Bloodbath in Maiduguri, Yobe

...towards a better life for the people

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VOL. 25: NO. 62332

ONLINE | www.vanguardngr.com

N150

MONDAY, FEBRUARY 2, 2015

Soludo replies Okonjo-Iweala 56,57,62

Ngozi OkonjoIweala and the missing trillions

IMOKE: Bold

imprints on tourism •Today, we begin the publication of profiles of our personalities of the year 12

Bloodbath in Maiduguri, Yobe •80 insurgents killed as youths, troops save Borno towns •Suicide bomber kills self, 10 others in Yobe •Suspected bombers arrested; PDP, Shettima laud troops

•Jonathan, Buhari cancel campaigns in Damaturu, Maiduguri

By Ndahi Marama & Umar Yusuf with agency report

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AIDUGURI— THERE was fierce fighting, yesterday, between the Nigerian troops and Boko Haram insurgents in Maiduguri, the Borno State capital. About 80 insurgents were killed, while several others escaped with bullet wounds.

The latest attack came barely a week after the insurgents tried to take over the state capital from the DamaturuJimtilo axis but were Continues on Page 5

•P.54

COLUMNISTS:

Soludo vs Iweala: The pot and the kettle •P.44

Buhari's burdens are too much for Nigeria •P.20

Mr & Mrs SUICIDE ATTACK—Aid workers evacuate injured persons in the suicide blast in Potiskum, Yobe State, yesterday. A witness said the bomber emerged from a bus that pulled up in front of the home of Sabo Garbu who is running for a seat in the House of Representatives. Photos: AFP.

Letter to President Jonathan — Niyi Osundare

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POLLS: Okogie, Martins caution against violence

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POCKET CARTOON

VISIT—From left: APC Presidential Candidate, Gen. Muhammadu Buhari;

Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari and Vice Presidential Candidate of APC, Prof. Yemi Osinbajo during a campaign visit to the Emir in his Palace in Ilorin, Saturday.

Bloodbath in Maiduguri, Yobe Continues from Page 1 repelled by soldiers who deployed massive artillery and fighter jets to dislodge them.

The insurgents were stopped from taking over the city by youths otherwise known as the Civilian JTF, and other residents who risked their lives by coming out in large numbers to assist troops in repelling the invaders.

Meantime, a suicide bomber blew himself up outside the house of a legislator in Potiskum, Yobe State, yesterday, killing 10 people, security sources said.

The bomber walked up to the house of a member of the House of Representatives and PDP candidate for the same position in the forthcoming elections, Sabo Garbu, before detonating the explosives. A bus stopped outside Garbu’s home and dropped off the attacker before speeding off, the sources further said.

Also,suspected suicide bombers who disguised

as women were arrested in Yola, Adamawa State, last night. The incident happened barely few hours ahead of the presidential campaign visit to Yola by the APC flag bearer Major General Muhammadu Buhari (rtd) scheduled for today.

The suspects were nabbed by the military at the ever busy Mubi roundabout in the state capital.

This came as three soldiers and 123 Boko Haram terrorists were killed when the Islamist group attacked a Chadian army contingent in northern Cameroon, the Chadian military said.

Massive insurgent's casualties The heavily-armed gunmen attacked the southern edge of Maiduguri at about 3 am, yesterday, setting off explosives as they tried to enter the city, several residents said.

They were, however, repelled by troops backed

TAKE HEART

BY ELLA RANDLE

Not what we say about our blessings, but how we use them, is the true measure of our thanksgiving — W.T. Purkise

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N attitude of gratitude is a choice. Anyone can be more thankful with a little awareness and effort. Here is how to lift one’s moment when those gnawing unfavourable thoughts creep in, uninvited. Make the decision to replace negative thoughts with positive ones. For example, say “I am thankful for having this home or education in my life!” Try to stay in the present. Focusing on the challenges of the past or on what might happen in the future can rob your joy today. What are you grateful for right now? Focus on that, a loving family? Food on the table? A job? Good Health? Start with the simple things in life that we often take for granted.

by vigilantes but they regrouped and tried to take the city from the Eastern end, where they again met stiff resistance.

As the gun battles raged, “the whole city (was) in fear,” said resident Adam Krenuwa.

Defence Spokesman, Chris Olukolade said the assault on the town, where the extremist group was founded more than a decade ago, was “contained” and that “the terrorists incurred massive casualties.

“The situation is calm as mop up operation in the affected area is ongoing,” agency reports quoted him as writing in a text message.

Despite waves of attacks in the city in recent months, Maiduguri has become a place of refuge for people forced to flee other areas in Borno that have been taken over by the terrorists.

The affected areas The areas affected during yesterday's attack were Molai village which is 10 kilometres south of Maiduguri; Ngom village and Mafa Local Government Area, about 30 kilometres north east of the city along the College of Agriculture and the Chad Basin Development Authority road in the metropolis.

The Molai attack started at about 7am when some insurgents armed with AK47 rifles, Rocket Propelled Launchers and AntiAircraft machine guns in a convoy of 15 Hilux vehicles and many motorcycles attempted to enter the city from Dalwa-Molai axis, a suburb of Maiduguri.

Troops stationed along

the Maiduguri-Damboa Road engaged them in heavy gun duel, and with quick reenforcement of troops and civilian JTF, most of the terrorists were killed while others escaped with gunshot wounds.

Most churches were hurriedly closed down during morning service while others could not even open as a result of the sounds of explosions and gunshots. A female member of the Deeper Life Church in Molai (names withheld) was hit by a stray bullet while trying to escape from the scene of the attack.

The Information Officer of National Emergency Management Agency, NEMA, Mr. Abdulkadir Ibrahim confirmed the multiple attacks on the city which has so far displaced many people from their homes, but insisted that he was yet to get details on number of casualties, promising to get back before press time.

Sources said during the first attack on DalwaMolai axis which is not far from the Giwa Military Barracks, more than 60 insurgents were killed. The terrorists were, however, quick in picking the dead bodies of their fallen members.

Only 46 bodies of the terrorists were recovered. Troops and thousands of civilian JTF members pursued the fleeing and injured terrorists who ran back towards the Sambisa forest.

According to the sources, when the fourhour battle around Molai axis was about to subside, another group of insurgents attacked troops along the MafaNgom-Maiduguri Road, but military and civilian JTF members succeeded in repelling the second attack, killing more than 30 of the insurgents.

The second attack around Mafa-Ngom area started at about 11am and lasted for two hours before airforce fighter jets with assistance from ground troops repelled the insurgents.

“Most residents of Molai, NNPC depot and Central Bank of Nigeria (CBN) Quarters along the troubled MaiduguriDamboa Road, which was closed down for motorists since July last year, had to flee into the city for safety ”, said Molai resident, Mallam Jubrila Usman.

