MONDAY 22ND JULY 2019

Electricity: FG Negotiates New Supply Terms with Benin, Niger Republics Chineme Okafor in Abuja The federal government has renegotiated new terms for the supply of electricity to the neighbouring West African countries of Benin and Niger Republics, THISDAY has learnt.

THISDAY gathered that the renegotiation, which was consummated by the Nigerian Bulk Electricity Trading Plc (NBET), was to ensure that the international sale of electricity by Nigeria to the Société Nigérienne d'Electricité (NIGELEC) and Communauté

Électrique du Bénin (Togo/ Benin Bi-national Electricity Company) (CEB), reflected appropriate commercial terms.

According to a document signed by the NBET’s Managing Director, Dr. Marilyn Amobi, and addressed to President Muhammadu

Buhari, which was sighted by THISDAY at the weekend, the agency said it had concluded the negotiation with NIGELEC and CEB. The negotiation, it was learnt, reportedly centered on appropriate commercial terms for sale of electricity

to NIGELEC and CEB under the cost of service and price cap-based incentive regulation mechanism the Nigerian Electricity Regulatory Commission (NERC) uses to set the revenue requirement for grid electricity users.

Nigeria, under a bilateral

agreement, sells electricity to NIGELEC and CEB daily, albeit on terms that are not commercial.

The two international customers have also reportedly owed the country for such Continued on page 12

No Restrictions on Banks from Investing in Treasury Bills, Says CBN... Page 8 Monday 22 July, 2019 Vol 24. No 8869. Price: N250

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Buhari Committed to Ending Insecurity, Says Osinbajo Alaafin warns of looming anarchy over siege to Yorubaland Tinubu: Let’s rally to end criminality Balarabe Musa, Falana urge president to consider confab reports Iyobosa Uwugiaren, Adedayo Akinwale in Abuja and Kemi Olaitan in Ibadan Vice President Yemi Osinbajo admitted yesterday that there are “significant” security concerns all over the country but assured Nigerians that President Muhammadu

Buhari is committed to ending insecurity.

According to him, they have begun consultations with critical stakeholders to arrive at how to stem the tide of insecurity pervading Nigeria.

The consultations, he said, Continued on page 8

Army to Boko Haram: Surrender Now or Be Crushed

Special Forces locate missing aid workers, arrest informants

Kingsley Nwezeh in Abuja Following the attacks on troops that led to the death of two Colonels and 26 soldiers in Yobe and Borno States last week, the Nigerian Army at the weekend warned Boko Haram fighters to surrender

their arms or be crushed.

It said the army was ready to dislodge them if they continued their offensive.

It also warned them to take advantage of the amnesty offered by the federal Continued on page 12

Appoint Ministers Now, Afenifere, PANDEF, Ohanaeze Tell Buhari... Page 49

HONOURING AMAECHI...

L-R: Edo State Governor, Mr. Godwin Obaseki; Kaduna State Governor, Mallam Nasiru el Rufai; former Minister of Transportation, Mr. Chibuike Rotimi Amaechi and his wife Judith; behind them is former All Progressives Congress (APC) governorship candidate in Rivers State, Mr. Tonye Cole during a reception in honour of Amaechi by Team Maritime Nigeria in Lagos... weekend abiodun ajala

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No Restrictions on Banks from Investing in Treasury Bills, Says CBN Central bank still in tightening mood as MPC meets LCCI backs new lending policy Obinna Chima The Central Bank of Nigeria (CBN) yesterday dismissed reports that it had barred commercial banks from investing in treasury bills.

It dismissed a report in the media (THISDAY not inclusive) that it had stopped commercial banks from buying treasury bills so they could be more liquid to give out loans.

A top official of the CBN told THISDAY that while the central bank would be glad to see less participation by commercial banks in the primary market treasury bills auction, it makes a policy pronouncement to that effect, banks are still free to buy treasury bills.

The central bank had in the past few days taken measures to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), as it seeks to support the federal government’s economic diversification agenda.

Owing to this, the source, who did not want his name in print because he was not authorised to speak on the matter, said it was the desire of the central bank to see banks channel more of their funds

towards MSMEs. He said: “We have not barred the banks from investing in treasury bills, otherwise we would have released a circular to that effect. But, we did what we did, first of all to let the market know that our interest would be for non-proprietary transactions.

“That is, investors, both local and foreign, can buy our instruments. But, we would like to see less of the banks coming to use their instruments to come to the primary market to buy treasury bills.

“However, banks and any other person can do secondary market transactions. That does not mean that banks have been barred from the treasury bills market. The CBN will use its discretion to see whether it is a general auction or a special auction that the banks can participate in.”

He added that what the central bank was trying to achieve with the initiative was that “we want the banks to focus more on lending and not buying government securities.

But we are not trying to force them to do so, because we have our Prudential Guidelines that they must comply with.”

“What we are doing is like

a signal, we are showing them the direction we want them to go,” he added.

He also said the central bank was not in a hurry to reduce interest rate on its open market operations (OMO) bills.

“As you can see, our OMO rates are higher than treasury bills rates. It is to show that we are not in a hurry to trend downward, because we are still in tightening mood,” he added.

The CBN recently directed banks to maintain a minimum loan-to-deposit ratio (LDR) of 60 per cent by the end of September, which was expected to stimulate consumer lending in the country.

The central bank conveyed the decision on the new lending policy to the banks in a July 3, 2019 letter addressed to them, which was signed by the Director of Banking Supervision, CBN, Ahmad Abdullahi.

The LDR is used to assess a bank's liquidity by comparing a bank's total loans to its total deposit.

Meanwhile, the Lagos Chamber of Commerce and Industry (LCCI), in a statement yesterday, described the new lending policy of the CBN as a move in the right direction.

The focus of the policy on SMEs, retail, mortgage and consumer lending under the proposed lending regime was laudable, the Director General, LCCI, Muda Yusuf, said.

“The Nigerian private sector has over the years grappled with issues of credit access, cost of credit and tenure of funds. These challenges are more severe for MSMEs in the economy with huge financing gaps. The economy has been characterised by profound crowding effect of the private sector in the financial markets owing to more attractive returns from credit to government through the instrumentalities of treasury bills and federal government bonds.

“These developments created considerable distortions in the financial markets and considerably impeded domestic investment. It created major financial intermediation issues as the banking system became largely disconnected from the investing public. The real sector investors and the SMEs were the foremost victims of this distortion.

“The high and attractive returns on government debt instruments were a major worry because they have zero

risk and the earnings are tax exempt. Naturally, there was a gravitation of capital towards these investment windows, depriving the investment community of funds, posing major constraints to job creation and the advancement of the economy,” he added.

According to Yusuf, the LCCI saw the new lending policy as a timely policy intervention to normalise the credit markets, spur economic growth and broaden the interface between entrepreneurs and the banking system.

He said the banks would be obligated to be more tolerant of the entrepreneurs and more creative in the creation of financial assets.

“The LCCI expects that with the new lending policy, the quality of financial intermediation will be improved and this would impact the economy better as funding gaps in many sectors are addressed.

“It will lead to reduction of the crowding out of the private sector in the credit market and improvement of economic inclusion as more SMEs and broader range of sectors have better access to credit; and deepening of the money market,” he said.

However, he urged the central bank to address some of the possible downside risks in respect of loans asset quality arising from the new lending policy, by strengthening the Collateral Registry, develop SME rating agencies to support credit assessment an evaluation in the SME space, among others.

And as the CBN’s Monetary Policy Committee (MPC) commences its two-day meeting today, analysts have expressed divergent opinions about the outcome of the meeting.

For instance, analysts at Afrinvest West Africa Limited believe the committee would maintain status quo on all policy rates.

But analysts at FSDH Merchant Bank Limited anticipated a 50-basis cut in the Monetary Policy Rate (MPR) to 13 per cent.

Also, analysts at Cowry Assets Management Limited predicted that the MPC would retain the MPR in line with its current drive for economic growth.

At the last meeting, the MPR was left unchanged at 13.5 per cent, the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent.

to alternative measures to safeguard their lives and property. Suffice to say that is most part of Yoruba land, their pre-colonial military structures have not been totally collapsed. Hence, such structures like Odua People’s Congress, Agbekoya and other vigilante groups.

"Having stated the above, and having established my premise as a stakeholder in your administration in the firm belief that we all believe in the Nigeria project, kindly permit me, Mr. President, to make the following points and submissions as the Alaafin of Oyo, the king and head of all Yoruba at home and in the diaspora and the chief custodian of Yoruba culture and values."

According to him, the people of the South-West geo-political zone and extending to some parts of Kogi, Kwara and Edo State live in palpable fear because of new wave of insecurity of life and property they now witness daily.

"This new uncomplimentary development is not unrelated to the new wave of criminal activities usually associated with banditry, armed robbery and lately, kidnapping and rape of genuinely innocent and law abiding citizens.

"I remember when these nefarious activities were first noticed in Oyo/Oke Ogun area of Oyo State, I took proactive steps to stem the tide and to amicably normalise relations between farmers and herders.

Our initiative succeeded because we were dealing with genuine farmers and herders who had a commitment to Nigeria and who were interested in promoting their economic activities in a peaceful, prosperous and

united Nigeria.

"However, it is becoming obvious that the nature and character of banditry and kidnapping today are different from what they used to be. Today, it is not merely infraction in the course of doing business, but blatant and criminal violation of the constitutional right to life and liberty of innocent citizens of Yoruba land. A few publicly known instances will suffice.

"Certain individuals were kidnapped along Erio-Aromoko road, Ekiti State. They were tortured and exposed to danger in the forest for upward of two weeks. These victims included the Secretary of the Nigerian Bar Association, Ikole Branch, Adeola Adebayo, whose decomposing body was eventually found after a ransom price of N4 million had been paid," he stated He listed other victims of the marauders to include two officials of the Federal Road Safety Corps(FRSC), both Yoruba, who were picked up along Ilesa-Akure highway; Musibau Adetumbi, a legal practitioner based in Ibadan; Prof. Adegbehingbe, a surgeon at Obafemi Awolowo University, Ile-Ife; Dr. Muslim Omoleke; Mr. Ayo Oladele, and Dayo Adewole, son of former Minister of Health, Professor Isaac Adewole, who was kidnapped on his farm at Iroko, a village along Ibadan-Oyo road.

"As ugly as the picture above seems to be, the people of Yorubaland have remained generally peaceful and have resisted concerted efforts to push them into civil disobedience or adopting selfhelp mechanisms to protect themselves in their homeland.

They have demonstrated confidence in you and in your ability to stem the tide of these criminal activities. Yoruba have been restrained from believing the newfound Islamisation or Fulanisation theory.

"I am therefore writing to you, as a concerned stakeholder in your administration, to alert you and demonstrate to you, the urgency of the need to quickly respond to these and other issues concerning Yoruba land. There is a general impression among opposition group that you are not known to take decisive and proactive steps in many matters of national interest and that you are not usually too disturbed about the gale of insecurity in Yoruba land.

"May I also share with

BUHARI COMMITTED TO ENDING INSECURITY, SAYS OSINBAJO were being done on the instruction of Buhari, and they have met with some traditional rulers eager to contribute to the improvement of the nation’s security architecture.

“There are significant security concerns all over the country and on the instruction of President Muhammadu Buhari, ‘’The president and I believe that consultations with traditional rulers are important in beefing up security across Nigeria.

“President Muhammadu Buhari is committed to improving security in Nigeria.

Our nation will be peaceful and prosperous,’’ Osinbajo stated yesterday on his twitter handle, @ProfOsinbajo.

He tweeted on the security situation, which has become a source of worry for many Nigerians following the spike in the wave of killings, kidnappings and banditry, just as the Alaafin of Oyo, Oba Lamidi Adeyemi, wrote the president and warned him that Nigeria risked descending into anarchy if kidnappers and bandits continued to lay siege to Yorubaland.

Also, national leader of the ruling All Progressives Congress (APC), Senator Bola Tinubu, urged Nigerians to forget about their political affiliations and support government’s efforts to fight the criminality ravaging the country.

A former Governor of Kaduna State, Alhaji Balarabe Musa and a human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, also called on Buhari to rethink his internal security strategy by considering some of the suggestions from conferences and panels set up by government in the last few

years to tackle the worsening insecurity in the country.

The vice president said in his tweets that in line with the ongoing consultations, he had met with the Akarigbo of Remo Land, Oba Babatunde Ajayi; and the Awujale of Ijebu Land, Oba Sikiru Kayode Adetona, in company with Ogun State Governor, Mr. Dapo Abiodun and other federal and state government officials.

Alaafin Warns of Looming Anarchy over Siege to Yorubaland Also yesterday, Oba Adeyemi, in a letter to Buhari, warned him of looming anarchy in the country if the siege to Yorubaland by herdsmen and kidnappers are not contained.

The monarch who catalogued recent cases of insecurity in Yorubaland, accused the president of not bringing the culprits to book.

He said the Yoruba were capable of resorting to self-help unless the security in the zone improved and people were guaranteed safety of their lives and property.

Oba Adeyemi in the letter titled, "Yoruba Question in Nigeria Conundrum", said: "In recent time however, I am worried about the security situation in the country, especially in the South-west geo-political zone, nay the entire Yoruba speaking area of the country including Kwara, Kogi and Edo States. " This has to do with the incessant and increasing menace of Fulani herdsmen that have laid siege to almost all the highways of Yoruba land.

Whether in Owo, Akure, Ilesa/ Ife-Ibadan road or Ibarapa zone and Ijebu area of Ogun State,

the story is the same.

"I have held series of consultations with opinion moulders and eminent Yoruba leaders across board about the menace of these cattle herdsmen with such assault like raping of our women and in some occasions, in the presence of their husbands. That is apart from massive destruction of our agricultural lands; which ultimately points to imminent starvation.

"On top of it all is the menace of professional kidnappers usually in military uniforms.

What is more worrisome about the kidnapping notoriety is what looks like impunity which these kidnappers enjoy their nefarious activities."

He said after due consultations with Yoruba leaders and as the pre-colonial head of the Yoruba nation, people were worried by the audacity of the criminals in attacking people without restraint.

"Worse still is the confidence with which they demand ransoms and collect such illegal levies at designated spots without any arm of security being able to lay siege on them as it was the practice in the recent past.

"Now, we cannot even talk of parading suspects, when in actual sense, no major arrests have been made in this part of the country. Without arrests, we cannot talk of their facing the law. Unfortunately, and painfully indeed, in the face of the apparent helplessness of our security agencies, where do we go from here?

"It is at the wake of this manifest frustration of our people that our people have found it unavoidable, even though reluctantly to resort

Continued on page 12

TOP GAINERS NGN NGN % ABBEY 0.09 0.99 10 FORTEOIL 1.80 20.15 9.8 HONEYWELL 0.09 1.01 9.7 UNITYBANK 0.05 0.64 8.4 ACCESS 0.40 6.40 6.6 TOP LOSERS NGN % MCNICHOLS 0.05 0.45 10 FIDSON 0.45 4.10 9.8 CUTIX 0.16 1.46 9.4 COURTVILLE 0.50 4.95 9.7 UNIONDAC 0.02 0.22 8.3 HPE Nestle Nig Plc ₦1,245.00 Volume: 274.206 million shares Value: N2.844 billion Deals: 2,966 As at Friday 19/7/19 See details on Page 35

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NNPC Records Trading Surplus of N6.33bn in May Earns $580.32m from crude oil, gas sales Kasim Sumaina in Abuja The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N6.33 billon for May 2019, which is 13 per cent higher than the N5.60 billion surplus posted in April.

Details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR) released yesterday, attributed the modest rise to the increase in gas and power output, which contrasts with the figure for the preceding month.

The report, which was made public by the Group General Manager, Group Public Affairs Division of the Corporation, Ndu Ughamadu, in Abuja, also attributed the result to the surplus recorded by the corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil. The report showed that within the period, the NNPC recorded a total of $580.32 million in export sale of crude oil and gas, which is 23.39 per cent higher than the previous month’s figure. Out of this number, crude oil export sales contributed $458.59 million,

Mele Kyari which translates to 79.02 per cent of the entire dollar transactions compared with

$342.11 million contributed in the previous month.

The report also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported.

In the downstream, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06 billion litres of petrol, translating to 66.49 million litres per day, were supplied during the period under review.

It was noted that beyond supply, the corporation continued to diligently monitor the daily stock of petrol to

achieve smooth distribution of petroleum products and zero fuel queue across the nation.

Within the period, a total of 60 pipeline points were vandalised, which represents a remarkable 52 percent decrease from the 125 points vandalised in April.

The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 per cent and 23 per cent respectively and other locations accounted for the remaining 39 per cent of the total vandalism.

The report noted the spirited efforts by NNPC in collaboration with the local

communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.

The May 2019 NNPC MFOR is the 46th in the series designed to provide greater transparency and remove the perception of opacity hitherto associated with the operations of the national oil company.

The new NNPC Management headed

by Mallam Mele Kyari has pledged to enhance the current approach to encourage increased citizenship participation and greater accountability to the public.

Tinubu, at the commendation service and night of tributes for the late Mrs. Olufunke Olakunri, daughter of Afenifere leader, Pa Reuben Fasoranti, said in Lagos that Nigerians should not allow the insecurity to divide them.

Olakunri was killed by suspected kidnappers along the Benin-Ore expressway while heading to Lagos from Akure, Ondo State capital.

Tinubu extolled the virtues of the deceased, saying she extended her goodwill to all when she lived.

“All who encountered Funke attests to her goodness, nobleness, decency. She meant no harm to no one, extended goodwill and empathy to all.

“In the spirit of Funke, let those who love peace, regardless of religion, tribe or political affiliation, come together so that we do all we can to put an end to such criminality in our society,” a report in THECABLE, an online newspaper, quoted him as saying.

Earlier, the national leader

had urged Nigerians not to allow the death of the deceased to divide the nation.

He also said those blaming herdsmen for her death did not have evidence.

However, in a statement yesterday and jointly signed by both Musa and Falana, they expressed concern that Nigeria is increasingly being defined by insecurity, while killings have become almost a daily affair in Nigeria.

They also decried terror attacks, banditry, kidnapping and armed robbery being perpetrated by criminals with reckless abandon.

"Amid the cacophony of ethnic and regional voices, it is imperative that pan-Nigerian voices should be heard louder than ever before to save Nigeria from disintegration.

"In practical terms, no part of

Nigeria is immune to violent crimes, although the incidence might be relatively higher in one part than the other at this time. Tragic news of lives wasted issues from the north and south, east and west,” they added.

They said Nigeria must not be turned into a killing field, stressing that the way to take the wind out of the sails of merchants of hate was for the government to confront the worsening insecurity in Nigeria squarely and honestly.

"We are convinced that the urgency of the situation should compel the Buhari administration to rethink its internal security strategy by considering some of the patriotic suggestions from conferences and panels set up by government in the last few years.

"In our view, another conference, by whatever name, may not be coming up with anything new given that the Nigerian condition is akin to an emergency,” they said.

companies (Discos) in the market in support of their vesting contracts with the NBET has gone up to N70.7 billion after Abuja and Kaduna Discos finally credited theirs in 2018.

With regards to the $350 million Eurobond loan repayment, Amobi, said it being a term loan, the NBET repaid it in 2018 with interest to DMO. This, according to her, also meant it did not use it for other

purposes outside of its original mandate.

To ensure effective utilisation of the $350 million loan, NBET signed an agreement with the Nigeria Sovereign Investment Authority (NSIA) to manage the fund in a manner that would allow it yield returns.

The fund is also expected to be made available for any of NBET’s required interventions in the electricity market. The NSIA reportedly managed the funds and earned some interest

for the NBET to offset some of the interest payments on the loan.

NBET also disclosed that the N16 billion from the sale of Egbin power plant, which it keeps in an escrow account, has not been misappropriated as thought, adding that despite pressures from various quarters for the fund to be spent on several proposed projects in the sector, it kept it intact as expected by the National Council on Privatisation (NCP).

professionalism in the fight against insurgency. Akinroluyo described Biu as a man who “commands his troops from the front line and not from the rear.”

Borno State Governor, Umara Zulum, lauded the military over the successes recorded in the counterinsurgency operation.

Represented by his deputy, Alhaji Umar Kadafur, the governor pledged support to the military operations to restore peace in the state.

Shortly after his promotion, Biu had called on the insurgents to celebrate his promotion by laying down their arms.

He had told the insurgents on arrival in Maiduguri to lay down their arms unconditionally.

"The promotion I was told was as a result of all the efforts and successes we recorded in defeating Boko Haram. Our appreciation will, therefore, be

incomplete without calling on the remnants of Boko Haram to join in celebrating me by laying down their arms unconditionally as quickly as possible for peace to reign.

"Then, I will have a great sense of fulfillment. But where some of them decide not to do so, I want to assure them that I have returned to Maiduguri more reinvigorated, well energised,” he said.

Meanwhile, the Special Forces have detected the location of the missing humanitarian aid workers of Action Against Hunger abducted last week after insurgents attacked their vehicles.

Intelligence sources said the operation of the Special Forces, comprising military and intelligence operatives, was coordinated by Biu. Some informants who were divulging information to the terrorists in the area were also

arrested.

“The special forces were able to detect the location of the humanitarian aid workers after some arrests were made.

“You may recall that the terrorists had attacked the convoy of the humanitarian workers last Thursday at Damasak, headquarters of the Mobbar Local Government Area on their way to provide lifesaving assistance to individuals and families, affected by the humanitarian crisis.

“Unfortunately, the driver, named Kashim Ritam, was killed while his vehicle with registration No MAG 981 AA was damaged at Zari Village less than 20 kilometres from Damasak town. Some of the missing staff are Grace Taku, Ali Kayiri, Ali A Mustapha, Ali Gaya, Mallam Nuhu, Mohammed Abba Gana,” the source, who spoke anonymously said.

BUHARI COMMITTED TO ENDING INSECURITY, SAYS OSINBAJO you the outcome or product of my wide consultations in Yorubaland to let you know, beyond what official security reports will make available to you, that there is a growing feeling of frustration, disappointment and despondency among our people, which if not immediately addressed, could lead to other serious national catastrophes and security challenges,” Oba Adeyemi added.

He accused the police of allegedly foot-dragging in arresting the criminals.

He said: "There seems to be no doubt that the security apparatus of the country is both overstretched and rustic. The philosophy of policing the state, protecting life and property and ensuring the existence of atmosphere that is conducive to life and living in Nigeria is lost on the security personnel.

"In Yorubaland, we are scared and worried about the outrageous audacity and effrontery of these criminal

elements in carrying out their activities and without any challenge by security operatives.

"As no major arrest of Fulani pseudo herdsmen has been made till date in Yoruba land, suspects cannot be paraded, let alone arraigned. Even some threatened a sitting traditional ruler and asked him to comply with certain directives, go about as if they are indeed above the law and beyond arrest.

"It is unheard of that the State could be seemingly helpless in the face of these criminal assaults on its integrity and capacity to carry out the most sacred of its mandate; preserving life and property.

"Mr President, let me assure you that the Yoruba people traditionally have what it takes to defend themselves and interests against all enemy attacks.

"What is of immediate concern is the possibility of these traditional self-help mechanisms of defence to conflict with legal and constitutional framework of

the security organisations.

"This is indeed my greatest fear, because the situation is fast degenerating into what could trigger complete breakdown of law and order under a constitutional state arrangement.

"It is trite saying that a stitch in time saves nine. For me, and relying on ancient wisdom, the dilemma of a possible breakdown of state authority and power could still be managed and the slide to anarchy arrested.

"Insecurity is posing a direct threat and imminent danger to living in Nigeria. It is capable of de-robing the country in the comity of nations and passing it off as uncivilized and barbaric.”

Tinubu`: Let’s Rally to End Criminality The nation’s security situation also engaged the attention of Tinubu at the weekend as he urged Nigerians, irrespective of their political persuasions, to come together and end insecurity in the country.

Balarabe Musa, Falana Urge President to Consider Confab Reports

ELECTRICITY: FG NEGOTIATES NEW SUPPLY TERMS WITH BENIN, NIGER REPUBLICS supplies, that is, always failing to pay up promptly and thus accumulating payment backlogs.

The new terms for sale of electricity to the countries, it was learnt, reflected more favourable commercial terms than the current regulatory prices.

NBET also stated that the new terms reflected the existing structural and governance regime in Nigeria’s electricity market.

In 2017, the NBET concluded and executed the renovation agreement with the liquidator of defunct Power Holding Company of Nigeria (PHCN), and subsequently took over the management and administration of the international sale of electricity.

Notwithstanding its taking over of the transactions and renegotiating the terms, it said it still did not get paid by the international customers because the Transmission Company of

Nigeria (TCN) allegedly used a supposed presidential directive to receive and disburse the money to market participants.

NBET boss also added that a $350 million loan the agency got from the federal government in July 2014 when it issued a $1 billion Eurobond was fully repaid to the Debt Management Office (DMO) in June 2018.

Amobi indicated that the value of the one-year bank guarantees requested from the 11 electricity distribution

ARMY TO BOKO HARAM: SURRENDER NOW OR BE CRUSHED government in order to rejoin the society or be ready to face the dire consequences.

The army confirmed that insurgents killed a Colonel, captain and three soldiers during an attack on troops between Mainok and Jakana on the Damaturu-Maiduguri highway, Borno State although other military sources said the casualty figure was higher.

The call came as special forces, comprising intelligence operatives located missing humanitarian workers of a non-governmental organisation, Action Against Hunger (AAH), who were declared missing after insurgents ambushed their vehicles in Borno State and arrested some Boko Haram informants.

The Country Director of the organisation, Shashwat Saraf, had said in a statement that the attack on the convoy of the aid workers, which occurred

last Thursday on the road to Damasak, Borno State, resulted in the death of one official while two of the drivers and three health workers were abducted.

Speaking in Maiduguri at a reception organised in his honour, following his recent promotion, the General Officer Commanding 7 Division of the Nigerian Army, Major General Bulama Biu, said the insurgents still had the opportunity to lay down their arms.

Biu said the 10-year long insurgency had inflicted colossal damage on lives and property and therefore urged the insurgents to avail themselves of the opportunity of the amnesty programme initiated by the federal government under “Operation Safe Corridor.”

“You still have the opportunity to lay down your arms; the time to surrender is now, to enable you rejoin the

society,” he said.

Biu commended the troops for their gallantry and sacrifice, saying the military is committed to ending the insurgency and restoring peace to the Northeast.

He thanked President Muhammad Buhari for his elevation to the rank of a Major General, as well as Chief of Army Staff (COAS), Lt.-Gen. Tukur Buratai, over the conferment of Chief of Army Staff Award of Excellence on him.

The commander also lauded the Borno State Government, security agencies and other stakeholders for supporting the army in counterinsurgency operations.

The Theatre Commander, Operation Lafiya Dole, Major General Benson Akinroluyo, commended Biu for his commitment, effective leadership qualities and

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COMMENT

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

CELEBRATING AN EXCEPTIONAL BOARDROOM GURU Adewale Okoya pays tribute to Asue Ighodalo, Chairman of Sterling Bank Plc, at age 60

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e pass through life in stages and there is a rite of passage for each stage. We are born, reach puberty, get married, become old and eventually pass through transition. We also experience baptisms, confirmations, school graduation ceremonies and retirement parties. We pass through times which stand out as moments in which we become that little bit older, bolder and wiser. But as we grow older, we are tempted to think that our best life’s work and fun are behind us. Yet, a new report by Cigna Insurance Services (UK) has just established that life truly begins at 60 and not 40, as the American psychologist Walter Pitkin postulated in 1932.

As the Chairman of Sterling Bank Plc, Mr. Asue Ighodalo, celebrates the important milestone of a new beginning in life at the age of 60 today, a significant part of this rite of passage would be messages of felicitations and congratulations from associates, family and friends across the country and beyond. If the meaning of life at any age can be defined by what is most important to most of us, for Mr. Ighodalo, it will surely be his towering achievements as a boardroom guru. While many of his contemporaries may be looking forward to retirement, it is certain that Mr. Ighodalo will continue to find meaning in his many commitments to corporate Nigeria at the boardroom level.

