68 GASOIL 69,171.17 SPORT FOOTWEAR

AMOUNT (US$)

PURPOSE

RATE DATE

1,887.00 PTA

359.00 16-May-19

359.00 16-May-19

359.00 16-May-19

359.00 16-May-19

1,027.30 SCHOOL FEES

359.00 13-May-19

58

OWARIETA MAUREEN

2,220.00 PTA

359.00 15-May-19

98

CBN

70,565.15 IMTO TRANSFERRED TO CBN

357.00 16-May-19

13,592.00 SCHOOL FEES

359.00 13-May-19

59

NWAUGBE A. IFEOMA

645.00 PTA

359.00 15-May-19

99

CBN

18,476.73 IMTO TRANSFERRED TO CBN

357.00 16-May-19

EGERE U. GRACE

7,220.00 SCHOOL FEES

359.00 13-May-19

60

MICHAEL O AYELOWO

2,580.00 PTA

359.00 15-May-19

100

NCR NIG PLC

KEGKU MONICA

8,000.00 SCHOOL FEES

359.00 13-May-19

61

AJAYI O. OLAYINKA

774.00 PTA

359.00 15-May-19

101

GENERAL VENTURES INT'L LTD

387,400.00 MF20190044212

360.90 16-May-19

559.75 SCHOOL FEES

359.00 13-May-19

62

AKINPELU F. JOSEPH

3,870.00 PTA

359.00 15-May-19

102

MTN NIGERIA COMMUNICATIONS LTD

162,125.17 TELECOMMUNICATION EQUIPMENT

360.50 16-May-19

14,999.76 SCHOOL FEES

359.00 13-May-19

63

CBN

116,103.81 IMTO TRANSFERRED TO CBN

357.00 15-May-19

103

NANZIN WUYEP JOSEPH

2,624.67 SCHOOL FEES

359.00 17-May-19

2,755.62 LIVING EXPENSES

359.00 13-May-19

64

CBN

42,115.30 IMTO TRANSFERRED TO CBN

357.00 15-May-19

104

OVWIOKPE NATHANIEL

7,806.83 SCHOOL FEES

359.00 17-May-19

3,280.50 SCHOOL FEES

359.00 13-May-19

65

NWACHUKWU A. BENJAMIN

1,000.00 PTA

359.00 16-May-19

105

JAMES FRANKLYN INVESTMENT LTD

1,908.54 SCHOOL FEES

359.00 17-May-19

89,183.80 IMTO TRANSFERRED TO CBN

357.00 13-May-19

66

AHIA KENNETH CHUKWUEMEKA

4,000.00 PTA

359.00 16-May-19

106

HASSAN ISHAYA ESTHER

1,113.73 SCHOOL FEES

359.00 17-May-19

32,328.44 IMTO TRANSFERRED TO CBN

357.00 13-May-19

67

ADEOYE O. ADELEYE

4,000.00 PTA

359.00 16-May-19

107

ENANG IDAH FRANCIS

2,003.37 SCHOOL FEES

359.00 17-May-19

359.00 14-May-19

68

NJOKU LINUS

2,100.00 PTA

359.00 16-May-19

108

UFOT DENNIS

2,925.23 SCHOOL FEES

359.00 14-May-19

69

OLADIPE B. ESTHER

5,000.00 BTA

359.00 16-May-19

109

CBN

359.00 14-May-19

70

SEKIBO E. HELENOR

4,000.00 PTA

359.00 16-May-19

110

CBN

359.00 14-May-19

71

OKORONKWO CHUKWUMA

2,000.00 PTA

359.00 16-May-19

111

HAIR PRESTIGE MANUFACTURING LTD

359.00 14-May-19

72

JEGEDE K. OLAYINK

4,000.00 PTA

359.00 16-May-19

112

IATA

11,018,419.81 TICKET REMITTANCE

360.90 17-May-19

359.00 14-May-19

73

OKEREKE C. HELEN

4,000.00 PTA

359.00 16-May-19

113

IATA

736,656.95 TICKET REMITTANCE

360.90 17-May-19

1,000.00 PTA

359.00 14-May-19

74

OBIMAKINDE F. ADERONKE

500.00 PTA

359.00 16-May-19

114

IATA

818,559.38 TICKET REMITTANCE

360.90 17-May-19

2,220.00 PTA

359.00 14-May-19

75

AJALA O. ELIZABETH

4,000.00 PTA

359.00 16-May-19

115

IATA

730,755.25 TICKET REMITTANCE

360.90 17-May-19

OKORARE B. EKENE

2,709.00 PTA

359.00 14-May-19

76

ELIZABETH OTI EDEN

4,000.00 PTA

359.00 16-May-19

116

CONSERVERIA AFRICANA LIMITED

44,583.36 HIGH FRUCTOSE CORN SYRUP

37

OKPARANYOTE O. RALPH

3,870.00 PTA

359.00 14-May-19

77

NKEMDILIM T AKPABIO

4,000.00 PTA

359.00 16-May-19

117

CONSERVERIA AFRICANA LIMITED

44,583.36 HIGH FRUCTOSE CORN SYRUP

360.90 17-May-19

38

OWOLABI S. JOSHUA

3,225.00 PTA

359.00 14-May-19

78

DUDU EVELYN M. ANTHONIA

4,000.00 PTA

359.50 16-May-19

118

BUILDGEN NIGERIA LIMITED

500.00 HOT ROLLED STEEL SHEETS

360.90 17-May-19

39

NDILEMENI C. CHIGOZIE

1,225.50 PTA

359.00 14-May-19

79

OWARIETA MAUREEN

2,238.99 PTA

359.00 16-May-19

119

UNITY BANK

40

ANTHONIA GODWIN

3,870.00 PTA

359.00 14-May-19

80

GEORGE OWEREJETA

3,330.00 BTA

359.00 16-May-19

250.00 PTA

32,890.11 AUTOMATED TELLER MACHINES

361.00 16-May-19

359.00 17-May-19

86,621.98 IMTO TRANSFERRED TO CBN

357.00 17-May-19

30,356.36 IMTO TRANSFERRED TO CBN

357.00 17-May-19

134,400.00 ARTIFICIAL FILAMENT TOW

360.90 17-May-19

360.90 17-May-19

310,531.85 INTERBANK

360.55 17-May-19

SOURCE OF FOREIGN EXCHANGE AS AT 17TH OF MAY 2019 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN CBN AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 165.00 488.00 330.00 3,000.00 531.81 28.11 44.44 114.01 40.00 4,480.00 6,030.00 3,719.44 550.00 800.00 1,450.00 8,000.00 247.00 1,000.00 78.67 190.00 1,410.00 149.22 4,965.00 6,400.00 400.00 50.00 1,500.00 700.00 700.00 1,588.99 832.76 97.96 83.27 83.27 99.93 222.06 277.58 33.70 166.55 1,815.02 111.35 747.07 4,485.00 1,500.00 50.00 2,000.00 1,000.00 100.00 1,113.51 700.00 117,624.88 1,286.85 42,563.65 540.93 20,000.00 50,000.00 50,000.00 20,107.48 830,012.19 693.59 77,750,000.00 560,350.00 3,500,000.00 2,000,000.00 490.00 150.00 42.06 375.00 934.90 43.98 2,810.00 3,604.00 3,880.00 4,000.00 440.00 37.67 50.00

www.ubagroup.com

RATE 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 357.00 399.75 359.00 355.00 355.00 355.00 354.88 360.00 359.00 359.00 359.00 359.00 359.00 360.00 360.30 357.00 357.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00

DATE 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 13-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19

S/N 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 175.00 1,790.00 1,500.00 433.74 350.00 385.00 1,500.00 290.00 252.33 300.00 300.00 335.00 400.00 463.00 500.00 700.00 750.00 1,450.00 208.55 150.00 135.00 54.97 85.42 470.00 500.00 1,300.00 145.00 2,180.00 668.11 334.05 3,312.69 4,671.31 960.69 2,316.17 278.63 172.43 3,631.31 1,500.12 452.62 517.28 953.09 232.60 329.51 465.19 245.34 800.00 300.00 200.00 500.00 500.00 800.00 2,000.00 125,900.49 1,442.24 43,584.27 541.25 200,000.00 417,827.30 25,000.00 5,000.00 400,000.00 934.32 111.45 111.45 6,352.72 4,666.55 141.11 3,287.81 83.59 133.74 70.77 539.42 55.73 557.26 2,562.67 274.76 786.24

RATE 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 355.00 355.00 355.00 354.91 359.00 359.00 360.00 360.00 360.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00

DATE 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 14-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19

S/N 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 167.13 1,448.47 258.44 5,384.17 2,321.73 193.05 40.00 1,825.00 1,090.00 195.30 55.61 90.00 114.42 339.43 401.00 500.00 554.31 678.00 1,000.00 105.00 90.00 40.00 402.80 489.00 391.65 84.00 250.00 983.08 332.61 3,660.00 443.00 554.63 577.34 100.00 14.61 140.00 414.65 435.00 500.00 532.00 610.72 664.00 665.00 750.00 1,100.00 1,712.92 1,810.00 3,350.00 9,975.00 8,935.00 6,275.00 3,230.00 317.73 130.00 250.00 659.86 3,776.30 56.99 10.00 250.00 34.53 190.00 300.00 500.00 500.00 1,000.00 1,000.00 1,600.00 153,169.06 1,636.02 55,384.90 768.83 19,000.00 11,400.00 170,000.00 9,960.00 200,000.00

RATE 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 355.00 355.00 355.00 354.87 359.00 359.00 360.00 360.00 360.00

DATE 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19 15-May-19

S/N 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 110,000.00 1,595.61 178.27 208.36 267.41 33.43 350.97 1,392.76 3,342.62 11.14 356.55 1,244.57 278.55 791.09 1,163.94 66.85 11,122.01 111.22 548.31 49.46 57.91 437.58 122.00 890.00 349.50 4,190.00 263.89 70.00 1,200.00 300.00 1,713.38 65.00 81.69 175.00 1,180.00 120.00 513.00 21.21 29.89 41.28 64.80 137.99 143.30 213.59 459.23 942.99 722.63 552.75 220.00 217.00 176.06 18,687.00 34.41 250.00 279.00 2,095.00 955.00 2,000.00 1,670.00 900.00 12,000.00 2,900.00 217.91 17,900.00 760.48 60.00 60.00 92,987.43 1,099.43 24,320.55 315.09 11,600.00 9,978.90 59,000.00 100,000.00 24,989.00 10,000.00

RATE 359.50 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 355.00 355.00 355.00 354.78 359.00 359.00 359.00 359.00 360.20 359.50

DATE 15-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19 16-May-19

S/N 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 583.24 2,098.72 164.59 139.64 155.71 205.44 1,110.50 49.97 877.30 61.82 222.10 388.68 1,274.49 1,274.49 1,274.49 1,274.49 128.67 514.69 888.48 160.84 642.37 38.60 1,454.08 640.00 150.00 490.00 64.58 3,590.00 70.00 500.00 1,000.00 2,876.00 1,076.00 172.50 109.96 258.00 274.00 250.00 196.09 2,308.00 2,103.00 45.00 490.00 117.00 171.00 287.70 4,982.00 95.00 41.42 154.00 7,287.04 2,282.00 2,790.00 230.00 272.40 50.00 148.46 1,934.02 300.00 970.00 1,112.20 500.00 600.00 1,610.00 114,300.91 1,195.06 39,919.51 555.64 100,000.00 11,000.00 26,000.00 10,000,000.00 2,446.84 50,000.00

RATE 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 359.00 355.00 355.00 355.00 355.84 359.00 359.00 359.50 360.00 360.00 359.50

DATE 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19 17-May-19

Africa’s global bank

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T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

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T H I S D AY â&#x20AC;¢ WEDNESDAY MAY 22, 2019

47

WEDNESDAY MAY 22, 2019 ˾ T H I S D AY

INTERNATIONAL

Egyptian Security Forces Kill 16 Suspected Militants in Sinai Egyptian security forces have killed 16 suspected militants in North Sinai and found a stash of weapons and explosives

in their hideouts, the Interior Ministry said on Tuesday.

The statement said they were plotting “terrorist attacks

May’s Cabinet Discusses Brexit Deal as Minister Warns Eurosceptics Prime Minister Theresa May chaired a meeting of her cabinet on Tuesday to discuss what is expected to be her final attempt to win parliamentary approval for her deal for Britain to leave the EU. Chancellor of the Exchequer Philip Hammond warned his eurosceptic cabinet colleagues ahead of the meeting not to follow Britain’s “populist right” by promoting the idea that leaving the EU without a deal is the only “truly legitimate Brexit.”

“To advocate for no deal is to hijack the result of the (2016 Brexit) referendum and in doing so knowingly to inflict damage on our economy and our living standards,” Hammond said in advance excerpts from a speech to the Confederation of British Industry on Tuesday.

The BBC and other media

quoted him as saying he would push for a Brexit deal to “protect jobs, businesses and future prosperity’’.

“We need to be clear, that if we do not resolve this issue in the next few weeks, there is a real risk of a new prime minister abandoning the search for a deal, and shifting towards seeking a damaging no-deal exit as a matter of policy,” Hammond was quoted as saying.

May agreed with senior members of her Conservative party last week to set a timetable to step down as party leader once parliament has voted on her EU Withdrawal Agreement Bill in early June.