PDP, Gov Shettima commend troops, Civilian JTF Meanwhile, the Peoples Democratic Party, PDP and Governor Kashim Shettima of Borno State have praised

the gallantry of officers and men of the Nigerian Armed Forces for repelling insurgents in Borno and other troubled states in the North.

PDP reacts PDP National Publicity Secretary, Olisa Metuh in a statement, yesterday, said “the members of the armed forces have shown exceptional patriotism while risking their lives to protect those of other citizens and intensifying efforts to ensure that the nation is rid of terrorist activities.”

Metuh said the party recognized the sacrifices being made by the military adding that “ what is needed at this point is for all Nigerians to close ranks and support them with words of encouragement, prayers and helpful information where necessary.

“This is no longer the time to dwell on politics or engage in unnecessary blamegames. We cannot continue to seek political capital while terrorists slaughter and maim our people. To win this battle therefore, all citizens must come together, stand with our government and the military and present a common front against terrorism irrespective of our religious, political and ethnic differences.”

The PDP condoled with the families of the victims of the attacks, comforted the displaced and the wounded and prayed God to restore enduring peace in the country.

Shettima lauds youths Also, Governor Shettima of Borno State commended youths in the state who volunteered and came out in very large numbers to defend Maiduguri from being taken over by insurgents.

The insurgents laid siege to Dalwa from Damboa axis as well as the Mafa entry point with

the determination to seize Maiduguri and its massive population of residents and internally displaced persons, taking refuge in the state capital.

Shettima spoke, yesterday, after the insurgents had been repelled by members of the armed forces, and the Civilian JTF who mobilized to the two battle fronts in defence of their fatherland.

Isa Gusau, media aide to Shettima, quoted the governor as saying: “I received with gratitude, information on how youths from different parts of Borno State, comprising those under the Borno Youths Empowerment Scheme otherwise called “Civilian JTF,” and other residents of Maiduguri.

"They came out of their homes, abandoned their families and with very uncommon courage, sacrificed their lives and moved to front lines to support our gallant armed forces.

"This was a patriotic battle to defend the soul of Borno State and its people from being seized by determined insurgents who in the early hours of Sunday, February 1, 2015, (yesterday) laid siege to two entry points into Maiduguri: Dalwa community from Damboa axis and from the MafaDikwa axis.

"These terrorists had a murderous intention of killing a massive population of residents and internally displaced persons, taking refuge in the state capital and destroying homes and businesses in what would have become an unimaginable calamity. ‘’I have never been as proud of our youths in Borno State as much as I am today. The youths have since 2013 risen in firm defence of the good people of Borno State, and today, they have once again proved to all of us, that they have by playing complementary roles, taken our collective destiny in their hands and we are full of gratitude to them."

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Attacks on Buhari wicked, disparaging — Ideh

By Gbenga Oke

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AGOS — A CHIEFTAIN of the All Progressives Congress, APC, and political leader in Itsekiri nation, Dr Alex Tosan Ideh, has described attacks on the Presidential candidate of the party, General Muhammadu Buhari, by the Peoples Democratic Party, PDP, as wicked, misleading and disparaging.

He also tasked the PDP and its followers to respect the peace accord signed by both Presidential candidates.

Ideh who was the Secretary to the APC Convention during the primaries that produced Buhari, said the PDP and its followers must restrain from callous and disparaging verbal attacks.

His words: “It is true he was a soldier and led Nigeria for 14 months but those who now seek to hold him out as an undemocratic monster must be guilty of an extraordinary amount of revisionism.

"We must uphold the truth and describe the circumstances as they are. I am privileged to speak on our experience of democracy because I have been a participant and a ring-side operator for over 30 years.

“Buhari’s reputation is assured and no amount of bad mouthing can distract Nigerians from acknowledging the wicked failures of President Jonathan administration.

Nigerians cannot wait to see it voted out.”

POLLS: Jonathan okays purchase of 2,500 patrol, bomb disposal vehicles

By Kingsley Omonobi

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BUJA — FOLLOWING the promise by the Police High Command to ensure a hitch-free elections and checkmate all manner of violence, President Goodluck Jonathan, yesterday, commissioned 263 patrol vehicles for the Nigerian police even as he appealed to supporters of political parties to eschew violence at the polls.

Represented by the Vice President Namadi Sambo, Jonathan said approval for the acquisition of 2,564 operational vehicles was given with the intention to see that the Police “provide the needed security and enhance their operation to ensure the conduct of free and fair elections."

Jonathan’s words: “The procurement of these vehicles is aimed at boosting the capacity of the Nigeria Police Force to deliver effectively, efficiently and appreciably.

“A well-equipped and adequately motivated police force will assist in no small measure to assist in ensuring the security needed in the drive to economic growth and development of Nigeria.

“In view of the strong commitment of government to provide for the NPF within available resources, it is my hope that the gesture by government will be reciprocated by assisting the Independent National Electoral Commission (INEC) in ensuring it conducts free elections this month.

“It is also expected that the deployment of these operational vehicles will translate to enhanced surveillance of our

communities in order to improve security.”

Highlighting the efforts of government towards enhanced peace and security of all over the country, the Vice President urged all Nigerians to see themselves as Nigerians and see to the unity of the country, despite their political leanings.

He said: “I want to call on politicians, the aspirants, their supporters and their

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AGOS — THROUGH the Micro Small and Medium Entities (MSME), the government has created over 17 million jobs, the Minister of Trade and Investment, Dr. Olusegun Aganga, has said.

Speaking at the maiden edition of ‘Press Play – Achieve Your Dreams,’ oragnised by the United Mandate, a nongovernmental organisation at the Afe Babalola Hall, University of Lagos, Aganga, who was represented by Mr. Jim Obaze, Chairman, Financial Reporting Council of Nigeria, said the Federal Government was very impressed with what the Mandate Group was doing.

He also spoke extensively on the vision of the Federal

Government in establishing the MSME, to help the youths, adding that the scheme was designed to empower the youths and other well-meaning Nigerians to activate or take their dreams to the next level.

He said there are over 17,284,681 sustainable enterprises in Nigeria. Each entity is expected to employ at least one Nigerian, thus creating over 17 million jobs.

Aganga assured the gathering that the Federal Government was aware of the challenges bedeviling the project, adding that a survey conducted by the ministry discovered that lack of access to market opportunities, lack of business development

Earlier in his opening address, the Inspector General of Police, Suleiman Abba, said approval for 2,564 operational vehicles was given by the President, but the first batch of the patrol cars comprising “170 Nissan NP300 hard body Patrol Pick up vans, 129 Nissan Frontier Double Cabin Patrol Vehicles, 50 Nissan Patrol 4WD Jeeps, 10 Toyota double cabin Armoured Patrol Vans and four Ford 550 model 4X4 state of the art Armoured Personnel Carriers" are ready for

MEETING: From left: Ms Funke Opeke, Managing Director, Mainone Cable; Mr. Timothy Oguntayo, Group Managing Director/CEO, Skye Bank Plc; Oba Otudeko, Chairman, Honeywell Group; Mrs Amaka Onwughalu, GMD/CEO, MainStreet Bank/DMD Skye Bank, and Mr. Bolaji Balogun, Group CEO, Chapel Hill Denham, at the corporate partners meeting with corporate clients in Lagos. Photo: Kehinde Gbadamosi.