Obviously, the highly respected former teacher of corporate governance and legal aspects of a director’s duties at the Lagos Business School could not have started his career in the boardroom. Having learned the benefits of hard work, integrity, character, strength and the fear of God from his parents at an early age, Mr. Ighodalo set out to be a banker by studying Economics at the University of Ibadan but his father had other ideas for him as a choice of profession. The elder Ighodalo prevailed on him to study law because it is a more “focused profession� and as a dutiful son, the younger Ighodalo agreed and proceeded to the London School of Economics to study after his Economics degree.

But true to what Sir Richard Branson, the British inventor, author and businessman said, that “There is no greater thing you can do with your life and your work than follow your passions – in a way that serves the world and you.� Mr. Asue Ighodalo eventually returned to his first love and is today renowned for his exploits in the banking sector of the Nigerian economy. His core areas of practice are corporate and project finance, securities and capital markets, energy and natural resources, mergers and acquisitions and banking and securitisation. Ighodalo is also a founding partner of Banwo & Ighodalo, a multi-disciplinary firm which provides legal advice on aspects of corporate and commercial Nigerian law. More than anything else, Mr. Ighodalo not only teaches the qualities which every director must possess to perform optimally in the boardroom, he has brought his considerable experience in corporate governance to bear on the fortunes of the companies where he serves as the chairman. The phenomenal growth of Sterling Bank in recent years and the company’s pioneering efforts in several areas of banking through the introduction of innovative products come to mind.

For instance, while many banks were unprepared for the latest directive from the Central Bank of Nigeria (CBN) on loan-to-deposit ratio (LDR) for banks, Sterling Bank is among the few ones that have surpassed the 60

MR. IGHODALO NOT ONLY CHAIRS THE BOARD OF STERLING BANK PLC, HE ALSO SITS ON THE BOARDS OF PUBLIC AND PRIVATE COMPANIES AND NGOS INCLUDING THE CHRISTOPHER KOLADE FOUNDATION, UNIVERSITY OF IBADAN ADVANCEMENT BOARD, DANGOTE FLOUR MILLS PLC, FATE FOUNDATION, AND MANY OTHERS

per cent minimum LDR directive. The bank recorded an impressive 78.9 per cent LDR, overshooting the new threshold by N148.29 billion after lending N618 billion out of N783.26 billion deposits. The risks associated with the new regulation such as banks underwriting high-risk loans which could lead to further asset quality deterioration and destabilisation of the industry are non-existent for Sterling Bank.

It should surprise no one that Mr. Asue Ighodalo is a boardroom colossus today having undergone extensive training at the hands of some of the best and most accomplished boardroom giants in the annals of corporate Nigeria. Starting his career under the tutelage of the cerebral and meticulous Chief Chris Ogunbanjo who exposed him to the practice of corporate and commercial law at the highest levels, Mr. Ighodalo continued his training with Dr. Christopher Kolade, a great Nigerian public servant, diplomat and boardroom guru who he described as his “father� and mentor.

He was also fortunate to know and associate with Mr. Felix Ohiwerei, formerly of the Nigerian Breweries and the late Chief Adeyemi Lawson, two boardroom giants. Besides, he interacted closely inside and outside the boardroom with Messrs. Fola Adeola and Aliko Dangote and learnt a lot from all of them. In his words, “Learning from the best and having excellent mentors is invaluable.� Summarising his thoughts on the duties of company directors, Ighodalo believes that company directors need to pay attention to the risk aspects of board membership, saying they could get into trouble if they breach their duties, or are negligent in the performance of their duties or do something wrong. “Being a director is really serious business which requires diligence, dedication and continuing capacity enhancement,� he said.

Today, Mr. Asue Ighodalo not only chairs the board of Sterling Bank Plc, he also sits on the boards of public and private companies and NGOs including the Christopher Kolade Foundation, University of Ibadan advancement board, Dangote Flour Mills Plc, FATE Foundation, Main Street Technologies Limited (sponsor of the Main One cable project), the Nigerian Economic Summit Group, Union Bank (UK) Plc, Okomu Oil Palm Plc and Kakawa Discount House.

Mr. Asue Ighodalo is a member of the Nigerian Bar Association and currently serves as the vice-chairman of the NBA’s section on business law. Asue is also a member of the International Bar Association (section on energy and natural resources law, Association of International Petroleum Negotiators, Nigerian Economic Summit Group, commercial law and taxation committee of the Lagos Chamber of Commerce and Industry, Chartered Institute of Taxation, the policy and monitoring committee of the National Council on Privatisation, and the Edo State Economic Strategy Team.

As Mr. Asue Ighodalo turned 60 today, he should have a greater sense of fulfillment for having touched the lives of so many people and for being a source of inspiration to thousands of others. He learned at the feet of the masters and has mentored many others in their journey towards greatness. No greater sacrifice is expected of a truly great man.

Here is wishing Mr. Ighodalo a long and healthy life.

Okoya, former Editorial Chairman of Financial Standard Newspaper, wrote from Lagos

GLOBAL ENERGY TRANSITIONS AND IMPLICATIONS FOR ECONOMY It is time to cut off petroleum products importation, writes Chijioke Nwaozuzu

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or more than a century, fossil fuels have accounted for a larger proportion of global energy supply sources. However, with increasing global environmental challenges, arising from increasing concentration of greenhouse gases (GHGs) associated with fossil fuel combustion, there has been a renewed emphasis on low carbon intensive and environmentally-friendly energy sources, e.g. natural gas, renewable sources, nuclear, and now hydrogen.

This determination was made in December 1997 in Kyoto, Japan (Kyoto Protocol), where representatives of most nations of the world agreed that the world’s industrialized nations should reduce emissions of the major GHGs (carbon dioxide, nitrogen oxide, and methane) by 2012 to levels between 6-8% below the 1990 emission levels. As a result, pressure is increasing towards movement away from ‘dirty’ energy sources such as coal, diesel, gasoline to cleaner fuels such as natural gas, renewable sources, and hydrogen.

Consequently, several technologies are being developed for production of renewable energy resources as well as natural gas, which are considered low-carbon emitting sources. New technology for extracting hydrogen from natural gas has been developed. These technologies are also becoming economically competitive with conventional energy sources (crude oil, coal, etc). Major energy consuming economies, which constitute major markets for petroleum products (China, India, Europe, USA, etc.,) are realigning their energy policies and economies in favour of low carbon intensive sources. These countries are also Nigeria’s key crude oil buyers.

These technologically-driven changes in the global energy landscape provide inherent opportunities and implications for developing economies like Nigeria.

It is vital to realize that these global developments are going to impact countries, great and small. For

most OPEC member states, it is time for economic structural adjustment and diversification.

Diversification should aim at boosting their respective power sectors, and investment of upstream petroleum profits in downstream industries (megarefineries, petrochemicals, methanol, urea and fertilizer plants, Liquefied Natural Gas (LNG) and Gas to Liquid (GTL plants) etc.) Basically, the aim should be to domesticate their oil and gas resources to drive domestic industrialization and economic growth.

Annual subsidy payments, running into trillions of naira, are a huge drain on crude oil export revenue.

Products importation equally represents a huge drain on scarce foreign reserves. Current import landing cost estimates for gasoline (PMS) is N180 per liter.

According to PPPRA (Petroleum Products Pricing & Regulatory Agency), we import 56 million liters of PMS daily. Current pump price for PMS at the retail outlets is N145 per liter, which represents a price ceiling of N35 per liter (N180 – N145). Therefore, daily subsidy payment for importation of 56 million liters of PMS daily should be N1.96 billion (N35 X 56m). Annually, the size of this subsidy should be N23.52 trillion (N1.96bn x 12 months). Don’t cry for me, Argentina! Another dilemma also presents itself, should the subsidy payment scheme be reversed. The only way to ‘stop the bleeding’ should be to eliminate the price ceiling by increasing PMS pump price from N145 to N180 per liter, and the ripple effects of that action would be as follows. High PMS Price = High Inflation Rate = High Bank Interest Rate = High Foreign Exchange Rate. But GDP = Consumer Expenditure + Investment Expenditure + Government Expenditure. With high bank interest rate, consumer and investment borrowing and expenditure will be drastically reduced. Therefore, fewer goods would be produced, and consumer spending will be further reduced. Consequently, only government expenditure

can ‘hold up’ the economy. Federal government will have no choice than to go into deeper borrowing to save the economy, as well as additional consideration of sale of government assets. Should there be a delay or inadequate government spending, the economy will be thrown into a tailspin, and depression will occur (i.e. GDP growth rate slightly greater than zero).

Further delay will throw the economy into recession (i.e. GDP growth rate below zero).

Depression or Recession = High Unemployment Rate + High Poverty Level + High Social Insecurity Level. High Poverty Level + High Insecurity Level = High Corruption Level + High Crime Rate + High Social Restiveness + High Disease Rate + High Outmigration Rate. Grandma, please help!

However, there is an additional dilemma! Federal government budgets are based on oil revenues.

Reality Check: Nigeria’s major crude oil importers are the USA, China, and India. USA is currently net exporter of crude oil. China plans to electrify vehicles by 2040. India plans to electrify vehicular fleet by 2030. In a couple of decades, the big buyers of Nigerian crude would have developed alternative energy sources for transport. How will the federal government of Nigeria fund the federal ministries, agencies, departments, universities, polytechnics, medical centers, embassies, state governments, local governments, etc.?

Currently, we are told that 13 state governments are deemed to be unsustainable without federal government revenue allocations. The implication is that those state governments cannot generate enough internal revenues (IGRs) to sustain the economies of their states. Therefore, should oil revenues plummet, there will likely be a gross reduction in allocation to state governments and local governments and most of them will face colossal and imminent collapse.

Should crude oil revenue plummet, how will the

federal government be able to perform these three tasks all at once: allocate revenues to ministries, agencies, parastatals, state and local governments; fund PMS imports to the tune of 56 million liters daily or more; and still pay subsidies to the tune of N23tn annually or more? The least we can do now is to cut off petroleum products importation.

NNPC has three refineries with name-plate capacity of 445,000 barrels per day, but current combined capacity utilization is roughly 10% (i.e. 44,500 barrels per day). To achieve self-sufficiency in petroleum products supply and account for smuggling to neighbouring countries, Nigeria requires at least a refining capacity of one million barrels per day.

Therefore, current shortfall in refining capacity = 1,000,000 – 44,500 = 955,500 barrels per day. Current refineries are too old and have been poorly maintained over the decades. Newest refinery (the second PH refinery) is roughly 30 years old! It is imperative and imminent that new refineries and petrochemical plants are constructed as a matter of urgency, to replace the old and ailing existing ones.

Reliance on ‘Dangote & partners’ refinery project may prove to be elusive, as it is sited in an export processing zone, and facing the Atlantic Ocean. The Dangote & partners refinery project is positioned as a ‘world export refinery’, and patterned after the Jamnagar refinery in India (1.2 million barrels per day refining capacity). Jamnagar refinery was sponsored

by Reliance Industries, whose Chairman (Makesh Ambani) is the richest man in India. Therefore, it is imperative that the refining capacity gap is closed within a timeframe of five years without consideration of the Dangote & Co project.

Prof Nwaozuzu is Director, Emerald Energy Institute for Energy & Petroleum Economics, Policy, & Strategic Studies, University of Port Harcourt

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T H I S D AY MONDAY, JULY 22, 2019

EDITORIAL On Banking Sector Recapitalisation The Central Bank of Nigeria is on track

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s part of the road map for his second term, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele recently reeled off some measures. Top on the agenda is another round of recapitalisation for the banking industry. This is coming about 14 years after the last banking sector consolidation in the country was consummated. Whatever may be the misgivings, the reality of our economic situation as a country has made the proposed idea somewhat inevitable. The depreciation of the naira between 2004 when the last banking sector recapitalisation took place and now has reduced the value of the capital of each Deposit Money Bank (DMB) considerably.

To underscore the desirability of another recapitalisation, Emefiele has argued that the drop in the value of the naira to the dollar had weakened the capital base of most banks in the country. He recalled, for instance, that in 2004 THE DEPRECIATION OF when the banks were THE NAIRA BETWEEN asked to recapitalise, 2004 WHEN THE LAST the value of a dollar BANKING SECTOR to the naira was RECAPITALISATION TOOK about N100. The last recapitalisation PLACE AND NOW HAS exercise which was REDUCED THE VALUE OF concluded in 2005 THE CAPITAL OF EACH under Professor DEPOSIT MONEY BANK Chukwuma Soludo CONSIDERABLY as CBN governor saw the banks raising their capital base from N2 billion to N25 billion. The exercise then witnessed the emergence of 25 DMBs from 89 following the merger of some of them as well as the acquisition of many which failed to raise the required capital.

However, with the drop in the value of the nation’s currency, which now exchanges for N360 to a dollar, the translated value of N25b is just about $75m. This means that the value of the capital of each bank has

Letters to the Editor

been eroded by $175m, and based on the number of domestic banks in the country which currently stands at 20, the total value of the capital base may have been eroded by about $3.5b. Going by the huge developmental role the apex bank would want the banks to play in the next five years, their recapitalisation has become imperative.

T 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

here is no trifling the fact that the 2004/2005 consolidation and recapitalisation of commercial banks not only shaped the structure of the Nigerian banking industry significantly but also launched them into global reckoning. It strengthened the banking sector, repositioning them to meet up with the internationalisation of financial and business globalisation best practices. While we do not know the demands of the new capital base for the proposed recapitalisation, we suggest that it must be realistic.

Under Sanusi Lamido Sanusi as CBN governor, the minimum capital base of banks was pegged at N15 billion (US$113 million) at an exchange rate of USD/132.85 then) for Regional Licence, N25 billion (US$188 million) for National Licence and N100 billion (US$753m) for International. But at the current exchange rate, the value of the Regional Licence has dwindled to US$49 million, National Licence to US$82million and the International Licence down to US327.9 million. We believe these considerations would inform the shape of the proposed recapitalisation exercise. We expect the Committee of Governors of the CBN which is expected to meet to discuss the modalities for the proposed recapitalisation exercise as well as approve the framework that would guide its implementation to be rigorous and thorough While it is necessary to embark on the exercise as soon as possible, we caution that the proprietors of the banks should be taken into confidence in whatever the CBN plans to do. Besides, the monetary authorities should use the proposed recapitalisation as strategies for expanding the economic roles of banks to the entire economy.

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.

ARE WE STILL SLEEPING? Education is the most powerful weapon which you can use to change the world -Nelson Mandela

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nce upon a time in 2005, Nigeria was regarded as an emerging member of the Next Eleven countries, a term coined by Goldman Sachs, a leading global investment banking, securities and management firm, representing the 11 countries touted as the next economic hub of the world. Fast forward to the present age, Nigeria has become a shadow of herself being currently plagued with avalanche of anomalies- economic, political, religious, ethnic and social. How did our lofty dream of the N-11 evaporate suddenly? Did we forget that the advancement of modern economies is now knowledge-driven? Our present predicament is not unconnected with the collapse of our educational institutions which serve as a spring water for human development, a harbinger for economic development. The effect of moribund educational institutions is not usually quicker than a rabbit would jump over a short mimosa pudica but is gradual, pervasive and metastatic like a cancer cell.

In an essay published in UK Essays (Nov, 2018) on the relationship between education and economic growth, the author posited that education leads to increased productivity by increasing the skill, capacity to produce and capacity to innovate. Therefore, increased productivity leads to higher earning which increases economic output/growth. In other words, improving the educational needs of the people ultimately yields improved economic growth.

Today, we are so polarised across ethno-politico-religious divides more than ever in the history of our country. Every government

employment opportunity is x-rayed based on the ethnicity and religion without recourse to meritocracy. What do you expect when you put a round peg in a square hole? No wonder our brightest prospects are emigrating in droves for greener pastures, at least where their skills are better appreciated and duly rewarded. What are we doing to stem this ugly tide of brain drain? To worsen the scenario, the children of our leaders and political elites study abroad, later on, flaunt the graduation pictures online for the adulation of the unfortunate common masses. What message are they sending to us whereas our institutions are characterised by chronic neglect, moribund infrastructure, incessant strikes, corruption, nepotism, to mention but a few. What a pity!

One of the Nigerian finest and erudite politician, late Chuba Okadigbo once said, “if you are emotionally attached to your tribe, religion or political leaning to the point that truth and justice become secondary consideration, your education is useless. If you cannot reason beyond petty sentiments, you are a liability to mankind.”

Homing to our political ecosystem, gone are the days when visionary men and women with sound minds and proven track record of character and integrity saturate the space but now, we have delegated ourselves to the bandwagon of the highest bidders, political opportunists and political buccaneers.

We all admire how things work in advanced countries but we often forget that the shades they are enjoying under now were once planted and nurtured by their older generations who wanted a better life for their future younger generations. Admittedly, our present and past leaders have failed us by chronically and gleefully neglecting a pivotal sector of the economy which can transmogrify the nation.

A quintessential illustration of how education changed the fortunes of state is the story of Silicon Valley, a region of San Francisco in Northern California, a home to many start-ups and global tech companies. In an article titled “The Interdependence of Stanford University and Silicon Valley”, Ritika Trikha argued that Stanford’s engineering school has had a strong hand in building the tech boom seen in Silicon Valley today. In return, it’s entrepreneurial alumni offer among the most generous endowments to the university breaking the record as the first university to add more than $1 billion in a single year. He also added that that the proximity to Silicon Valley is not the most important thing that distinguishes Stanford University but it’s certainly the most unique.

Recently, I heaved a sigh of relief by the news of FG approving about 208 billion naira as 2019 intervention funds for public institutions across the country. While this is a step in the right direction, I am strongly advocating for close monitoring of implementation of the funds thereby ensuring its judicious utilization for maximum impact.

Our tertiary institutions should tap into the “Silicon valley-Stanford University model” for its sustainability as they cannot rely heavily on government interventions while the government should not shy away from their main responsibilities. Private sectors and religious bodies should also play their supporting roles, alongside all major stakeholders in the sector. Our dear country has retrogressed so badly in recent years that if nothing is done swiftly, we all be made to face the dire repercussions. Let’s remember that our dynamic world is moving faster than we think. We need to wake up from our slumber, and make hay while the sun shine.

Dr Ugoh-Ezepue Kenechukwu, Medical Practitioner, Enugu

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MONDAY JULY 22, 2019 •T H I S D AY

MONDAY JULY 22, 2019 • T H I S D AY

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Group Politics Editor NSEOBONG OKON-EKONG

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

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

Stigmatized by Prevailing Circumstance Nseobong Okon-Ekong, Deji Elumoye and Solomon Elusoji write that the controversy which caused some disquiet following the emergence of the Chief Justice of Nigeria, Ibrahim Tanko Muhammad assumed an unfortunate ridiculous twist at his conďŹ rmation by the Senate

Buhari

Muhammad

Lawan

Enang

J

The President had in a three-paragraph letter to the Senate President, Dr. Ahmad Lawan, dated July 10 entitled ‘Appointment of Chief Justice of Nigeria’ President Buhari and read at plenary stated that “in accordance with section 231(1) of Constitution of the Federal Republic of Nigeria 1999 (as amended), which gives the President powers to appoint a Chief Justice of Nigeria, on the recommendation of the National Judicial Council and subject to the confirmation of the appointment by the Senate. I have the honour to forward the nomination of Hon. (Dr.) Justice Ibrahim Tanko Muhammad for confirmation as Chief Justice of Nigeria. “It is my hope that this request will receive the usual expeditious consideration of the Distinguished Senate of the Federal Republic of Nigeria. Please accept, Senate President, the assurances of my highest consideration.�

Section 231(1) of the constitution had stated emphatically that, “The appointment of a person to the office of Chief Justice of Nigeria (CJN) shall be made by the President on the recommendation of the National Judicial Council subject to confirmation of such appointment by the Senate.�

In line with that constitutional provision, the National Judicial Council had at the end of its meeting on July 9 recommended Justice Muhammad for appointment as CJN to President Buhari who thereafter forwarded his name to the Senate for confirmation.

In one week, the upper chamber set the machinery in motion by inviting Justice Muhammad to appear before it last Wednesday for proper screening. He was led to the Senate Chambers by the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang. Justice Muhammad put his age at 66, meaning he has four years to serve before attaining the retirement age of 70. During the session, he answered questions put to him by some Senators including those with legal background like Deputy Senate President, Senator Ovie Omo-Agege; Minority Leader, Senator Enyinnaya Abaribe and Senator Opeyemi Bamidele. The jurist was on his feet throughout his close to two hours screening which was moderated by Lawan as Chairman of the Committee of the Whole.

Sporting a black cap and red tie, Muhammad fielded questions from the senators, offering insights into the workings of his mind. He advocated for a tougher stance on corruption and a financially independent judiciary, carefully marshalling his arguments. But on one occasion, he misunderstood a question from Senate Minority Leader, Eyinnaya Abaribe, who was trying to find out Muhammad’s take on whether the Supreme Court should decide cases based on legal technicalities. Rather than deal with question, Muhammad went off gambit, talking about how a Judge could not be expected to be an expert on every subject matter on earth. It was a ludicrous moment.

Or was the CJN simply playing the

ostrich?

In answer to one of the senator ’s questions, Justice Muhammad described magistrates as the most corrupt strata of the judicial arm of government. He also said technical cases provide a leeway for double interpretation of judgements. To him, justices of the Supreme Court and other judges deserve better pay as their current salaries are ridiculous and laughable. Responding to a question on rampant corruption cases among judicial officers, Justice Muhammad while alluding to the fact that some judges are corrupt, however, said the level of corruption among the magistrates was alarming.

He said, “Talking about corruption in the society and judiciary in particular, I always say that the Nigerian judiciary is part and parcel of Nigeria, therefore I am not surprised if I see some justices that are corrupt but that such judges who are corrupt should be identified and prosecuted under our laws. “The most worrisome of this trend is at the lower ebb of our judiciary.

For those of us at the lower court, that is, the Magistrate. This is where the corruption arises. I was a Magistrate then we had a white man who was Chief Judge of our state we inherited him, he will kill any trace of corruption but unfortunately it rubbed down on us and this eventually happened in all cases.�

He went further to explain that, “Corruption is in built in the person who wants to be corrupted because if there is no corruption, there shall be no person who will be corrupted.

Onnoghen in hierarchy and by tradition, seniority on the bench counted most in the nomination of CJN r8IFO UIF 4FOBUF 1SFTJEFOU QVU UIF question of whether or not to confirm Justice Muhammad as CJN before the Senators, the lawmakers unanimously approved his confirmation r8JUI +VTUJDF .VIBNNBE T DPOGJSmation by the Senate, all is now set for his swearing in as the 17th Chief Justice of Nigeria this week by President Buhari at the Presidential Villa in

Abuja r+VTUJDF .VIBNNBE QVU IJT BHF BU 66, meaning he has four years to serve before attaining the retirement age of 70 r5IF KVSJTU XBT PO IJT GFFU UISPVHIout his close to two hours screening which was moderated by Senate President, Senator Ahmad Lawan as Chairman of the Committee of the Whole r+VTUJDF .VIBNNBE EFTDSJCFE magistrates as the most corrupt strata

ustice Ibrahim Tanko Muhammad became Nigeria’s top judiciary official under a cloud of controversy. Walter Onnoghen, the erstwhile Chief Justice of Nigeria (CJN) had just been suspended by the Presidency last January 25 and summoned by the Code of Conduct Tribunal, the court system set up to prosecute public officials, when President Buhari appointed Muhammad as the nation’s acting CJN. There were cries of partisanship and highhandedness, but the appointment stuck. This month, President Buhari sent Muhammad’s name to the legislature, to permanently confirm him as CJN. The Senate acquiesced, confirming Muhammad on July 17 after a screening session that lasted from 11:43am to 1:18pm.

Little did Muhammad know he was going to act for a record six months.

At the time, Justice Muhammad was next to Justice Onnoghen in hierarchy and by tradition, seniority on the bench counted most in the nomination of CJN. Even during the military era, seniority of the Justices of the Supreme Court were strictly adhered to in appointing the CJN. So, it didn’t come as a surprise when Justice Muhammad was nominated. President Buhari was only following tradition.

At long last, Justice Muhammad’s name was eventually forwarded two weeks ago to the Senate for confirmation as CJN by President Buhari in line with the provisions of the 1999 constitution of the Federal Republic of Nigeria (As Amended).

QUICK FACTS: r8BMUFS 0OOPHIFO UIF FSTUXIJMF Chief Justice of Nigeria (CJN) was suspended on January 25 by the Presidency and summoned by the Code of Conduct Tribunal, when President Buhari appointed Justice Ibrahim Tanko Muhammad as the nation’s acting CJN r.VIBNNBE TFSWFE JO BDUJOH capacity for a record six months r.VIBNNBE XBT OFYU UP +VTUJDF

of the judicial arm of government.

He also said technical cases provide a leeway for double interpretation of judgements r+VTUJDF .VIBNNBE BMMVEFE UP corruption among judicial officers especially the magistrates r.VIBNNBE TVDDFFEFE JO QBTTJOH the baton of responsibility for judicial reforms to the legislature, by admitting that only new legal provisions approved by the lawmakers can save Nigeria’s judiciary

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MONDAY DISCOURSE

Omo-Agege

Abaribe

Bamidele

Onnoghen

Left to me the corrupt judges should face same music as other Nigerians.�

The CJN, therefore, charged the legislature both at federal and state level to review the nation’s criminal laws. He said, “I am charging the legislature both in the state and federal levels to take a holistic look at our criminal laws. Let us amend them, let them take care of all the lapses in our laws. Let us provide adequately so that it will serve as guide to these anomalies. It is the duty of the legislature to sensitize the society. “Much as the judiciary would like to work but what is given to us is limited by law but I believe the legislature at both federal and state levels have every power to legislate or to amend the existing legislations in this country.�

On technical judgements delivered in the past by the Supreme Court, Justice Muhammad defended the verdicts saying such judgements were subject to double interpretation. According to him, “If something is technical, it is in a way giving a leeway for double interpretation adding that, “It may be interpreted one way by Mr. A or it may be interpreted the other way by Mr. B.�

He also posited that, “If something technical comes before the court, what we normally do is the trial court will ask people who are experts in that field to come and testify. We rely on their testimony because they are experts in that field. Ask me anything on aero plane I don’t know, ask me to fly an airplane I am sure if they told you that that flight is going to be piloted by Tanko I am sure you will jump out of the plane. Because it is something that is limited to technicality. My technicality is in law. Therefore, it is something that has to do with the perception of the way you think you can achieve the goals for what you want to achieve.

Several of our laws are dependent on technicality. But remember when we come we have what is known as rules of interpretation. We resort to rules of interpretation. There are several rules of interpretation. It is through that we resolve the problem that is technically raised.

We have technicalities in our laws and this is because these laws that we have inherited from the British. The British had for some time ago introduced what is known as technicalities in their laws.�

Commenting on the independence of the judicial arm, Justice Muhammad emphasised that what is drawing the judiciary back is lack of financial autonomy. According to him, “We are not asking for anything more than what is provided in the budget but believe me if you go to some states you will find out that they judiciary is refused even the normal monthly grant. They have houses, offices to maintain, and where they are collecting revenue

they are not supposed to dip their hands into the revenue because their revenue must go back to the state.�

He also decried the meagre salary earned by Justices of the Supreme Court, saying “What is the allowance of the Justice of the Supreme Court?

His salary, what does it amount to?

If I tell you, you will laugh! “I cannot go begging or asking for something. The legislature I am sure has every right and every power to see that things are put right,�

Justice Muhammad added.

After the screening exercise, Lawan thanked Justice Muhammad for honouring the invitation of the Senate and promised that the legislature would be willing to collaborate with the judiciary in solving identified problems. Lawan specifically mentioned the issue of the meagre salary being earned by the judges and stressed the need for the matter to be looked into so that there won’t be unnecessary influence from the public.