Writing in the proConservative Sunday Times newspaper, May promised a “bold, new offer” in her latest Brexit bill, after lawmakers rejected her deal three times.

Niger Republic Opens Consulate Office in Lagos To further strengthen the historic ties between Nigeria and the Republic of Niger, the Government of Republic of Niger has opened a Consulate Office in Lagos to serve her nationals residing within and beyond Lagos and Southwest of Nigeria, Administrative Officer of the consulate, Mr. Israel Pukuma, said the office will provide useful information as well as to facilitate legitimate activities between Nigeria and Republic of Niger.

The official opening of Lagos Consulate Office located in Ikoyi, was witnessed by the Ambassador of Niger Republic to the Federal Republic of Nigeria, His Excellency Alat Mogaskia.

Notable dignitaries that graced the ceremony include the Governor of Niger State represented by the Deputy Governor, Ahmed Mohammed Ketso, the Consul General of Burkina Faso, Mr. Jean Bengaly and the Sarkin Fulani of Lagos Alhaji Mohammed Bambado.

Mogaskia in the statement described the opening of the Consulate as another giant step in the consolidation of the Diplomatic relationship between the two countries.

He further stated that Nigeria and Niger are countries with the same history divided only by colonialism, Niger-Nigeria relations are based on a longshared borders, common historical and cultural interactions and strong family ties. “this ceremony is therefore a thing of pride to me personally,

”he added.

While expressing his appreciation to the country’s leader, His Excellency President Mahammadou Issoufou, for the approval to establish a Consulate Office in Lagos, the Ambassador urged those who will manage the office to always be open to serve Nigeriens and other Nationals who may require assistance, be it consular or Economic.

He commended the efforts of those who worked for the actualization of the Consulate, in particular the commitment and contribution of the Honorary Consul, Abdullahi Monguno.

Monguno in his remarks thanked the President of Niger, His Excellency Mahammadou Issoufou for appointing him as Honorary Consul in Lagos, and explained that his major task is to facilitate beneficial relationship and protect the rights and interests of the citizens of Republic of Niger in Nigeria.

He further calls onNigeriens to live in peace with their host community and enjoined them to abide by the laws of the Federal Republic of Nigeria.

The Honorary Consul pledged to support the several productive agreements already signed by the two countries such as the construction of a hydrocarbon crude oil export pipeline from Niger Republic to Nigeria and a petroleum refinery in Katsina State.

He assured the Government and people of Niger of investing his goodwill to bring mutual benefits for both countries.

against important facilities and figures in different places in Arish”, which is the capital of governorate.

The ministry said the suspects were killed in “armed confrontations”, however did not elaborate on their identity

or whether there had been casualties among the security forces.

It did not say when the clashes happened.

Egypt has long been fighting Islamist militants who have waged an insurgency that has

killed hundreds of soldiers, police and residents, in the northern part of the Sinai Peninsula.

Human rights organisations accuse Egypt of carrying out extrajudicial executions and of trying civilians in

military courts as part of the crackdown.

President Abdel Fattah al-Sisi says strong security measures are needed to stabilise Egypt after the turmoil that followed the country’s 2011 uprising.

BUSINESS VISIT...

Venezuelan President, Nicolas Maduro (middle): flanked by his wife, Cilia Flores; and former Abia State Governor, Chief Orji Uzor Kalu, after a meeting in Caracas, Venezuela capital...yesterday

Dutch Police Arrest Radical Islamist Commander after German Tip-off Dutch police on Tuesday said they had arrested a 47-year-old commander of the radical Islamist al-Nusra Front following a tip-off from their German counterparts.

Six searches took place simultaneously in Germany and the Netherlands as part of a coordinated operation, though no other arrests were made.

“German police set in motion the investigation into

the suspect, known by the nom de guerre Abu Khuder, as they had obtained incriminating statements against the Syrian national,’’ Dutch police said.

He was arrested in the town of Kapelle in the Zeeland region of the Netherlands’ south-west.

The man is suspected of having led a battalion of Al-Nusra militia during the Syrian civil war.

He has lived since 2014 as a refugee in the Netherlands.

He is to be brought before a judge at the court responsible for war crimes in The Hague.

Speaking in 2012 to British newspaper, The Guardian, Abu Khuder described his battalion members as specialists in explosives and car bombs.

“Our main talent is in the bombing operations,’’ he said.

The radical Islamist al-Nusra Front, which in the meantime has repeatedly changed its name,

is one of the most important belligerents in the Syrian civil war.

Its goal is the overthrow of Bashar al-Assad and the establishment of Shariah law.

Previously affiliated to al-Qaida, the group has since officially renounced the association.

Germany’s federal public prosecutor estimates it to be connected with over 1,500 attacks and over 8,700 fatalities.

Sudan Opposition Prepares Massive Strike after Transition Talks Stall Sudan’s opposition on Tuesday, prepared for a massive strike, shortly after power-sharing negotiations with the military council stalled once again.

The Sudanese Professionals Association (SPA) said in a statement that the parties have been unable to agree on the final details of a “sovereign council,” a supreme body that would rule the country until elections, following the ouster of Omar al-Bashi.

SPA, which has spearheaded

months of protests, called on opposition supporters to prepare for a general political strike and a civil disobedience campaign to bolster their demands for a civilian-led government.

Negotiations between the military council and opposition members had been bumpy for several weeks.

On May 16, both sides announced a 72-hour suspension of talks after being unable to come to an agreement.

Negotiations had then

resumed on Sunday.

Thousands of Sudanese protesters meanwhile remain gathered outside the army headquarters in the capital Khartoum, continuing their months-long sit-in that began with the demand that the military hand over power to a civilian government.

Political unrest in Sudan reached a fever pitch December 2018, when a sharp hike in bread and fuel prices caused a public outcry.

One month later, protesters began calling for the ouster of al-Bashir, who has been sought by the International Criminal Court for severe human rights violations in Sudan’s Darfur region.

The military intervened in April by launching a coup and arresting al-Bashir, but the subsequent installation of interim military leaders was rejected by protesters, who have continued to call for a civilian government.

UN: Libya on Verge of Civil War Libya risks descending into a civil war, unless fighting around the capital Tripoli stops, UN Special Representative to Libya, Ghassan Salamé, warned on Tuesday.

Salamé, who is also the Head of the UN Support Mission in Libya (UNSMIL), gave the

warning while briefing the Security Council at the UN headquarters in New York.

He said the damage already done to Libya would take “years to mend”, adding that the looming civil war could lead to permanent division of

the country.

The assessment follows weeks of raging fighting between forces of parallel administrations in and around the outskirts of Tripoli.

The crisis was instigated by the the self-styled Libyan National Army commanded by Gen. Khalif

Haftar, who also leads a parallel administration based in the eastern city of Benghazi.

Salamé said he had spent two years hoping to avoid having to deliver such a “bleak in-person briefing to the Council.

48

WEDNESDAY MAY 22, 2019 ˾ T H I S D AY

NEWSEXTRA

Buhari Returns from Saudi, to Preside over FEC’s Valedictory Session Today Macron invites president to Africa-France summit President Muhammadu Buhari yesterday returned to Abuja after performing the Umrah (Lesser Pilgrimage) in Saudi Arabia.

The News Agency of Nigeria (NAN) reported that the presidential aircraft conveying the president and members of his entourage which took-off from Royal terminal of the King Abdul’aziz International Airport around 2p.m. (local time), and landed at the presidential wing of Nnamdi Azikiwe International Airport Abuja at about 6.34 p.m.

The President’s Chief of Staff, Malam Abba Kyari; Minister of the Federal Capital Territory (FCT), Malam Muhammed Bello; acting Inspector-General of Police, Muhammed Adamu and other government functionaries were at the airport to welcome the president.

While in Makkah, President Buhari, who performed the lesser hajj alongside his wife, closed associates and aides, also held Iftar dinner meetings with prominent Nigerians, including his key ally and National Leader of the ruling All Progressives Congress (APC), Bola Tinubu.

Others who met with the president included Governor Abdul’aziz Yari of Zamfara State, who was accompanied by Emir of Maradun, Alhaji Garba Tambari.

The president also had Iftar dinner meeting with Sultan of Sokoto, Alhaji Sa’ad Abubakar III, and Emir of Kazaure, Dr. Najib Hussaini Adamu, where special prayers were offered for God to help Nigeria achieve total peace and stability.

The holy month of Ramadan is a blessed time for spiritual reflection and commitment, while prayers are encouraged to achieve forgiveness, peace and prosperity of Nations.

President Buhari is expected to preside over the valedictory session of the Federal Executive Council (FEC) today, barely a week before his inauguration for another four-year tenure as President and Commander-In-Chief of Nigeria Armed Forces.

Meanwhile, French President, Emmanuel Macron, has invited President Buhari to the Africa-France Summit scheduled for June 2020 in Bordeaux, France.

The Secretary General, Africa-

France Summit, Stephanie Rivoal, said this when she visited the Minister of Foreign Affairs, Mr. Geoffrey Onyeama, yesterday in Abuja.

She said that the summit with the theme “Sustainable Cities” was aimed at helping African countries resolve the rural-urban drift among other challenges bedeviling the continent.

According to her, Nigeria is expected to showcase its projects that have been proven to work at the two-day summit for all stakeholders involved in development of cities.

She said it was the wish of Macron for Nigeria president to be in attendance at the summit because of the importance the country in the continent.

Rivoal also said that the summit, unlike every other summit was expected to provide concrete solutions to the challenges facing cities in Africa.

“I will appreciate it if President Buhari will come with a delegation of people involved in city development.”

She stressed that the summit wanted to provide a forum in which “ministers share ideas with one another on concrete solutions to development of cities.”

“Stakeholders will be there to look at what is the best for the people that live in those cities.

“Besides, there will be concrete commitments by stakeholders and this will be followed up at the end of the summit,” she said.

According to her, issues like how to ensure access to health, water, power and the rest will be discussed and also ways to make the rural areas more attractive to the people so as to curb rural-urban drift.

This she said explained why the summit would be hosted in Bordeaux instead of the big city, Paris.

The grand finale will be a football match between the World Champions, France, and the winners of the 2019 African Cup of Nations taking place in Egypt in June.

Onyeama in his remarks appreciated the invitation and said that Nigeria would love to be part of the summit.

The minister said it was very important for Africa to manage

growth and make the continent lively adding that it was something every society really had to address as cities were becoming a challenge.

According to him, President Buhari is looking at economic trajectory where rural-urban drift can be curbed.

“The challenges in improving quality of lives; to slow down and reverse the trend of urban-rural drift is something we are looking at and we hope to attain.

“Building up the economy of rural cities is an excellent idea. We have to look at how to make rural cities friendly for the people.

“I am sure that Mr President will keep the date as it is something he will consider,” the minister said.

Adamu: Out-of School Children a Mark of Shame to Me FG approves N25bn for ASUU members Kuni Tyessi in Abuja The Minister of Education, Mallam Adamu Adamu, has apologised to Nigerians over his inability to keep to his promise to reduce the number of out-of-school children by half before the end of his tenure.

This is coming as the federal government has approved additional N25 billion as earned academic allowances for members of the Academic Staff Union of Universities (ASUU).

The minister said the uninspiring status of Nigeria parading the highest number of out-of-school children globally was a big mark of shame to him as a person and to the entire country.

Nigeria remains the highest in the number of out-of-school children, reducing from 13.2 million to 10.1 million.

Adamu who spoke yesterday during his valedictory session at the ministry’s headquarters in Abuja, said the menace has been so embarrassing.

“When I attend conferences outside the country and the issue of out-of-school children is being discussed, I feel embarrassed. It is a big mark of shame to me as a person and to us as a nation.

Nigeria is the highest even though we are not known for poverty.

“We promised to reduce to reduce out-of-school children by half. I must apologise, we have failed in that. I am hoping that the next minister will address it,” he said.

Commending ASUU, and the Academic Staff Union of Polytechnics (ASUP), as well as other unions on campuses, the minister pleaded that strikes should be a thing of the past, while noting that the sum of N20

billion had been released directly to universities with emphasis that all universities had gotten their share of the money.

According to him, the federal government has approved additional N25 billion as earned academic allowances for members of ASUU. The money was part payment contained in the Memorandum of Action (MoA) the union signed with the federal government.

The government said the N25 billion was in addition to the N20 billion that was released last year to public universities in the country.

Adamu was joined by the Minister of State for Education, Prof. Anthony Anwukah, and Information and Culture Minister, Lai Mohammed at the briefing.

The minister said all universities in the country have benefitted from the N20 billion released last year by the President Muhammadu Buhari-led federal government.

He said the Buhari administration inherited an unimplementable agreement of N1.3 trillion when it assumed office in 2015.

Adamu said: “Let me inform you that the federal government has just approved an additional N25 billion to be shared to beneficiary institutions directly. Last year, the federal government released N20 billion directly to universities. As I speak, all universities have got their share of the N20 billion.

“The sad news is that the N200 billion that was released to the Central Bank of Nigeria since 2013 for the universities has not been fully accessed.

In specific terms, all the 73 public varsities have accessed the 1st tranche of 50 percent of the N200 billion.

