Banks’ Capital Adequacy Ratio Rises to 15.60% Moody’s foresees sustained drop in NPLs Obinna Chima The Capital Adequacy Ratio (CAR) of commercial banks improved from the 15.14 per cent it was as of February 2019,
to 15.60 per cent in April 2019, according to data from the Central Bank of Nigeria (CBN). This is coming as one of the global rating agencies, Moody’s Investors Service, has
predicted that Non-performing Loans (NPLs) in Nigeria’s banking sector would decline to between seven and eight per cent this year, from 11.7 per cent at end of 2018.
Deputy Governor, Corporate Services, CBN, Mr. Edward Lametek Adamu, gave the update on CAR in his personal comment at last month's Monetary Policy Committee
(MPC) meeting's communiqué, a copy of which was posted on the apex bank’s website at the weekend. CAR is a measurement of a bank's available capital
expressed as a percentage of its risk-weighted credit exposures. The CBN requires that Continued on page 8
Secondus Backs NBA on Alleged Muzzling of Judiciary...
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Monday 24 June, 2019 Vol 24. No 8841. Price: N250
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PDP Lawmakers Head for Showdown with Party over Lawan, Gbajabiamila Ogor, Chinda, Elumelu, Ossai jostle for House minority leader post Yemi Ajayi in Lagos and Chuks Okocha in Abuja Crisis is brewing in the opposition Peoples Democratic Party (PDP) following the decision of its National Executive Committee (NEC) to
investigate how its members voted in the recent election of presiding officers of the Senate and the House of Representatives. The investigation is to Continued on page 9
SERAP Sues CCB over Presidents, Govs’ Assets Declaration Forms
Davidson Iriekpen
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit in the Federal High Court in Lagos against the Code of Conduct Bureau (CCB) over the decision of the agency not to disclose the asset declaration forms of presidents and governors. In a statement issued
yesterday, SERAP said it was suing the CCB over its claim that it could not disclose the details of asset declarations submitted to it by successive presidents and state governors since 1999 because doing so “would offend the right to privacy of presidents and state governors.” According to the human Continued on page 9
Officers Explain Low Morale among Frontlines Soldiers… Page 8
IN SEARCH OF INVESTMENT… L-R: Executive Director, Nigeria, African Development Bank, Dr. Bright Okogu; Ekiti State Governor, Dr. Kayode Fayemi; and President, AfDB, Dr. Akinwunmi Adesina, during the governor’s meeting with the bank’s officials in Abidjan, Cote d'Ivoire… weekend
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PAGE EIGHT
Officers Explain Low Morale among Frontlines Soldiers Buratai orders sacking of cowardly soldiers Kingsley Nwezeh in Abuja Strong indications have emerged that a combination of grudge by senior officers against the continued stay in office of the Chief of Army Staff, Lt. Gen. Tukur Buratai, unresolved welfare issues and outstanding payments and entitlement to the families of some fallen men and officers and the activities of fifth columnists have contributed to the sabotaging of the ground war against insurgency. This is coming as the Nigerian Army weekend thwarted an ambush staged by insurgents in the North-east, provoking a fierce exchange of fire that led to the killing of two terrorists even as it arrested a kidnap kingpin and 20 armed bandits terrorising villages in Katsina State. Buratai, had, in a recent workshop in Abuja, hit back at those sabotaging the war efforts. But THISDAY gathered that the continued stay in office of the army chief was creating crisis of confidence in the army and within the theatre of war even as senior officers close to Buratai have raised the charge that officers and men at the theatre of war create the impression of total commitment each time Buratai was in Maiduguri to boost the morale of fighters but soon reverts back to sabotage mode as soon as he moves back to Abuja. Competent military sources told THISDAY that senior officers were not forthcoming with supportive ideas on how to win the war but rely only on orders issued by Army Headquarters even when they have better strategies and when prodded for contributions preferred to go with Buratai's war strategy knowing it may be faulty and would lead to a backlash. THISDAY further gathered that there were fifth columnists in the war theatre who have turned the campaign into a booming business by offering information to terrorists and their sponsors on the location of arms and ammunition each time there are new purchases of military hardware by the army.
Such profiteers are allegedly paid in hard currency. These elements were believed to be responsible for the successful attacks and overrunning of four military bases within two months that lead to the killing of the Commanding Officer of 158 Battalion, Lt. Col. Azubuike and 25 soldiers, the latest being in Kareto village, 130 kilometres from Maiduguri, Borno State capital. The insurgents usually carted away arms and ammunition, including tanks but the army recovered some of the weapons in subsequent encounters. THISDAY gathered that the Nigerian Army has made purchases of military hardware four times in the last seven months from European countries, the last one in May being Czechoslovakia but the type of hardware procured were not usually made available for security reasons. "The issue is that the COAS has brought it to the fore and we have said it repeatedly that great leaders without waiting for even the president to appoint new service chiefs could step down when you know your colleagues have lost confidence in you but cannot tell you so. “This is also the same with the other service chiefs. If your stay begins to hurt your colleagues and end in their premature retirement, must you wait for the C-in-C to retire you? This bothers on greed and with such a situation, this war is unwinnable," the source said. Another military source was supportive of Buratai. "The saboteurs are in the habit of showing so much commitment each time COAS is in the frontline. He has fought physically and I mean carrying AK 47 in the battlefield which greatly boosted the morale of the troops. And this has happened several times. Those who are asking him to resign, would they have resigned? When an army chief or any other service chief resigns in the middle of a war that means you have been defeated.
Meanwhile, the Nigerian Army said weekend it killed two terrorists, captured a kidnap kingpin and 20 other armed bandits terrorising villages in Katsina State. A statement by the Army spokesman said: "In its routine effort in providing and maintaining a secure, and steady passage of persons and goods as well as free vehicular movements along some notable roads/main Supply Routes (MSR) in the North East, troops of 26 Brigade Garrison on patrol and escort duties of civilian merchants and commuters along Wala village and adjoining communities on Saturday, the 22nd of June 2019, had a fierce encounter with desperate terrorists' ambush team desperately craving for food and other essentials." During the encounter, he said, troops swiftly responded with heavy gunfire, thwarted the ambush, exterminated two terrorists and captured two AK 47 Rifles. "Subsequently, intelligence revealed that the terrorists were informed by their informants of the troops movement in order to use the opportunity to grab foodstuff that they direly need for survival. In order to consolidate on the gains achieved from the ambush clearance, further exploitation of the general area and beyond was undertaken with the troops of 121 Task Force
Battalion dispatched to reinforce the 26 Brigade Garrison," he said. Col. Musa noted that "during advance, troops discovered two Improvised Explosive Devices (IEDs) concealed along their axis of advance. The IEDs were successfully detonated and cleared. Despite the IED threat, the resilient troops proceeded further to ensure the general area is cleared of terrorists and explosives. There is no casualty on the part of Nigerian Army troops during the operation." He said the exploits in the ongoing operation "Halaka Dodo" was yielding success, noting that Acting General Officer Commanding (GOC) 7 Division Nigerian Army Operation Lafiya Dole, Brigadier General Abdulmalik Bulama Biu, on behalf of the Chief of Army Staff commended the troops for the successes achieved, and urged them to be more vigorous and decisive to end the insurgency. He also conveyed the assurance of the unyielding support of the Chief of Army Staff in this regard. In a related development, the army said it arrested a kidnap kingpin and 20 others terrorising villagers in Katsina State. It said the suspects were arrested based on credible intelligence from the locals and confessions of the suspects showing their participation in several armed banditry activities. “In continuation of operations against armed banditry, kidnapping, cattle rustling and other criminalities in Katsina State, troops of 17 Brigade on Operation Harbin Kunama III, have arrested a notorious bandit/kidnapping kingpin, Mallam Bawa Gomna and 20 others during operations around Batsari, Jibia and Safana Local Government Areas of Katsina State between June 3 and 21, 2019. “Those arrested so far are reportedly responsible for terrorising villagers in Batsari, Jibia and Safana Local Government Areas of the state, an army statement said. The release said the “criminal elements were apprehended
based on credible intelligence from the locals, and have confessed taking part in several banditry activities, cattle rustling and other sundry crimes. They, as usual, will be handed over to the respective law enforcement agency for further action. “The 17 Brigade Nigerian Army, commends and appreciates all those that provided the information that led to the arrest of the criminals and urged members of the public to continue to support security agencies with credible information in order to combat the insecurity�. Meanwhile, Buratai yesterday ordered commanders to fire officers and men who have shown unwillingness to fight terrorists. He said at the closing ceremony of a workshop on transformational leadership for middle level officers in Abuja, that the Army would kick out those who are unwilling to lead or follow. According to him, the Army will fish out the bad eggs in it and kick them out. "Let me now reiterate that in line with the theme of the workshop, the Nigerian Army will do all that is necessary to fish out any bad eggs whose willingness to lead or follow as required has waned. "Transformational leaders should not wait for them to get out of the way, you must kick them out of your way," he said. He said the Army was ready to evolve and institutionalise formal mentoring frameworks to compliment the informal system that we currently practice. "I have ensured that we take advantage of technology as force multiplier in our operations. Yet I am glad that your discussions on emerging technologies and innovations made it clear that our human capacity and willingness to work is vital for success. "Lastly, the presentation on insights into the NA Strategic Plan 2019 - 2029 has given us hope that surely tomorrow will be better for the NA," he added.
and March 2019, even as income from trading activities increased vis-a-vis a reduction in noninterest income from credit activities. “While factors such as residual low risk appetite in the light of recent high levels of NPLs and significant asset portfolio write-offs are duly noted, the industry must dramatically increase lending to the real sector to strengthen the economic recovery, bolster domestic productivity and create jobs,� the Deputy CBN governor said. On his part, the Deputy Governor, Economic Policy, CBN, Dr. Okwu Nnanna, pointed out that economic growth in the country remains muted amidst sub-optimal credit to the private sector and commercial banks’ preference for public sector lending. In his contribution, the Deputy Governor, Operations, CBN, Mr. Folashodun Shonubi, said sustained stability in the banking industry was reflected
in improvement of banks’ prudential measures, “though conditions highlighted the need for the Bank to intensify current regulatory and supervisory measures to ensure further progress.� Meanwhile, one of the global rating agencies, Moody’s Investors Service, has predicted that NPLs in Nigeria’s banking sector would decline to around seven and eight per cent this year, from 11.7 per cent at end of 2018. “Higher oil prices will constrain new NPL formation while high loan-loss reserves will allow banks to write off some of their bad debts. These credit positives will be moderated by lingering risks from high loan concentrations and high delinquency levels. “System-wide tangible common equity will be stable at 16 per cent of risk-weighted assets at year-end 2018, which will be sufficient to absorb losses under our baseline scenario. We expect subdued loan growth
and prudent dividend pay-outs to support banks' capitalisation metrics,� it added.
Buratai "If the president has not asked you to go, how on earth can you go? Then you are not a trained soldier. Can an army chief resign when you are fighting terrorists? Buratai's time has been the best for the army in terms of welfare, provision of accommodation and improvement in remuneration even for retirees. When you are sabotaged as an army chief, you are fighting two wars and you can't give up", the source, who spoke anonymously, contended. The issue of remuneration of men and officers are also part of the mix. Some soldiers who survived some of the attacks on military bases and were later redeployed to other battalions have alleged that some of their salaries were stopped and have not been paid since the attacks. There are also complaints by some wives of fallen soldiers in that regard but the army has since debunked the allegations, saying it was meeting obligations in terms of remunerations. When contacted Army spokesman, Col. Sagir Musa, said the Nigerian Army stood by Buratai's speech and position on insufficient commitment of men and officers in the frontline. “Irrespective of whatever anybody said or will say, the Nigerian Army stands totally with the speech of the Chief of Army Staff, Lt. General T.Y Buratai," he said.
BANKS' CAPITAL ADEQUACY RATIO RISES TO 15.60% banks with international subsidiaries maintain CAR of 15 per cent, while banks without international subsidiaries maintain CAR of 10 per cent. But the minimum requirement for the systemically important banks is 16 per cent. In addition, Adamu, said banking sector non-performing loans (NPLs) decreased to 10.95 per cent in April, from the 11.28 per cent it was as of February. “However, the NPLs ratio is still higher than the prudential limit of five per cent. “In the banking system, major financial soundness indicators (FSIs) further improved in April 2019 due mainly to recoveries, loan disposals and write-offs. Other vulnerabilities in the industry include high concentration and contagion risks as well as significant forex exposure,� he added. According to him, these conditions have increased averseness to risk in the industry, leading to some form of asset substitution.
“It is especially concerning that credit to the private sector is declining and this needs to be halted and possibly reversed to strengthen economic activity and job creation,� he stated. On her part, the Deputy Governor, Financial System Stability, CBN, Mrs. Aishah Ahmad, said while foreign exchange inflows dipped noticeably in April 2019, net flows remained positive at $4.7 billion. This, according to her, is a reflection of strong investor confidence. “These factors, combined with crude oil price levels, which have remained above $60 per barrel over the last six months, have supported stability and fuelled further accretion to reserves. “Although there is some volatility in crude oil prices, along with uncertainty in global growth prospects, the naira exchange rate is expected to remain relatively stable in the medium-term even in the
face of slight easing in domestic monetary conditions,� she added. According to her, the sluggish domestic output growth environment underscored an urgency to dramatically enhance investment and expansion in the real sector via new credit. Positive financial soundness indicators, she stressed, suggested that the banking industry is well-positioned to play a bigger role in this respect. “Industry capital adequacy, liquidity and profitability continue to improve whilst non-performing loans (NPLs) reduced between February and April 2019. This picture of financial resilience is at odds with the current low levels of real sector lending, especially in the light of burgeoning lending to government observed in banks’ outsized subscriptions to risk-free treasury securities. “For instance, information from bank staff reveals contraction in credit to the private sector between February
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T H I S D AY ˾ MONDAY, JUNE 24, 2019
NEWS
Secondus Backs NBA on Alleged Muzzling of Judiciary Says Buhari, APC eroding separation of powers Condoles with Rivers, Zamfara over killings Chuks Okocha in Abuja The National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, has said that the fear of insecurity and intimidation of judges raised by the Nigerian Bar Association (NBA) has vindicated PDP's position that the ruling All Progressives Congress (APC) is using devious means to obstruct justice in the nation's courts. The NBA, through its President, Mr. Paul Usoro SAN, had said the level of insecurity in the country and the attack on the independence of the judiciary and the legal profession constituted a threat to the rule of law and by extension to democracy. It said the climate of fear instilled by the federal government undermined the independence of the judiciary and the ability of judges to
act confidently without fear or favour in dispensing justice as they were being threatened, intimidated and blackmailed by agents of the executive arm of government both at federal and state levels. Secondus, in a statement by his media office, agreed with the accusations against the federal government, saying the NBA’s alarm merely confirms the position of PDP that the APC administration is shrinking the doctrine of separation of power to enable a full-blown dictatorship to blossom. The PDP chairman said judges and justices by their calling could not speak out publicly even if they were under pains except through the bar as had been eloquently and timely done by NBA. He said the PDP had continuously raised the alarm on the gradual erosion of
the doctrines of separation of powers by the APC administration while the executive had continued to muzzle the other arms of government and even the press. According to him, the opposition has remained resolute in crying out loud against harassment of those with opposing views because it clearly envisages the danger of concentration of power in one hand, especially with a leader who has no history of appreciating and respecting democratic tenets and principles. Secondus, however, expressed the hope that even in the face of harassment and intimidation, the judiciary knowing its critical position in the sustenance of democracy would not be cowed. Secondus also condoled with the people of Kom Kom in Oyigbo Local Government Area of Rivers State who lost
their lives in the gas pipeline explosion that killed dozens of citizens when Shell Petroleum Development Company (SPDC) was carrying out routine maintenance of the facility in the area. "Our hearts are with you at this trying times," Secondus said while lamenting the incessant hazard facing the people of the Niger Delta due to the neglect and insensitivity of the federal government to listen to their cries for a better living environment. He also commiserated with victims of the killings in Zamfara and other states in North-west and the North-east. He urged relevant authorities, including oil and gas companies, to show some sensitivities on the plight of the people of the Niger Delta on the health hazards they are exposed to as a result of exploration of natural resources.
Secondus
SERAP SUES CCB OVER PRESIDENTS, GOVS’ ASSETS DECLARATION FORMS rights group, the CCB had last week refused a Freedom of Information (FoI) request by SERAP, stating that: “Asset declaration form is private information.” But in the suit number FHC/L/CS/1019/2019 filed last Friday, SERAP argued: “Asset declarations of presidents and state governors submitted to the CCB are public documents. Public interest in disclosure of the details of asset declarations sought by SERAP clearly outweighs any claim of protection of the privacy of presidents and state governors, as they are public officers entrusted with the duty to manage public funds, among other public functions.” According to the group, “A necessary implication of the
rule of law is that a public institution like the CCB can only act in accordance with the law, as to do otherwise may enthrone arbitrariness. The CCB does not have reasonable grounds on which to deny SERAP’s FoI request, as it is in the interest of justice, the Nigerian public, transparency and accountability to publish details of asset declarations by presidents and state governors since the return of democracy in 1999.” SERAP also argued that: “Disclosing details of asset declarations of public officers such as presidents and state governors would improve public trust in the ability of the CCB to effectively discharge its mandate. This would, in turn, put pressure on public
officers like presidents and state governors to make voluntary public declaration of their assets.” The suit filed by SERAP’s counsel, Mr. Adelanke Aremo, read in part: “The right to receive information without any interference or distortion should be based on the principle of maximum disclosure, and a presumption that all information is accessible subject only to a narrow system of exceptions. It is a settled principle of law that details such as asset declarations of presidents and governors should be disclosed if there is an overriding public interest in having access to such information, which is clearly so in this matter. “Democracy cannot flourish
if governments operate in secrecy, no matter how much open discussion and debate is allowed. The very nature and quality of public discussion would be significantly impoverished without the nourishment of information from public authorities such as the CCB, and to guarantee freedom of expression without including the right to know would be a formal exercise.” SERAP is, therefore, seeking the following reliefs: “An order granting leave to the applicant to apply for judicial review and to seek an order of mandamus directing and compelling the respondent to compile and make available to the applicant information on specific details of asset declarations submitted to
PDP LAWMAKERS HEAD FOR SHOWDOWN WITH PARTY OVER LAWAN, GBAJABIAMILA One of the senators from is the supremacy of the party Ogor, Chinda, Elumelu, identify PDP senators and House members who voted southern part of the country and discipline but such directives Ossai Jostle for House said: “Why and what benefits came very late. Some of us had against the party’s directive. On the eve of the election of would it yield to the party than made some commitments and Minority Leader Post the presiding officers, the PDP had directed its members to vote for Senator Ali Ndume as president of the Senate and Hon. Umar Bago as House of Representatives speaker. However, Senator Ahmad Lawan, the preferred candidate of the ruling All Progressives Congress (APC), garnered 79 votes to become the president of the Senate dusting the PDP’s choice, Ndume, who got 28 votes. The result showed that some of the 44 PDP senators disobeyed the party’s directive, thereby undermining the party’s candidate. Also, in the speakership race, the APC-backed candidate, Hon. Femi Gbajabiamila, won the coveted post with 281 votes out of the 358 votes cast while Bago picked 76 votes. In the run-up to the election, PDP lawmakers-elect had openly campaigned for both Lawan and Gbajabiamila. THISDAY investigation at the weekend, however, revealed that the party’s resolve at the NEC meeting last Thursday to investigate the disobedience to its directives on how its members should vote is causing ripples within the National Assembly caucus of the main opposition party. Senators, who spoke with THISDAY off the record for fear of sanction from the party, cautioned against the investigation, saying it could cause disunity within the party or might predispose members to defect.
to disunite the party? This line of thinking should not be coming from the party. "The election has come and gone. The party should think and come out with programmes that will make us a vibrant opposition party in the Senate. The party should not come up with issues that will disunite us. As for some of us, we are looking forward to the July 2 date for our resumption and nothing more." He warned that the probe could trigger a crisis that would lead to an unintended consequence for the PDP. Another senator from the North cautioned the party against frittering away the goodwill that it is enjoying from Nigerians. He said any investigation could be seen as a witch-hunt and might result in a gale of crises that could lead to defections from the party. The senator said the directives that PDP senators-elect, as they were known then, should vote Ndume came rather belatedly. He said: “We are not against party directives. No, but it came very late. Some of us had made personal commitments and there was nothing we could do as at the time the directives of the party came. "Elections took place since February and it was only on June 11, at about midnight, that we were told to vote for a particular candidate. Why didn't the party speak out on time?” When asked about the supremacy of the party, the senator said: "Of course, there
we are politicians and we moved to ensure the protection of the interest of those that elected us. "Let the party investigate our governors as well. Some of the PDP governors were part of our decisions to vote Senator Lawan. Some of us in the Senate see in the Senate president a more gentleman who could be talked to and he would listen. We in the Eighth Senate saw and know the behaviour and temperament of Ndume. “We know what happened that led to his sacking as the Senate leader. We know who we can trust and who can be held responsible for anything." According to him, the Senate should move in the direction that led to the selection of Senator Enyinnaya Abaribe as the Senate minority leader, adding: "This could be seen as a witch-hunt and this may not speak well for the PDP in the ninth Senate and indeed the National Assembly." A member of the PDP probe panel, who also spoke to THISDAY on condition of anonymity, stated that the committee would incorporate all the opposing views into its final report. “I won’t comment. It will be pre-emptive for me to comment as a member of the committee. But all I can say is that if the views of the majority of senators and party members are that we should let the bygones be bygones, we shall incorporate their views in our final report,” he said.
Meanwhile, PDP members of the House of Representatives have also faulted the party’s decision, wondering what it aims to achieve by probing the voting pattern of its members. A House sources said contrary to the position of the party, members did not disobey the directive to vote Bago because the decision, taken in the wee hours of June 11, either did not get to some of them, or got to them late. According to the lawmaker, members had long made up their minds and committed to voting Gbajabiamila long before the PDP gave its order. He said the House PDP Caucus met last Thursday in Abuja with party leaders and they had a frank discussion on the matter. He said: “The chairman of the party met with all the PDP members in the House for four hours on Thursday and it was a very frank discussion we had. “He told us the party really wanted to have an understanding of what happened and the impression he gave us was that they wanted to discuss with all of us to really know why each bloc took a position that they took in order to reunite the House PDP Caucus and then, going forward, to try to ensure that we always have a common front on all issues that would be coming up on the floor of the House. “That is okay by me. But the
the Code of Conduct Bureau by successive Presidents, Vice Presidents, Senate Presidents, Speakers of House of Representatives, State Governors and Deputy Governors from 1999 to 2019 and to publish widely including on a dedicated website, any such information. “An order granting leave to the applicant to apply for judicial review and to seek an order of mandamus directing and compelling the respondent to compile and make available to the applicant information on the number of asset declarations so far verified by the Code of Conduct Bureau and the number of those declarations found to be false and deemed to be in breach of the Code of Conduct for Public Officers
by the Bureau and to publish widely, including on a dedicated website, any such information. “An order granting leave to the applicant to apply for judicial review and to seek an order of mandamus directing and compelling the respondent to immediately take cases of false asset declarations to the CCT for effective prosecution of suspects, and include banning the politicians involved from holding public offices for at least a period of 10 years and seeking refund of stolen public funds as part of the reliefs to be sought before the tribunal and for further order or orders as this court may deem fit to make in the circumstances”. However, no date has been fixed for the hearing of the suit.
truth is that there are things the party leaders do not know or they pretended not to know. The party took its position in the wee hours of the election. Which politicians will wait until the wee hours of the election to align? “You can’t just railroad people into it like that. Besides, those who pushed the party leaders to take such a decision (on supporting Bago) were people that had tried unsuccessfully to cut a deal with Gbajabiamila. “They are pursuing their own agenda and they decided to hide under the party to push for the party going to support somebody (Bago). Even the Bago that they supported, how many votes did he get? How many of his 78 votes came from APC? “It was an unwise decision for the party to say it would probe why we voted for Gbajabiamila. But there is nothing wrong in them saying they are going to find out what happened.” Another PDP House member described the party’s decision to probe them as a wasteful exercise, saying the party cannot do anything to them. He said if the situation was not well managed, it could lead to a full-blown crisis with dire consequences for the PDP. “The fact is that members have a lot of confidence in Femi (Gbajabiamila). Let me be frank with you, Femi is far better than Bago,” he added. The PDP lawmakers also gave THISDAY an update on how the race for the minority leadership posts in the House, saying the party might have conceded the slot of minority
leader to the South-south zone. Four of those listed as gunning for the minority leadership of the House are from the South-south. They are the former minority leader, Hon. Leo Ogor, representing Isoko North/ South Federal Constituency in Delta State; Hon. Kingsley Chinda, representing Obio/ Akpor Federal Constituency, Rivers State; Hon. Ndudi Elumelu representing Aniocha/ Oshimili Federal Constituency in Delta State; and Hon. Ossai Ossai, representing Ndokwa/ Ukwani Federal Constituency in Delta State. One of the lawmakers said the issue was on the agenda of last Thursday’s meeting with the party leaders. “Those who supported Bago are trying to manipulate the party to pick one of their own as the minority leader. They are sponsoring Hon. Chinda for the post. But even among them, there is a division. Some of them are kicking against his choice, saying the national party chairman is from Rivers State and wondered why the minority leader should be picked from the state. So those against his choice are mounting underground campaigns against him. “While some of us are not supporting any candidate, our position is that all other positions such as deputy minority leader, minority whip, deputy minority whip would have to be decided by members from the zones such positions are allocated to. But we are also ready to honour the party to take its decision on the minority leader,” the lawmaker said.
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MONDAY JUNE 24, 2019 ˾ T H I S D AY
NEWS
Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
FG Warns Ghana, Togo to Stop Attacking Nigerians Omololu Ogunmade in Abuja The federal government has issued a warning to Ghana and Togo to stop attacking Nigerians in their countries. The Chairman of the Nigerian Diaspora Commission (NIDCOM), Mrs. Abike DabiriErewa, made this known while addressing journalists after a meeting with President Muhammadu Buhari at the presidential villa in Abuja. She said the warning became necessary following the recent attacks on Nigerians residing in those countries. Dabiri-Erewa called on the foreign countries to protect Nigerians the same way the lives of their nationals are being safeguarded in Nigeria. “Right now, we are dealing with the issue of attacking Nigerian traders in Ghana. We have the assurances of the President of Ghana through the high commission here and ours in Ghana that Nigerian traders will be protected,” she said. “So, we are also going to be emphasising that the life of one Nigerian means a lot to us anywhere in the world. “Of course we have the issue of Ghana, the professor whose appointment was terminated by his university because of
the tape he released. Well, it turned out that he didn’t actually record, I mean that was a private meeting with Nigerians in Ghana, it was like a private discussion. “And he also claimed that part of the tape was actually doctored. The matter is being looked into by the Nigeria High Commission in Ghana and I believed those matters will be resolved subsequently.” Dabiri-Erewa said the Togolese Ambassador has been contacted on the issues of attacks on Nigerians in the country. “And the issues happening around neighbouring countries like Togo - in Togo, we have Nigerians attacked,” she said. “We have also seen the Togolese Ambassador and made it clear that the lives of Nigerians must be protected anywhere they are because we take care of others here and we deserve to be taken care of. “If a Nigerian commits a crime, let him pay the penalty for it as a punishment, but you cannot penalise a nation and its citizens. “So, we will be working more on that as we appealed to Nigerians to be good ambassadors wherever they find themselves,” she
FG Must Implement Reports of Uwais, Lemu, Nnamani Panels, Falana Insists Davidson Iriekpen Human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has called on the federal government to implement some of the recommendations of electoral reform committees before implementing those of foreign election observers. Falana listed the electoral reform committees to include the Justice Mohammed Uwais Panel, Ahmed Lemu Panel and Senator Ken Nnamani Panel. He criticised the attention the federal government was paying to the report on the 2019 general election submitted by European Union election observers. He expressed his displeasure in a statement issued yesterday where he said the report of the EU was being celebrated by all stakeholders, including the media. The senior lawyer pointed out that, while the reports of the local monitors have been ignored by the federal government and stakeholders, many people are advising the federal government to adopt the EU report in its entirety. He, however, insisted that before the report of the EU on how to conduct credible elections is adopted, the federal government “should be compelled to implement recommendations of the Justice Mohammed Uwais Panel, Ahmed Lemu Panel and Ken Nnamani Panel on electoral reforms.” According to the rights advocate, the recommendations and the reports of the local election monitors are much more relevant than the report of the foreign observers. “The last general election in Nigeria took place between
February and March 2019. The election was monitored by local monitors and supervised by foreign observers. The reports of the local monitors have been ignored by the federal government and other stakeholders. “However, the report of the former colonial master and her allies in the European Union is being celebrated by all the stakeholders including the mass media. After launching the report at Abuja the foreign election observers are currently presenting copies to the presidency, national assembly, INEC, APC, PDP, etc. “Even many people who have not read the report of the foreigners election are praising it and advising the federal government to adopt it in toto! “But before the report of the ex-colonial masters on how to conduct credible elections in Nigeria is adopted the neocolonial federal government must be compelled to implement the recommendations of the Justice Mohammed Uwais Panel, Ahmed Lemu Panel and Ken Nnamani Panel on electoral reforms. “The recommendations and the reports of the local election monitors are much more relevant than the report of the foreign observers. “Meanwhile, since the federal government has refused to set up the electoral offences tribunal recommended by the Uwais Panel the INEC and the police should arraign in court the godfathers who sabotaged internal democracy in some of the parties and the armed thugs who committed other grave electoral offences during the last general election,” Falana said.
explained. Speaking on the case of vandalism in the UK, where a Nigerian damaged some vehicles at the high
commission, she said there will be a stakeholders’ meeting between the Nigerian community in the UK, the high commission, and the
immigration unit. “So, we will be engaging more with the diaspora. Subsequently, we are going to have hotlines for Nigerians
in diaspora so that they can contact the commission and we can look into whatever challenges they are facing,” she said.
QUARTERLY MEETING…
L-R: Group Managing Director/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu; Founder, Agusto & Co, Mr. Olabode Agusto; and Managing Director, Zenith Bank, Ghana, Mr. Henry Oroh, at the Financial Market Dealers Association quarterly meeting hosted by Zenith Bank, in Lagos …recently
Oyegun Blames Oshiomhole for Edo Assembly Crisis Provide evidence of godfatherism, says party national chairman Adedayo Akinwale in Abuja A former National Chairman of the All Progressives Congress (APC), Chief John OdigieOyegun, has accused his successor, Adams Oshiomhole, of engaging in anti-party activities by creating distractions for Edo State Governor, Godwin Obaseki and heightening the tension in the state with his activities against the governor. But Oshiomhole has tasked those accusing him of plotting to be a godfather in Edo State to provide the proof. Reacting to the decision of the APC National Working Committee (NWC) on the crisis rocking the Edo State House of Assembly, Oyegun said in a statement by his Special Assistant on Political Affairs, Ray Murphy, that Obaseki should be allowed to concentrate on presiding over the affairs of the state. The former APC national chairman said he was yet to come to terms with the fact that Governor Obaseki is not receiving the highest distractions from the opposition party, the Peoples Democratic Party (PDP) but from his predecessor who is also the chairman of his party. “This party must be stronger because we cannot go into the 2023 general election with these discordant tunes, especially as President Buhari will not be contesting. We need to get our acts together. Oyegun has no personal grievances with Oshiomhole but Nigerians must know that he cannot go to equity with unclean hands. “Today, there are all kinds of rancour coming from Edo State. They all boil down to attempt
by godfather and godfatherism that is hitting up the polity in the state. Obaseki is the executive governor of Edo State and he should be allowed to exercise the powers vested on him by the law. To what purpose is this idea of the APC chairman putting the state under tension? “As a governor under APC platform, he should be allowed to run out his tenure before they decide whether to bring him back or not. There are so much antics going on and you don’t need to be a prophet or babalawo to trace where they are coming from. They are coming from the APC. “I want to think that they are all targeted at weakening the governor of Edo State. Ordinarily, the man in Edo should be given every support so that he can succeed to fend off the opposition PDP already around the corner. “Ask anybody from Edo State; what is Obaseki’s biggest distraction and they will tell you that his distraction is not whether he has governed well or not, but from his immediate predecessor, Adams Oshiomhole. “It is very unfortunate, especially considering the fact that he is the national chairman of the same party with the governor. I have not heard that PDP or Edo leaders want to remove Obaseki. What has been trending is how his predecessor who happens to be the party chairman does not want him back in the office. “If his actions against Obaseki are not anti-party, someone should then explain to me what is anti-party. The problem of the APC is from a singular man; the national chairman who runs the party like an
executive chairman. The idea of working singlehanded and inducing the party members to endorse is the problem of the party. “Look at what is happening in the party today. When was the last time the NEC meeting was held, but when these crises came to the fore, he has called several emergency NWC meetings,” he said. However, Oshiomhole has tasked those accusing him of plotting to be a godfather in Edo State to provide the proof. He spoke with State House correspondents on the allegation that he was masterminding the crisis in the Edo State House of Assembly because he wanted to become a godfather and to dictate what happens in the state. Stressing that he is a democrat, he recalled that he fought against godfatherism to emerge governor in Edo State. He also said that he would not need short-cut to sustain his position in the system. He said “What is the evidence? It’s all about accusation. The media has a duty. They have to give you the particulars of that godfatherism. What’s the evidence? I am a democrat. “That I accept the credit, not only that I fought godfatherism, I launched the one-man onevote campaign to fight against election rigging anywhere in Nigeria and by the special grace of God under PDP (Peoples Democratic Party) with Chief Tony Anenih alive, and at his best, I won all the 18 local government areas and I won 95 per cent of the total votes cast in my second term election. “So, Edo people know me
and I know them. I don’t need short-cut to sustain my position in the system. But you know that there is nobody in Nigeria who is not open to accusations. The important thing is that he who accuses should give you proof.” he added Speaking on the ongoing crisis over the inauguration of the Edo State House of Assembly, he said,” It’s about rule of law. As journalists there are questions you don’t need to ask me because you know the answer. “You know the law provides for how the House should be proclaimed transparently. The day it’s announced, memberselect are informed of date and time for inauguration. “These are clearly spelt out in the Nigerian Constitution. And just last week (about two weeks ago), you were all witnesses to how President Muhammadu Buhari issued proclamation letter to the Clerk many days before, stating date and time of the inauguration of the two chambers of the National Assembly. “Even while we are still negotiating to ensure that our party was not divided on the floor of the House, without prejudice to the outcome of those negotiations, the President issued proclamation because he is obliged by the constitution to do so whether he likes it or not and he did. “He did it transparently. He has led us by example. For me, it’s very embarrassing if any state governor, particularly of APC extraction, will do anything that is less than what the constitution says and the example that our President has set.” he said
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COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
A COUNTRY THAT CAN BE
Nigeria has what it takes to lift millions out of poverty, writes Adeniran Aderogba
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t has become such a common refrain, that it’s almost beginning to sound like the proverbial scratched record: “Nigeria is great, a country blessed with abundant human and material resourcesâ€?; the stark reality, however, is that we have not harnessed this massive potential to the fullest. It is extremely convenient to point accusing fingers at political authorities for any perceived governance lapses but no, we must all take collective blame: from the “Okada “or “Keke Marwaâ€? rider who brazenly flouts laws, goes against traffic as if it his right, the office driver who inflates fuel prices, the diesel supplier who fiddles with supply volumes, the street hawker who sells you a music CD which you only discover doesn’t work, to the civil servant who hides important files until there are “discussionsâ€?‌. On a flight into Nairobi, I was stunned by the number of non-African tourists entering the country and displaying a high degree of excitement and expectation towards their visit. Also, while waiting for my luggage on arrival at a Mediterranean city in Europe recently (by the way not even the capital city) it was simply amazing to see the hordes of tourists coming from different continents to enjoy the city. I started to draw parallels: what do these cities have that we don’t have? They were simply selling sunshine, pristine beaches, nice hotels, a hyped up social scene and grudgingly I conceded, maybe a significantly more secure environment. You know what though we have a lot of these things! Drive on the road from Eleko beach in Lagos/Epe axis to La Campaigne Tropicana and witness the marvel of nature- breathtaking palm trees lined in almost perfect synchronisation (as if designed by a supernatural architect). Along that same route, crystal clear and soothing blue lakes, you would think they were Olympic swimming pools. Drive from Abuja to Kwara State, and along the way see unbelievable mountains, incredibly sculptured in a very natural way. Lush greenery that could be very well in any developed country‌. So, why aren’t tourists coming here in droves, why aren’t we citizens making the best use of what we have? Why are Nigerians hungry? This is really the perverted story of Nigeria. A potentially great nation, but still trying to find its feet. So, how do we exit this quagmire? Let’s start with our people. Nigerians are resilient, committed, inherently fair and honest and extremely hardworking. You only need to drive on Third Mainland Bridge at about 5am on a working day and see the blazing lights of vehicles speeding into the island and you can only ask, what time did these people wake up to be heading to work at 5am? You only need to see the female traffic warden on Falomo Bridge, who, come rain, come shine is there directing traffic without any complaints. You only need to see the woman frying akara and yam early in the morning and you wonder. Also on traffic management, you only need to see complete obedience by people to the physically challenged man, with only a stick in his hand, directing traffic. Clearly there is a very strong work ethic and compliance culture but Nigerians will back-track once they get
DEVELOP MARITIME ACADEMIES WHICH WILL TRAIN IDLE YOUTHS AS SEAFARERS, THEIR SERVICES CAN THEN BE EXPORTED AND GENERATE HARD CURRENCY
disillusioned and then start to find short cuts. The civil service has one of the smartest crop of people, with deep institutional memory but again, deep fears of security of tenure and inadequate welfare makes them exhibit bad behaviour. So what do our people want? Educate them. Transport them at reasonable costs. Provide them with decent and affordable health services. Secure them. Give them some reasonable aspirational lifestyles. Provide sufficient shelter. Let them have electricity. Let them have a dignified and sustainable means of livelihood. Create transparent, free and competitive markets. This brings us to what economic sectors need to be given due attention and get quick wins. We will highlight just three for this purpose. Maritime Sector: Develop maritime academies which will train idle youths as seafarers, their services can then be exported and generate hard currency. The Philippines have the largest seafarer population in the diaspora generating well over USD40 billion annually. Develop indigenous capacity in the entire value chain, ship building, ship repairs, national fleet, cabotage services, aquaculture, professional services (accounting, finance, legal and insurance), wrecks removal and ship breaking services, waste disposal. This will create jobs, conserve and generate hard currency. Port logistics and infrastructure enhancement. Apapa gridlock, for example, could be ameliorated by better management of port transportation logistics. Create specialized financing institutions. Entertainment: Go to any major store or restaurant in the UK today and you most likely will hear a Nigerian song belching out from the speakers. Across Africa, Nigerian culture and mannerisms are being adopted, just the way Hollywood influenced the world. This should count for something, instantly recognizable names should be monetized. You cannot have millions of ears listening to your songs, millions of eyeballs watching your movies and you are still hungry. Organise the entertainment sector in such a way as to make participants bankable and able to access funding. Fully understand the value chain of this sector, from content creation, back stage production and operations, distribution and management. Each aspect of this chain has huge potential to create jobs and generate substantial revenues. Firm up legal framework to ensure sanctity of contracts in this industry as this is a key militating factor. Most participants will tell you it’s a dog-eat-dog world because enforcement of agreements is difficult. And protect proprietary rights and eliminate infringements. Information Technology: With the advent of the internet, data and smartphones, the old lady in a village in Damaturu is not at any significant disadvantage to the high-rolling trader on Wall Street as they can technically have access to the same information. This is a massive tool to uplift our people and must be embraced. Whilst the rest of the world was still busy texting and chatting, Apple, Facebook, Alibaba, Tencent, Amazon became corporate behemoths in less than a decade. With our numerical strength we can create such companies here. Aderogba is a former Ag. DG at NIMASA
SEC, OANDO AND PUBLIC INTEREST
Ken Umukoro argues that the Securities and Exchange Commission acted in the public interest
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ince the removal of key directors of Oando Plc by the Securities and Exchange Commission (SEC), so much has been written by different authors on the matter. Various stakeholders have also had a field day running commentaries and analysis on the issue now before a court of competent jurisdiction. However, most of the commentators were fixated on the interest of the affected directors of Oando. Some have vigorously argued on the side of SEC, defending the action of the regulator as a fit and proper thing to do in the circumstance. But not many spare a thought for the investing public. Without prejudice to the ruling of the court on the matter in the coming days, it is apposite to situate the argument within the confines of justice, equity, fairness and above all, public interest. Oando is not a family business. It is a company held in trust for the investing public. It is a publicly quoted company. Therefore, every decision of the company and the regulator must, above all, serve the interest of the public, rather than the interest of a privileged few. Nigeria has been a victim of vested interest for far too long. The collapse of some banks a couple of years back was a consequence of vested interests of a privileged few who feasted on the treasuries of these banks as though they were their private purses. And so, against every grain of logic, these privileged few pillaged the banks’ vaults with rapacious fury. They became undertakers in a business they were only privileged to manage. Until the then Central Bank of Nigeria Governor, Sanusi Lamido Sanusi summoned the spunk to probe the banks and audit the activities of their handlers not many Nigerians were aware of the rot that had set in and insidiously cankered the foundations of these banks. Depositors’ funds grew
wings and flew into private pockets. Managers of banks who ought to exhibit utmost prudence and fiscal decorum went on a wild binge. They acquired private jets with people’s money; bought estates in exotic places offshore. Some inclined themselves on the dubious plane of extreme vanity. Depositors’ funds were loaned to cronies without concomitant collateral and in the weird spirit of cronyism, all the money is shared between the loan giver and the loan receiver. And in a matter of time, the loan is classified as ‘toxic’; meaning non-payable. A win-win for the crooked giver and the dubious receiver. In times past, the phrase ‘failed bank’ was writ large. It was commonplace for depositors to lose their funds because a bank was classified as ‘failed bank’. In layman’s language, it means the bank has become bankrupt and unable to meet its obligations to depositors. Yet banks ought not to fail. Failed bank syndrome is symptomatic of a poorly regulated banking system. It indexes regulatory failure and a culture of abdication of good corporate governance. At the end it is the horde of poor depositors that lose. The bank operators simply get a slap on their wrist and walk away with their loot and spoils of office. No nation can grow its socio-economic structure with such culture of ‘anything goes’. It is this culture of protecting vested interest of a few far above public interest that has held the nation captive. This is the context which Nigerians should analyse the imbroglio between the regulator, SEC, and Oando. The question is: Did SEC act outside the powers conferred on it by the Investment and Securities Act (ISA)? The answer is No. Did SEC act in the overall public interest? The answer is Yes. The act empowers the commission to undertake actions in order to protect both investors’ interest and that of market operators as well as ensure market integrity.