FG to detain ships entering nation's territorial water with foreign guards

By Godwin Oritse

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AGOS — THE Federal Government has said that it will not hesitate to detain any vessel entering the

How govt created 17m jobs —Aganga

By Clifford Ndujihe

sympathisers to eschew all forms of violence and unlawful practices, both in words and conduct, before and after elections.

“Let us eschew any form of violence. We should condemn any form of violence before, during and after elections. We should know that elections will come and go but Nigeria will remain as one nation and one people.”

skills, and the lack of consistency in government policies were the bane of MSMSEs. Chairman of the group, Mr. Emmanuel Olaiya, promised that his NGO will work with the Federal Ministry of Trade and Investment to make the dreams of many of the youths a reality.

Also, the facilitator of United Mandate, Mr. Oluwaseun Shogbamu, said Nigerian youths had critical roles to play in Nigeria of today. He said this while addressing students and young professionals at the event.

According to him, his group was out to galvanise young people into positive action that will be beneficial to the larger Nigerian society.

country territorial and coastal waters with security escorts on board, whether armed or unarmed.

The Nigerian Maritime Administration and Safety Agency, NIMASA, gave this warning when the agency detained three vessels, LILAC VICTORIA, UACC EAGLE and MORGANE, because they sailed into Nigeria with individuals linked to private security firms overseas offering training on the use of weapons.

The NIMASA Director of Shipping Development, Captain Warredi Enisuoh, said the agency was uncomfortable that vessels with high probability of entering Nigeria with disposable arms or ammunition were beginning to sail in shortly after the agency and other sisterly agencies had cleansed the Nigerian waters of scourges such as piracy.

Describing it as “a new threat” that now “looms over the horizon with possible far-

reaching consequences,” Enisuoh warned ship operators, cargo owners, ship agents, among others that resultant interventions and delays may lead to possible forfeiture of their ships and cargo to the Federal Government.

“Private registered security firms in collusion with unscrupulous officials have embarked on unconstitutional MoUs and partnerships that threaten our national security.

“NIMASA has embarked on tackling this problem as it seems to be gaining tacit support underground as local Nigerian lawyers now intervene when they are arrested."

"There is no doubt that they come with arms hidden within the ship or throw them overboard when threatened with a search.

“The weapons they come with could be sold. This could well threaten the peace and calm we enjoy in our waters.

“The agency is, therefore, sounding a note of warning that any vessel that comes into Nigeria with a foreign guard, whether armed or unarmed will be detained."

Vanguard, FRIDAY, FEBRUARY 2, 2015 —9

Private sector health workers set to join strike zAs JOHESU threatens boycott of polls

By Sola Ogundipe

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AGOS — STRIKING pharmacists, laboratory scientists and physiotherapists in the public sector have threatened to drag their respective counterparts in the private sector into the on-going nationwide health workers strike under the auspices of the Joint Health Sector Unions, JOHESU. The health workers have also indicated intention to call out its over one million members at all tiers of government nationwide to boycott the 2015 elections to protest lack of government response to their demands.

Issuing the threat in a statement weekend, President of the Pharmaceutical Society of Nigeria, PSN, Olumide Akintayo, said the PSN , the Association of Medical Laboratory Scientists of Nigeria, AMLSN, and Nigeria Society for Physiotherapists, NSP, would in the next few days make good the threat to engage the public sector in the strike if the Federal Government fails to accede to their demands by the first week of February 2015.

Rising from a consultative meeting, weekend, Akintayo gave indications that he and Presidents of the AMLSN and the NSP, after a holistic evaluation of the JOHESU strike, are of the view that the health workers strike does not worry government as rather than resolve and issue enabling circulars in line with the 12-point demand of the JOHESU, governments at federal and state levels have been busy campaigning while substantial fatalities continue to be inflicted on consumers of health in Nigeria.

He said: “In the reality that health services have collapsed in all the federal health institutions and major secondary healthcare facilities in all the states of the federation, one would have expected an intervention of the Federal Government.

“This clearly confirms that healthcare has not and can never be the prerogative of doctors who in the past never failed to remind Nigerians that they were jack of all trade who could render services of other professionals.”

Akintayo said in the proposed plan, the private sector strike would be phased, adding: “We shall in the first instance invite practitioners in the FCT, Abuja to withdraw services for a few hours for successive days before we shall extend same to all the 36 states in view of apparent government

insensitivity which is deplorable and lamentable.

“In similar spirit, we call on the over one million members of JOHESU at all tiers of government, including the

federal establishments, the 36 states and FCT Abuja as well as the 774 local governments to boycott the 2015 elections alongside their dependants, since government and the

retinue of politicians know next to nothing about the golden nuggets of good governance as sanctity of life counts for nothing to these people.”

Certificate controversy: It's a dent on Nigeria not Buhari —Momah

By Soni Daniel, Regional Editor, North

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EMPOWERMENT: From left: Adekunle Adebiyi, General Manager, Regional Operations, North, MTN Nigeria; Mike Omeri, Director General, National Orientation Agency; Richard Iweanoge, General Manager, Consumer Marketing, MTN Nigeria and Oluwole Osaze Uzzi, Director, Voter Education, INEC, at the unveiling of the MTN BetterMe App for the 2015 election, in Abuja.

POLLS: Okogie, Martins caution politicians against violence

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By Sam Eyoboka

AGOS — TWO weeks before the general election which has generated tremendous interest by Nigerians and the world, retired Catholic Archbishop of Lagos, Anthony Cardinal Okogie has called on Nigerians to pray much more than ever before for the success of the exercise and the emergence of upright leaders who will take the nation to a new dimension.

In a similar development, his successor and the Metropolitan Archbishop of Lagos, Most Rev. Alfred Adewale Martins also cautioned politicians to desist from engaging in violence, and destruction of lives and property, saying that such unruly conduct, if not checked, is capable of casting a shadow on the forthcoming election.

Addressing newsmen in his Cardinal’s Court in Ikoyi, Lagos, Okogie said: “We need a selfless leader, a leader who will see everybody as his own, he must be patriotic, he must see Nigeria as her own; there must be spirit of self-sacrifice and love for everybody.”

According to the cleric, "we have to pray because the atmosphere is too tense and I think only God can help us.

You cannot rule out God in our nation, and that is one of the things that is killing us.”

Abuja peace accord

Okogie urged politicians to abide by the Abuja peace accord and ensure a free, fair and violent free election on February 14 and 28 so that Nigerian can go about their businesses without fear or apprehension about a possible outbreak of violence.