ALL EYES ON HIGHER RETURNS…

L-R: Company Secretary/Legal Adviser, Caverton Offshore Support Group Plc, Ms. Amaka Obiora; Chairman, Mr. Aderemi Makanjuola; Chief Executive Officer, Mr. Olabode Makanjuola; and Non-Executive Director, Mallam Bello Gwandu, during the 10th Annual General Meeting of Caverton Offshore Support Group in Lagos…yesterday ETOP UKUTT.

14 StatesYet to Access N55bn Basic Healthcare Fund, Says Minister Senator accuses ex-minister of diverting N300m Deji Elumoye in Abuja The Minister of Health, Prof. Isaac Adewole, yesterday disclosed that no fewer than 14 states were yet to key into the Basic Health Care Provision Fund (BHCPF) meant for primary healthcare in the country.

Adewole, who appeared before the Senate plenary to explain the state of federal health institutions across the country, emphasised that the affected states were yet to register for the fund to enable them access the N55.15 billion earmarked for primary health care in the country.

He listed the states to include Kebbi, Jigawa, Akwa Ibom, Cross River, Gombe, Rivers, Borno, Zamfara, Ondo, Benue, Taraba, Nasarawa, Ogun and Sokoto.

This revelation is coming just as Senator Kabir Marafa (Zamfara Central), has accused a former Health Minister, Dr. Onyebuchi Chukwu, of diverting N300 million Intervention Fund meant for Federal Medical Centre, Gusau , Zamfara State capital, to procure mosquito nets in Enugu state.

The minister whose appearance

at the plenary was sequel to a Senate resolution on May 8 over the deteriorating conditions of teaching hospitals in the country, also said only two public hospitalsthe National Hospital Abuja, and the Lagos University Teaching Hospital (LUTH)-have cancer treating machines in the country.

While disclosing that 22 states have so far registered for the BHCPF, the minister listed the requirements for accessing the funds to include presence of state health care development agency, state health insurance scheme and counterpart fund of N100 million.

He said he had also used the Nigeria Governors Forum and personal interactions with the governors of the affected states to stress the need for them to key into the fund but all had yielded no fruit.

The National Assembly had earmarked the sum of N55.15 billion in the 2018 budget as one per cent of the Consolidated Revenue Fund (CRF) for the Basic Health Care Provision Fund (BHCPF).

Adewole lamented that

most states have abandoned primary and secondary health care, resulting in overcrowding of tertiary institutions.

According to him, the collapse of primary and secondary healthcare centres have led to patients visiting tertiary health institutions for ailments like headache, malaria, and high blood pressure, among others.

Adewole said epileptic power supply and inadequate water supply were the major challenges of most tertiary institutions in Nigeria.

He further explained that Nigeria currently has 59 tertiary institutions, which include 22 teaching hospitals, 20 Federal Medical Centres and 17 specialist hospitals.

Meanwhile, Marafa, while responding to the minister’s presentation, accused Chukwu of diverting N300 million meant for the purchase of medical equipment in Federal Medical Centre in Gusau to Enugu State for procurement of mosquito nets.

The senator, who claimed to have discussed the issue with Adewole wondered why nothing had been done about it in the

last four years.

“I was able to raise the said sum in 2012 as constituency project through the goodwill of people like the then Senate President, Senator David Mark and others based on complaints of the then Chief Medical Director (CMD) of FMC, Gusau only to discover later that the then health minister in connivance with his permanent secretary moved the N300 million to buy mosquito nets in Enugu State”.

Adewole, in his reaction, apologised on behalf of his predecessor and told the senator of the need for “us to forge ahead and move to the next level”.

The Senate also yesterday passed two bills after going through the Third Reading.

The bills are Theatre Arts Professionals Regulatory Council (Establishment, etc) Bill 2019 and City University of Technology Kaduna Bill 2019.

This was sequel to the consideration of the reports of the Committees on Establishment and Public Service and Tertiary Institutions and Tertiary Education Trust Fund (TETFUND).

49

WEDNESDAY MAY 22, 2019 ˾ T H I S D AY

NEWSEXTRA

Nigeria Remains FDI Destination Despite Challenges, Say Experts Chris Uba Economists and investment analysts have expressed optimism in the Nigerian economy, saying that despite challenges there is light in the tunnel for the country’s economy given the high level foreign countries’ willingness to invest in the country.

The experts spoke yesterday at the opening ceremony of USA Trade Fair 2019, a multisectoral event which presents new-to-market and existing United States (US) companies with an opportunity to explore opportunities and potentials within the Nigerian market.

They said that in spite of numerous challenges, Nigeria still remains the destination for foreign direct investment(FDI).

In his speech, the Managing Director of Financial Derivative Company, Mr. Bismarck Rewane, who was one of the speakers, said that Nigerian economy will not experience recession this year.

He said that although, Nigerian economy is being driven by the oil and gas sector and frequently affected by the vagaries of the international trade, the economy is not likely to go into recession.

He noted that Nigeria was experiencing depleting external buffers-rising external debt of $19.75 billion.

Executive Secretary of

Nigerian Investment Promotion Commission (NIPC), Mrs. Yetunde Sadiku, who also spoke at the event, said that Nigeria is receiving inflow of foreign investment despite the challenges in the country.

She attributed the development to the trust which the foreigners have on the Nigerian economy, acknowledged as the largest in Africa.

She said the mandate of NIPC is to remove bottlenecks in doing business and to achieve a demonstrable improvement in Nigeria’s doing business rankings, adding that serious effort is being made in that regard.

She hoped Nigeria would see a 20-point improvement in the World Bank’s doing business ranking and ultimately reach the top 100.

President and Chief Executive of GE Business Operations Nigeria and President, American Business Council (ABC) Nigeria, Dr. Lazarus Angbazo, who also spoke on the occasion, insisted that Nigeria remains foreign investment destination.

He said that GE has become the preferred trusted partner, investor, and employer of choice among multinational companies in Nigeria.

On his part, the US Ambassador to Nigeria, Mr. Stuart Symington, who addressed the audience, said

Rebuilding North-east Our Greatest Challenge, Says Osinbajo Michael Olugbode, in Maiduguri The Vice President, Prof. Yemi Osinbajo on Tuesday said the concern over rebuilding of the North-east remains the greatest challenge facing the present administration of President Muhammadu Buhari.

Osinbajo made this declaration at the Shehu of Borno’s palace, as part of his one-day official visit to Borno State to commission some projects built by the outgoing administration of Governor Kashim Shettima.

He said with the signing of the North-east Development Commission ( NEDC ) Act into law, the vehicle of redevelopment of North-east has been set in motion.

He said: “I am here specifically to commission projects that were done under the administration of Governor Kashim Shettima who has done excellently well for the people of Borno despite the challenges of the Boko Haram terrorists in the state.”

The Vice President said: “I am impressed by the numerous projects that I have seen round the state and if I should go to commission all the projects, it will continue till May 29.

“Concerns of rebuilding Northeast remains most important challenge that we have as a government and we want to assure you that it remains at the front burner of the federal government.”

He noted that: “Recently, the federal government signed into

law the North-east Development Commission ( NEDC) Act which backs the vehicle of redevelopment of North-east.”

He added that, “With the men appointed into the commission, we are bound to witness great development in the rehabilitation process of the North-east.”

He assured the Shehu of Borno, Alhaji Garbai Elkanemi and the entire people and government of Borno of the continuous support of federal government towards restoration of peace in the state and the entire North-east.

Earlier, the Shehu of Borno had thanked the federal government for the continuous support to the people of Borno throughout the crisis.

He recalled how Boko Haram destroyed properties and displaced several citizens in the years of the crisis, but expressed confidence in President Muhammadu Buhari, who have ensured that peace returns to Borno and the North-east.

Governor Shettima thanked Osinbajo for the visit and the empathy shown to the people of Borno on their travails over the years .

Shettima recalled that on 29th of May, 2015, God ushered in administration that had Borno at heart, saying that Vice President Osinbajo has endeared himself to the people of Borno for establishing a school to cater for the orphans of Boko Haram. “ During 2015 Ramadan, you came to Borno and took the bull by the horn and interacted with the IDPs,” he said.

USA Fair was a prime opportunity to celebrate these mutual ideals and to drive both “our economies forward through increasing trade and investment that has already put more people at work”.

“The US is the world’s largest economy, with a GDP of approximately $19.39 trillion just as Nigeria has been recognised as the largest economy in Africa, with a GDP of about $594.26

billion.

“The US is the dominant economy on the planet; Nigeria also plays a central role in the economic matters of the African region and the world at large.The

total stock of US Foreign Direct Investment (FDI) in Nigeria was 8.1 billion in 2012 – which is the latest available data – up by 53.6 per cent from the 2011 figure,” he explained.

PROMOTING RELIGIOUS HARMONY…

L-R: Aidonoje of South Ibie, His Royal Highness, Alhaji Aliyu Danesi; Otaru of Auchi, Alhaji Aliru Momoh Ikelebe III; Edo State Governor, Mr. Godwin Obaseki; and his Deputy, Hon. Philip Shaibu, during the governor’s observance of Iftar at the Palace of the Otaru in Auchi, Etsako West Local Government Area…yesterday

Ngige Denies Alleged Plot to Proscribe NUPENG OnyebuchiEzigboinAbuja The Minister of Labour and Employment, Dr. Chris Ngige, has dismissed as cheap and unconscionable lies the allegations by the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), and the Nigerian Labour Congress(NLC) that he was on a vendetta mission to proscribe NUPENG. In a statement issued last night by the ministry’s Head, Press and Public Relations, Rhoda Iliya, the ministry described the allegations leveled against Ngige by the NLC and its affiliate union, NUPENG as mischievous.

“What a mischief from two organisations that have traded decorum for cheap propaganda. On May 13, 2019, a letter was written by the Department of Trade Union Services and Industrial Relations (TUSIR) of the Federal Ministry of Labour and Employment, precisely by the Registrar of Trade Union

to both the NUPENG and Trade Union Congress (TUC) drawing the attention of the unions to the non-rendition of their financial returns for the years 2017 and 2018,” it said.

It said the letter directed that the unions should comply according to the provisions of Sections 40 and 37(i) of the Trade Unions Act of 2004 which states that “every registered body shall send to the registrar before 1stJune in each year, an annual return in the prescribed form… and shall be certified as correct by the dully appointed auditor.”

According to the ministry’s statement, “NUPENG and TUC being in breach of this section 37(i) the Registrar of Trade Union invoked Section 40 of the Trade Unions Act Cap T.14 (LFN) 2004 which gives the Registrar of Trade Union powers to request that all the books of accounts of defaulting unions be submitted to the Registrar for further scrutiny

to make for accountability in the management of the unions’ funds, which are check-off dues of workers deducted at source from their salaries .

“While the TUC president personally came to the ministry to explain his predicament and asked for extension of time on compassionate ground, the ever combative, arrogant and ill-informed NUPENG leadership took to the press for base name-calling , reminding everyone of their ill-fated invasion of the private residence of the Hon. Minister and asking this group of junior cadre oil workers, especially tanker drivers to be on red alert for strike – thus threatening Nigerians instead of apologies for being in default. We warn NUPENG to cease forthwith with this senseless bogey of tanker drivers,” the statement explained.

It said that the ministry was only carrying out its statutory functions, adding that NUPENG was not singled out, neither was it asked

to provide only the annual report of 2018 as they had conducted their 2019 conference.

“The ministry therefore wishes to state that the minister has no intention of proscribing NUPENG or any union whatsoever, though constitutionally empowered to do so if need be, and warns the leadership of NUPENG to desist from misleading the public by spreading wrong information about the ministry.

“In the same vein, the ministry notes that the NLC, who unfortunately is crying more than the bereaved, knowing full well that NUPENG is affiliated to the United Labour Congress(ULC)has suddenly realised that the minister was the only competent authority in all labour matters in line with the provisions of the ILO. How we wish it had realised this all the while and not engage in a futile, ill-advised skirmish with the minister over a constitutional right of the president to make political appointments,” it said.

Oil Well Fire: Communities Demand $2.5bn from Chevron James Sowole in Akure Communities affected by the fire that engulfed Chevron’s Ojumole Well No 1, Ikorigho in Ilaje Local Government Area of Ondo State, have yesterday demanded that the oil company should pay $2.5billion compensation to them.

The compensation was part of the demands submitted by representatives of the affected communities, read by Dr. Akin Akinruntan to the Oil and Gas Adhoc Committee set up by the Ondo State House of Assembly to look into the incident that broke out on April 18, 2019.

The communities, among other demands, also asked Chevron

to look into how to relocate the people affected by the inferno and conduct medical examination on people living within 8km radius of the affected areas.

At the meeting convened by the House Committee, stakeholders, including regulatory agencies, youths, and traditional rulers, asked the oil firm to be more proactive in its dealing with the host communities.

Addressing the stakeholders at the meeting that lasted about four hours, the General Manager, Policy, Government and Public Affairs of Chevron Nigeria Limited, Mr. Esimaje Brikinn, said the fire was caused by oil thieves who went to the well to steal crude.

Brikinn said CNL was currently working with the emergency response contractors to safely put out the fire as quickly as possible.

“Due to the peculiar terrain of the well location, there is the need to create an access path to the slot leading to the oil head”, Brikinn said.

According to him, the access would enable the heavy equipment and men required to put out the fire safely.

Brikiin noted that incident of that nature could not be handle like any other type to avoid disaster that would have been more devastating, stressing the need for high professional handling of

the issue.