Oando’s argument was that it was not given fair hearing, meaning the company was not allowed to defend itself. Yet, the same Oando admitted that it was aware of the investigation; that it had communication exchanges with the independent auditor, Deloitte, Nigeria. Oando also admitted that it had active engagement with SEC in the course of the investigation. This means that queries were raised by the investigator and Oando provided insight into those queries. Same applies to SEC which Oando also admitted it had engagement with while the forensic audit lasted. And you just wonder, what really is this fair hearing? To further underscore that there was enough fairness in its handling of the matter, SEC wrote in its response to Oando’s claim of absence of fair hearing thus: “To put the records straight, SEC hereby states that fair hearing is a paramount and fundamental principle which the commission as a law-abiding agency adheres to in all its investigative processes. “In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations. “The findings of the commission were communicated to the Group Chief Executive Officer (GCEO) of Oando Plc by a letter dated July 10, 2017.� This does not sound like a witch-hunt or lack of fair hearing. If anything, it portrayed the entire process as transparent, fair and just. Some analysts lapping up the position of Oando even argue that the same treatment meted out to Ecobank Transnational International (ETI), should be extended to Oando. This is lazy thinking. Both cases are different. The case of Oando was clearly a forensic audit while that of ETI was corporate governance
audit. Besides, ETI was willing to be investigated and presented no resistance. It bears stressing the point here that the Chairman and Managing Director of ETI had to vacate their positions so as not to be seen as interfering with the investigation. Oando did everything to frustrate the audit including going to court. And the question arises: Why would a publicly quoted company not submit itself for an audit by the regulator? What are they hiding? It is in the interest of the investing public that Oando is subjected to forensic audit especially after an earlier investigation suggested some discrepancies in its book. Attempts to distort the truth will not help the cause. Oando had ample time to make its submissions. And it did make its submission through its responses to queries raised even as it admitted in its statement of various engagements with both the auditor and SEC. Except it is saying that SEC must see things from its side of the prism. Again, the argument that because an Administrative Proceedings Committee (APC) was not in place therefore SEC has no locus to sanction Oando falters on all fronts because the law does not state that APC must be convened before companies are sanctioned. But Nigerians should always remember that one party is the regulator and the other a player. The regulator has shown enough proof that it acted within the ambit of the law. No player should consider itself above the law. Besides SEC acted to protect public interest. Such proactiveness on the part of the regulator ought to be commended not denigrated. SEC should, in the interest of the investing public, stand its ground. This is the heart’s cry of President Muhammadu Buhari: to stem the tide of corruption in the system. Umukoro wrote from Lagos
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EDITORIAL Yet Another Accumulation Of Debts The authorities must be circumspect in piling up debts
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hile many government officials argue that Nigeria’s current debt is still within the permissible three per cent threshold prescribed by the Fiscal Responsibility Act (FRA), in real terms, it flies in the face of sound economic management. Irrespective of the justification for this rather unbridled debt accumulation by officialdom, we make bold to say that piling up debt for the present and future generations of Nigerians does not bode well for anyone. It is also wrong-headed. Against the background of a recent statement by the African Development Bank that Nigeria stood “a moderate risk of debt distress”, the authorities should be concerned about the level of borrowing. In its African Economic Outlook 2019 and West Africa Economic Outlook 2019, the bank also said that growth in Nigeria’s agricultural sector “was lacklustre; due partly to clashes between farmers and herders AT PRESENT, DEBT coupled with flooding SERVICE BURDEN in key middle-belt CONSUMES ABOUT 60 regions and continued PER CENT OF REVENUE insurgency in the North-East.” WHILE GOVERNMENT The revenue HAS CONTINUED TO SET projection in the 2019 AMBITIOUS REVENUE PROJECTIONS WHICH ARE budget stands at about N6.9 trillion, with an HARDLY MET overall budget deficit of N1.859 trillion. The shortfall in revenue is to be financed mainly by domestic and foreign borrowing which is put at N1.649 trillion. This means that there will be a spike in the debt burden, indicating that the country’s debt servicingto-revenue ratio (DSRR) may worsen in the 2019 fiscal year. Meanwhile, to boost government revenue, which is at the core of the rising debt profile, the International Monetary Fund (IMF) and other multilateral groups have been unrelenting in their calls for Nigeria to explore ways outside the traditional base of oil proceeds. The agriculture sector, which presents the best option for diversification is
Letters to the Editor
currently being hamstrung by a motley assault of terrorism, banditry, herdsmen or kidnappers’ onslaught across the country, forcing farmers out of their farms.
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T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, 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.
AISHA BUHARI: A WOMAN OF SUBSTANCE
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eople see First lady, Aisha Buhari from different perspectives. Some people see her through the image of her husband, President Muhammadu Buhari and a traditional Nigerian housewife, who simply echoes the voice of her husband. Others see her through the prism of a neo-political activism and expect her to choose a different ideo-political path from her husband and thus, markedly different from previous Nigerian first ladies. The people who see her through the image of Buhari expect her to behave and go along with the conservative Muhammadu Buhari politically and publicly- to just be the wife of the president. Others who expect Aisha to choose a different path, want her to be a classic first lady– be humble, elegant and be the masses’ voice in the corridors of power. Being a people’s first lady in the APC regime may be difficult because as much as the party tries to be unique from previous governments, it is filled with political actors from the past. First ladies are among the most fascinating women in the world. People mind their movement, fashion, words and style. Thus, Aisha cannot immune herself from public assessment and possible criticism. She attracted uproar over her outfit- an Oscar De La Renta caftan during the 2019 Democracy Day gala night and her recent directive that she should henceforth be addressed as the First Lady. Nigeria’s constitution does not recognize the office of the First Lady. In fact, the duties of the first lady are undefined. Nonetheless, some Nigerians have idolized the office, while others loathe it. Worldwide, first ladies are known for elegance and sophisticated appearances, Aisha always towers in that area, especially with her
t present, debt service burden consumes about 60 per cent of revenue while government has continued to set ambitious revenue projections which are hardly met. The former Minister of Finance, Mrs. Zainab Ahmed recently admitted that there were fears over revenue projections in the 2019 budget. This is despite the launch of government’s Strategic Revenue Growth Initiative (SRGI), designed to boost government receipts. We hope this initiative will not fall short of delivery like the Voluntary Assets and Income Declaration Scheme (VAIDS) which was targeted to generate a billion dollars (N360 billion), but ended up with a paltry N30bn. However, the real concern is about the growing debt. After exiting a crushing debt trap in 2005 under the Paris and London Club of creditors, at no other time has the country faced a debilitating debt conundrum as we have found ourselves in the past four years. We believe it is time to halt this dangerous descent into a debt mine. Regardless of the arguments by the federal government that a 20 per cent of gross domestic product (GDP) debt is sustainable, we must caution that the danger signals are real. As a matter of priority, China recently advised Nigeria to open a sinking fund and an escrow account in a bid to begin repayment of the loans from the Asian country for the construction of rail projects, particularly the Abuja-Kaduna rail. This is because, two years after the commencement of operations of the Abuja-Kaduna rail system, the federal government is yet to begin repayment of the over $500 million borrowed for the standard gauge rail line. Yet Nigeria is seeking another $1.8 billion from the China Exim Bank for the construction of the coastal rail line. What the foregoing suggests is that the government, at all levels, must begin to work out efficient and effective revenue generation initiatives that are people-friendly to lessen the resort to huge borrowing.
graceful physique. Aisha shares this attribute with Michelle Obama,a fashionista with flawless dress sense, who has appeared on the covers of world magazines like Vogue, People, Essence, More and O, Oprah Winfrey’s magazine. On another hand, Aisha bears similarities with Melania Trump in being blunt with words notwithstanding being a first lady. Melania remarked at a conference in Egypt last October, “It is very important to me that I express how I feel.” Though, Aisha is often accused of being too outspoken and often politically incorrect. What many people do not know is, ironically, Aisha possibly picked that attribute from her husband of over 30 years- Buhari, the general who says things as they are. Aisha Buhari may be a mystery woman to some, but she is very popular in many quarters especially among youth members of the APC and in the social media. For example, when she added her voice in kicking against Senate President Senator Ahmad Lawan’s appointment of Festus Adedayo, a columnist, as his spokesman, and the retention of some aides of Bukola Saraki, she received accolades in the social media, especially APC supporters. In her home state of Adamawa, Aisha is referred to as the Iron Lady, she is political and socially strong in the state. In the recent 2019 governorship election she upset an incumbent. Some Nigerians expect Aisha Buhari to just be Buhari’s wife; shikenan! But Aisha has chosen to be a First Lady. First Lady is an unelected office with no salary and defined roles, but a first lady can shape history; make impact politically and may even shake the table. Zayyad I. Muhammad, Jimeta, Adamawa State
THE TRUTH WILL SETYOU FREE
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oliticians of the world, rejoice for you can still tell lies during elections. The High Court of Britain has thrown out the case against prospective Prime Minister Boris Johnson. During a recent election he had made claims that withdrawing from the European Union would save £350m (US$400m). The figure was challenged by his opposition at the time and subsequently in a legal action. The action was apparently ‘politically motivated and vexatious’, an unusual occurrence in any honest election. The real concern is how honest are politicians, and especially prospective politicians, during elections. It’s not just a matter of kissing babies, shaking hands with people you will never speak to again or pledging monies to marginal electorate but to the themes they propose, better education, less poverty, freedom from drugs and in
some countries just freedom itself. These are the things everybody wants and yet no one can seem to deliver them despite many honest attempts. Perhaps politicians should only promise what they can actually deliver. A relatively recent change has been the rise of fake news and attacks on the freedom of the press. If the truth is not known as shown with the Chinese government’s description of the Tiananmen Square’s massacre as ‘Justifiable’ then it disappears into the mists of times. There have been many attempts to remove or at least cleanse history with even some people claiming that horrors of the Holocaust did not occur. Fortunately there still are people who tell the true stories even if the cost is their own lives. We all need to tell the truth but especially our leaders. Dennis Fitzgerald, Melbourne, Australia
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Group Politics Editor NSEOBONG OKON-EKONG
POLITICS
Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
M O N D AY D I S C O U R S E
Waiting Anxiously for Buhari’s Ministers
Nseobong Okon-Ekong writes that the prevailing political atmosphere may force President Buhari to step away from his avowed rigidity, to enlarge the size of his cabinet, in order to satisfy compelling interests groups
Buhari
Amaechi
W
hat was being discussed in hushed tones in offices within the secretariat of the Lagos State Government in the dying days of the administration of former Governor Akinwunmi Ambode has recently blown into a full scale media war between the parties loyal to Ambode and those of his predecessor, Babatunde Fashola. The bone of contention is the ministerial slot on the Federal Executive Council reserved for Lagos State. President Muhammadu Buhari is said to be considering unbundling the Works,
Housing and Power Ministry, which was previously supervised by Fashola. After Ambode lost his bid to return as Governor of Lagos State for a second term, he drew closer to Buhari who he had approached to put in a good word for him when political opponents assailed him on all fronts. Buhari is now faced with the dilemma of choice between Ambode and Fashola. Another suggestion that jas gained wide acceptance was the possibility of having Ambode replace Ben Akabueze, the current Director General of the Budget Office in The Presidency. Akabueze had previously served as commissioner
Fashola
in Lagos State. Many, however, think it will be a step down for Ambode, having been the chief executive of a state. Lagos is not the only state that Buhari is faced with a hard choice. The scenario is not different in Rivers State. Though it is almost taken for granted that the former Transportation Minister, Rotimi Amaechi who has successfully managed Buhari’s election as president twice will certainly make the cabinet, Rivers may be pushing for a second person on the Buhari team because the All Progressives Congress (APC) in the state was not allowed to take
part in the 2019 national elections; just like in Zamfara State. But Mr. Yinka Odumakin, spokesperson of the pan-Yoruba group, Afenifere argued that if competence was a major consideration for ministerial appointment, there will be no need to have ministers from every state. He said, “Our cabinet is over-bloated though it’s a constitutional requirement that we must have a minister from each state. It is a provision we have to look at critically again in view of our realities. We must at a point stop looking at these positions as sharing the largesse to every corner of the political elites as against
‘Delay in Announcing Cabinet Does not Show Seriousness’ Nseobong Okon-Ekong dialogues with Yinka Odumakin, spokesperson for the pan-Yoruba group, Afenifere, on his expectation from President President Muhammadu Buhari’s impending announcement of his cabinet It is about four months since President Buhari won the February 23 presidential elections and one month since he was sworn in, should he take this much time to announce his cabinet? Has he learnt anything from criticism which followed the delay in announcing his choice of ministers in 2015? There is absolutely no justifiable reason for this delay except the President sees the leadership of the country as an opportunity to reign and not to govern. After struggling in three failed elections to lead Nigeria, being in power for four years and promising not to be Baba-go-slow in his second term, this delay in announcing a cabinet does not show seriousness about the business of Nigeria or the recognition that Nigeria is in a precarious situation that does not permit this lethargical attitude .How many days did it take President Cyril Ramphosa to announce a cabinet in South Africa-a cabinet that has been hailed as being balanced and free of corrupt people? What we are witnessing in Nigeria in spite of the criticism that trailed the first time inadequacy can only flow from either serious incompetence or sheer impunity .The latter looks so plausible given that even appointees
like SSA media, SGF and CoS whose tenure have expired continue to function when all that is required is a press release that they have been reappointed. President Buhari is not known to change his cabinet, even for alleged or proven corruption, meaning those who make the cabinet will remain till 2023, should he continue in this manner? Not changing cabinet in face of so many odds is also a function of inability to appraise appointees or some incorrigibility. Neither is it healthy for a modern polity and it’s not healthy for us as a country to continue in that tradition. Neither the ‘change mantra’ of the first term or ‘Next level’ promise of the present term is in tandem with such attitude. Do you agree with the idea of a ‘super minister’, with a seeming overloaded ministry? A super minister in our setting is a misnomer. There is no sector in our polity today that is not in some state of rot and it requires being superhuman to excel in any of them. Loading one person with too many ministries is setting up the person for failure as no
dog can guard two gates successfully in a robber-infested estate. We should get competent men and women and hand them assignments according to their abilities. A particular reference is the immediate past Minister of Power, Works and Housing .The gentleman was smelling like a rose after his stint as Governor of Lagos State .He was appointed a minister and loaded with too many responsibilities in the name of being a super minister. It all turned out becoming a super failure. Our structure of governance is so warped at the moment and whoever loves his career should run away from being made such a sausage for failure. Should we continue with the practice of having a minister from every state? At what cost? Our cabinet is over-bloated though it’s a constitutional requirement that we must have a minister from each state. It is a provision we have to look at critically again in view of our realities. We must at a point stop looking at these positions as sharing the largesse to every corner of the political elites as against running government in a way to spread the good to all our citizens. If we run an efficient government where
Odumakin
the needs of all citizens are reasonably met, how many citizens would insist a minister must come from their states? If we picked a minister from every street in Nigeria and governance is all about the corruption of greedy elites that we have now, the corporate good would not be served in any way for as long as it is not about the greatest good of the greatest majority. We must address the dysfunctionality of our system and refocus to service wherein governance would be about delivering to our people rather than sharing the spoils of office.
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Akpabio
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325
Air Peace: Soaring in Time of Rough Weather Nigeria’s leading carrier, Air Peace, appears fully poised to etch the nation’s name in the map of the very competitive global aviation market, writes Segun Adekunle
Boeing 777-31H - Air Peace
A
fter months of painstaking planning and equipment testing, Air Peace will on Friday, July 5, 2019 commence scheduled flight operations to Sharjah International Airport in the United Arab Emirates. With the commencement of operations on this route, Air Peace would be offering travelers from Nigeria the rare opportunity of connecting 23 other destinations from the United Arab Emirates at a very pocket-friendly cost. The destinations that could easily be connected from Sharjah international airport include: Riyadh, Medina, Jeddah, Beirut, Delhi, Colombo, Dhaka, Mumbai, Kathmandu, Moscow and several others. Air Peace currently operates scheduled
Just this year, we launched a number of domestic and regional routes under our nocity-left-behind project on the platform of our subsidiary, Air Peace Hopper. We also made history as the ďŹ rst domestic airline to acquire and register the Boeing 777 aircraft in Nigeria. We also successfully renewed our International Air Transport Association Operational Safety Audit CertiďŹ cate and Air Operator CertiďŹ cate after a very rigorous process
Allen Onyema, Chairman Air Peace Airlines regional flights to Accra (Ghana), Banjul (Gambia), Freetown (Sierra Leone), Dakar (Senegal) and Monrovia (Liberia). For its long-haul flights, Air Peace has confirmed that it will be deploying its B777 wide body aircraft. The airline recently acquired four B777 aircraft and has since taken delivery of three of them. In fact, local travelers in Nigeria recently had a foretaste of the incredibly comfortable B777 jets when the airline briefly deployed them to a few local routes on test-run. The management of Air Peace has also announced that Dubai, Johannesburg, London, Houston, Guangzhou and Mumbai will join the airline’s international route network soon after the launch of the Sharjah service. Barrister Allen Onyema, the Chairman and Chief Executive Officer of Air Peace, asserts that the airline’s international services would give Nigeria and West Africa a sense of pride in the global aviation industry.
“Just this year, we launched a number of domestic and regional routes under our no-city-left-behind project on the platform of our subsidiary, Air Peace Hopper. We also made history as the first domestic airline to acquire and register the Boeing 777 aircraft in Nigeria. We also successfully renewed our International Air Transport Association Operational Safety Audit Certificate and Air Operator Certificate after a very rigorous process. We also diversified the aircraft in our fleet with the inclusion of six 50-seater Embraer 145 jets“, Onyema disclosed. But how prepared is Air Peace to take on the humungous task of operating international long-haul flights? While admitting that he is aware that the challenges would be daunting, Onyema, however, insists that Air Peace is very prepared to ride the storm. “Before you go into any business, you need to study the business and the environment. You have to know the airline business, for
example, is a risky one. What are the factors that have made many airlines in Nigeria to fall by the way side? You really need to know where you are coming from; where the other airlines are coming from and what has been responsible for their failure. All these we did before we decided on the route to take. We knew that most of the problems with Nigerian airlines in the past involved the lack of capacity, and not having enough planes to meet the demand of the teeming flying population. Again, you don’t have any Nigerian airline succeeding on the international scene. So, from the outset, we started with seven aircraft and we have never stopped buying aircraft. At every point in time, we know that when we increase our capacity, it would make us to compete favorably,� the Air Peace chairman enthused. Onyema revealed that Air Peace draws strength from the very strong support it continues to receive from its bank. “Our bank, Fidelity Bank, has been very supportive, and it is because we pay back our loans. That has helped us to increase our fleet to satisfy the flying public and compete favourably. We have not stopped buying planes.� He said the airline’s driving force is to disprove the notion that Nigeria is a failure in the global airline industry. “We have decided to make the difference. We want to prove that we are different and that we are a very resilient people in Nigeria. We have very resourceful people. They have not been given that opportunity to rise; we are also contending with international aviation politics that is trying to bring Nigerian airlines down. So, we decided to do things differently, both in the way we run our affairs and in the way we expand. We decided to acquire the single-aisle planes for our domestic operations and we have acquired the wide-body planes for our international long-haul flights,� Onyema added. Aviation experts in the country are, however, piqued that in spite of the best efforts of Air Peace, the airline appears to be contending with very toxic local politics. All over the world, national governments protect and guard jealously, the brands of their leading carriers. In Nigeria, however, the reverse seems to be the case, especially regarding Air Peace. In fact, so extreme are some of the measures against Air Peace by organs of government that operators in the
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FEATURES
Soaring despite hurdles sensitive sector are beginning to wonder if there is an organised conspiracy to halt the growth of this airline that is currently providing gainful employment for thousands of Nigerians. Series of potentially injurious measures have severally been meted out to Air Peace by regulatory authorities but a few of such actions in recent times clearly stand out and are deservedly being widely condemned by industry experts. One in question is a recent press statement by Nigeria’s Accident Investigation Bureau (AIB), which curiously accused Air Peace of concealing serious incidents that involved two of its aircraft between December 2018 and May 2019, thereby preventing it from carrying out thorough investigations on them in order to prevent reoccurrence. The management of Air Peace as well as seasoned operators in the nation’s aviation industry that are familiar with the incidents, have since fundamentally disagreed with AIB’s claims that the two occurrences it cited in the press statement were “very serious� warranting such a public opprobrium. They also affirmed that it is not true, as claimed by the AIB, that the two incidents were not reported to the appropriate authorities as at when due. On its part, the management of Air Peace gave detailed explanations on the two incidents referred to by the AIB. The airline said that on the night of May 15, 2019, an Air Peace Boeing 737-300 aircraft with registration number 5N-BUK made a hard landing in Lagos on account of sudden change in weather at the point of touch down. “However, the AIB grossly misrepresented the facts when it alluded that the airline only reported the incident, after the Bureau’s team visited its corporate headquarters in Lagos on June 6, 2019, which was about three weeks after the incident. Contrary to the press statement issued by the AIB, Air Peace duly notified the Nigerian Civil Aviation Authority (NCAA) of the incident on May 16, 2019, before it followed up with a written communication and subsequently filed a Mandatory Occurrence Report (MOR) on May 17, 2019, with reference number APL/QM/279/19,� Air Peace management disclosed in a rebuttal. It has since been confirmed that the said MOR filed by the airline was received and signed for by the NCAA on the same date. The airline complied with the statutory timeline for the filing of MOR, credible aviation sources corroborated. The management of Air Peace decried this “deliberate misrepresentation of facts� by the AIB, and questioned the motive behind the press statement. “Was the press statement intended to scare the flying public against an airline that has consistently demonstrated zero
tolerance for unsafe practices?� it queried. The second incident referred to by the AIB was a revisit of an incident, which occurred on December 14, 2018, in an Air Peace aircraft en route Enugu Airport, during which oxygen masks were automatically deployed as a result of change in cabin pressure. The airline has since explained that matters related to masks dropping during flight is not peculiar to Air Peace, but common to airlines the world over. However, Ifeanyi Ozoka, a former DirectorGeneral of AIB who also once served as the Rector of Nigerian College of Aviation Technology (NCAT), Zaria, insists that the AIB’s press statement on Air Peace is unprecedented, unheard of in the industry and far from being altruistic. Ozoka argues, in a statement he issued on the matter recently, that AIB unduly targeted Air Peace and as a result did more harm than good to the nation’s fledgling aviation sector. He said: “After carefully reading AIB’s statement and as a concerned Nigerian, I have the following observations and comments on the matter: The damage assessment by AIB did not reveal that an accident or serious incident occurred as Hard Landing does not equate to an accident or serious incident. According to AIB, the nature of the damage suggests a high probability of an accident but it is difficult to see how such a conclusion can be reached when a thorough investigation was not carried out. Accident investigation is a pain-staking research work which follows a whole process involving the gathering and analysis of information, the drawing of conclusions after determination of cause(s), and making safety recommendations.�
The airline’s driving force is to disprove the notion that Nigeria is a failure in the global airline industry.“We have decided to make the difference. We want to prove that we are different and that we are a very resilient people in Nigeria. We have very resourceful people
Ozoka contends that given that the aircraft (B737-300 with registration 5N-BUK) is on ground awaiting hard landing inspection, that is, the aircraft is not operating at the moment, it is difficult to see what wrong Air Peace has committed. “If, according to the airline, a Mandatory Occurrence Report (MOR) was filed with the Nigerian Civil Aviation Authority (NCAA) in writing on May 17, 2019 after a notification was made on May 16, 2019 i.e. within two days of the incidents; the NCAA should confirm whether this assertion is true, and if so confirmed, Air Peace has done no wrong,� Ozoka insists. With regards to Air Peace’s B737-300 aircraft with registration 5N-BUO, he argues that a malfunctioning Cockpit Voice Recorder (CVR) does not equate to an accident or serious incident and does not ‘make’ an accident. “The assertion that Air Peace lacks full understanding of AIB’s statutory mandates, functions and procedures does not derive from any investigation with recommendations and such a conclusion can therefore not be reached. So far, no accidents or serious incidents were shown to have occurred in the publication by AIB. If, by chance, Air Peace, which is unarguably the leading airline in Nigeria lacks full understanding of AIB’s mandates etc, then it will be very safe to conclude that other airlines in the country equally lack this ‘full understanding’. The AIB should therefore take appropriate action to brief and educate all airlines in the country on such requirements for the wellbeing of the sector as AIB plays a critical role in aviation safety,� Ozoka further contends. It is the view of Ozoka that the AIB may well have other reasons for the allegation of wrong doing against Air Peace but opines that the bureau did not say so in the press statement. “In my very candid opinion, and deriving from the information by AIB in the press statement, neither ICAO nor NCAA rules and regulations were breached by Air Peace and it is not clear which aspects of AIB’s mandate and procedures, which should be in alignment with ICAO Annex 13, were breached. Most of the issues in the press statement are under the purview of the NCAA and it is believed that they are alive to their responsibility as the blame did not originate from them. Certainly, NCAA will not make such press release because the Agency understands the industry and does not need to shout to lead,� the former AIB Chief avers, adding that “we should be mindful of what we publish for the whole world to see so as not to be looked down upon and so that the competences of our professionals are not in doubt. In this way, no bias will be imputed. That press statement is not in consonance with ICAO Annex 13 and certainly, not in the best interest of Nigeria. This type of press release is unknown to
aviation. A very professional AIB will be a source of pride, and a blessing to Nigeria and the world, and we must all support it towards this goal.� Sources close to Air Peace also readily recounts that when the airline’s third B777 aircraft was coming into the country, the Federal Aviation Authority of Nigeria (FAAN), for a while, prevented it from landing, claiming that there was no space in the airport terminal for the jet. “The pilots had flown 15 hours from Dallas, USA, and for about 30 minutes they were hovering, they were prevented from landing in the international apron where officials of Air Peace and aviation correspondents for major media organisations in the country were waiting. It is unheard of; the belief was that the airport authorities would be in joyous mood to receive the wide-body jet. The pilots were so disappointed in our system that they almost did not want to come down when they were eventually allowed to land�, the source said. Even then, when Air Peace decided to briefly showcase the B777 jets during the last Easter holiday season, the aviation authorities halted this even after over 600 tickets had been sold to enthusiastic travelers on the designated local routes. It was similarly learnt that when Air Peace brought into the country its six new Embraer jets, the airline was prevented from flying or deploying the jets to designated routes for over six months. “They were giving all sorts of excuses but of course eventually, prominent officials of the Federal Government intervened and the requisite permissions were given. It is now a well-known fact that Air Peace airline is unduly being targeted by some big interests in Nigeria’s aviation sector and this, of course is not good for the country,� another key operator in the nation’s aviation sector confided. Interestingly, Onyema, is not fazed. The chronic optimist is brimming with enthusiasm as he leads the very profound Air Peace team to perfect plans for the launch of the maiden long-haul flight to Sharjah, on Friday, July 5, 2019. “A critical point underpinning our international operations is our resolve to market Nigeria to the world. We are totally capable and determined to do that. We invite Nigerians to come and patronise their own. We know some forces are trying to run us down. Everything is set to give this country what it deserves on the international route, both in fare and the equipment (plane) we will be using. We are using the beautiful Boeing 777 planes which even the legacy carriers will be proud of. We are also conscious of the fact that an aggressive fleet expansion is needed to plug the holes and compete favourably on the international scene. And there is no looking back�, Onyema added.
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MONDAY JUNE 24, 2019 • T H I S D AY
BEDC position on prolonged outage in Ondo South BEDC Electricity PLC (BEDC) hereby writes to update and correct impression on the issues relating to power supply by BEDC to the people of Ondo South which comprises of Okitipupa, Ilaje, Ese-Odo and Irele. We wish to categorically state that BEDC as a distribution company and service provider is not comfortable watching a large proportion of its customers located in Ondo State and most especially in several locations in Ondo South without power supply for so many years. The reality however is that in line with the existing methodology of buying and transmitting bulk power from the Transmission Company of Nigeria (TCN) grid such power which is purchased by BEDC is what is distributed to our customers in all areas. BEDC since 2015 has escalated to the State Government, Ministry of Power and NERC that the issue of power supply to the major parts of Ondo South is largely and principally a TCN constraint. As a value chain, the commencement process in taking power to the public is TCN. When TCN makes bulk power available, distribution companies like BEDC take same and distribute/sell to end users. However, TCN has not been able to transmit adequate power to BEDC in Ondo State and especially in part of Ondo South due to its technical constraints which has led to the existing problem of none availability of power in these locations. Below are a few key facts: 1) Power supply to TCN Ondo Transmission Station is obtained from Ife/ Oshogbo 132Kv line operated by TCN. This line which has undersized conductors (cables) continues to be unstable and in recent times, almost on a monthly basis, customers in Ondo town and its environs are periodically out of power for a range of 2-15days due to this unstable line. This has been most destabilizing for BEDC and its customers. 2) 4 LGAs: Okitipupa, Irele, Ese-Odo and Ilaje in the Ondo South are presently without power supply. The only source of TCN power to Ondo South is also from Ondo TCN which is over 150Km away, with network traversing thick vegetation and farmlands. 3) Ondo TCN has two 30mva Transformers and only 1 of the 30mva transformers is working as at now. This transformer currently supplies Ondo Town, Ore, Oke-Igbo, Ile-Oluji, Odigbo and its environs. 4) The other TCN 30mva transformer has a faulty breaker since over 3 years ago. The attempt to transfer all locations into the one working TCN transformer resulted in severe voltage drop to Ondo South axis which caused very poor and none useful power (‘candle light’) and same could not be sustained. 5) However, NIPP has been working to replace the faulty TCN breaker and by our estimation this is at about 70 per cent completion level. When this is completed, BEDC will be able to take the transmitted power and distribute same to its customers in some additional parts of Ondo South. It should be noted that this will only serve an additional 25% of the power needs in the area. This is because the estimated total power supply needed is about 47.6 MW and only an additional 11 MW will be available from this TCN source. Hence, there would still be a shortfall of about 36.6MW. The following table shows that BEDC already has infrastructure capacity through the various distribution injection substations existing on ground as well as the additional one, under construction to distribute more than the total power needed in Ondo South. What is still lacking is adequate bulk sourcing from TCN.