Reacting to the news of politically motivated violence in parts of the country, particularly in Oyo State and some other states in North during the campaign tour of the two leading Presidential candidates, President Goodluck Jonathan of the PDP and Gen. Muhammadu Buhari (rtd) of the APC, Archbishop Martins described the development as unfortunate and misguided, adding that such retrogressive acts of aggression leading to loss of innocent lives and properties do not augur well for

democracy.

In a release signed by the Director of Social Communications, Catholic Archdiocese of Lagos, Msgr.

Gabriel Osu, the prelate said: “I feel very pained to hear and read of the several cases of violence recorded in parts of the country allegedly perpetuated by some of the supporters of the leading political parties.

“A situation whereby campaign vehicles of opposing parties are set ablaze, to the extent of causing bodily harm on others is unacceptable and barbaric. Violence would never get us anywhere. We are also very concerned about the threats of post-election violence by leaders of exmilitant groups and other opposing parties.

"Elections are yet to hold but the opposing parties are already declaring war if they lose. This situation does not inspire confidence in the electorate and heats up the polity unduly.”

The archbishop, therefore, called on leaders of the various political parties to call their supporters to order.

BUJA — RAGING controversy over the educational qualification of Gen. Muhammadu Buhari to contest this month’s Presidential election has been described as a dent on Nigeria and not the former Head of State.

A former Minister of Science and Technology, Gen. Sam Momah, who made the call in an interview with Vanguard yesterday, warned those questioning Buhari’s qualification to bury their heads in shame for trying to denigrate Nigeria before the world.

Momah, who had worked in several formations in the Nigerian Army and as a Principal Staff Officer to Buhari when he was the General Officer Commanding 4th Division in Lagos, described as despicable the current attempt to disparage the All Progressives Congress, APC, presidential candidate.

The former minister said it was wrong for some politicians to demonise Buhari, who had undergone several strategic military and educational trainings at home and abroad, including the prestigeous United States War College obtaining a Higher Diploma.

Describing the controversy over Buhari’s certificate as ridiculous, Momah said the action of the promoters of the matter was clearly aimed at distracting Nigerians from the main issues at stake, which they should explain to Nigerians.

Momah said: “Those accusing Buhari of not having the qualification to contest election are simply doing so to distract him.

Buhari is one of Nigeria’s best Generals who has trained up to the American War College, graduating with a post graduate diploma.

“I, therefore, find it very petty and offensive for some elements to begin to make noise about Buhari’s qualifications. The people behind this very shameful act should note that they are ignorantly denigrating Nigeria and not Buhari."

10 — Vanguard, MONDAY, FEBRUARY 2, 2015

Buhari should attend presidential debate — BODE GEORGE

LAND USE CHARGE: Fashola insists Agbaje defaults

By Olasunkanmi Akoni

By Dapo Akinrefon

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AGOS—A former Deputy National Chairman, South, of the Peoples Democratic Party (PDP), Chief Olabode George yesterday advised the All Progressives Congress (APC) to ensure that their candidate, MajGen Muhammadu Buhari (retd) does not boycott the presidential debate.

Addressing a PDP rally in Epe, George said the APC candidate should come out to convince Nigerians of his credibility, asking; “Why is Buhari refusing to come and debate”.

According to him, this is 21st century Nigeria and the electorate needs answers to burning issues on their candidates to help them decide.

The PDP chieftain said “Debate is part of democracy. Any candidate who boycotts an election debate has something to hide and should be voted out. Let the APC candidate come and defend his planned programmes for Nigeria.”

Also speaking, the Lagos State Chairman of the PDP, Chief Tunji Shelle assured that the party if elected, would usher in a better era in the state.

In his speech, the party’s governorship candidate, Mr Jimi Agbaje reiterated his pledge to develop the water transportation along the coastlines of the state if elected as governor.

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AGOS—GOVERNOR Babatunde Fashola of Lagos State has reiterated his claim of subsisting default in 2009-2012, Land Use Charge payment of N1,629,064.62 by JayKay Pharmacy Limited, a company belonging to Peoples Democratic Party, PDP, Lagos governorship candidate, Mr. Jimi Agbaje.

Fashola last week, accused Agbaje of defaulting in Land Use Charge and challenged him to publish his proof to the contrary.

Fashola, yesterday, through his Special Adviser on Media, Mr. Hakeem Bello, maintained: “We consider it necessary to make a response to the rebuttal of Mr. Jimi Agbaje to the assertion by His Excellency, Mr. Babatunde Raji Fashola, SAN, Governor of Lagos State on the subsisting default in Land Use Charge payment of N1,629,064.62 by JayKay Pharmacy Limited on the above mentioned property.

“For clarity, the issue at hand has to do with Mr. Jimi Agbaje’s business premises at 9, Randle Close, Apapa and not 1, Bombay Crescent, Apapa GRA, for which he was commended.

“The letter issued by the

AGOS—THE factional leader of O’odua Peoples Congress, OPC, Otunba Gani Adams has advised that President Goodluck Jonathan be allowed to complete his two terms, thereby giving the minority tribe, which the president comes from, the opportunity to have their eight years tenure The OPC leader, who gave the advice in Lagos, said the OPC had decided to vote for President Jonathan because he has improved some of the infrastructure in Yorubaland.

According to Adams, ”I am just trying to x-ray the outcome of the rallies, but not withstanding, we took time to study the situation of things and look at the

presumably is his residence.

“The Land Use Charge on the business premises of JK Pharmacy at 9, Randle Close, Apapa, was not paid for 2009, 2010, 2011 and 2012.

“As Governor Fashola acknowledged, payment was made for 2013 and 2014 on 9,

WEDDING: Former Miss Nkemdilim Kachikwu, daughter of Dr Chief Emmanuel Kachikwu and Chief Mrs Betty Kachikwu and Mr Evans Jakpa, son of Chief John & Mrs Helen Jakpa flanked by Gen Ibrahim Babangida (retd) former military President of Nigeria (right) and Governor Emmanuel Uduaghan of Delta State during their wedding in Lagos, weekend. Photo by Shola Oyelese.

JUSUN STRIKE: Normalcy returns to Lagos courts

By Abdulwahab Abdulah & Bartholomew Madukwe

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AGOS—LAGOS State High Courts and Magistrate Courts would today return to normalcy following the branch of the Judiciary Staff Union of Nigeria (JUSUN) suspension

Gani Adams canvasses second term for Jonathan

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Commissioner of Finance is in respect of 1, Bombay Crescent, Apapa GRA, which was published in Mr. Agbaje’s response and is proof of Government’s acknowledgement of payments made on that property at 1, Bombay Crescent, Apapa GRA which

Randle Close, Apapa, perhaps in preparation for the election. The payments for 2009 to 2012 remain outstanding and unpaid and those monies go to the Local Governments to fund primary education and primary Healthcare.