Justice Muhammad, thereafter, took a bow and left the Senate chambers before the Senate reverted to plenary to consider the confirmation of the CJN. When the Senate President put the question of whether or not to confirm Justice Muhammad as CJN before the senators, the lawmakers unanimously approved his confirmation.

Justice Muhammad came through the ranks. He was born on December 31, 1953 at Doguwa, Giade Local Government of Bauchi State. He attended primary school at Giade Primary School from 1961 to 1968.

Then he proceeded to Government Secondary School, Azare from the year 1969 to 1973. Between 1975 and 1976, he attended Abdullahi Bayero University College, Kano, for his IJMB, then proceeded to read Law at Ahmadu Bello University, Zaria, from 1976 to 1980. He attended Nigerian Law School from 1980 to 1981.

After Law School, the CJN enrolled for a Master ’s Degree in Law (LLM) at ABU on a part-time basis in 1982, while he also took up an appointment as Magistrate Grade II at the Bauchi State Judiciary. He rose to Senior Magistrate Grade II from 1984 to 1986., after which he was appointed as the Provost, College of Legal and Islamic Studies, Bauchi from 1986 to 1989. He would later return to ABU in 1987 to pursue his Doctorate Degree (PhD) in Law, also on a part-time basis. He obtained his PhD in 1998.

He was appointed Chief Magistrate/Deputy Chief Registrar, High Court of the Federal Capital Territory, Abuja from 1990 to 1991. From 1991 to 1993, he was appointed as Kadi (Judge) of the Sharia Court of Appeal, Bauchi State. In 1993, he was elevated to the position of Justice of the Court of Appeal, until 2006 when he was appointed as a

Justice of the Supreme Court. He was sworn in on January 8, 2007.

By the time he was appointed CJN, Muhammad had spent more than one decade at the nation’s highest court, bearing witness to some of the most turbulent periods in Nigerian judiciary history.

The Supreme Court of Nigeria (SCN), is the highest court in Nigeria. Under the 1999 constitution, the Supreme Court has both original and appellate jurisdictions, has the sole authority and jurisdiction to entertain appeals from Court of Appeal, having appellate jurisdiction over all lower federal courts and highest state courts. Decisions rendered by the court are binding on all courts in Nigeria except the Supreme Court itself. The Supreme Court is composed of the Chief Justice of Nigeria and such number of justices not more than 21, appointed by the President on the recommendation of the National Judicial Council, (NJC) and subject to confirmation by the Senate. Justices of the Supreme Court must be qualified to practice law in Nigeria, and must have been so qualified for a period not less than fifteen years. Justices of the Supreme Court of Nigeria have a mandatory retirement age of 70 years.

So what can Nigerians expect from Justice Muhammad? Will he bring anything new into a judiciary that has been serially accused of being weak and riddled with corruption?

He has the wealth of experience and academic acumen, but does he have the vision and evangelical zeal to transform the manufacture of justice in a country sorely needing some?

Perhaps the first thing to note is that Justice Muhammad understands the gravity of the situation before him.

In 2015, at the 48th annual conference of the Nigerian Association of Law Teachers (NALT), Justice Muhammad presented a paper in which he explored the threat of perennial corruption within the Nigerian legal profession and proposed “a holistic purging� of the bench, practicing bar, and even the legal academia by naming, shaming and expelling those he described as the “miscreants�.

In January, when he was first appointed, Justice Muhammad, while administering the oath of office to members of the 2019 Election Petition Tribunals, noted that “The Judiciary is in a trying time. We must, and I repeat, we must stand to protect and uphold the integrity of this arm of government. If any other person is trying to destroy it, we should try to protect it. If we don’t protect it ourselves, no one else will protect it for us. So therefore, it is our duty to see that we protect the Judiciary wherever you find yourself.�

He also fetishizes the past, which he describes as being better than the present in terms of societal order.

“Gone are the days when we used to sleep with our eyes closed in an open air space, with your room opened, nobody would enter to do anything,� he told the Senators. “I am talking of the early 60s, and I believe that up to 1975 it was something like that. It can never happen again. It may be difficult for it to happen. We have to check ourselves because the problem is with us. That is one of the ways we can sanitise society.�

To tackle the problem, Justice Mohammad proposed the amendment of laws to increase the severity of punishment and secure judiciary independence. “Some people are willing to commit and suffer the punishment which is light,� he said. “So, they will go and spend two years only to come out and go and enjoy their millions.

The legislature needs to rise to the occasion and put things right . . .

Let me say generally that corruption is inbuilt in the person who wants to be corrupted or the person who corrupts because if there is no corruption then there is no person who will be corrupted. “Left to me, they should face some music. Therefore, I am urging members of the parliament, both here and at the state level, if need be, to take a holistic look at our criminal laws and let us amend them. It is the responsibility of the legislature to sanitise the society. “The judiciary is willing to do its job. Once they don’t have anywhere to rely on, or where what is given to them is limited, by law, certainly that is the end of it, there is nothing they can do. I believe the legislature, either at the national level or at the state level, has every power to legislate or amend the legal system through legislation to overcome these.�

Fervent activism is not something judges are known for, since the profession itself is largely conservative, but Justice Muhammad, if his appearance at the Senate and past scholarship is to be considered, is not one to shy away from reform.

But, in many ways, he has also succeeded in passing the baton of responsibility for judicial reforms to the legislature, by admitting that only new legal provisions approved by the lawmakers can save Nigeria’s judiciary.

It is expected that the new CJN’s tenure will bring in the much expected judicial reform in the country and since he has also alluded to corruption among judicial officers especially the magistrates, he should be prepared to tackle the menace before it will destroy the integrity of the judiciary.

With Justice Muhammad’s confirmation by the Senate, all is now set for his swearing in as the 17th Chief Justice of Nigeria this week by President Buhari at the Presidential Villa in Abuja.

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FEATURES

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

Impediments to Tackling Criminality in Rivers The frequent redeployment of police commissioners to Rivers State has been giving Governor Nyesom Wike cause for concern in implementing strategies aimed at successfully rooting out criminal elements in the state, Davidson Iriekpen writes

Wike demands consistent partnership with police to curb the menace of cultism, violence and crime in general

R

ivers State Governor, Nyesom Wike, talked tough last week when he said the state government would soon launch a new security architecture to check the growing wave of crime in the state.

Speaking during a courtesy visit by the new state Commissioner of Police, Mustapha Dandaura, Wike said the state government had concluded plans to launch a comprehensive security strategy to promote security across the state.

The governor lamented the frequent changes of service commanders posted to the state, saying that it makes it difficult to plan for the improvement of security of lives and property.

He also said state governors should no longer be addressed as chief security officers of their states, but

Since the governor assumed ofďŹ ce in 2015, over nine commissioners of police have been posted to the state.

It was gathered that as soon as they settle down to work, they are redeployed, making planning and formulating proper security strategy impossible

the barest minimum across the state.

We are about to launch the new security architecture for the state.

To this end, we have established communication centres in all the 23 local government areas of the state," he said.

"Even if you are from the president's family, we will work with you to fight crime. If you decide to play politics, then we will treat you as a politician. The only commissioner of police that did not play politics is the immediate past commissioner of police,� he added.

According to him, "the frequent changes of commissioners of police makes it difficult for security planning. I was reading where they transferred General Officer Commandings (GOCs) and other senior army officers, but left this GOC because he did their bidding.

You are compensating crime and that is not good for the system.

There is no crime that is bigger than election rigging, but that man has been left here. Those who are involved in election rigging and oil bunkering are left here because they did their bidding."

Governor Wike

mere chief logistic officers, who only provide logistics for federal security agencies and do not get anything in return.

Providing Logitics Wike disclosed that ahead of the launch, his administration recently donated 50 patrol vans to the police, while other security services also received security vans from the state government. He added that the administration procured gunboats for the Nigerian Navy, while modern security communication centres have

been established in all the 23 local government areas of the state.

The governor urged the new commissioner of police to rejig the police structure in the state for optimal results. He however promised that he would continue to support security agencies to fight crime in the state and urged the police commissioner to be professional in the discharge of his duties, because it would be unwise to be involved in partisan politics.

"I will support any effort that is geared towards reducing crime to

Widespread Insecurity For some time now, there have been serious security challenges facing Choba community in Obio/ Akpor Local Government Area and the Ahoada area of the state. Motorists and passengers who frequently ply the East-west Road have a tale of woes to tell on what they suffer in the hands of some criminals and cultists who have converted the Rivers State end of the road to a criminal den by constantly robbing and kidnapping them for ransom.

Between Elele and other communities bordering Rivers and Imo States on the Port Harcourt-Owerri Road, youth groups have converted the axis to den where they frequently road rob and kidnap motorists and

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FEATURES passengers for ransom.

On the streets of Port Harcourt, some dangerous youths go about with knives looking for whom to dispossess of their valuables. Tales abound of many who have fallen victims of these criminal gangs.

Frequency in Transfer of Police CPs Wike believes that tackling these crimes should have been easy if the police commissioners posted to the state are allowed in conjunction with the state government to formulate proper strategy to arrest the situation.

Many analysts have argued that because of the peculiar nature of the Niger Delta in general where cultism, kidnapping and armed robbery have persistently been on the increase, state commissioners of police needs about two to three years to put proper structures in place to effectively to tackle the problem. But this to them, this has not been the case. Because the states are controlled by the opposition Peoples Democratic Party (PDP), commissioners of police are frequently transferred as soon as members of the All Progressives Congress (APC) allegedly lodge any complaint of bias against them.

In Rivers State for example, THISDAY investigation has revealed that since the governor assumed office in 2015, over nine commissioners of police have been posted to the state. It was gathered that as soon as they settle down to work, they are redeployed, making planning and formulating proper security strategy impossible. These police commissioners are redeployed on the flimsy excuses that they are doing the bidding of the governor.

Incidentally, since Wike assumed office in 2015, he has provided every logistics needed to enhance the capacity and efficiency of the police and other security agencies in the state despite the fact that security is the responsibility of the federal government. Checks revealed that so far, the governor has provided over 450 patrol vehicles fitted with communication gadgets to the security agencies and 15 armoured personnel carriers. He also gives diesel and financial support to the army, the navy, the air force and Department of State Service (DSS) on monthly basis. Yet, the crime rate is not abating.

Measures In spite of the alleged politicisation of security in the state by the federal government and its agents, the governor has not relented in his quest to make the state safe and peaceful with the provision of logistics for the force. Some of the governor ’s other direct initiatives and investments in the last four years to advance the protection of lives and property include directive to local government councils to institute direct release of logistics to divisional police officers to enable policemen promptly respond to security challenges.

Other initiatives meant to curtail the increase in cult-related violence, armed robbery and kidnapping across communities are the amendment of the Rivers State Kidnap (Prohibition) Law No. 3 of 2009, to provide additional penalties such as the confiscation of assets derived from kidnapping and other related activities; institution of a N1million reward for any person that gives useful information that leads to the arrest and successful prosecution of kidnappers, armed robbers and other homicidal crimes in the state.

The governor also instituted a N5million compensation for families of any police personnel, who lost his

Two of the Armoured Personnel Carriers bought by the governor

Patrol vehicles for the police

or her life while fighting kidnapping and armed robbery in the state; provides regular logistics support, including fuelling of vehicles to the security agencies for their operations in the state; and ensured the re-opening and functioning of the courts to guarantee the prompt trial of criminal cases.

The governor is working to improve the state’s criminal justice system by sending an executive bill

Incidentally, since Wike assumed ofďŹ ce in 2015, he has provided every logistics needed to enhance the capacity and efďŹ ciency of the police and other security agencies in the state despite the fact that security is the responsibility of the federal government

on the state’s criminal justice reforms to the state House of Assembly. The law, when passed will strengthen the criminal justice system and ensure the prompt and fairer dispensation of criminal justice in the state.

He has also directed and encouraged all local government chairmen to give priority attention to crime fighting and the maintenance of peace and security in the local government areas in collaboration with security agencies, traditional rulers and vigilante groups, even as he has inaugurated the State Security and Peace Committee with improved funding to all military and para-military agencies.

Curbing Cultism To curb the destructive predispositions of cult groups and the threat they constantly pose to peace and security in the state, Wike recently requested security agencies to carry out a total clampdown on cultists and related criminal behaviour in communities across the state.

He directed heads of tertiary institutions to take measures, including arrest, prosecution and summary expulsion, to stamp out cult and related activities in all state-owned tertiary institutions; requested traditional rulers to join forces with the security agencies and local government chairmen to enforce the state’s anti-cultism law and eliminate cult activities in their communities.

Bringing Funding to the Front Burner What the governor has done – which is also what almost all the state governors are doing – has no doubt indicated that the federal government is unable to equip the police properly to safeguard the lives and property of the citizenry.

This funding aspect of police administration is, among others, the strongest argument in support of multi-level police. This matter has been a favourite subject matter among the elite for many years.

Today, with the upsurge in crime especially such opportunistic crimes as armed robbery and kidnapping, the subject has become even more relevant.

Last Straw for Choba As part of the strategy to tame crime in Choba particularly, Wike last Friday, warned that the state government has had enough.

Speaking at a security town hall meeting with chiefs, leaders and youth groups, he said: "I won't come here again. You have to listen to the voice of reason at this time.

Enough is enough. We shall no longer tolerate form of violence in Choba.� He regretted that the people of Choba community have allowed the name of the community to be dragged down by persons who promote insecurity. He urged them to work with the state government to entrench security of lives and property in Choba community.

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MONDAY JULY 22, 2019 •T H I S D AY

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T H I S D AY ˞ ˜ ͰͰ˜ 2019

BUSINESSWORLD

Group Business Editor ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ Email obinna.chima@thisdaylive.com 08152447875

ÍŻ ͡ Ëœ Í° ÍŽ ÍŻ ͡ MONEY MARKET OVERNIGHT OBB

REPO 12.64% 11.93%

CALL 1-MONTH 3-MONTH

12.50% 13.88% 15%

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

407.83% 0.11% 1.89%

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

1.45% 1.45%

EXCHANGE RATE ͹͎ʹ˛͡ͳ˚ͯ ̊ ̊

Quick Takes African Economic ConďŹ dence Rises

STAKEHOLDERS’ ENGAGEMENT

L-R: President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uche Olowu; MD/CEO, FBN Quest Merchant Bank Limited, Mr. Kayode Akinkugbe, and National Treasurer, CIBN, Prof. Pius Olanrewaju, during a CIBN stakeholders’ engagement at the Bank’s head office in Lagos‌recently

NBET Saves Nigeria $2.4bn Tariff from Renegotiated IPP Agreement Chineme Okafor in Abuja The Nigerian Bulk Electricity Trading Plc (NBET) has renegotiated the commercial terms it agreed in 2016 with promoters of 14 utility scale solar Independent Power Plants (IPPs), THISDAY has learnt.

From the renegotiation, it gathered that it was able to save the country $2.4 billion in tariff that would be paid the IPPs when they attain commercial operations and begin to deliver electricity to the grid.

THISDAY was reliably informed that the NBET also saved the federal government over $388.5 million contingent liability on the Put Call Option Agreements (PCOAs) for the IPPs.

ECONOMY A document sighted by THISDAY, showed that the Managing Director of NBET, Dr. Marilyn Amobi, wrote to President Muhammadu Buhari, to intimate him of her stewardship at the NBET between August 22, 2016 when she took up her appointment, and May 2019.

Amobi, reportedly had to deal with several challenges at the NBET, including a lingering ethno-religious conflict allegedly initiated by two of her senior subordinates.

She was also accused of corruption in statutory payments to power generation companies (Gencos) but the Nigerian Electricity Regulatory Commission

(NERC) investigated and cleared her of any underhand dealings.

However, in the letter to Buhari, Amobi detailed why she had to renegotiate the commercial terms the NBET agreed for 14 IPPs which would collectively produce 1125 megawatts (MW) of electricity. The investors would also spend about $2.5 billion to build them.

She explained that in December 2017, with the approval of the chair of NBET’s board who at that time was the Minister of Finance, Mrs. Kemi Adeosun, she competitively reviewed the 11.5 cents per kilowatt hour (KwH) tariff the NBET initially agreed with the solar IPPs investors downwards to 7.5 cents per KwH, for the reason that the

global economics for solar power were becoming favourably cheaper.

According to her, the review resulted in the savings of $2.4 billion on tariffs to be paid over 20 years by Nigerians for electricity from the plants. The other $388.5 million saved from the renegotiation was on the PCOAs contingent liabilities that would have been paid by the federal government as well to the IPPs. Furthermore, the letter showed that Amobi, informed Buhari that the renegotiation was made possible by her decision to transition the NBET from using an ‘open book’ system of negotiating Power Purchase Agreements (PPAs) to adopting a weighted average cost of the prices the NBET already Continued on page 24

Nigeria’s Economy, Others Predicted to Stay on Recovery Path Solomon Elusoji with agency report Sub-Saharan Africa will stay on its recovery path next year provided heavyweight economies punch better, a Reuters poll found.

But it stated that the continent would still grow below potential for a part of the world with a growing population.

A poll of 15 analysts and economists by Reuters, showed that Nigeria, Africa’s biggest economy, would grow 2.6 per cent next year and Kenya would grow 5.8 per cent.

ECONOMY In both cases this would be 0.2 percentage points slower than thought in April. “Growth should gain slightly more traction next year, supported by a tendency towards looser monetary policy which will support consumption,� the chief economist for North and West African countries at NKC African Economics, Cobus De Hart said.

Nigerian economic growth accelerated but Kenya’s slowed in the first quarter of the year

compared to the same time last year.

However, even if Ghana’s growth slows as expected to 6.1 per cent in 2020, from 6.5 per cent this year, next year’s performance would still be faster than the six per cent predicted in the last survey.

Interest rates - in Ghana at 16 per cent, Nigeria at 13.5 per cent and Kenya at nine per cent - were expected to be left unchanged this week, even as they anticipated that the Central Bank of Nigeria would probably ease in September and the other two next year.

Other major global central banks

look set to ease policy soon, the report stated.

Economists largely agreed SubSaharan Africa’s growth - which the International Monetary Fund had predicted in April would grow at 3.5 per cent this year - would stay on the recovery path next year.

South Africa’s Reserve Bank joined other emerging market banks in cutting interest rates last Thursday and De Hart said South Africa would perform slightly better and act as less of a drag on regional growth.

He included Angola, the third Continued on page 24

Economic conďŹ dence in Africa has risen amid other major continents’ indices dipping back in Q2 2019, ďŹ ndings by the latest Global Economic Conditions Survey (GECS) from the Association of Chartered CertiďŹ ed Accountants(ACCA) and the Institute of Management Accountants(IMA), has revealed.The poll of more than 140 accountants across Africa noted, despiteoverallconďŹ denceremainingnegative,itwasoneofthefewregions to see a rise in this quarter, along with Central and Eastern Europe and South Asia. All other regions including the US, China, Asia PaciďŹ c and the Middle East saw conďŹ dence levels dip.

Chief Economist at ACCA, Michael Taylor, highlighted the prospect of lower US interest rates as a positive factor, easing the pressure for capital outows from Africa. He said: “Lower US interest rates also allow many economies to ease monetary policy. Despite relative buoyancy in oil prices, many producers are struggling with supply bottlenecks and policy uncertainty. “Investment in some of the large African economies should pick up this year and the GECS measure of investment opportunities is on a strong upward trend with a big jump in Q1 2019.â€?

However, Taylor warned of vulnerability for African exports, and that the region still faced challenges ahead.

He added: “The global economic slowdown is a downside risk for Africa and China and the euro area – the major destinations for African exports – look especially vulnerable. “Growth in the region this year is likely to be around 3.5 per cent, an improvement on recent years but still below the rate that will signiďŹ cantly lift per capita incomes.â€?

UN Chief Harps on Farming

The President of the United Nations’ International Fund for Agricultural Development (IFAD), Gilbert F. Houngbo, will meet the Prime Minister of the Lao People’s Democratic Republic (PDR), Thongloun Sisoulith, the Prime Minister of Cambodia, Hun Sen, other high-ranking oďŹƒcials, as well asrepresentativesofUNteamsincountry,todiscussinvestmentsthatcan improve food and nutrition security, generate employment and mitigate theeectsofclimatechangeinruralareas.Thevisitwouldfocusontherole of smallholder farmers in improving household nutrition and food security.

The delegation would be in Lao PDR 22 -25 July and in Cambodia 25 – 27 July. “In Lao PDR and Cambodia, the majority of smallholder farmers practice subsistence agriculture, but they have the potential to develop their farm businesses if they have access to ďŹ nance, training, technology, and commercial markets,â€? a statement quoted Houngbo to have said. “IFAD is an experienced development partner, working with governments to transform rural areas, reduce poverty and hunger, and increase livelihoods for rural smallholders in the region,â€? he added.

Afreximbank Appoints Compliance Director

TheAfricanExport-ImportBank(Afreximbank)hasappointedIdrissaDiop, formerly of EcobankTransnational Inc., as its new Director of Compliance.

Diop, who, until his appointment, was Ecobank’s Group Head of Compliance, replaces Maureen Mba, who retired from Afreximbank in May after a long meritorious service.

ThenewDirectorcomeswith20years’experiencefromvariousEuropean ďŹ nancial institutions and the Ecobank Group, which he joined in June 2011.

Prior to joining Ecobank, he worked for 10 years in Luxembourg, holding Senior Compliance Manager positions within such ďŹ nancial institutions as Schroders Investment Managers Luxembourg and Amundi Luxembourg (Credit Agricole Group). He was also a Senior Internal Auditor specialising in dealing room activities at Societe Generale Bank &Trust Luxembourg.

Diop began his career as an internal auditor in Paris in 1998 with Amundi (formerly CrĂŠdit Agricole Asset Management) and joined CIC Est bank in Strasbourg as Senior Internal Auditor before relocating to Luxembourg in December 2001. Diop received his training in France and holds a Master of Finance from PanthĂŠon-Sorbonne University; a postgraduate degree in Financial Strategies from University of Cergy Pontoise; a Master of Internal Audit from RenĂŠ Descartes University, Paris V; and a diploma in Islamic Finance from University of Strasbourg. He is a member of the SWIFT Board Compliance Advisory Committee which advises SWIFT on tackling and setting standards against ďŹ nancial crimes and money laundering and terrorism ďŹ nancing risks.

“Now, majority of our members render their reports from the comfort of their offices using could technology. We are transforming our internal protocol and process electronically.

Automation is what we are doing to enhance capacity, appearance and global best practice�

President, ABCON,

Alhaji Aminu Gwadabe

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BUSINESSWORLD REPORT HIGHLIGHTS FACTORS TO DETERMINE AFCFTA’S SUCCESS has in its portfolio, as well as issuance of PPAs with energy-only condition in its package.

She said that it was not the NBET and federal government alone that have benefitted from the new PPAs procedure, but investors who have reportedly been able to save $200,000 that they previously spent on legal fees to firms to negotiate PPAs with NBET. Also, in the letter, she explained that the weighted average cost system would objectively and transparently determine the prices for power production, and without flexibility for manipulation, while the energy-only PPAs will ensure that the country going forward, only contract and pay for electricity generated and not for capacity declared available

by Gencos.

NIGERIA’S ECONOMY, OTHERS PREDICTED TO STAY ON RECOVERY PATH biggest economy in Africa when excluding northern countries such as Egypt and Algeria, as another heavyweight if Nigeria disappoints.

South Africa - where growth is expected to accelerate to 1.4 per cent next year, from 0.7 per cent in 2019 - has been, alongside Nigeria, a drag on the continent as combined they make up about 50 per cent of Africa’s economy. “West Africa is picking up pace nicely, not so much Nigeria though where the rebound is now again looking more fragile. East African growth is seen slowing slightly but will remain very robust from a regional perspective,� said De Hart.

Zambia has also not been performing well due to a huge debt problem that has weighed on growth prospects. Zambia is expected to grow 3.3 per cent next year, 0.3 percentage points higher than this year but slower than the almost four per cent it grew last year.

African leaders recently launched a continental free-trade zone after Nigeria finally signed up. If successful, it would unite 1.3 billion people and create a $3.4 trillion economic bloc, ushering in a new era of development.

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

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)

NEWS

Omotosho: Nigeria Needs Export Designated Ports Esther Oluku The President of Chartered Institute of Export and Commodity Brokers of Nigeria (CIECOBON), Mr. Abayomi Omotosho, has said that Nigeria needs exclusive export ports to boost the country’s export industry.

Omotosho, who said this while speaking with journalist at the Investiture, Induction and Award Ceremony of CIECOBON in Lagos, added that the creation of such ports would fast track movement of goods from the country.

According to Omotosho, the absence of export ports is one of the three bottle necks to the export industry, the other two being the National Agency for Food and Drugs Administration and Control (NAFDAC) tariffs and inadequate information from the Nigeria Custom Service (NCS) about export proceedings. “We need export designated ports. There was a time when the government wanted to use the Ikorodu Lighter Terminal for export only but we know nothing of that now. Export designated ports will fast track movement of goods to other countries, “he said..

Omotoso added that: “NAFDAC should discuss with stakeholders before government increases tariffs at any level.�

While commenting on the African Continental Free Trade Area (AFCTA), Omotosho said it was a step in the right direction. “It is good what President Buhari has signed with other African countries. If there is competition, you will do better unlike when you are the only one producing a particular product,

�he said.

Meanwhile, CIECOBON has appointed a new president and inducted new members into the institution.

Stakeholders in the export industry who attended were; the Nigerian Customs Service (NCS), NAFDAC and Nigerian Maritime Administration and Safety Agency (NIMASA).

While appreciating members of the council for voting him, the newly elected president, Omotosho, expressed his gratitude to the President Muhammadu Buhari’s administration for financial leakages discovered and blocked. “Let me also use this medium

to thank the President Buhari’s administration for providing loan for the farmers and all allied business known today as Agriculture Small Medium Enterprises Investment Scheme (AGSMEIS) through the Central Bank of Nigeria and the Bankers Committee Initiative. The feeder government also budgeted N500 billion for the production of cash crops such as cocoa, palm oil and cashew nut, which will aid generation of foreign exchange, �he said.

Omotosho said he has high hopes of taking CIECOBON to higher altitudes adding that he hoped to partner with government agencies and Nigerians

in Diaspora to proffer lasting solutions to the challenges in the sector.

While felicitating with the newly elected president and inductees, the Director General of NIMASA, Dr. Dakuku Peterside, who was represented by the Deputy Director and Head of Planning, Ms. Moronke Thomas said that to further assist the export industry NIMASA is currently working on reducing foreign exchange rates for exporters. “We have some interventionist policies which we are working on like the special foreign exchange rate for exporters and a cargo support initiative for

special project cargo. We want as much as possible to encourage non oil export, �she said.

On his part, the Comptroller General of the NCS, Col. Hameed Ali (RTD.) who was represented by the Customs Area Comptroller, Murtala Mohammed Airport, Ms. Jayne Soboike, said that the export body should ensure at all times to represented the image of Nigeria favourably in the international market. “Compliance is the facilitator of trade. Those that are exporting goods outside Nigeria must make sure that the goods are of standard and the packaging are of high quality, �Soboike said.

AWARD WELL DESERVED

L-R: General Manager, Large Enterprises, Bank of Industry (BoI), Mr. Leonard Kangbe; Executive Director, Lagos & South-West, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe; Regional Bank Head (RBH), Yaba-Surulere, Mrs. Chetachi Ezenagu, and General Manager/RBH, Ikeja, Dr. Ken Opara, when Fidelity Bank received the award of Excellence for Supporting Pharmacists and the Healthcare Value Chain in Nigeria, by the Pharmaceutical Society of Nigeria (PSN), held in Lagos‌recently

ABCON Advocates Elimination of Economic Subsidies Association of Bureaux De Change Operators of Nigeria (ABCON) has called for elimination of fuel and foreign exchange subsidies in order to address structural defects in the economy.