He added that the company continued to put all stakeholders, including the government regulatory agencies, media and community leaders in the efforts to put out the fire and address the matter.

The general manager maintained that accredited independent environmental consultants were also engaged to be monitoring the area.

“Our activities will be consistent with the relevant environmental laws, regulations and guidelines. We continue to conduct our operations safely, reliably and efficiently with utmost consideration for protection.

Of people and the environment”, he added.

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Osinbajo: Buhari will Focus on Job Creation in Second Term Microsoft’s smartest engineer a Nigerian, says US Ambassador Segun James Vice President Yemi Osinbajo has said that President Muhammadu Buhari will be focusing on employment generation and infrastructure development in his second term in office.

This is coming as the US Ambassador to Nigeria, Stuart Symington yesterday disclosed that Microsoft Corporation, the world’s biggest software manufacturer, chose to build its second development hub in Lagos because the corporation’s smartest software engineer is a Nigerian.

The vice president said this

yesterday at the opening ceremony of the USA Fair 2019, a trade and investment expo exclusively for Nigerian and American businesses in energy, agriculture, aviation, ICT and others, organised by the US Foreign Commercial Service.

He stressed that one of the ways to generate employment is to provide the infrastructure that will push the economy.

According to Osinbajo who was represented by the Minister of Trade and Investment, Mr. Okechukwu Enelamah, the federal government had spent over N3.5 trillion in the last two years for infrastructural development,

adding that the government was determined to grow the economy in partnership with the private sector and other stakeholders.

He debunked the reports that Ghana and Nigeria are rivals or competing for the economic domination of West Africa.

He argued that both countries can develop together for the economic benefit of the West African sub-region.

“If we cooperate together, we could actually build a greater West Africa and Africa for the good of our people,” he said.

On his part, the US Ambassador to Nigeria, Stuart Symington yesterday disclosed why the

Microsoft Corporation, the world’s biggest software manufacturer chose to build its second development hub in Lagos.

Symington said it was because the corporation’s smartest software engineer is a Nigerian, adding that the official was among other engineers working for the company in the United States.

He said because of the quality of their work and the fact that they made it clear that there were many more smart people like them in Nigeria, Microsoft had to open a development hub in the country.

He told the over 4,000 entrepreneurs and businesses participating in the fair that Nigeria’s

greatest challenge is to create goods and services that are pure Nigerian, “that are worth more than they cost, that are true world class products and world-class prices. Then again, it is to capture the Nigerian market and other market as you go.”

Syminton stressed that the American and Nigerian economies and people have much in common, including an intense entrepreneurial drive, a firm commitment to free market principles and a clear vision for doing well by doing good.

“USA Fair 2019 is a prime opportunity to celebrate these mutual ideals and to drive both economies forward through increasing trade and investment that has already

put more people to work in both nations.”

He said that the 34 companies from the US exhibiting at the fair represent the best in US technology, products and services, adding that some of them have been on ground in the country and are household names in Nigeria while others are new.

“Whatever their level of experience, I encourage you, Nigerian business leaders, to meet each of the companies, discuss you interests, and honestly explore a mutually beneficial business relationship with them.”

He said Aliko Dangote had achieved that.

House Passes Bill Ending HND, B.Sc Dichotomy The House of Representatives has passed a bill, which abolished the existing dichotomy between Polytechnic Higher National Diploma (HND) and the Bachelor of Science degree awarded by the Nigerian universities.

The bill was passed during yesterday’s plenary.

The legislation, which was sponsored by Ali Isa and Edward Pwajok from Gombe and Plateau states, respectively, was passed for second reading since April 2017.

It seeks to end perceived discrimination against polytechnic graduates and remove the challenges being faced by HND holders, especially those in the public service.

While leading the debate for the bill to pass second reading, Pwajok said research he carried out on both certificates, showed that the discrimination had no moral justification.

He said that the unfortunate situation would make the

international community to look down on the status of educational institutions in the country.

The lawmaker said that it was unfortunate that such discrimination existed in a critical sector required for national development, regretting that there was a lot of segregation at employment level.

According to him, those with first degree are placed on Grade Level 8, while those with HND are placed on Grade Level 6 or 7.

He said that in some organisations, degree holders were paid N100, 000 at entry level, while their counterparts with HND were paid N70, 000.

The lawmaker said in other countries, technical experts were paid higher than administrators, adding that “the reverse is the case in the country’’.

He said that if the private sector must develop, proper recognition must be given to polytechnics and similar institutions in the country.

FG Shuts Four Foreign Missions Due to funding issues, the federal government has closed four of its missions abroad.

The missions, according to the Minister of Foreign Affairs, Mr. Geoffrey Onyeama, are Sri Lanka, Serbia, Ukraine and Czech

Republic.

The outgoing minister, who is an advocate of smart mission as means of ensuring of efficiency in the face of funding challenge, stated this while briefing journalists on his stewardship.

Govt College Ughelli Elects Officers Frontline columnist and chairman of The Nation’s Editorial Board, Mr. Sam Omatseye, has been elected President of Government College, Ughelli Old Boys Association, Lagos Branch.

The election, which took place May 19 in Lagos, attracted the presence of old boys of all generations, including the elders known as Ancient Mariners.

In his acceptance speech, Omatseye pledged to run an inclusive administration and raise the bar for both the alma mater and the fellowship of old boys in the state.

“I will work with my able executive, leverage the wisdom of the Ancient Mariners and the goodwill of all members

to move this association to a higher pedestal,” he said.

A well-known marketing icon and Managing Director of Neo Media and Marketing, Ehi Braimah, emerged as Vice President, while Mr. Lumumba Okugbawa was elected Secretary.

Mr. Akeju Akintonmiwa became assistant Secretary, while the position of Treasurer went to Okosubide Mozimo.

Other elected officials are Prince Okoro, Financial Secretary; and Lawson Abanum, Publicity Secretary. The exofficio members included the immediate past President Col. DJ Binitie (rtd), Cassidy Binitie, Paul Karika and Chief Clement Djebah.

OILY AFFAIR…

L-R: Technical Information Chair, Nigeria Council of the Society of Petroleum Engineer (SPE), Lekan Olafuyi; Delivery Integration and Technology Manager, Shell Nigeria Exploration and Production Company (SNEPCo), Yemi Asaolu; SPE Nigeria Council Chair, Debo Fagbami; SNEPCo’s Managing Director, Bayo Ojulari; SPE’s Assistant Publicity Chairperson, Lagos Section, Princess Offor; and Chair, SPE Special Projects Committee, Francis Nwaochei, during a courtesy visit to SNEPCo’s head office in Lagos…recently

IjawYouths: Buhari Must Relocate Amnesty Office, Ministry of Niger Delta to N’ Delta Emmanuel Addeh in Yenagoa The Ijaw Youth Council (IYC) Worldwide has demanded the relocation of the headquarters of the Ministry of Niger Delta Affairs and the Presidential Amnesty Programme (PAP) to the Niger Delta region without further delay.

Speaking on the final day marking the 21st anniversary of the historic Kaiama Declaration in

Bayelsa, IYC President, Pereotubo Owelaemi, also called on President Muhammadu Buhari to ensure that the country returns to a truly federal system where states control their God-given resources.

He argued that both offices have no business being headquartered in Abuja, describing it as an aberration, which must be corrected.

“Just like NDDC is sited in the region, the ministry and

the Amnesty Office can only effectively function once they are relocated to the region. Those offices have no business stationed in Abuja,” he stated.

While calling for true federalism, he said: “Successive governments for the past 51 years have refused to heed the popular demands of restructuring, true federalism and resource control which are a panacea to addressing the wounds of the civil war.

“For us in the Niger Delta, our grievances can only be addressed only if the country is restructured.

We will never back down on our collective struggle for the liberation of the region until we attain our political independent.

“All we ask for is resource control, true federalism and equal political participation among the various ethnic groups that formed this federation,” he explained.

Saraki Orders Probe into N’Assembly Media Accreditation Guidelines Deji Elumoye in Abuja Senate President, Dr. Bukola Saraki, has ordered a probe into Monday’s release of fresh accreditation guidelines for journalists covering the parliament by the management of the National Assembly without the knowledge of the leadership of the Assembly.

Saraki, in a statement released yesterday by his social media

aide, Mr. Olu Onemola, said the guidelines which have attracted widespread condemnations from several quarters, negated his belief and commitment to allowing for unhindered operation of the media.

According to the release, “The attention of the President of the Senate, Dr. Bukola Saraki, has just been drawn to a story that is circulating on social media about

the National Assembly issuing new guidelines to journalists.

‘These alleged guidelines have not emanated from either the Senate President or the Speaker, and will be promptly investigated”.

“The public should note that the 8th National Assembly has been committed to the freedom of the press as exemplified by its work to bringing governance closer

to the people through live streams and live tweets.

“The leadership of the 8th National Assembly believes strongly in the freedom of the press and in carrying the Nigerian public along. Hence, the Senate President and all his colleagues will continue to work to ensure that these freedoms remain unhindered,” the statement added.

WEDNESDAY MAY 22, 2019 ˾ T H I S D AY

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FG Engages US over Suspension of Visa Overstay, Dropbox The Minister of Foreign Affairs, Mr. Geoffrey Onyeama, has stated that the federal government has engaged the US government to make the issue of visa issuance less difficult for genuine Nigerian visitors to America.

Onyeama said this yesterday in Abuja, while fielding questions from journalists on the negative impact the issue of visa overstay had on Nigerians travelling to US The minister expressed concern that one of the consequences of the visa overstay was the recent suspension of `Dropbox’ for visa renewal for Nigerians.

The minister said that most of the unfavourable migrant decisions taken by some countries

were triggered by the negative perceptions about few Nigerians who do not obey the rules of those countries.

“The issue of migration is a challenge and such a sensitive topic because the US has just suspended the `Dropbox for visas renewals.

“And a lot of it is that they released statistics to show that 10 per cent of people who overstayed their visas globally are Nigerians.

“Those who do not obey the rule of other countries’ have more negative impact on those who obeyed,” the minister said.

He said that there had been those who were denied visas not because they were not qualified

but because of perception created by those who disobeyed the rules.

“The issue of those who overstayed their visas is a real issue. We have engaged with the US government over it.

“We are just trying to work

through them and they are looking at various alternative and solutions and to make less difficult for the genuine visitors and the like.

“Things like you have to have guarantor or surety and the like, all those things are what they are

trying to apply to really address this issue,” he said.

He said that the ministry was doing what it could to ensure that the issue of the recent suspension of dropbox for visas renewal do not affect genuine visitors to the

US. “We are doing what we can, they (US Embassy) told me that notwithstanding the suspension of drop box mechanism that there would be expedited interview for certain people.

EFCC Quizes Kwara Govt, State Assembly Officials over Suspicious Payments Iyobosa Uwugiaren in Abuja and Hammed Shittu in Ilorin The Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Office, has commenced investigations into the alleged illegal payment of about N400 million to some members of the Kwara State House of Assembly and the State Executive Council members before the expiration of their tenures.

In a statement by the commission’s Acting Head, Media and Publicity, Tony Orilade, the anti-graft agency said yesterday that it was currently interrogating the Secretary to the State Government, Sola Isiaka Gold and the Clerk of the State House of Assembly, Kperogi Halimat Jummai, over the alleged payment which did not follow due process.

The EFCC said: “It was gathered that all the 25 lawmakers and some members of the State Executive Council, two weeks ago received about N400 million severance gratuity before the expiration of their tenure despite the fact that the state is owing workers about three months salaries,.

“The petitioner said even though the lawmakers and members of the State Executive Council were entitled to severance payment, it was the next administration that was supposed to pay the money.

“It was further alleged that the State Government with “selfish intent”, swiftly paid the money before the expiration of their terms.

“More worrisome was the issue of furniture allowance running to hundreds of millions of naira according to the petitioner, which they wanted paid along with severance gratuity”.

“In a letter written by the Speaker, Kwara State House of Assembly, Dr. Ali Ahmed to the State Governor, it was confirmed that the lawmakers were entitled to severance gratuity at the end of their tenure due to terminate on June 7, 2019.

“The letter further stated that in accordance with the provisions of the Revenue Mobilization, Allocation and Fiscal Commission (RMA & FC) Honourable Members are entitled to 200 percent of their annual

basic salaries as their severance gratuity allowance at the end of their tenure of Office”.

Kperogi who confirmed that the lawmakers had received their severance gratuity was said to have told EFCC’s operatives that the payment was approved by the State Governor, Abdulfatah Ahmed.

Kperogi was quoted to have further said: “In a meeting of the Principal Officers of the Kwara House of Assembly held on 8th of May, 2019 wherein I am scheduled to be the secretary, issue of Severance Gratuity to the honourable members was raised. The principal officers were informed that the State Governor has approved the payment of the Severance Gratuity.

“At the meeting, I informed the House that his Excellency had approved the payment, adding that members were expected to be paid after the expiration of their tenure of office. The House debated it and they overruled me”.

On the other hand, the SSG, Gold, was said to have written and sought for the approval of the severance gratuity and furniture allowances amounting to about N300 million for some members of the State Executive Council.