“The amount due and unpaid is N1,629,064.62 and the only way this debt owed to the people of Lagos will go away is if it is paid.”

performance of the candidates involved. I won’t deceive you, from the National Coordinating Council, we’ve decided to inform our followers that they should vote for President Jonathan.

“The Yoruba nation has benefitted a lot, but I have to make it clear here that I’m not the spokesman of President Jonathan. However, let me tell you three things that he has done for the Yoruba nation: I’m one of the cultural promoters in this country and one of our festivals, Olokun is held in Badagry yearly, the seaport President Jonathan is bringing to Badagry will be the best seaport in Nigeria. ''Also, he is proposing the Free-trade-zone and another seaport in Lekki, all in Lagos.”

of its four weeks old strike.

JUSUN noted that the suspension was the outcome of a meeting held between its executives and stakeholders in the Lagos State justice sector.

Confirming the suspension of the strike in Lagos, JUSUN’s Chairman, Mr Emmanuel Abioye, explained that the decision was taken in the interest of the state.

JUSUN embarked on strike on 3 January, 2015. While the Federal chapter of JUSUN called off its strike few days ago, Lagos State chapter voted to continue the strike action till the federal government implements a verdict of a Federal High court of 13 January, 2014.

According to the state Attorney General, Ade Ipaye: “Lagos State was already implementing the provisions on autonomy of the judiciary. At the meeting with JUSUN, we made it clear that Lagos State already had a Judiciary Self Accounting Law since 1995 which is being implemented to date with the judiciary getting its recurrent vote as first line charge on the Consolidated Revenue Fund once a month.

“We explained that capital fund cannot, however, be transferred monthly as it has to be accumulated and used for many

projects programmed for simultaneous implementation.

Besides projects are better managed by the Ministry of Works which was set up to serve all arms of government.”

Meantime, the five divisions of the Lagos State judiciary will reopen for business today after the suspension of a four-week work to rule embarked upon by judicial workers in the state.

Jonathan cancels presidential rally in Damaturu

By Ben Agande

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HE presidential Rally of the Peoples Democratic Party scheduled to hold in Damaturu, Yobe state has been cancelled.

Gen Muhammadu Buhari of the APC also cancelled his scheduled campaign trip to Maiduguri for undisclosed reasons without making his new date for the trip public.

The rally which was supposed to hold after a similar meeting in Gombe was however called off at the last minutes.

Though no reason was given for the cancellation, Vanguard gathered that the rally was shelved due to unfavourable security report about the proposed rally.

An advanced team of the

president’s campaign delegation was already in Damaturu for the rally before they were informed that it had been shelved.

Yobe, which shares border with Borno state is the place of birth of the late leader of the Boko Haram sect, Ibrahim Yusuf who was killed following the brutal crack down on members of the sect in 2009.

Jonathan’s campaign train had come under increasing attacks from hoodlums in the northern parts of the country, with his convoy being pelted with sachet water and stones in Bauchi.

The Boko Haram sect members carried out a daring attack on the Government House in Damaturu on December 1, 2014 but were repelled by the military who are stationed at the sprawling seat of government.

Vanguard, MONDAY, FEBRUARY 2, 2015—11

TRIBUNAL: Osun APC, PDP bicker over pending judgment

By Gbenga Olarinoye

O

SOGBO—AS the Justice Elizabeth Ikpejieme governorship tribunal hearing complaints against the results of Osun August 9 polls prepares to give its judgment, the All Progressives Congress, APC, in the state has accused the opposition Peoples Democratic Party, PDP, of allegedly funding its supporters for violence.

Addressing a press conference in Osogbo yesterday, the party ’s state Director of Publicity, Research and Strategy, Mr. Kunle Oyatomi, said APC regarded as “security risk” the jubilation predicated on misinformation

by PDP members after parties adopted their final written addresses.

It will be recalled that some PDP members that witnessed the adoption of final written addresses by the parties before the Justice Elizabeth Ekpejime-led panel, in jubilation, moved through some major streets in Osogbo, the state capital.

The party however said it was alerting the security agents in the state to be on their guard and disallow the PDP from creating mayhem by spreading falsehood, capable of disturbing the peace about the proceedings of the

tribunal.

Meanwhile, the state PDP Chairman, Alhaji Ganiyu Olaoluwa, in a separate statement said: “Our party supporters knew why they went to the street. Those of them at the court heard the proceeding. They heard what the lawyers of both parties said. Lawyers of APC admitted that the figure

recorded for the party was inflated. Our expatriate scanned our votes and found them valid. The only thing their lawyer was saying was that we did not contest other wards. “ We contested the result of the areas we felt irregularities took place, and the result of our effort is what we have now.

Their over 394,684 votes have

been reduced to 234,971 while our own remains at 292,747.

Can you now see who is lying?

I am not surprised because I know they are good at telling and spreading lies, using the media. Propaganda is the weapon they always rely on.

But as it is now, the people have come to realize that the mandate they gave to Otunba will soon be returned to him.”

ADOPTION: From left: Mr. Muyiwa Makinde and Dr. Bamidele Gold of Labour Party presenting copies of campaign posters of their candidate, Chief Adebayo Alao-Akala to the Chairman of UPN, Prince Kolawole Kassim; UPN Party Leader, Mr. Niyi Ajewole and UPN Women Leader, Mrs Lydia Brimoh Yusuf, during the adoption of Akala by Unity Party leaders and members, yesterday. Photo by Dare Fasube.

Ondo demands N11bn reimbursement over rehabilitation of federal roads

By Dayo Johnson

A

KURE—ONDO state government weekend appealed to the Federal government to pay N11 billion owed it on rehabilitation and reconstruction of some federal roads within the state.

It also denied that road projects awarded by the last administration have been abandoned.

The Works Commissioner, Engineer Gboye Adegbenro said this in Akure on a personality programme tagged Forum, organised by the Correspondents Chapel of the state NUJ. Adegbenro said the appeal became imperative because “the current economic meltdown is already affecting the execution of capital projects in our state and we need to access all our funds.”

He noted that the money accumulated to that amount over the years beginning from the administration of late Dr. Olusegun Agagu.

The commissioner urged the Federal Government “to expedite action on the payment C M Y K

of the money.

Adegbenro listed some of the roads rehabilitated by the state government to include the Ore-Okitipupa road in the Southern senatorial district; Oweo-Ikare and Ajowa-Kogi State boundary in the Northern senatorial district as

well as the Oka-Isua road that connects the state with the Federal Capital Territory.

He said the state “is also expecting refund on money spent on the Itanla-Ondo road and the rehabilitation of the Ore junction on the Benin-Shagamu expressway

which fixed the giant potholes that made the road impassable some three years ago.

Also included in the road projects is the Igbara-Oke and Ogbese sections of the IlesaOwo highway executed by the state government to ease traffic gridlock on the busy road.