The association made this call in its Quarter Economic Review report for the second quarter of the year (Q2’19), stressing that these subsidies represent structural defects in the nation’s economy.

Speaking at the presentation of the report, ABCON President, Alhaji Aminu Gwadabe said: “The subsidies are misapplications which have resulted into creation of economic rents in various dimensions, as well as maladjustments in sectoral business structures creating hyper

unemployment rates which have triggered unmanageable social unrest like kidnappings, terrorism, banditry, arm robberies and large scale cultism etc�. “We recommend that government should consider the following: Policy of single exchange rate to completely remove foreign exchange economic rent and subsidy for a medium and long term adjustment of the economy from distortions occasioned by decades of subsidy. We must observe that we have an inefficient structural system to track surreptitious flow of foreign exchange within the platforms notwithstanding, that the morals to control are lacking. “This head of a hydra of fuel subsidy issue should

be addressed headlong by critically reorganizing the sub sector including deregulation and decentralization of fuel importation to ensure competition which is necessary to guarantee fair price�.

Stressing the need to tackle the challenge youth and graduate employment, ABCON called for an extension of the National Youth Service Corp (NYSC) period from one year to two years, with provision to allow discharge after one year if employment is secured.

The Association commended the federal government for signing the Africa continental Free Trade Agreement (ACFTA) but called for measures to enhance the competitiveness of local

industries to maximise the benefits of the Agreement for the economy.

ABCON also welcomed the proposed consolidation of the banking sector with new minimum capital requirements, describing it as, “a necessity that will help in reducing the impact of Non Performing loans on Capital Adequacy Ratio of banks and thus enhance their capacity to lend to the economy.�

Speaking on ABCON’s efforts to enhance stability in the foreign exchange market Gwadabe said that the Association will leverage on its partnership with the Nigerian Diaspora Commission to harness the potential of the Diaspora remittance to enhance foreign exchange inflow and

economic development.

He added that the association will explore partnership with the Lagos Commodities and Futures Exchange (LCFE) recently granted approval-inprinciple by the Securities and Exchange Commission (SEC), to articulate plans for floor membership and currencies trading on the exchange. “As LCFE will be trading on four broad ranges of assets which are agricultural commodities, currencies, solid minerals and oil and gas, BDC’s are well positioned to jumpstart the currency floor of the exchange. The economy will benefit from the development if given necessary support and approvals by the regulatory bodies,� he said.

SMEDAN Seeks Removal of Collateral Bottlenecks on MSMEs Funds James Emejo in Abuja The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko UmaruRadda has urged policy makers to ensure that Micro Small and Medium Enterprises (MSMEs) have unhindered access to funds already set aside to support their survival and contribution to the economy.

Speaking at a press briefing to commemorate the 2019 MSMEs’ Day celebration, themed:�Big

Money for Small Business: Financing the SDGs�, he said access to affordable finance remained a major challenge to the operations and sustainability of MSMEs in the country.

He further requested that SMEDAN be allowed to actively participate in the proper administration of some of the funding interventions schemes for MSMEs. Represented at the briefing by the Director, Development and Promotion, SMEDAN, Mr. Monday Evans, Umaru-

Radda stressed the need for the agency’s participation in the disbursement of funds for proper evaluation and to track repayment.

He said the MSMEs is “our constituency and we know what these SMEs feel. We know their challenges and so on. “It is not just throwing money at them. If you throw money at them, are they ready to use this money for the purpose it is supposed to be used?� “We know these SMEs and if we are brought in to make

sure that once you give this money we are able to show them exactly how to use this money to improve their business and of course, the problem of making sure this money comes back eventually. “Because in our normal operations, we do what we call business development service, post training support which means we monitor and follow up these MSMEs to make sure they run their businesses the way it should be run, achieve the target and return back any

money as it is a loan.�

Nonetheless, he stated that the objectives of the objective of this year’s celebration was to raise awareness about the role of MSMEs in achieving the 2030 agenda for sustainable development, feed into the global debate on financing for development as well as provide through leadership, recommendations and practical tools that will lead to greater investment in small businesses especially how to bridge gaps in finance, knowledge and skills.

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ASHON Advises Investors against Panic Sale as Market Records Further Decline Goddy Egene As prices of shares continue to dip at the stock with some hitting two-year low, the Association of Securities Dealing Houses of Nigeria (ASHON) has cautioned investors against panic sale of their securities, to avert losses.

The association insisted that the stock market would soon rebound.

The local bourse booked another decline for the third consecutive week as the Nigerian Stock Exchange (NSE) All-Share Index fell 2.27 per cent to close at 27,919.50, while market capitalisation ended at N13.922 trillion. The market had depreciated by 2.41 per cent the previous week.

However, while some nervous and short term investors may be contemplating selling to exit the market due to the persistent bearish run, the Chairman of ASHON, Chief Patrick Ezeagu, has advised against panic sale of shares, saying the negative trend would soon be reversed.

The ASHON boss noted that two investors may not necessarily have the same motive for sale or buy order, saying this is where the need for professional investment advice from stockbrokers become compelling.

He stated that a trend analysis of corporate earnings in recent time indicates that many companies across sectors have posted higher earnings with good returns but this has not significantly reflected in the upward movement of their share prices. Ezeagu explained that there was nothing unusual about this as the market generally reflects the trend in the economy, hence, investors buy into the future of these companies on the expectation of higher shareholder value.

He said: “Those who are selling off their shares right now are speculators and not real investors. Every stock market needs speculators for liquidity but they can change investment decision in one second. Our stock market is forward looking. Investors need not be nervous. “They should consult professional stockbrokers for sound investment decision. There is no basis for panic eventually rally.

A mere study of most of the sale of shares. Many companies have announced strong financial companies’ performance figures performance with prospects of is most informative and points increased future earnings. Why should a shareholder of such a company embark on panic sale of shares? “Globally, stock market gauges the mood of the economy like a barometer. Our market is not a local one. Foreign investors have significant stakes because their analysis has always convinced them that our market has potential for strong Return on Investment (ROI). “At the moment, core investors are awaiting a couple of things, including announcement of ministers of the Federal Republic and the Economic Team to show the clear direction of the government. “These are issues that are beyond the council and management of the NSE but have dire consequences on investment decisions. The bearish trend has to do with the fact that the government is yet to settle down after the elections. However, astute and professionally guided investors should take position now that most stocks are trading lower than their net realisable asset value and expect handsome returns when the market shall

trading sessions, shedding 0.8 per cent, 0.5 per cent, 0.6 per cent and 0.6 per cent on Monday, Tuesday, Wednesday and Thursday respectively. However, the market went up by 0.8 per cent on Friday.

A look at the sectoral performance showed that five of them declined. The NSE Oil & Gas Index led with 5.7 per cent, trailed by the NSE Banking Index with 4.3 per cent. The NSE Insurance Index shed 3.8 per cent, while the NSE Industrial Goods Index went down by 0.01 per cent.

Market turnover Meanwhile, investors traded 1.086 billion shares worth N13.390 billion in 15,774 deals, compared with 988.491 million shares valued at N13.839 billion that exchanged hands the previous week in 16,414 deals. But the Financial Services industry led the activity chart with 829.468 million shares valued at N8.493 billion traded in 8,596 deals, thus contributing 76.4 per cent and 63.4 per cent to the total equity turnover volume and value respectively.

The ICT Industry followed with 90.049 million shares worth N851.989 million in 658 deals. The third place was Conglomerates Industry with a turnover of 56.788 million shares worth N84.522 million in 731 deals.

Trading in the top three equities namely: FBN Holdings Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc, accounted for 420.921 million shares worth N5.516 billion in 3,430 deals, contributing 38.7 per cent and 41.2 per cent to the total equity turnover volume and value respectively.

There was no ETP traded during the week compared with 1,115 units valued at N165, 837 were executed in three deals two weeks ago. A total of 5,666 units of Federal Government Bonds valued at N5.847 billion were traded last week in 17 deals compared with a total of 756 units valued at N730,454.35 transacted the previous week seven deals.

in the direction of a market that will definitely rally as soon as the economic team of government is in place.�

Meanwhile, an analysis of the market performance, it started the week on a negative note, which was sustained for four

Top price gainers and losers The price movement chart showed that 15 equities appreciated in price during the week, lower than 18 in the previous week, while 52 equities depreciated in price, higher than 39 equities in the previous week.

LASACO Assurance Plc led the price gainers with 13.7 per cent, trailed by Abbey Mortgage Bank Plc and Cornerstone Insurance Plc with 10 per cent apiece. A.G Leventis Nigeria Plc with 6.6 per cent, while Dangote Sugar Refinery Plc appreciated by 6.1 per cent.

Vitafoam Nigeria Plc and Sterling Bank Plc went up by 4.5 per cent and 3.1 per cent respectively, just as Nestle Nigeria Plc, Dangote Flour Mills Plc and FCMB Group Plc 2.0 per cent, 2.0 per cent, 1.9 per cent in that order.

Conversely, MCNichols Plc led the price losers with 18.1 per cent, trailed by Cement Company of Northern Nigeria Plc with 17.2 per cent. Courtville Business Solutions Plc went down by 16.6 per cent.

Union Bank of Nigeria Plc shed 12.6 per cent, just as Nigerian Aviation Handling Company Plc depreciated by 11.6 per cent. Law Union & Rock Insurance Plc shed 11.3 per cent, while Flour Mills of Nigeria Plc with 11.1 per cent.

Okomu Oil Palm Plc and Berger Paints Nigeria Plc dipped by 10 per cent each.

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Why EmeďŹ ele is against Free-oating Naira Aminu Mohammed In line with its unending determination to coerce the Central Bank of Nigeria (CBN) into devaluing the naira, Bloomberg in a report on July 16, 2019, did a comparison between Nigeria and Egypt, concluding that the latter has started reaping the benefits of floating its currency, the Egyptian pound.

According to the report, one of the clearest signs that Egypt has started to reap the economic benefits of a currency float almost three years ago came recently as inflation in Egypt slowed to single-digits for the first time since the pound was floated in late 2016. The Egyptian currency had depreciated as high as 33 per cent soon after the policy was adopted.

Clearly, the comparison of the situation in both economies was not done in good faith as the structure of the Nigerian economy is completely different from that of Egypt.

No matter how good it appears, currency devaluation has its negative effects on any nation, especially as it would hurt workers as well as reduce purchasing power in the country.

For instance, Chairman/Editor-in-Chief, THISDAY Media Group/Arise TV Networks, Prince Nduka Obaigbena, in a recent interview, narrated how the first currency devaluation under the regime of General Ibrahim Babangida, altered his business projection and led to demise of ThisWeek magazine, a then thriving venture. “Then, a few months into that endeavour, we had this debate on whether Nigeria should take the International Monetary Fund (IMF) loans which came with conditionalities. So when General Ibrahim Babangida decided to work with the IMF, it meant that we had to devalue the naira; so we then set up what was called the Second-tier Foreign Exchange Market (SFEM). “I remember the blackboard on that day the policy took off, the naira which we were buying at about 80 kobo to a dollar, fell to N3.32 to a dollar on the first day, which was a depreciation by over 300 per cent. This made our cost of operation to immediately increase by over 300 per cent, due to the action of the government, but your revenue remained the same. “We did not increase our cover price, we endured, tried to raise money because I had a strong board, but the naira progressively depreciated. Eventually computers came in and we started making use of them which meant production processes were enhanced. By 1992, it became clear that it was not sustainable to continue printing abroad because every day the naira kept depreciating, so we could only play catch up,� Obaigbena had explained.

To Lukman Otunuga, FXTM Research Analyst, a free-floating naira would certainly sting the Nigerian economy via capital flight and sharp depreciation in the currency. “This would impact consumers as inflationary pressures skyrockets with naira weakness felt across all four corners of the nation,� he explained.

The National Chairman of the All Progressive Congress, Mr. Adams Oshiomhole, had recalled that the subject of naira devaluation in Nigeria was first triggered by the IMF in the 80s. “Then, we were lectured about the beauty of devaluation. We were even told the additional benefits of how it is going to help redirect our consumption. We were told by those experts that when you devalue, a couple of things happen immediately - prices of imported goods would go up and so when we begin to consume less of what is imported. “These were some of good arguments around the issue of the Structural Adjustment Programme (SAP) introduced by the IMF. But at the end of the day, we didn’t see those benefits. “That is why I believe the issue of national economic policy should not just be left in the hands of experts alone,� he added.

The former labour leader had wondered if, “devaluation will curb our appetite for imported goods as the IMF had argued in the 80s? The evidence from the CBN shows that policies in the Nigerian environment

EmeďŹ ele.

cannot curb our appetite for foreign goods. “Even if we devalue 300 per cent, it would not curb the appetite of the elites to import toothpicks, frozen chicken, even if it is harmful, and to even import expired rice from other countries. So, the thesis that devalue and you will export more, is not supported by evidence. “On the other hand, when you devalue, will fewer people travel? Again, the evidence is no. This is because those who occupy permanently, the executive seats of British Airways, they are the people who live on rent. “They are the subsidy boys, and they are the political class. So, for me, I am not able to see what the benefits of devaluation are.�

For Nigeria, an import-oriented economy has continued to face inflationary pressure, fiscal imbalance, among others.

Notwithstanding other external factors, Nigeria’s heavy import dependence is majorly responsible for the high forex outflow and the perennial weakness suffered by the naira.

The country’s high import dependence explains why the exchange rate is often the bellwether for Nigeria’s economic health, and why there is a swift pass-through of exchange rate movements to inflation.

About a third of Nigeria’s forex outflows are due to invisibles, which refers to services.

These include inter- national payments for

Indeed, given the current resistance to pay increased minimum wage of N30,000, one wonders how the ďŹ xed income earner would survive the consequences of inationary pressure arising from the passthrough from exchange rate depreciation being proposed by the naysayers

services as well as movement of money merely for transfer payments. Also, the country’s infrastructure deficit explains the huge level of importation of processed and final goods.

These, no doubt, are some of the reasons why the banking sector regulator has continued to intervene in the forex market by selling the greenback to authorised dealers, among other measures.

In fact, CBN Governor, Mr. Godwin Emefiele, said the Bank would continue to defend the naira, saying that the CBN Act demands that it defends the currency using the foreign exchange reserves. “In effect, the CBN would be disobeying the law establishing it, if it sits idly by and allow the Naira to be determined wholly by the so-called market forces. “Second, those who call for floating of the currency betray their wilful ignorance of the effects of significant depreciation, however short-lived, on inflation. “Several empirical analyses have shown that the pass-through of changes in the exchange rate on consumer prices is almost one-tone. “This implies that for every percentage point depreciation in the Naira, there is almost the same rise in inflation,� Emefiele explained.

He also commented on calls for the central bank to reduce interest rates, saying for the CBN, achieving a low interest rate regime would bring a great sense of accomplishment. “Indeed, given our determination to stimulate economic growth, it is obvious that we would want to pursue a policy of moderating interest rates. “Yet, in an environment where inflation recently was a high as 18.72 percent, it would be counter-productive to reduce interest rates because any attempt to ease interest rates under a high inflationary environment will no doubt retard growth. “While we are delighted that we have been able to fight inflation down to very low double digits, we believe it is still too high for the Nigerian economy. Our goal is to moderate it down to single digits. “More also, we need to keep in mind that Nigeria’s high interest regime reflects not only the cost of capital, but also the cost of doing business in the country. “A typical branch of Nigerian bank provides its own security with sometimes permanent

police presence, its own electricity supply with several generators, diesel tanks and inverters and its own broad band internet services. “For banks whose main source of income is from interest earnings, these deficiencies become costs which it must necessarily pass on to borrowers. “So regardless of what we do at the CBN, it is important that we realise other aspects of our business environment that promote and sustain high interest rates.�

Speaking further, the CBN Governor insisted that policies of the apex bank in the past five years have 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 argued the central bank’s development finance initiatives and foreign exchange intervention were targeted at supporting vulnerable persons in the society. “Sadly, while most people in this room may be spared the brutal consequences of inflation, the majority of Nigerian masses and fixed income earners are not. “The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently. “Indeed, given the current resistance to pay increased minimum wage of N30,000, one wonders how the fixed income earner would survive the consequences of inflationary pressure arising from the pass-through from exchange rate depreciation being proposed by the naysayers,� he added.

Emefiele said the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth still very fragile and badly lagging behind population growth rate of 2.7 per cent. He reiterated the fact that the level of credit to the private sector by financial institutions was still very low.

According to the CBN Governor, domestic industries particularly high employment generating sectors like textile and garment sectors have continued to deal with rampant smuggling and dumping of materials through our borders. “These challenges no doubt calls for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,� he added.

The Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, recently stated that the naira exchange rate remains stable.

Okoroafor reaffirmed the bank’s commitment towards ensuring stability in foreign exchange market.

The aggregate foreign exchange inflow into the Nigerian economy amounted to US$10.22 billion, showing an increase of 3.2 per cent above the level at the end of the preceding month, the CBN recently revealed.

According to the central bank’s economic report for May, the increase was as a result of a 4.3 per cent and 2.6 per cent rise in inflows through the Bank and Autonomous sources, respectively. On the other hand, aggregate foreign exchange outflow from the economy, at US$3.97 billion, fell by 18.5 per cent and 22.9 per cent below the levels in the preceding month and the corresponding period of 2018, respectively. This was attributed, mainly, to the 15.8 per cent and 37.8 per cent decline in outflows through the Bank and autonomous sources, respectively.

In view of the foregoing, there is need for all Nigerians and others that wish to see the economy grow, to continue to support efforts by the CBN to encourage domestic production so as to preserve the huge amount of foreign exchange being spent daily on the importation of foreign goods. This, no doubt also calls for increased collaboration between the CBN and the fiscal authorities, so as to achieve a the much desired goal of economic diversification. t"NJOV B QVCMJD BGGBJST BOBMZTU XSPUF JO GSPN ,BOP

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US Partners Nigeria on ‘Feed the Future’Initiative Tayo Olaleye The United States government via the US Agency for Internal Development (USAID), which works to sustainably reduce global poverty, malnutrition and hunger, has partnered with Nigeria government as one of the 12 countries on the ‘Feed the Future’ initiative targeted at improving food security in the country.

According to USAID, the plan would build on the

success of Feed the Future’s $165 million investment in Nigeria since 2015, which left communities benefiting from previous livelihoods project with remarkable 22 per cent drop in child stunting and 53 per cent increase in exclusive breastfeeding among mothers.

With these, partner communities developed trust forged economic alliances and were able to allocate more resources while linking agribusiness to increased household incomes.

The initiative with the aim of addressing food security challenges in Nigeria and stimulate the nation’s economy, would be building on the government of Nigeria’s priority for food security and nutrition at both National and state levels, providing blueprint for inclusive and agriculture- led economic growth, strengthened resilience among people and a well-nourished population especially for women and

children.

The US Charge d’ Affaires, Ms. Kathleen FitzGibbon, in her keynote address at the launch of the country plan and signing of declaration of the partnership recently, said the country plan, which focuses on Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi and Niger as well as Adamawa, Borno, Gombe and Yobe States, would connect farmers with suppliers, improve agricultural extension

services, to stimulate market growth and present new opportunities for millions of household to improve their standard of living and quality of life.

Also speaking at the event, the Governor of Kebbi State, Abubakar Bagudu, said the program has been beneficial to Kebbi State in the areas of capacity building, exchange of knowledge and the interrogation of data.

The USAID staged an

exhibition where 45 private sector vendors in agro processing agro technology, nutrition services and agricultural consulting services showcased their products which according to the Acting Deputy Mission Director USAID, Todd Sorenson, was a snapshots of the resources, assets and expertise available and ready to play critical role in developing a dynamic, diverse and market driven agricultural economy.

Polo Limited Introduces Omega Wristwatch into Nigeria Nigeria’s foremost luxury goods company, Polo Luxury Group, has introduced the OMEGA wristwatch brand into the Nigeria market.

The luxury brand which is famed for its expertise within the Nigeria luxury market for delivering high quality products, according to a statement, was selected as the official distributor and retailer of the Omega wristwatch brand in Nigeria.

The Omega wristwatch brand which was founded in 1848 is synonymous with excellence, innovation and precision. The company has been defined by its pioneering spirit, demonstrated by revolutionary watchmaking as well as conquests of the oceans and space.

The Omega wristwatch is famous for its speedmaster brand which has been a part of every piloted NASA mission since 1965, including all six moon landings.

The Managing Director, Polo Luxury Group, John Obayuwana, expressed delight over the partnership with omega wristwatch.

He noted that the partnership further reiterated the group’s consistent leadership and expertise in understanding the Nigeria luxury consumers and market at large.

He stated that, “the partnership with the Omega brand is one anchored on beauty, integrity,

attention to detail and impeccable customer service in delivering unique and pioneering pieces in elevating the luxury experience for luxury shoppers in Africa who constantly yearn for innovative and antique pieces which sets them apart from the pack in showcasing their fashion styles.�

Obayuwana, further stated that, “the Omega wristwatch brand has four iconic collections which has a strong tradition and evolution of excellence and they include; the Speedmaster, Constellation, De Ville and most especially the Seamaster which has since 1995 become inseparable with the spy in James Bond. “These qualities by the brand, has endeared global appeal to consumers who are fascinated by the unique mystique and excitement the Omega brand offers.�

Also, the Executive Director, Polo Luxury Group, Jennifer Obayuwana, stated that, “Globally the Omega wristwatch brand has remained within the top five selling brands in the past five years, which showcases its leadership and appeal to luxury consumers with a flair for distinct antique pieces. “It is also more actively involved in sports timekeeping compared to other brands, and has been the official timekeeper at 28 Olympic games.�

Groups Partner toTrain Professionals, Entrepreneurs Ugo Aliogo In a bid to provide innovative skill to professionals and entrepreneurs, OutsideInHR in partnership with Accelium and SimplyuU4gettable have launched the Accelium Growth Centres across Nigeria beginning with Lagos state. Speaking at the launch in Lagos, with the theme: ‘The Gamification Revolution,’ a consultant at OutsideInHR, Benedicta Busari, said the growth centres would help professionals, entrepreneurs and business owners looking for an opportunity for skill development programme chart a new path on leadership and human development in the country. “Accelium is an Israeli Edutech firm with a scientifically validated methodology and have been adopted in over 15 countries by more than 4,000,000 learners across various spheres including corporations, governments, educational institutions and the military that uses a game-based suite of training and assessment solutions which combine personal coaching, team workshops, and mobile learning

to develop strategic thinking and resilience,� Busari said.

Busari explained that the tools had been designed to assist entrepreneurs, individuals, and business people address issues of critical thinking, decision making, problem solving skills.

She further stated that the first certification classes in Nigeria which would begin on July 31, for professionals, entrepreneurs, interested individuals, and organisation would introduce learners to the powerful tools used by chess masters and game theory experts for analysis, flexible thinking, problem solving, to help them become more effective.

The Lead Consultant, OutsideInHR, Ngozi Adebiyi, revealed that the growth centre was offering discount for persons who sign up early. She added: “Our number one goal at OutsideIn HR is to revolutionise HR in Nigeria while developing trust and respect with all our clients by empowering their success.

OutsideInHR has for several years been the sole provider of Accelium Corporate Solutions in Nigeria.�

SUPPORTFOR EDUCATION

L-R: Executive Director, Leadership, Junior Achievement Nigeria, Simi Nwogugu; Head, Citizenship and Sustainability, Union Bank Plc. Ololade Awogbade; Managing Partner, Book Smart Financial Solutions, Sola Adesakin; Group Head, Oil and Gas, Union Bank Plc, Helen Brume; Head of Clint Coverage, Rand Merchant Bank, Ngover Ihyembe-Nwankwo; and Head, Human Resources and Admin, Sigma Pensons, Adaora Ude, at the Junior Achievement Nigeria Program for Outstanding Senior Secondary School Across Nigeria, held in Lagos‌recently SUNDAYADIGUN

Experiential Practitioners Tasked on Innovation, Creativity Raheem Akingbolu Players in Nigeria’s experiential marketing, a segment of Integrated Marketing Communication industry that is going through excruciating times, have been told to redefine themselves and leverage the opportunities associated with the increasing focus on consumer insight and engagement by companies.

Today, the primary concern of businesses is to connect with the consumer and this resonates with what experiential marketers do.

Therefore, speakers at the Experiential Marketers Association of Nigeria, EXMAN 2019

Business conference, recently in Lagos, said the industry should not complain of lull in business, but tap into the opportunities presented to them by the market demands. “You are better positioned than other agencies in assisting businesses achieve their objectives, given where we are today,� CEO of Africa Context, Mike Ikpoki, told EXMAN whose slogan is ‘growing Nigeria’s brands through meaningful experience’ Ikpoki, who was the first Nigerian CEO of MTN Nigeria, said if the management were saying connecting with the customer should now be a priority and

they needed to do that speedily and engage their organisations around it, that is what you do, then why are you complaining about tough business, he said. “You are in the golden age of business of experiential marketing.

That is what the businesses are saying that they want to understand their customers and connect with them. You should be driving that course�, he challenged them.

He also challenged them to bring more value to the table through deriving data, insight and intelligence from customers when they organise events. “By virtue of connecting with the customer, you can unlock some

data and that will make you more sought-after agencies. This means you are bringing something to the table�. In view of projections of slow business growth, technology disruptions, need to engage with the consumer and short tenure of CEOs, Ikpoki said marketing agencies need to understand how CEOs are thinking and therefore connect with the realities of where they are today. “You already work for big organisations but you can develop new markets, the SMEs and new industries trying to break new grounds. There are more opportunities with small businesses than established businesses�, he added.

Cybersecurity Firm Moves to Develop Partners in Africa Emma Okonji Trend Micro Incorporated, a cybersecurity solutions firm, has unveiled its new partner programme for the sub-Saharan Africa region, designed to grow and develop partners in the region.

With the new programme, reseller partners in the region would be able to access a host of benefits that would fast-track channel enablement and provide the basis for improved customer service delivery across the full Trend Micro security portfolio.

Following significant investment in the region by Trend

Micro over the last two years, the company’s channel ecosystem has experienced phenomenal growth and the new programme would better deliver the tools partners need to tap into technical, sales, financial, marketing and training benefits provided by the company.

Announcing the development, the Vice President at Trend Micro Sub-Saharan Africa, Indi Siriniwasa, said: “Our resellers in the region are maturing exponentially. Their knowledge of the cloud and customer demand for cloud solutions has accelerated, and as a result so has their desire to

better secure the cloud – from the data centre to the edge and everywhere in between. “The launch of our new channel programme aims to incentivise partners with even greater rewards for their sales efforts, and gives them access to the technical expertise, certifications and tools they need to boost their project delivery.�

According to Siriniwasa, “the programme is designed to assist existing partners to grow their business and paves the way for new partners to get on-boarded with as few roadblocks as possible, delivering everything needed to quickly get up to

speed, close new business, and ensure success.�

The programme is made up of bronze, silver, gold and platinum partners with varying benefits based on the sales and technical competencies of partners.

Partners could access their benefits and register new deals through the online partner portal. Financial benefits extend deal registration and renewal discounts as well as incentive programmes to name a few. With access to sales and marketing resources, resellers will benefit from dedicated sales resources, sales leads, marketing collateral and campaigns.

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MONDAY JULY 22, 2019 •T H I S D AY

MONDAY JULY 22, 2019 • T H I S D AY

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As Kayode PitanTakes BoI Across N1trn Asset Base Bisi Daniels

from the following sources: r " NJMMJPO TZOEJDBUFE MPBO USBOTBDtion with AFREXIM as the lead arranger. The initial opening was $500 million but it was oversubscribed to the tune of $750 million.

Sixteen international financial institutions, including four banks with Nigerian parents subscribed to the syndication.