LOAD DETAILS OF 33KV OKITIPUPA FEEDER S/N NAME OF BEDC INJECTION SUB STATIONS 1 2 3 4 5 6 7 8 9
ORE [ OLD ] ORE [ NIPP ] OKITIPUPA IGBOKODA IDLE 2.5MVA 33/11KV NEAR OLUWA GLASS NEAR IGBOKODA IGODANLISA [ONDO STATE UNIVERSITY OF SCIENCE & TECHNOLOGY] IRELE AJAGBA 33/.415KV COMMUNITY TRANSFORMERS]
INSTALLED CUSTOMERS CAPACITY ACTUAL NEEDED LOAD [MW] [MVA] 15 8.4 5 2.8 15 8.4 7.5 4.2 2.5 1.4
REMARK In use In use Under Rehabilitation In use Under Rehabilitation
7.5
4.2
Under Construction
15 7.5 10
8.4 4.2 5.6
Under Rehabilitation Under Construction In use
85 47.6 NOTE: 1x30 MVA Power Transformer at Ondo-TCN is feeding 15MW Power to Ondo-Town and 11MW to Okitipupa feeder. Total Power requirement of Ondo-south is 47.6 MW. Hence, there is a shortfall of 36.6 MW of power at Ondo-TCN end.
It should be noted that in January 2019, BEDC and Niger Delta Power Holding Company (NDPHC), using National Independent Power Project (NIPP) collaborated to restore power supply to only Ode-Aye town in Okitipupa and Igbokoda in Ilaje local government area of Ondo South by rehabilitating the distribution network in a phased manner and by-passing major load using centers. This was done to demonstrate to the customers in Ondo South axis that the network was ready to receive and distribute power when TCN makes same available. This achievement was celebrated with the Olu of Igbokoda, Oba Felix Balogun and some residents commending the management and staff of BEDC, NDPHC and NIPP for getting the town reconnected to the national grid. In order to have a lasting and complete solution to Ondo South electricity need as well as have a lasting solution to Ondo State general power limitations, the permanent solution through TCN is for TCN to complete the proposed 132 /33 KV, 2x60 MVA at Erinje in Okitipupa (a project which has been awarded by NDDC and abandoned) as well as replace the unstable Ife/Oshogbo132kv undersized line. In addition, BEDC has continued to explore ways of bringing independent power (non TCN) supply to this axis. BEDC wishes to assure residents in Ondo State and most especially in Ondo South that we are committed to distributing and providing power to the various towns and communities. Whilst we note and commend the efforts made so far by the NDPHC, NIPP and the Ondo State Government., we also wish to further appeal to Governor Akeredolu to continue to assist to put pressures on TCN and other Federal Government related institutions to provide an enabling environment for us to serve our customers better by: t "DDFMFSBUJOH UIF SFQBJS PG UIF GBVMUZ CSFBLFS t 3FQMBDJOH UIF VOTUBCMF *GF 0TIPHCP LW VOEFSTJ[FE MJOF t 3F DPNNFODJOH DPNQMFUJOH UIF QSPQPTFE ,7 Y .7" BU &SJOKF JO 0LJUJQVQB which will provide capacity for up to 90megawats of power when completed. As the last mile in the value chain, BEDC and its customers have continued to suffer for the inadequate delivery from the transmission member of the value chain. We however will continue to look for solutions to ensure that we fulfil our commitments to serving our customers better and ultimately enable full customer satisfaction.
Signed:
MANAGEMENT BEDC CONTACT CHANNELS:
Benin DisCo...Committed to Serving you better.
Head Office: No 5 Akpakpava Street, Benin City, Edo State Phone In: Speak with a call Agent on 08039012323 Walk In: Speak with a customer care officer at your local Business Unit Email: customercomplaints@bedcpower.com @Website: www.bedcpower.com Follow us: @bedcpower
23
T H I S D AY Ëž Ëœ Í°Í˛Ëœ 2019
BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB
A S
A T J U N E
REPO 9.21 % 8.71%
CALL 1-MONTH 3-MONTH
9% 9.88 % 10.25%
2 1 ,
S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
393.76% 0.05% -0.30%
Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08152447875
2 0 1 9 S & P INDEX 1/4 TO DATE YEAR TO DATE
1.85% 10.307%
EXCHANGE RATE N306.95/1US DOLLAR* ĚŠ
Quick Takes itel Mobile Begins Promo
itel Mobile is giving thousands of customers across the country a chance to win $10,000 dollars in a new promo. According to a statement signed by the company, the promo was described as the company’s biggest ever. The promo is to commence on June 30. The statement said the promo was the brand’s way of appreciating its customers for their unwavering loyalty and aďŹƒnity over the years. It explained that to be among the lucky winners, a customer need to purchase any of itel’s latest power devices, itel P33 or P33 Plus at any itel authorized retail stores nationwide, then register their details in a designated link, “and you could be one of several people to win $10,000, $2,000, or $1,000.â€?
Ecobank wins Award
THIS IS OUR SCORECARD
L-R: Managing Director, Linkage Assurance Plc, Mr Daniel Braie; Chairman, Chief Joshua Fumudoh; Company Secretary, Mr. Moses Omorogbe, and Non –Executive Director, Mr Bernard Griesel, during the 25th Annual General Meeting of Linkage Assurance Plc, in Lagos... recently
CBN Sets September Deadline for Mutilated Notes ›Â?Š—’œŽÂ?ČąÂ•ÂŠÂ‹Â˜ÂžÂ›ČąÂ•ÂŠÂžÂ?ÂœČą –ŽęŽ•Ž
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Nume Ekeghe and Solomon Elusoji The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing. The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend. “The CBN has given banks between the 3rd of June and September 2, to bring back all the mutilated notes for us to reissue them,� he said. “And we are telling customers, including labour, that they should return all the notes to their bank. And that the banks will bring
ECONOMY those notes to us for reissue. “If any bank is refusing to take back the notes, they should call us and we will take action.� In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes. Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention� in the Nigerian economy as “highly commendable.� “CBN is working today because we have a competent hand,� he said. “Mr Emefiele is a man of vision, but he is also passionate
about Nigeria, he is patriotic; we need to replicate that kind of public officer. “Also, in terms of engagement, I haven’t seen the CBN engaging in any sort of controversy; he doesn’t go outside his mandate. What happens is robust engagement, such that both the executive and legislature agreed that he should go for another term. And the facts are all verifiable. “They all talk about jobs that have been created; so you need similar kinds of personnel in the next cabinet of the Federal Republic of Nigeria.� But Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck. “CBN is doing its own side of the bargain, but the other fiscal authorities must also complement
the effort of the CBN,� he said. For example, “CBN can’t do much to stop smuggling; so you have improvement in rice production, but by the time the farmers reach the market, it has been overwhelmed by smuggled rice. “The same thing with textiles. So Customs must also sit up. Energy is also important. We need uninterrupted power supply. So we need the same activism that we are witnessing at the apex bank, at Customs, at the Ministry of Power. The Ministry of Trade and investment must sit up also; Ministry of Labour must sit up as well, because they are the ones to find out whether the funds are made available to investors Continued on page 24
FGTargets 2024 for Provision of Identification for all Nigerians Emma Okonji The federal government has declared its determination to provide a lifelong unique identification for every individual residing in Nigeria and Nigerians in the diaspora before 2024. Director-General of the National Identity Management Commission (NIMC), Aliyu Aziz, said this while speaking at the fifth Annual Meeting of the Identity for Africa (ID4Africa) Movement, which held in Johannesburg, South Africa, recently. Addressing the delegates, Aziz
ECONOMY stated that for Nigeria to enhance governance, help its people rise out of poverty, restore growth and participate in the digital economy, “we need a unique digital identification platform that is linked to functional ID registries for accessing services.� In realisation of the demands to function in the digital economy for sustainable growth therefore, Aziz told the audience that Nigeria was executing a digital identity ecosystem project endorsed in September 2018 by the
Federal Executive Council, the highest decision-making organ of government. Laying bare the grand plan by the government in his paper titled ‘Digital Identity the Cornerstone to Effective Service Delivery’ Aziz revealed that the “Strategic Roadmap Vision is to reach universal coverage of robust digital identification in Nigeria� by applying an ecosystem approach of enrolling citizens of all ages and legal residents within the set timeframe. “The ecosystem approach of enrolment will constitute trusted partners, and a pay-
per-play model for successful enrolments,� NIMC DG said, adding “the purpose of the ecosystem approach is to leverage existing capabilities and enrolment facilities of government agencies, partners and private sector operators in Nigeria, as opposed to building new ones.� Explaining further, he said the ecosystem approach would leverage the capacity of all ID stakeholders in the ecosystem to reach full coverage of the target population. Aziz listed some unique and
Ecobank said recently won the Most Admired Financial Services Brand in Africa. Brand Africa which released the top 100 brands in Africa recently, also listed Dangote conglomerate, MTN Group and Anbessa shoe of Ethiopia as highly admired brands in dierent categories. Brand Africa 100 is involved in a pan-African survey and valuation of brands in Africa, to create a unique index and ranking for the Best Brands in Africa. Brand Africa 100 believes that one of the key catalysts for Africa’s growth, competitiveness and reputation lies in developing and growing globally competitive and locally relevant African brands and global brands in Africa. Brand Africa 100 announced the winners at an event at the Johannesburg Stock Exchange JSE, with industry leaders from across Africa, hosted by the JSE in partnership with Geopoll, Kantar and Brand Leadership in their 7th annual Brand Africa 100: ‘Africa’s Best Brands.’ Nike, MTN, Dangote, Ecobank and BBC were recognised as the most admired brands on the continent. According to the organisers since 2011, the Brand Africa 100 has been surveying and ranking the most admired brands spontaneously recalled by African consumers. In a relatively stable Top 100 list, the US sports and ďŹ tness mega brand, Nike, retains the overall #1 brand in Africa spontaneously recalled by consumers. South African telecoms brand MTN is the #1 African brand spontaneously recalled brand, while surging Ethiopian brand Anbessa Shoes, at #2, swopped positions with Nigerian conglomerate, Dangote, which is the #3 most admired brand of African of origin. However, when consumers are prompted to recall the most admired African brand, Dangote retains the #1 position. Overall, African brands faltered to an all-time low 14 per cent share of theTop 100 most admired brands in Africa. S’Africa’s Reserve Bank May Cut Rate South Africa’s Reserve Bank will probably cut interest rates next month or in September to boost the country’s economy, a Reuters poll found on Friday. A median forecast from 24 economists, polled this week, suggests the economy would grow 0.6 per cent this year, slower than last year’s 0.8 per cent and weaker than the 1.1 per cent predicted in a May poll. Growth is expected to accelerate next year to 1.4 per cent. Economists reckon this year’s slow growth should be enough to convince authorities to cut interest rates by 25 basis points to 6.50 per cent. Ten of 18 economists predicted rates would be cut in one of next quarter’s two policy meetings - July or September - a substantial uptick in expectations for lower rates. Last month, only two people forecast rate cuts. “Ination is now well-anchored within the three per cent to six per cent target range, and the economy is performing very poorly,â€? said John Ashbourne, senior emerging markets economist at Capital Economics. “We’ve pencilled in a cut from 6.75 per cent to 6.50 per cent at July’s meeting.â€? On Wednesday, the U.S. Federal Reserve signalled rate cuts may begin as early as July, in the face of growing global and domestic economic risks. Central banks in Australia, India, New Zealand and Russia have already cut rates. The repo rate will probably remain at 6.5 per cent until the end of 2021 at least, the economists said. Ination is expected to average 4.5 per cent this year and ďŹ ve per cent next year.
“When it comes to cybersecurity, the entire banking industry is as strong as a bank with the weakest security measures. Therefore, no bank should toy with cyber security measures because there is a contagion effect. If fraudsters can penetrate one bank, what it means is that they can also affect other banks�
MD/CEO, Fidelity Bank Plc, Continued on page 24
Mr. Nnamdi Okonkwo
T H I S D AY Ëž Ëœ Í°Í˛Ëœ Ͱ͎ͯ͡
24
BUSINESSWORLD
NEWS
CBN SETS SEPTEMBER DEADLINE FOR MUTILATED NOTES
Again, NECA OpposesVAT Hike
in this sector are actually used for production and employment is being created.� He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.� The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country. According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power. He had argued the central bank’s development finance initiatives and foreign exchange intervention were targeted at supporting vulnerable persons in the society. “The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently.
Chris Uba
FG TARGETS 2024 FOR PROVISION OF IDENTIFICATION FOR ALL NIGERIANS beneficial features of the digital ID ecosystem approach to include: Federal Government-led initiative to collect biometric data nationwide in one go; coordinated effort to avoid duplicating data collection at high cost and time; leverage existing ecosystem of government agencies and private sector organisations, among others. The director-general named some of the stakeholders and partners in the ecosystem approach to include the National Population Commission, Nigeria Immigration Service, Federal Inland Revenue Service, Central Bank of Nigeria, National Health Insurance Scheme, National Independent Electoral Commission and the Federal Road Safety Commission. Others include the Corporate Affairs Commission, Nigerian Communications Commission, Joint Admissions and Matriculation Board, the Nigeria Police Force and the National Pension Commission.
to increase IGR at this time is not only misplaced, it will do more harm to the already burdened private sector and further impoverished citizens that the president promised to take out of poverty.� Besides, Olawale said, “state governments cannot unilaterally increase VAT without the amendment of the Value Added Tax Act at the National Assembly.� The NECA boss noted that, “the common man will
definitely be at the receiving end of any increase in VAT,� adding that, “even if businesses are taxed more, through likely illegal levies and rates outside the provisions of the law, they will naturally pass the cost to the customers whose purchasing power is already at the lowest ebb.� While proposing a way out for the state governments, NECA Director General noted that what needed to be done by the state governments and ,in-
deed ,the federal government, was an aggressive taxpayer enlightenment and expansion of the tax net to capture more citizens. According to NECA, it had been posited, arguably, that less than 40 per cent of Nigerians are tax compliant. The state governments, he noted, should put mechanisms in place to eliminate leakages, saying a large chunk of the IGR realised does not find their way into government coffer He also urged state govern-
ments to drastically cut the cost of governance, adding that several unnecessary retinue of aides kept by them at prohibitive cost to the state are needless. “Besides, ingenious idea of corrupt practices in the name of security votes and frivolous foreign travels by state government functionaries are veritable examples of cuttings in avoidable expenses draining state government purses,� NECA advised.
The Nigeria Employers’ Consultative Association (NECA) has reacted to the call by President Muhammadu Buhari on state governments to increase Value Added Tax (VAT) in other to raise their internally generated Revevenue (IGR), saying it does not harmonise with the president’s promise to improve the quality of life of Nigerians. NECA said hiking VAT now that the consumer purchasing power was at its lowest because of the current harsh economic realities in the country, should not be the best solution for the poor state of revenue of the state governments, even as it urged state government to widen the tax net and make reductions on the cost of governance. The Director-General of the association, Mr. Tim Olawale, who spoke in Geneva, Switzerland, where he attended the International Labour Organisation (ILO) conference, said “the president meant well by urging state governments to increase their internally generated revenue considering the reported over N2 trillion in bail-out funds to many of the states, it was apt for the president to advise them to be innovative in increasing their IGR and at the same time be prudent in their expenditures. “However, the call for L-R: Director,West Africa, Nelson Nigeria , Mr. Abiodun Olawale-Cole; Executive Director, Fidelity Bank Plc, Chijioke Ugochukwu; President, Bervidson increase in VAT or any Group, Mr. Joseph Ebata; Chief Operating Officer, SAS Textiles Limited, Oluwatoyin Bakare, and Chief Risk Officer, Bank of Industry, Mr. Ezekiel other form of tax, as a way Oseni, at the retail leaders conference oganised by Bervidson Group in Lagos‌ recently ETOP UKUT
RETAIL LEADERS’ CONFERENCE
FG, ACCA toTackle Deficiencies in Public Sector Accounting James Emejo in Abuja The Association of Chartered Certified Accountants (ACCA) has said it is working with the federal government to address deficiencies in public sector accounting in the country. Speaking at a forum with finance and human resource directors in Abuja, themed: “Driving Collaboration to Develop Finance Capacities in the Public Sector,� Head, ACCA Nigeria, Mr. Tom Isibor, stressed the need for professional accountants to take the lead in the ongoing reforms being carried out by government to reposition the practice towards greater
efficiency. This came as the Director General, Bureau of Public Service Reforms (BPSR), Ibrahim Arabi, said the move by ACCA to tackle accounting gaps in the public sector would further strengthen the public financial management reforms. Isibor, nevertheless, noted that professional accountants needed to drive financial management reforms in the public sector as it would enable the government to institutionalise fiscal discipline, transparency, probity and accountability in the management of public finances. He said: “Our strategy in ACCA is to develop partner-
ships and we work with our key partners and what we want to achieve from this meeting is to understand what are the gaps in the public sector and how we can work together to address those gaps. “Many of the participants at this event have acknowledged that we have a capacity gap and we need to close this. It might be tough but we believe it is not insurmountable and it is from knowing where the gaps are that we can be able to resolve them.� Also, Arabi said the agency had developed a document called the National Strategy for Public Service Reforms which seeks to position the Nigeria public sector among the first 20 economies in the
world by 2025. He said: “But going by the modern trend in governance, it is not possible for government alone to drive this programme. “So the coming in or organisation like ACCA to collaborate with government in improving the quality of service delivery will lead to the full actualisation of the aspirations of our national strategy on public sector reforms.� He said the BPSR would work with ACCA to further strengthen the reforms in the public sector particularly in the area of ethics and professionalism. Also, speaking at the occasion, the Auditor-General for the Federation (AUGF), Mr.
Anthony Ayine, assured that his office would collaborate with ACCA to strengthen public sector audit as this was vital to enable accountants to regain trust due to the poor perception from the public about the tendency of members of the profession to commit fraud. ACCA is a globally body for professional accounts with 428,000 trainees and 162,000 qualified members in 170 countries and basically assists employers grow their businesses by enabling them to develop the finance leaders of today and tomorrow in all business sectors through its network of 80 offices and centers across the world.
Cybercrime: NCC Seeks Collaboration of Telecom Consumers Group Business Editor
Obinna Chima
Capital Market Editor
Goddy Egene
AgriBusiness/Industry Editor
Jonathan Eze
Comms/e-Business Editor
Emma Okonji
Senior Correspondent
Raheem Akingbolu (Advertising) Correspondents
Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor ((Energy) Reporters
Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)
Adibe Emenyonu in Benin City The Nigerian Communications Commission (NCC) said all hand must be on deck to eradicate cybercrime in the country. According to the Commission, if nothing is done about it, it may hinder economic progress. Executive Vice Chairman and Chief Executive Officer, NCC, Prof. Umar Garba Danbatta made the declaration at the 106th edition of consumer outreach programme in Benin, Edo State. He said in line with the commission’s mandate to
continuously educate and enlighten the consumers on issues concerning the industry, the theme of this event: “Mitigating Effects of Cybercrimes: The Roles of Telecom Consumers,� was carefully chosen in order to sensitise telecom consumers on the rising wave of cybercrime in its various forms; the dangers it poses and the role which telecoms consumers are expected to play in reducing the impacts of cybercrimes on them. Represented by the Deputy Director, Consumer Affairs Bureau, Alhaji Ismail Adedigba, Sabbaths
said the commission having realised that liberalisation of the telecoms industry is leading to an unprecedented increase in the usage of Internet-based solutions and services, further initiated a process of establishing an Internet industry code of practice for Internet service providers in the country. Danbatta said the internet code is a regulatory intervention expected to secure the country’s cyber space against imminent threats from cyber attackers as well as addressing issues such as online child protection, privacy and data protection
among others. He said while the regulatory intervention and other initiatives were on-going to sanitise, “our Internet space, telecoms consumers must play their role.� “Let me emphasise at this juncture that while the regulatory intervention and other initiatives are on-going to sanitize our Internet space, telecoms consumers must play their role. “Thus, the need for you all to take this meeting seriously as we educate you on what your roles should be in minimizing the effect of cybercrime,� he added.
On the part of the Director, Consumer Affairs Bureau, Mrs. Felicia Onwuegbuchulam, said the commission believes that without consumers becoming aware of cybercrime trends and making efforts to ensure safe use of connected devices, criminals would continue to make cyberspace unsafe. Onwueguchulam, further noted that one of the most effective ways to protect telecom consumers from the effects of cybercrimes was through continuous consumers from the effects of cybercrimes is through continuous consumer education and awareness campaign.
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NSEAll-Share IndexSheds 0.65% Despite 762% RiseinTradingVolume Goddy Egene The Nigerian stock market was highly active last week as volume and value of trading rose by 762 per cent and 477 per cent respectively. High trading in the shares of Wema Bank Plc Forte Oil Plc boosted trading volume and value to 7.476 billion shares worth N91.107 billion exchanged in 17,192 deals up from the 868.739 million shares valued at N15.792 billion in 12,201 deals the previous week. However, the bearish trend was sustained as the Nigerian Stock Exchange (NSE) All-Share Index declined by 0.65 per cent to close lower at 29,851.29 while market capitalisation shed 59 per cent to be at N13.155 trillion. This was the third consecutive decline the market is recording, thereby worsening the month-todate and year-to-date to 3.39 per cent and 5.02 per cent in that order. In terms of sectoral performance, the NSE Consumer Goods Index shed 1.6 per cent, followed by the NSE Industrial Goods Index that shed 1.5 per cent. On the positive side, the NSE Insurance Index led with 8.7 per cent, trailed by the NSE Banking Index with 2.6 per cent. The NSE Oil & Gas Index appreciated by 0.7 per cent. Considering the fact that the decline recorded last week was lower than previous week’s and it was expected that the bulls would return to the market this week. Commenting on the market performance, analysts at Cordros Capital Limited said: “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term.� The capital market community last week explored opportunities in the Islamic finance in Nigeria. Decision-makers, regulators and investors came together in Lagos to exchange their views and experiences on those opportunities. The forum featured a mix of panel sessions, onstage interviews and interactive sessions on a number of themes in Islamic finance including, Corporate Financing and Capital Raising in Nigeria; Funding Infrastructure and Social Welfare Requirements in West Africa and Islamic Finance, Investment, Banking and Takaful in Nigeria. Speaking at the forum, the Chief Executive Officer, NSE, represented by the Divisional Head, Trading Business, NSE, Mr. Jude Chiemeka, applauded the federal government, the Debt Management Office, the Securities and Exchange Commission, the National Pension Commission for showing unwavering commitment to the deepening and growth of Islamic Finance in Nigeria. “The Islamic finance sector presents numerous opportunities for enhancing the economic fortunes of Nigeria and the exchange will continue to work with market stakeholders to ensure the development of a robust Islamic finance sector. In 2016, for example, we developed and publicised our rules governing the listing of Sukuk and similar debt securities to provide regulatory guidance for issuers seeking to list their instruments on our platform. “In line with the SEC’s nonInterest Capital Markets Product Master Plan, we have also identified five strategic pillars critical for the growth of the sector. These
Debt Management Office (DMO), said the federal government was perfecting arrangements to float another N100 billion Sukuk Bond to finance some infrastructure projects listed in the 2019 budget. Sukuk are bonds structured to generate returns to ethical investors without infringing on the Islamic law which forbids interest payments. Oniha said: “It represents an ownership interest in the asset to be financed rather than a debt obligation. It will be this year 2019 you God’s grace because the budget has been approved. The projects would be those included in the budget and the borrowing will also be what has been approved in the budget, part of new domestic borrowing. So, it will be this year.� According to her, the second Sukuk bond (N100 billion Ijarah Sukuk) issued last December would be listed in July.
include a strong regulatory framework, capacity building, product development, robust primary and secondary markets, and market awareness programs such as these. “We have already started executing on these pillars and recently hosted a training exercise for the market. We will also continue to provide an efficient and liquid mar-
ket for investors and businesses in Africa, to save and access capital. We promise to continue our collaboration with all market stakeholders, to collectively contribute towards the enhancement of this new asset class, and ultimately towards the growing Islamic finance in Nigeria and Africa at large,� he said. Some of the speakers at the event
included Acting Director-General (DG) Securities and Exchange Commission (SEC), Ms Mary Uduk; Director-General, DMO, Ms Patience Oniha; Acting DG, National Pension Commission (Pencom), Hajia Aisha Dahir-Umar; Managing Director/ CEO, Lotus Capital, Hajara Adeola among others. But the Director General of
Market turnover Meanwhile, an analysis of the activity chart showed that the Financial Services Industry led with 6.121 billion shares valued at N17.460 billion traded in 8,479 deals, thus contributing 81.87 per cent and 19.16 per cent to the total equity turnover volume and value respectively. The Oil & Gas Industry followed with 1.002 billion shares worth N65.058 billion in 2,019 deals. The third place was ICT Industry with a turnover of 115.320 million shares worth N3.387 billion in 866 deals. Trading in the top three equities namely, Wema Bank Plc, Forte Oil Plc and Zenith Bank Plc accounted for 6.573 billion shares worth N77.492 billion in 2,895 deals, contributing 87.91 per cent and 85.06 per cent to the total equity turnover volume and value respectively. Also, a total of 662 units valued at N990,530.00 were traded last week in four deals compared with a total of 2,163 units valued at N354,065.06 that was transacted the previous week in six deals. Similarly, a total of 21,682 units of Federal Government Bonds valued at N22.552 million were traded in 29 deals compared with a total of 235 units valued at N229,216.74 transacted two weeks in 14 deals Price gainers and losers The price movement chart showed that 34 equities appreciated in price during the week, higher than 19 in the previous week, while 33 equities depreciated in higher than 31 equities of the previous week. Linkage Assurance Plc led the price gainers for the week with 37.5 per cent trailed by NEM Insurance Plc that gained 33.3 per cent. Thomas Wyatt Nigeria Plc garnered 21.2 per cent, while Lafarge Africa Plc chalked up 18.4 per cent. Champion Breweries Plc gained 18.3 per cent just as Dangote Sugar Refinery Plc and Ecobank Transnational Incorporated rose 15.2 per cent. Other top price gainers included: Glaxosmithkline Consumer Nigeria Plc (10 per cent); Law Union & Rock Insurance Plc (8.7 per cent) and Wema Bank Plc 8.0 per cent). Conversely, Chams Plc led the price losers with 13.8 per cent, trailed by CAP Plc with 11.5 per cent. Okomu Oil Palm Plc, C & I Leasing Plc, Associated Bus Company Plc shed 10 per cent apiece. Ikeja Hotel Plc went down by 9.6 per cent, while Presco Plc lost nine per cent. Royal Exchange Plc and Livestock Feeds Plc depreciated by 8.3 per cent each.
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War against Smuggling There is need for concerted efforts to tackle smuggling of goods into the country as it poses serious threat to the economy, discourages investments and destroys innovation, writes Obinna Chima Monetary policy transmission mechanism in Nigeria is inhibited due to numerous factors. That is why despite efforts by the Central Bank of Nigeria (CBN) through its development finance activities aimed at raising domestic production especially in the agriculture sector, the menace of smugglers has continued to affect growth in the agriculture sector. For instance, the President of the Dangote Group, Alhaji Aliko Dangote, lamented recently that Nigeria currently loses at least 300,000 tonnes of sugar to smuggling annually. He also said the smuggling activities in the sugar industry has hindered the employment of at least 250,000 Nigerians, adding that it has also led to economic sabotage. Dangote stressed that, “what is killing us the most is smuggling. Smuggling is what has actually killed most of our policies. There is no country that is surviving with a neighbour like Republic of Benin. Because their main job is to facilitate smuggling.� Clearly, the effects of smuggling are numerous and economically significant. It is a serious problem and its impacts are far reaching, affecting national revenue, businesses and households. Indeed, smuggling of rice and other items through the Seme, Idiroko, Katsina, and Yobe borders form a major part of the informal economy volume of which ranges between 50 to 60 per cent of the formal economy. Smuggling has assumed an alarming proportion and turned out to be a parallel economy, which is depriving the country of its rightful levies including excise and customs duty worth hundreds of billions of naira. As a result of the activities of smugglers, thousands of industrial units have been rendered sick, due to the availability of smuggled goods in open markets. Nigeria is facing the challenge of enormous revenue leakages and black money — its size estimated to be three time the regular economy. Targeting Smugglers Owing to this unfortunate development, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, recently disclosed that the apex bank has blocked the accounts of some smugglers sabotaging Nigeria’s economy the textile, rice and palm oil industry. He said, “In due course, we will come up with the names of those identified but we want to be sure that we have come up with something that is credible and that you cannot deny. At this stage, we have already blocked the accounts of some in the textile, rice and palm oil industries. “We are investigating those accounts and as information becomes clearer and as we can clearly say they have committed the offence, we will go to the next round which is to forbid any Nigerian banks from opening any account with them.� He said that smuggling and dumping had sabotaged economic policies in Nigeria. Emefiele said, “Nigeria is very good at making brilliant economic policies, but we have identified smugglers and dumpers as those who sabotage these policies and we will deal with them. In our strategy, we will not bother ourselves because there is an agency of government responsible for border control. But If these people pass through the border control, we will use the instrumentality of being the regulator and head of the banking system, to get the banks to provide all the details of these smugglers and dumpers, we will investigate the accounts, and if they are found culpable in economic sabotage bordering on dumping and smuggling in Nigeria, we will not only block their accounts, we will close their accounts in all the banks in Nigeria. “We will close the accounts of the owners of such companies, and we will close the accounts of top management members of those companies because they know that their companies are involved in smuggling and they should not be supporting such.�
EmeďŹ ele
He said the investigation would also be extended to the 43 other items restricted from forex in Nigeria. “Today, Nigeria currently spends about $4 billion annually on imported textiles and readymade clothing. With a projected population of over 190 million Nigerians, the needs of the domestic market are huge and varied, with immense prospects for growth of the domestic textile industries. “One quick example that highlights the potential of this local market, includes the need to support provision of uniforms and clothing apparels for students, military and paramilitary officers as well as workers in the industrial sector. “In addition, when we consider the amount spent on outfits for religious and social events such as weddings, naming and funeral ceremonies on a weekly basis, the potential market size is well over $4 billion,� the CBN governor added. On the restriction of foreign exchange to 43 items, Emefiele said the measures taken by the CBN were yielding the desired results and had helped in driving interest by potential investors who are seeking to make investments to support improved production of textiles in Nigeria. “With a population of over 190 million people, Nigeria clearly stands out as a virgin market that must be tapped. If we are serious or determined in our drive to create jobs on a mass scale and reduce youth restiveness
We will close the accounts of the owners of such companies, and we will close the accounts of top management members of those companies because they know that their companies are involved in smuggling and they should not be supporting such
in Nigeria, the cotton, textiles and garments industry cannot be ignored,� Emefiele added. He, therefore, urged all hands to be on deck to harness potential of the agricultural sector. While commenting on the opportunities in the textile sector, Emefiele, said the target was to revive and set up at least 50 textile companies by 2023. This, he said was geared towards supporting local manufacturing of textiles. “Nigeria remains a big market for the textile industry. We need to reclaim this industry from smugglers. We need the support of customs and other authorities,� Emefiele said. On its part, the federal government recently disclosed that it has stepped up measures to tackle smuggling of goods into the country. The immediate past Minister of Foreign Affairs Geoffrey Onyeama, had expressed the government’s determination to holistically address the issues by working with neighbouring countries. Onyeama, had said that the current efforts aimed at tackling smuggling in the borders of the affected countries would yield results. “I think the political will is really there now to finally and definitively address this issue,� Onyeama had stated. According to him, President Muhammadu Buhari had set up a committee comprising the ministries of Foreign Affairs, Agriculture, Justice, Finance and Interior; as well as the Nigeria Immigration Service and the Nigeria Customs Service over the issue. “He has also asked the governments of Niger and Benin to set up similar committees in the two countries and to also meet. “So, we are planning to have a meeting of those committees in the very near future. “This is a preparatory meeting between us to revisit all the issues, come up with a common position and present that to Mr President so that we can have a basis for engaging with those other countries,’’ Onyeama said. On his part, Audu Ogbeh, the immediate past Minister of Agriculture had said the perennial insecurity in the country, weapons coming into the country and smuggling, necessitated the meeting. Also, the Nigeria Customs Service (NCS), Federal Operations Unit (FOU), Zone ‘C’, Owerri, Imo State, had stepped up anti-smuggling operations in the South-south and South-east geopolitical zone with the aim of ridding the area of smugglers. The command had said its operations had continued to record daily success with the
seizures made in Benin axis alone from January till date totalling more than N442 million in duty paid value. The Customs Area Controller Federal Operations Unit Zone ‘C’ Owerri, Comptroller Olusemire Kayode, noted that despite several appeals to smugglers to turn a new leaf, some were still bent on smuggling and sabotaging the economy of the nation. He also stated that the rising compliance level had suffered a setback going by the number of seizures recorded from January till date. “The federal government is working towards self-sufficiency on rice production but some people are working against government’s initiative by smuggling rice through the land borders. From Calabar to Maidugri, Sokoto to Lagos there is arable land to cultivate and harvest rice. People want to make money quickly and sabotage the economy and frustrate government efforts. Stop wasting your money and stop wasting your time, “he advised, explaining that his officers and men are equipped to stop their nefarious activities. The Comptroller explained that such actions is injurious to the health and wellbeing of consumers and called for support of the local agriculture industry as well as importation through the appropriate channels. He explained that the federal government has a lot of attractive programmes for the agricultural industry and urged them to tap into the initiative and make Nigeria prosperous. Way Forward The Nigerian economy which presently lacks the required revenue to drive economic activities has been hampered by the effect of smuggling in multi-dimensional ways. Clearly, smuggling weakens the domestic industry, discourages investments and destroys innovation. That is why there is need for stronger collaboration by government agencies to ensure stronger enforcement of laws and enhancing the capacity of the various security agencies at borders across the country. The use of technology would also support the Customs in carrying out their operations as manpower alone might not be enough to carry out the task. The foregoing clearly shows that while the bold move by the central bank to block the account of smugglers is necessary, it would not be sufficient alone to achieve this task as the joint efforts of other government agencies is essential.
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OLOP: SMEDAN Disburses N500m to SMEs James Emejo in Abuja The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) said it has commenced disbursement of about N500 million to beneficiaries of the One-Local Government-One Product (OLOP) project involving Small and Medium Enterprises (SMEs) in 109 Local Government Areas (LGAs) across the country. The Director General, SMEDAN, Dr. Dikko UmaruRadda said the initiative seeks to empower SMEs to harness the full potential of any product which they have competitive and
comparative advantages over others in any particular LGA. Beneficiaries who came under cooperative societies were able to access between N3 million to N5 million for both the machinery and working capital needed to achieve their business objectives. Speaking during the signing of a Memorandum of Agreement (MoA) between SMEDAN, microfinance banks, and the beneficiaries (candidate-enterprises), under the OLOP initiative in Abuja, the SMEDAN boss said the monies were being given with a moratorium of six months before the businesses begin to make repayment.