In a letter dated May 8, 2019, Gold was quoted to have said: “Your Excellency, by virtue of the provisions of Kwara State Remuneration of Political and Public Office Holders Law, certain category of political and public office holders are entitled to severance and furniture allowances of their basic salaries respectively upon successful completion of tenure.”

According to the SSG, while the lawmakers have received their monies, members of the State Executive Council are yet to receive their gratuity.

Meanwhile, the commission was also said to be investigating the pictures circulating in the social media, which claimed that the government officials were packing four trucks full of loads to an unknown destination.

The store keeper of the state, according to the EFCC, is being interrogated as at the time of this report.

SHARING THE SAHARA STORY…

L-R: Director, Governance and Sustainability, Sahara Group, Pearl Uzokwe, Managing Director, Asharami Energy, a Sahara Group upstream company, Olajumoke Ajayi; and Presenter of Business Daily on the British Broadcasting Corporation (BBC), World Service, Manuela Saragosa, during an interactive session on Sahara’s upstream operations and sustainability initiatives at the BBC studios in London... recently

Osun to Register Miners to Prevent Crime, Says Oyetola Osun State government will register all miners operating in the state, Governor Adegboyega Oyetola said on Tuesday.

Besides, he said serious steps are to be taken to prevent security lapses linked to some of the criminals who are operating as illegal miners in the state.

These were the highlights of an Ife-Ijesa zonal security sensitisation meeting held on Tuesday in Ilesa.

The zone is where the vast gold deposit in the state is located.

Among other who attended the meeting with the governor were the Deputy Governor Benedict Alabi, wife of the Governor Mrs. Kafayat Oyetola, top government functionaries, traditional rulers led by Ooni of Ife, Oba Adeyeye Ogunwusi, and Owa Obokun of Ijesaland, Oba Adekunle Aromolaran, heads of security agencies in the state, leadership of artisanal miners and community leaders. They sought the people’s cooperation in the fight against

illegal mining, kidnapping, banditry and other vices in the state.

They appealed to residents to report any strange development in their domains for appropriate legal actions.

According to the governor, “The activities of illegal mining vendors, if not checked, will shatter the safety, security and peace of our people as they are capable of engaging in untoward behaviours. Already, there is an upsurge in criminal activities in this area.

Adding,”We have of recent been battling with kidnaping, harassment of people, and indiscriminate shootings on the highway, all traceable to the nefarious activities of some of these illegal miners.

“Should these high level crimes continue, government will be forced to take a drastic action, which will include but not limited to a total ban on mining activities in this state.

“To prevent the hammer from falling, all hands must be on deck to avoid criminality.

“So, all miners operating in this state must be registered to enable the government keep a record.

Community leaders (the Serikis) must play a key role in ensuring that this directive on registration is faithfully carried out. Thereafter, Serikis will be held accountable for acts of crime committed by miners in their area of operation.

“Ensuring that these crimes do not happen requires your collective support and cooperation and those of our people with the government”.

Meanwhile,heads of security agencies – the police, the army, the DSS, Immigration, the prisons, Road Safety, Civil Defence and the NDLEA, have reaffirmed their commitment to securing the state and preventing the influx of criminals posing as miners.

Leaders of the gold mining union also sought for government support to enable them prevent crimes.

A Community leader, Prof.

Olu Odeyemi, warned of dire consequences unless drastic

measures were taken to stop the rising level of insecurity.

Oba Ogunwusi and Oba Aromolaran urged the government to empower traditional rulers who know their domain and are in a better position to assist in securing their areas.

They called for synergy between the government, people and the security agents as part of efforts to strengthen security and stamp out all forms of criminality in the state.

Governor Oyetola described the security stakeholders’ meeting as sacrosanct, in view of the huge mineral deposits in the zone.

The governor said the elaborate plans the state has for artisanal miners will create wealth and improve the prosperity of the people.

He called on community leaders to support the government in its efforts at ensuring proper registration and data capturing of all miners operating in the state.

Jonathan to Chair Wike’s Inaugural Lecture Former President, Dr. Goodluck Jonathan, will on May 27, at Dr. Obi Wali International Conference Centre in Port Harcourt, chair the second term inaugural lecture as well as the presentation of a book in honour of Rivers State Governor, Nyesom Wike.

The lecture, which is scheduled to kick-off by 10a.m., and titled: ‘The imperatives of peace-building in Post Democratic Elections in Nigeria,’ will be delivered by an erudite scholar, Prof Anya O. Anya.

The book, titled: ‘Excellence

in Governance and Creativity: Legal Essays in Honour of His Excellency Nyesom Ezenwo Wike, will be presented by Sokoto State Governor, Alhaji Aminu Waziri Tambuwal.

A statement issued yesterday in Port Harcourt by the Chairman of Media and Publicity Sub-committee, Emma Okah, said all arrangements are in top gear to give the people of the state an excellent inaugural lecture, book launch and other activities.

According to Okah, the inaugural activities would

begin on Thursday, May 23, 2019 with a variety night at Dr Obi Wali International Conference Centre, PH at 7p.m.

He also said a novelty football match between Team Rivers State and ex-Nigerian internationals would hold on Friday, May 24, 2019 at the Sharks Stadium, Port Harcourt at 4p.m.

“There will also be a thanksgiving service at the Yakubu Gowon Stadium (formerly Liberation Stadium), Port Harcourt at 9a.m. on Saturday, May 25, 2019.

“The swearing in ceremony

of the governor and his deputy will hold on Wednesday, 29th May 29, 2019 at the Yakubu Gowon Stadium, Port Harcourt at 10a.m while an inaugural banquet will follow later in the day at the Banquet Hall of Government House, Port Harcourt at 7p.m,” Okah added.

According to him, efforts are in top gear to ensure that the state government and the organising committee organise impressive events.

He called on residents of the state participate in the activities.

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FG: Growth Weak Yet Commendable in Q1 Targets 3% GDP, job creation in 2019 James Emejo in Abuja The Minister of Budget and National Planning, Senator Udoma Udo Udoma yesterday said though the economy slowed to 2.01 per cent in the first quarter of the year, from 2.38 per cent in the preceding quarter, the performance is nevertheless commendable.

Noting that the performance represented the strongest Q1 performance since 2015, he said “starting the year with GDP growth rate of 2.01 per cent is encouraging because the first quarter of the year often records the slowest growth in GDP.” Speaking at the end of tenure press conference to highlight the achievements of the ministry, he further hinted that employment generation will be the focus of President Muhammadu Buhari’s second term.

The minister said:” Yes, two per cent is weak growth but the key thing is the direction of movement.

We must stay focused and we will surely get there.”

He also admitted that the ERGP targets may not be achieved in 2020 as earlier projected, adding that it could nonetheless still be realised during Buhari’s second term in office.

According to him:”The result of the first quarter 2019 is also encouraging given the fact that this was an election period. As you are well aware both domestic, as well as foreign investors, tend to be a little cautious when elections are imminent.

“This cautious investor sentiment normally impacts negatively on growth. Having successfully emerged from the elections, we expect a post-election dividend as confidence is restored.”

He said Buhari had also indicated his commitment to sustain the implementation of the ERGP to ensure that a GDP growth rate of

three per cent was achieved this year, expressing further optimism that the country could achieve seven per cent growth during Buhari’s second term.

“It is my hope that the seeds we are currently laying will propel us to achieve our three per cent GDP growth target in the course of Mr. President’s second term,” Udoma said.

He maintained that the implementation of the ERGP resulted in the economy exiting recession in the second quarter of 2017, returning subsequently to the path of growth with most economic indices showing positive momentum.

The minister said the best way to guard against external shocks was to aggressively pursue the diversification of the economy.

He said: “We are aware that global shocks can never be ruled out and so the way that the ERGP addresses it is to intensify diversification and to intensify local production.

“We must look inwards, we must increase local production and at the very least, we must try and make sure that at least we can feed ourselves and produce enough for export and that is why agriculture is such an important element of the economic recovery and growth plan” Udoma expressed appreciation to the media for the support he enjoyed in their coverage as well as the ministry and President Muhammadu Buhari.

He said: “On resumption of office we worked to ensure that the Budget Office was properly integrated as part of the ministry.

We adopted the zero-based approach for budget preparation, which required justification of every budget item for funds allocation.

“However, it must be explained that even under a zero based approach there are still ceilings

Katsina Spends N291m to Tackle Water Scarcity Francis Sardauna in Katsina As residents of Katsina State groaned over water scarcity, the state government has said it has spent the sum of N291 million for procurement and installation of three additional water pumping machines at Ajiwa Water Works to boost water supply across the state.

The State Commissioner of Water Resources, Alhaji Salisu Dandume, disclosed this to journalists yesterday, shortly after a closed-door meeting with members of the State House of Assembly.

Dandume was last week summoned by the assembly to appear before it and explain the circumstances surrounding the prevailing water scarcity in the state.

The commissioner explained that two of the machines had already been installed at Ajiwa Dam and would commence operation in the next 14 days, urging residents to eschew acts capable of truncating the efforts of the state government.

He said: “We are still awaiting the arrival of the third machine.

These machines are not just

bought over the counter, but ordered on specification from Germany, and they take six months before they arrive”.

Dandume assured residents of the state that the problem of water scarcity would soon be a thing of the past, saying that residents should exercise patience.

On his part, the Deputy Speaker of the Assembly, Hon. Shehu Tafoki, said the assembly was worried over the lingering water scarcity bedeviling residents of the state, hence the summoning of the commissioner.

Tafoki added that the commissioner informed the House that the problem of water scarcity was as a result of faulty pumps at the Ajiwa Water Works.

According to him, the commissioner also informed us that the concrete floor which holds the pumps has to be in good shape before they can begin operation and this will take two weeks.

He, therefore, said the assembly had directed the commissioner and the state government to rectify the problem in order to alleviate the plight confronting residents of the state.

applied because of funding constraints. We introduced online budget preparation to ensure that the identity of any person

inputting any budget item can be ascertained.

“This has improved the integrity of the budget. Most importantly,

we were able to ensure that our executive budget proposals are aligned with the strategic policies of government as set out in the

Medium-Term Fiscal Framework and Fiscal Strategy Paper, and other governmental programmes and plans.”

CONGRATULATIONS...

L-R: Mrs. Ogechukwu Okpalaora; Miss Chioma Stephanie Okpalaora; and Dr. Ify Mbelede, during the induction of Chioma at the College of Medicine, Lagos University Teaching Hospital (LUTH), Idi-Araba...recently

NCC: MTN Has Paid N275bn SIM Infraction Fine Emma Okonji The Nigerian Communications Commission (NCC) yesterday said that MTN has paid N275 billion SIM infraction fine, while the balance of N55 billion was due this month.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, made this known in a statement issued yesterday in Abuja.

Danbatta spoke on the state of MTN fine payment at the valedictory service organised for the Minister of Communications, Mr. Adebayo Shittu in Abuja.

He said following a negotiated reduction of the N1.04 trillion fine on MTN Nigeria to N330 billion and in line with the staggered payment arrangement, MTN has, so far, paid N275 billion to the federal government.

Danbatta said that part of the fallout of the negotiated terms of

payment of the fine is the listing of MTN on the Nigerian Stock Exchange (NSE), adding that this is being done.

“What this means, according to the staggered arrangement, is that May 31, 2019 would be the deadline for the telecoms company to pay the sixth and final tranche of the balance of N55 billion.

“After six months of negotiation and re-negotiation over the fine, which led to the reduction to N330 billion, it was agreed that MTN would pay a balance of N280 billion in six tranches.

“This was in addition to the “goodwill” payment of N50 billion earlier made by MTN to the government.

“Specifically, MTN began the payment structure with the payment of N30 billion into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN) 30 days from the date of the agreement

dated June 10 2016.

“Subsequently, MTN paid N30 billion on March 31, 2017; N55 billion on March 31, 2018; N55 billion on December 31, 2018 and on March 31, it paid N55 billion.

“The balance and final tranche of the payment will be paid by May 31, 2019, in line with the staggered payments structure agreed by MTN and Nigerian government.

The NCC had on October 20, 2015, imposed a fine of N1.04 trillion on MTN for infraction of the provision of the NCC Telephone Subscribers Registration Regulations 2011; For failure to disconnect 5.2 million improperly-registered Subscriber Identification Modules (SIM) lines within the prescribed deadline, because these lines had economic activities on them without proper registration.

He said that in the agreement reached by the parties involved

in a way to avoid decision likely to cripple business interest of the operators the commission regulates.

It was also agreed that MTN shall apologise to Nigerians, subscribe to the compulsory observance of Code of Corporate Governance for Telecoms Industry; as well as undertake immediate steps to ensure its listing on the NSE. Danbatta also said the commission had succeeded in empowering Nigerians “to control, manage and own telecommunications companies in Nigeria by owning shares in MTN Nigeria.”

He explained that, through the MTN’s listing on the NSE, the commission had translated into action, an important function which is to promote local investment and ownership in the telecom sector.

According to him, “MTN listing on the stock exchange, we have given reality to that important function of the commission.

Army Closes Case in Suit Challenging Senior Officer’s Compulsory Retirement The Nigerian Army has closed its case after calling one witness to challenge the suit instituted by one of the 38 senior officers it compulsorily retired in 2016.

The claimant, Colonel Mohammed Auwal Suleiman (rtd), a former Defence Attaché in the Chad Republic, had approached the National Industrial Court in Abuja to challenge the retirement.