The loan will be made available to entrepreneurs in Nigeria for a period of between five and seven years at a single digit interest rate, thereby enabling BOI bridge the funding gap for MSMEs. The transaction has been adjudged the single largest facility of its kind to be done by a Development Finance Institution in Nigeria. r *O 4FQUFNCFS UIF #BOL TJHOFE a Memorandum of Understanding with the Export-Import Bank of China (CEXIM) for a $500 million line of finance. The tenor is expected to be for five to six years. r "O .06 CFUXFFO #0* BOE UIF Nigerian Content Development & Monitoring Board for a $200m Nigerian Content Intervention Fund, for which BoI is the manager.

Despite the bank’s achievements, unemployment and poverty levels require more from the country’s DFIs to achieve the dream all-inclusive growth. There is much to be done to sustain the momentum of recovery and growth; and from BoI as a key DFI, a lot more is expected of Kayode Pitan and his team.

Close watchers and some of the associates of Pastor Olukayode Pitan say when he speaks, the force comes in the weight of his words rather than the velocity or loudness. He is the current Managing Director of Nigeria’s oldest, largest and the most successful Development Finance Institution, the Bank of Industry which recently exceeded N1 trillion in asset base. But he may just have raised the bar of expectations for the bank. “Not given to frivolities, he is a seriousminded person and that is almost evident in his visage,� said one of his associates. “Long after he has spoken, you still have so much to chew on; you see, there is a vast difference between knowledge and wisdom, but he is rich in both.�

Pitan is also noted for developing and growing people and organizations. One of the most recent cases is a parish of the Redeemed Christian Church of God of about 50 people, which he grew into over 1,000 membership. Under his leadership, the parish which was using rented spaces for service, bought land and built the imposing House of Prayer for all Nations at Banana Island, Ikoyi. He is now the Pastor- in - Charge of Lagos Province 46, comprising over 89 parishes and membership of over 7,652, with headquarters in Ajah, Lagos.

Today, the Olive Tree Parish is not only a landmark in Lagos, but a spiritual base of many faithful, who gather there for worship.

At the Bank of Industry which he currently heads, history has been made not only by championing the Federal Government’s Social Investment Programme to reduce poverty and unemployment, but also in the bank’s asset base. “For the first time in the history of the bank, we surpassed N1 trillion in asset base. The group’s profit was over N36 billion. For a bank that is owned basically by government, it is a very good result,� Mr. Pitan said at the bank’s annual General Meeting recently.

The Bank’s Chairman, Alhaji Aliyu Abdulrahman Dikko detailed the achievements of the Daniel bank in the impressive year under review Moni programme. The awards event featured as follows: r " QFS DFOU JODSFBTF / CJMMJPO financial institutions and projects from all 54 profit before tax, compared to the N26.4 billion countries in Africa, as well as the international community. made in 2017, representing; GEEP, which is executed through the Bank of r "XBSE PG / CJMMJPO EJWJEFOE UP Industry, was described as the most impactful shareholders r (SPXUI PG UIF (SPVQ T UPUBM BTTFUT financial inclusion programme in Africa.

Despite the political criticism of the by 49 per cent to N1.07 trillion from N713.3 billion in 2017, as well as improvement in programme, it remains popular across the total equity which increased by 12.5 per cent country for its impact on living standards.

GEEP, the 112billion fund, which is part year-on-year to N258.3 billion from N241 of the 500billion National Social Investment billion in the previous year, r "DIJFWFNFOU PG QFS DFOU HSPXUI Programme, commenced in 2016 and has on a year-on-year basis with respect to dis- continued to expand in scope and effectiveness. bursement of new loans of N259.6 billion in It is aimed at providing microcredit facilities 2018 with N33.9 billion of the figure going to market women, traders, artisans, farmers to SMEs while the balance was deployed to and agricultural workers at zero per cent interest rate. It is estimated to reach 1million support large enterprises.

Pitan attributes these and other achieve- beneficiaries annually. ments to the collective efforts of the Board, Financing Interventions management and staff of the company, as well BoI’s financing intervention programmes are: as his predecessors and the parent ministry, Micro, Small and Medium Enterprises for the Ministry of Industry, Trade and Investment with which it has a harmonious relationship. food processing, agro processing, healthcare Also key on the list of achievements is a and petrochemicals, solid minerals, N-Power, strong industrial harmony in the company. creative industry, gender business.

Youth Enterprise Support (YES) Programme: One senior staff member of the company describes Pitan as “an engaging and peaceful This is a 10billion fund that targets entreman, traits which are the hallmarks of his preneurs between 18 – 35 years. The scheme was launched to develop the entrepreneurial management style.�

In recognition of the bank’s achievements under Pitan, the International Bankers Magazine recently conferred on it the Best Development Bank Award.

The award, presented at the London Stock Exchange, was in recognition of the bank’s efforts at widening the spectrum of financial support to the nation’s entrepreneurs, especially the micro, small and medium scale enterprises and the creative industry.

Much more recently at the African Bankers’ Awards ceremony held in Malabo, Equatorial Guinea on June 14, 2019, the Bank of Industry won the Financial Inclusion Award for its role in implementing Federal Government’s Enterprise and Empowerment Programme (GEEP), which includes the popular Trader-

For the ďŹ rst time in the history of the bank, we surpassed N1 trillion in asset base. The group’s proďŹ t was over N36 billion. For a bank that is owned basically by government, it is a very good result

capacity of youths and equip young people with the skills and knowledge to be self-employed by starting and managing their own businesses. Specifically, it provides discretionary funding for National Youth Service Corps (NYSC) members and entrepreneurs that are interested in starting business TraderMoni: The Bank introduced the TraderMoni product for micro-businesses across value chain clusters – motorcycle riders, food vendors and petty traders. The fund is expected to ease access to suitable finance by these categories of businesses which in turn will enable them to grow their businesses.

MarketMoni: This is a Government Enterprise and Empowerment Programme (GEEP) created to provide financial aid for the under-banked and unbanked. This objective is being achieved by providing easy and quick loans at no interest rate.

Nigerian Content Intervention Fund: A $200million fund targeted at indigenous players in the Nigerian Oil and Gas Industry for the purpose of procuring fixed assets, funding working capital, refinancing existing loans, etc.

BoI/State Matching Fund: A matching fund based on partnership between BOI and 25 state governments. In 2017 the Bank signed matching funds agreement with three states: Bayelsa (5bn), Borno (2bn) and Ebonyi (2bn) with interest rate between 5%- 10%pa.

Micro, Small and Medium Enterprise Clinics: The Bank continues to participate in the MSME Clinics in collaboration with the Office of the Vice President.

One-Local Government, One Product Programme: The programme is expected to generate over 4,900 new jobs; Industrial Development Centres: These centres are being upgraded through a grant from the African Development Bank (ADB) for conversion to MSMEs cluster parks.

Funds Mobilisation To enhance its support to the industrial sector of the economy for growth, the BOI has improved its capital base through facilities

ProďŹ le Pitan has corporate and banking experience spanning over 25 years. He graduated with a BSc (Hons) degree in Economics as a UAC scholar from the University of Ibadan in 1982 and obtained a Master’s degree in International Management as a Rotary International Scholar from the American Graduate School of International Management, Thunderbird Campus, Glendale, Arizona.

He is an alumnus of Lagos Business School and London Business School, as well as an alumnus of the Haggai Institute in Singapore. He is an ordained senior pastor of the Redeemed Christian Church of God. Pitan started his banking career in 1986 at Citibank Nigeria. He subsequently joined Industrial Bank Limited (Merchant Bankers) as part of the pioneer team in the role of Head, Trade Finance. He left the Bank in 1991 to run Credit Lease Nigeria Limited, a company founded by him to pursue his dream in export business.

He returned to the banking industry in 1996 by joining FSB International Bank Plc as AGM / Head of Middle Tier market and public sector. He later served as Group Head, Commercial and Consumer Banking Group.

He also headed the Corporate Banking and Energy groups. He was promoted to Executive Director of the Bank and Managing Director of ENSEC (Energy division) in March 2001.

In 2004, Pitan joined First Interstate Bank Plc as Managing Director/Chief Executive Officer. He led the Bank successfully through a merger with eight other Banks to form Unity Bank Plc. From January 2006 to February 2009 when he voluntarily retired, he served as Executive Director of Unity Bank Plc in charge of Corporate Banking and Treasury Management.

The BoI CEO had participated in many innovative transactions in the Nigerian Capital Market. He also midwifed the formation of FUG Pensions Limited by serving as the Technical Chairman for the pooling together of the interests of Futureview Financial Services Ltd, Unity Bank Plc and Glanvill Enthoven & Co Ltd to form a viable and significant player in the Pensions management industry. He subsequently served as Chairman of FUG Pensions Ltd. Pitan has also served as the alternative Director of Kakawa Discount House Limited, Director Newdevco Investments & Securities Co. Limited, Director Banque International Du Benin (BIBE) and currently Chairman, Habitation of Hope, an NGO set up by Pastor (Mrs) Folu Adeboye to salvage, transform and empower the abandoned, hopeless and homeless street boys and girls in the society. t%BOJFMT B KPVSOBMJTU BOE BVUIPS JT CBTFE JO -BHPT

MONDAY JULY 22, 2019 • T H I S D AY

31

32

MONDAY JULY 22, 2019 •T H I S D AY

MONDAY JULY 22, 2019 • T H I S D AY

33

34

T H I S D AY ˞ ˜ ͰͰ˜ 2019

BUSINESS/MONEYGUIDE

Firm Launches Showroom for Building Materials James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË IMPACTO World Group has launched ‘Muse’, a professional showroom for building and finishing materials in Abuja.

But, Chairman of IMPACTO Group, owners of Ceramika brand, Mr. Alejandro Bonafe Diana told THISDAY that the showroom was mainly a concept through which Nigerians could be advised on how to improve on finishing in the housing sector.

He described Muse as an avenue for technical assistance for building professional to solve all forms of finishing limitations in that segment of building construction, albeit, free of charge. Speaking at the inauguration of Muse, Alejandro said: “We see over the years that tiles are changing dramatically in comparison with marble, among others. Ceramic tiles are getting apart especially because the sizes are so large that they need special abilities and techniques to install the tiles.

“That is why we created Muse to give advice for free to help Nigerians have better housing.

He said the company seeks to address emerging concerns whereby people are afraid of buying large sizes of tiles as they are usually are difficult and expensive to install.

He said:�So, we will be bringing them (tiles) in affordable prices and even do the installations for the customers if they want.�

Also, Managing Director/ Vice President of IMPACTO Group, Mr. Chiedozie Udeze, said architects and professionals could access the showroom and have a feel of the materials and have technical information as well as directly engage with professionals in Spain to ask relevant questions.

He said: “Muse is not a showroom that is devoted to selling per se, but more than solving the problems within the industry by giving technical solutions to finishing problems.�

According to him: “There

are lots of problems- From the onset, when you decide to do a project and you have a design in place and you start building, then you have to solve problems that arise. “Structural problems would be solved by the engineers and all that but for finishing which is like the clothes which the building wears. We have a lot of misconceptions in terms of what should be used...we will now tell you that for this particular project, if it is a hospital, it is preferably you use vinyl for the floor rather than ceramic tiles or granite.�

Udeze, further pointed out that the showroom was borne out of necessity due to lack of knowledge in finishing material specification, usage, procurement and installation.

He added: “In bridging the gap, an idea of a technical showroom and co-working space was conceptualised to enhance the knowledge and collaborative effort of architects, designers and specifiers of finishing materials.�

L-R: Gov. Ahmadu Umaru Fintiri of Adamawa State; graduand, Husseina Jafiya; retired banker and father of the graduands, Mr Shehu Jafiya, and another graduand, Hassana Jafiya, at the University of Leicester, United kingdom ...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

Fidelity Bank Plans N50bn Bond Sale Fidelity Bank Plc aims to sell up to N50 billion in tier II debt before the second quarter of next year, to refinance existing bonds as yields fall. “We might issue naira bonds before Q2 2020 ... between N30 billion and N50 billion,� Reuters quoted the bank’s head of investor relations, Samuel Obioha, to have said. “Currently, we have a sevenyear local bond issued in 2015 ... callable after five years. We

might issue a new Tier II bond before May 2020 to replace the existing bond and take advantage of its capital impact.�

Debt market yields have dropped from a high of 18 per cent since the government redeemed some of its treasury bills in 2017, rather than rolling them over as before to lower borrowing cost. Yields on the one-year treasury bill were quoted around 11 per cent on Friday. Last week, the Central

Bank of Nigeria announced policies aimed at boosting credit growth in Africa’s biggest economy following a recession.

The bank hopes it can help revive an economy stuck with low growth. However, pressure has started to build on the currency, traders say. Fidelity Bank said it had met central bank’s new lending requirements and that it expected yields to moderate as competition for credit rose, which could hurt margins.

Firm Partners Interswitch, GTBank, Others Mary Nnah The recent launch of Moneybag. ng, by Nuture Technology Service Limited, an indigenous technology firm based in Lagos, has signalled the beginning of a process that will bring about another dimension of financial empowerment to Nigerians.

Moneybag.ng is an online savings platform that brings convenience and transparency to the way people save.

Also, Nuture Technologies announced a partnership with some firms in the financial sector in ensuring a full integration of its services. The list of partners includes, Interswitch, GTbank, FBN General Insurance, Moneyline, Primera Micro-Finance and others. Speaking during the unveiling, Chief Executive Officer of Nuture Technology, Mr Uchenna Okezie, said, “saving is an activity that is crucial to the

financial independence of any individual and with Moneybag. ng,� adding that the product “has created a customised savings solution that is flexible for everyday use and transparent for comprehension�.

Speaking further, Okezie further noted, “a lot of you are already aware of the efforts we have put in over the past 10 months to be able to get to where we are today and be ready to move forward with this exciting new venture. “We are all cognisant of the current economic difficulties Nigerians face. That is why right from when we started developing Moneybag.ng, our goal has always been to add value to the savings culture of the Nigerian society as we noticed that a lot of people find it difficult to save money owing to numerous reasons.�

In his remarks, the Chief Op-

erating Officer of the company, Mr. Lanre Fadayomi, made it clear that low inclusivity and limited user-friendly financial service options were identified as the main difficulties why people found it hard to save and that this was a critical motivating factor when Nuture Technology decided to create an easy way people could save regardless of their age, background or qualification. “Majority of what we do is transaction-based so it required us to be customer centric with the types of savings plans Moneybag.ng offers. We also had to focus on a user experience that was easy to understand and interact with the needs of our customers while looking for ways to help customers better appreciate the product. We then infused lifestyle, investments and discipline in saving to help get customers interacting with the product�, Fadayomi explained.

VFD Group Divest from Germaine Auto The VFD Group Plc has announced its divestment from Germaine Auto Center (GAC) after a period of two and a half years investment.

In 2016, VFD Group brought 30 per cent stake in GAC, in a deal that ceded management control to VFD. According to a statement, this deal was meant to give a new lease of life to the then troubled auto firm. “During the term of the investment, VFD appointed the right leadership to the firm and aggressively drove cost minimization and

revenue maximisation strategies to restructure the company for leadership position in the auto industry. “In spite of these tough fiscal and operating environment, Germaine was stabilised and effectively positioned for effective growth.

In the course of VFD Group’s involvement in the firm, the company settled most of its outstanding customers’ liabilities and amicably rescheduled its creditors and importantly timed profit,� the statement added.

However, as part of VFD Group’s investment philosophy and model, the Group revealed that it has divested its invested percentage based on a deal that guaranteed in excess of 25 per cent accumulated return.

Commenting on the divestment, VFD’s Managing Director/ CEO, Nonso Okpala stated “we are always driven by dedication to provide unmatched returns to our investors and stakeholders.

This investment has resoundingly met both expectations.�

(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 ÍŻÍś Ͱ͎ͯ͡

The price of OPEC basket of fourteen crudes stood at $63.10 a barrel on Thursday, compared with $64.60 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

United Capital Records N3.2bn Half-year Revenue, N1.9bn Profit Goddy Egene United Capital Plc, Nigeria’s investment banking firm and a Pan-African financial and investment services group has recorded a revenue of N3.24 billion and profit before tax (PBT) of N1.99 billion for the half year ended June 30, 2019.

A breakdown of the results showed that revenue in second quarter (Q2) of 2019, compared to first

quarter (1Q) in 2019 grew by 23 per cent from N1.45 billion to N1.7billion. But compared to Q2 in 2018, revenue was down 1.1 per cent from N1.81 billion to N1.79 billion.

PBT grew by 58 per cent from N0.77billion in Q1, to N1.21billion in Q2 2019, showing a significant improvement of 27 per cent compared to 2018 Q2 performance (N0.96billion).

Profit after tax (PAT) Q2 2019

P R I C E S MAIN BOARD

F O R DEALS

PAT of N1.01billion represents a 58 per cent growth over Q1 2019 PAT of N0.64billion.

This compared to 2018 Q2 performance (N0.80billion), indicating a significant improvement of 27 per cent.

Commenting on the performance, the Group Chief Executive Officer, United Capital Plc, Mr. Mr. Peter Ashade said: “We did deliver on our promise to improve performance in Q2 2019 and as can be

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

gleaned from our numbers, we had a good outing in the quarter under review as Q2 2019 PBT grew by 27 per cent year-on-year on the back of the reduction in operating expenses which was the result of the various strategic initiative that we embarked on in the last quarter which was to reduce cost and increase our top line as a way of furthering our efficiency drive. Unarguably, the global economy is still

T R A D E D MAIN BOARD

A S

recovering from the lingering contagion effect of the United States-China trade war and the Brexit saga, while we on the local scene are activities still trying to pick up steam following the 2019 general election and a series of political and economic activities that we saw during the first quarter of 2019�.

He explained that as the elected government of various states begin to stabilise and inaugurate

O F

their cabinets, “we believe the pace of bond and commercial paper issuance would pick up and further increase our advisory fees there from more than what we saw in Q2 2019. Our financial advisory fee ramped up 13 per cent year-on-year. Beyond this, the group would be looking to adopt some initiatives which we believe would help improve our top lines and consequently improve our profitability.�

1 8 / 0 7 / 2 0 1 9 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

36

˾ MONDAY, JULY 22, 2019

DKE z͕ :h>z ϮϮE ͕ ϮϬϭϵ ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ĞĂƌŝƐŚ ^ĞŶƟŵĞŶƚ WĞƌƐŝƐƚƐ ĂƐ

THISDAY AFRINVEST 40 INDEX

,ϭ͗ϮϬϭϵ ŽƌƉŽƌĂƚĞ ZĞƐƵůƚƐ ZŽůů /Ŷ͙ E^ ^/ ŽǁŶ Ϯ͘ϯй t -o-t The downtrend in the local bourse was sustained this week

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ĂƐ ƚŚĞ E^ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ƐƵīĞƌĞĚ ůŽƐƐĞƐ ŽŶ ϰ ŽĨ ϱ

Ticker

Current Price

THISDAY AFRINVEST 40

trading sessions. Consequently, the benchmark index slid 2.3% W-o-t ƚŽ ƐĞƩůĞ Ăƚ Ϯϳ͕ϵϭϵ͘ϱϬ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ

declined to -ϭϭ͘Ϯй͘ /ŶǀĞƐƚŽƌƐ ůŽƐƚ Eϯϭϱ͘ϱďŶ ŝŶ ǀĂůƵĞ ĂƐ

ĂĐƟǀŝƚLJ ůĞǀĞů ǁĂƐ ŵŝdžĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂĚǀĂŶĐĞĚ ϵ͘ϴй ƚŽ Ϯϳϯ͘ϵŵ ƵŶŝƚƐ ǁŚŝůĞ ĂǀĞƌĂŐĞ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϯ͘Ϯй ƚŽ EϮ͘ϴďŶ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ & E,

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

1,212.39

0.05%

-17.4%

21.2%

17.2%

5.7%

4.7x

0.6x

7.0%

1 Guaranty Trust Bank PLC

29.20

0.0%

19.8%

-15.2%

-15.4%

33.1%

5.3%

4.4x

1.4x

9.4%

23.0%

2 Zenith Bank PLC

18.50

0.0%

12.1%

-19.7%

-19.7%

24.7%

3.2%

3.1x

0.7x

15.1%

32.2%

3 Dangote Cement PLC

ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ĚĞĐƌĞĂƐĞĚ ƚŽ Eϭϯ͘ϲƚŶ͘ ,ŽǁĞǀĞƌ͕

Price Previous Current Change Price Weightin YTD Change g

4 Nestle Nigeria PLC

170.00

0.0%

9.9%

-10.4%

-8.6%

40.1%

21.8%

7.7x

2.8x

9.4%

13.0%

1,250.00

0.0%

8.3%

-15.8%

-15.3%

81.2%

27.4%

21.0x

15.7x

4.6%

4.8%

59.00

1.7%

5.1%

-31.0%

-24.6%

9.5%

4.4%

27.0x

2.7x

4.1%

3.7%

5.70

0.9%

4.6%

-28.3%

-28.8%

10.0%

1.1%

3.4x

0.4x

4.6%

29.3%

12.00

-8.0%

3.4%

-38.1%

-38.1%

4.7%

4.3%

3.5x

0.5x

3.3%

28.7%

5.50

-0.9%

3.8%

-28.6%

-29.5%

15.5%

1.7%

2.3x

0.4x

15.3%

42.8%

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

15.30

0.0%

2.2%

-49.8%

-51.4%

-15.7%

-1.9%

480.00

0.0%

3.2%

-25.0%

-25.0%

10.1%

6.3%

4.7x

0.5x

3.8%

21.5%

8.3%

61.4%

17.6%

4.2x

-7.1%

;ϭϮϮ͘ϵŵ ƵŶŝƚƐͿ͕ 'h Z Edz ;ϭϬϱ͘ϴŵ ƵŶŝƚƐͿ ĂŶĚ h ;ϳϴ͘ϯŵ

10 SEPLAT Petroleum Development C 11 Access Bank PLC

6.40

6.7%

3.9%

-5.9%

-1.5%

22.2%

2.1%

1.6x

0.4x

units) while 'h Z Edz ;Eϯ͘ϭďŶͿ͕ E' D ;Eϭ͘ϬďŶͿ ĂŶĚ

12 Ecobank Transnational Inc

9.00

-0.6%

2.2%

-35.7%

-37.1%

16.3%

1.1%

2.5x

0.4x

13 Stanbic IBTC Holdings PLC

38.00

-1.3%

2.6%

-20.8%

-20.8%

30.3%

4.6%

5.7x

1.5x

3.9%

17.9x

2.2x

4.7%

E/d, ;EϵϵϮ͘ϳŵͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘

17.0%

39.8%

14 Unilever Nigeria PLC

32.00

0.0%

2.6%

-13.5%

-13.5%

12.7%

7.7%

15 Lafarge Africa PLC

12.95

-0.4%

2.1%

4.0%

7.9%

-2.1%

-0.7%

16 Guinness Nigeria PLC

46.00

0.0%

1.0%

-36.1%

-36.1%

6.8%

3.7%

15.4x

1.1x

4.0%

6.5%

dŚĞ ǁĞĞŬ ƐƚĂƌƚĞĚ ŽŶ Ă ŶĞŐĂƟǀĞ ŶŽƚĞ ĂŶĚ ƚŚŝƐ ǁĂƐ ƐƵƐƚĂŝŶĞĚ

17 Okomu Oil Palm PLC

55.80

0.0%

1.2%

-26.8%

-26.8%

21.0%

16.0%

8.8x

1.8x

5.6%

11.3%

18 Total Nigeria PLC

129.90

0.0%

ŽŶ ƚŚĞ ĮƌƐƚ ĨŽƵƌ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž

1.0%

-36.0%

-36.0%

19.3%

4.5%

7.6x

1.5x

13.4%

13.2%

19 11 PLC

158.00

0.0%

1.3%

-14.8%

-14.8%

26.1%

11.3%

6.6x

1.6x

5.2%

15.1%

14.40

2.9%

0.9%

-37.7%

-35.1%

2.8%

1.0%

14.3x

0.4x

8.3%

4.05

1.3%

1.1%

-19.0%

-15.6%

14.3%

2.5%

1.8x

0.2x

22 Fidelity Bank PLC

1.58

-1.3%

1.0%

-22.2%

-22.2%

12.7%

1.4%

1.9x

0.2x

7.0%

23 Transnational Corp of Nigeria

1.02

1.0%

0.9%

-22.7%

-20.9%

16.4%

3.6%

4.4x

0.6x

2.9%

22.9%

24 Dangote Sugar Refinery PLC

11.25

0.0%

0.8%

-26.2%

-24.0%

22.3%

12.6%

5.6x

1.3x

10.0%

17.7%

2.0x

0.2x

8.7%

50.0%

0.3x

11.9%

-36.2%

closed lower at -Ϭ͘ϴй͕ -Ϭ͘ϱй͕ -Ϭ͘ϲй ĂŶĚ -Ϭ͘ϲй ŽŶ DŽŶĚĂLJ͕ dƵĞƐĚĂLJ͕ tĞĚŶĞƐĚĂLJ ĂŶĚ dŚƵƌƐĚĂLJ ƌĞƐƉĞĐƟǀĞůLJ͘ ^ĞŶƟŵĞŶƚ

ŝŵƉƌŽǀĞĚ ƐůŝŐŚƚůLJ ŽŶ &ƌŝĚĂLJ ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ ŝŶ DdEE

20 Flour Mills of Nigeria PLC 21 Oando PLC

26 FCMB Group Plc

1.60

0.0%

0.7%

-15.3%

-11.1%

8.8%

1.2%

27 UAC of Nigeria PLC

5.40

-6.9%

0.4%

-44.6%

-43.5%

-7.9%

-3.6%

7.0% 54.4% 53.0%

2.28

3.6%

0.7%

20.0%

20.0%

9.3%

0.9%

7.0x

0.6x

29 Presco PLC

44.80

0.0%

0.3%

-30.0%

-30.0%

7.3%

4.6%

11.7x

1.7x

4.6%

8.5%

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

28 Sterling Bank PLC

ůů ƐĞĐƚŽƌ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĚĞĐůŝŶĞĚ t-o-W. Leading the laggards this week was the Oil & Gas index, ĚŽǁŶ ϱ͘ϳй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐĞůů-ŽīƐ ŝŶ ^ W> d (-ϵ͘ϰйͿ͕ d ZE (-ϴ͘ϮйͿ ĂŶĚ dKd > (-ϳ͘ϮйͿ͘ dŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ĨŽůůŽǁĞĚ ƐƵŝƚ͕ ƐŚĞĚĚŝŶŐ ϰ͘ϯй ĂŶĚ ϯ͘ϴй ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ h E (-ϭϮ͘ϳйͿ͕ d/ (-ϵ͘ϱйͿ͕ > thE/KE (-ϭϭ͘ϯйͿ ĂŶĚ E D (-ϴ͘ϰйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ EE (-ϭϳ͘ϮйͿ͕ W (-ϭϬ͘ϬйͿ͕ , D^

20.15

9.8%

0.3%

-26.7%

-28.0%

48.9%

7.4%

32 Union Bank of Nigeria PLC

6.55

0.0%

0.5%

17.0%

17.0%

6.6%

1.2%

11.5x

0.8x

33 Julius Berger Nigeria PLC

18.00

0.0%

0.3%

-10.4%

-18.6%

19.9%

2.3%

3.6x

0.7x

34 PZ Cussons Nigeria PLC

ĂŶĚ &Z/-/ d ŝŶĚŝĐĞƐ Ϯ͘Ϯй ĂŶĚ Ϭ͘ϳй ůŽǁĞƌ ƌĞƐƉĞĐƟǀĞůLJ͘

&ŝŶĂůůLJ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ŵĂƌŐŝŶĂůůLJ ĚĞĐůŝŶĞĚ ϭďƉ ĂƐ ŝŶǀĞƐƚŽƌƐ ĞdžŝƚĞĚ ƉŽƐŝƟŽŶ ŝŶ &>KhZD/>> (-ϭϭ͘ϭйͿ ĂŶĚ /Ed Z t (-ϭϬ͘ϬйͿ͘

/ŶǀĞƐƚŽƌƐ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϯdž ĨƌŽŵ Ϭ͘ϰdž ƚŚĞ

;нϭϯ͘ϴйͿ͕ KZE Z^d ;нϭϬ͘ϬйͿ ĂŶĚ z ^ ;нϭϬ͘ϬйͿ while EE (-ϭϳ͘ϮйͿ͕ KhZds/>> (-ϭϲ͘ϳйͿ ĂŶĚ UBN (ϭϮ͘ϳйͿ ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ďĞůŝĞǀĞ ƚŚĞ ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ǁŝůů ďĞ ƐƵƐƚĂŝŶĞĚ ĚĞƐƉŝƚĞ ĂƩƌĂĐƟǀĞ ƉƌŝĐĞƐ ŝŶ ĨƵŶĚĂŵĞŶƚĂůůLJ ƐŽƵŶĚ ƐƚŽĐŬƐ ĂƐ ƉŽŽƌ

1.5x

-10.4% 8.7% 11.1%

27.4%

5.80

-3.3%

0.1%

-52.1%

-52.8%

0.5x

2.6%

0.0%

0.2%

-29.0%

-29.0%

68.7%

31.5%

8.4x

5.2x

11.7%

11.9%

36 Wema Bank PLC

0.58

3.6%

0.2%

-7.9%

-7.9%

7.3%

0.7%

6.0x

0.4x

5.2%

16.6%

37 Beta Glass PLC

66.35

0.0%

0.2%

-2.9%

-2.9%

18.0%

12.0%

6.4x

1.1x

2.0%

15.5%

38 Dangote Flour Mills Plc

17.75

0.3%

0.5%

159.1%

168.9%

-15.8%

-5.1%

39 Transcorp Hotels Plc

5.40

0.0%

0.1%

-11.5%

-11.5%

6.0%

3.2%

12.0x

0.7x

40 AXA Mansard Insurance PLC

1.65

0.0%

0.1%

-9.8%

-9.8%

11.0%

3.1%

7.2x

0.8x

T o p 10 T r a d e s b y V o l u m e T ic k er

Vo lum e

P ric e C hg %

2.8x

-6.3% 2.8%

8.3% 13.8%

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

P ric e

P ric e C hg % 10.0%

UB A

45.3

-0.9%

A B B EYB D S

0.99

A C C ESS

42.8

6.7%

FO

20.15

9.8%

FB NH

41.9

0.9%

H ON YF LOUR

1.01

9.8%

GUA R A N T Y

26.6

0.0%

UN IT YB N K

0.64

8.5%

C OUR T VILLE

20.1

-9.1%

A C C ESS

6.40

6.7%

Z EN IT H B A N K

15.9

0.0%

ST ER LN B A N K

2.28

3.6%

T R A N SC OR P

13.0

1.0%

WEM A B A N K

0.58

3.6%

C UST OD IA N

6.6

-1.6%

F LOUR M ILL

14.40

2.9%

M ULT IVER SE

6.2

0.0%

NB

59.00

1.7%

WA P IC

6.0

0.0%

OA N D O

4.05

1.3%

ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ ϭϱ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϰϵ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ƚŚŝƐ ǁĞĞŬ ǁĞƌĞ > ^ K

14.2%

24.75

35 Chemical and Allied Products P

(-ϯ͘ϲйͿ ĂŶĚ DdEE (-ϭ͘ϯйͿ ĚƌĂŐŐĞĚ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ

Afrinvest West Africa Limited

5.6% -4.6%

25 Diamond Bank PLC

;нϬ͘ϴйͿ͘

,ϭ͗ϮϬϭϵ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚƐ ĚŽ ůŝƩůĞ ƚŽ ƐƉƵƌ ŝŶǀĞƐƚŽƌƐ͛ interest.