He also explained that government had further provided a 30 per cent incentive to all beneficiaries, adding that they are only to pay back 70 per cent of the money accessed within a period of 18 months. The project is currently being implemented by SMEDAN in collaboration with microfinance banks. Umaru-Radda said: “What the programme intends to do is to provide a common machinery for the cooperatives, to provide a work space, to train them with the entrepreneurship knowledge as well as giving them a working capital to run their businesses.�
According to him: “OLOP is an initiative that we borrowed from Japan. They had been doing it in Japan but they call it One-Village-One Product. “But in Nigeria, because it is a very large country with very high population, then we resorted to choosing OLOP. “What we clearly mean by that is we will go to a local government, check for a product which has competitive and comparative advantage and we select it.� He said the non-availability of funds had compelled the agency to select one local government each year from each of the
senatorial districts in the country. He said the initial target was to be able to reach all the local governments in the federation before 2020 but admitted it was no longer feasible considering current funding challenges. “But I think in the year 2022, we would be able to meet up with the 774 local governments target which the agency targeted,� he said. Nevertheless, Managing Director/Chief Executive, Microvis Microfinance Bank, Mr. Kayode Akinade, told THISDAY that the focus was on how government could grow the SMEs base given
that the sector accounted for over 50 per cent contribution to GDP. He added: “This project is so important, in such a way that it has a clear objective to deepen products that are specific to local governments in the country in different sectoral districts in the country. “We want to see how we can develop some products that are peculiar and unique to that senatorial district. “Microfinance banks are trained to assess cooperatives and assign them the right finance that is required by them to deepen their business.�
GroupTargets Sustainable Economic Development Hamid Ayodeji Providing Science, Technology, Engineering and Math (STEM) based programs to children is a major factor that will drive Nigeria’s economic development, STEM METS Chief Executive Officer, Jadesola Adedeji, has said. Speaking during an interactive session with journalists recently, she stressed the commitment of her firm to make sure next generation of youths are empowered with efficient tools and knowledge, not just enough to survive, but also thrive in a today’s world. The CEO added: “Our partnership with Airbus Foundation, a manufacturer of aircraft in Europe to introduce “The Airbus Little Engineer Robotics Program� the same time have marked our fifth anniversary is part of our step to restating our commitment towards the social economic development of the country. “We are committed to bridging the 21st century skills gap within the Nigerian educational system by providing adequate advanced learning methods to children within ages three to 16th which develop critical thinking, problem solving, communication and collaborative skills and the knowledge of these skills, would
equip the Nigerian child with future ready, employable skills sets to compete in the technology enabled future work place. “We want to develop and nurture creative thinkers who will bring innovation into solving local problems, inspire entrepreneurship and also teach them how to think rather than what to think.â€? When asked during the interactive session, how supportive the government and private sectors in the country have been to the initiative, she said, “We encourage both public and private stakeholders to show more support to this initiative as it is one that concerns our children and building a sus- L-R: Deputy Governor, Akwa Ibom State, Moses Ekpo; Governor, Udom Emmanuel, his wife, Martha Emmanuel and Speaker, State House of tainable developing economy Assembly, Barrister Onofiok Luke, at the unveiling of the biography of Ekpo titled ‘Trials and Triumphs,’in Uyo‌recently that would enable us compete with other developed countries across the world. “However, we also thank for the support they have expressed to us thus far and Olawale Ajimotokan in that does not have an online has put in place various mea- Abubakar Usman Faruk, noted we look forward to record- Abuja presence in the next few years sures to empower small, micro that before now, most traders ing more wins in the future would definitely lose its market and medium enterprises (SMEs), did not have online presence, whilst inspiring future careers The Federal Capital Terri- share and most probably cease through the Abuja Enterprises because players in the industry in STEM fields through our tory Administration (FCTA) to exist. Agency (AEA), the Abuja were not focusing on the small fun and impactful curricula; has launched an e-commerce He noted that the platform Investments Company Limited business owners. and as technology continues platform to enhance trade in would make operators in the (AICL) and the AMML. He described the kassuwa. to evolve, our goal is for the Abuja. “The bulk of businesses com platform as unique in einformal sector more competitive Nigerian child, who is the FCT Permanent Secretary, and position them to take full yet to adopt this modern ap- commerce environment because future of tomorrow, to be at Chinyeaka Ohaa, launched the advantage of various palliative proach and are therefore most of the large scope of products the forefront of innovation that platform, kassuwa.com, which and empowerment programmes threatened are in the informal available and the unbeatable lead to a sustainable economic is a product of the partnership of the federal government. sector where traders belong. prices. development. The platform would be The platform is also expected Conversely, this sector is the between Abuja Markets Management Ltd (AMML) and a to address the slow pace of main driver of the economy,â€? devoid of any middleman and is structured in a manner private firm, Lu Gold Integrated doing business by the informal Ohaa said. Earlier in a welcome ad- that all traders will have store sector that does not portend Concept Limited. In a keynote address, Ohaa well for the Nigerian economy. dress, the managing director/ fronts that will enable shoppers Ohaa, added that the FCTA chief executive officer of AMML, bargain with them directly. warned that any business
STRENGTHENING PARTNERSHIP
FCTA LaunchesTraders’e-Commerce Platform
Kwara to Set Up Innovation Hubs Hammed Shittu in Ilorin The Kwara State Government has said it is seeking to benefit from the N200 billion intervention fund of the Central Bank of Nigeria (CBN) that had been set aside to promote entrepreneurship. The State Governor, Alhaji Abdulrahman Abdulrasaq, disclosed this in Ilorin recently, while receiving the delegation of Kwara Youth Centre (KYC). KYC is an umbrella body of young people, especially professionals, who research into the challenges in various communities and offer short and long term solutions or interventions. He said talks had reached an advanced stage for the state to be considered for the funds that would establish innovation hubs in the area of high-end
movie production and textile manufacturing. According to him, “We are talking with the CBN on the innovation hub and I’m glad to inform you that our proposal to access the fund is receiving favourable ratings.� He said that, “When these hubs are created, they would generate at least 2000 jobs in the area of movie production and textile designs.� The governor said the hubs would attract European and Chinese firms and lead to technology transfer to the indigenous workers. AbdulRazaq envisioned a state where government would create the right environment for individuals to create wealth and employment rather than anyone relying exclusively on the government to give them job.
Group Hails New NNPC GMD’s Appointment Sylvester Idowu in Warri A Niger Delta Oil Monitoring body, South-South Reawakening Group (SSRG) has commended President Muhammadu Buhari over the appointment of Mr. Mele Kolo Kyari, as the Managing Director of Nigerian National Petroleum Company (NNPC) describing it as “putting the round peg in a round hole.� The group, in a statement signed by its Convener, Mr. Joseph Ambakederimo, noted that the appointment of Kyari was well thought out by the president, saying it would bring about transparency in the nation’s oil company. “As President Buhari begins his second tenure in office we
make bold to say that the future looks good and it is becoming glaring that he has opened the floodgate of appointments with professionals and incorruptible persons to occupy key positions of critical institutions that are core to the economic mainstay of the nation. “This is manifest in the appointed Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kolo Kyari. “We want to applaud the President for his foresight in picking Mr Mele Kyari whom we would describe as a “round peg in a round hole,� he said. The SSRG, however, urged the new GMD to live up to the expectations of Nigerians and
the president for giving him the opportunity to showcase the skills that he brought to bear in the transformation of the crude oil marketing department noting that, “his output in the crude oil marketing department was extraordinary.� “He brought an age long experience to bear and turn around the crude oil marketing division. The crude oil marketing division was made possible by Mr Mele kyari who embraced modern technology and transparency. “We believe the same strategy would be employed to reposition the NNPC and it’s subsidiaries to the path of profit making like it’s counterparts in other countries,� it added.
The group charged the new GMD to urgently look into the issues of subsidy on petroleum products which have not been properly managed with a cloud of many unanswered questions as well as the unmitigated adulteration of petroleum products and fuel fraud that have cost government humongous loss of revenue. “The NNPC must devise ways to frustrate the activities of fraudsters. The GMD must ensure to apply the most up-to-date technology for the protection of its supply chain and, therefore, it’s fuel quality and integrity. This way there will be a level of assurance that Nigerians are buying a product they can trust.
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Orji: Our Focus is on Infrastructure Investment The Managing Director, Nigeria Sovereign Investment Authority, Mr. Uche Orji, in this interview says throughout 2019, the agency will continue to focus on executing its infrastructure investment strategy in its focus areas which include power, toll roads, agriculture, healthcare as well as gas industrialisation. Obinna Chima presents the excerpts: Can you take us through the operations of the NSIA in 2018? We had a successful 2018 by some methods, but I think we could have done better in certain aspects. It was our sixth straight year of profitability, but it was the first year when we invested aggressively in things like the infrastructure fund and we have started to see some of the benefits of the infrastructure fund. That is important because Infrastructure Fund takes time before it starts to yield returns. So, you are building the Lagos-Ibadan expressway and the Second Niger Bridge, it would take a while before it starts yielding returns. The reason that is important is that I need you to understand that as you start making aggressive investments in infrastructure, you are going to see less capital available for us to invest in markets. So, it is important that we replenish that through further contributions, to be able to maintain the pace of profitability in the NSIA. But having said that, 2018 was our six straight year of profit. If you take out forex translation gains, we made profit of N28.45 billion. We translate our books at N325/$1, because it is the blended rate we use for most of our transactions. That gives us about $87 million for 2018. The shift towards infrastructure and direct investments in Nigeria means it will take longer for returns to start incubating. But if you include forex translations, 2017-2018, went from $22 billion to $46 billion. So, generally, it was a positive year. By the end of the year, Assets Under Management was about $1.9 billion. In addition, we also had third party funds like the Presidential Infrastructure Development Fund (PIDF), a fund created by the President with $650 million. It is not part of our assets. That fund is what we are using to drive the Lagos-Ibadan expressway, Second Niger Bridge, Abuja-Kano highway and soon, the East-West Road and the Mambilla Power. So, that is exclusive of the N617 billion that we have. In 2018, the returns break down were as follows: We made 11.5 per cent in our Stabilisation Fund, the Future Generation Fund about 3.3 per cent, because the global market was down a lot in 2018 and it affected returns; and the Infrastructure Fund was up 13.8 per cent. For Infrastructure Fund, the 13.8 per cent is actually the investments we are making in markets, with the cash, not the actual infrastructure, because those ones have not started yielding returns yet. So, the three funds that we run are the Stabilisation Fund, the Future Generation Fund and the Infrastructure Fund. We have commenced construction on our three healthcare projects. LUTH is completed and operational now, for Kano and Umuahia, the construction has been done and we are hiring people soon. We are investing in the Second Niger Bridge, LagosIbadan Expressway and Abuja-Kano expressway under the PIDF. What was the performance of the Future Generation Fund (FGF) in 2018 and possibly since inception? For the FGF, last year we did 13 per cent and the year before it was 11.5 per cent. That is the growth rate of the FGF. But I can’t give you the annualised performance over the past five years. Not as aggressive as I would like it to be, but I will explain why. We have a very conservative assets allocation strategy. If you look at our FGF, we only put 25 per cent in public equities. Our peers like the Norwegian Sovereign Fund put 65 per cent in public equities. So, if you want to be aggressive to make money, you put a lot more funds in public equities. Having said that, because of the volatility – because of the volatility – last year for example we they had a very bad year because the market was down and they ended up in dollar terms losing more because of their aggressive strategy. My biggest problem with the NSIA when we started was that I just couldn’t take the risk of losing money. So, we were a bit more conservative. If you lost money within the first two years of your existence, the National Assembly would
must consistent contribution. But those who have watched us closely would have seen us move from being fought by the governors; being fought by various others, to now be working well together. We are working well with the governors and the National Assembly. I am hoping that the NSIA has become something that they have all come to accept that it is necessary, it is important and should be funded. I think the bigger question we have is whether we have enough revenue as a country to be able to fund an institution like this. I am hoping that we do if oil price continues to go up and we continue to invest in the oil sector and get our production up; get the right type of production, because all those factors are very important. So, we have active engagement with the National Assembly. It is a relationship that has been up and down, but I think we are in a good place with them in terms of support for the NSIA.
Orji
raise some issues and may even tell you to give them back the money; so we were a bit more careful. But I think as we get more comfortable, we try to enhance our investment strategy and hopefully by then we would have built up enough means of returns and if we had a bad year, we can explain to Nigerians that we had a bad year. If you remember last year, the S & P 500 was done by an additional five per cent. It is not something I am very proud of and I wish we could have done better. The Presidential Fertiliser Initiative (PFI) is it a social programme or are you looking at generating revenue from that project? Fertiliser started as subsidy to support the government, with a view to not losing money and if possible make money. That was the clear objective. Here is why: Subsidies in fertilisers before the PFI started was as high as N60 billion a year. In the last two years, the subsidy has come down to N8.6 billion for two years. So, we have roughly N4.3 billion a year, from N60 billion a year and there were no shortages. Now, if you do that and it translates to money that eventually comes to the NSIA, it is value for us. Secondly, it is a programme that has a timeline. At a point it is going to stop. Recently I met with some of the people who are involved in the programme and I believe many of them have revealed themselves enough such that at a certain point they may actually stand on their feet and we would withdraw the support of the NSIA. But the real value addition here is that we have gone from importing 100 per cent fully blended fertilisers to actually importing only 35 per cent of the materials, while 65 per cent is now domestic. Blending plants that were dead
The shift towards infrastructure and direct investments in Nigeria means it will take longer for returns to start incubating. But if you include forex translations, 2017-2018, went from $22 billion to $46 billion. So, generally, it was a positive year. By the end of the year, Assets Under Management was about $1.9 billion
and moribund are up and running now, from four that were operational when we started, to 22 now all hiring people. So, that has supported the economy and I am hoping that we would be in a position where we can earn some fees from the work that was done. But again, that was something done to support the government and reduce leakages in the system. So, at the very minimum, we have not lost any money doing this. So, in the last two years, the shortfall that we had, the government paid for it. But just think about the fact that it used to be N60 billion of subsidy, but now it is about N4 billion of subsidy. Even with the N60 billion, there were shortages in fertilisers, but today, local manufacturing has gone even higher. And today, the foreign exchange requirement has gone down by about $150 million yearly. These are all value to the country. By doing the PFI, we want the support of some many state governors; because this is real for a lot of them. So, the direct answer to the question is that we are not losing any money; we are supporting the government and there is an indirect benefit to the NSIA and hopefully we would make money from it. How are you going to get the federal government or the National Assembly to start committing more funds to the SWF, especially from some of the surplus they make or when oil price is above the budget benchmark? What worries me is that we need to get money into the fund. It is extremely important to us because if you end up investing all our infrastructure funds, which tends to take about five years to earn a real return, you might run out of capital and you have your margins squeezed. That is because the cost of running infrastructure is very high. I give you an example: Recently, we started hiring for both Umuahia and Kano. Both places would hire at least 40 people; the Lagos University Teaching Hospital (LUTH) will also hire about 40 people. These are costs and it would still take time before they start earning revenue. The Norway story is one that I like to tell all the time. The reason is because in one of my earliest jobs in 1998, the team I worked for was one of those that managed the Norwegian SWF’s assets. They started in 1993 with $10 billion and to see them now at over $1 trillion speaks to the power of consistent contributions. In 2013, it was reported that the Norwegians were putting in $1 billion a week into that fund. So, it doesn’t really matter how much you start with, what matters is how consistent you are. So, I think if there is one thing we need to do as a people and if we need to be serious about this, there
For your infrastructure fund, beyond what government is doing are you looking at partnering private sector ďŹ rms to get more funds to invest? Firstly, we need money and we need plenty of it for the commitments we have made. There are three pillars of our strategy for infrastructure. The first is us investing our funds directly, the second is the co-investment strategy; and there is a lot going on there. An example is the co-investment fund we set up with UFF and Old Mutual and it started with $200 million. For that, our full commitment would be not more than $50 million. They would bring their own money while we bring other people’s money. The same thing was what happened with InfraCredit, where we put $25 million and brought in other people’s money to make it about $200 million. So, we continue to have co-investment as a strategy. If you look at the PIDF, there is government money, there is NSIA money and there is the third party fund we are going to raise. It is a combination of debt and equity to complete the PIDF project, the Second Niger Bridge and the Lagos-Ibadan expressway. So, we have a strategy to raise funds from other people to co-invest with us in our projects. Now, it is not so easy to develop this co-investment strategy. For example, the agriculture one went very quickly. If you remember we announced one for real estate, which hasn’t happened. Soon after we announced that fund, the forex crisis in Nigeria started, when we went from N196/$ to N306/$ and at a point even fell much lower than that. So, that affect that fund’s take-off. So, we are balancing the risk of convincing people that Nigeria is investible. So far we have had two successes and one failure and I am hoping that we learn from the successes and build on the failure to do more of this. So, the strategy we have set up is that we would have other people co-invest with us. I give you an example: The three healthcare projects we have done, we put our own money. As I speak today, I am very confident because we have another pipeline of about 11 more projects in healthcare, we have had commitments totalling over $200 million of people that want to invest in us. So, we can’t solve all of these by ourselves. The strategy we have is that for every $1 we invest in infrastructure; we attract $4 from external parties. But for the NSIA to do that successfully, the NSIA needs to be consistent in its performance and Nigerians, including the National Assembly need to have confidence in the NSIA. I think we are on the way to doing that and we continue to work to build that confidence. Once people start to feel that they can feel safe investing in the NSIA, a lot more will come in. I will give you an example: One of the most consistent supporters who have been on the stand by to invest in the Second Niger bridge is the Islamic Development Bank. Same time we are engaged with the EU Commission, the DFID, and all of these people. So, we have built a significant platform and level of interest and support from various people that makes Continued on page 29
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ORJI: OUR FOCUS IS ON INFRASTRUCTURE INVESTMENT and happy. Now, on gas and power, we are investing. But we are also careful in ensuring that the investments we make are such that we are able to earn our returns. The sector has not really been structured for successful investments, with all the issues in the sector. We did make an investment in gas, in conjunction with the IFC and Seven Energy to do gas infrastructure and help them get Calabar to operate. So, power in that area has improved significantly. That investment also fell on hard times. It fell on hard times because as we speak, not one bill has been paid for. So, there are funding issues in the power sector that needs to be addressed fundamentally. So, we need to make sure that we can make that whole sector operate efficiently. But on top of that, we have invested in renewable energy and solar. Mambilla would start, but at the moment it is a $5.7 billion project. The due diligence required is going to take a lot of time and we are actively doing the due diligence. But don’t forget that Mambilla is primarily a project of the Ministry of Power; we are there as financing partners of the project, but for us to invest in it we have to be very comfortable that we would get our returns. I personally believe that as far as power is concerned, we should emphasis renewables and use our gas for industrialisation. Gas industrialisation is the most important thing for us now. It is about turning gas product into the things you can export. We have invested in gas to power, renewables, solar and hydro, but there is still a fundamental issue in the power sector which we are all aware of, that needs to be addressed if we are going to attract more investments into that sector. I believe the government is addressing. There is a lot power generation sources in the country today to meet all our power needs, we just need to distribute them very well and transmit them well. We need to get some of the power plants that we have that are operational that are actually built and connected to gas. If you look at some of the industrial sites that are available, many of them have power plants that have hundreds of megawatts that are not working. So, if we actually aggregate all the power generating sources in this country today, put them in a proper distribution metrics, you will have enough power. So, the real challenge is in getting transmission and distribution to work effectively in this country and getting other things working. The good news is that the government is working on it. So, we are ready to invest. For your fertiliser project, we have Indorama at Eleme, that is into urea and even does exportation. Are they involved in your fer-
that, so we are waiting. We looked at modular refineries; we did a lot of work on that and the truth is that we have not done any investment for a number of reasons. So, you will see us in refining because it is an area of interest. But I believe Dangote Refinery would do magic for Nigeria. Now back to the question of railway, one of the biggest challenges in this country is logistics. One refinery in Lagos is fantastic because the biggest demand for petrol is in this area. We looked at investing in rail, the issue of investing in rail for us was that it wasn’t clear to us. For us to invest, the governance has to be very clear. So, once there is a conducive legal and regulatory environment, then we would do rail.
Orji
tiliser programme and are you investing in the ongoing railway project in the country? Indorama is involved in our fertiliser programme. So, there are four components you need to make the fertiliser we need in Nigeria. One of them is urea. So, when you hear people say NPK, it means Nitrogen, Phosphorous and Potassium. The Nitrogen is urea. So, we buy it from Indorama; that is, they are the established supplier to the NSIA, to the extent that we talk about local content. Thankfully, the Dangote project is coming up as well. Are you involved in gas capturing projects? We are involved in gas capturing; we are at very advanced stages of due diligence on a gas flare capturing project. Let me tell you what we want to do with that project: From my last count, there are more than 300 major gas flare sites in Nigeria. For instance, those from Rivers State, at night if you drive towards Yenegoa, the night light is lit with flaring gas. These things have been flaring for decades. The economic waste is incredible. So, the project we are about to do, which we would probably announce before the end of this year, is one we are working with other partners and we are taking one of the largest onshore gas flare sites and turning it into LPG capture. What is fascinating about the project is that the LPG
and the power sales would give you about 19 per cent internal rate of return (IRR). But there is a big element involved, which is carbon credit. You can actually go to Switzerland and sell the carbon credit and we are glad to do that. So, the point I am making is that the economic waste is mind-blowing. So far, these are credible partners and we are hoping we can announce this as our first project in gas capturing. The ultimate reason why we are involved in LPG is this: Have you ever realised that the biggest challenge we face today is climate change and deforestation? Drive to Abeokuta, you will see that people have cut down trees and they are making and selling charcoal? Who is replanting those trees? If you drive through Yobe and many places in the north, people are doing similar things. Beyond the deforestation for charcoal exploits or illegal timber trade, its actually people cutting trees to make firewood, which they should ideally use LPG for. So, that is one of the reasons we want to increase LPG in Nigeria. Why is the NSIA not investing in petroleum reďŹ nery project Refining is an area of interest for us. We have looked at investing in NNPC or the rehabilitation; they (the federal government) haven’t moved for
What is your outlook for 2019? 2019 started off very volatile with trade wars as the single most important challenge that we have. It is important to us because our FGF largely invests outside the country. So, when you see movements in the Dow Jones or S &P 500, they tend to affect the performance of this fund. We expect that even though we have seen a rebound in our performance because the global markets have risen, it would remain a very volatile 2019, for as long as the US uses tariff to drive global trade, you are going to see this affect global markets. So, for the rest of the year I anticipate that the market remains very volatile as long as Donald Trump continues to tweet and drive foreign policy. I still struggle to understand the correlation between tariff and immigration. However, we are optimistic that our asset allocation strategy will withstand downside risks and optimise market gains. Within the last 12 months, we committed and deployed over N100 billion across the priority three road projects under the PIDF. We have also commenced due diligence on the Mambilla Power Project. We are within the target project milestone on all these projects. Throughout 2019, we shall continue to focus on executing our infrastructure investment strategy in our core focus areas of power, toll roads, agriculture, healthcare and most recently gas industrialisation. NSIA has invested significant efforts in developing a robust and transparent corporate governance framework. This is because strong corporate governance structures do not only foster successful relationships amongst the various organs of the Authority, but also sets the right precedents to encourage long-term, sustainable growth and partnerships with other institutional and private investors.
Baru: A Corporate Titan Bows Out James Ume In 2016 when President Muhammadu Buhari appointed Dr. Maikanti Baru as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), the state-owned oil giant was reeling under the crushing burden of vast corruption. With a tarnished reputation for sleaze, the prognosis was at best abysmal. It was under this pall of systemic corruption and internal decay that Baru came to the helm of affairs of the oil giant. From the onset, Baru�s job was indeed cut out for him: to cleanse the Augean stable and restore a modicum of sanity and transparency in the affairs of the oil giant. Discerning major players within the oil sector conversant with the unimpeachable credentials of Baru were satisfied that he was the right man for the job. Immediately he took over from Ibe Kachikwu, the Minister of State for Petroleum Resources, who also doubled as the Group Managing Director of the Corporation, he unveiled a 16-point agenda aimed at restructuring the oil giant. The 16-point agenda included the implementation of policy frameworks that would entrench accountability and the culture of professionalism, pursue diversification of businesses by refocusing on the implementation of renewable energy programmes and frontier exploration services and the creation of an all-inclusive internal advisory council on security comprising representatives from NNPC, the international oil companies, the Petroleum and National Gas Senior Staff Association and National Union of Petroleum and Natural Gas Workers etc. His 16-point agenda was no fluke as he set out to work with single-minded dedication, clinical efficiency and an unwavering passion to turn things around. One year after he took over affairs at the NNPC, Baru reflected on some of the achievements of his
leadership. Under his guidance and leadership, the company was able to lower its production/operation costs from $27 per barrel to $22. As a result of his astute management and robust engagements, the Corporation secured over $2 billion discounts from renegotiated upstream contracts with its joint venture partners as part of its cost-cutting efforts in the execution of projects during this period. Baru also directed all the corporation’s autonomous business units, ABUs and Corporate Services Units, CSUs, to focus on efficiency in order to realise the key performance indicators in the 2017 budget. As a result of Baru’s leadership, there were significant increases in crude oil reserves and production with the national daily production at 1.83 million barrels of oil and condensate, or average production hovering around 1.88 million barrels. The return of relative peace in the Niger Delta led to the resumption of production on the Forcados Oil Terminal, FOT and Qua Iboe Terminal, QIT, pipelines. This led to growth of average national production to 2.2 million barrels of oil and condensate per day. As at June, 2017, the daily production capacity of the Nigerian Petroleum Development Company, NPDC, grew from 15, 000 barrels to 210,000 barrels. NNPC under his guidance also completed repairs on vandalized 20-inch Escravos Lagos pipeline system A in August 2016 thus increasing Chevron Escravos. Gas plans supply from zero to 259 million standard cubic feet per day. The corporation under Baru’s leadership also repaired the 48-inch Farcados Oil Terminal, FOT, export gas pipeline in June 2017 which was used to restore gas supply to Oredo Gas plant, Sapele Gas Plant, Ovader Gas Plant, Oben and Nac Gas Compressors and the NPDC’s Utorogu non associated gas, NAGs and Oredo EPF 2 gas plants. Baru was also determined to revolutionize the operations of the corporation. And in line with global trends in the workplace, he unveiled a bold
and broad vision to transform the operations of the company into paperless and digital form. By mid-2018, he set up two committees to oversee this process. These include the Systems Applications and Products (SAP), Steering Committee and the Group Process Council (GPC). Baru’s stellar performance at the NNPC continued into 2018 with focus, determination and unrelenting pace. With the achievements of the corporation under his guidance, Baru was confident that his vision of ensuring the transition of NNPC from an integrated oil and gas company to an energy company was feasible. His unwavering vision for the corporation was to make the company globally competitive. He was clear on his determination to review the business models of the corporation to reflect present operations reality anchored on improved profitability, transparency and accountability. Under his stewardship, the corporation sustained production level from the nation’s assets to above average of two million barrels per day in 2018. The state oil giant also maintained a commitment to repayment of cash calls arrears with about $ 1 Billion dollars settled. The corporation also kicked off the 614 km Ajaokuta Kaduna-Kano (AKK) pipeline project whose completion will deliver gas to the ongoing Abuja, Kaduna and Kano power plants with the potential to generate additional 3, 600mw to the national grid. Under his watch as Group Managing Director, the corporation was known for zero tolerance for corruption. Through his dogged determination and insistence on openness, probity, transparency and accountability, the NNPC recorded 1.6billion dollars savings from the arbitration between its subsidiary, the Nigerian Petroleum Development Company, NPDC, and the Atlantic Energy Drilling Concept Nigeria Limited. Given his zero tolerance for corruption, Baru was determined to open up the operations of the company. He strengthened the anti-fraud mechanisms of the corporation and its
capacity for fraud detection, prevention and control. To this end, Baru reconstituted the anti-corruption committee within the company to ensure that all the staff obey due process and inculcate transparency in their dealings. A clear example of this anti-corruption committee at work was the case between the corporation and IPCO where they demanded for $400 million. As a result of Baru’s insistence on due diligence and probity, they were able to settle out of court for $37.8million, thereby saving the nation hundreds of millions of dollars. It is noteworthy to state that the corporation was among the first MDAs to constitute the anti-corruption committee in 2000 following the establishment of the Independent Corrupt Practices and Other Related Offences Commission, ICPC. Baru advised all the subsidiaries of the corporation to follow in his footsteps and set up these committees made up of men and women of proven track record of integrity. The Corporation under Baru’s leadership also provided a whistle blowing platform for members of staff of the corporation to report any corrupt practice to the authority for investigation. As a public servant, he was by all ramifications a servant leader with exceptional humility and common touch. His transparency and openness without doubt were some of the critical factors that made his tenure as NNPC GMD eventful and highly successful. As he bows out, Baru leaves the corporation on a high note. His tenure was untainted by scandals and corruption that had dogged some of his predecessors. He leaves behind a corporation that has boldly confronted challenges and achieved milestones that will shape its future for good. Baru must consider it a befitting parting gift that his successor, Mele Kyari, is a man widely believed would carry the vision even further. t6NF XSJUFT GSPN "CVKB
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T H I S D AY Ëž Ëœ Í°Í˛Ëœ 2019
BUSINESS/MONEYGUIDE
NIRSAL, Ecobank to Disburse N70bn to Farmers Nume Ekeghe Ecobank Nigeria has entered into a partnership with the Nigeria Incentive-Based RiskSharing System for Agricultural Lending (NIRSAL) with a N15 billion agricultural investment scheme being the first tranche in agricultural value chain financing. The partnership between both institutions is in line with the Central Bank of Nigeria (CBN)’s request that banks provide more funding to the agriculture sector. NIRSAL was set up by the federal governmental as an innovative mechanism targeted at de-risking lending to the agricultural sector. It was designed to provide the singular transformational and one bullet solution to break the seeming jinx in Nigeria’s agricultural lending and development.
Announcing the partnership in Lagos during a business meeting with the management of NIRSAL, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, disclosed that Ecobank Nigeria had concluded plans to invest at least N70 billion in agriculture financing within the next three years. He noted that the N15 billion dedicated funding with NIRSAL guarantee was for an initial takeoff tranche and rollover would be done at the completion of each cycle. “Agriculture is pivotal to the success and development of any nation’s economy. We are therefore committed to working with NIRSAL to open up the vast opportunities that abound in agriculture. Ecobank has done it in other countries across the continent, so we can do the same in Nigeria.
“This will give us the opportunity to create employment and enable farmers to finance their children’s education with ease. We prefer people to see us not just as a bank, but as a partner who will help them succeed. “We are part of the community and we meet the people at the point of their needs.� he noted. In his remarks, the Managing Director/CEO of NIRSAL, Mr. Aliyu Abdulhameed urged the bank to harness the opportunities available in financing the agricultural sector, by leveraging on NIRSAL’s template of geocooperatives of 250Ha with a ticket size as much as N65 million, where all the players in the agricultural value chain are locked-in with an end-toend approach and near zero cash handling system under a de-risked ecosystem to optimise agricultural value chain financing.
L-R: Company Secretary, Regency Alliance Insurance, Anu Shobo; Chairman, Baba Gana Kingibe and Managing Director, Biyi Otegbeye, at the 25th Annual General Meeting of the company held in Lagos‌ recently
Fidelity Hosts Exclusive Education Advisory Forum Fidelity Bank Plc’s Private Banking Division recently organised an exclusive advisory forum in Lagos. The forum was aimed at providing sufficient information and guidance for select clients who wish to have their children study abroad. In her opening remarks at the event, the Divisional Head, Private Banking, Fidelity Bank Plc, Chioma Nwankwo, was quoted in a statement to have noted that, “Studying abroad is becoming more popular
among Nigerian students as the country itself continues to pursue integration into the international landscape. “The demand for professionals with global experience is rapidly increasing amongst local employers. Our Private Bank has therefore partnered with Quelu Advising Center over an interactive education advisory session to better equip our high net worth and ultrahigh net worth clients for future engagements in this respect.� Quelu Educational Center is
an advisory company operating under Shorelight group of companies working with top-tier universities to offer services to prospective students who wish to study abroad. The forum which provided sufficient information and guidelines extensively covered. The session was one of the fora that has been put together by the Division which targets the younger generation with necessary steps toward achieving a greater future as wealth is preserved from one generation to another.
Polaris Bank Organises Capacity Building Programme Polaris Bank Limited recently organised a one-day media workshop to build the capacity of media practitioners to enhance their reportage for the good of society. The workshop which held across the cities of Lagos, Abuja and Port Harcourt with the theme: “Online Journalism in the era of fake news,� saw media practitioners drawn from the print, broadcast and online sectors of the media industry as participants. The participants were taken through an intense session covering: group discussion, scenario and simulation practice, best practice in media; how to spot fake news/photograph through fact-checking tools and ethics and codes of journalism. After the opening introduction, participants during the thought-sharing session spoke on the danger posed by fake news to organisations and personal reputation and the need for media practitioners to adhere to ethics of the profession.
Explaining the essence of the workshop, the Head, Strategic Brand Management of the bank, Nduneche Ezurike, said the workshop was an expression of the bank’s commitment to good corporate citizenship. He noted that through capacity building Polaris Bank was able to impact on the knowledge of the journalists enabling them with the desired competitive advantage in the new age. He further noted, “It also serves as a direct platform of mutual interaction between the bank and the media community�. Earlier in his welcome address in Abuja, the bank’s Group Head, Abuja Commercial Banking, Osazuwa Igbinoba hailed the theme of the workshop, “Online Journalism Practice in an Era of Fake News�, saying it could not have come at a better time. “As bankers, we have had a fair share of fake news – an issue which has been on the front burner globally and
believe that as members of the fourth estate of the realm, media practitioners owe it a duty to practice journalism responsibly for the good of society.� Similarly, while speaking on the value of the one-day media workshop in Port Harcourt, Chairman, Correspondent Chapel of Nigeria Union of Journalists (NUJ), Rivers State Chapter, Ernest Chinwo said it was a breath of fresh air and an ideal refresher training for his colleagues, “in the context of the fact that media practitioners hardly have time for serious reading.� In his appraisal of the exercise, the workshop’s facilitator in Abuja, Lagos and Port Harcourt, Mr. Obe who is also the CEO of Journalism Clinic reminded journalists to always fact-check claims of either text or video made by people or sources in order to help reduce spread of fake news in the society, adding that journalists have obligation to uphold the truth at all times.
GPTW Holds Awards Ceremony Great Place To Work (GPTW) will be celebrating great work places across Africa and exceptional women leading businesses in Nigeria at its annual awards holding in Lagos, this week. The event, tagged, ‘Building a Better Future for All,’ would recognise the accomplishments of organisations across the world that have implemented creative and effective approaches to develop-
ing trust, pride and camaraderie within their unique workplaces. The Executive Director, GPTW, Michael Tosin-Oni, said in addition to the great workplaces awards, exceptional female leaders in leading organisations in Nigeria would also be recognised, saying the Great Place to Work Nigeria award was expected to draw more than 500 attendees this year, all of whom are dedicated to creating and sustaining great
workplaces, including CEOs of leading organisations, human resource directors, business leaders, the media and executives of the best workplaces in Nigeria. “We are excited and proud to be fulfilling our mission – assessing for great workplaces, identifying great workplaces and celebrating great workplaces,� Tosin-Oni. said, adding that the categories to be recognised include: large, medium and small corporates.
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™Ă&#x;ĂœĂ?Ă? Ě‹
Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ
OPEC DAILY BASKET PRICE Ëœ Í°ÍŽ Ͱ͎ͯ͡
The price of OPEC basket of fourteen crudes stood at $63.95 a barrel on Thursday, compared with $62.21 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
35
T H I S D AY Ëž Ëœ Í°Í˛Ëœ Ͱ͎ͯ͡
MARKET NEWS
Cadbury Pledges to Sustain Progressive Dividend Policy Goddy Egene The Chairman of Cadbury Nigeria Plc, Mr. Atedo Peterside, last Friday assured shareholders of company’s continued efforts to create more value for them and sustain its progressive dividend policy. Part of the efforts, he said informed the payment of N471 million dividend for the year ended December 31, 2018. The dividend, which translated to 25 kobo per share, was an increase
from 16 kobo paid the previous year. Speaking at the 54th annual general meeting (AGM), in Lagos, Peterside attributed the company’s positive growth in 2018, to success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands. He said: “We re-launched our iconic cocoa beverage drink, Bournvita, with a new improved taste, last year, in line with consumers’ tastes and prefer-
P R I C E S MAIN BOARD
F O R DEALS
ences. Feedback from consumers indicate that the new Bournvita has gained wide acceptance. “Cadbury Hot Chocolate 3-in-1 brand, our treat portfolio, recorded substantial growth, driven by its unique offering, while our gum and candy brands also recorded success in their respective categories. In addition, we sustained our current price competitiveness, and increased our Route-to-Market coverage/ footprint in 2018.�
S E C U R I T I E S MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
Meanwhile, shareholders at the AGM applauded the company for increasing its dividend payment from 16 kobo in 2017, to 25 kobo in 2018. They charged Cadbury Nigeria to continue to evolve ways of consolidating on the performance of its brands, while exploring other options including local manufacture of Hot Chocolate 3 in 1, which is currently imported from Ghana, to create more jobs locally. They also hailed Mondelez
T R A D E D MAIN BOARD
A S
International and the board of directors of Cadbury Nigeria for the appointment of Mrs. Oyeyimika Adeboye as the first female managing director of the company since April 1, 2019. According to them, the appointment has restored confidence in the ability of Nigerians to lead multinationals. However, they charged Adeboye to justify her elevation by sustaining the momentum and taking the company to greater heights. They
O F
also lauded the appointment of Mr. Ogaga Ologe, the company’s erstwhile financial controller, as the new finance director. Cadbury recorded a revenue of N35.9 billion in 2018, showing an increase of nine per cent from N33 billion in 2017. Selling and distribution expenses reduced from N5.228 billion to N4.706 billion while administrative expenses declined to N1.571 billion compared with N1.594 billion the previous year.