Nigeria being watched over 2015 elections —OBASANJO

By Daud Olatunji

A

BEOKUTA—FORMER President, Chief Olusegun Obasanjo, yesterday, said Nigeria is being keenly watched by the international community, stressing that the country must not fail as the nation’s general elections begin in a fortnight.

Obasanjo said this at a public enlightenment programme on electoral process, organized by the Organization of Tadhamunul Muslimeen, OTM, and The

Muslim Congress, TMC, Ogun State chapter, at the Olusegun Obasanjo Presidential Library, Abeokuta.

The former president, who said failure would subject Nigeria to ridicule and jest from the global observers, noted that all eyes would also be on INEC and the Nigeria Police, urging them to ensure free and fair elections, with no excuses on arrival of materials and provision of adequate security where necessary.

Obasanjo, who was represented by Chief Idowu Abraham Akanle said: “The elections are crucial and the

international community is watching us. We should not disappoint them. We must ensure that the elections are free and fair.

“This election is for progress and development of this great country and should be devoid of sentiments, like religion, ethnicity and nepotism.

“A situation where somebody at Eggua will be phoning at 11 o’clock that they are still expecting materials will be unacceptable. A situation where the Police will be telling us no fuel to move will be unacceptable.”

Why we prefer Jonathan —AFENIFERE

By Gbenga Ariyibi

A

DO EKITI—THE o r u b a socio-political group, Afenifere, has carpeted the All Progressives Congress, APC, presidential candidate, MajorGeneral Mohammadu Buhari (rtd) as an advocate of Hausa / Fulani irredentist who does not believe in the corporate entity and oneness of Nigeria.

The group also lauded the courage of President Goodluck Jonathan who it says sees the whole country as his constituency.

According to a statement in Ado Ekiti, weekend, by the group and signed by Chief A. Alonge and Chief Femi Balogun, the state Chairman and Secretary respectively, Nigeria will be safe under Jonathan’s presidency The group further lauded the endorsement of President Goodluck Jonathan’s re-election by the Afenifere, saying: “Those interested in the restructuring of Nigeria must support the President Jonathan's reelection because he had the courage to convoke the national conference and he has promised to implement the report.”

Y

Aregbesola leads APC candidates to communities

By Daud Olatunji

O

S O G B O — GOVERNOR of Osun State, Mr Rauf Aregbesola, has said that just as his party dealt with the Peoples Democratic Party in the 2011 state and National Assembly polls, no single seat would be left for the opposition in this month's elections in the state.

Aregbesola stated this weekend, at the Iwo Federal Constituency electioneering campaign where the governor began his campaigns for all the candidates standing for elections in all the senatorial districts federal and state constituencies in the state at the weekend.

12—Vanguard, MONDAY, FEBRUARY 2, 2015

By Emmanuel Aziken

I

T was the ambition of Senator Liyel Imoke on assumption of office to make Calabar, capital of Cross River State, one of the five leading destinations for meetings, conferences and conventions in the country. However, few months before his exit from office, his success in that regard would be measured by the fact that Calabar is today only third after Abuja and Lagos for MCCs in the country.

That landmark is complemented by the fact that Calabar, the capital of Cross River is about the country’s number one destination for holidays and tourism.

The attraction in Governor Imoke’s success in enhancing the tourism under his watch is underpinned by a firmness in character that is not common among the political class. Given the generally known fact that his predecessor conceived the idea of making Calabar a tourist haven, Imoke on assumption of office in 2007 could, like the normal politician, have decided to make his legacy in another direction. But he did not.

Rather, he chose to build on the legacy of his predecessor, Mr. Donald Duke.

The Carnival Calabar which was the major offering passed over from the Duke administration has been strengthened and expanded to not only include the private sector but been stamped as a fixture in the international tourism roadmap.

Tourism roadmap The Imoke administration has also added a children bent to the annual carnival with the Children Carnival which holds traditionally on Boxing Day. When on assumption of office Imoke pledged to reduce government funding for Carnival Calabar which was at that time 100% financed by the public sector, some had thought that it was a design to annihilate the then emerging industry. But his pledge of less government funding was ironically a motif to consolidate the industry.

Through carefully thought out policies and plans, the administration strategically engaged the private sector within and outside the state to the potentials of the carnival and remarkably by 2013, the last year for which records are available, the ratio of government and private sector spending on Carnival Calabar was N485,270,927: N264,000,000 which is a ratio of 64.77%: 35.23% respectively.

Governor Imoke’s recognition of the potentials of tourism to the state has led him to provide the infrastructure needed to drive the sector. The first point of attention for Imoke was to ensure access and hence his quick action in ensuring

•Gov Imoke of CRS

Imoke’s Imok e’s bold imprints on tourism the recertification of the Bebi airstrip, to allow access by air to the Obudu Mountain Resort, one of the country’s major spots for retreats, conferences and getaways for business and political leaders.

The airstrip had earlier lost its certification from the national aviation agencies on the basis of

The essence of the monorail is to increase access into Tinapa especially by conferees

broken down navigational aids and ancillary aviation facilities.

Imoke’s prompt repair of the facilities led to the recertification of the air strip and restoration of air link between Obudu and the rest of the world.

The administration has also lifted the image of the Obudu Mountain Race, a challenging mountain competition that has increasingly attracted international athletes. The administration’s intention is to use the mountain race as a vehicle to project the Obudu Mountain Resort, the venue of the race.

The resort which is located on the Obudu plateau is on an elevation of about 1,500 meters above sea level and has an international hotel, golf course, airstrip and the cable car that has drawn many local tourists to the resort.

Besides ensuring that Obudu is accessible, the Imoke administration has also put forth some projects that easily complement the efforts towards boosting the state as a tourism hub.

The signature project in Imoke’s bid to firmly position Cross River State as the number one destination for meetings, conferences and conventions is

the Calabar International Convention Centre which is to be opened in February. The centre is not far away from the Tinapa Business Resort. Other projects include a 200 bed four star hotel, an international 18 hole golf course and a carnival village.

In his efforts towards concretising the efforts in boosting tourism, the Imoke administration has laid down legal frameworks that mainly put the private sector as the key driver of the tourism industry.

With that in mind, the administration has also undertaken an aggressive international tourism marketing drive mainly to project Calabar to the tourist as the place where he or she can get “Africa’s warmest welcome.”

The campaign has been carried out not only through local a n d international tourism operators, but through the use of social media.

T h e facebook p a g e opened to promote the state known as ‘Cross River Tourism’ has as at January ending attracted almost 170,000 likes.

International tourists To boost the capacity of Calabar to host international tourists, the Imoke government in partnership with a private concern, is promoting the construction of housing units known as Golf Residences consisting of 108 middle to high level residences.

The administration is presently providing the necessary infrastructure including roads prior to the take off of the construction of the housing units.

Another infrastructural landmark of the Imoke administration is the monorail linking the Convention Centre with Tinapa which is set for commissioning any moment from now.