Suleiman in his evidence in chief on June 13, 2018 told the court that the army violated its own rules and laws when it compulsorily retired some of its senior officers in 2016.

When he concluded his case on June 13, 2018, the matter was adjourned to October 8 for the army to open its defence.

However, the matter was further adjourned to October 23 when the army could not present its sole witness, one Major Ali Abba Goni of the Army Headquarters Garrison Legal Services, in court.

When proceedings resumed on October 23, Major Goni was said to have proceeded on a course, thus his absence.

The court then awarded the cost of N20,000 against the army and further adjourn the matter to December 3.

Army’s counsel would then informed the court on December 3 that Goni was again not available and that the army was considering the option of substituting the witness.

Although Col. Suleiman’s

counsel prayed that the army be foreclosed, the court further adjourned the matter to February 26 for definite hearing.

On February 26, following another application for adjournment by the army, the case was adjourned to April 15 with the cost of N10,000 awarded against the defendants.

However, the case was further adjourned to May 20 as the court was on Easter vacation on April 15 scheduled for it.

At the resumed hearing on Monday, the army applied to the court to substitute Major Goni with one Captain David Ighodaro as the sole witness for the army.

The application, which was not objected to by the claimant,

was granted.

The witness, Captain Ighodaro, also of the Army Headquarters Garrison Legal Services, urged the court to admit his witness statement on oath as his evidence before the court.

In the statement on oath, Ighodaro stated that the “claimant was retired from the Nigerian Army on disciplinary grounds; that is, to instill the highest level of discipline and professionalism in the Nigerian Army, especially in these times of insecurity.”

However, under crossexamination, he said he was not aware of any offence, charge, investigation or court martial against the claimant before he was compulsorily retired.

53

WEDNESDAY MAY 22,2019 ˾ T H I S D AY

NEWSEXTRA

Kogi Gov Orders Arrest of Killers of 15 Herdsmen APC stakeholders’ forum rejects Bello’s request for meeting Yekini Jimoh in Lokoja Governor Yahaya Bello of Kogi State has directed four local government administrators in the state to produce killers of 15 Fulani herdsmen within seven days.

This is coming as the All Progressives Congress (APC) Stakeholders Forum has rejected moves by the governor to meet with the forum, saying his request was belated.

Bello issued the ultimatum to the local government chiefs during a stakeholders meeting on security held in Lokoja yesterday.

He said failure to produce the perpetrators would lead to the sack of the administrators who he also accused of ineptitude and dereliction of duty.

The affected officials are the administrators of Yagba West Loca

Government where 11 of the Fulani herdsmen were killed between May 18 and May 20, as well as Omala, Dekina and Igalamela Local Government Councils where the remaining four Fulan herdsmen were killed.

The governor said that his administration would not condone killings of any citizen in the state under whatever guise.

He directed the administrators to work with their traditional rulers to unveil the perpetrators.

Bello promised to apprehend the perpetrators and bring them to book.

“This Fulanis have been staying with us in the state peacefully without any rancor; any politicians or detractors who are behind this killing will be made to face the full wrath of the law.

“My administration will not

spare anybody no matter how highly placed in the society,” he said.

He commended the security agencies for the good they were doing in the state but urged them to scale up their performance.

The Administrator of Yagba West where the killing of 11 Fulanis took place, Mr. Joseph Olutimi, confirmed the development.

He said that the initial report he got was that a farmer was killed

by Fulani herdsmen, saying that he quickly informed security agents of the development.

He explained that the Fulani herdsmen were killed by yet to be identified persons, saying that the people of the local government had been living peacefully with the herdsmen for years.

In his speech, the Special Adviser to the governor on security, Jerry Omadara, explained that the action was a reprisal attack on Fulani

herdsmen for the death of a farmer few days ago.

He also said that three corpses of the herdsmen were found in Oluja community in Dekina Local Government while several cows were also killed by unknown gunmen.

The Secretary of Meyetti Allah Cattle Breeders Association in Yagba West Local Government, Mr. Mohammed Mainasara, said 11 of his members were killed, and asked for justice in the matter.

Meanwhile, the APC Stakeholders’ Forum has rejected moves by the governor to meet with the forum, saying his request was belated.

THISDAY gathered yesterday that in an effort to secure the APC governorship ticket for his second term, the governor made several efforts to hold meeting with the forum.

Sources close to the forum disclosed to THISDAY that the governor wanted to use some top APC members to meet with it.

According to the source, when the information got to the Chairman of the forum, Chief Alex Kadiri, he turned down the request, saying: “I regret to say that the governor’s request is belated. This lateness also applies to the intervention of the Borno and FCT Chairmen of the APC. “The forum believes that the governor knew what he ought to have done for the past two years but he didn’t do it. With the time now at ¼, we don’t see the reason for his desire for a meeting with the stakeholders of APC”.

Meanwhile, the Kogi State Forum of Aspirants has advised the National Executive Committee (NEC) of the APC not to issue the governorship ticket of the party

to Bello if it wants to retain the state in the forthcoming November governorship election.

The aspirants made their position known via a communique issued at the end of their general meeting in Abuja over the weekend.

The two-page communique which was signed by the Chairman and the Secretary of the Communiqué Drafting Committee, Mr. Ben Adaji and Mr. Anthony Odana, respectively, stated that the forum unanimously rejected the candidature of Bello due to his bad leadership and non-performance.

The forum appealed to the National Chairman of the APC, Mr. Adams Oshiomhole and the National Working Committee (NWC) not to risk the forthcoming governorship ticket to Bello as that would be tantamount to losing the state to the opposition.

Delta Unaffected by NFIU Directive, Says State Govt Omon-Julius Onabu in Asaba Delta State Government said it is unperturbed by the directive from the Nigerian Financial Intelligence Unit (NFIU) that monthly allocations from the federation accounts should go directly to the 774 local government areas of the federation, as against the usual joint account been operated.

Some state governments are alleged to have habitually shortchanged local government councils by managing their joint accounts with the local governments, necessitating the decision of NFIU to bypass the constitutionally authorised state/ local government joint account.

Making this known at the state’s valedictory executive council meeting on Tuesday in Asaba, the Commissioner for Information, Delta State, Chief Patrick Ukah said the state was not among those allegedly diverting monies meant for the local government through mismanaging of the said joint account, noting that it has not only complied with the statutory provision but has actually given out loans from time to time in support of the 25 local government

areas in the state since 1999.

On his part, the Commissioner for Finance, Delta State, Hon David Edevbie said that the state government gave the sum of N348 million to enable the local government councils pay what they owed teachers between April 2011 and June 2012 following the old increase in minimum wage under the government of former President Goodluck Jonathan.

He said: “In September 2018, the state government also lent the local councils the sum of N5 billion to enable them offset backlog of salaries following the drastic drop in monthly allocation from the federation account due to the nationwide economic downturn.”

Speaking, Governor Ifeanyi Okowa said he has given members of the outgoing state executive until close of work on Friday, May 24, 2019 to hand over to their respective permanent secretaries.

He nevertheless thanked the members for the collaborative efforts and commitment to the translation of the policies and programmes of his administration into visible dividends of democracy for the people.

Akwa Ibom Dep Gov Launches Biography Akwa Ibom State indigenes and friends will on Friday, May 31, 2019 converge at a grand book presentation event held in honour of the Deputy Governor of the state, Moses F. Ekpo.

The elegant affair to be held at the prestigious Ibom Resort in Uyo, will celebrate the life and times of Ekpo an illustrious icon and true son of the state.

The book presentation event which will be graced by wellwishers from across the country, will also feature the inauguration of a Memorial Foundation in honour of Martha Moses F. Ekpo and Moses Ekpo Jr. “Governor Udom Gabriel Emmanuel will inaugurate the memorial foundation, while his wife, Mrs. Martha Udom Emmanuel, will unveil the biography about the deputy governor titled, Trials and Triumphs, written by veteran

journalist and author, Dr. Uko Okopide.

Director General of the Nigerian Copyright Commission, John Asein, will give the keynote address with the title, ‘Book as a Factor in National Development – A Biographical Perspective’.

The remarkable event will be chaired by Chairman of MTN Nigeria, Chief Pascal Dozie, while the book will be presented by Mr. Udom Inoyo, Executive Vice Chairman of ExxonMobil and Mr. Ray Ekpu, Chief Executive Officer of May Five Limited, will review the book.

A highlight to the event is the inauguration of a memorial foundation set up by the deputy governor as a vehicle for the implementation and funding of projects that would improve the education, health and welfare of Nigerians.

GAMES OF BUSINESS…

L-R: Director of Operations, Bridge Gap Consult, Ms. Mosunmola Obembe; Group Managing Director, Afromedia Plc, Mr. Femi Olaiya; and Director, Business Development, Bridge Gap Consult, Mr. Chiedozie Egbe, during the Games of Business Conference in Lagos... yesterday KOLA OLASUPO

Intels Denies Owing NPA $145.8m Intels Nigeria Limited has denied that it is indebted to the Nigerian Ports Authority (NPA) to the tune of $145.8 million, insisting that NPA owes it over $750 million.

The company, which issued a statement yesterday in response to the termination of its boats pilotage monitoring and supervision agreement by NPA, said it was open to an amicable resolution of the contract dispute with NPA. It added that it was willing to proceed in all appropriate directions to protect its interests and its 5,000 employees.

The statement added that the company had not breached or violated the agreement with NPA. “Intels further confirms the correctness of its actions, in line with the agreement signed on August 24, 2018, according to the terms and timing established therein, in compliance with the principle of reciprocity of rights and obligations thereby provided for.

“The same agreement supplements the original agreement and reinforced the understanding of the parties that the agency service was entrusted to Intels, in order to

guarantee a repayment plan for the significant investments made.

“Intels reiterates that, overall, it is not in any way indebted to NPA, but it is instead a creditor of NPA for an amount exceeding $750 million against the financing granted by Intels and associated entities to NPA over time.

“Intels hopes that the undergoing amicable procedure with NPA may result in clarifications between the parties and a return to normal operations, but it also reaffirms its willingness to proceed in all appropriate directions to protect

its own interests, in line with the contractual agreement, and all valid receivable claims against NPA, for the protection of its corporate interests, its 5,000 Nigerian employees and shareholders and those who have been operating in the Country for over 40 years.”

THISDAY had exclusively reported that the NPA had terminated the boats pilotage monitoring and supervision agreement it had with Intels Nigeria Limited in line with article 8 (C) of its agreement with Intels, dated February 11, 2011.

Court Strikes out Suit Seeking to Prevent Ihedioha’s Inauguration Amby Uneze in Owerri A Federal High Court sitting in Owerri, Imo State capital, yesterday struck out a suit seeking to prevent the inauguration of the Imo State Governor-elect, Mr. Emeka Ihedioha, on May 29.

The plaintiff and governorship candidate of the Democratic Alternative (DA) party in the March 9 governorship election, Mr. Clifford Eze had asked the court

to stop Ihedioha’s inauguration, stressing that the process that saw his election was flawed.

Delivering judgment, Justice Tijjani Ringim, said that Eze lacked the right to approach a regular court for a post-election matter.

Ringim struck out the suit, saying that his court lacked the jurisdiction to entertain the suit while awarding a N5 million cost against the plaintiff.

In his reaction, a defence counsel, Mr. Emeka Ihejirika, said that apart

from the lack of jurisdiction, court processes were also abused by the plaintiffs.

“The plaintiffs are already at the tribunal and it is the same matters they brought up for argument at the tribunal that they are still bringing up before a regular court.”

“Apart from the Federal High Court lacking the jurisdiction to entertain the suit, it was an abuse of court processes. That was why the court slammed a N5 million

cost against the plaintiffs,” he said.

The governor-elect and Peoples Democratic Party (PDP) candidate in the said election however thanked the court for defending justice, adding that his victory was for the people of the state.

He reiterated his readiness to work with everybody, including the plaintiffs and members of the opposition parties so as to move the state forward as from May 29.

54

T H I S D AY ˾ WEDNESDAY, MAY 22, 2019

WEDNESDAYSPORTS

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

FIFA Lectures Flying Eagles, Others on New Laws of Football Femi Solaja As expected, the Flying Eagles of Nigeria will not be caught off guard when the new rules of the game introduced by FIFA take effect from 1st of June.

Nigeria is one of the qualified teams for the FIFA Under-20 World Cup that have benefited from the world football governing body’s decision to school all the participating countries in Poland.

THISDAY had in March this year sought to know the federation’s plans to educate its players ahead of multiple international competitions Nigeria will feature in this year when the new rule takes off on June 1. Nigeria will be in action this summer at the Africa Cup of Nations (Super Eagles) in Egypt and the FIFA’s Women’s World Cup in France with the Super Falcons as well as in the Under-20 World Cup in Poland.

But yesterday, the NFF through its image-maker, Ademola Olajire confirmed that FIFA had schooled all the participating countries including the Nigerian team on the new rules at the Under-20 World Cup in Poland.

“Immediately after the FIFA arrival meeting, traditionally held to welcome participating teams to the FIFA World Cup, FIFA referee instructor Jerome Damon, a South African FIFA badged referee, took the players and officials on the new laws of the game, which would hold sway at the finals,” Olajire, announced yesterday.

It is also expected that FIFA

and the Confederation of African Football (CAF) will extend similar gesture when the two high profile international football competitions get underway next month in France and Egypt respectively.