2 0 / 0 6 / 2 0 1 9 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
˾ MONDAY, JUNE 24, 2019
36
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THISDAY AFRINVEST 40 INDEX
^ƚƌĞĂŬ͙ ^/ ĚŽǁŶ ϳϬďƉƐ t-o-t The Benchmark index was down 0.7% W-o-t ƚŽ ƐĞƩůĞ Ăƚ Ϯϵ͕ϴϱϭ͘Ϯϵ ƉŽŝŶƚƐ ĨŽůůŽǁŝŶŐ Ă ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ϰ ŽĨ ƚŚĞ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
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Ticker
Current Price
THISDAY AFRINVEST 40
t D E< ;ϱ͘ϭďŶ ƵŶŝƚƐͿ͕ E/d, E< ;ϰϱϬ͘ϲŵ ƵŶŝƚƐͿ ĂŶĚ 'h Z Edz ;ϳϰ͘Ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ E/d, E< ;Eϵ͘ϬďŶͿ͕ t D E< ;Eϯ͘ϮďŶͿ ĂŶĚ 'h Z Edz ;EϮ͘ϯďŶͿ ǁĞƌĞ ƚŚĞ ŵĂũŽƌ ŐĂŝŶĞƌƐ ďLJ ǀĂůƵĞ͘
ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ƌĞĚ ƚĞƌƌŝƚŽƌLJ͘ KŶ DŽŶĚĂLJ ĂŶĚ dƵĞƐĚĂLJ͕ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ƐŚĞĚ ϯϳďƉƐ ĂŶĚ ϯϵďƉƐ ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ůŽƐƐĞƐ ŝŶ E' D, h and /Ed Z Z t. dŚĞ ďĞĂƌŝƐŚ ƐƚƌĞĂŬ
ROA
P/E
P/BV
Divindend Earnings Yield Yield
0.26%
-10.5%
31.3%
17.9%
5.9%
5.0x
0.7x
6.3%
31.25
0.0%
19.6%
-9.3%
-9.4%
33.1%
5.3%
4.7x
1.5x
8.8%
21.4%
2 Zenith Bank PLC
20.00
0.0%
12.1%
-13.2%
-3.6%
24.7%
3.2%
3.4x
0.8x
14.0%
29.8%
3 Dangote Cement PLC
15.9%
184.00
1.1%
9.8%
-3.0%
-1.1%
40.1%
21.8%
8.3x
3.0x
8.7%
12.0%
1,350.30
-3.6%
8.3%
-9.1%
-8.5%
81.2%
27.4%
22.7x
17.0x
4.3%
4.4%
60.00
4.3%
4.8%
-29.8%
-21.6%
9.5%
4.4%
27.5x
2.7x
4.1%
3.6%
7.00
0.7%
5.2%
-11.9%
-12.5%
10.0%
1.1%
4.2x
0.5x
3.7%
23.8%
13.50
0.0%
3.5%
-30.4%
-30.4%
4.7%
4.3%
3.9x
0.5x
3.0%
25.5%
6.40
0.0%
4.1%
-16.9%
-17.9%
15.5%
1.7%
2.7x
0.4x
13.3%
36.8%
20.2%
5 Nigerian Brew eries PLC 6 FBN Holdings Plc 7 Cement Co Northern Nigeria PLC 8 United Bank for Africa PLC 9 International Brew eries PLC 10 SEPLAT Petroleum Development C
16.70
0.0%
2.2%
-45.2%
-47.0%
-23.8%
-3.2%
510.00
2.6%
3.2%
-20.3%
-17.8%
10.1%
6.3%
5.0x
0.5x
3.5% 7.2%
4.1x
-2.1%
6.90
0.0%
3.9%
1.5%
6.2%
22.2%
2.1%
1.8x
0.4x
12 Ecobank Transnational Inc
11.35
1.3%
2.6%
-18.9%
-20.6%
15.3%
1.2%
3.2x
0.5x
13 Stanbic IBTC Holdings PLC
40.65
-2.0%
2.5%
-15.2%
-12.4%
30.3%
4.6%
6.1x
1.6x
3.7%
14 Unilever Nigeria PLC
31.00
0.0%
2.3%
-16.2%
-16.2%
12.7%
7.7%
17.3x
2.1x
4.8%
15 Lafarge Africa PLC
11.55
10.0%
1.8%
-7.2%
-3.8%
16 Guinness Nigeria PLC
45.75
0.0%
0.9%
-36.5%
-36.5%
6.8%
3.7%
15.3x
1.1x
4.0%
6.5%
17 Okomu Oil Palm PLC
66.60
0.0%
1.3%
-12.6%
-12.6%
21.0%
16.0%
10.5x
2.2x
4.5%
9.5% 11.4%
57.0% 31.4% 16.4% 5.8% -8.8%
18 Total Nigeria PLC
150.00
0.0%
1.1%
-26.1%
-26.1%
19.3%
4.5%
8.8x
1.7x
11.3%
19 11 PLC
170.00
3.3%
1.3%
-8.4%
-8.4%
38.0%
16.8%
5.7x
1.9x
4.9%
17.6%
14.00
0.0%
0.8%
-39.4%
-36.9%
6.6%
2.0%
6.5x
0.4x
7.2%
15.4%
6.4%
48.4%
20 Flour Mills of Nigeria PLC
ĐŽŶƟŶƵĞĚ ŽŶ tĞĚŶĞƐĚĂLJ ĂŶĚ dŚƵƌƐĚĂLJ ĂƐ ƚŚĞ ^/ ƉůƵŶŐĞĚ ďLJ
ROE
1,313.08
11 Access Bank PLC
dŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ĐůŽƐĞĚ ĨŽƵƌ ŽĨ ƚŚĞ ĮǀĞ ƚƌĂĚŝŶŐ ĚĂLJƐ ŽĨ
Price Change Index to Date
1 Guaranty Trust Bank PLC
4 Nestle Nigeria PLC
ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ŵŽƐƚ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ
Price Previous Current Change Price Weightin YTD Change g
21 Oando PLC
3.95
-1.3%
1.0%
-21.0%
-17.7%
14.3%
2.5%
1.8x
0.2x
ϭϱ ďƉƐ ĂŶĚ Ă ďĂƐŝƐ ƉŽŝŶƚ ƌĞƐƉĞĐƟǀĞůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ůŽƐƐĞƐ
22 Fidelity Bank PLC
1.73
-3.9%
1.1%
-14.8%
-14.8%
12.7%
1.4%
2.1x
0.2x
23 Transnational Corp of Nigeria
1.15
0.9%
in /> ^/E', &KZd and t W/ Ăůů ƐƵīĞƌĞĚ͘ KŶ &ƌŝĚĂLJ͕ ƚŚĞ
1.0%
-12.9%
-8.7%
16.4%
3.6%
4.3x
0.7x
2.6%
23.2%
24 Dangote Sugar Refinery PLC
12.40
-0.4%
0.8%
-18.7%
-16.2%
22.3%
12.6%
6.2x
1.4x
8.9%
16.1%
26 FCMB Group Plc
1.66
0.6%
0.6%
-12.2%
-7.8%
8.8%
1.2%
2.1x
27 UAC of Nigeria PLC
6.05
0.8%
0.4%
-37.9%
-36.6%
-7.9%
-3.6%
ĚŽŵĞƐƟĐ ŵĂƌŬĞƚ ĂĚǀĂŶĐĞĚ
ϮϵďƉƐ ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ ŝŶ
E' D, E/' Z/ E Z t Z/ ^ and t W K.
25 Diamond Bank PLC
28 Sterling Bank PLC
^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ĂƐ ϯ ŽĨ ƚŚĞ ϲ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ ϴ͘ϳй ĂƐ ŝŶǀĞƐƚŽƌƐ ďŽƵŐŚƚ ŝŶƚŽ >/E< ^^hZ ;нϯϳ͘ϱйͿ͕ E D ;нϯϯ͘ϯйͿ ĂŶĚ > thE/KE ;нϴ͘ϳйͿ ǁŚŝůĞ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĂůƐŽ ŐĂŝŶĞĚ Ϯ͘ϲй ĂŶĚ Ϭ͘ϳй ƌĞƐƉĞĐƟǀĞůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ŝŶ ^^ ;нϳ͘ϴйͿ͕ &KZd ;нϲ͘ϭйͿ ĂŶĚ DK /> ;нϰ͘ϬйͿ͘ ŽŶǀĞƌƐĞůLJ͕ ƚŚĞ ĨƌŝŶǀĞƐƚ-/ d ŝŶĚĞdž ůĞĚ ƚŚĞ
ĂůƐŽ ƐŚĞĚ ϭ͘ϲй ĂŶĚ ϭ͘ϱй ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ǁĞĂŬŶĞƐƐ ŝŶ
/Ed Z Z t (-ϭϬ͘ϬйͿ͕ K<KDhK/> (-ϭϬ͘ϬйͿ ĂŶĚ W (-ϭϭ͘ϲйͿ͘
ĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ĨƌŽŵ Ϭ͘ϲdž ƚŽ ϭ͘ϭdž͕ ƐŝŐŶĂůůŝŶŐ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ ĨƌŽŵ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ ϯϰ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϯϮ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ
8.4%
48.1%
10.6%
-32.3%
2.42
0.0%
0.7%
27.4%
27.4%
9.3%
0.9%
7.5x
0.6x
50.00
0.0%
0.3%
-21.9%
-21.9%
7.3%
4.6%
13.1x
1.9x
4.0%
7.6%
30 NASCON Allied Industries PLC
15.00
0.0%
0.3%
-16.7%
-16.7%
32.2%
12.9%
9.8x
3.2x
6.7%
10.2%
31 Forte Oil PLC
31.20
0.0%
0.4%
13.6%
11.4%
48.9%
7.4%
32 Union Bank of Nigeria PLC
6.90
0.0%
0.4%
23.2%
23.2%
6.6%
1.2%
12.1x
0.9x
33 Julius Berger Nigeria PLC
20.90
0.0%
0.3%
4.0%
-5.4%
19.9%
2.3%
4.2x
0.8x
34 PZ Cussons Nigeria PLC
13.4%
2.4x
-6.7% 8.3% 9.6%
23.6%
7.00
0.0%
0.2%
-42.1%
-43.1%
0.7x
2.1%
27.50
-1.4%
0.2%
-21.1%
-21.1%
68.7%
31.5%
9.3x
5.8x
10.5%
36 Wema Bank PLC
0.67
3.1%
0.2%
6.3%
6.3%
7.3%
0.7%
7.0x
0.5x
4.5%
14.3%
37 Beta Glass PLC
73.70
0.0%
0.2%
7.9%
7.9%
7.1x
1.2x
2.0%
14.0%
38 Dangote Flour Mills Plc
35 Chemical and Allied Products P
17.00
0.0%
0.4%
148.2%
157.6%
-15.8%
-5.1%
39 Transcorp Hotels Plc
5.40
0.0%
0.1%
-11.5%
-9.2%
6.0%
3.2%
12.0x
0.7x
40 AXA Mansard Insurance PLC
1.94
0.0%
0.1%
6.0%
6.0%
11.0%
3.1%
8.5x
0.9x
T o p 10 T r a d e s b y V o l u m e T ic k er
2.7x
10.7%
-6.6% 3.1%
8.3% 11.7%
T o p 10 G a i n e r s
Vo lum e
P ric e C hg %
P ric e
P ric e C hg %
Z EN IT H B A N K
29.6
0.0%
WA P C O
11.55
10.0%
GUA R A N T Y
22.4
0.0%
GLA XOSM IT H
9.35
10.0%
WA P C O
14.8
10.0%
C UT IX
1.47
8.9%
A C C ESS
12.3
0.0%
LA WUN ION
0.50
8.7%
9.8
0.0%
LIN KA SSUR E
0.66
8.2%
M TNN
/ŶǀĞƐƚŽƌƐ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬ
0.2x 0.3x
29 Presco PLC
ůĂŐŐĂƌĚƐ͕ ĚĞĐůŝŶŝŶŐ ďLJ ϰ͘ϭй ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ DdEE (-ϰ͘ϭйͿ ĂŶĚ , D^ (-ϭϯ͘ϵйͿ͘ dŚĞ ŽŶƐƵŵĞƌ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ
55.8%
T ic k er
P R EST IGE
8.7
8.0%
T H OM A SWY
0.40
8.1%
T R A N SC OR P
7.6
0.9%
P R EST IGE
0.54
8.0%
F ID ELIT YB K
6.6
-3.9%
N EM
2.80
5.7%
C OUR T VILLE
6.5
0.0%
UP L
1.90
5.6%
IN T ER LIN K
6.4
-0.6%
C H IP LC
0.22
4.8%
ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ >/E< ^^hZ ;нϯϳ͘ϱйͿ͕ E D ;нϯϯ͘ϯйͿ
T o p 10 T r a d e s b y V a l u e
T o p 10 L o s e r s
and d,KD ^tz ;нϮϭ͘ϮйͿ ǁŚŝůĞ , D^ (-ϭϯ͘ϵйͿ͕ W (ϭϭ͘ϲйͿ ĂŶĚ K<KDhK/> (-ϭϬ͘ϬйͿ ůĞĚ ƚŚĞ ůŽƐĞƌƐ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĂƚ ŝŶǀĞƐƚŽƌƐ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ƚĂŬĞ ƉŽƐŝƟŽŶ ŝŶ ĨƵŶĚĂŵĞŶƚĂůůLJ ƐŽƵŶĚ ƐƚŽĐŬƐ ĂƐ ǁĞ ĂƉƉƌŽĂĐŚ ƚŚĞ ,ϭ͗ϮϬϭϵ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ͘
Afrinvest West Africa Limited
T ic k er
Value
P ric e C hg %
M TNN
1268.4
0.0%
CHA M S
0.31
-8.8%
700.2
0.0%
A B CTRA NS
0.27
-6.9% -4.3%
GUA R A N T Y
T ic k er
P ric e
P ric e C hg %
Z EN IT H B A N K
592.9
0.0%
SOVR EN IN S
0.22
N EST LE
479.0
-3.6%
F ID ELIT YB K
1.73
-3.9%
D A N GC EM
348.0
1.1%
A F R IP R UD
3.41
-3.7%
WA P C O
170.7
10.0%
N EST LE
1350.30
-3.5%
SEP LA T
125.9
2.6%
ST A N B IC
40.65
-2.0%
A C C ESS
84.4
0.0%
H ON YF LOUR
1.03
-1.9%
NB
80.8
4.3%
LIVEST OC K
0.55
-1.8%
F LOUR M ILL
34.3
0.0%
CA P
27.50
-1.4%
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
Adedayo Bakare | abakare@afrinvest.com
Brokerage
37
MONDAY, JUNE 24, 2019 ˾ T H I S D AY
MARKET NEWS
CAP Plc Shareholders Approve N2.03 Billion Dividend Goddy Egene Shareholders of Chemical and Allied Products (CAP) Plc last week approved the N2.03 billion dividend recommended by the board for the year ended December 31, 2018. The dividend, which translates to 290 kobo per share, was endorsed at the 54th annual general meeting (AGM)
in Lagos. The shareholders, who hailed the company for the performance and the dividend pay-out, said they were appreciative of the efforts that led to increased return on investment. According to them, CAP Plc has been very consistent in delivering good results over the years. One of the shareholders, Ajayi
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
Oluwafemi congratulated the company for good showing in 2018 and for doing the needful to the shareholders. He lauded the company for improving the gross earnings and the bottom line. Another shareholder, Mr. Odunlami Afolabi, expressed confidence that the firm has remained in good stead
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 20June-2019, unless otherwise stated.
to deliver good returns to shareholders in the future and congratulated the board and management for remaining strong and growing the firm even in the midst of economic challenges. In his address, Acting Chairman of CAP Plc, Mr. Solomon Aigbavboa said that despite the challenging
operating environment in 2018, the company ended the year with an impressive performance. Aigbavboa noted that the firm recorded a turnover of N7.76 billion representing a growth of nine per cent over the previous year while the operating profit was N2.28 billion, a growth of 15 per cent over 2017. Speaking on the outlook, the
Chairman said: “The economy is expected to gain traction this year, on the back of stronger household consumption and public spending. The recent slide in oil prices and OPEC’s oil output cut pose d0ownside risks going forward. Economic analysts see GDP increasing by 2.4 per cent in 2019 and 2.9 per cent in 2020 respectively.
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: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 146.62 148.77 -6.75% Afrinvest Plutus Fund 100.00 100.00 8.11% Nigeria International Debt Fund 277.51 277.51 1.57% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.88 0.88 4.25% ACAP Income Funds 0.76 0.76 34.33% 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 13.21% AIICO Balanced Fund 2.32 2.35 4.47% 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 15.26 15.72 -8.01% ARM Discovery Fund 341.91 352.21 -4.13% ARM Ethical Fund 28.63 29.49 1.39% ARM Money Market Fund 1.00 1.00 13.16% 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 96.61 97.29 -4.52% AXA Mansard Money Market Fund 1.00 1.00 12.59% 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 1.83 1.83 13.49% 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 13.62% Paramount Equity Fund 11.97 12.07 1.35% Women's Investment Fund 105.90 106.63 2.30% 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 12.97% Cordros Milestone Fund 2023 98.91 99.37 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 12.47% Coronation Balanced Fund 0.83 0.84 Coronation Fixed Income Fund 1.20 1.20 7.41% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,197.10 1,197.95 7.19% FBN Heritage Fund 143.21 144.15 0.30% FBN Money Market Fund 100.00 100.00 12.90% FBN Nigeria Eurobond (USD) Fund - Institutional 116.86 117.24 5.79% FBN Nigeria Eurobond (USD) Fund - Retail 116.82 117.19 6.01% FBN Nigeria Smart Beta Equity Fund 136.68 138.59 -8.88% 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 3.43 3.43 5.78% Legacy Equity Fund 1.11 1.13 -8.73% Legacy USD Bond Fund 1.05 1.05 2.23% 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 3,021.77 3,050.34 1.22% Coral Income Fund 2,919.92 2,919.92 6.58% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 11.12% Nigeria Entertainment Fund 109.11 109.64 1.16% 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 12.96%
INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 11.17% Vantage Balanced Fund 2.16 2.18 0.41% Vantage Guaranteed Income Fund 1.00 1.00 15.83% Kedari Investment Fund (KIF) 131.73 131.82 5.41% 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 1.20 1.22 4.80% Lotus Halal Fixed Income Fund 1,111.41 1,111.41 6.41% 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 10.74 10.83 -6.65% Meristem Money Market Fund 10.00 10.00 12.13% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.28 1.30 4.04% PACAM Fixed Income Fund 11.57 11.64 3.94% PACAM Money Market Fund 10.00 10.00 12.49% 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 124.18 124.92 2.93% 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 1.03 1.03 6.64% 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 2,357.65 2,370.36 1.86% Stanbic IBTC Bond Fund 202.72 202.72 6.62% Stanbic IBTC Ethical Fund 0.89 0.90 -5.79% Stanbic IBTC Guaranteed Investment Fund 257.29 257.39 6.13% Stanbic IBTC Iman Fund 152.64 154.37 -6.43% Stanbic IBTC Money Market Fund 100.00 100.00 12.88% Stanbic IBTC Nigerian Equity Fund 7,899.12 7,994.95 -6.94% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 2.86% 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 1.20 1.21 0.51% United Capital Bond Fund 1.71 1.71 7.43% United Capital Equity Fund 0.72 0.73 0.87% United Capital Money Market Fund 1.00 1.00 13.25% United Capital Eurobond Fund 111.32 111.32 3.79% United Capital Wealth for Women Fund 1.13 1.14 3.63% 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 10.78 -0.30% Zenith Ethical Fund Zenith Income Fund Zenith Money Market Fund
11.35 22.07 1.00
11.49 22.07 1.00
-5.99% 14.44% 12.09%
REITS NAV Per Share
Yield / T-Rtn
5.40 121.48 52.39
-44.85% 3.19% 1.26%
Bid Price
Offer Price
Yield / T-Rtn
9.69 97.90 81.75
9.79 99.94 83.22
-8.14% -16.56% -7.83%
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
3.64 6.04 13.02 10.51 142.68
3.68 6.12 13.12 10.71 144.68
-9.01% -20.63% -11.06% -14.87% 8.40%
NAV Per Share
Yield / T-Rtn
111.37
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.
38
T H I S D AY Ëž Í°Í˛Ëœ Ͱ͎ͯ͡
CITYSTRINGS
ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒
Unveiling the Navy’s First Indigenous Maritime Chart Standing by its avowal to look inwards for development, the Nigerian Navy recently plotted its first indigenous maritime chart that was unveiled at the World Hydrography Day, Chiemelie Ezeobi reports
I
t is certainly a season of firsts for the Nigerian Navy (NN) under the leadership of Chief of the Naval Staff (CNS), Vice Admiral Ibok-Ete Ibas. Just last week, the 2019 World Hydrography Day afforded the Nigerian Navy the opportunity to unveil its first indigenous maritime chart. Also in the offing is the hydrographic vessel that the navy will soon take delivery of. The locally produced nautical chart, the first of its kind since 1976, was produced by the NN Hydrography department to address security and safety issues in the country's maritime environment. Unveiling the chart in Lagos over the weekend at Naval Dockyard in Victoria Island, Lagos, to celebrate the 2019 World Hydrography Day, the CNS said it would ensure effective and efficient hydrographic services to facilitate safe and efficient use of the seas, oceans and waterways. The CNS also said the navy would later this year, take delivery of a hydrographic vessel currently being built at the Ocea shipyard in France, adding that there was ongoing capacity development for the production of military operations charts to specifically meet maritime operational and intelligence needs, especially in the aid of riverine operations within the nation’s backwaters. Attainment of Hydrographic Strategy Phases In his speech, Ibas said: "At last year’s World Hydrography Day event, we applauded Nigeria’s attainment of phases one and two of the International Hydrographic Organisation’s development strategy regarding the ability to disseminate Maritime Safety Information (MSI) and acquisition of hydrographic data within our waters. "One year down the line, I am glad to note that Nigeria has achieved the third and last phase in her hydrographic development, which is the ability to produce fully authenticated navigational charts. This is coming at a time when the world is focusing on the blue economy for a more sustainable use of ocean ecosystem health. By achieving this feat, Nigeria is better placed for enhanced sustainable use of its ocean resources." Ibas described this year's theme “Hydrographic Information Drive Marine Knowledge� as most appropriate, owing to the indispensability of hydrographic data to successful maritime activities. He said Hydrography is not limited to facilitating navigational safety alone, as it also provides basic information for expert management of the seas, oceans and waterways, including Marine Geospatial Knowledge for national development. "In the area of hydrographic platforms acquisition, the NN also recently inducted two survey launches locally constructed here at the Naval Dockyard Limited into its hydrographic fleet while work on the construction of a 60 meter Ocean Survey Vessel, has reached advanced stage at Ocean shipyard in France. "On completion, this vessel is expected to further boost NN survey and charting capacity from December 2019. The NN equally continues to boost her capacity by sustaining the training of her personnel in diverse fields of hydrography and cartography at various international Hydrographic Organisation accredited institutions around the world. "These efforts are intended to deliver a total hydrographic package to mariners in the next few years to further enhance safety of navigation and improved maritime knowledge in Nigeria. "I must admit at this moment that the level of Hydrographic development achieved in Nigeria could not have been possible without the inevitable support and strategic guidance of Mr President and C-in-C of the Armed
Unveiling the ďŹ rst indigenous maritime chart by the Nigerian Navy at the World Hydrography Day in Lagos
L-R: Hydrographer General of Nigeria, who also doubles as the Hydrographer of the Nigerian Navy, Commodore Emeka Okafor; Chief of the Naval Sta (CNS), Vice Admiral Ibok-Ete Ibas and Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman Forces of the Federal Republic of Nigeria, President Muhammadu Buhari. Pertinently, his continued support particularly in the area of equipment and platform acquisition appropriately positioned the NN to be more relevant in nation building, despite other competing national demands,� he added. Appeal Ibas further appealed to maritime stakeholders to submit their survey data and maritime information to the NN so that existing charts would be updated and new ones produced. "This way, more of Nigeria’s maritime environment would be surveyed and charted for the benefit of all players in the maritime sector. This would ultimately impact positively on Nigeria’s economic responsibilities before us, which deeper cooperation with each other in accomplishing," he added. NPA’s Collaboration In her remark, Managing Director Nigerian Ports Authority (NPA), Hadiza Bala Usman pledged enhanced collaboration with the navy, adding that charting would be extended to eastern and central ports. She said: "Available statistics show that only about five per cent of the world’s oceans have been explored with an accuracy
of about 5km. This implies that the quest to acquire more knowledge about our maritime space will continue to increase in the years ahead in order to guarantee its conservation and sustainable use for the benefit of all mankind. "To this end, hydrography offers the first and most reliable tool for further research within the maritime domain. That is why the steps taken by the Nigerian Navy to produce the first indigenous navigational chart of Nigerian waters is in the right direction. "With the Nigerian waters warehousing enormous living and non-living resources, substantial percentage of which are yet to be discovered, there is the need for more charts and other nautical publications to be produced much quicker now that indigenous charting capacity has been developed. "As Ports Authority, it is worth mentioning that Hydrography as an endeavor has specifically assisted us in achieving the deepening of our channels, expansion of marine services to Ijegun Egba channel, successful navigation of the EGINA FPSO, recent completion of remedial dredging of Escravos channel, frequent wreck removal along our channels and the building of our simulation center at Dockyard Apapa among others."
Vital Role of Hydrography Earlier, the Hydrographer General of Nigeria, who also doubles as the Hydrographer of the Nigerian Navy, Commodore Emeka Okafor, said the WHD presents an opportunity to increase public awareness on the vital role that hydrography plays in the socio-economic development of littoral nations. He said, “It is a known fact that over 90 per cent of the world’s trade is conducted by the sea, and this is, by far, the most cost-effective way to move large quantity of goods and raw materials around the world. Without the services of hydrographers, who provide charts and other nautical publications, voyages through the sea would have become a nightmare to captains of ships, who need to move goods and services from one part of the world to the order in a safe and economical way. “Over the years, the Nigerian Navy, in line with her constitutional roles, has been building both human and material capacities to enable her provide hydrographic services that meets international standard. These efforts, have paid off with the publication of the first indigenous chart of Nigerian waters, which will be launched during this World Hydrography Day celebration. This, therefore makes this year’s World Hydrography Day celebration special.�
39
T H I S D AY Ëž Í°Í˛Ëœ Ͱ͎ͯ͡
CRIME&SECURITY CRIME SITUATION REPORTS
SUICIDE PART 1 (TIPS FOR RECOGNISING SUICIDAL BEHAVIOR)
The PCO, Ikoyi Passport OďŹƒce, Manir Yari, an acting Controller of Immigration, anked by other senior ofďŹ cers and the newly promoted personnel
Ikoyi Passport Boss Decorates 28 Newly Promoted OfďŹ cers Chiemelie Ezeobi
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IF 1BTTQPSU $POUSPM 0GGJDFS 1$0 *LPZJ 1BTTQPSU 0GGJDF .BOJS :BSJ BO BDUJOH $POUSPMMFS PG *NNJHSBUJPO IBT DIBSHFE UIF 28 newly promoted officers JO -BHPT $PNNBOE UP MJWF up to their new rank and see UIFJS FMFWBUJPO BT B DIBMMFOHF UP JNQSPWF UIFJS TFSWJDF UP passports applicants. :BSJ XIPTF UISFF QSPOHFE reform process; customerfriendly approach, reduction in waiting time for passport EFMJWFSZ BOE DVSCJOH UIF menance of touting in and around the passport office, BMTP BEWJTFE UIBU UIFZ TIPVME see their promotion as a challenge for them to do more in fighting touting and sharp
QSBDUJDFT JO UIFJS SFTQFDUJWF passports offices. )F HBWF UIF BEWJTF EVSJOH the decoration of the newly promoted 28 officers in QBTTQPSU DPNNBOE BU *LPZJ Passport Office last week. )F TBJE i:PV BSF XFBSJOH new ranks, but that should OPU NBLF ZPV MB[Z :PV TIPVME LOPX UIBU ZPV IBWF NPWFE UP B OFX MFWFM " OFX MFWFM PG IJHIFS SFTQPOTJCJMJUZ BOE FGGFDUJWFOFTT JO UIF passport command. i1SPNPUJPO DPNFT GSPN (PE BOE IBSE XPSL :PV TIPVME UIBOL (PE BOE UIBOL PVS BNJBCMF $( .VIIBNNBE #BCBOEBEF GPS SFDPHOJTJOH your hard work and promotJOH ZPV 8F IBWF OFWFS TFFO it so good in the history of UIF TFSWJDF 5IF $( IBT CFFO XPSLJOH IBSE UP JNQSPWF PVS
welfare. He has done a lot for us that will encourage us to be good officers and MPZBM UP UIF TFSWJDF i'PS UIPTF PG ZPV UIBU IBWF been decorated today, you TIPVME LOPX UIF $( T [FSP tolerance to corruption still TUBOET 4PNF PG ZPV BSF GSPN *LPZJ BOE 'FTUBD 1BTTQPSU 0GGJDFT #F HPPE BNCBTTBEPST PG UIF $( JO ZPVS QBTTQPSU offices and keep to the tenOFUT PG 4&37*$0. *G /JHFSJBOT BSF IBQQZ XJUI PVS TFSWJDFT BU QBTTports offices, they will be IBQQZ XJUI VT 5SZ BOE NBLF TVSF BQQMJDBOUT MFBWF your offices happy. We are IBQQZ UP IBWF POF PG ZPV newly promoted as a Deputy $PNQUSPMMFS BOE TFDPOE JO DPNNBOE JO DIBSHF PG 'FTUBD Passport Office."