The essence of the monorail is to increase access into Tinapa especially by conferees.

Remarkably, while tourism is generally acknowledged as the signature success story of the Imoke administration, the government has not laid back on other details of governance.

In health, education, environmental awareness and road infrastructure the administration has within the limits of its income been applauded for its achievements.

A new Calabar Specialist Hospital is set for commissioning. The 105 bed hospital is designed to provide extensive secondary health care including MRI and CT, radiology among other services to the citizenry.

The hospital project which is in conjunction with the private sector is scheduled to be commissioned before the Imoke administration exits office.

Vanguard, MONDAY, FEBRUARY 2, 2015—13

PDP'll run Nigeria’s economy aground if voted in —OSHIOMHOLE

By Simon Ebegbulem

B

ENIN—GOVERNOR Adams Oshiomhole of Edo State has said that the Peoples Democratic Party, PDP, will run the Nigerian economy aground if not voted out on February 14, adding that already, the party has killed the nation’s currency, the naira.

Speaking at two separate rallies of the All Progressives Congress, APC, in Agbede, Etsako West Local Government Area and Udaba, Etsako Central Local Government Area of the state on Saturday, Oshiomhole said the PDP was clueless on how to handle the economy and has left the economy worse than it was before 1999.

He said: “When the PDP took over power in 1999, the naira was better than it is today. Now they have killed the naira.

Today, a dollar is equivalent to N210. That means, cost of products, especially imported products, have all gone up and all the basic things needed by the poor have gone up as a result of the devaluation of the naira.”

The governor said that the PDP offers Nigerians empty promises of what they intend

to do, adding, “The PDP is full of promises. They keep telling you we will do this, we will do that, whereas APC believes in action. We show you what we have done and what we intend to do beyond that.

“We are victims of 16 years of darkness imposed on our country by a party that is led by rogues. According to their

National Chairman, theirs is a party that doesn’t have justice, and fairness even for its members. Theirs is a party that is based on the principles of slaves working for the benefit of a few privileged masters. That is what their Chairman said.

“When their Chairman says his party is based on these

principles, who are the slaves working and who are the privileged masters? PDP leaders are the privileged masters benefitting from the system and the Nigerian people are the slaves working for them. That is the reason why you must kick out these masters.”

DEFECTION: From left: Former Bayelsa State Governor, Chief Timipre Sylva; National Vice Chairman (South –South) Mr. Hilland Etah, former National Commissioner Revenue Mobilization and Fiscal Allocation Commission, Chief Frank Akpoebi and National Secretary of APC, Mr. Mai Mala Buni, during a press conference on the latter's defection to APC in Bayelsa State, at APC National Secretariat in Abuja. Photo by Gbemiga Olamikan.

Group absolves Patience Jonathan of plot to unseat Dickson

A

GROUP, the Bayelsa Renaissance Movement, BRM, has described as “phoney,” the claims by some youth groups and politicians in the state that the First Lady, Dame Patience Jonathan, was part of an alleged plot to unseat the state governor, Mr. Seriake Dickson.

According to BRM, though the youth groups, within and outside the state, have pleaded with the Mrs. Jonathan to take the accusation and sponsored insults against her as the price of leadership, the alleged plot to unseat the state governor was a deliberate falsehood.

BRM in a statement by its President, Mieton Labiri, challenged those accusing the First Lady of alleged involvement in the plot to unseat Dickson to quote any statement credited to the wife of the President suggesting her involvement in the plot.

He said: “Dame Patience has not done anything to warrant the insults and threats from her accusers. We also view, as a huge joke, the recent media onslaught on the First Lady by the Former Minister of

Petroleum, Chief Dan Etete, who was obviously acting out a script.

“We cannot believe that an elder statesman, a Former Minister and Second Republic

senator, could be used to “ warn” the First Lady not to make the mistake of trying to dislodge the state governor.

We challenge him to quote one statement in public space

credited to the First Lady, which either overtly or covertly, suggests that she wants Dickson out of office in 2016."

Anioma monarchs lobby Urhobo colleagues for Okowa

By Emma Amaize

U

G H E L L I — TRADITIONAL rulers from Delta North senatorial district (Anioma) in Delta State, have met with royal fathers from Delta Central senatorial district (Urhobo) to seek the support of Urhobo ethnic group for Senator Ifeanyi Okowa, the Peoples Democratic Party, PDP governorship candidate in the state.

Vanguard learned that it was the first time over 40 royal fathers from both ethnic groups were meeting for such a purpose.

At the meeting hosted by the Ovie of Ughelli, HRM Wilson Oharisi, they resolved to sink their tribal differences and work together for the common good of Deltans.

Our source said that the

monarchs harped on their commitment to a united and indivisible Delta State, where peace, justice and equity would prevail and condemned politics of divisiveness, which they described as unacceptable.

Speaking on behalf of the

Urhobo monarchs, the Ovie of Mosogar Kingdom, HRM, S.O. Omene, confirmed that it was the first time traditional rulers from Delta North and Delta Central senatorial districts would meet to chart a common ground for the political future of the state.

Vote Jonathan, Okowa, ex-militant leader urges N-Deltans

By Festus Ahon

A

SABA—AHEAD of this month’s general elections, a House of Assembly aspirant in Burutu constituency 1, on the platform of Peoples Democratic Party, PDP, Mr. Tam Odogwu, has urged Niger Deltans, particularly the people of Delta State, to vote en-mass for President Goodluck Jonathan and Senator Ifeanyi

Okowa.

Meanwhile, Mr. Tam Odogwu has been reconciled with the party’s candidate in the Burutu constituency 1, Mr. Kennedy Daubri.

Odogwu, who had been embroiled in a dispute with Daubri over the outcome of the House of Assembly primaries in the constituency, vowed to support the party’s candidates in all elective positions in the forthcoming polls.

‘Edo not in debt'

B

By Gabriel Enogholase

ENIN—EDO State Government has said that it did not borrowed money, either internally or externally, to put the financial status of the state in a precarious state, adding that the only loan taken by it was the N25 billion for the execution of the Benin City Master Water Storm which was almost liquidated.

Senior Special Assistant to Governor Adams Oshiomhole on Public Affairs, Mr. Donald Iwalumhe, insisted that Edo State's debt profile was the least when compared with those of other states in the South-South geopolitical region and other oil producing states.

He said: “Oshiomhole’s critics as far as the debt profile of Edo State is concerned are simply mischievous. The only loan Governor Oshiomhole took since he came into office is the N25 billion bond from the Capital Market for the execution of the Benin – City Water Storm Project in December, 2011.

“He has paid back N7bn and as at today, what is left of the debt is less than N5 billion."

Oarhe challenges Iriase on achievements

M

R Dickson Oarhe of the Social Democratic Party, SDP, who emerged the party’s flag bearer at the primary election held November 29, 2014 for the House of Representatives, Owan federal constituency, Edo State, has challenged Mr. Pally Iriase on what he has done for the people.