At its (IFAB) 133rd Annual General Meeting held on March 2nd, 2019 in Aberdeen, Scotland, five major changes to the rules of football were adopted and are expected to come into force from June 1st this year.

While some are minor, others are a lot more dramatic. First, there will be no rebounds from penalties, meaning play will stop for a restart if a penalty is saved or hits the post. There will no longer be opportunity of a follow up to score from such rebounds.

Henceforth, handballs either voluntarily or involuntarily will no longer be allowed except if the action leads to goal.

Also, a substituted player can leave the field anywhere to guard against time wasting by advantaged team.

IFAB also ruled that players can now touch the ball in the area after a goalkeeper kicks it out unlike before that players could not touch goal kicks before they exited the box.

Finally, coaches will receive cards instead of reprimands.

Now, they can be able to be given yellow and red cards just like players.

The Flying Eagles and Super Falcons are the first to encounter the new rules starting from tomorrow in the Under-20 tournament in Poland while the Women’s World Cup finals starts

CARING FOR A NATIONAL HERO…

L-R: Chairman of Forte Oil Plc, Femi Otedola, NFF President Amaju Pinnick and Wife of former Nigerian Captain and Coach, Christian Chukwu, when both Otedola and Pinnick paid a visit to the ailing coach (seated on Wheelchair) at the Wellington Hospital on Circus Road, St John’s Woods London…yesterday

in France from 7th June to 7th July. Super Eagles come next at the Africa Cup of Nations final in Egypt scheduled for between 21st June to 19th of July.

THISDAY recalls that the then Green Eagles were victims of the ‘ball-in-flight’ rule when it

was introduce late 1987.

Indomitable Lions of Cameroon were the beneficiary of that rule as the goal they scored was considered legal in the group stage clash against Nigeria in the Nations Cup tournament held in Morocco in 1988.

U-20 WORLD CUP

Nigeria’s Dele-Bashiru Tipped to Shine in Poland The FIFA Under-20 World Cup begins in Poland tomorrow Thursday, May 23 with Senegal facing Tahiti at the Arena Lublin, Lublin, while the Flying Eagles begin their campaign against Qatar the following day.

As part of their lead-up to the tournament, the official website of FIFA has picked the top ten starlets primed to shine at Poland 2019 and

beyond.

According to allnigeriasoccer.com, there are no prizes for guessing that Manchester City wonderkid Tom DeleBashiru is the Flying Eagles player that made the list.

The remaining nine players that made the cut include: Nehuen Perez (Argentina), Radoslaw Majecki (Poland), Timothy Weah (USA), DanAxel Zagadou (France),

Diego Lainez (Mexico), Lee Kangin (Korea Republic), Moises Ramirez (Ecuador), Turki Al-Ammar (Saudi Arabia) and Erling Haland (Norway).

On Dele-Bashiru, FIFA wrote: ‘’Born in Manchester, Dele-Bashiru represented England’s U-16s but will be pulling the strings for the Flying Eagles at Poland 2019.

‘’He earned his first appearance for Manchester City during a League Cup match against Leicester City in 2017.’’

The 19-year-old DeleBashiru was the most impressive Flying Eagles player during their training camp in Germany and it is all but confirmed that he will make his international debut against Qatar.

Top Stars Jet in for Okpekpe Race Cheprot, Korio, Wanjiku set to make history Kenyan trio of Alex Korio (2015 men’s champion), Simon Cheprot (2016 men’s champion) and Polline Wanjiku (2016 women’s champion) will lead over 35 international elite athletes to Nigeria today ahead of Saturday’s IAAF silver label Okpekpe International 10km Road Race which holds in Okpekpe in Etsako East Local Government Area of Edo State.

The trio will be coming in with their focus on making history as the first man and woman to win two Okpekpe titles since the inaugural edition of the race in 2013. ‘’The athletes will come in through the Murtala Mohammed International Airport Lagos and will be transported to Auchi where accommodation has been reserved for them. The athletes, together with their Nigerian counterparts will go on tour of the course on Friday in line with

IAAF requirements,’ revealed Mercy Etukudo, the race’s head of secretariat.

She added that the athletes will get their registration done as soon as they arrive in Auchi and will be taken on a tour of the race course on Friday.

“This year’s race will be explosive as we have assembled mostly 27 minutes runners for men and 31, 32 minutes runners for women. A new course record looks a cast iron certainty on Saturday,” said Etukudo who predicted Ethiopia’s Taye Grima, who holds the pre-race fastest time (28:07) could spoil Korio and Cheprot’s bid for a slice of Okpekpe race history.

Meanwhile, final registration of all categories of athletes for the race will begin today.

“All registered athletes will be screened and accredited for the race which begins early Saturday morning in Okpekpe.

They will be provided with their bib numbers as a sign of accreditation for the race,” explained Etukudo.

Okpekpe International 10km Road Race is powered by Pamodzi Sports Marketing, leaders in sports marketing and hospitality business in Nigeria.

It is the first and only road race in Nigeria that has been

granted full membership of Association of International Marathons and Distance Races (AIMS) and recognised as one of the prestigious road races in the world and the only race with an IAAF silver label status in Africa this year.

The race will be live on Satellite (SuperSport) and terrestrial (Africa Independent Television, AIT).

The goal by Roger Milla canceled Late Samuel Okwaraji’s brilliant early lead for Nigeria.

The match ended 1-1 a piece.

Most local pundits and Nigerian bench felt the team was robbed, that the centre referee judgment was wrong to have

allowed that goal to stand.

The Nigerian coaches insisted that it should have been ruled an offside. However, the rule was later interpreted to the team to avoid such mistakes in their subsequent games.

NPFL: Players to Wear Black Armband for Ogbeide on Sunday Nigeria Professional Football League (NPFL) Coaches, Players and Officials are to honour late Coach Solomon Ogbeide by wearing black armbands during fixtures of MatchDay 22 on Sunday, May 26.

Chairman of the League Management Company (LMC), Shehu Dikko, who announced the decision, described the news of the passage of the Lobi Stars Coach as “a grave loss to the league and hundreds of players he trained in over two decades of his career as football coach in our league”.

Ogbeide reportedly slumped and died Monday morning shortly after complaining of feeling unwell in Makurdi, hours before their last home fixture of the season.

Dikko said the LMC would go to lengths to honour those who have contributed in any capacity to the development of the league.

“In addition to the black armbands, a minute silence will be observed before kickoff at all the match venues in honour of

the veteran coach,” Dikko stated.

“Our thoughts are with his immediate family, with players and staff of Lobi Stars and with all the players he impacted their careers”, the LMC Boss continued.

The late Coach guided Lobi Stars to the group stage of this year’s CAF Champions League after the club was declared winner of the 2017/18 NPFL. He joined the club in 2017 and has prior to then had worked with Julius Berger, the defunct Nigerdock, Warri Wolves and Sunshine Stars amongst others.

Similarly, the Nigeria Football Federation has expressed deep shock over the death of the coach of Lobi Stars.

“We are heartbroken about the death of Coach Solomon Ogbeide. Words are inadequate to describe the sense of loss.

There was no doubt that he was among the very best in the country and even on the African continent, having led Lobi Stars to the group stage of this year’s CAF Champions League competition.

100 Players Jostle for Honour at Zenith Bank Tennis Championship Over 100 players of the tennis section of the Ikoyi Club 1938 have confirmed readiness to participate in the 2019 Zenith Bank Tennis Championship that begins today and ends on June 1.

Speaking during a media chat on Monday, the Chairman of the Tennis Section, Bimbo Okubena said the entries for this edition represent the highest number

of participants in the five-year old tournament.

He revealed that members will be participating in nine events that include; Men’s Singles Group A and B, Ladies Singles, Veteran Singles and Super Veteran Singles.

Others are Men’s Doubles, Veteran Doubles, Ladies Double and Team Tournament.

Okubena said all the par-

ticipants had gone through vigorous training so as to make the tourney very competitive.

The chairman of the tennis section thanked Zenith Bank for presenting the section with an electronic scoreboard, which is the first by any club in the whole of West Africa.

In his reaction, representative of Zenith Bank, Mr. Lanre Oladimeji said the bank is happy to

be partnering the section and has been impressed by the level of professionalism shown.

“Beyond the electronic score board we hope to do more as we hope to continue with the relationship for a very long time because the section shares some of the values of our bank- good health and happiness. More so, tennis is a game of life,” Oladimeji stressed.

55

WEDNES Ë&#x153; Í°Í°Ë&#x153; Ͱ͎ͯ͡ Ëž T H I S D AY

WEDNESDAYSPORTS

Arsenalâ&#x20AC;&#x2122;s Mkhitaryan to Miss Europa Final against Chelsea Arsenal midfielder Henrikh Mkhitaryan will not play in the Europa League final against Chelsea on 29 May. It is understood the Armenian, 30, feared for his safety on the pitch in Baku, Azerbaijan. â&#x20AC;&#x153;Having considered all current options, we had to take the tough decision for me not to travel with the squad to the Europa League final,â&#x20AC;? said Mkhitaryan. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s the kind of game that doesnâ&#x20AC;&#x2122;t come along very often and I admit, it hurts a lot to miss it.â&#x20AC;?

As a result of political tensions between Azerbaijan and Armenia, Mkhitaryan has missed club matches played in Azerbaijan in the past. â&#x20AC;&#x153;We have written to UEFA expressing our deep concerns about this situation,â&#x20AC;? read an Arsenal statement. â&#x20AC;&#x153;We have thoroughly explored all the options for Micki to be part of the squad but after discussing this with Micki and his family we have collectively agreed he will not be in our travelling party. â&#x20AC;&#x153;Micki has been a key player in our run to the final so this is a big loss for us from a team perspective. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re also very sad that a player will miss out on

a major European final in circumstances such as this, as it is something that comes along very rarely in a footballerâ&#x20AC;&#x2122;s career.â&#x20AC;?

UEFA responded to Arsenal with a statement that said: â&#x20AC;&#x153;Working alongside Arsenal FC, UEFA sought and received assurances regarding the playerâ&#x20AC;&#x2122;s safety in Azerbaijan from the highest authorities in the country. â&#x20AC;&#x153;As a result of these guarantees, a comprehensive security plan was developed and given to the club. â&#x20AC;&#x153;While the club acknowledges the efforts that UEFA and the Azeri government have gone to in this matter, we respect the personal decision not to travel with the player.â&#x20AC;?

The Azerbaijan FA said they were â&#x20AC;&#x153;disappointedâ&#x20AC;? that Mkhitaryan would not be travelling In a statement, the AFFA said: â&#x20AC;&#x153;We very much regret this unwarranted decision taken. Whilst we recognise the right to make a personal decision not to travel, we would like to reiterate that as the host country Azerbaijan has provided all the necessary guarantees required by UEFA to ensure the personal safety of Mr Mkhitaryan. â&#x20AC;&#x153;There is no reason

whatsoever to put in question the seriousness of these guarantees provided

by Azerbaijan.â&#x20AC;?

Arsenal, who finished fifth in the Premier League, will

qualify for next seasonâ&#x20AC;&#x2122;s Champions League if they beat Chelsea.

It would be their first European trophy since they won the Cup Winnersâ&#x20AC;&#x2122; Cup

in 1994.

Arsenal manager Unai Emery said: â&#x20AC;&#x153;He wants to play with the team, but he spoke with his family and decided not to go.

â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s a very, very personal decision and we need to respect him. I donâ&#x20AC;&#x2122;t understand the political problems but I must respect his decision.â&#x20AC;?

Arsenalâ&#x20AC;&#x2122;s Henrikh Mkhitaryan will not play in the Europa League ďŹ nal against Chelsea on May 9

Olympic and World Champion Phillips, Donates Spikes Transfer: Onyekuru Set to Seal Bayern Munich Switch to IAAF Heritage Collection USAâ&#x20AC;&#x2122;s Dwight Phillips has donated a pair of spikes to the IAAF Heritage Collection which is currently on public display in Qatar ahead of the IAAF World Athletics Championships Doha 2019.

Phillips, the 2004 Olympic and 4-time World long jump champion, has given the shoes which he wore when leaping to bronze at the 2007 IAAF World Athletics Championships in Osaka.

The spikes were symbolically handed over to the collection in Doha via the safe hands of Qatarâ&#x20AC;&#x2122;s best young long jumper, 18-year-old Rasheed Abdullah Al-Suwaidi who trains in Aspire under the guidance of coach Al Walid Abdullah. â&#x20AC;&#x153;My donation of these shoes is all about â&#x20AC;&#x2DC;giving-backâ&#x20AC;&#x2122; to the

sport which has given me so much,â&#x20AC;? said Dwight Phillips, who retired in 2013 with a personal best of 8.74m (2009). â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;m really pleased that my Osaka spikes will now sit in the IAAF Heritage Collection alongside the kit of Jesse Owens, Carl Lewis and Mike Powell to name but a few.â&#x20AC;? â&#x20AC;&#x153;I hope the spikes will be an added attraction for fans and help motivate young athletes like Rasheed to aim high in their careers,â&#x20AC;? confirmed Phillips, who also took gold at the 2003 IAAF World Indoor Championships.