The PCO, Ikoyi Passport OďŹƒce, Manir Yari, an acting Controller of Immigration (extreme right); the PCO, Festac Passport OďŹƒce, Ngozi Odikpo, a Deputy Controller of Immigration (second right) and others at the decoration
Suicide, a conscious act of intentionally taking one’s own life, can come in many forms. For example, by hanging, shooting, stabbing, jumping from a hill top, high rise buildings, telecommunication masts, running into a path way of a moving vehicle, and through the use of substances such as gammalin, sniper, acid, codeine, tramadol etc. Although, discussing suicide can be a very touchy and highly sensitive issue, it is fast becoming one of the most leading causes of death in many societies and Nigeria is not an exception. A number of factors account for this worrying trend. Some of these include: financial difficulty/debt, terminal illness, mental disorder, relationship issues/rejection by a loved one, chronic pain, loneliness, traumatic experiences arising from, e.g bullying, sexual and physical abuse, substances abuse, etc. The intention of “Frankmba.ng� therefore is to inspire hope and make them understand that suicide is not a solution to life problems. In what follows, the blog will provide you in Part 1, of this topic: Tips for recognising the warning signs for suicide and suicidal behavior. Part 2 and 3, would be devoted to tips to overcome thoughts about ending your life and tips towards helping someone to overcome suicidal thoughts respectively. TIPS FOR RECOGNISING SUICIDAL BEHAVIOR Recognizing the warning signs for suicide is key to understanding when a fellow citizen is contemplating suicide and how such a person can be helped. WARNING SIGNS FOR SUICIDE INCLUDE: r&YDFTTJWF TBEOFTT XIJDI DBO MFBE UP MPOH MBTUJOH TBEOFTT and if not addressed to, lead to moodiness, depression and possibly lead to suicidal thoughts. r4PNFUJNFT IPXFWFS UIF TVJDJEBM QFSTPO NBZ MPPL IBQQZ – smiling and telling jokes but underneath it all, a careful TUVEZ PG UIFJS VUUFSBODFT BOE XSJUJOHT XPVME SFWFBM JNNFOTF sadness, pessimism, hollowness, helplessness and hopelessness. r*TPMBUJPO (SBEVBM PS 4VEEFO XJUIESBXBM GSPN GSJFOET MPWFE POFT TPDJBM BDUJWJUJFT TPDJBM DJSDMFT IPCCJFT FUD BMTP BSF QPTTJCMF TZNQUPNT PG CFIBWJPS QSPOF UP EFQSFTTJPO r"TLJOH RVFTUJPOT PS FOHBHJOH JO DPOWFSTBUJPOT XJUI PUIFS QFPQMF BOE TFFLJOH UIFJS WBMJEBUJPO PS KVTUJGJDBUJPO GPS TVJDJEF r4VSGJOH UIF JOUFSOFU PO XBZT UP EJF PS QPTUJOH XSJUF VQT on social media platforms about ending one’s life. r.BLJOH PQFO PS TVCUMF UISFBUT BCPVU UBLJOH UIFJS PXO MJWFT BOE TBZJOH UIJOHT TVDI BT i* BN UJSFE PG UIJT MJGF PPPPP i* XJMM KVTU LJMM NZTFMG PPPPu 6OGPSUVOBUFMZ NPTU QFPQMF JHOPSF TVDI UISFBUT PS USFBU UIFN XJUI MFWJUZ r.PPE TXJOH JT B NBKPS SJTL GBDUPS GPS TVJDJEF r4VEEFO EFTJSF UP CF BMPOF r4VEEFO VOVTVBM DBMNOFTT r4VEEFO FYDJUFNFOU CFDPNJOH VOOFDFTTBSJMZ BOE PWFSUMZ IBQQZ XJUIPVU BOZ QMBVTJCMF FYQMBOBUJPO r4VEEFO MPTT PG JOUFSFTU PS QMFBTVSF JO BDUJWJUJFT UIF QFSTPO QSFWJPVTMZ FOKPZFE r4VEEFO GBTDJOBUJPO XJUI BOE CFBSJOH PG XFBQPOT BOE QPJTPOPVT TVCTUBODFT CZ UIF JOEJWJEVBMT r4VEEFO MPTT PG BQQFtite or sudden increase in appetite. r$IBOHFT JO QFSTPOBMJUZ GPS FYBNQMF B QFSTPO LOPXO UP CF BO FYUSPWFSU suddenly becomes introWFSUFE PS WJDF WFSTB r#FDPNFT MFTT DPOcerned about his or her personal appearance or suddenly starts putting their affairs in order r5IF QFSTPO TUBSUT UBMLing to himself, gesticu lating to unseen entity. r5IF QFSTPO CFHJOT UP NPWF XJUI BO VOVTVBM speed or slowness. r5IF QFSTPO NBZ TUBSU engaging in ways that may cause him harm Credit: frankmba.ng
DCP Frank Mba
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MONDAY JUNE 24, 2019 • T H I S D AY
RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21st-JUNE 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER
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MULTI-CHEM INDUSTRIES LTD RAGI INDUSTRIES LIMITED BIMVENUS MULTIPURPOSE CONCEPT INTL EAGLE INDUSTRIES INTL CONCEPT LIMI BIMVENUS MULTIPURPOSE CONCEPT INTL RAGI INDUSTRIES LIMITED CENTRAL BANK OF NIGERIA ORIENTAL FOOD INDUSTRY LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI IRON PRODUCTS INDUSTRIES LIMITED JMG LIMITED IRON PRODUCTS INDUSTRIES LIMITED A M N COMPANY LTD ZENDINET INTERNATIONAL CO LTD HAFFAR INDUSTRIAL COMPANY LIMITED JMG LIMITED FAPA COMPANY LIMITED MULTI-CHEM INDUSTRIES LTD JMG LIMITED NAKS INTERNATIONAL CO LTD RAGI INDUSTRIES LIMITED FAPA COMPANY LIMITED IRON PRODUCTS INDUSTRIES LIMITED ADIREJE WEST AFRICA LTD VIRGO MEDICS INTERNATIONAL LIMITED MULTI-CHEM INDUSTRIES LTD RAGI INDUSTRIES LIMITED BIMVENUS MULTIPURPOSE CONCEPT INTL IRON PRODUCTS INDUSTRIES LIMITED IRON PRODUCTS INDUSTRIES LIMITED STOCKGAP FUELS LTD ANXIN INDUSTRIAL TECHNOLOGY NIGERIA MULTI-CHEM INDUSTRIES LTD MULTI-CHEM INDUSTRIES LTD SIMBA INDUSTRIES LIMITED BIMVENUS MULTIPURPOSE CONCEPT INTL CHIZZY NIGERIA LMITED SPECTRANET LIMITED WEST AFRICAN CERAMICS LIMITED RAGI INDUSTRIES LIMITED ORIENTAL FOOD INDUSTRY LIMITED RAGI INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD IRON PRODUCTS INDUSTRIES LIMITED IRON PRODUCTS INDUSTRIES LIMITED A M N COMPANY LTD PENTAGON PLASTIC INDUSTRIES LIMITED SPECTRANET LIMITED JMG LIMITED MULTI-CHEM INDUSTRIES LTD BIMVENUS MULTIPURPOSE CONCEPT INTL NSIK MOTORS LIMITED MULTI-CHEM INDUSTRIES LTD RAGI INDUSTRIES LIMITED A M N COMPANY LTD JMG LIMITED RAGI INDUSTRIES LIMITED SARO AGROSCIENCE LIMITED WYNCA SUNSHINE AGRIC PRODUCT NIG LT SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED UCHEKEN GLOBAL VENTURES LIMITED GERADISCO SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED BUA SUGAR REFINERY LIMITED
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SARO AGROSCIENCE LIMITED
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SARO AGROSCIENCE LIMITED SABASTEEL INDUSTRIAL NIG LTD KRISHAT PHARMA INDUSTRIES LIMITED EDO CEMENT COMPANY LIMITED MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED PRUDENT ENERGY AND SERVICES LTD SARO AGROSCIENCE LIMITED MANTRAC NIGERIA LIMITED BUA SUGAR REFINERY LIMITED DANGOTE FERTILIZER LIMITED DANGOTE SUGAR REFINERY PLC DANGOTE SUGAR REFINERY PLC DANGOTE FLOUR MILLS PLC MANTRAC NIGERIA LIMITED SWEET NUTRITION LTD MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED TULCAN ENERGY RESOURCES LIMITED MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED MANTRAC NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED DANGOTE CEMENT PLC DANGOTE CEMENT PLC DANGOTE CEMENT PLC NWAGBOSO CHINEDU BARTHOLOMEW NWAGBOSO CHINEDU BARTHOLOMEW NAFIX GLOBAL SERVICES LIMITED SIR LITTLE JONNY INTEGRATED CONCEPTS LTD MORISON INDUSTRIES PLC LUXURY CITY LIMITED SAMANJA POWER OF UNITY ENTER NIG OFFIONG FRED MONTE ONI MODUPE OLUBUNMI ONI ADESOJI ADENIRAN STOWE OWUNABO AUSTIN OKEKE CHIDI ONWUBIKO OLADEJO ADEBANKE TOLULOPE LAWAL ATIKU AKANDE-ADENIJI ADEREMI OGUNBIYI THEOPHILUS AYODEJI JAMES PEREIRA THEODORA OLUYINKA OGUNBIYI HEIDI ILEKA MICHAEL AZUBIKE OKAFOR JOAN CHINONYELUM IYOGWOYA PAULINA ONIME BIACHI VICTORIA ROLAND ENOSAKHARE OLAGUE CHAB INVESTMENT COMPANY LIMITED TOP STEEL NIGERIA LIMITED NAKS INTERNATIONAL CO LTD TULCAN ENERGY RESOURCES LIMITED CHAB INVESTMENT COMPANY LIMITED IRON PRODUCTS INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD CROWN FLOUR MILLS LIMITED DANGOTE CEMENT PLC NAKS INTERNATIONAL CO LTD TOP STEEL NIGERIA LIMITED STUDIO PRESS NIGERIA PLC STOCKGAP FUELS LTD
INDUSTRIAL RAW MATERIALS - PETROLEUM JELLY INDUSTRIAL RAW MATERIALS - PETROLEUM JELLY RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL FULL CREAM MILK POWDER GAS FLUSHED 28.1% RAW MATERIAL FOR MANUFACTURING:HOT ROLLED PERFORATED SHEETS INDUSTRIAL RAW MATERIALS - MENTHOL CRYSTAL SALE TO CBN RAW MATERIAL- SKIM MILK POWDER IN 25KG BAGS FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL: BEAMS GENERATING SET IN CKD FORM RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS AC MOTOR PURCHASE OF WASHING MACHINES IMPORT OF INDUSTRIAL RAW MATERIAL - SYNTHETIC TOW OF ACRYLIC FOR SPINNING GENERATING SETS IN CKD FORM PAYMENT FOR MOTORCYCLE SPARE PARTS INDUSTRIAL RAW MATERIALS - POLYOL (PPG3601) GENERATING SETS IN CKD FORM FOR IMPORTATION OF ANIMAL FEED INDUSTRIAL RAW MATERIALS- LIQUID PARAFFIN (RILOIL 015) PAYMENT FOR MOTORCYCLE SPAREPARTS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS IMPORTATION OF GAZPROMNEFT LUBRICANT OIL PAYMENT FOR LABORATORY REAGENTS INDUSTRIAL RAW MATERIALS - LIQUID PARAFFIN INDUSTRIAL RAW MATERIALS - MIDDLE CHROME, LEMON CHROME, SCARLET CHROME RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL: BEAMS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS 4,400 MT OF LIQUIFUED PETROLEUM GAS MEETING DPR SPECIFICATIONS Purchase of Raw Material INDUSTRIAL RAW MATERIALS - POLYOL (PPG3601) INDUSTRIAL RAW MATERIALS - POLYOL (PPG3601) MACHINERY FOR STORAGE AND RE-PRODUCTION OF ELECTRIC CURRENT (STATIC CONVERTER) GENUS BRAND INDUSTRIAL RAW MATERIAL:FLAT ROLLED ALLOY STEEL INDUSTRIAL RAW MATERIALS FOR MANUFACTURING : IRON OXIDE RED 130 (40,000KGS) LTE Wireless Router Model No. ZLT P21 (with Qualcomm Chipset). GRANULES INDUSTRIAL RAW MATERIALS - PETROLEUM JELLY (RILJELL) RAW MATERIAL - BUTTER MILK POWDER IN 25KG BAGS SOLAR STORAGE BATTERY RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS LIQUID GAS COOKER/AUTOMATIC VOLTAGE REGULATOR PURCHASE OF INDUSTRIAL RAW MATERIAL LTE Wireless Router Model No. ZLT P21 (with Qualcomm Chipset). ENGINES INDUSTRIAL RAW MATERIALS - STYRENE ACRYLONITRILE (SAN) COPOLYMER RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL TO IMPORT 100 UNITS BRAND NEW JINBEI BRAND BUSES INDUSTRIAL RAW MATERIALS - ACTIVATED EARTH NB SOLAR BATTERY AC MOTOR GENERATING SETS IN CKD FORM INDUSTRIAL RAW MATERIALS - PETROLEUM JELLY AGRICULTURAL HERBICIDE: SLASHER 1L/5L AGRICULTURAL HERBICIDE (" SUNPHOSATE0360 SL" BRAND) AGRICULTURAL HERBICIDE: SLASHER 1L/5L AGRICULTURAL HERBICIDES AGRICULTURAL HERBICIDES PAYMENT FOR GYPSUM PLASTER, SENTUS, PLASTER OF PARIS BEING PAYMENT FOR LPG CYLINDER, CYLINDER HANDLE, CYLINDER BASE, LPG BURNER, LPG HOSE ETC AGRICULTURAL HERBICIDE: SLASHER 1L/5L AGRICULTURAL HERBICIDES AGRICULTURAL INSECTICIDE- HALLAKAT TRI-AXLE SIDE-WALL SEMI-TRAILER AGRICULTURAL HERBICIDE: SLASHER AGRICULTURAL HERBICIDE: GOBARA AGRICULTURAL HERBICIDE: SAROSATE AGRICULTURAL HERBICIDE/ FUNGICIDE HOT ROLLED STEEL SHEETS COMPLETELY KNOCK DOWN DIESEL GENERATOR SET WITH ACCESSORIES MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT Various Caterpillars VARIOUS CATERPILLAR AND OLYMPIAN DIESEL GENERATOR SETS IMPORTATION OF PETROLEUM PRODUCTS BLOCK F, OFF TOWN PLANNING WAY, OLUYOLE INDUSTRIAL ESTATE IBADAN OYO STATE, IBADAN, AIYEDAADE, OSUN VARIOUS CATERPILLAR AND OLYMPIAN DIESEL GENERATOR SETS ABOUT 10,312.50 METRIC TONS OF RAW SUGAR IN BULK OASE ANTIFOAM A 15,000MT BRAZILIAN CANE RAW SUGAR 15,150MT BRAZILIAN CANE RAW SUGAR MILLING WHEAT CATERPILLAR INDUSTRIAL MACHINERY SPARE PARTS WRAPPING MATERIALS VARIOUS OLYMPIAN GEP(33,110,150,50,65,220,88)- CKD DIESEL GENERATOR SET. CATERPILLAR INDUSTRIAL MACHINERY SPARE PARTS TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 20,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED VARIOUS OLYMPIAN GEP(33,110,150,50,65,220,88)- CKD DIESEL GENERATOR SET. CATERPILLAR INDUSTRIAL MACHINERY SPARE PARTS CATERPILLAR INDUSTRIAL MACHINERY SPARE PARTS VARIOUS OLYMPIAN GEP(33,110,150,50,65,220,88)- CKD DIESEL GENERATOR SET. VARIOUS OLYMPIAN GEP(33,110,150,50,65,220,88)-CKD DIESEL GENERATOR SET. CATERPILLAR INDUSTRIAL MACHINERY SPARE PARTS IMPORT OF INDUSTRIAL RAW MATERIAL - PET RESIN IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE IMPORT OF INDUSTRIAL RAW MATERIAL - LDPE IMPORT OF INDUSTRIAL RAW MATERIAL - XYLENE TO PURCHASE INDUSTRIAL RAW MATERIAL - TITANIUM DIOXIDE IMPORT OF INDUSTRIAL RAW MATERIAL - ETHYL ACETATE PURCHASE OF RAW MATERIAL - LOW DENSITY POLYETHYLENE POLYMER IMPORT OF INDUSTRIAL RAW MATERIAL - POLYOL IMPORT OF INDUSTRIAL RAW MATERIAL - PVC IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN OIL IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION IMPORT OF INDUSTRIAL RAW MATERIAL - POLYOL IMPORT OF INDUSTRIAL RAW MATERIAL - LLDPE IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE DIISOCYANATE PAYMENT CLINKER SITE GRINDING PAYMENT IRO SURVEYING SERVICES FOR SITE GRADING PAYMENT IRO Q1 BUDGET JAN TO MARCH 2019 EDUCATION EDUCATION ELECTROMAGNETIC FLOWMETER 6410 UMBRELLA PHARMACEUTICAL RAW MATERIALS PAPER BOARD UMBRELLA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA INDUSTRIAL RAW MATERIAL OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE INDUSTRIAL RAW MATERIAL RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL WHEAT CANADIAN WESTERN RED SPRING - NO. 2 -13% PROTEIN WHEAT - 10,000 M.TONS OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE 4,400 MT OF LIQUIFUED PETROLEUM GAS MEETING DPR SPECIFICATIONS
DATE OF USD EXFUND CHANGE SALE RATE
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OFFSHORE CHARGE OFFSHORE CHARGE ANNUAL SUBSCRIPTION FOR ACL EDUCATION EDUCATION EDUCATION TIGER HEAD BRAND PAPER JACKET DRY BATTERY USED TRUCK ENGINE CYLINDER LINEAR, TRANSMISSION VALVES, SPROCKET CABLES (EKEFLO BRAND) SEWING MACHINE NEEDLES DECORATIVE IRON MOTIFS (MACOLIGHT BRAND) ELECTRICAL APPLIANCE CABLES (EKEFLO BRAND) TIGER HEAD BRAND PAPER JACKET DRY BATTERY UMBRELLA AUTO SPARE PART (CYLINDER LINER) UMBRELLA TIGER HEAD BRAND PAPER JACKET DRY BATTERY DISCHARGE LAMPS (B22 MODEL) PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION FOOTBALL SHINE BAG AND SHOE ACCESSORIES (EYELET, RIVETS MAKE UP WITH STEEL) WATRE PUMP GYPSUM PLASTER OF PARIS WATER PUMP ELECTRICAL CABLES AND COPPER WIRE INNER HINGES GYPSUM PLASTER OF PARIS FOOTBALL SHINE GYPSUM PLASTER OF PARIS UMBRELLA TCHNICAL SERVICES FEES GENERATING SETS IN CKD FORM ENGINES AGRICULTURAL HERBICIDES THREE WHEELERS (200CC MOTORIZED TRICYCLES SPARK IGNITION) IN CKD - TVS BRAND, ENGINE TYPE: 4 STROKE PETROL VERSION GENERATING SETS IN CKD FORM AGRICULTURAL INSECTICIDES SALE TO CBN THREE WHEELERS (200CC MOTORIZED TRICYCLES SPARK IGNITION) IN CKD - TVS BRAND, ENGINE TYPE: 4 STROKE PETROL VERSION AGRICULTURAL HERBICIDE ("NWURA WRA GLYPHOSATE 360G/L) ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING IMPORTATION OF WB TOB Overprint Extender & Mat (Printing Ink related Raw Materials) IMPORTATION OF VARIOUS PV 86 COLORS, Masterbatches, WHITE AND EXTENDER ( Printing Ink related raw materials IMPPORTAION OF ABS PLASTER OF PARIS NEW DAYLONG MOTORCYCLE DL125 CKD NEW DAYLONG MOTORCYCLE DL125 CKD PURCHASE OF SANITARY PADS, AUTOMATIC VOLTAGE REGULATORS AND SOLAR PANELS PAYMENT FOR GOODS-ACETIC ACID (GLACIAL 99.85%) INDUSTRIAL RAW MATERIAL: DEXTROSE INDUSTIAL RWA MATERIAL:DEXTROSE MONOHYDRATE PURCHASE OF PHARMACEUTICAL PRODUCTS PAPER IMPORTATION OF 20,000MT OF GASOIL GENERATING SETS IN CKD FORM GENERATING SETS IN CKD FORM GENERATING SET IN CKD FORM RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL HOT ROLLED STEEL CHANNELS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL GRANULES FOR IMPORTATION OF ANIMAL FEED AGRICULTURAL HERBICIDES WHEAT GERM OIL PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION EDUCATION EDUCATION UMBRELLA AUTO INJECTOR AUTO INJECTOR WATER PUMP ANIMAL FEED PROTEIN SUPPLEMENT FOR FISH WATER PUMP SOLAR PANEL PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS PHOTOCOPY PAPER IMPPORTAION OF ABS PLASTER OF PARIS BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION VARIOUS PRINTING ROLLER FOR EXERCISE BOOK PRINTING MACHINE: INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 20,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED RAW MATERIAL- SKIM MILK POWDER IN 25KG BAGS 15,150MT BRAZILIAN CANE RAW SUGAR FOODPRO 50 SOY PROTEIN OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE 4,400 MT OF LIQUIFUED PETROLEUM GAS MEETING DPR SPECIFICATIONS OFFSHORE CHARGE OFFSHORE CHARGE FOR IMPORTATION OF ANIMAL FEED FERRO SILICO MANGANESE RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL OFFSHORE CHARGE 15,000MT BRAZILIAN CANE RAW SUGAR
17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19
342.50 342.50 342.50 342.50 342.50 342.50 360.00 343.00 342.50 342.50 342.50 342.50 342.50 342.50 342.50 342.50 345.50 342.50 342.50 342.50 342.50 345.50 342.50 347.50 343.00 342.50 342.50 342.50 342.50 342.50 345.00 345.50 342.50 342.50 342.50 342.50 343.00 345.50 343.00 342.50 343.00 342.50 342.50 342.50 342.50 342.50 342.50 345.50 342.50 342.50 342.50 342.50 342.50 342.50 342.50 342.50 342.50 341.00 342.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 340.50 340.50
29,000.00 18,000.00 113,000.00 70,000.00 46,000.00 40,000.00 13,992,000.00 11,000.00 77,000.00 21,000.00 18,000.00 82,000.00 18,000.00 7,000.00 4,000.00 11,000.00 19,000.00 3,000.00 21,000.00 31,000.00 24,000.00 20,000.00 247,000.00 3,000.00 17,000.00 51,000.00 20,000.00 520,000.00 82,000.00 42,000.00 424,000.00 7,000.00 6,000.00 56,000.00 92,000.00 51,000.00 1,000.00 240,000.00 3,000.00 20,000.00 40,000.00 25,000.00 78,000.00 43,000.00 91,000.00 8,000.00 51,000.00 240,000.00 34,000.00 5,000.00 104,000.00 127,000.00 36,000.00 20,000.00 11,000.00 18,000.00 35,000.00 132,000.00 10,000.00 58,000.00 114,000.00 206,000.00 44,000.00 5,000.00 75,000.00 62,000.00 108,000.00 100,000.00
17-Jun-19
340.50
1,120,000.00
17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19
340.50 340.50 340.50 340.50 340.50 340.50 340.50 340.50 340.50 340.50 339.00 339.00 339.00 339.00 332.50 332.50 332.50 332.50 332.50 332.50 332.50 332.50 332.50 332.50 332.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 331.50 360.80 360.80 360.80 360.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00
970,000.00 320,000.00 46,000.00 100,000.00 35,000.00 31,000.00 13,000.00 400,000.00 44,000.00 1,000,000.00 41,000.00 200,000.00 1,000,000.00 160,000.00 58,000.00 31,000.00 56,000.00 26,000.00 1,133,000.00 97,000.00 55,000.00 41,000.00 120,000.00 85,000.00 57,000.00 25,000.00 106,000.00 26,000.00 8,000.00 20,000.00 50,000.00 11,000.00 39,000.00 52,000.00 33,000.00 13,000.00 24,000.00 25,000.00 29,000.00 609,075.00 2,986.40 33,710.00 3,438.13 12,617.00 1,025.00 20,000.00 7,727.72 10,000.00 20,000.00 3,734.94 1,295.81 3,989.06 4,000.00 4,000.00 3,000.00 3,000.00 4,000.00 4,000.00 3,999.59 4,000.00 1,000.00 2,000.00 4,000.00 1,892.55 4,000.00 3,676.75 838.22 1,526.38 886.80 514.26 963.46 532.53 280.00 355.79 356.25 920.87 549.73 4,676.36
ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED RAMONU LATEEF OLATUNJI AZEEZ OLANREWAJU RAUF OKE OLUWABUSOLAMI AGBEKE J M EKWENIBE AND SONS LTD GUARANTEE TRENDS AND SERVICES LIMITED CU-BAS INTERNATIONAL NIG LTD EKENEZ ELECTRICAL NIGERIA LIMITED PONNOVIC INVESTMENT LIMITED MACOHAYS INVESTMENT NIGERIA LIMITED MEKAI GLOBAL RESOURCES LIMITED EKEFLO NIGERIA LIMITED G O UDOKASON INTERBIZ CHINAZU - NWA VENTURES WULUS INTEGRATED LINKS LIMITED OGENE CONCERNS LIMITED CLEAN PAGE INTERNATIONAL LIMITED MAKON WIRE AND CABLE NIGERIA LTD ONIANWA CHEKWUBECHUKWU AFAM ANTHONY OBIAGO OGUNNAIKE FOLASADE OLUWATOSIN ADEKEYE RONKE AMUDA DEMEHIN RONKE MOROMOKE OMOLOLU MODUPEOLA ABIODUN OBANOR OMOMENE CHRISTIANA OLUJOBI YEMISI TAIWO AZIAGBA FLORENCE CHINWE EBOH RUTH ONYEMAECHI EBOH RUTH ONYEMAECHI JOMBO-UMEH NGOZI OLUCHI NDUKWE ECOBANK KENYA ECOBANK MOZAMBIQUE PONNOVIC INVESTMENT LIMITED CIJO ENT NIG IYKEROSE LOGISTICS GABOSKY MARKETING LINKS PARIS VARIETIES LIMITED LEADWAY EXPRESS PETROLEUM LTD WOODPOINT INDUSTRIES LTD EJIDE STANDARD GLOBAL ERICPRINT LIMITED Y.JIREY NIG LTD MICO BABY NECESSITIES COMPANY LIMI SMILE COMMUNICATIONS NIGERIA LTD JMG LIMITED JMG LIMITED JUBAILI AGROTEC LIMITED WANDEL INTERNATIONAL NIG LTD JMG LIMITED JUBAILI AGROTEC LIMITED CENTRAL BANK OF NIGERIA WANDEL INTERNATIONAL NIG LTD WYNCA SUNSHINE AGRIC PRODUCT NIG LT CKS INTERNATIONAL LIMITED SIEGWERK WEST AFRICA LIMITED SIEGWERK WEST AFRICA LIMITED UCHE-SYLVA INTERNATIONAL LIMITED AKEBONO INDUSTRIAL COMPANY LTD AKEBONO INDUSTRIAL COMPANY LTD C JIMSON NIGERIA LTD WHITFIELD VENTURES LTD SUMAL FOOD LIMITED SUMAL FOOD LIMITED DORTEMAG VENTURES LIMITED STUDIO PRESS NIGERIA PLC A A RANO NIGERIA LTD JMG LIMITED JMG LIMITED JMG LIMITED SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD IRON PRODUCTS INDUSTRIES LIMITED BIMVENUS MULTIPURPOSE CONCEPT INTL WEST AFRICAN CERAMICS LIMITED NAKS INTERNATIONAL CO LTD CROP CARE LIMITED GODREJ NIGERIA LIMITED ITEK EDIKAN IME ARANYE-OKILO, CORDELIA POPOOLA MODUPEOLA OLUFUNMILAYO ADEYEMI ABOLADE SHUAIBU AYUBA MOHAMMED EMANUEL FRANCESCA YETUNDE CHUKWUDILE OBIORA JOSEPH ELIGWE AKUOMA NWANKWO ROSE NGOZI NWANKWO CHIDI LINUS OKWARA UCHE PETER OFUANI CHRISTOPHER CHUKWUNWEIKE BANJO OLUWATOSIN AYOOLA ALABI BABATUNJI SUBAIR STEPHEN KAYODE MAJOROH OGHENEMARO BALOGUN MADEMOYE OJI EKENMA ONABAMIRO RAFEEQUAT ARINOLA OLUDIMU OLUFEMI LADIPO ECOBANK TRANSNATIONAL INCORPORATED DAWODU AKINTUNDE OLUSOJI RAY OLERU OBIAGELI PATIENCE ATO Z AND DIGITAL PRINTING LTD BANC C. EVERGREEN RESOURCES LIMITED BANC C. EVERGREEN RESOURCES LIMITED JOVAH AND SONS NIGERIA LIMITED OBIJOY VENTURES PAUL DANIELS INTERNATIONAL LIMITED BON CEE INDUSTRIES LIMITED ALABI OLUADE SIMEON MODEBE ANIREJUORITSE RITA OMINI ISU JOHN IMARALU CYRIL OSAGIE IMARALU CYRIL OSAGIE AJANAKU ADEKUNLE OLUSEUN OLISEYENUM ROSEMARY OBIELUMANI TATA MARGARET MBALAMEN AGHA CHRIS OLAIFA ADEFEMI OLUSEGUN OLADEPO KOLA OLANREWAJU OGBONNA MERCY OBIARURE DAG INDUSTRIES NIGERIA LTD VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED UCHE-SYLVA INTERNATIONAL LIMITED DAG INDUSTRIES NIGERIA LTD VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED TULCAN ENERGY RESOURCES LIMITED ORIENTAL FOOD INDUSTRY LIMITED DANGOTE SUGAR REFINERY PLC PROMASIDOR NIGERIA LIMITED CFAO MOTORS NIGERIA LIMITED INTEGRATED FISHERIES COMP LTD INTEGRATED FISHERIES COMP LTD CHELLARAMS INTEGRATED FISHERIES COMP LTD ANXIN INDUSTRIAL TECHNOLOGY NIGERIA STOCKGAP FUELS LTD OLYMPIC INKS LIMITED OLYMPIC INKS LIMITED NAKS INTERNATIONAL CO LTD TOP STEEL NIGERIA LIMITED BIMVENUS MULTIPURPOSE CONCEPT INTL IFEANYICHUKWU INDUSTRIES AND COMMER DANGOTE SUGAR REFINERY PLC
DATE OF USD EXFUND CHANGE SALE RATE 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19
360.00 360.00 360.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 361.50 361.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 361.30 357.50 357.50 357.50 357.50 357.50 357.50 357.00 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 357.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 361.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 307.00 360.80 360.80 360.80 360.80 357.00 360.50 360.80 360.80 360.00 360.00 360.00 361.30 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00
AMOUNT 10,864.39 907.56 30,150.00 3,000.00 6,344.34 8,303.51 20,000.00 15,000.00 20,000.00 20,000.00 10,000.00 14,234.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 3,999.59 2,000.00 4,000.00 3,998.85 1,886.25 4,000.00 653.90 4,000.00 4,000.00 850.00 1,257.50 1,500.00 5,000,000.00 7,500.00 10,000.00 10,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 200,000.00 43,673.87 66,364.83 100,000.00 145,804.20 50,234.87 13,446.40 1,580,475.83 50,000.00 50,000.00 64,834.69 29,645.25 54,467.30 156,580.13 98,656.00 101,344.00 100,000.00 549.10 36,000.00 36,000.00 42,215.00 83,516.79 123,388.95 127.77 38,076.74 14,926.53 137,062.94 5,570.68 21,000.00 102,538.13 8,500.00 294,855.00 345,000.00 5,145.00 1,458.70 4,000.00 4,000.00 4,000.00 4,000.00 3,990.08 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 2,500.00 1,400.00 500.00 4,000.00 4,000.00 881.09 203,854.00 12,297.27 4,457.95 20,000.00 10,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 3,996.37 3,999.42 2,100.00 962.12 3,000.00 4,000.00 300.00 2,263.80 1,358.28 2,631.67 4,000.00 3,910.26 30,000.00 14,828.08 93,347.00 46,732.48 7,702.96 25,607.68 181,042.77 18,957.23 24,000.00 5,410.00 199.03 5,619.15 36,600.00 16.09 655.26 412.64 250.00 328.92 631.43 3,000.00 160.15 1,104.21 2,379.33 1,430.94 1,621.44 100.00 26,119.28
41
MONDAY JUNE 24, 2019 • T H I S D AY
RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21st-JUNE 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER
ITEM OF IMPORT
296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338
OFFSHORE CHARGE RAW MATERIAL - BUTTER MILK POWDER IN 25KG BAGS OFFSHORE CHARGE POLISH ORIGIN SPRAY DRIED SWEET WHEY POWDER,FOOD GRADE, FRSH PRODUCTION SALE TO CBN SALE TO CBN SALE TO CBN EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION SEWING MACHINE NEEDLE ANIMAL FEED UNCOATED KRAFT PAPER AND BOARD METAL PINS HAND TOOLS (HAMMER) STEEL DOOR WATRE PUMP AUTO SPARE PARTS ( CORNER LAMPS) CASEMENT HANDLE PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION
OLYMPIC INKS LIMITED ORIENTAL FOOD INDUSTRY LIMITED CFAO MOTORS NIGERIA LIMITED PROMASIDOR NIGERIA LIMITED CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA ADERIBIGBE PATRICK TAIWO IBIKUNLE KAMORU AYINLA ADERIBIGBE PATRICK TAIWO DR EKOP ENO ELOHO ADESOLA KHADIJAT ARINLADE OLANIPEKUN ADETOKUNBO SAHEED ATA ANUKA JOEL NWOKE ODOCHI ULOMA COSMAS CHIKE FRANCES CHIOMA NWAN JESUS COMMODITY ENTERPRISE A C E MEGA BUSINESS ENTS SUPREME GIFTS ENTERPRISES CHARLES OBI ENTERPRISES LIMITED SUPREME CHOICE RESOURCES LTD ZIBRO INTERNATIONAL CONCEPTS LIMITED JESSON RESOURCES LIMITED BON CEE INVESTMENT LTD KUBA VIVIEN CHIME NNAEMEKA DAVID OLAGBAMI ADEBIYI OLUBUNMI IMAM GARBA YUSUF EKE EBERE TOBIAS FOLAMI MUSLIM OLOHUNTELE BABATUNDE AYODEJI OLATUNDE AMAGADA EMAMUZO JENNIFER OPARANMA AUSTIN OKACHI ANIAH JULIE OVUIGWERONYE PRINCEWILL ARIT TAMUNOTONYE DABOIK SOILE OLUTOLA OLANIYI BOB IBRU MABEL OLADIMEJI FUNKE REACHEL OWOYEMI JOYCE ULOMA OSAWE REGINA MODU ADEWOYE MICHEAL ABODUNRIN NWOGU BENJAMIN NDUBEZE ECOBANK CONGO KINSHASA
DATE OF USD EXFUND CHANGE SALE RATE 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19
360.00 360.00 360.00 361.30 357.00 357.00 357.00 360.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 361.00
AMOUNT 140.97 100.82 457.52 18,540.00 1,070,418.35 900,000.00 800,000.00 15,508.47 935.01 15,000.00 4,235.26 13,390.53 4,554.49 5,686.00 12,793.50 20,000.00 20,000.00 20,000.00 1,375.00 20,000.00 6,000.00 20,000.00 20,000.00 20,000.00 2,789.40 1,273.70 4,000.00 4,000.00 4,000.00 4,000.00 3,949.40 3,500.00 1,500.00 4,000.00 2,500.00 3,981.25 1,500.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 97,777.78
RETURNS ON UTILIZATION OF FUNDS SOLD (CNY) TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21ST-JUNE 2019 SN CUSTOMER 1
ITEM OF IMPORT
DATE OF CNY EXCH- AMOUNT FUND SALE ANGE RATE
SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR
17-Jun-19
50.00 825,000.00
RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 21ST-JUNE 2019 SN 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
SOURCE OTHERS OTHERS OTHERS INTERBANK OTHERS CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CAPITAL IMPRT/FDI DOMICILIARY ACCOUNTS EXPORT PROCEEDS EXPORT PROCEEDS IMTO IMTO IMTO OTHERS OTHERS OTHERS OTHER OTHERS OTHERS DOMICILIARY ACCOUNTS OTHERS INTERBANK OTHERS OTHERS EXPORT PROCEEDS CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS EXPORT PROCEEDS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS CAPITAL IMPRT/FDI DOMICILIARY ACCOUNTS EXPORT PROCEEDS EXPORT PROCEEDS IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO OTHERS OTHERS OTHERS OTHERS
DATE OF FUND PURCHASE 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 17-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 18-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 19-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 20-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19 21-Jun-19
USD EXCHANGE RATE 356.00 356.00 366.03 360.35 360.46 342.76 340.51 340.00 338.50 332.00 331.00 359.50 354.95 360.00 359.50 355.00 355.00 355.00 366.03 356.00 356.00 310.00 360.48 356.00 356.00 360.48 360.25 366.03 359.00 356.00 357.00 357.00 357.00 357.00 355.00 355.00 355.00 354.99 354.99 355.01 354.96 355.00 355.00 355.00 356.00 360.48 360.47 356.00 355.00 355.00 355.00 355.00 358.50 360.30 360.00 360.00 356.00 359.50 359.60 355.00 355.00 354.97 354.98 355.00 354.99 355.00 354.99 355.00 356.00 360.49 356.00 360.36
TOTAL AMOUNT AVERAGE AMOUNT
SN 1
RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 21ST-JUNE 2019 SOURCE DATE OF FUND PURCHASE CNY EXCHANGE RATE CBN INTERVENTION 17-Jun-19 49.50 TOTAL AMOUNT AVERAGE AMOUNT
AMOUNT 579,014.73 69,954.80 8,454.53 645,771.40 5,096.33 3,531,000.00 706,000.00 4,287,000.00 1,401,000.00 1,759,000.00 461,000.00 5,046,737.91 7,460.38 8,992,000.00 25,000.00 18,067.91 115,844.06 28,793.08 5,832.82 192,737.38 245,103.83 14,838.71 15,056.44 57,220.01 143,078.40 6,320.41 200,000.00 7,864.08 4,666.67 38,864.64 1,500,000.00 1,000,000.00 2,000,000.00 2,000,000.00 46,472.19 11,487.42 35,036.78 129.11 175.22 244.56 20.76 250.21 298.89 122.42 159,337.20 11,038.55 5,807.45 437,548.35 59,372.23 60,801.57 39,814.27 70,981.41 39,426.60 425,000.00 203,854.00 7,500,000.00 25,607.68 300,000.00 224,982.00 11,952.55 82,668.92 48,374.87 52,107.86 49,254.16 41,931.99 21,011.84 39,784.96 19,289.06 1,543,341.33 2,547.67 263,086.75 6,408.11 46,958,347.46 652,199.27
AMOUNT 825,000.00 825,000.00 825,000.00
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INTERNA TIONAL
Ethiopia Army Chief Shot Dead in Failed Coup The Chief of Staff of the Ethiopian Army, Gen Seare Mekonnen, has been shot dead by his own bodyguard in the capital, Addis Ababa. He and another officer died trying to prevent a coup attempt against the administration in Ethiopia’s northern Amhara region, PM Abiy Ahmed said. In Amhara itself, regional governor Ambachew Mekonnen was killed along with an adviser. The government said the situation is under control after arrests were made. The prime minister has gone on TV to urge Ethiopians to unite
in the face of “evil” forces set on dividing the country. The US State Department has warned its staff in Addis Ababa to stay inside. Ethnic violence has hit Amhara and other parts of Ethiopia in recent years. Since his election last year, Abiy has moved to end political repression by releasing political prisoners, removing bans on political parties and prosecuting officials accused of human rights abuses. Africa’s oldest independent country, Ethiopia is also the continent’s second most populous
(after Nigeria), with 102.5 million inhabitants from more than 80 different ethnic groups. A transfer hub for long-haul air travel, it has one of the fastest-growing economies in the world, but a vast number of young Ethiopians are without work. Gen Seare was killed on Saturday evening at his residence along with another general, Gezai Abera, by the bodyguard who is now in custody, the prime minister’s press office says. The government says it has reason to think the attack was linked to the assassination of
UK Premiership: Hunt Tackles Johnson over Domestic Row Jeremy Hunt has added his voice to calls for Tory leadership rival Boris Johnson to answer questions about a row with his girlfriend which led to police being called to their address. Hunt said someone who wants to be PM “should answer questions on everything”. Cabinet minister Liam Fox said it was better to explain what happened than allow it to become a “distraction”. But MPs campaigning for Johnson argue that it is a private matter. Leadership frontrunner Johnson refused to answer questions on the issue on Saturday at a Conservative Party hustings held as part of the contest to replace Theresa May as leader and ultimately prime minister. It comes after a neighbour called police and recorded a heated row at the home Johnson shares with his partner, Carrie Symonds, in Camberwell, south London. Defending his actions, neighbour Tom Penn told the Guardian he had been worried about his neighbours’ safety, adding: “I hope that anybody would have done the same thing.” He said he began recording from inside his flat, after he heard “slamming and banging” in the early hours of Friday. In the recording - heard by the Guardian, but not by the BBC - Ms Symonds could reportedly be heard telling the Tory MP to “get off me” and “get out of my flat”.
Asked about the issue, Hunt told Sky News: “I think someone who wants to be PM should answer questions on everything, but I’m not going to comment on character.” But the foreign secretary also said he thought the story about Johnson’s row with his girlfriend was “irrelevant to the leadership debate” because the country was in “such a serious situation” over Brexit. “What happens in people’s personal lives is really a matter for them. “What people care about is who is going to be the wise prime minister who navigates this country out of the biggest constitutional crisis in our lifetimes.” Later, to the BBC, he repeated his calls for Mr Johnson to debate live with him on television, and accused him of “not answering” the “difficult” questions about Brexit. The comments came after International Trade Secretary Fox - a backer of Hunt - told the BBC’s Andrew Marr Show that it was “always easier to just give an explanation” about what had happened. “The key thing is then how you get on to the issues,” he said. “What we can’t have is it being a distraction from explanations about wider policy.” He said it was “fair” for candidates to be asked questions about their character, but added: “I’m not sure what we’ve seen over the last few days is a fair reflection of that.”