0.9x

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

T ic k er

Value

P ric e C hg %

P ric e

P ric e C hg %

GUA R A N T Y

777.8

0.0%

T ic k er M C N IC H OLS

0.45

-10.0%

D A N GC EM

540.0

0.0%

F ID SON

4.10

-9.9% -9.7%

Z EN IT H B A N K

294.9

0.0%

C UT IX

1.49

A C C ESS

259.5

6.7%

C OUR T VILLE

0.20

-9.1%

UB A

249.6

-0.9%

UN ION D A C

0.22

-8.3%

12.00

-8.0%

1.19

-7.0%

FB NH

238.6

0.9%

CCNN

M TNN

160.6

0.8%

UA C -P R OP

WA P C O

64.6

-0.4%

UA C N

5.40

-6.9%

C UST OD IA N

39.9

-1.6%

PZ

5.80

-3.3%

N EST LE

32.0

0.0%

A IIC O

0.64

-3.0%

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, JULY 22, 2019 ˾ T H I S D AY

MARKET NEWS

Nigeria Infrastructure Debt Fund Delivers 55% Returns to Investors Goddy Egene The Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) has delivered a return of 55 per cent since its establishment two years ago. The fund has also distributed a total sum of N4.67 billion in cash to unit holders during the period. marked the second anniversary of its inception

by delivering over 55% total The distribution translates to N33.86 per unit. The fund just announced the second quarter(Q2) distribution, which is N4.34 per unit.

In the period of two years since its inception, NIDF has emerged as the largest provider of long-term Naira financing for commercially viable infrastructure

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

projects across Nigeria. Its current portfolio of N31 billion includes a dozen infrastructure loans with 20 underlying projects and businesses.

According to the managers of the fund, these projects are in multiple sectors including power generation, energy infrastructure, transportation, telecom and social infrastructure, and spread across the country.

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 18Jul-2019, unless otherwise stated.

The managers explained that lack of availability of long-term funding in domestic currency has been the bane of infrastructure development across Africa, including Nigeria.

“Foreign currency financing, particularly debt financing, creates unsustainable mismatches between the currency of revenue and the currency of financing, leading to

both higher costs to end-users and also macroeconomic risks for the country,” they explained.

The managers noted that NIDF has successfully demonstrated the strength of its model (mobilising domestic savings for funding infrastructure) and how generating solid financial returns can go handin-hand with positive development outcomes.

“For instance, in 2018, NIDFfunded projects achieved CO2 reduction of more than 500,000 tonnes and diverted nearly 10 million standard cubic meters(SCM) of flared natural gas to commercial use in the country. The NIDF model is not only highly scalable but also replicable across other emerging markets.

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 139.62 140.74 -11.50% Afrinvest Plutus Fund 100.00 100.00 8.11% Nigeria International Debt Fund 275.86 275.86 0.97% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.87 0.88 3.28% ACAP Income Funds 0.75 0.75 32.79% 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 12.98% AIICO Balanced Fund 2.33 2.36 4.96% 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 14.39 14.82 -13.29% ARM Discovery Fund 329.31 339.23 -7.66% ARM Ethical Fund 28.14 28.99 -0.35% ARM Money Market Fund 1.00 1.00 12.77% 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 94.14 94.80 -6.97% AXA Mansard Money Market Fund 1.00 1.00 12.11% 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 1.85 1.85 13.85% 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 13.56% Paramount Equity Fund 11.86 11.96 0.42% Women's Investment Fund 105.65 106.35 2.04% 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 11.72% Cordros Milestone Fund 2023 93.99 94.59 Cordros Milestone Fund 2028 95.79 96.48 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 13.26% Coronation Balanced Fund 0.81 0.82 -4.74% Coronation Fixed Income Fund 1.23 1.23 9.86% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 11.78% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.08% 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 1,220.95 1,221.71 9.21% FBN BALANCED FUND 140.20 141.10 -1.81% FBN Money Market Fund 100.00 100.00 12.28% FBN Nigeria Eurobond (USD) Fund - Institutional 118.32 118.83 7.07% FBN Nigeria Eurobond (USD) Fund - Retail 118.26 118.77 7.28% FBN Nigeria Smart Beta Equity Fund 123.26 125.04 -17.83% 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 10.89% Legacy Debt Fund 3.46 3.46 6.75% Legacy Equity Fund 1.06 1.08 -13.17% Legacy USD Bond Fund 1.06 1.06 2.72% 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 3,005.32 3,032.40 0.65% Coral Income Fund 2,946.17 2,946.17 7.53% FSDH Treasury Bills Fund 100.00 100.00 12.81% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 12.90% Nigeria Entertainment Fund 107.26 107.93 -0.02% 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 12.57%

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 11.16% Vantage Balanced Fund 2.11 2.14 -2.08% Vantage Guaranteed Income Fund 1.00 1.00 15.52% Kedari Investment Fund (KIF) 132.88 132.96 6.32% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.19 1.22 4.24% Lotus Halal Fixed Income Fund 1,094.05 1,094.05 7.40% 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 10.36 10.44 -9.94% Meristem Money Market Fund 10.00 10.00 11.84% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.27 1.29 3.38% PACAM Fixed Income Fund 11.70 11.79 5.06% PACAM Money Market Fund 10.00 10.00 12.20% 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 125.83 126.12 4.10% 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 1.00 1.00 7.62% 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 2,333.13 2,344.68 0.78% Stanbic IBTC Bond Fund 206.34 206.34 8.52% Stanbic IBTC Ethical Fund 0.85 0.86 -10.00% Stanbic IBTC Guaranteed Investment Fund 259.69 259.79 7.10% Stanbic IBTC Iman Fund 148.39 149.64 -9.16% Stanbic IBTC Money Market Fund 100.00 100.00 12.67% Stanbic IBTC Nigerian Equity Fund 7,590.85 7,671.14 -10.64% Stanbic IBTC Dollar Fund (USD) 1.12 1.12 3.32% 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 1.14 1.15 -1.48% United Capital Bond Fund 1.64 1.64 9.18% United Capital Equity Fund 0.69 0.70 -3.22% United Capital Money Market Fund 1.00 1.00 12.74% United Capital Eurobond Fund 108.32 108.32 4.72% United Capital Wealth for Women Fund 1.03 1.04 2.55% 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 10.12 10.29 -3.86% Zenith Ethical Fund Zenith Income Fund Zenith Money Market Fund

11.03 22.40 1.00

11.16 22.40 1.00

-8.29% 10.30% 11.80%

REITS NAV Per Share

Yield / T-Rtn

5.40 115.16 52.57

-44.85% 3.76% 1.60%

Bid Price

Offer Price

Yield / T-Rtn

9.05 90.80 75.64

9.15 92.70 77.02

-14.17% -22.61% -14.71%

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

3.31 5.68 12.22 10.49 147.26

3.35 5.76 12.32 10.69 149.26

-17.27% -25.35% -16.39% -14.99% 11.57%

NAV Per Share

Yield / T-Rtn

108.34

17.40%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

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CITYSTRINGS

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

Race to End Child Hunger Eko Electricity Distribution Company has teamed up with a non-profit to eliminate hunger among school children in West Africa, Nume Ekeghe writes

O

ne recent morning, staff of Eko Electricity Distribution Company (EKEDC) trooped into Anglican Girls Seminary Primary School located on Broad Street, Lagos Island. Led by its Managing Director, Adeoye Fadeyibi, the EKEDC team was joined by staff of Mary Dinah Foundation, head teachers of the Primary School, and Lagos State Education Board officials. The goal of the convergence was to flag-off a programme, ‘Food for Thought’, designed to feed the school pupils. “We want to empower these kids more and make their lives a bit less stressful by providing them a meal while at school,� Fadeyibi said. “And the idea is for all the students in the school - about 110 of them - to get a balanced meal everyday. “The idea is to adopt a school and then adopt another one. We want to make it sustainable, a year at a time. We want to do more. “This is something that is bigger than the fund committed to it. We are looking to other people to copy this enviable thing. People do this on a personal level daily without all the publicity. So, the point is we are not doing something new; we are doing something we should be doing more of.� “We spent a lot of time verifying this organisation and what they do. And the transparency for us is something that attracted us to this. The intent also was very clear and we were happy to partner�, he added.

Apart from feeding, the EKEDC partnership will also be giving the parents of the student a free medical checkup during the parent/teachers meeting, to help them know their health status and improve on it. "We don't want these future leaders to lose any parent as they journey through education� Fadeyibi said.

Other activities lined up by organisers of the programme include: grooming of the school children, periodic etiquette talks, sports day events, charity football match to encourage participation in and growth of female football and lots more.

The first phase of the programme kicked off on July 17 and will run for a year.

Speaking to THISDAY, Chief Charity Officer at ‘Food for Thought’, Miss. Mary Dinah, was grateful to EKEDC for putting “their name, weight, money and time behind such an initiative�. “We started the company and initiative two years,� she said. “About two weeks ago, we took on full-time the Anglican Girls Seminary School. We’ve been feeding schools in the past, but this is the first time we are taking on one school on a daily basis for the foreseeable future.

Now we have committed completely to feeding them everyday forever. “I was able to meet with the Head of the Education Council for Lagos Island. There were a lot of schools we considered. We liked this one because it’s an all-girls school, so in terms of women empowerment, girl empowerment, we thought it was important. The size of the school is about a hundred or so students. So we also thought it was a good size; the location is fantastic - it’s right here on Broad Street. “I think it represents everything that we want to see in the future of children in Nigeria. A big location like this should not have children that are not having school lunches. So we thought we’d take a prime school in a prime location that needs the support and use it as our flagship.�

She said the long term plan is to expand the program to more schools since feeding children is a fundamental problem that needs to be addressed, urgently. “We intend to take on 10 other schools, still within the Lagos Island area,� she said. “There are at least 100 or 200 schools within a two-mile radius from here - many of them need help, many of them are underfed. In terms of school feeding, it relates to malnutrition, empowerment, it relates to building their confidence, their wellbeing, their nutrition, their health. “It goes as far as protecting children from terrorism. Many times when children are not in school, they are on the road, playing and get recruited by terrorists, by gang members. So when you feed a child in school, it increases the chances of their parents sending them to school, increases attendance, reduces absenteeism, increases their

L-R: Head Media & Communications, Eko Electricity Distribution Company, EKEDC, Mr. Sulaiman Aledeh; Managing Director/Chief Executive OďŹƒcer EKEDC, Mr. Adeoye Fadeyibi and Food For Thought Representative Miss Mary Dinah

Managing Director/Chief Executive OďŹƒcer EKEDC, Mr. Adeoye Managing Director/Chief Executive OďŹƒcer EKEDC, Mr. Adeoye Fadeyibi with one of the beneďŹ ciaries Fadeyibi with some of the beneďŹ ciaries

L-R: Head Medical Services EKEDC, Dr Allena Igwilo; Chief Human Resources OďŹƒcer, EKEDC Mrs. Aik Alenkhe; Managing Director/Chief Executive OďŹƒcer EKEDC, Mr. Adeoye Fadeyibi; Food For Thought Representative Miss Mary Dinah and Project Manager EKEDC, Mrs. Chasha Momoh concentration, their performance in school; it protects the child. It’s very foundational. “Even before we start to talk about building roads, bridges, signing fancy contracts, we have to make sure children are fed. Also at the United Nations, they have what they call Sustainable Development Goals (SDGs) and zero hunger is the very first one. So for us our mission is to ensure that we eradicate hunger in children.

And we are starting in this form. We intend to expand across Nigeria, across West Africa. “This government started the one meal a day initiative. So it’s not a new initiative. But I believe even the government needs as many people to support them as possible. They can do it alone.

And so we are here to help�.

Dinah, who is a United Nations Fellow, stressed that the initiative was designed to be properly

run, with the UN as accountability partner. “We’ve also partnered with the United Nations,� she said. “They will be our observation and monitoring partners. They are free to come to the school anytime anonymously to check that the children are being fed on a day-to-day basis.

So we have the UN and they are fantastic for that kind of work, in terms of observation and monitoring. They are the best agency in the world to do that. “I am a UN fellow. I spend one week every month in Geneva with the UN, so my background is always fairness, diplomacy and always wanting to help people. I just graduated from Oxford University. I studied Global Business. I got a distinction. So it’s also about the credibility of the person that owns the foundation. Even in terms of the school, for every program that we do, we write to the Head of the School Council for Lagos Island and they are there. We are also going to be speaking with the Governor also to support; so everybody is involved - all the head teachers come here from time to time to observe what we are doing, to monitor, and I have trust in them that they will be fair. “We also have our own food vendors to support the Lagos State food vendors, and to make sure that the women that will be making the food are employed and that they have a proper contract.

We have different vendors that we use, so there is no one that has a huge contract; there is a lot of transparency.�

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INTERNATIONAL

Egypt Defends Airport Security after Flight Cancellations Egypt on Sunday defended security at its airports after two European airlines temporarily halted their flights to Cairo.

The British Airways abruptly suspended all flights to Cairo on Saturday for seven days, citing unspecified security concerns.

German airline Lufthansa also said it had cancelled flights to the Egyptian capital while an evaluation of the situation was taking place, but said later that normal flights would resume on Sunday.

The move raised concerns in Egypt over potential harm to the country’s vital tourism

industry, which was recently showing signs of recovery after a years-long slump.

A senior Egyptian aviation official criticised the flight cancellations.

“All Egyptian airports are well-secured. Security at them exceeds the standard rules,” head of Egypt’s Civil Aviation Authority, Sameh al-Hefnawi, said late Saturday.

He claimed that the cancellations were politically motivated.

“The issue has nothing to do with aviation. It is political.

“Whenever Egypt is recovering, a fabricated crisis happens,” al-

Hong Kong Protests: Police Fire Tear Gas at Demonstrators Riot police Sunday fired tear gas and rubber bullets at protesters in Hong Kong following a large prodemocracy rally in the city.

Officers charged demonstrators who threw objects at police lines.

The clashes came after marchers ignored a designated finish line, continuing on to China’s central government offices and throwing eggs at the building.

Organisers of Sunday’s protest say more than 430,000 people took part but police put the figure at 138,000.

Mass protests have been held for weeks, initially over an extradition deal with mainland China but now covering other issues on democracy in Hong Kong.

Late on Sunday, riot police equipped with masks and shields were seen swarming towards protesters close to a ferry terminal on the main island.

Images outside of the liaison office, China’s central government building, show signs covered in graffiti. One of the slogans reads: “You taught us peaceful marches are useless.”

Some protesters also covered the CCTV cameras outside a police station with spray paint.

A number of pro-democracy protesters were later attacked by masked men inside Yuen Long metro station in the north of Hong Kong.

Video footage from the scene show the group hitting people with sticks.

The latest rally was put on edge after a huge haul of explosives was found along with protest leaflets.

On Saturday, a counter-rally in support of the police and against protest violence drew tens of thousands.

Tear-gas, rubber bullets, the trashing of parliament by protesters and sporadic clashes have created the worst crisis in the territory’s recent history.

The Hong Kong government has since suspended trying to pursue the extradition bill.

Hefnawi added.

In response to British Airways’ cancellations, the Egyptian Ministry of Civil Aviation said it had increased the seat capacity of the national carrier EgyptAir’s flights to London.

The ministry added that it would operate an additional flight to London starting on Sunday during the suspension period.

In its updated travel warning for Egypt, the British Foreign Office referred to British Airways’

decision and points to an increased terrorism risk for air traffic.

The office warned against non-essential travel to Sharm el-Sheikh, where in 2015 a bomb exploded on a Russian passenger jet shortly after take-off,

killing all 224 people on board.

The bombing, which was claimed by the Islamic State terrorist organisation, prompted multiple countries to cancel flights to the Red Sea resort town.

South Africa’s President Ramaphosa Hits Back in Corruption Row South African President Cyril Ramaphosa says he is mounting a legal challenge against an official report that concluded he had deliberately misled parliament over a campaign donation.

He said the report by the country’s corruption watchdog was “fundamentally and irretrievably flawed”.

Speaking to reporters, he also said it was appropriate for courts to make an impartial judgment on the matter.

Mr. Ramaphosa’s supporters say the allegations are politically motivated.

The report by Public Protector Busisiwe Mkhwebane was released on Friday. As well as accusing President Ramaphosa of misleading parliament, it suggested that he had potentially committed a money laundering offence.

Last year, Mr Ramaphosa told parliament that he had not received election campaign donations from a controversial

company during his bid to lead the ANC. It later emerged that was not true. Mr Ramaphosa apologised, and said he had been misinformed.

The allegations against President Ramaphosa are seen by many as a battle for control of the ANC, and South Africa itself. Party factions have become more entrenched since President Jacob Zuma, 77, was forced to resign in February 2018 amid widespread

allegations of corruption, which he denies.

He was replaced by his thendeputy, Mr Ramaphosa, who promised to tackle corruption and described Mr Zuma’s nine years in office as “wasted”.

Critics of Ms Mkhwebane say she has become a participant in a fight-back by allies of former President Zuma.

The battles are likely to play out in South Africa’s courts, which have remained largely independent.

MONDAY JULY 22, 2019 ˾ T H I S D AY

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NEWS

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

Account for $1bn ECA Security Fund, PDP Tells Buhari, APC Opposition party under socio-emotional distress, says presidency

Chuks Okocha in Abuja The Peoples Democratic Party (PDP) at the weekend drew the attention of Nigerians to the ‘shocking’ confession by the National Security Adviser (NSA), Gen. Babagana Mongunu (rtd), that he is not aware of the whereabouts or disbursement of the $1billion allegedly drawn from the Excess Crude Account (ECA) by the President Muhammadu Buhari government in 2017 for security purposes.

But in swift reaction to the allegation, the Presidency yesterday declared that the main opposition party was under a socio-emotional distress.

PDP said in a statement by its National Publicity Secretary, Kola Ologbondiyan, that the confession by the NSA, who coordinates the security architecture of the country, directly places a huge burden at President Buhari’s doorsteps over reported stealing and diversion of funds meant for security, while insurgency, banditry, killings and

Stop Fomenting Crisis in APC, Oyegun Tells Oshiomhole Don’t address me through your aide, party chairman fires back Adedayo Akinwale in Abuja The immediate past National chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has advised his successor, Adams Oshiomhole, to stop dissipating energy in fomenting more crisis in the party, but rather concentrate in ensuring that the federal government policies conform with the party’s manifesto and campaign promises to the good people of Nigeria.

Oyegun, in a statement issued yesterday by his Public Affairs Adviser, Chief Ray Morphy, slammed Oshiomhole over the ‘’ignoble role’’ he is playing in fuelling the crisis in Edo State.

But in a swift response, Oshiomhole challenged Oyegun to address him openly and not through his media aide.

Reacting to the recent outburst and indictment by Governor Godwin Obaseki and the House of Representatives adhoc Committee, Oyegun said he was yet to come to terms on why Oshiomhole has easily forgotten that he never interfered in Edo State affairs as the national chairman of the ruling party, while he held forte as the then governor.

The party chieftain wondered why Oshiomhole has failed to realise that Obaseki should be supported as the only APC governor in the South-south geopolitical zone rather than vilifying and destabilising his administration.

Oyegun stated: “The recent outburst by Governor Obaseki and the report by the House of Representatives ad-hoc committee, indicting the current National Chairman of the APC, have confirmed my earlier claim that Oshiomhole is not only the architect but also responsible for fuelling the crisis in Edo State.

“In the face of these confirmations, I want to urge Oshiomhole to stop disgracing the ruling party and the good people of Edo State. I wonder how he could easily forget that I never interfered or bothered about how he ran the government as the then governor of Edo State all the while I occupied the position of the party’s national chairman.”

Oyegun urged the progressive

governors not to stand aside and watch their fellow governor being hampered by a party chairman whose actions may lead to political misfortune of the party.

He wondered why a man who claimed to have buried godfatherism in Edo State politics could play God and become an agent of disruption in the smooth running of the state government.

“I am yet to come to terms why it has become difficult for Oshiomhole to realise that Governor Obaseki is the only APC governor in the entire South-south and should be allowed to concentrate in giving the people of Edo the dividend of democracy.

“It is shocking that a man who boastfully claimed to have buried godfatherism in the Edo State politics could become enmeshed in playing God to his successor. ‘’Oshiomhole is not only guilty of godfatherism but also guilty of anti-party activities considering the ignorable role he has been playing and his shameful involvement in the whole Edo crisis,’’ Oyegun added.

The former governor of Edo State further advised that rather than dissipating energy in fomenting more crises, Oshiomhole should rather concentrate in ensuring that the federal government policies conform with the party’s manifesto and campaign promises to the good people of this country.

“I appeal to him once more to stop disgracing the governing party APC and Edo State. He should give the governor a breeding space to concentrate in doing the job of serving the people of Edo state.

However, the national chairman of the ruling party, while reacting through his Chief Press Secretary, Mr. Simon Ebegbulem, said Oyegun should address him openly. According to him, “I have no comment.

Chief Oyegun is a respected leader of the party and an elder statesman. Comrade Oshiomhole has so much respect for him.

If he really wants to address Oshiomhole he should can come out openly to address the man who succeeded him in office and not one Murphy.”

kidnapping fester in the land under his watch.

He said the revelation by NSA further vindicates the PDP on its initial alarm that the All Progressives Congress (APC)-led administration is overtly corrupt, deceptive and unreliable in the handling the affairs of Nigeria.

According to the statement, “It further validates the stance of the PDP that agents of the Buhari presidency and the APC were hiding under the guise of security to siphon the $1billion from the ECA. This, perhaps, informed the desperation by the cabal to draw from the account without recourse to statutory due process of appropriation by the National Assembly.

“From Mongunu’s confession, Nigerians can further see why our country is daily confronted with disturbing videos and reports of our fighting troops protesting their neglect and inadequate equipping, leading to their vulnerability in was fronts.

“Now that the NSA has

declared that he is not aware of the whereabouts of funds, the burden, straightaway, lies squarely on President Buhari to immediately address the country on how the money was handled.

“This is especially as there are already allegations in the public space that certain funds meant for security were diverted for 2019 campaign activities of the APC while our troops languished in was front.

“Our party had always alerted Nigerians that the APC administration was insincere in the handling of the ECA fund leading to our demand in 2017 for the National Assembly to investigate the handling of the $1billion.

“The PDP hereby restates our demand that President Buhari should allow for a system-wide investigation into the whereabouts of the $1billion as well as the handling of other funds meant for security purposes under his watch.”

Furthermore, the party called

on Nigerians to note that such diversion of funds in the Buhari administration led to the articulation of a blueprint

by Alhaji Atiku Abubakar for a transparent system that eliminates siphoning of funds, particularly in the critical sectors.

Meanwhile, the Presidency yesterday declared that the PDP was under a socio-emotional distress.

The Senior Special Assistant on Media and publicity, Garba Shehu, described PDP’s allegation as ‘rubbish’.

“The PDP is under a socio-emotional distress.

They think that all governs in the world run on the basis of freewheeling looting as they did their own.”

Giving account of how the money withdrawn from the excess crude account was spent, he said, “here is what happened to that $1 billion. “t’s on record that the Buhari administration paid about $490 million for a dozen Super Tucano fighter aircraft

in a direct, government-togovernment (no contractors or commission agents) transaction with government of the United States.

“Various other military procurements have been made.

Balance of expenditure stands at about $880 million or so.”

He said that barring considerations of national security, the details of the stage of implementation, the procurements made and the suppliers could be obtained on Monday (today), a workday.

Differentiating Buhari’s administration from the immediate past PDP administration, he said that the now opposition party spent defence procurement funds on 2015 election campaigns.

“The PDP spent defence procurement funds on their failed 2015 political campaigns as proven in court.

“That is not to say every succeeding government, more so one led by a Buhari will do the same,” he stated

FREE LEAH SHARIBU CAMPAIGN… …

Former presidential spokesman/founder, #FreeLeahSharibu Movement, Mr. Reno Omokri (left), and former Vice President Atiku Abubakar, during the launch of the Middle East stanza of the free Leah Sharibu campaign in Dubai...yesterday

Presidency: Criticisms of Buhari’s Administration over Insecurity Rubbish Chinedu Eze The Presidency has described as rubbish the flood of criticisms by prominent Nigerians against the way the Muhammadu Buhari administration is handing the security situation in the country.