The spikes will be on show until the 7 October in the IAAF Heritage World Athletics Championships Exhibition which was opened last month by IAAF President Seb Coe and Dahlan Al Hamad, IAAF

USAâ&#x20AC;&#x2122;s Dwight Phillips has donated his Athens 2004 Olympic Gamesâ&#x20AC;&#x2122; winning spikes to IAAF Heritage Collection Vice President and Director General of the IAAF World Athletics Championships Doha 2019 Local Organising

Committee. The exhibition is situated in the City Center Doha, the largest shopping mall in Qatar.

Reports in several media outlets in Turkey yesterday have indicated that Nigeriaâ&#x20AC;&#x2122;s exciting forward, Henry Onyekuru, is set to complete a permanent transfer to Bayern Munich from English Premier League side Everton.

Onyekuru had a productive season in Turkey where he played a starring role for league winners Galatasaray with 14 league goals to his name including one in the final game of the season against Istanbul Basaksehir which helped them seal the title.

Spanish sides Valencia and Sevilla were reported to be keen on signing him permanently from Everton

where work permit issues have stopped him from playing for the team two years after his signing from modest Belgium side Eupen.

Reports in Turkey suggest he will be in Germany next week to seal a switch to Bayern Munich who are in the market for wing forwards like Onyekuru following the departure of Franck Ribery and Arjen Robben.

O w n go a l n i geri a . c o m spoke with a source close to the player who confirmed that Onyekuru will be in Germany next week but refuse to reveal if the trip is in connection with the rumours linking him with a move to Bayern Munich.

France 2019: Super Falcons Nigeriaâ&#x20AC;&#x2122;s Para-Athletes Target QualiďŹ cation for Arrive in Austria Tokyo 2020 Olympics

African champions Nigeria have landed at the Avita Resort facility in the Austrian city of Bad Tatzmannsdorf for a two-week residential camping ahead of the 8th FIFA Womenâ&#x20AC;&#x2122;s World Cup finals.

A delegation including nine home-based professionals and technical and administrative staff departed from Abuja on Monday night aboard an Air France flight, and travelled from Paris to the Austrian capital, Vienna on Tuesday morning before connecting Bad Tatzmannsdorf.

At the airport in Vienna, nine overseas-based professionals from different parts of the world joined the contingent, taking the number of players to 18.

With England-based Ini-Abasi

Umotong already waiting in camp, that made the total number 19, with only eight more expected.

The world-renown Avita Resort is the same facility that served the Super Eagles in their final training sessions just before the 2018 FIFA World Cup finals in Russia.

Coach Thomas Dennerby must pick his final squad of 23 by Friday this week. The final squad and officials will fly into France on 4th June.

Nigeria takes on Norway, Korea Republic and host nation France in the group phase of the championship, with their first coming up against Norway at the Stade Auguste Delauney in Reims on 8th June.

With the 2019 National Trials concluded successfully in Lagos, the leadership of the Nigeria Para-Athletics Federation said their focus now is to ensure that a good number of Nigerian athletes qualify for Tokyo 2020 Paralympic Games in Japan with the aim of winning laurels for the country.

President of the federation, Hon. Amobi Chikwendu, stated this while addressing his athletes at the end of the two-day selection trials held at the main bowl of the National Stadium Surulere, Lagos where

Team Nigeria athletes to the World Para-Athletics Grand Prix holding from June 24 to July 1, 2019 in Tunis, Tunisia were selected.

Hon. Chilkwendu commended the athletes for putting up brilliant performances which accounted for the improved standard recorded in this year â&#x20AC;&#x2122;s championship Despite the challenge posed by poor funding that has hindered the federation from carrying out its programmes as planned, the president charged the athletes to continue to put in their best by training hard.

He assured them of taking part in more qualifiers ahead of the Tokyo 2020 Paralympic Games.

The Para-Athletics federation president is planning for them to be at World Championships in France and Dubai coming up in November, 2019 and the Africa Para Games holding in Morocco in January which are all Tokyo 2020 qualifiers.

Since the federation needs fund to attend all these qualifiers, Hon Chikwendu appealed to the Federal Ministry of Youth and Sports, corporate organisations

as well as well meaning individuals to come to the aid of the federation.

Nigeriaâ&#x20AC;&#x2122;s para-athletics have been on the forefront of winning laurels for the country in international competitions just the way they did at the Gold Coast 2019 Commonwealth Games in Australia, accounting for two gold, one silver out of the 12 medals the country won at the Games T h e y s i m i l a r ly won two gold including silver and bronze medals at the Rio 2016 Paralympic Games in Brazil. The team also set two world records at the Games among others.

Wednesday May 22, 2019

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Price: N250

MISSILE

Tinubu to PDP “Don’t blame them. They are handicapped by the traumatic feelings of the colossal loss of the election. You should help them to manage the trauma.” – The National Leader of the ruling All Progressives Congress (APC), Bola Tinubu, taunting the opposition party for losing the presidential election.

SOALAROBINSON RIGHT OF REPLY

Re: Power, Politics and Peace in Rivers

I

read Dr. Chidi Amuta’s beautiful piece titled, “Power, Politics and Peace in Rivers” published at the back page of THISDAY Newspaper of May 15, 2019, and was glad that the author, having lived and worked in Rivers State, desires the best for the state and wants the embarrassing narrative of political acrimony with its concomitant orgy of violence which has earned the state notoriety in the comity of states to stop. Dr. Chidi deserves commendation for this and I do not hesitate to shower it on him in generous dose.

My concern, however, remains that even though Dr. Chidi suggested that his piece was a call for peace and not a blame-apportioning exercise to determine who is wrong or right, he nevertheless glossed over certain obvious demeanor which is at the root of the present internecine political upheaval in Rivers State and which no genuine peace move should overlook. That is the pervasive lack of respect for one another and intolerance at the highest level of Rivers politics.

For instance, that Rt. Hon Chibuike Amaechi saw Dr. Peter Odili on a flight and on arrival, waited for his predecessor to disembark and carried Dr. Odili’s bag is more a reflection of the character of Odili than that of Amaechi, after all Amaechi started his political career as Odili’s personal assistant. If Odili had publicly abused and blackmailed Amaechi the way Amaechi has been doing to others in the state, there is no way he would have tried to carry Odili’s bag, nor would Odili have allowed him to carry his bag if he was publicly calling him a betrayer the way he has been doing to others. Truth is if Odili had not carried himself with his characteristic fatherly disposition, he would not allow Amaechi carry his bag, as they clearly have deep and bitter disagreements. If any of the people Amaechi has issues with attempts to greet him or even carry his bag, what will be his own reaction? Your guess is as good as mine.

It is on record that Senator Magnus Abe severally went on national television and referred to Amaechi as his leader, and Amaechi responded with a full blown press statement attacking the senator and others for calling him leader. And even more recently, Governor Wike’s emotional call for peace and extension of an olive branch to the opposition with a charge to the AttorneyGeneral and Commissioner for Justice in Rivers State to commence the process that will lead to discontinuation of all ongoing criminal prosecutions arising from the 2015 elections and Amaechi’s reaction to that is still fresh in the mind of Rivers people.

Amaechi appeared on Channels Television and abused the hell out of Wike, calling him “a murderer” and “a governor who pays bribe” among other regrettable insults.

Will such a man be civil enough to even let his estranged friends exchange greetings with him? Odili who exchanged pleasantries with Amaechi and allowed him to carry his bag in public was actually so embittered by Amaechi and his political interest to the point

Wike where he had been to court at least twice to defend himself from Amaechi’s rampaging interests. Once from the outcome of the Eso panel report, and another, a multi-billion naira libel suit against Amaechi’s governorship candidate, yet in all these he maintained calm, dignity, and exemplary public decorum, no matter the anger and provocation. Odili is indeed a father and a teacher.

Like Dr. Chidi Amuta, I am also an interested party. I am a son of Rivers State.

I know all the political dramatis personae.

I have lived and worked in Rivers State all my life and I have watched in disgust as our politics degenerated to almost sub-human levels to fuel cataclysm on a scale that is both baffling and benumbing. I have watched in dismay as businesses and opportunities took flight on all fours from our state to more saner places within the federation. And recently, my singular prayer point every time I drive out in Port Harcourt has been that God should bring me back with my limps intact. That is the sorry state of things, and any call for peace must be embraced, but in calling for any kind of rapprochement, attitudinal change is inescapable, and that is where the Minister of Transportation comes in for special mention because that is where we have real challenge today in Rivers politics.

Dr. Chidi wrote that “what is undeniable is that all the significant current contenders for political pre-eminence in the state rose to prominence mostly at Amaechi’s behest: Governor Wike was Amaechi’s Chief of Staff and Senator Magnus Abe his Secretary to Government.” While it is indeed superficially fanciful to say that, it is nevertheless unjust as it betrays the fact that without Governor Wike and Senator Magnus Abe, and others not mentioned, Amaechi might not have been Governor of Rivers State as at 2007 when he became. When the kitchen was becoming hot in 2007 and Amaechi had to run away to Ghana for fear of his safety, these courageous men were those who dared the consequences and remained on ground to

marshal human and material resources for the struggle to actualise Amaechi’s mandate through a most grueling legal labyrinth that ended in the unprecedented victory at the Supreme Court on November 25, 2007.

Any narrative, no matter how well intended, that doesn’t take into account the roles that others played during the struggle to realise Amaechi’s mandate and also the roles that they played in the period preceding Amaechi’s nomination as the PDP guber candidate for the 2007 election is most likely to induce a skewed understanding of the relationship that existed between these political players and ultimately subdue the fundamental fact that whatever any of them got at the end of a successful struggle was not a favour dispensed by a benevolent being but something done in recognition of the efforts of friends who were playing politics for mutual benefit.

It was Wike and Abe and others who first added value to Amaechi’s politics for him to become governor at a time when almost all hopes have been lost.

Unfortunately, Amaechi’s failure to recognise that fact and the efforts that others have made to contribute to the political height that he has attained is at the root of the current political crisis in Rivers State. And that is why the Minister should borrow a cue from what Odili did with him at the airport and also treat other people as human beings deserving of respect, whether they disagree with him or not. That people worked under you before does not mean that they are inferior to you and therefore not deserving of respect.

The issues in Rivers politics today are not only inter-party crisis for political relevance, it is also intra-party. The minister’s party, the APC, specifically, was not on the ballot for the last elections. While great efforts have been dispensed and propaganda deployed to blur and obscure the real reason why this happened, the truth remains that the crisis arose out of Amaechi’s inability to obey the law, respect others and tolerate divergent views. Those who do not agree with the minister must be crushed and disgraced. How do you demonstrate that kind of attitude and not cause commotion in your group and in the society? It is that kind of attitude that is fueling political crisis in Rivers State.

Chidi said that Amaechi having held positions as Speaker and as Governor and now as Minister from Rivers “may be entitled to certain messianic swagger”, but watching events from close range as I am doing, that is exactly the problem in Rivers State. Amaechi carries that messianic swagger which the larger population of Rivers people obviously do not agree with. The majority of Rivers people believe that it is a historic privilege for Odili, Amaechi, Wike or anyone else to lead in a state where several others are clearly better qualified, and those who have been so privileged should be humble and treat the state and its citizens with respect.

None of them including Amaechi is entitled to any “messianic swagger”. Indeed it is that

sense of entitlement to messianic status by Amaechi that is at the root of the unending political crisis in Rivers State. It is because of that unmerited messianic swagger that Amaechi publicly declared that even if he brings a goat to be governor, the goat will be governor. It is because of that messianic swagger that Amaechi was reported to have said that even if he has only 300 persons with him, that he can use that number to make a governor in Rivers State, a state of over three million voters. It is because of that complex that in the last election, there was harvest of blood, agony and despair in Rivers State.

I do not think that any leader is entitled to have a messianic swagger, because it will certainly blind his eyes to reality and give him a false sense of superiority over others.

It will make such leader have a false sense of self sufficiency and be deluded into the thinking that whatever he says or thinks is right no matter what the people say. If someone has done well, it is far better for the masses of the people to ascribe messianic attributes to that person rather than the person consciously cultivating same for himself. It could be very dangerous and that is why Amaechi has created so much mess in Rivers State.

Power corrupts and absolute power corrupts absolutely.

Over the last few weeks, I have read a glut of image laundering Op-Eds in papers and have watched same on TV. There is no doubt in my mind that all that is a pre-planned and well coordinated onslaught from the Minister of Transportation to achieve certain objectives. But if Amaechi really wants to launder his image, the proper thing for him to do at this point is to admit his mistakes and go back to Rivers State to do the right thing. No amount of pontifications in the papers will change the reality of what he has done in Rivers State. He needs to go and clean up his mess. Those of us from Rivers State have seen his 16 years in public service in the state and four years as minister, so no one can rewrite a character that he doesn’t have for us in the papers because we know and can tell what is happening from what has happened.

We also know the lip service Amaechi has been paying to power rotation in the state. For a multi-ethnic state like ours, by 2023, only his own ethic group would have produced governor for unbroken 16 years and minister for 12 years to the exclusion of others if Amaechi succeeds in his latest unrelenting campaign to be reappointed as minister even as Rivers people cannot point to any project he has brought to the state as a federal minister in the last four years.

Yes, we need peace in Rivers State, but only respect for others can bring that. And respect for others means that the major players must change their attitude. r 4BNVFM XSJUFT GSPN 1PSU )BSDPVSU

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