But Fox dismissed suggestions that Johnson’s private life made him a potential security risk. Recalling Johnson’s previous role in government, he said: “Do you think Theresa May would make him foreign secretary if there were genuine worries about him being a security risk?” “I think we have to get away from these distractions and talk about policy issues.” Meanwhile, speaking to John Pienaar on BBC Radio 5 Live, Chief Secretary to the Treasury Liz Truss said Johnson had a proven record, so “people know what he’s like in office”. Image copyright PA Image caption Police were called to Ms Symond’s Camberwell flat On Saturday, Johnson repeatedly avoided questions about the incident as he and Mr Hunt made their pitches to Tory party members on why they should succeed Mrs May as prime minister. When the event moderator, Iain Dale, accused him of ducking the question, Johnson did not respond directly, instead saying: “People are entitled to ask me what I want to do for the country.” Dale was heckled by some in the audience when he continued to press the MP, but Johnson later defended his persistence. “There will have been lots of other people in the audience who didn’t boo, and who actually did want to hear the answer to that question,” Mr Dale told the BBC.
Mauritania Set for First Democratic Transition of Power Mauritania has been voting in what may result in the first democratic transition of power since the West African country achieved independence in 1960. President Mohamed Ould Abdel Aziz seized power in a coup in 2008, but has agreed to step down and abide by a two-term limit of office. Votes are now being counted and the result should be known next week. Six candidates are competing for the presidency. The frontrunner is Mohamed Ahmed Ould Ghazouani, the country’s defence minister and a close ally of the current president, BBC West Africa correspondent Louise Dewast reports. Opposition candidates also
took part in a move seen as a positive step forward, after boycotting several previous polls. The five other candidates include former Prime Minister Sidi Mohamed Ould Boubacar, and a well-known activist and anti-slavery campaigner, Biram Dah Abeid. The country’s electoral commission promised a free and fair election, despite claims by the opposition that it was biased in favour of the governing party. Mauritania’s press authority said on Friday that it had received no complaints about the coverage of the campaign. The most critical issue on the campaign trail has been the standard of living, which
every candidate has promised to improve. Slavery also remains an issue. Mauritania became the final country in the world to formally abolish slavery in 1981, but it continues to this day. Criminal laws allowing slaveholders to be prosecuted were passed in 2007, but have yet to be fully and effectively enforced. After Mauritania achieved independence from France in 1960, the country’s first president held power for 18 years before being ousted in a military coup. More coups followed in 1984, 2005 and 2008. If Saturday’s election ends with no clear winner, a run-off election is due to be held on July 6.
the governor of Amhara a few hours earlier in the region’s capital, Bahir Dar. Ambachew was killed at a meeting in his office along with his senior adviser, Ezez Wasie, while the region’s attorney general was wounded. Lake Ayalew has now been appointed as the region’s acting governor. The prime minister’s office accused Amhara’s regional
security chief, Brig-Gen Asaminew Tsige, of plotting the coup attempt. It is unclear whether he has been arrested. Many of those involved in the coup attempt are under arrest and operations are in progress to detain others, the PM’s press office said. “The coup attempt in Amhara regional state is against the constitution and is intended to scupper the hard-won peace of the region,” it added.
“This illegal attempt should be condemned by all Ethiopians and the federal government has full capacity to overpower this armed group.” The mayor of Addis Ababa, Takele Uma, has said life will resume as normal on Monday and he called on the city’s public employees to go to work as usual. Safety and security would be maintained in the capital, he promised.
Militants Killed While Attacking Kenya Police Base Three suspected al-Shabab militants have been killed after they attacked a police camp in Kenya’s eastern County of Garissa, close to the border with Somalia, police said. Other fighters were repulsed by security officers, a statement said. At least eight Kenyan police officers were killed in an alShabab bomb attack last week
in north-eastern Wajir County. The militants have been trying to overthrow the Somali government. The al-Qaeda-linked group has carried out attacks and kidnappings in Kenya, vowing retribution for the country’s involvement with Amisom - a 20,000-strong African Union force helping to support the government in Somalia.
The Friday night attack happened in Yumbis Border Patrol unit camp in Fafi subcounty, but security officers did not suffer any casualties, police said. The militants damaged a mobile phone mast, cutting off communication in the area, local newspaper The Star reports. A team of security forces was pursuing the surviving assailants, police said.
Turkey’s Ruling AKP Loses Istanbul Again Turkey’s ruling party has lost control of Istanbul after a re-run of the city’s mayoral election, latest results show. The candidate for the main opposition party, Ekrem Imamoglu, won 54% of the vote with nearly all ballots counted. He won a surprise victory in March which was annulled after the ruling AK party complained of irregularities.
His opponent, ex-PM Binali Yildirim, has conceded. President Recep Tayyip Erdogan congratulated the winner. “I congratulate Ekrem Imamoglu who has won the election based on preliminary results,” he tweeted. But the result is being seen as a major setback for Erdogan, who has previously said that “whoever wins Istanbul, wins Turkey”.
In his victory speech, Mr Imamoglu said the result marked a “new beginning” for both the city and the country. “We are opening up a new page in Istanbul,” he said. “On this new page, there will be justice, equality, love.” He added that he was willing to work with Mr Erdogan, saying: “Mr President, I am ready to work in harmony with you.”
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Bandits Kill Three People, Kidnap 20, Rustle 500 Cattle in Zamfara Chinedu Eze Three persons were killed with about 20 others kidnapped and about 500 cattle rustled following a fresh attack in Maradun Local Government Area (LGA) of Zamfara State by suspected bandits. Several persons were also said to have been injured with 500 cattle rustled away in the attack, which took place at the hometown of Governor Bello Matawalle. It was not clear whether the people kidnapped were women
alone or men and women. The attackers were said to have invaded Kalhu, Tsage and Geeri villages near Gandi on Saturday.
attack on Gama Giwa village was carried out earlier yesterday. “My local government is under siege; they are attacking our communities and villages
virtually everyday and the military manpower cannot overpower these people. We record four to five attacks on weekly basis, people are dying,
others are being kidnapped because the security forces are not well equipped to fight these people,” he explained. According to reports, villagers
in the areas where the attack took place are running away to safe places, as many migrated to the local government headquarters.
They reportedly shot from around 5 p.m. on Saturday till yesterday morning, after which they carted away hundreds of cows, sheep, and other valuables. According to the Chairman of the LGA, Alhaji Ahmed Abubakar, the bandits stormed Faru village last Monday and Bachiri on Saturday while an
Buhari Sympathises with Rivers over Gas Pipeline Tragedy, Orders Investigation Omololu Ogunmade in Abuja President Muhammadu Buhari has condoled with the people and government of Rivers State following the death of some workers in gas pipeline tragedy in the state. The president, in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu in Abuja, also condoled with the families of the victims. President Buhari said he was extremely pained by the loss of lives as a result of the incident. He, therefore, asked for ”a thorough investigation to determine what is responsible for the gas pipeline tragedy in Oyibo Local Government Area of Rivers in which several fatalities were reported”. The gas tragedy reportedly occurred at Kom Kom community of Oyibo Local Government Area on Saturday when workers were fixing a faulty section of the pipeline. In the same vain, Buhari commiserated with the government and people of Zamfara State on the recent infiltration of bandits, who
killed several innocent citizens in Tsafe Local Government Area of the State. In a separate statement by Shehu, yesterday, Buhari condemned the incident, describing the bandit’s attacks as “callous and despicable”. He assured the people of Zamfara and other Nigerians who had lost loved ones to violent attacks that the government, under his watch, would soon bring such dastardly acts to an end. The president commended the new administration in the State for putting in new security measures to curtail the activities of criminals and bandits. He urged them not to despair but to see the latest attack as a challenge to step up collective actions to rout the enemy, in partnership with the Federal government. While urging law enforcement agencies to take prompt and timely actions against the wicked attackers, Buhari appealed to citizens to have faith in the security agencies by giving them useful information on plans and the movements of the bandits.
Jonathan Condemns Attempted Coup in Ethiopia Esther Oluku Former President Goodluck Jonathan has condemned the attempted coup in Ethiopia, which claimed the lives of the President of Amhara region and the country’s army chief. A “hit squad” led by Amhara’s security chief, Asaminew Tsige, stormed a meeting in the state offices of Amhara’s capital, Bahir Dar, on Saturday and shot the President of the region, Ambachew Mekonnen, and his adviser, Ezez Wassie. In what appeared like a coordinated attack, the Chief of Staff of the national security forces, Seare Mekonnen, and a retired general were killed by a bodyguard in Addis Ababa. Reacting to the incident, Jonathan emphasised that “nobody’s political ambition is worth the blood of the citizens in Ethiopia or any other nation.” In a statement issued yesterday by his spokesman, Ikechukwu Eze, the former
president said: “I have long said, believed and practised the principle that nobody’s political ambition is worth the blood of any citizen. As such, it bleeds my heart when there is unnecessary and avoidable bloodshed, as has just happened in Ethiopia.” While condemning the attempted coup against the democratically elected Ethiopian government, Jonathan further said: “I go further to call on men and women of goodwill around the world to also condemn such anti-democratic actions and show solidarity to the democratically elected constitutional order in Ethiopia. “Democracy has come to rest in Africa. Constitutionality and the rule of law are what we in Africa need, especially in the cradle of civilisation and the melting pot of the African Union. “May God bless Africa and may He be with the government and people of Ethiopia at such a trying time,” he added.
REGIONAL COOPERATION…
L-R: The immediate past president of Afreximbank, Mr. Jean-Louis Ekra; President, Afreximbank, Prof. Benedict Oramah; and the Secretary to the Government of the Federation (SGF)/Chair of the 2019 Annual Meeting of Afreximbank, Mr. Boss Mustapha, during the bank’s summit in Moscow, Russia…yesterday
RMAFC Recovers N57.7bn from Commercial Banks James Emejo in Abuja The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stated that it has so far recovered the sum of N57.7 billion from Deposit Money Banks (DMBs) in its ongoing monitoring and verification exercise on tax collections by the financial institutions. The banks had been contracted by both the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) to collect revenues on their behalf. This is as the commission further has insisted that its current verification exercise on tax collections by banks was within its mandate as contained in Section 6(1) of the RMAFC Act, 2004. This section, according to the agency, provides that the commission shall have
powers to among others, monitor the accruals to and disbursement of revenue from the Federation Account. The commission had come under criticism from a section of the public over the legality of the exercise. Nevertheless, the commission, in a statement issued by its Head, Public Relations, Ibrahim Mohammed, further explained that the sum of N48.7 billion had already been recovered and remitted into the Federation Account, while the balance of N9.07 billion, which related to withholding tax on dividend had been duly released to the benefitting states Boards of Internal Revenue (SBIR). In its previous exercise covering January 2008 to June 2012, RMAFC had announced the recovery of the sum of N4.2 billion from
the banks, and had promised more recoveries. Following the subsequent approval by the National Economic Council (NEC), which launched the second phase of the exercise covering the period July 2012 to December 2015, the sum of N57.7 billion was reportedly recovered from the exercise. According to the statement, “It is worth clarifying that RMAFC does not deal with individual tax payers directly but monitors collections by collaborating with sister agencies like the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR), Nigeria Customs, and FIRS to ascertain how much was actually collected and remitted into the Federation Account so as to minimise revenue
leakages. “It was not a tax authority but a revenue watchdog that monitors revenue collections by revenue generating entities like the FIRS, Customs, DPR, NNPC and others that remit directly into the Federation Account. The revenue streams that accrue into the federation account under the watch of RMAFC include tax (Withholding Tax and Vat), Royalties, Signature Bonuses, custom duties, tariff.” “In order to ensure transparency and accountability in revenue generation and remittance with a view to reducing revenue leakages, the commission seeks further collaboration and cooperation of revenue generating and regulatory agencies, anticorruption agencies as well as the civil society and the media,” the agency explained.
FG to Verify Ex-Nigeria Airways Workers in London Esther Oluku The federal government yesterday said it would take the verification and payment of ex-workers of the defunct Nigeria Airways Limited (NAL) in Diaspora to London, United Kingdom. The two weeks exercise which will be conducted by an inter-ministerial team begins today, June 24, 2019, at the Nigerian High Commission Complex in London, UK. The team, which would be coordinated by the Presidential Initiative on
Continuous Audit (PICA) under the Federal Ministry of Finance, will comprise the Independent Corrupt Practices and Other Related Offenses Commission (ICPC), Economic and Financial Crimes Commission (EFCC), Auditor General Office, Accountant General Office, Federal Ministry of Finance, and others. The development was confirmed by a statement issued by the Acting Director of PICA, Mr. John Waitono. The statement said the federal government approved the conduct of the exercise
for those in Diaspora in London, due to the role the city of London played as the European Operational Office of the defunct NAL. The statement said the essence of the exercise is to alleviate the hardship experienced for more than a decade while waiting for the benefits and to save them from the stress and financial burden of travelling to the country for the exercise. A similar exercise had taken place in Kano, Lagos and Enugu centres to attend to the over 6,000 ex-workers of NAL, following the approval
of N22.6 billion by President Muhammadu Buhari, to pay their entitlements. The federal government had paid the first 50 per cent of the entitlements to the ex-workers who had completed their verification exercise in October 2018. Buhari, who had apologised for the over a decade neglect by previous administrations, gave the directive that the verification and payment exercise for the ex-staff in Diaspora be done in London to save them the cost and stress of travelling down to Nigeria.
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NAF Denies Supplying Weapons to Killer-herdsmen in Enugu Christopher Isiguzo in Enugu The Nigerian Air Force (NAF) yesterday dismissed as false, unfounded, mischievous and deliberate attempt to instigate violence the report circulating on the social media that its operatives dropped weapons for killer-Fulani herdsmen in the forest area of Akwuke community in Enugu South council area of Enugu State. In a statement issued by the acting Command Public Relations and Information Officer, Headquarters Ground Training Command of the NAF
in Enugu, Faith Aigbeoghain, a Flight Lieutenant, the force said the report was not only false but “deliberately misleading and obviously concocted by the writer to cause disaffection and incite negative and divisive emotions.” The report, accompanied with a picture, had gone viral, claiming that the Air force personnel were dropping weapons for the Fulani herdsmen ahead of a planned attack in state. According to the statement, “The attention of Headquarters Ground Training Command (HQ
GTC) of NAF Enugu has been drawn to a story being circulated by some mischievous, misguided elements purporting that NAF helicopters were being used to ‘drop’ weapons for Fulani herdsmen in the forest area of Akwuke community in Enugu South Local Government Area (LGA) of the state. The report alleged that helicopters had been seen on several occasions flying at low level and landing in the forest area to discharge their packages. “HQ GTC wishes to state
that the report is deliberately misleading and obviously concocted by the writer to cause disaffection and incite negative and divisive emotions. It must be noted that the NAF has two helicopter training institutions under its purview, which have been operating in Enugu for several years. These are the International Helicopter Flying School (IHFS) and 405 Helicopter Combat Training Group (405 HCTG), whose training curricula include low level flying around the forest areas near Akukwe,
which is one of their designated training areas. “In particular, the 405 HCTG commenced tactical training on the newly acquired 109 power helicopters on May 24, 2019, which includes low level flying as well as other maneuvers requiring them to land and take off within the training area. “However, at no time was any NAF helicopter used to ‘drop’ any materials, let alone deliver weapons to any individual or group. Members of the public, especially residents of Enugu
State, are therefore advised to discountenance the fake report and go about their normal activities without fear. “The NAF, as a professional fighting force, remains resolute in performing its constitutional role of defending the territorial integrity of a united Nigeria. Accordingly, we shall continue to work assiduously in synergy with sister services and other security agencies to rid the country of all criminal elements to enable all Nigerians pursue their legitimate aspirations.”
Buhari’s Govt After Me for Leading Leah Sharibu Movement, Says Omokri Martins Ifijeh An ex-aide to former President Goodluck Jonathan, Reno Omokri has reacted to social media reports that he is diverting funds meant for the family of the adopted Dapchi School girl, Leah Sharibu for personal use. He said those accusing him were agents of President Muhammadu Buhari’s government who are not happy he is championing the #LeahSharibu movement and raising money for the family. In a statement made available to THISDAY yesterday, he noted that his accusers initially said he received grants from foreign agencies and non-governmental organisations, but that they have now changed their story that he was visiting churches to preach and collect money for #FreeLeahSharibu. “This new lie is as easily dismissed as their first lie. I have not preached in any church in the last three years, nor sold books at any church. I have never collected even a penny from any church for #FreeLeahSharibu or any other activity, and I challenge these liars to show evidence that I did. I have close to a million followers on Twitter alone and hundreds of thousands more on Facebook and Instagram and I have advertised on those media for any church that has given me
even one penny to please speak up. I am still waiting. Perhaps their imagined churches or NGOs are in Mars. “I was informed by a pastor in a very prominent ministry that my crime against the Buhari government is that Leah Sharibu’s mother visited the United States to appeal for #FreeLeahSharibu and that I also sponsored free #BusesForDemocracy to enable Nigerians vote in the 2019 elections,” he said. He explained that his accusers took the decision to discredit him by all means because they felt embarrassed by the wide media coverage that Leah’s mother, Rebecca Sharibu got in America, adding that their plan was to ensure he abandoned the movement. Omokri said that was the reason Buhari’s government activated its agents to launch a coordinated attack against him and the #FreeLeahSharibu movement he founded. He said: “If, as they claim, I enriched myself via #FreeLeahSharibu, let the Scripture “Evil will never leave the house of one who pays back evil for good.”-Proverbs 17:13” be my portion. “My personal message to General Buhari is this: I will never abandon #FreeLeahSharibu. I will never keep quiet about the plight of the body of Christ in Nigeria.
Stop Chasing Mundane Issues, Ajimobi Urges The immediate past Governor of Oyo State, Senator Abiola Ajimobi, has berated his successor, Governor Seyi Makinde, asking him to face the serious business of governance instead of looking for mundane issues to discredit him. The former governor said the incumbent must only correct perceived areas he (Ajimobi) might have done badly and build on the success of his eight years administration. Ajimobi made the remarks over the weekend at Ibadan House, Oke Aremo, Ibadan, venue of a luncheon held in his honour by the Ibadan Elders’ Forum, in commemoration of the ‘meritorious two-term service in Oyo State’. The event held under the chairmanship of Professor Oladipo Akinkugbe was attended by eminent personalities
including traditional rulers, Ajimobi’s former aides and former commissioners, among others. While speaking, Ajimobi noted that it was his prayers that Makinde succeeds in office, noting that if he (Makinde) succeeds, he would have taken the state higher than he met it, urging him not to try to be perfect. He said, “My admonition is that the new government succeeds. It is in our best interest that he succeeds. If he succeeds, he would have taken Oyo State higher than he met it. “I am advising him that he should not try to be perfect but he must build on our successes. He must build and not demolish. He must build and not destroy. We have raised the bar of governance in this state and can’t afford to see it go down again.
RECONCILIATION AT LAST …
L-R: Factional Chairman of All Progressives Congress (APC) in Kogi State, Alhaji Hadi Ametuo; Governor Yahaya Bello of Kogi State; state Chairman of APC, Hon. Abdullahi Bello; and other members of the party factions, during a reconciliatory meeting of the two factions at the Kogi State Governor’s Lodge in Abuja...yesterday
Presidency Must Shift to South in 2023, Says Shehu Sani Laleye Dipo in Minna Immediate past Senator representing Kaduna Central senatorial district, Alhaji Shehu Sani, has said the northern part of the country has no reason to seek the office of the Nigerian president in 2023 as being clamoured for by some northern politicians, insisting that “the presidency must shift to the South in 2023.” Sani, now a chieftain of the Peoples Redemption Party (PRP) on which platform he contested and lost a second bid for the Senate after dumping the All Progressives Congress (APC), said it would amount to laying a landmine in the country if the South is denied the presidency in 2023. Speaking at the sidelines of Niger State Open Forum
organised by The Blue Revolutionaries, a nongovernmental organisation in Minna at the weekend, Sani added that the North would have had its fair share of the presidency after President Muhammadu Buhari would have spent eight years in office. He said: “My own position is that the North has had its own fair share of leadership by President Buhari, so anybody who is saying power should remain in the North even after President Buhariin 2023 is simply laying a landmine for the destruction of our country.” Though the former senator conceded that “it is too premature to start talking about who succeeds Buhari in 2023,” he nonetheless reminded those with such insinuation that “what keeps
a nation together is equity and fairness,” adding that “we should understand that it is not simply about winning election that keeps a nation, it is about being able to stabilise and balance all the forces.” Sani’s remarks came against the backdrop of recent statement by the Chairman of the Arewa Youth Consultative Forum, Alhaji Shettima Yerima, that the North will still produce the Nigerian president in 2023. The senator also advised President Buhari on the constitution of his cabinet to be fair to all segments of the country notwithstanding which party the zones voted for in the election. According to the senator, President Buhari must not exclude any part of the country
in his key appointments on the basis that they didn’t vote for him or didn’t vote for his party,” saying doing so will amount to “simply feeding the anarchy, secessionists and merchants of crisis in this country. “If you exclude the eastern or the South-south region or even the North central part of Nigeria because they didn’t vote for you, you are simply feeding the anarchy as well as the secessionists and the merchants of crisis in Nigeria.” Asked if the president was not unnecessarily delaying in picking members of his cabinet, the Senator said: “I think he should not repeat the mistake of 2015. The most important thing for him now is to pick his cabinet immediately and hit the ground running.
AfDB Promises Support for Ekiti’s Road Construction, Agric Processing Zone Olakiitan Victor in Ado Ekiti The African Development Bank (AfDB) has expressed its readiness to provide technical and financial support for Ekiti State Government to upgrade its infrastructure, including fixing the Ado Ekiti- Akure road, which is currently in a terrible state. Other projects which the AfDB is willing to support are the Ekiti Airport, the Ekiti Knowledge zone, a smart city to promote knowledge economy and the agriculture processing zone project, all geared towards improving infrastructure and socio– economic
development of the state. These are some of the highlights of a high-level meeting between the Ekiti State government team led by the state Governor, Dr. Kayode Fayemi and the AfDB’s President, Dr. Akinwumi Adesina at the organisation’s headquarters in Abidjan, Cote d’Ivoire at the weekend. The meeting was attended by the top officials of the AfDB, including its Senior Vice President, Charles Boamah; three Vice Presidents, Celestine Monga, (VP and Chief Economist); Vivienne Banke (VP Agriculture, Human and Social Development) and Ms
Bajabulile Tshabalala (VP Finance and Chief Finance Officer); Senior Director for Nigeria, Ebrima Faal; DG, Central Africa and former Country Director Nigeria, Dr. Ousmane Dore, among others. The meeting reviewed the project proposals tabled by Fayemi and resolved to provide necessary support to the government to actualise them, in line with the Bank’s mission of supporting national and sub national governments’ development plans. As a follow-up to the meeting, a team of technical experts from AfDB headquarters would be in Ekiti State in the next few
weeks for further discussion and assessment of the various projects. The visit and other activities that would follow would prepare the ground for the bank’s final decision. Speaking at the meeting, Fayemi, who is also the Chairman of the Nigeria Governors Forum (NGF), said his administration decided to seek AfDB’s support for the projects that are crucial to the infrastructure and industrial development of the state so as to improve the fortune of the state, reposition it as a destination of choice for investment and create jobs.
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Choosing PAMO as Choice in JAMB Has Surpassed Our Quota, Says Odili Martins Ifijeh A former Governor of Rivers State and Pro-Chancellor, PAMO University of Medical Sciences (PUMS), Dr. Peter Odili, has stated that in less than 14 months of establishing the institution, Nigerians are now choosing the school ahead of the quota set by the university. He said the school has, in a short time, become a choice to study by many Nigerians filling their Joint Admissions and Matriculation Board (JAMB) forms. Speaking during the second matriculation ceremony of the institution in Port Harcourt at the weekend, the medical doctor said the level of discipline and quality of learning in PUMS was unrivaled, as its projection remains to become one of the best universities in the country. He said: “Our plan is to ensure that graduates from this institution are exceptional in the course of offering healthcare services to Nigerians. And for that to happen, they must be certified worthy in character and learning, which is what we are pursuing. “In the hospital setting, the most important person is the patient. You must therefore treat your patients like your
bosses without which you have no work. For that to happen, your character must be impeccable, and that is what PAMO is about.” Also speaking at the event, former Head of State and Chancellor, PUMS, General Abdulsalami Abubakar (rtd), described the institution as a world-class university dedicated to building healthcare workers, including medical doctors and nurses in the country. He noted that the institution is a world-class university dedicated to building healthcare workers, including medical doctors and nurses in the country. The former head of state reiterated that PUMS would strive to address all the challenges associated with medical practice and education in order to achieve global excellence in terms of teaching, research and community services. He added that the university would produce graduates in different fields of medicine who are not only competent in their professions but also worthy in character and learning. The chancellor advised the students to be good ambassador of the school, adding that he has no doubt
that based on the tutorial the students would receive in the in the school, they would all stand out in the society. While commending the state government for supporting the school, he said the progress made by PUMS within the last one year shows the prospects and the future it holds for Nigerians. On his part, the Governor of Rivers State, Mr. Nyesom Wike, said he was glad that students from the institution can now use the state teaching hospital for their trainings, adding that the products of the school will eventually benefit the state, as well as the country. Wike, whose government is sponsoring 100 students each year in the university, said the state will also support the school with N250 million. He said: “Students matriculating here should count themselves worthy to be in PUMS because their courses are constantly on demand. Be willing to serve our country and state when you graduate.” He called on illustrious sons and daughters of the state to emulate the prochancellor by establishing institutions that have lasting legacy.
Lawan’s Aide on New Media Resigns A former aide to former Senate President, Dr. Bukola Saraki, Olu Onemola, has resigned from the appointment given to him by the new Senate President, Senator Ahmad Lawan. Onemola was last Monday announced in a letter from the Senate president to the Clerk to the National Assembly as the Special Assistant on New Media to Lawan. Lawan wanted the former aide to serve in the same capacity he did with Saraki. However, Onemola in a statement yesterday, announced his decision not to accept the appointment due to the rift and criticism it generated. Nigerians loyal to the ruling All Progressives Congress (APC) criticised Lawan for making such appointment outside the circle of party loyalists.
A similar controversy had last week led to the decision of rescinding the appointment of Festus Adedayo as the Senate President’s spokesperson. Onemola predicated his decision to withdraw on the ‘controversy’ the appointment has generated. “A few days ago, I was asked to continue on in my role as the Special Assistant on New Media to His Excellency, the President of the ninth Senate. “As an individual who prides myself in always setting a high standard and significant precedents — I feel honoured to have been asked to fill this vital role in the service of our great country. “I thank you, sir, for the offer to continue on to serve and promote the work of the ninth Senate of the Federal Republic — which I am sure is borne out of your patriotic
desire to serve the Nigerian people. “However, at this time, given my personal antecedents, and the controversy that this has generated, I would respectfully like to be excused from taking up this national assignment. “It is my hope that whoever does fill this role, builds upon what we have started in terms of opening up the activities of the Nigerian Senate to the public. “I will be ready and available in whatever way to give my recommendations — if and when requested — as the new team begins its work. “I have communicated my decision to the Chief of Staff, Babagana Muhammad Aji, and I wish the new team all the best as they work to meet the demands of the Nigerian people,” the statement said.
Insecurity: Senator Recommends Capital Punishment for Kidnapping, Others Kemi Olaitan in Ibadan Senator Abdulfatai Buhari representing Oyo North on the platform of the All Progressives Congress (APC) yesterday recommended capital punishment for kidnapping and other forms of violent crimes in order to tackle growing insecurity in the country. Buhari told journalists in Ibadan, Oyo State capital, that the spate of kidnapping and killings across the country would continue unabated if such a drastic measure was not taken. Buhari was the former
Chairman, Senate Committee on ICT and Cybercrime, in the eighth National Assembly. The lawmaker decried the upsurge in kidnappings and killings across the country, saying violent crimes were becoming a lucrative business for those involved. “These heinous crimes against humanity have gone beyond the normal Fulani herdsmen attacks and have become a real trade for those who engage in them. “Let me be honest with you; the situation is nationwide and very worrisome. I believe and I am afraid because Nigerians
themselves are yet to take a drastic measures. “I believe by the time anyone caught in the act faces death penalty, other people will learn and stop. “Kidnappers have been arrested and nothing has been done to them. I believe taking them to court is a longer process,’’ he said. He recalled how increasing rate of drug peddling was stemmed in the 1980s through drastic measure, adding that a lot of people abandoned the trade as soon as government made those caught in the act to face the firing squad.
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Eight Injured as Building Collapses in Lagos Eight persons were injured after another building collapsed yesterday at the Mafoluku area of Oshodi in
Lagos State. The Director-General of the state Emergency Management Agency (LASEMA), Dr. Oke
Commission May Begin Direct Airlift of Pilgrims to Israel in 2020 Onyebuchi Ezigbo in Abuja The Nigeria Christian Pilgrims Commission (NCPC) has expressed optimism that the country will be able to commence direct flight operations to airlift thousands of Christian pilgrims to Israel next year. Presently, Christians pilgrims going to the Holy Land are made to fly to either Turkey or Jordan before boarding a connecting flight to Israel. As such, the pilgrims are subjected to harrowing experience of double security checks and longer hours of flight to Israel. NCPC said the reason for not flying Nigerian Christian pilgrims directly to Israel is due to non-existence of a formal bilateral air travel agreement between both countries. However, the Executive Secretary of the NCPC, Rev. Uja Tor Uja, who spoke exclusively to THISDAY in Abuja at the weekend, said efforts were being made to negotiate the remaining part of the bilateral air travel agreement between Nigeria and Israel. According to him, “The process is ongoing, and from what the Ministry of Aviation told me, the Basa agreement is likely to be implemented in 2020.” Uja explained that apart from the bilateral agreement, there are ongoing discussions between Nigerian aviation officials and their Israeli counterparts to address the security concerns. The commission boss said:
“As you know very well, Israel has three priorities in their national life; the first one is security. The second one is security and the third one is security. So they want to be sure that people coming to Israel from other countries are people with genuine mission, and that they would not be part of their security problems. So they have been networking with the Nigerian Government to discuss all this. Of course Nigeria is also concerned about its own security. We will ensure that before the end of the year that the agreement and details would have been finalised, and by 2020, there would be the first direct flight from Nigeria to Israel and back.” Meanwhile, as part of preparations for the 2019 Christian pilgrimage exercise to Israel, Rome or Greece, the pilgrims commission held a selection/examination at the weekend in the six geopolitical zones across the country. A statement issued on last Friday by the Head of the Media Relations Department of the NCPC, Mrs. Mary Gana, said the medical team of the pilgrimage comprises medical personnel who would be deployed in batches to accompany the pilgrims and attend to their medical needs during the programme from October to December this year. Uja stated further that the selection of medical team would be based strictly on merit with the best candidates selected from each state.
Cable Thief Electrocuted in Anambra David-Chyddy Eleke in Awka A man suspected to be on a mission to steal armoured cables from a power installation belonging to Enugu Electricity Distribution Company (EEDC) was yesterday morning electrocuted at Ezinifite, Aguata Local Government Area of Anambra State. The deceased, whose name could not be immediately ascertained, was said to have invaded the installation when suddenly the equipment sparked and got him electrocuted. It was gathered further that the man was attempting to remove the armoured cable when the wire suddenly exploded and electrocuted him. Confirming the incident, the state police spokesperson, Haruna Mohammed, said the suspect died on the spot. He said: “At about 7a.m. today (yesterday), there was a report at Aguata Police Station through the vigilante commander in Ezinifite that a suspected cable vandal whose identity is yet to be ascertained wanted to vandalise one of the
EEDC transformer installations in the community. “But luck ran out of him as the armoured cable he was trying to steal exploded and electrocuted him instantly. “Police patrol team led by the Divisional Police Officer (DPO) in Aguata division, SP Ayeni Oluwadare, visited the scene of the incident and rushed the victim to the General Hospital in Aguata were he was confirmed dead on arrival by the medical doctor.” Haruna also added that the deceased has also been identified by a relative who claims to be his elder sister, Mrs. Eunice Mmoma, who told the police authorities that the he(deceased) was mentally unstable. He said: “One Mrs. Mmoma from Oraefite in Ekwsugo Local Government Area, in company of Mr Emmanuel Ofor of Ezinifite, who claimed to be the owner of Onyoko Ministry (Church) in Ezinifite community came to Aguata Police Division and identified the deceased as Onyenka Adennu from Oraefite.
Osanyintolu, made the confirmation to journalists He blamed the collapse on poor maintenance, adding that integrity tests will be carried out on adjacent
buildings to ascertain their suitability and durability. “The building was undergoing illegal renovation before it collapsed this morning,” he said.
According to him, no death was recorded. However, occupants have been evacuated as the building is expected to be pulled down to ensure
the safety of people living in the area. He said council officials had also been directed to ensure proper maintenance of drainages around the area.
STRATEGIC EDUCATIONAL COOPERATION …
L-R: Vice Chancellor, University of Botswana, Prof. David Norris; Acting Director, Academic Services, Oupa Labane; and Ambassador of Botswana to Nigeria, Pule Mphothwe, at a press conference on strategic educational cooperation and partnership between Nigeria and Botswana, in Abuja… weekend
PenCom Promises Prospective Retirees of Pension Benefits before 2020 Adibe Emenyonu in Benin City Retirees of the federal, state and local governments have been assured of getting their retirement benefits before 2020 to enable them plan a befitting life after service. The acting Director General, National Pensions Commission (NPC), Mrs. Aisha Dahiru Umar, stated this at the preretirement workshop held in Benin-city, Edo State. Umar emphasised that
PenCom was committed to strictly abide by the objectives of the Pension Reform Act of 2014 to ensure that all pensioners that are captured get their benefit as and when due. According to her, “The objectives of the Pension Reform Act, PRA 2014 is to ensure that every person who worked either in the public service of the federation, Federal Capital Territory, states and local governments or the private
sector receive his retirement benefits as and when due.” The PenCom boss stressed further that the workshop was to inform participants on what they needed to know on documentation requirements, payment of retirement benefits and best ways to enjoy life after retirement. The acting director general said the commission has finalised arrangements to commence the verification of prospective retirees who would
be retiring in 2020 from the public service of the federation. She noted that the verification exercise is scheduled to hold from 1 July to August 2, 2019 in 15 centres across the country, adding that the forthcoming exercise would therefore, necessitate the need to undertake adequate sensitisation and public enlightenment in order to prepare prospective retirees on the steps to take towards a hitch-free retirement life.
Firm Drags Presidential Panel to Court over Alleged Take-over of Property Alex Enumah in Abuja A firm, DB Mangal Limited has dragged the Special Presidential Investigation Panel on Recovery of Public Property (SPIP), headed by Okoi Obono-Obla, to the Federal High Court in Abuja over an alleged takeover of a multi-million naira property belonging to it. The plaintiff, DB Mangal Limited in the suit is seeking for an order of the court stopping the panel from sealing off its property and forcefully ejecting, harassing and intimidating the occupants of the building. In the originating summons marked FHC/ABJ/ CS/570/2019, DB Mangal Ltd is urging the court to
determine whether going by the provisions of the Public Property (Special Provisions) Act Cap. R4 Laws of the Federation of Nigeria (LFN) 2005, the ObonoOblah-led panel is empowered to investigate issues bothering on ownership title and which had been adjudicated upon and determined by a court of competent jurisdiction. The defendants in the suit are the Petroleum Financial Corporate Ltd, Minister of the Federal Capital Territory (FCT), and the Federal Capital Development Authority (FCDA). Both the Federal High Court and the Court of Appeal had in their judgments held that the panel lacked the power to prosecute crimes bordering on
non-declaration of assets. Specifically, the Court of Appeal in a unanimous judgment delivered by Justice Hussein Muhktar, also held that the panel lacked the constitutional power to seize property of alleged offenders without valid court order. In the instant suit filed by Shehu Wada, the plaintiff prayed the court for an order directing the panel to immediately vacate and cause to be removed the inscription “SPIP Under Investigation” pasted and inscribed on various places on its property described as Plot 1405, Cadastral Zone AO5, Maitama, Abuja. Attached to the suit as exhibits include title documents including
a Certificate of Occupancy (Cof O) no: 1951W-14fz64cbr-10220-20 registered as No. 18125 in volume 90 of the Certificate of Occupancy Register in the Lands Registry Office, at Abuja, dated October 31, 2006 and undersigned by the then FCT Minister, Mallam Nasir Ahmed El-Rufai. Also attached to the originating summons is Certified True Copy of the judgment of Justice Ugochukwu Ogakwu of the FCT High in suit FCT/ HC/238/2006 between the plaintiff and the defendants delivered on February 2, 2012, which held that the title to Plot 1405 Cadastral Zone AO5, Maitama, Abuja validly belong to the plaintiff.