Senior Special Assistant on Media to the President, Mallam Garba Shehu who spoke on Channels Television’s Politics Today, monitored by THISDAY in Lagos yesterday insisted that the federal government has made tremendous advancement in improving the security situation in the country, noting that the administration has driven away Boko Haram out to a strip of land outside the country and is facing other security challenges

that have come up since 2015.

“Let me say to you that the criticism is very unfair to the military gentleman who fought for this country to remain one, a gentleman who is a father and grandfather. President Muhammadu Buhari is on top of the challenges but people have brought politics into everything in this country. There is political Boko Haram. People make political capital out of everything at the expense of the unity of the country.

“Security challenges had been present before the present administration took over. We have our own security challenges and we are dealing with it as decisively as we can, but the security challenges keep on changing. It is a dynamic situation. In the past

Boko Haram committed a lot of atrocities in this country. People could not go to church or mosque in some places in this country and hundreds were displaced and somebody would sit in the comfort of his parlour and say we are doing nothing. That is absolute rubbish,” Shehu said.

The presidential spokesman said that government might not continue to tolerate the violent protest of the Muslim religious sect, Shiites, which has protested severally at the National Assembly and noted that government has offered olive branch to the sect and expected them to seize the moment, adding that if they continue the violent protest the army and police may be ordered to crush them.

“If the Shiites have read our statement correctly they would have seen an olive branch from that statement. What did the government say? That we are still open to dialogue and we are going to abide by the adjudication by the court of law. The Attorney General of the Federation said government no longer has a hand in the case.

We expect them to concentrate their energy on the ongoing case in Kaduna. We cannot continue to tolerate the idea of sending women and young kids and use them to disrupt the activities of President Muhammadu Buhari and other leaders in this country.

They think that will take them somewhere? No. They have to sit down and think about the best thing for themselves.”

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NEWSEXTRA

Appoint Ministers Now, Afenifere, PANDEF, Ohanaeze Tell Buhari Deji Elumoye in Abuja, Christopher Isiguzo in Enugu and Segun James in Lagos President Muhammadu Buhari came under more pressure at the weekend to form his cabinet.

The apex Igbo and Yoruba socio-cultural organisations, Afenifere and Ohanaeze Ndigbo, as well as the Pan Niger Delta Forum (PANDEF), told him to forward immediately the list of ministerial nominees to the Senate.

The Senate, at the weekend, had urged the president to submit his ministerial list by Friday because the lawmakers would go on recess on July 26 and resume September 26.

The Senate also warned that it would not postpone the recess if the list was not received by that date.

Reacting to the development, the spokesman of Afenifere, Mr. Yinka Odumakin, told THISDAY yesterday that “it is only the presidency that needs advice at this point and it has to get its acts together and forward the list of nominees.”

Odumakin said it would take a miracle for Buhari to submit the ministerial list by the date given to him.

“It would be a miracle if a list is ready before Friday given the tardiness we are accustomed to under the administration. The two months would still be accommodated within the six months we waited last time though. It’s only The presidency that needs advice at this point

and it to get its acts together and forward the list of nominees,” he added.

Also, a former Special Adviser to former President Olusegun Obasanjo on Political Affairs, Chief Akin Osuntokun, said: “it is good for the Senate to put President Buhari on the spot like this - at least posterity will absolve the body of complicity in a potential failure of Buhari’s second term “It is almost looking as if Nigeria is in a trap-in a situation in which things are going wrong and nobody is able to do anything about it other than a president who is unable or unwilling or both to bestir himself. I just hope the newly minted Buhari’s apologists will thereby not accuse the Senate of lack of patriotism and politicisation of the matter.

“Remember this is a National Assembly that was, in the main, practically assembled by the president himself. Recall that the president has had five months (since his election) to put the issue of constituting his cabinet to bed. This is a conspicuous demonstration of the incapacity that is manifesting in every aspect of governance with disastrous consequences for Nigeria.”

On its part, PANDEF described the delay by the president to constitute his cabinet two months after his inauguration for a second term as anti-people and unpatriotic.

It also stated that failure by the president to have ministers in place to assist in the performance of his constitutional duties has shown

that the federal government is operating at a very low capacity.

PANDEF National Secretary, Dr. Alfred Mulade, told THISDAY that with the unnecessary delay in appointing ministers and constituting his team, “President Buhari has knowingly or unknowingly denied Nigerians the true dividends of what he was voted for, that is, true dividends of democracy and this is anti-people.”

He said Nigerians deserved value for their votes, and not to be continually baptised with the unpalatable dose of flimsy excuses for the delay.

“President Buhari should do the needful and appoint his ministers and constitute his team, without further delay. He must not pretend not to know that things are not going well in this country at moment, and that the country is at the brink of precipice,” PANDEF said.

On its part, the Ohanaeze Ndigbo said the delay was becoming worrisome, adding that there are competent hands across the 36 states of the country that could be appointed to steer the country out of its present situation.

The Deputy National Publicity Secretary of Ohanaeze Ndigbo, Mr. Chuks Ibegbu, who spoke to THISDAY, asked the president to quickly constitute his cabinet.

He said the inability of the president to constitute his cabinet was taking a negative toll on the country, noting that the president must prove his readiness to continue to lead the country by quickly doing the needful.

Prostate Cancer: Otedola Pays Medical Bill of Sadiq Daba Martins Ifijeh Following prostate cancer relapse by one of Nollywood’s super stars, Sadue Daba, a business mogul, Femi Otedola has stated that he would foot the medical bill of the actor.

He said Daba’s health condition was brought to his notice through an online news story, and that he would be part of his journey.

In a statement made available to THISDAY yesterday, he said: “I was saddened to hear that he had taken ill again after overcoming his challenges from prostate cancer just two

years ago.

“From the news report, I gathered that he was rushed to the emergency unit of the Lagos University Teaching Hospital (LUTH) after being diagnosed with chronic obstructive pulmonary disease (COPD).

“I must say that even though I don’t know Daba personally, he is a face I am familiar with through the old television drama production - Cock Crow at Dawn - which I used to watch while growing up.”

He said he was moved by a sense of nostalgia and concern when he read of his medical situation recently and decided

to take over his medical bills.

He said: “In other climes, the likes of Daba and other such actors who more or less paved the way for the entertainment industry and the Nollywood industry in Nigeria, which is touted as the 3rd largest movie industry in the world, would be celebrated as icons and due recognition would be accorded to them.

“For me, taking care of Sadiq’s medical expenses is my little way of showing appreciation and gratitude for the good memories he created for me and others in the past,” he said.

N2tn Spent on Constituency Projects Since 2000 Without Results, ICPC Alleges The Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, said the country had spent about N2 trillion on constituency projects without commensurate development at the grassroots.

The commission’s spokesperson, Mrs. Rasheedat Okoduwa, in a statement in Abuja yesterday quoted the chairman as saying it at the induction of newly-qualified members of the Nigerian Institute of Quantity Surveyors in Abuja.

Owasanoye, while making emphasis on the ongoing tracking of constituency projects by the commission in

12 states, said that the exercise was not to witch-hunt anyone.

He said that tracking the projects was an important assignment for ICPC as the country had spent about N2 trillion on the funding since 2000 without commensurate impact at the grassroots.

Owasanoye, however, said that ICPC would not hesitate to prosecute any contractor that has failed to deliver on the projects, including accomplices.

The chairman said that ICPC commenced the Constituency Projects Tracking Group (CPTG) initiative to ensure proper implementation of funded projects at the various constituencies across the nation.

He further said that the initiative was already yielding positive results as some contractors had gone back to site to complete unfinished projects.

He, however, noted that the commission was collaborating with the Nigerian Institute of Quantity Surveyors (NIQS) in the on-going exercise.News Agency of Nigerian (NAN) reports that constituency projects are ploys used by the legislative arms in the three-tier federation to pad the annual budgets.

Citizens had criticised the constituency budgets and the security votes for the executive arms as wastes.

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NEWSEXTRA

Armed Gang Abducts Four Expatriates in Kwara Hammed Shittu inIlorin Palpable tension at the weekend enveloped the ancient village of Gbale in Edu Local Government Area of Kwara State when suspected six-man armed gang invaded the village and abducted

four Turkish expatriates.

The development, according to THISDAY investigations, created high apprehension in the village as residents were said to be runing for safety.

The incident, THISDAY learnt, occurred in one of the local

Aisha Buhari Condemns Sexual Assault of FCT Blind Students Olawale Ajimotokan in Abuja The wife of the Nigerian President, Mrs. Aisha Buhari, has condemned the trending sexual assault on some female students of the FCT School of the Blind by two male teachers.

Mrs. Buhari issued the condemnation on her Twitter handle #SayNoToRape, where she described the alleged action of the two teachers, Mr. Chukwuma Ilo and Ebenezer Olateju as disheartening. She also demanded for Justice to be served.

The wife of the president also

The vice presidential candidate of the Peoples Democratic Party (PDP) in the February 23 presidential election, Mr. Peter Obi, has said that the incessant killings of Nigerians in the diaspora are not unconnected with how little Nigerians value human life at home.

Responding to a question on the endless killings of Nigerians in South Africa, Obi said the development is worrisome, but added that it tells a lot about how Nigerians value themselves and how others value the country.

He said that the hundreds of Nigerians killed in South Africa and other countries of the world would not have risen to such disturbing heights if the country had reacted appropriately as a country that has high value for the lives of its citizens.

Obi who said that Nigerians should not be killed anywhere, more so in South Africa, given the huge sacrifice made by Nigeria, including the resources it deployed, to secure South Africa’s freedom, decried the poor appreciation of the country’s efforts by South Africans.

The former Anambra State governor particularly recalled the personal efforts he made when he was governor to visit South Africa twice to discuss this menace in his meetings with Okey Emuchay and Uche Okeke, the Nigerian diplomats in charge in

to have stormed the drinking joint and started shooting sporadically to create fear before they quickly abducted their targets who were said to be in relaxation mood when they stormed the drinking joint.

The abductees, according to sources, are Yasin Colak, 33; Senerapal, 40; Ergun Yurdakul,35, and Seyit Keklik, 25.

The sources added that the four abductees were said to be expatriates working with Instabul Concrete Limited in Gbale. When contacted yesterday over the incident, the state Police Command Public Relations Officer (PPRO), Deputy Superintendent of Police (DSP) Ajayi Okasanmi, who confirmed the abduction of the four Turkish expatriates, said: “The

state Police Commissioner, Mr. Kayode Egbetokun, has dispatched teams under operation Puff Adder to the area to commence immediate rescue of the expatriates as well as arrest of the hoodlums.”

He added that the efforts of the police are beginning to yield positive results, but did not confirm if any arrest had been made so far.

thanked the FCT Permanent Secretary Christian Chinyeaka Ohaa, for suspending indefinitely the two teachers alleged to be involved in the assault.

“This is disheartening; justice must be served, thanks to Perm.

Sec FCT for swinging into action, rape shouldn’t be taken lightly”.

She said.

Ohaa had last Wednesday while on an unscheduled visit to the FCT School for the Blind, Jabi, suspended the teachers accused of sexual molestation of some female blind students of the school.

Obi Decries Incessant Killings of Nigerians in Diaspora Chuks Okocha inAbuja

drinking joints in the village where the expatriates were said to have gone for relaxation.

It was also gathered that the incidence occurred at about 10p.m. last Saturday night when some of the residents of the village have gone to sleep.

Sources close to the village told journalists yesterday that the suspected armed gang was said

South Africa at the various times of his visit.

He, however, noted that the targeting of Nigerians by these killers has a lot to do with the way and manner Nigeria treats her own people.

“When we criminalise our people all the time, you don’t expect to get the desired respect and valuing from other people.

“For Ghanaians to be listed among nationals that can enter South Africa without visa while Nigerians are being subjected to such extreme humiliation and killings, should tell a lot about how the global community regards us.”

Speaking against the backdrop of the latest killing of a top Nigerian Lady, former Deputy Director General of Chartered Insurance Institute of Nigeria, Mrs. Elizabeth Ndubisi-Chukwu, Obi said that the record of deaths of Nigerians in South Africa was unacceptable and should not be tolerated any longer by Nigeria.

He advised the two leading continental nations to treat this matter as critical and take steps to stem the killings to prevent any possible follow-up consequences.

He finally called on relevant agencies and persons in government who need to act on these killings to treat them as a priority by bringing to bear all the necessary energy and urgency to stem the menace and avert the consequent diplomatic impasse.

SEARCHING FOR MINERALS …

L-R: Executive Secretary, Ekiti State Mineral Resources Development Agency, Mr.Tokunbo Alokan; Chairman, Ekiti State Mineral Resources and Environmental Management Committee (MIRENCO), Mr. Fiso Oluwole; Governor Kayode Fayemi; Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr. Abdulkadir Mu’azu; and representative of Ministry of Agriculture, Mrs. Titilayo Bamise, during the inauguration of MIRENCO, in Ado-Ekiti State …recently

Activists Ask EFCC to Drop Malabu Case against Adoke after New Revelations Davidson Iriekpen A civil society group, The Justice and Equity Forum (JEF), has asked the Economic and Financial Crimes Commission (EFCC) to withdraw its case against former AttorneyGeneral of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke, in the light of new revelations at the ongoing OPL 245/Malabu trials in Milan, Italy.

In a statement signed by the co-conveners, Alhaji Idris Kainji and Adebowale Peters, the group contended that in

the money laundering case filed against Adoke at the Federal High Court, Abuja, by the EFCC, “there is not a single mention of OPL 245 and Malabu in the court papers and this must be considered curious under any circumstance.”

It however, commended the Chairman of EFCC, Mr Ibrahim Magu, for the progress Nigeria has recorded in the anti-graft war under his watch but said Magu, like all human beings, is not perfect and should be supported and encouraged by all Nigerians in discharging his duties no matter whose

ox is gored.

The group said: “On Wednesday, July 17, in Milan, Italy, Mr. Vincenzo Armanna, the former ENI manager who is standing trial over the Malabu scandal, told the court that Adoke warned ENI officials against discussing kickbacks and threatened them with arrest. This is the same Adoke that is being accused of collecting kickback from the deal. That doesn’t add up at all,” the group said.

“We also note that on June 27, Mr. Ednan Tofik ogly Agaev,a former Russian

diplomat who is also being tried over the scandal, told the Italian court that he was pressured under interrogation by the FBI to mention Adoke’s name as one of the recipients of the bribes reportedly paid to government officials in the deal. In fact, Agaev refused to adopt the FBI interview in court because, according to him, he did not mean for it to be used. He effectively confessed making a false accusation against Adoke. In a court of law, this will certainly kill the case except there is anything else to it.

Ondo Govt Raises the Alarm over Plot to Blackmail Akeredolu James Sowole in Akure

The Ondo State Government yesterday raised the alarm that it has uncovered a plot by some politicians in the state to embark on well-rehearsed campaign of calumny against the state Governor, Oluwarotimi Akeredolu-led administration.

The alleged plan was revealed by the state Commissioner for Information and Orientation, Donald Ojogo, in a statement.

According to the statement, the main target of the campaign of calumny is the governor as well as members of his immediate family.

The statement came against the backdrop of an audio message that went viral condemning the administration of Akeredolu.

It was also in response to a warning from the Ondo Youths Assembly that the governor should not appoint his younger brother as the next Vice Chancellor of Adekunle Ajasin University, Akungba Akoko.

The statement read: “This orchestrated plot intends to malign, blackmail and discredit the Akeredolu-led administration. It is a plot with all the components

of unimaginable lies and concoctions.

“For the records, the Akeredolu-led administration has strived and thrived on the enviable pedestal of transparency, accountability and fairness since inception, and will continue to sustain and guard zealously the creeping unholy, ignoble and inhuman machinations notwithstanding.

“The governor believes in the principle of freedom of association just as he relishes constructive criticism. This strengthens, in no all measure, democratic governance.

“Nonetheless, the Ondo State

Government, with no intention to suppress different views about governance, finds this ignoble plot a despicable and divisive one. It smacks of desperation on the part of the orchestra directors and their performers. For the Akeredolu-led administration, the people, through good governance, are first before any other venture.”

Ojogo said despite the plot, the administration would not be distracted, adding that such satanic machinations shall not be allowed to have a dissuasive potency on the governor’s desire to bring all on board for a better Ondo State.

Senate to Revisit Niger-Abuja Land Compensation Payment Senate President, Dr. Ahmad Lawan, yesterday said that the Ninth Senate would unravel the obstacle stalling payment of compensation to Niger State Government as regards part of its occupied land by the Federal Capital Territory (FCT).

Lawan made this known in Minna, Niger State capital at the grand reception and unveiling

of Senator Mohammed Musa’s strategic senatorial action plan.

“Occasion like this is an opportunity to appreciate ourselves and set milestones for ourselves.

“It will bring relationship that will work for the development of Niger state and Nigeria.

“I am aware that in the past some actions have been taken

by the federal government to compensate Niger State regarding the land issue in Abuja.

“We will go extra mile to find out what is stalling it in order to do the right thing,” he said.

He however, said that for the ninth assembly to achieve any meaningful development for

the country, there must be unity of purpose among members.

“I assure you that together we will take Nigeria to the next level of development,” he said.

The Senate president said that the lawmakers would do everything possible to ensure construction of new roads and rehabilitation of existing ones across the country.

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Murder of Fasoranti’s Daughter: Atiku Decries Worsening Insecurity in Nigeria Kayode Fasua Former Vice President, Alhaji Atiku Abubakar, has decried the state of insecurity in the country, lamenting that Nigerians have been going through excruciating pains as a result of unprecedented security challenges the country currently faces.

Atiku, the Peoples Democratic Party (PDP) presidential candidate in the last election, who is currently at the election petition tribunal to dispute the poll’s results, expressed the

concern in a condolence letter he wrote to elder statesman and leader of Afenifere, Chief Reuben Fashoranti.

Fashoranti lost his daughter, Mrs. Funke Olakunrin, to suspected Fulani herdsmen who waylaid her vehicle on the Benin-Shagamu expressway on July 12, killing her in the process.

Lamenting the incident in a condolence letter he personally signed, Atiku said: “It is with a heavy heart that I received the news of the gruesome murder of your dear daughter, Mrs. Funke Olakunrin.

“For a man of your age sir, I can only pray that the Almighty Himself give you the fortitude to bear the pains of this particular loss.”

Bemoaning the state of insecurity in the country, Atiku said in the statement that “I

know that for quite some time now, our country has been under the excruciating pain for lack of security.

“Many precious lives have been lost to all manner of crimes; the most disturbing being the kidnap of people for ransom

and/or the reckless murder of innocent people plying our roads.

“It is even more painful, when most respected senior citizens like yourself (Fashoranti) are made to bear the pains of such heinous crime at a time in your life when you have already

taken stock.”

The ex-VP, while commiserating with 93-year-old Fashoranti, prayed to God to grant him the succour to pass through such difficult time, and also prayed for peace to return to Nigeria.

Leave Jonathan, Dickson out of Your Campaigns, Bayelsa Govt Warns Politicians Emmanuel Addeh in Yenagoa The Bayelsa State Government yesterday called on those it described as desperate politicians interested in the gubernatorial ticket of the Peoples Democratic Party (PDP) to leave the state Governor, Seriake Dickson, and former President, Dr. Goodluck Jonathan, out of their political campaigns in the state.

The state government maintained that recent publications attacking the former president and his family were a pointer to a dangerous attempt to set the two leaders against each other, following meetings between the politicians to sort out issues surrounding the November 16 governorship election in the state.

Special Adviser to the governor on Media Relations, Mr. Fidelis Soriwei, in a statement in Yenagoa, urged the governorship aspirants of the PDP to focus their attention on unveiling their development agenda for the state rather than deploying underhand tactics to create division between the governor and the former president for political gains.

Soriwei, in the statememnt, decried the situation where politicians seeking to contest the governorship election sponsor parallel publications against the governor and his

team; and the former President and his team with the intent to deepen disagreement and fault lines in the state.

He insisted that the attack on the former president was planned by politicians and their cronies, who according to him, were reacting to the outcome of meetings and consultations between the governor and the former president on the issue of the aspirants in the forthcoming primaries.

The state government, therefore, advised the people of the state to be wary of the sinister antics of the politicians who it said have devised a strategy of division in the PDP as their political lifeline in the state.

“Our attention has been drawn to a scurrilous publication targeted at the former president.

We have also seen the reaction from people suspected to be the former president’s publicists.

“We decry the situation where politicians who are seeking to contest the governorship election in the state would sponsor parallel publications against the governor, his government and his team, as well as the former president and his family and his team, thereby deepening and taking advantage of the disagreement and fault lines in the state.

COLLABORATIVE VISIT……

L-R: President of Nigerian Bar Association, Mr. Paul Usoro (SAN); Lagos State Governor, Mr. Babajide Sanwo-Olu; his deputy, Dr. Obafemi Hamzat; and Secretary to the State Government, Mrs. Folashade Jaji, during the visit of NBA team to the governor to intimate him on the forth coming conference of the association in Lagos …recently PHOTO: ABIODUN AJALA

NAMA Splits Flight Information Region to Eliminate Congestion in Airspace Chinedu Eze with agencyreports The Nigerian Airspace Management Agency (NAMA) has split the Lagos sub-flight information region to enhance better air-to-ground, ground-to-ground and air-to-air communication between pilots and air traffic controllers.

The objective of the split is to eliminate congestion in the airspace, as Lagos flight information region is the busiest in the country with its huge traffic, especially in the morning and evening periods.

NAMA said that it has successfully split the Lagos Sub-Flight Information Region (Sub-FIR) airspace into two sectors: Lagos West Area Control Centre on 120.9MHz radio frequency and

Lagos East Area Control Centre on 127.3MHz frequency.

The agency said the sectorisation, which took off on Thursday, the July 18, 2019, was a culmination of a two-year strategic plan by NAMAto achieve sectored operations in the Lagos sub-FIR owing to the then congested single radio frequency enroute control operations.

Speaking to stakeholders at the flag-off of the facility, Managing Director of NAMA, Capt.

Fola Akinkuotu, said although sectorisation of Lagos had eluded NAMA for over 16 years, it took the commitment and determination of staff to see to its actualisation.

He said sectorising Lagos became imperative owing to the increasing volume of traffic and the attendant challenges posed to both pilots and

air traffic controllers.

He said in a bid to achieve this feat, the agency had put in place several measures to ensure its effective take-off.

He listed the measures to include the development of standard operating procedures (SOPs) and a test-run of the procedures at the Nigerian College of Aviation Technology (NCAT), Zaria; in-house training of needed manpower to boost capacity in the two sectors; and enhancement of the required support facilities for ground-ground and airground communication.

The agency said it also embarked on the update of the radar maps and database of the radar system; test-run of the radar system and radio communication equipment,

as well as the issuance of an Aeronautical Information Publication (AIP) supplement on May 9, 2019 to give airspace users 56 days notification as required by the International Civil Aviation Organisation (ICAO) and Part 14 of the Nigerian Civil Aviation Regulations.

Akinkuotu listed other milestones to include the signing of Letters of Agreement with adjacent FIRs like Accra, Douala, and Lome; the signing of letters of procedures between Lagos -Abuja and Lagos - Port Harcourt; development and publication of Nigerian enroute charts showing the delineation of the East and West airspace sectors and the conduct of safety assessment as well as a stakeholders’ forum.

The Association of Medical Laboratory Scientists of Nigeria (AMLSN) has condemned the practice by some medical doctors of abdicating their primary responsibilities and instead take to the duties of medical laboratory scientists.

The body described the situation where medical doctors perform medical laboratory testing, which is not integral part to their training, and scheme of service as a ploy to destroy the medical laboratory service system and the country’s health sector.

The association at the end of its 199th National Executive Council Meeting held in Abeokuta, the Ogun State capital, insisted that it is illegal for people other than qualified medical laboratory scientists to

carry out medical laboratory test.

The association’s National Publicity Secretary, Dr. Casmir Ifeanyi, described the situation where medical doctors and medical laboratory technologists are performing the duties of the medical laboratory scientists as an “aberration and classic quackery” in the health institutions, which according to him, is putting the lives of patients and Nigerians in jeopardy.

Ifeanyi accused the Nigerian medical doctors of laying siege on medical laboratories and insisting on performing medical laboratory testing which is not integral part to their training.

He, however, cited an incident that occurred at the University of Calabar Teaching Hospital (UCTH), Cross River State

capital, doctors took laws into their hands, “hijacked patients’ specimen, chased out and stopped medical laboratory scientists from performing their lawful duties. They took over the laboratories and thereby were churning out, issuing wrong and fake results for unprocessed samples.”

“It is disheartening to note that in many federal hospitals, teaching hospitals and federal Medical Centres across the country, Nigerian doctors, especially those who call themselves pathologists have abdicated their primary duties as physicians to see and attend to patients, they now jostle as merchant for the procurement of medical laboratory equipment, reagents, chemical and diagnostics.”

“We had a despicable incidence of doctors taking the laws into their hands.

These misled doctors hijacked patients specimen, chased out and stopped medical laboratory scientists from performing their lawful duties. They took over the labs and thereby were churning out, issuing wrong and fake results for unprocessed samples.”

“As we speak, it is the practice in the Olabisi Onabanjo Teaching Hospital (OOUTH) Sagamu, Ogun State, Barau Dikko Teaching Hospital, Kaduna and in the many other hospitals across the country. We call for an end of this menace because it is doing damage to patients care, patients safety and quality service. It amounts to guided quackery in our public health institutions.

SERAP Asks ICC to Investigate Senior Nigerian Officials Laboratory Scientists Decry Hijack of Practice By Medical Doctors Socio-Economic Rights and Accountability Project (SERAP) has asked the Prosecutor, International Criminal Court (ICC), Mrs. Fatou Bensouda, to investigate the problem of 13.2 million children out of school across the country.

In a petition, SERAP asked the ICC to investigate “whether the problem of out-of-school children in Nigeria, and the failure of the authorities over the years to address it amount to violence against children and crimes against humanity within the jurisdiction of the ICC.” In the petition dated July 19, 2019 and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation urged Bensouda to: “push for those suspected to be responsible for this problem, including current and former

presidents and state governors since 1999, who directly or indirectly have individually and/ or collectively breached their special duty toward children, and are therefore complicit in the crime, to be tried by the ICC. “Investigating and prosecuting high-ranking Nigerian officials and providing reparations to victims will contribute to serving the best interests of Nigerian children, the most vulnerable citizens in our country, and ending the impunity that is denying them their right to education and a life free of violence and fear,” it said.

SERAP therefore urged the ICC Prosecutor to: “Urgently commence an investigation proprio motu on the widespread and systematic problem of out-ofschool children in Nigeria since the return of democracy in 1999,

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Stop Rewarding Indicted Nigerians with Appointments, ASUU Tells Buhari Kemi Olaitan in Ibadan The Academic Staff Union of Universities (ASUU), has berated the administration of President Muhammadu Buhari, for allegedly compensating indicted persons with federal appointments.

The union in a statement jointly issued yesterday by its Ibadan Zonal Coordinator, Dr. Ade Adejumo and Chairman, University of Ibadan chapter, Prof. Deji Omole, and made available to THISDAY yesterday, said the appointment of the Vice Chancellor of Kwara State University (KWASU),Prof.

Abdulrasheed Na’allah, who has been indicted by the visitation panel under Governor Abdulfattah Ahmed, as the new Vice Chancellor of University of Abuja, have made mockery of the anti-corruption campaign of Buhari’s administration.

The union said the report of the visitation panel in 2016 indicted Na’Allah of financial recklessness, maladministration and abuse of due process as entrenched in the university laws.

ASUU also disclosed that while the tenure of Na’Allah at the Kwara State University is to lapse on 27 July, he has gone

ahead to resume as the Vice Chancellor of the University of Abuja.