NNPC Pledges Support for Local Companies The Nigerian National Petroleum Corporation (NNPC) has promised that it would continue to support local companies, within the entire hydrocarbon value-chain, for the growth of the country’s economy. The Group Managing
Director of the corporation, Dr. Maikanti Baru, stated this in a statement released by the corporation in Abuja yesterday. Baru gave the assurance during a plant tour of MRS Oil Nigeria Plc, an indigenous oil company in Tin Can Island, Lagos.
He said NNPC was ready to encourage MRS in whatever way it could and as a commercial customer, adding that MRS would be given priority in terms of gas supply in order to keep it growing and ultimately, would grow the economy.
“As we always encourage players in this industry, it is good to see MRS localising production to ensure it provides employment to the people, improves the economy and produces quality products at a much lower price,” he said.
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Suspension of Officers: AA Notifies INEC Adedayo Akinwale in Abuja The national leadership of the Action Alliance (AA) has notified the Independent National Electoral Commission (INEC) of the suspension of its National Chairman, Kenneth
Udeze and National Secretary, James Vernimbe. The party in a letter dated June 17, 2019, which was addressed to INEC Chairman, Prof. Mahmood Yakubu and signed by the National Vice Chairman of the party, Mr.
Kogi Governor Unites Warring APC Factions Yekini Jimoh in Lokoja Peace has returned to the Kogi State Chapter of the All Progressives Congress (APC) as the Alhaji Hadi Ametuo-led group yesterday resolved to work together with the current state’s executives headed by Hon. Abdullahi Bello ahead of the November 16 gubernatorial election in the state. The resolution was made at a reconciliatory meeting chaired by Governor Yahaya Bello at the Kogi State Governor’s Lodge in Abuja to harmonise the two groups. In his opening remarks, the state Chairman of the party, Bello said the meeting was called at the instance of the governor to bring the groups together for discussions and resolution of their grievances. He said Hadi Ametuo had shown great support and cooperation towards resolving the crisis within the party. He told the governor that the Hadi Ametuo-led group worked for the APC in 2015, adding that after the demise of Prince Abubakar Audu, some of them decided to work with Governor Bello while others stayed away. He noted that despite the rift, Hadi Ametuo-led exco remained in APC. On his part, Ametuo congratulated the governor for the success of the party in the last elections where APC won two of the three senatorial seats, seven out of the nine
House of Representatives seats, 25/25 House of Assembly seats and the presidential election with wide margin. While presenting their demand, Hadi commended the governor for his reconciliation approach and said they were appreciative of the move. He thanked the governor that after all they did, the governor as the executive governor of the state did not stop anybody from entering the state or intimidate any member of the group. Ametuo said the group had only three request before the party executive which include; arrears of monthly allowances of the former excos, harmonisation of party structure from the state down to local government and ward level to accommodate some members of his group and appointment of his members into positions in government. He declared that the whole issue between them was over, noting that the time to forgive each other and forget the past has come. The governor in his remarks sincerely appreciated Ametuo and his group. He commended the decision of the Hadi group for coming up for reconciliation. While recognising the group as the pioneer exco of the party, he said he has built the party to become much more formidable as it is today citing the recent electoral successes as a pointer.
Group Sensitises Prison Inmates on Mental, Emotional Wellness Esther Oluku As part of its contributions to curb the rising cases of depression and mental healthrelated challenges in the country, members of Tee-high Inspires converged at the female section of a prison in Lagos to sensitise inmates on the therapeutic power of mental and emotional pain. The Founder of Tee-high Inspires and author of ‘Pain is a Gift’, Mr. Tosin Imhogiemhe, who led the group, disclosed to THISDAY that the project was part of the rehabilitation tour the group is currently engaged in. He stated that following the current suicide trends in the country and the positive reviews his book has garnered in tackling related cases, he had taken it as a mission to contribute to the society’s mental wellness. “With the ongoing repression in the land with statistics revealing that someone commits suicide every 40 seconds and the Federal Ministry of Health stating that over 30 per cent of Nigerians are suffering from mental health-related illness including depression. “I started a rehabilitation tour
donating copies of the book to prisons, hospitals, schools and people going through pain of any kind and that is the reason my team and I are here today to donate copies of the book to the female prison.” The group while visiting the female section of Kirikiri Prison in Lagos donated 50 copies of the book, ‘Pain is a Gift’, and other mind-changing books along with drinks and victuals to the inmates. “One of the worse things to take away from a man is his freedom. It is a painful thing to be confined to a particular environment,” he said. “When a body is injured, one eats food and get healed. When one’s mind is injured, they begin to think of suicide. How do you feed the mind? The mind is fed with books. Hence, we hope the book would help improve their mental health,” he added. Imhogiemhe who spoke to the inmates on the need for hope amidst the seemingly hopeless situation, promised to revisit the prison to have another session with the inmates to which the inmates replied, “we would see you out there”.
Abdul-Rashid Aminu and National Secretary, Charles Chukwuemeka, informed INEC that both were suspended following allegations of antiparty activities and financial impropriety against them. The letter, which was made available to THISDAY yesterday read: “We write to inform you that sequel to a crucial meeting of the Nation Executive Council (NEC) and the National Think Thank Committee (NTTC) of our
party, the Action Alliance held on Friday, June 14, 2019, the following decisions were reached to save the image of the party: “That following series of petitions from Imo and Osun State chapters of our party against the formal National Chairman, Mr. Kenneth Udeze and former National Secretary, Mr. James Vernimbe, wherein both men were accused of financial impropriety, antiparty activities and interim
police investigation report indicting them by DCP Atere Christopher Ade (the police interim report attached), the NTTC and NEC have suspended both officers indefinitely, “In the light of the above, the Deputy National Chairman, Alhaji Mohammed Abubakar and Deputy National Secretary, Mr. Raphael Onakorere assume offices as acting National chairman and acting
National Secretary pending the ratification of their suspension and in line with our constitutional provisions. “Consequently, all correspondences relating to our party should be addressed and channelled to the acting National chairman and acting National secretary accordingly. “We use this opportunity to request you to audit the finances of our party from April 2017 to June 2019 in line with INEC guildelines.”
WELL-DESERVED AWARDS…
L-R:Publisher/ChiefExecutiveOfficer,EMEAFinance,Mr.ChristopherMoore;CEO,InfrastructureCreditGuaranteeCompany,Mr.Chinua Azubike; Co-Founder/ CEO, Viathan Group, Mr. Habeeb Alebiosu; and Founder/ Director, Viathan, Mr. Faruk Agoro, after InfraCredit’s Viathan N10 billion Series 1 Senior Guaranteed Bond received EMEA Finance Achievement Awards as the Most Innovative Bond 2018 in London... recently
UN, IFC, African Risk Capacity, AAISA Partner on Disaster Risk Insurance Markets in Africa Peter Uzoho A consortium of international development agencies, including the United Nations African Institute for Economic Development and Planning (IDEP), the African Risk Capacity (ARC), the International Finance Corporation (IFC), and the Association of African Insurance Supervisors (AAISA), today opened a two-week training event on index and disaster risk insurance. The training will help build the knowledge of African governments, the private sector, and the international community to better carry out financial planning necessary to protect vulnerable populations against climate shocks, disasters, and other crises. According to a statement
by these organisations, index and disaster risk insurance products help protect agribusinesses, farmers, and other low-income populations against environmental risks such as drought, floods, irregular rainfall, natural disasters and other effects of climate change. The statement added that access to these types of affordable insurance products will help the affected population mitigate the effects of these climaterelated shocks, protecting them against catastrophic losses and unlocking access to finance. The training workshops – offered in English the first week: from June 24 – 29; and in French the second week: June 30 – July 6, 2019 – will allow participants to discuss ways of exploiting their relative strengths to successfully
implement these innovative types of insurance in their countries. In his remarks, UN-ASG and Director-General, ARC, Mohamed Beavogui said, “Capacity building is key to our efforts in working with Member States. ARC and its partners work with Member States to provide development insurance instruments by determining risk profiles, customization of its tools, and development of a contingency plan that fits into a country’s broader risk management framework. This helps to strengthen resilience and protect development gains from being wiped away by weather-related risks. IFC Country Manager for Senegal, Faheen Allibhoy, said: “The World Bank Group is committed to working with
the African Union and UNECA to create new, sustainable agricultural and disaster risk insurance markets in Sub-Saharan Africa. Working together, we can achieve greater combined results that contribute to the development goals of all three institutions.” One of the sponsors of the training, the African Institute for Economic Development and Planning (IDEP), is UNECA’s training institute. It is responsible for providing capacity development and training programs aimed at improving public sector management and development planning in support of member States’ structural transformation. Also, it contributes towards strengthening the capacity of member states to develop and adopt
FAAN Reopens PH Airport after Air Peace Incident Chinedu Eze Many passengers billed to travel from the Port Harcourt International Airport, Omagwa, in Rivers State were stranded yesterday when the Federal Airports Authority of Nigeria (FAAN) failed to reopen the airport 24 hours after Air Peace flight skidded off the runway due to heavy flooding on Saturday. The incident, which happened at about 3.00 p.m., forced FAAN
to shut down the airport for flights and reopened it yesterday after more than 24 hours. The delay in reopening the airport disrupted commercial flights billed to fly to the airport from the Federal Capital Territory, Abuja and flights from Lagos in addition to two international flights that operate to the airport. FAAN had earlier raised hope on Saturday evening that it was preparing to reopen the airport on the day of the incident, which
prompted passengers to throng the airport yesterday morning, only to be told that flights could not take off or land because the agency was still unable to remove the aircraft from near the runway where it skidded off and stopped. Many of the passengers after waiting for several hours decided to go to Owerri by road as airlines diverted their flights to the nearest airport, which is the Sam Mbakwe International Cargo Airport, Owerri.
Passengers picked up flights to Lagos and Abuja, but travellers with heavy luggage and children could not take such quick decision and movement. THISDAY learnt that it was difficult for FAAN to move the aircraft because it did not have the equipment to push off the aircraft without damaging it. However, it sought the assistance of CCECC, which is working on a project at the airport, to help move the aircraft.
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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com 08111813083
WOMEN’S WORLD CUP
Falcons Stage Sit-in Protest over Allowances Super Falcons players reenacted their 2016 sit-in protest at the weekend shortly after they suffered 3-0 defeat against Germany to crash out of the FIFA Women’s World Cup in France. According to reports from the France, the Thomas Dennerby coach players refused to vacate their hotel rooms for the return trip to their respective bases unless all their outstanding bonuses are paid in full. One of the players claimed they are owed bonuses amounting to N2 million from two games against The Gambia and Senegal, from as far back as two years ago. The same player admitted that they have only been paid N1million, leaving a balance of another N1 million plus five days daily allowance at the World Cup in France. “They paid us 1 million (Naira) and said that is all. We want them to pay the balance,” one player told ESPN. “Part of that money is from two years ago, the other is from three years ago. And they are also owing
us five days’ daily allowance here in France. “Before the World Cup, we asked them for a meeting so that we could discuss our World Cup bonuses, like they did with the men’s team last year. They ignored the letter and nobody said anything about it until now.” The players are also demanding their share of the World Cup participation fee from FIFA, even though the tournament’s organisers are not scheduled to pay those until September. However, Nigeria Football Federation President Amaju Pinnick told ESPN that the federation was not owing the players as all the outstanding allowances have been paid. “We have paid them everything they are being owed,” Pinnick declared. “The only thing outstanding is the participation fee from FIFA, which is not expected to come until after the tournament. But they insist that they want to get paid, as they have spoken to players from Cameroon and
France, who told them they have already been paid,” stressed the NFF chief. This is not the first time Nigeria’s women team has staged a protest over bonuses. After winning the 2016 African title in Cameroon, the squad returned home and staged a public demonstration on the streets of the capital, Abuja, to demand payment of their outstanding allowances. In 2004, the team also sat in
for three days at their hotel in South Africa after winning the African title until the allowances were settled. Inside sources at the NFF Glass House stressed that it was unfortunate for the Super Falcons to resort to protest despite the federation going out of its ways to ensure the best preparation for the team. “I cannot remember Falcons had the type of preparations
leading to the tournament in France. They travelled to and played in a Four-nation Tournament in China, participated in the Cyprus Cup as well as played friendlies with the likes of Canada, and other countries. “The NFF was able to do all these despite not getting more from government as planned in its budget,” revealed the top source who did not want his
name in print. He said to avoid situations in which the NFF would be blamed for not giving Falcons adequate care was why they were camped in Austria where the Super Eagles trained ahead of the 2018 World Cup in Russia. Nigeria reached the knockout stage of the Women’s World Cup in France before losing 3-0 to Germany in the round of 16 on Saturday in Grenoble.
FEMI’S AFCON 2019 FLAKES Ighalo Breaks Jinx
When Odion Ighalo scored Super Eagles lone goal winner over Burundi in Alexandria on Saturday night, it was the first time Nigeria will win its opening group match of the tournament since 2006 when the Nigeria defeated Ghana Black Stars in Port Said, Egypt. The opening matches of Ghana 2008 and 2010 ended in defeat against Nigeria by a lone goal to Côte D’Ivoire in Sekondi and 1-3 to Pharaohs of Egypt in Angola. However the team pulled a 1-1 scoreline against Stallions of Burkina Faso in Nelspruit in South Africa 2013 but still went all the away to win the tournament. Since then Nigeria missed the last two editions before returning to Africa’s football showpiece on Saturday.
Super Falcons contesting a decision with the Centre Referee during the Nigeria versus Germany Round of 16 clash in France …on Saturday
Chelsea Give Aina Pat on the Back, Leicester Hails Ndidi, Iwobi
Amuneke Equals Keshi’s Record
When former African Footballer of the Year and winner of the tournament with Nigeria in 1994, Emmanuel Amuneke led the Taifa Stars of Tanzania to their opening group match against Teranga Lions of Senegal, he became the second Nigerian coach to have won the tournament as a player and coached a foreign country at the tournament after Late Stephen Keshi led Hawks of Togo to the tournament in 2006 in Egypt.
Mikel Obi, Two Others Return to Egypt
Of the 552 players registered for the 32nd AFCON tournament going on in Egypt, only three players were there 13 years ago when Egypt staged the continental showpiece in 2006. While Captain John Obi Mikel is the only surviving member of the Nigerian team, the other two players who returned to the Land of Pharaohs are Carlos Kameni of Cameroon and Tresor Mputu of DR Congo. Mikel now 32 and perhaps is his last show at the tournament, Kameni is 35 years old and last appearance at the tournament was in 2010. Mputu now 33 and is still playing for local side TP Mazembe. He had a two-year spell in Angola’s Kabuscorp from 2014-16 before returning home to play for Les Corbeaux.
Indomitable Lions Avoided Nigeria’s No-Show Record
Defending champions Cameroon made a last minute arrival at the tournament at the weekend, although CAF regulation stipulates that all teams to be on ground five days to the opening match of the competition. Had Cameroon players failed to show up over dispute on outstanding match bonuses, they would have equaled Nigeria’s unenviable record of a defending champion that boycotted the next edition. Nigeria, winners in 1994 failed to travel to South Africa because of political issues between the two country and were sanctioned by CAF and thus missed the next edition in 2008 in Burkina Faso.
South Africa Beat Others in Home League Players
Former champions, Bafana Bafana of South Africa have the highest number of home-based players registered for the tournament. The Rainbow nation registered 17 players from the domestic league for the tournament and followed by host Egypt with 15 and Tanzania 14 and Angola, Tunisia and Namibia followed with 12, 9, and 9 respectively. However, while others are competing at the top, Nigeria alongside Guinea Bissau, Ghana and Algeria presented only one local player. Only Cameroon, Zimbabwe, Senegal, Burundi and Guinea with no local player in the mix.
Premier League clubs Chelsea and Leicester City monitored the Africa Cup of Nations Group B clash between Nigeria and Burundi at the Alexandria Stadium, Alexandria on Saturday evening. Of the 14 Super Eagles stars in action, five players Ola Aina, Kenneth Omeruo, John Obi Mikel, Wilfred Ndidi and Ahmed Musa have close links with the aforementioned clubs. While Ndidi was surprisingly named the Man of the Match by CAF, Chelsea
Academy product Aina had his best game in a Nigeria jersey and was the highest rated player (8.54) by football statistics website Whoscored. Odion Ighalo capitalized on a no-look pass from Aina to net the game-winning goal in the 77th minute. Reviewing their players on international duty Chelsea patted Aina on his back for his delightful assist : ‘’In the Africa Cup of Nations in Egypt, Kenneth Omeruo played the
full game as Nigeria got their tournament off to a winning start with a 1-0 win over Burundi who were playing their first ever game in these finals. ‘’The newcomers hit the bar in the first half but were defeated 1-0 when former Watford striker Odion Ighalo converted a skillful back heeled pass from Ola Aina who recently left Chelsea for Torino.’’ Leicester City were impressed by the performances of Arsenal winger Alex Iwobi and Samuel Chukwueze, who was courted by the Foxes prior to his switch to Villarreal. ‘’Ndidi’s performance was so impressive that the Confederation of African Football (CAF) presented the Foxes midfielder with the Man of the Match award at full-time,’’ Leicester City wrote on their official webpage. ‘’Arsenal’s Alex Iwobi and Villarreal’s Samuel Chukwueze were the Super Eagles’ main attacking threats, but Gernot Rohr’s side struggled to break down the competition’s lowest-ranked side. ‘’Shanghai Greenland Shenhua’s Ighalo, who spent three seasons at Watford, was finally able to produce a smart finish with 13 minutes to go, though, for the three-time AFCON winners.’’
Odegbami Joins NTA/HotSports AFCON 2019 Live Studios Chief Segun Odegbami, one of the greatest footballers Africa has ever produced and runner-up in African Footballer of the Year in 1980, has joined the crew of analysts at the live studios of NTA broadcast of the AFCON 2019 matches. The studios, located at the Lagos office of HotSports Media Group, the Official Marketing Agency of NTA’s AFCON transmission, will welcome ‘Mathematical’ as Odegbami, was fondly called in his days as Nigerian star to provide insightful perspectives of the matches to the delight
of the viewing fans and the sponsors, Odegbami inspired the then Green Eagles to lift the Africa Cup of Nations for the first time on home soil in 1980. He has continued to bestride African – and indeed, world’s – football as an administrator, ambassador and future stars’ builder. The NTA/HotSports broadcast had earlier attracted A list entertainers, led by comedy icon Atunyota Akpobome (well known as Alibaba), who have provided unique and attractive dimension to
sports broadcasting in a manner never in this clime. President of HS Media Group, Taye Ige said that NTA and HotSports have the interest of viewers and sponsors at heart in conceiving the AFCON 2019 live broadcast packages. He believed that winning the first match against Burundi on Sunday night has rekindled the hope that the Super Eagles would go through the group stages and travel all the way to the final on July 19, a scenario that will enable NTA/HotSports live studios to continue with its ground-breaking broadcast
for a longer time. “We are here at the NTA/ HotSports studios to give millions of NTA viewers memorable and enjoyable time throughout Egypt 2019 and any brand or product that is keen on reaching out to its target market have the perfect platform to do that while the tournament lasts,” Ige, who is also Chief Executive Officer of HS Media Group, assured. Through the live transmission of AFCON 2019 matches, NTA and HotSports have struck a great partnership between sports and entertainment.
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MONDAY JUNE 24, 2019 ˾ T H I S D AY
MONDAYSPORTS
Africa’s Last Team Standing, Cameroon, Bow out of France 2019 Cameroon, Africa’s last team standing at the ongoing FIFA Women’s World Cup in France succumbed to the superior fire power of England yesterday afternoon, conceding three un-replied goals to end their campaign at the Round of 16 The Central Africans were however enraged by two VAR decisions that appeared not fair to them. With the victory, the English ladies have now progressed to the quarter-finals. Goals from Steph Houghton,
Ellen White and Alex Greenwood sent England through to face Norway on Thursday, but the fractious game will be remembered for Cameroon’s extraordinary reactions to White’s goal and a disallowed effort from Ajara Nchout. The distraught Cameroon players twice appeared unwilling to restart the match, gathering in a huddle after White’s strike was given and remonstrating with the officials further after half-time. Captain Houghton struck England’s opener after an
early back pass gave England an indirect free-kick, before the drama escalated. Striker White placed in England’s second, which was initially ruled out before the video
assistant referee deemed White to have been onside, but Cameroon reacted furiously and gestured to suggest the big screen’s replays had indicated differently. The African side thought they
had pulled a goal back after the break through Nchout, but their despair increased when it was disallowed after a VAR review for an extremely tight offside call. ºEngland left-back Greenwood
then swept in the Lionesses’ third to secure a win that saw them reach at least the last eight of the competition for a fifth time, and for the fourth consecutive World Cup.
AFCON 2019: Keimuine’s Own Goal Gives Morocco Vital Win over Namibia The Atlas Lions of Morocco began their 2019 Africa Cup of Nations (AFCON) Group D campaign with a 1-0 victory over Namibia at the Al Salam Stadium yesterday afternoon. The Atlas Lions got off to a bright start as they applied some pressure on the Brave Warriors’ defence led by England-based defender Ryan Nyambe. Namibia goalkeeper Llyod Kazapua was called into action 10 minutes into the match and he produced a fine fingertipping save to keep out Nabil Dirar’s long-range shot. Morocco’s star player Hakim Ziyech then unleashed two shots which missed the target as the 1976 AFCON champions pushed for the opening goal. The Brave Warriors defence was looking solid and impenetrable which forced the Atlas Lions to shoot from distance. Ajax Amsterdam playmaker Ziyech pulled the trigger from range in the 35th minute and
Kazapua was well-positioned to make a save. The score was 0-0 at the interval with Namibia having frustrated Morocco in the first-half. The Brave Warriors continued to frustrate the Atlas Lions attackers, who were unable to seriously test Kazapua in the Namibia goal-posts. Just before the hour-mark, Morocco head coach Herve Renard decided to introduce attacker Sofiane Boufal, who is on the books of English Premier League side Southampton. The skillful winger tried to make an immediate impact when he unleashed a shot from the edge of the Namibia box, but Kazapua produced another great save. Pressure mounted on the Namibia defence and the Moroccans were unfortunate not to score when Ziyech’s deflected shot was brilliantly cleared away by Kazapua in the 71st minute.
Cameroon players contesting a decision with the centre referee of their clash with England... yesterday
Senegal Beat Amuneke’s Tanzania 2-0
Senegal began their Africa Cup of Nations campaign with a routine 2-0
victory over Group C rivals Tanzania in Cairo last night.
Aliou Cisse’s side - among the tournament favourites - went ahead through Inter Milan forward Keita Balde’s low finish after 28 minutes. Krepin Diatta blasted in a second from the edge of the box with 64 minutes gone as the Teranga Lions dominated. Senegal are Africa’s highest placed nation in FIFA’s world
rankings at 22nd but have never won the tournament. Algeria take on Kenya in Group C’s other opening match later on Sunday. Without suspended Liverpool forward Sadio Mane for their opening match, Senegal wasted a host of chances as they peppered their opponents’ goal with 24 shots.
CBN Tennis Champions Begin Title Defence
Zenith Bank Hails Ikoyi Club Swimmers after Swimfest Win It was another feather to the wings of the Ikoyi Club 1938 Swimming section after emerging winner of this year’s Neptun-Nehein Swimfest in Arnsberg Germany. The young swimmers from the club, most of which emerged from this year’s Zenith Bank/Ikoyi Club 1938 Inter-school Swimming Gala, amassed 42 gold, 48 silver and 27 bronze medals to beat other swimmers from 11 countries to the number one position. Group Managing Director of Zenith Bank, Ebenezer Onyeagwu, said it was great to see how the investment of the organisation has worked wonders. “We are proud of the
swimmers and we believe very soon, they will also be representing Nigeria at global events,’’ the Zenith Bank boss said. The Chairman of the swimming section of the club, Oloyede Obatoyinbo, expressed his satisfaction with the performance of the swimmers while also saying that they need to work more as they can do better than what they have done. While also applauding the sponsor of the club’s swimming competition, Zenith Bank, for investing so much in developing the young minds, he called on others to emulate them and invest in different sports within the club.
With the qualifying series of the 41st Central Bank of Nigeria Senior Tennis Tournament concluded yesterday real action will commence in the Main Draw chat round of 64 today. Though the championship is being observed in men and women singles, men and women doubles and the wheelchair categories, the main focus is the men’s singles and women’s singles events where the main attraction is the star prize money
of N700,000 at stake for each category. The defending champions, Sylvester Emmanuel and Sarah Adegoke are expected to fight with their last breath if they must retain their titles. For instance, players’ representative on the board of the Nigeria Tennis Federation (NTF), Abdulmumuni Babalola is threatening not to let go as nothing will stop him from lifting the 2019 Central Bank Senior
Tennis trophy. Besides, other top stars also eyeing the mouth-watering prize money include, Imeh Joseph, Clifford Enosoregbe, Christian Paul, Sunday Maku and Michael Michael. Not forgetting Henry ºAtseye, John Otu, Shehu Lawal and Sunday Igbinovia among others Just as it is with the men, category, the women’ singles is not going be anything different considering the type
The Ikoyi Club’s kids displaying the medals the won at the swim meet in Germany....recently
of opposition expected from Charity Agugbom, Blessing Samuel, Aanu Aiyegbusi, Ronke Akingbade, Blessing Anuna, Margaret Oladunjoye and junior sensation, Oyinlomo Quadri amongst others. Secretary General of the Nigeria Tennis Federation, Mariam Akande, however revealed yesterday that a total of seven players (4 men and 3 women) were granted wild card entry to feature in the Main Draw.
Monday June 24, 2019
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MISSILE Obaseki to Oshiomhole
“If as APC we condemned what happened in Bauchi, we cannot embrace what happened in Edo. It is more so, when it is the state the national chairman comes from. We cannot say the Bauchi man is PDP and the other man in Edo is APC, we use different standards. It is imperative of APC to show leadership and uphold processes at all times. As a matter of fact, it is incumbent on the party that professes change to always uphold the law.” – Edo State Governor, Godwin Obaseki, tackling the National Chairman of APC, Adams Oshiomhole over the crisis in the state House of Assembly.
ALEXOTTI OUTSIDE THE BOX
alex.otti@thisdaylive.com
Illiteracy + Ignorance + Poverty = Banditry “Extreme poverty anywhere is a threat to human security everywhere.” – Kofi Annan “Poverty is the parent of revolution and crime.” – Aristotle ate Gen. Andrew Owoye Azazi (19522012) was my friend and brother. We had had dinner in a Lagos restaurant with Herbert Wigwe, then Deputy CEO of Access Bank, two days before the helicopter crash that took his life and that of another friend, Governor Patrick Yakowa of Kaduna State. We concluded the dinner with an agreement to fly to Port Harcourt together very early on Saturday, December 15, 2012. He was going further to Bayelsa to attend the burial of the father of Douglas Uranta while I was headed to Okirika to attend the burial of the parents of my friend Ben Willie, whose parents were so united even in death that the father literally followed his mum, when the news of the departure of the latter was broken to the former. Ben Willie and his family decided to bury them together on the same day. We had planned that I would accompany Gen. Azazi to Bayelsa and he would join me thereafter, to Okirika and we both would finally pass the night in Port Harcourt. As providence would have it, I overslept on that fateful day. When Gen Azazi arrived at the airport and couldn’t find me, he place a call to me and I apologized, pleading that our earlier programme be changed so that he would proceed to Bayelsa while I would go to Okirika and meet up with him in Port Harcourt later in the day. That meeting never happened as it turned out that the helicopter in which he was traveling back to Port Harcourt from Bayelsa had crashed. The news of the helicopter crash came piecemeal until finally, it was confirmed that no one survived the mishap. Although Gen. Aziza is gone, some of his words live and will continue to teach us some basic and inconvertible lessons. A few months before his death, General Azazi had spoken at a South South Economic Summit where he removed his toga of officialdom, being the then National Security Adviser, to say it as it was. He blamed the insecurity in the land, which then was assuming unacceptable proportions, on politicians. He had actually called out PDP which was the ruling party at that time. I was in the hall when he made this statement which attracted large applause from the audience. The then President, Goodluck Jonathan and the PDP apparently took up arms against the General as he was subsequently removed as National Security Adviser and Colonel Sambo Dasuki was appointed in his stead. One of the profound things that Azazi said and which struck me was that it normally took a very long time for people to decide to go into violence. He charged everyone to brace up for tougher times security-wise and adjust ourselves to live with more and more insecurity for a long time to come. He argued that once this kind of violence was allowed to start, it became very difficult to stop. His prediction was not only correct, but everyone will agree that banditry has assumed such a frightening dimension that no day passes without at least one tale of large scale violence from one part of the country or another. One other prediction that Gen. Azazi made which has come true is that while the violence was localized in the North East then, it was only a question of time before it spread to other parts of the country. Now that the chronicle of carnage and mayhem foretold is finally upon us, it is necessary to ask a few critical questions. For instance, how did our society descend to this sorry state of affairs within such a short time frame? How did we manage to raise such a large number of miscreants and
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President Muhammadu Buhari bandits from among our kith and kin? When did we begin to dislike each other to the extent that the lives of our fellow citizens seem no longer to mean anything to us? How did the bandits terrorising our society acquire so much armoury that they are able to take on a large contingent of state security personnel and inflict heavy casualty on them as reports from many parts of the country appear to suggest? I have spent considerable time studying this phenomenon and reflecting over it quite extensively. My conclusion is that the root cause of the combined problems of banditry, insurgency, kidnapping, thuggery, armed robbery, and other types of violence ravaging our society today is illiteracy. An enlightened and educated society is a progressive and positively dynamic one. Any society that does not care about the education of its young ones is a failed one. In our recent intervention on the 2019 budget, we had raised the issue of the chronic but deliberate underfunding of the educational sector. Just like we highlighted, we budgeted N620.5b or 7% of the total expenditure for education this year. While this is poor, relative to the UNESCO recommendation of about 20% of budget, the state of decay of education puts it in such a situation that it requires a lot more funding. The figure of N524b for 2018 representing 6% of the budget for education that year was also appalling. Considering that that budget was not fully implemented, chances are that a chunk of the budget may not have translated into expenditure. It is easy to see the effect of illiteracy and lack of functional education on the greater majority of our people. Most of the youths are roaming the streets in search of non-existent jobs when in the real sense of it, a lot of them are not even employable. In the Northern part of the country, young people are on the streets begging for daily bread, under the guise of the ‘Almajiri’ system. The Almajiri is a prevalent educational system whereby young people are ostensibly meant to learn but are instead sent out to beg. Those that are supposed to teach them are ill equipped to impart any functional knowledge. The schools are hardly funded and facilities are scarcely available. The pupils are made to go out on the streets in search of arms for both themselves and their Mallams. That is why one finds it difficult to describe this contraption as an educational system. Truth be told, this system has outlived its usefulness and now simply produces children that will reinforce a vicious cycle of poverty. This sad phenomenon is self-reinforcing because these unfortunate children are of very poor parentage. The educational system is such that they are virtually not taught anything useful for participation in the modernizing society of today. Because they are hardly taught anything that will help them belong
to this modern society, their ignorance ensures that they do not aspire for any opportunities, which sadly even where they exist, will only be available to children of the rich who are well educated. These children grow up in poverty to adulthood and continue with reproducing children who in turn would also be Almajiris. Condemning the Almajiri system, Prof. Idris AbdulQuadir wrote about the Children as follows: “ Some are lost through violence in the streets, some through child stealing, while others are lost through diseases and hunger. Those who make it usually complete the reading of the Holy Qur’an and eventually became traders, drivers and so on. Those who could not make it are condemned to menial jobs, since they have no skills at hand. They resort to wheelbarrow pushing, touting and so on. They remain as untrained armies available to anybody poised to ferment trouble. They have their own axes to grind against their parents, authorities and the society at large.” In the Southern part of the country which arguably has a slightly better story, the general standard of education has also fallen drastically. This is basically because of underfunding, lack of interest on the part of government and changing demographics. It is important to also add that the decline of meritocracy has dealt a major blow to formal education and skill acquisition. The Public school system has taken a hard hit as the schools have become a scourge as they are incessantly on strike and the quality of faculty and curricular has dropped drastically. Private schools have come in to the rescue, but most parents are unable to afford the high cost of education at private schools. We have seen very high failure rates in institutions in the Southern part of the country as well. Children whose parents can afford it have been yanked off local schools even at tender ages to go abroad including other African countries like Ghana and Togo. What a shame!. The result of all this neglect is that we have over 10m out of school children in the country. These children are supposed to be the leaders of tomorrow. As they grow older, it becomes clear to them that there is in fact, no guarantee that the tomorrow they are dreaming of will come. It is also this group that the Word Poverty Clock captured to place the country as one with the highest number of poor people in the world. According to the figure published by that body in June 2018, over 44% of Nigeria’s population (about 87 million people) lived in extreme poverty or more directly, below poverty line of less than $1.90 per day. India, the country we displaced which used to have about 218 million people living below poverty line, has reduced their own number to about 71.4 million people (5.3% of its population), pulling close to 174 million people out of poverty. Exactly 8 months later, as at February 13 this year, our case had worsened. The number of Nigerians living in extreme poverty has grown to 91.16 million, with six people falling below the poverty line every minute. India, on the other hand, continues to improve as it now has 48.7 million people living in poverty, from 71 million in June 2018. This means that India has pulled out about 23 million people from poverty in less than eight months while we have added 4 million more people into that pit. Closely related to poverty is unemployment. The official rate of unemployment as at third quarter last year was 23.1%. This is an increase from the figure of 18.8% by the same time, a year before. Adding this number to the underemployment rate of 20.1%, means that over 43% of our workforce needs jobs. When you have close to half of the workforce unable to eke out a modest living, the outcome can only be increased tension. Put simply, we have a large number of a reserved army of
unemployed youth who will easily be available for violence for a few reasons. They are idle and hungry; two factors that serve as tinderbox for violence and instability. Added to this is that they are unhappy with the system that has literally excluded them from economic activities. Matters are not helped by the contradictory opulence in the same economy that seems to promote the interests of a few over and above that of the majority. It is therefore, very easy to indoctrinate them with either ethnicity or religion or both and lace it up with some financial inducement which they are sure they wouldn’t get if they did not accept the offer. That explains the level of banditry and insurgence we have been experiencing in the recent past. It is therefore our considered opinion that rolling out the government’s instrumentality of coercion, though capable of reducing and decimating some of the criminal activities, may not completely eradicate them. That is precisely the reason why shortly after every announcement that Boko Haram has been technically defeated, we are greeted with more ferocious attacks by the bandits. We must therefore deal with the fundamentals of the insurgency. We must ensure that we move our people away from the line of sight of those who would like to recruit them for crime by making it unattractive. We must also recognize that having gotten here, just like Gen. Azazi said, the problem cannot be exterminated over night. We must, however, start from somewhere. We must sit down and plan our educational system and ensure that we comprehensively make qualitative education available to all Nigerians at affordable cost. All the subsidy we can afford must be channeled into education. Our educational curriculum must be reviewed to ensure that it is 21st century-compliant. We must ensure that we engage quality teachers who are competitively remunerated to ensure that the required skills are imparted. Modern teaching methods, modern laboratories and libraries must be made available to every school. We must also ensure that job creation becomes a major driver of the economy. Granted that there is only so much the public sector can do in this respect, but like we had consistently argued in this column, government must create the enabling environment for the private sector to thrive, if for nothing, for purposes of creating jobs. One major area where we keep faltering is power. The truth is that it is virtually impossible for businesses to grow in an economy of 200m people with peak power generation capacity of about 4000Megawatts. This is simply a joke. Even if the government does not do any other thing in the next one year, it must address the issue of power. In an emergency situation like this, government should attack it without minding the cost as the benefits cannot easily be captured in the mere Profit and Loss Account of the state. We recommend approaching it with a different mindset, since everything that had been done over the last decade seems to have failed. We must also support renewable sources of energy to aid the underperforming non renewables that we have traditionally relied upon. Finally, we must take a cut-off date and give ourselves targets of what we intend to achieve. We say this because some people get discouraged given how long we have groped in the dark and may wonder what impact would be made if we started today. It is imperative to note that since we have driven ourselves to this sorry state, we shouldn’t deceive ourselves by believing that there is a magic button that we can press and the insurrection in the land will disappear. There is no such luck. We must start with the first step and it is with repairing our educational system without delay.
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