While maintaining that it has observed as trend that no matter how grievous the offence of anyone close to the presidency is, such a person is further rewarded with federal appointment or treated with kid gloves thereby entrenching

corruption and impunity.

The union argued that empowering indicted persons with political offices rubbishes the fight against corruption and will only encourage people to be corrupt since there is a reward of higher offices awaiting them.

“A government that claims to be fighting corruption is

protecting people alleged for corruption and compensating them with appointment.

Example is the case of KWASU vice chancellor, who was indicted by the visitation panel, set up by the Governor Abdulfattah Ahmed administration. The white paper’s recommendations was not implemented and

suppressed by politicians. Now, the government of President Muhammadu Buhari has now appointed the same person as the Vice Chancellor of University of Abuja. He has even resumed while his tenure is yet to lapse in KWASU thereby occupying two vice chancellorship seats,” ASUU explained.

Police: Why We Invited Dakolo, Wife The Nigeria Police Force has disclosed why it invited popular musician, Timi Dakolo, and wife, Busola, saying they were not arresting couple, but merely inviting them for questioning.

The clarification was made after the wife of the President, Aisha Buhari, called the attention of the Inspector General of Police to the purported attempt to arrest the couple.

In a letter of invitation, which was posted on his Instagram page, Dakolo alleged that the police were attempting to arrest him and his wife for making “false allegations” against the Senior Pastor of the Commonwealth of Zion Assembly, Pastor Biodun Fatoyinbo.

The letter immediately caused an outrage on social media, with many accusing the police of taking sides with Fatoyinbo ,despite the pastor being accused of rape.

However, Mrs. Buhari, while reacting to the purported arrest, had tweeted, “Attention IGP. #SayNoToRape, #JusticeForRapeVictims, #SayNoToIntimidation.”

Reacting in a statement,

however, the Force Public Relations Officer, Frank Mba, said the police merely invited the couple to make some clarification.

The statement reads in part, “The Nigeria Police are confirming that its operatives, today, July 20, 2019 served official invitation letters on Busola and Timi Dakolo.

“The invitation is sequel to an ongoing Police investigation touching on the wider and highly publicised case involving Bisola Dakolo, Pastor Biodun Fatoyinbo, and others.

“It is important, however, to note that a Police invitation letter is not synonymous with a warrant of arrest, and must not be construed to be one.

“Rather, it is a polite investigative tool used in eliciting information voluntarily from parties to aid Police investigations.”

Mba urged Nigerians to see the action of the Police as a legitimate act in line with the constitutional mandate of the Police, which, among other things, include the investigation of all complaints brought before it.

Group Tasks Katsina Election Tribunal on Fairplay, Justice Sunday Okobi A non-governmental organisation, Democracy and Transparency Network (DTN), yesterday cautioned against any plot to undermine justice in the hearing of the petition challenging the election of Katsina State Governor, Aminu Bello Masari.

In a statement made available to journalists in Lagos, DTN cautioned any subtle moves to influence the tribunal, and urged relevant stakeholders to be vigilant.

DTN claimed it has credible reports at its disposal that some interested parties are plotting to subvert justice and influence the tribunal.

According to the statement which was signed by the group leader, Abubakar Saidu, the body warned parties in the matter to resist the urge of being desperate, noting that “one of the legacies we can leave behind is for us to ensure justice prevails in all matters especially an issue as

crucial as the election petition tribunal.” The group insisted that it was driven by the desire to ensure transparency and justice.

“We are worried because something like this shouldn’t be coming from the state of the president who is known all over the world for his integrity.

“It is necessary for the relevant stakeholders to prevail on those bent on sabotaging the wheel of justice because Katsina, like every other state, deserves nothing short of justice.” DTN also expressed worry in the statement over what it termed as blatant mismanagement of Katsina State resources, alleging that monies that should have been used to tame current challenges bedevilling the state are being mismanaged.

The candidate of the Peoples Democratic Party (PDP) in the 2019 governorship election in Katsina State, Senator Yakubu Lado, has filed a petition at the tribunal challenging INEC’s declaration of Governor Masari as the winner.

GIVING BACK TO SOCIETY…...

L-R: Chief of Staff to Edo State Governor, Mr. Taiwo Akerele; representative of Zamfara State Governor, Col. Bala Mande (rtd); Otaru of Igarra Land, Oba Emmanuel Saiki; and Director General, Nigeria Governors Forum, Mr. Asishana Okauru, during the inauguration of Samuel Okauru Academics Innovation Learning and Vocational Centre, in Igarra Akoko, Edo State...weekend

You Can’t Distract My Govt, Makinde Tells Critics Kemi Olaitan in Ibadan The Governor of Oyo State, Mr. Seyi Makinde, at the weekend came hard on critics of his style of open governance, saying they cannot distract his government from recording giant strides in the state.

Makinde, who made the declaration while speaking at the inauguration of the South West chapter of the Peoples Democratic Party (PDP) in the

United Kingdom, said he is aware why there have been searchlights on his person and administration.

A statement issued by his Chief Press Secretary, Mr. Taiwo Adisa, also quoted Makinde as charging PDP stakeholders to readily project the good deeds of the party’s office holders in order not to give room for negative narrative.

Makinde, who observed that interest groups in the

United Kingdom had played important roles in the politics of Nigeria, said no fewer than 200,000 Nigerians now live in the United Kingdom.

He maintained that the task ahead of the PDP is to regroup and launch chapters everywhere Nigerians are found.

According to him, “I am aware of the enormity of the responsibility that rests on me. The searchlight is beamed

upon me, and all my actions are being met with the strictest scrutiny.

“I know that it is the seeming controversy that will be given more attention.

My open declaration of my assets is generating furore in certain quarters, but these are unnecessary distractions; my focus and the focus of our administration is on good governance. We shall not be distracted.”

Ogun Govt: No Ethnic Agenda in Resolution of MAPOLY Crisis The Ogun State Government has clarified that it had no ethnic agenda in its decision to set up a committee to look into the operational modalities of Moshood Abiola University of Science and Technology, Abeokuta and Ogun State Polytechnic, Ipokia, which were established by the immediate past government.

Reacting to a press statement credited to the President of Abeokuta Club, Mr Tokunbo Odebunmi, which

allegedly impugned the decision of the government to resolve the impasse at the Moshood Abiola Polytechnic (MAPOLY), the Special Adviser on Information to the state governor, Modele arafa-Yusuf, said the government was alarmed by the tribal colouration given to government’s decision.

The statement added that the allegation that the government was executing a hidden agenda in favour

of any group or people in the state was grossly unfair.

“But for the avoidance of doubt, the following clarification on the action taken so far on Moshood Abiola Univedsity of Science and Technology (MAUSTECH) and Ogun State Polytechnic Ipokia needs to be made: “This government inherited a protracted crisis at the MAPOLY over its status that had been changed to MAUSTECH by the

last administration. Even MAUSTECH which was so established has nothing on ground over a year after its creation. There were no facilities to accommodate its upgrade to a degree-awarding institution.

“The last administration neither appointed a Governing Council to oversee its effective take-off nor put in place requisite academic and nonacademic structures to run or administer the institution.”

SEC Warns Capital Market Operators against Unethical Practices Ndubuisi Francis in Abuja The Securities and Exchange Commission (SEC) has warned newly qualified authorised dealing clerks of the Nigerian Stock Exchange (NSE) that the commission has zero tolerance for unethical practices in the capital market, noting that steps were being taken to ensure more

effective regulatory oversight as well as advance investor protection and mitigate systemic risks.

SEC also urged the inductees to abide by the highest principled standard expected in their profession Speaking at their induction ceremony in Lagos, the acting SEC Director General, Ms. Mary Uduk,

also enjoined them to maintain the integrity of their profession and imbibe the culture of compliance to rules and regulations, as well as transparency, as they carry on their activities in the market.

In a statement issued yesterday, SEC’s Head, Corporate Communications, Efe Ebelo said Uduk, who was represented by the Zonal Head, Lagos office of

the commission, Mr. Stephen Falomo, was quoted as describing the induction ceremony for the freshly qualified professionals as a welcome development.

She added that they have, by their exemplary performance during their Automated Trading System (ATS) training at the NSE, secured their place in the stock broking profession.

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

Bility: Nigerians Should Be Proud of Pinnick’s Achievements Duro Ikhazuagbe In the midst of discordant tunes on why Amaju Melvin Pinnick was not re-nominated as first vice president of the Confederation of African Football (CAF) at its Ordinary General Assembly last Thursday, an Executive Committee Member of the body and former Liberia FA President, Musa Bility has urged Nigerians to be proud of the football administrator.

Speaking on Brila FM yesterday, Bility described Pinnick as a very honest administrator who has been selfless in his service as a CAF top shot and has taken Nigeria to very great heights in football administration. “The worst decision ever made

by CAF President, Ahmad, was not to have kept Amaju as the First Vice president. Amaju is a symbol of unity and a rallying point whenever there was any issue amongst members. “Only God knows what will happen now but Nigerians should be proud of this man who has brought greatness to the country,� observed Bility who had earlier resigned from CAF’s committees due to the leadership style of Ahmad.

The former Liberian FA boss shed light on the recent happenings in CAF and the CAF-FIFA collaboration.

With FIFA Ethics Committee investigating Ahmad for many infractions bothering

on corruption, Bility insisted that the apex football body in Africa requires a very thorough forensic audit to unravel some of the allegations of serious financial scandals. “A very thorough forensic audit has to be conducted to cleanse CAF and I can boldly say that Pinnick is a man with integrity and has never been involved in

any form of corruption, whether financial or material,� stressed Bility.

Pinnick who was part of the young Turks that spearheaded the end to the reign of Isa Hayatou and installed Ahmad, fell out with the Madagascan purely on principle. The NFF president wrote a four-page letter to Ahmad in April where he

highlighted actions taken by the CAF boss considered inimical to the growth of the continental football body.

However, Ahmad considered the letter an affront and not complimentary. Some executive committee members who were not comfortable with the chummy relationship between the two saw it as opportunity to

pull the rug from Pinnick’s legs.

This perhaps must have informed Ahmad’s refusal to re nominate Pinnick for the First Vice President post, preferring instead D.R Congo’s Constant Omari as replacement.

Pinnick however remains an executive committee member and a member of FIFA’s Organising Committee

A F C O N 2 0 1 9 FA L LO U T

Morocco, Three Other Countries Want to Hire Rohr Duro Ikhazuagbe

Nigerians who are waiting for the exit of Franco-German Gernot Rohr from the Super Eagles job may heave sigh of relief soon as four African countries want to hire him.

Rohr, 66, led Super Eagles to the semi final of the just concluded 32nd Africa Cup of Nations in Egypt and won the bronze with a 1-0 defeat of Tunisia in the Third Place match last Wednesday.

However, since Nigeria failed to reach the final, there have been calls for the termination of Rohr’s contract. He is largely perceived to have failed at the tournament despite meeting the target of a semi final finish at Egypt 2019.

THISDAY learnt at the weekend that Morocco and three other countries have made enquiries about the gaffer and want to hire him.

If the coach accepts to leave, this will save the NFF the payment of the $1million pay off clause in his contract that is not due to expire until next year.

Despite the clamour for Rohr to be sacked from the Eagles job, an insider at the Glass House in Abuja confided in THISDAY that the federation does not have the capacity to cough out N360 million to pay off the coach. “Where will NFF bring the $1million pay off clause in Rohr’s contract to end the romance with him even though I am aware that the leadership of the federation is no longer confortable with

the man’s tactics,� a top football administrator confided in THISDAY yesterday from Abuja.

When asked if there was no way the contract can be terminated without having to pay Rohr, the official who spoke on condition of anonymity blamed NFF’s legal department for setting a semi final target for the coach while reviewing the contract after qualifying Nigeria for the World Cup in Russia last summer. “Nigeria is a big country in African football. I don’t know why anybody will set an AFCON semi final target for Gernot Rohr? We have won the AFCON title on three occasions, reached the final about four times and won the third place eight times with the bronze from Egypt on Wednesday.

Winning the title in Egypt would have been the target otherwise we will not be in this situation now,� observed the official.

He dismissed the tactics adopted by the coach in Egypt as poor and unfamiliar with Super Eagles flair. “I don’t want to hear all these talks of young team, young team any more. Our Eagles were simply poor in tactics despite winning the third place match against Tunisia. If Rohr continues with the team for the next five years, I don’t see anything improving our playing pattern,� he noted.

Under Rohr, Nigeria has recorded 20 wins in 35 matches, drawn five and lost 10 since he took charge of the team in 2016.

Ireland’s Lowry Wins The Open to Claim First Golf Major Ireland’s Shane Lowry claimed a first major championship win yesterday with a dominant six-shot victory on 15 under par amid raucous scenes at The Open.

Lowry started the celebrations early, his arms aloft as he squeezed through the crowds who swarmed the 18th fairway at Northern Ireland’s Royal Portrush. “This feels like an out-of-body experience,� said the 32-year-old.

Lowry held his nerve in the wind and rain to shoot a oneover 72, with Tommy Fleetwood second on nine under.

England’s Fleetwood briefly threatened but a double bogey on the 14th effectively ended his challenge as he finished with a three-over 74. “I can’t wait to wake up on

Monday morning and find out what it’s going to feel like then.

It’s just going to be incredible,� added Lowry who was mobbed before he reached the green on the last hole.

Procession and as he turned to embrace his caddie Brian ‘Bo’ Martin after hitting his second shot to the green, hundreds flooded the fairway ahead of him.

Lowry and Martin were shepherded through the crowds and under a rope by marshals to allow them safe passage.

There will also have been a sense of redemption for Lowry following his final-round capitulation at the US Open three years ago when, like on Sunday, he started with a four shot lead but a 76 saw him fall away as Dustin Johnson won.

Victor Osimhen (left) and Chukwueze shortly after receiving their third place bronze medal at the just conclude AFCON 2019 in Egypt‌last Wednesday

Chukwueze, Osimhen Eye Future Success after AFCON Bronze Young forwards Samuel Chukwueze and Victor Osimhen are targeting success in future Africa Cup of Nations (AFCON) with Nigeria.

The duo were part of the country’s Under-17 World Cup winners in 2015 and both starred as the Super Eagles sealed a third place finish in Egypt on Wednesday.

Chukwueze, 20, made six appearances in Egypt and opened the scoring in a man-of-the-match performance against South Africa in the quarterfinal.

I know with our squad we are capable of winning this competition in the future, and I really want to be a part of that “When you pick up a medal in your first major tournament it is a positive sign of bigger things to come,� Chukwueze, who has played for his country at all levels, told BBC Sport. “Not so many young players get the opportunity to be in the Nigeria squad and even get a chance to play.

Chukwueze - who came close to joining Arsenal in 2016 - arrived at Villarreal from Nigeria’s Diamond Academy in August 2017.

His first season in the Spanish La Liga has seen him being likened to his hero and former Netherlands international winger Arjen Robben.

Osimhen, also 20, scored 20 times for Belgian club RSC Charleroi last season to earn a spot in Gernot Rohr’s squad.

But after making a solitary appearance in Egypt and completing a permanent move to Charleroi from German side Wolfsburg, Osimhen is focusing on the future. “Words are not enough to

describe this feeling. I’m quite overwhelmed. We wanted the trophy, but this bronze medal is a sign that the future is bright and we are looking forward to it,� he told BBC Sport. “I was looking forward to playing for my country, it’s a great feeling for me and my family. I thank the coach for the opportunity and I want to build on this.�

His 10 goals at the U-17 World Cup four years ago eclipsed the previous best of nine set by Ivorian Souleymane Coulibaly in 2011

and Florent Sinama Pongolle of France in 2001.

Osimhen was also part of the Nigeria side that won the Under-23 Africa Cup of Nations in Senegal in November 2015, which also qualified them for the 2016 Rio Olympics.

His exploits saw him crowned the 2015 Confederation of African Football (CAF) Youth Player of the Year.

He has played for Nigeria at all levels, from under-17 to the full senior side, for whom he has won three caps.

Runsewe Hails PGA Nigeria @50 Olawale Ajimotokan in Abuja The Director General, National Council for Arts and Culture (NCAC), Otunba Olusegun Runsewe has showered encomiums on the Professional Golfers of Association of Nigeria (PGAN) for showing commitment to the development of golf in Nigeria.

Runsewe, who is a member of the Nigeria Golf Federation (NGF), said the 50 years of PGAN have been of immense blessing

to Nigeria.

PGAN celebrated its Hall of Fame in Lagos at the weekend to commemorate the 50thanniversary.

The NCAC boss described the future of golf in Nigeria as bright, noting that talented young professional golfers are emerging from all over the country. “The 50 years of PGA have been very fruitful. Only recently, they received the international body that came to interact with them and see how they can

develop golf and make the game better in Nigeria. “For me, PGA is in the right direction by coordinating and networking with other part of the world in development of golf and I wish them well,�

Runsewe said He urged both the government and the organised private sector to invest in the sustainable growth of Nigerian golfers, saying there is a lot to benefit from the game of golf. “I believe this 50th anniversary will be a landmark

of development of golf in the country. We must all remember that by the year 2020, $6billion will be roving round golf in the history of the world. “There is need for Nigeria to benefit from that money and we must move very fast to pocket some chunk of that money.

Americans, British, Germans and others have taken some chunk of the billion dollars and Nigeria must take her share by investing in sustainable growth of our golfers.

TR

Monday July 22, 2019

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Price: N250

MISSILE Melaye to Gov Bello “We are resolutely determined to chase the mediocre in Lugard House. We are too sophisticated to have Yahaya Bello as a governor. We are too intellectually mobile to have a classless character like Yahaya Bello as governor. He never won an election, he is a coronated governor” – Senator representing Kogi West, Dino Melaye, accusing the Kogi State Governor, Yahaya Bello, of failing to deliver dividends of democracy to the people of the state.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Shut Up, You are a Compound Idiot and Bastard ‘‘A great civilization is not conquered from without until it has destroyed itself from within’’ – Will Durant “There is a fine line between free speech and hate speech. Free speech encourages debate whereas hate speech incites violence.” Newton Lee

T

he Emir of Kano, Muhammadu Sanusi II is as cerebral and courageous as they come. He is unafraid to speak truth to power. I am proud to call him my brother from another mother. Fate brought us together in 1996 when both of us worked together as part of a transformation team in one of the then old generation banks. He stood out as one of the most brilliant members of the team. A few years later, we were again, both appointed to the board as executive directors of another old generation bank. Being that his role was Risk Management and mine was business, we almost always clashed, holding different views, mine being about business promotion and his, business “prevention”. Our friendship improved with every clash. I remember one day, after a heated debate in the credit committee, I went over to his office to share from his lunch and a staff came in to see us eating together and almost fainted. She had actually come to enquire from Sanusi if there was any quarrel between the two of us that we were bringing to the office, only to see us eating together!

As Central Bank Governor in 2009, Sanusi had attended the presentation of Sir Olaniwun Ajayi’s book titled: “Nigeria, Africa’s Failed Asset?” I shall take liberty to extensively quote from Sanusi’s speech at the event. “ Sir Olaniwun Ajayi has written a book. And like all Nigerians of his generation, he has written in the language of his generation.

“My grandfather was a Northerner, I am a Nigerian. The problem with this country is that in 2009, we speak in the language of 1953. Sir Olaniwun can be forgiven for the way he spoke, but I can not forgive people of my generation speaking in that language.

“Let us go into this issue because there are so many myths that are being bandied around.

Before colonialism, there was nothing like Northern Nigeria. Before the Sokoto Jihad, there was nothing like the Sokoto caliphate. The man from Kano regarded himself as Abakani. The man from Zaria was Abazasage. The man from Katsina was Abakani. The kingdoms were at war with each other. They were Hausas, they were Muslims, they were killing each other.

“The Yoruba were Ijebu, Owo, Ijesha, Akoko, Egba. When did they become one? When did the North become one? You have the Sokoto Caliphate that brought every person from Adamawa to Sokoto and said it is one kingdom. They now said it was a Muslim North.

“The Colonialists came, put that together and said it is now called the Northern Nigeria. Do you know what happened? Our grand fathers were able to transform to being Northerners.

We have not been able to transform to being Nigerians. The fault is ours.

Tell me, how many governors has South West produced after Awolowo that are role models of leadership? How many governors has the East produced like Nnamdi Azikiwe that can be role models of leadership? How Many governors in the Niger Delta are role models of leadership?

There is no evidence statistically that any part of this country has produced good leaders.

You talk about Babangida and the economy.

Who were the people in charge of the economy during Babangida era? Olu Falae, Kalu Idika Kalu.

What state are they from in the North?….

“The problem is: everywhere in this country,

Inspector General of Police, Mohammed Adamu

there is one Hausa, Ibo, Yoruba and Itshekiri man whose concern is how to get his hands on the pile and how much he can steal.

Whether it is in the military or in the civilian government, they sit down, they eat together.

“So, anybody that is still preaching that the problem of Nigeria is Yoruba or Hausa or Fulani, he does not love Nigeria. The problem with Nigeria is that a group of people from each and every ethnic tribe is very selfish. The poverty that is found in Maiduguri is even worse than any poverty that you find in any part of the South. …..

“There are good Yoruba people, good Igbo people, good Fulani people, good Nigerians and there are bad people everywhere. That is the truth.

“Stop talking about dividing Nigeria because we are not the most populous country in the world. We have all the resources that make it easy to make one united great Nigeria. It is better if we are united than to divide it.

“Every time you talk about division, when you restructure, do you know what will happen? In Delta area, the people in Warri will say Agbor, you don’t have oil. When was the Niger Delta constructed as a political entity? Ten years ago, the Itsekiris were fighting the Urobos. Isn’t that what was happening? Now they have become Niger Delta because they have found oil. After, it will be, if you do not have oil in your village then you can not share our resources.

“There is no country in the world where resources are found in everybody’s hamlet. But people have leaders and they say, if you have this geography and if we are one state, then we have a responsibility for making sure that the people who belong to this country have a good nature.

“So, why don’t you talk about; we don’t have infrastructure, we don’t have education, we don’t have health…..?

I went to great lengths in the foregoing quote, in order to put my thesis in proper context. A local proverb has it that stubbornness destroys the child, while silence destroys the elder. Bear in mind that decades and centuries after we have departed from this earth, our forebears will come down harshly on our deeds and judge us objectively on what part we played in the fortunes of our society. Let all those who are in a position to say or do something, do so now.

The threat to our nation is existential and the urgency could not be fiercer!

I am sure the Emir could not imagine that about ten years down the line, the new generation of Nigerians has not only institutionalised the position that he condemned, but has sunk deeper into it. The generation before us made progress

from their ethnic nationalities. At that time, the worrisome situation was that as opposed to being Nigerians, they were busy being Northerners, Westerners and Easterners. Sanusi, in his optimism, had expected our generation to transform from being all those to being Nigerians. The sad truth is that today, we are back to being Hausas, Fulanis, Igbos, Yorubas and many more divisions. We are back to our little hamlets and primordial petty interests now dominate our thoughts and deeds.

We have not only retrogressed significantly, we have also added a fresh dimension to it. We now seem to hate each other and the hatred looks so deep rooted and its embers are being fanned daily by the kind of unprintable words we use on each other. These days, it is not unusual to read and hear people using all sorts of foul and intemperate language on any one who dares to hold a different position, more so if that person is from a different ethnic group and to a little extent, speaks a different language or practices a different religion. The language of 1953, seems to have become a child’s play relative to the the language of 2019. The messenger is now more important than the message.

Our headline today was taken from an exchange between a Yoruba commentator, Akin and a Northerner, Ahmed, over the unacceptable murder of Mrs, Funke Olakunrin, daughter of Pa Reuben Fasoranti on July 12, 2019. The debate between the duo was so hot that they resorted to calling each other names and moved to the realm of abuse and intemperate language which ended with one of the parties ordering the other to shut up…… The argument centered on whether it was Fulani herdsmen that committed the murder or not. While the incensed Ahmed was arguing that Akin had drawn conclusions without any investigations, Akin accused him of insensitivity and being a herdsman himself concluding that he was a member of Miyetti Allah Cattle Breeders Association, propagating Fulani domination across the country. I am unable to present the other things they said to each other for purposes of decency.

The social media is awash with this kind of debates and abuses. The way some of those debates go, there is no doubt that if some of the participants could see each other, it could end up in fisticuffs or worse. Columnists like yours truly are not left out in the abuse industry. Some people acquire fake names and nomenclatures and position themselves to attack those they have one perceived problem or the other with. Some of their comments will immediately show that the commentators did not read the column as they would have no bearing with the subject matter being discussed. Some of them are hired by opponents and placed on stipends with the sole purpose of going into the social media space to smear someone and impugn their character.

Unfortunately, seeking redress in a court of law which should be the solution is only possible if one knows for sure who is up against one. But where some of those commentators use pseudo names or fake names, it would be difficult to bring them to book.

The democratisation of the media space, which in itself, should be a good thing seems to have given teeth to the hate speeches and verbal violence.

Today, everyone becomes a media practitioner once he or she has a smart phone. And from the comfort of one’s house or kitchen or even toilet, one could send messages to virtually everyone.

The cost is basically the cost of acquiring data.

Because it is possible to do that, people have also devised means of conjecturing and dishing out information that is false. Such information could travel at the speed of the internet looking like the truth. This can precipitate a lot of violence if not war. Welcome to the freaky world of #FakeNews.

The younger generation is most guilty in this cowardly New World. But we also have some members of the older generation who are even more culpable than the younger generation. Some retired Professors and otherwise respectable leaders have come out publicly to take very strange but divisive positions that seem to stoke our fault lines in a way in which, if not properly handled will fast track the outbreak of violence and civil strife. It is also very true that the government has done very little to reign in the upsurge of banditry, killings and kidnapping in the country. One wonders how the resort to intemperate language, threats and hate speeches can guarantee peace in the land.

It is our considered view that we must address the impending crises in the country. We must honestly and transparently do that without delay.

In order to achieve this, we must get to the root of the problem and we therefore ask, why? This is where we need to tell ourselves some home truths. Those who cannot stand the heat are urged to quietly and quickly get out of the kitchen.

The truth is that there is a general collapse in leadership, role models and integrity. We have become so engrossed in the protection of narrow partisan interests that we have forgotten the basic virtues of fairness, equity, fair play and merit.

We are a country devoured by quota, Federal Character and other euphemisms that actually mean the trouble with Nigeria.

We must de-risk this country, particularly now that our economy is getting more and more fragile.

We should not wait for investors to start voting with their feet before we act. Government must rise to the occasion and stop all the banditry. There is a lot of blame for the government which it must assume responsibility just as it would, were things going well with the society. Government must listen to the voices of diversity and ensure that there is inclusiveness in all its policies and actions. It is very easy to proffer excuses for any action taken but it is important to listen to the voices of the weak who are marginalized by such policies and actions.

The most urgent task is to ensure security and stability. Our roads are no longer safe to travel and the story everywhere is banditry, kidnapping, rape and oppression. Once there is insecurity, it subverts economic growth and development.

Poverty and attendant social ills will begin to manifest. While that is on, the government must begin to meaningfully engage the people in addressing the issues of opportunities and poverty. The next line of engagement is to discuss the terms under which we shall peacefully coexist with each other. There is this reluctance to hold a discussion around restructuring. We don’t think this is right. Government must create a platform for people to dialogue except if we have decided that we are going to be ruled by force. I personally have a lot of issues with the unsustainable democracy we practice and I have been making this point on this platform. Our democracy that has us spend 70% of our budget paying salaries and allowances cannot take us very far. A system that has 469 federal lawmakers and close to 1000 state law makers, together with 36 Governors and Deputy Governors with uncountable commissioners, Special advisers, Assistants etc is unsustainable. We must talk about these and take decisive action to address the waste. At the end of the day, we must realize that everything still revolves around the economy. To the extent that people cannot trust that the system can protect their economic interests, there cannot be peace.

The earlier we sat down to discuss, the better for us. We must replace hate speech with free speech, and violence with debate as Newton Lee would say.

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