Oarhe insisted that Iriase, of the All Progressives Congress, APC, the incumbent member of the House of Representatives, representing the constituency and seeking re-election, does not deserve a second term as he had misrepresented Owan people in his first term in the House.

“From every reasons available, Pally should thread the part of honour by allowing for the turn of Owan West and collapse his structure and APC supporters to join and vote the choice of SDP candidate into the House of Reps rather than allow himself and his party to be defeated in the coming elections.”

C M Y K

14—Vanguard,MONIDAY, FEBRUARY 2, 2015

POLLS: INEC

extends deadline for PVCs collection ...As FG, states meet today on closure of schools during polls ....Approves 9 more varsities

By Joseph Erunke & Laide Akinboade

Resist rigging APGA candidate tells electorate

By Eric Ugbor

A

BA — FRONTLINE contestant for Abia South senatorial seat of Abia State in this month’s general elections on the platform of All progressives Grand Alliance, APGA, Chief Chris Nkwonta, has called on the electorate to ensure their votes counted.

He also implored them to resist any form of rigging that would deny them their choice candidate and retard the zone’s development for another four years.

Nkwonta, who addressed a mammoth crowd of his supporters at Obingwa local Government Area, after inaugurating his campaign structure, last weekend, charged his supporters to go into all the nooks and crannies of the zone to educate other electorate to cast and defend their votes for him and APGA to actualise their desire for positive representation in the Senate.

He told the crowd that he was unto the race to serve and impact positively on the lives of the people.

A

BUJA — THE Independent National Electoral Commission ‘INEC, has extended the deadline for collection of Permanent Voter Cards, PVCs. This comes as the federal government, state commissioners of education and stakeholders in the education sector are meeting today to deliberate on whether or not to close public and private schools during the election.

With the extension, registered voters who are yet to get their PVCs will have up to Sunday, making in lubricating the nation’s February 8, 2015, to do so. political space, but noted that some The commission, in a stations had been operating outside press statement by Mr the provisions of the code in a Kayode Idowu, Chief Press manner that could become counter- Secretary to INEC productive to the national objectives chairman, Prof. Attahiru of peaceful, free and fair elections. Jega, said: “This “We are in exciting times. Political supersedes the earlier campaigns are under way and the deadline of Saturday, nation is agog with politicians January 31, 2015.” campaigning to persuade the According to the electorate to support them, this is statement, the extension “is how it should, that is the beauty of intended to give registered voters yet to collect their democracy," he said.

PVCs the opportunity to do so in readiness for the February 2015 general elections.”

“INEC hereby calls on duly registered persons not and Kehinde Bamigbetan (Media to delay in going to collect their cards before the and Communications).

Speaking at the ceremony, the expiration of the new chairman, Board of Trustees of the deadline.

“The Commission Support Group for Ambode 2015, reaffirms its determination Senator Tokunbo Afikunyomi, said to make the 2015 elections the group was put together to ensure that those who nursed free, fair, credible and ambition contributed effectively to peaceful; and urges all stakeholders, including the party’s victory.

Emphasising the need to voters, to spare no effort in maintain the tempo of working towards the same achievements recorded by Lagos objective.”

Meanwhile, the federal State and the party, Senator government, states Afikunyomi said Lagos State had done so well that its standards commissioners of education were beyond the performance of and stakeholders in the education sector are to meet the Federal Government.

Speaking on behalf of the today to deliberate on aspirants who are also whether or not to close trustees of the group, public and private schools former Commissioner for during the 2014 election.

Minister of Education, Rural Development Dr. Tola Kasali, said all aspirants Mallam Ibrahim Shekarau, were committed to the who revealed this at the success of the party and interactive session with the on the would do everything media possible to bring their Transformation of the experience and expertise to Nigerian Education sector add value to the campaign. by President Goodluck He said although Jonathan in Abuja aspirants had been wooing weekend, said the federal voters to support the party, government had also the emergence of the group concluded arrangement to would ensure better co- approve nine more ordination of the efforts and universities to bring the provide critical assistance number in the country needed to defeat the to113. opposition parties.

CERTIFICATE: EXECUTIVE Director/Chief Executive Officer, Nigerian Export Promotion Council, NEPC, Olusegun Awolowo (right), receiving the World Customs Organisation's Certificate of Merit for exceptional service to the Customs community from Comptroller-General of Nigeria Customs Service, Dr. Dikko Inde Abdullahi.

Buhari threatens to drag NTA, AIT to court over hate broadcasts ...You must adhere to rules, NBC tells broadcast stations

By Emmanuel Elebeke & Ikechukwu Nnochiri

A

BUJA — THE Presidential candidate of All Progressives Congress, APC, General Muhammadu Buhari (ret), has threatened to take legal action against the Nigerian Television Authority, NTA, and the African Independent Television, AIT, for airing hate broadcasts against his personality.

This came on a day the National Broadcasting Commission, NBC, warned all broadcasting stations operating in the country to adhere strictly to the provisions of the broadcasting code or risk sanctions.

In a protest letter lodged through the Legal Director of APC Presidential Campaign Council, Mr. Chukwuma-Machukwu Ume, SAN, Buhari, insisted that the two television stations must not only retract the “hate documentaries,” but also issue a public apology to him.

He said he would not hesitate to seek legal remedy should the television houses refuse to comply with the conditions.

Besides, the APC candidate said he had already petitioned the Nigerian Broadcasting Commission, NBC, and the National Human Rights Commission, NHRC, asking them to investigate both NTA and AIT over the hate broadcasts and take necessary punitive actions.

“The hate broadcast has been on from Saturday, January 24, 2015 to Sunday, January 25, 2015, at 11p.m. in AIT,” Buhari noted.

Meanwhile, The National Broadcasting Commission, NBC, has warned all broadcasting stations to adhere strictly to the provisions of the broadcasting code or risk sanctions.

The Director-General of the Commission, Mr. Emeka Mba, who issued the warning, said the Commission acknowledged the effort of broadcasting stations were

APC boosts Ambode’s campaigns, as gov aspirants give support

By Olasunkanmi Akoni

A

LL PROGRESSIVES Congress governorship aspirants visited the flag bearer Akinwunmi Ambode, at his campaign office in Lagos last weekend to announce the birth of a support group to ensure his victory in the February 28 polls.

Members of the central committee on the delegation include the Vice Chairman, Mr. Fola Tinubu and committee heads such as Chief Safari Adaranijo (Mobilisation), Dr. Kunle Wright (Finance), Dr. Solanke Labamba (Medical), Niyi Adelaja (Logistics)

Vanguard, MONDAY, FEBRUARY 2, 2015—15

PRESIDENTIAL DEBATE: AD

VP in auto crash

By Emman Ovuakporie & Johnbosco Agbakwuru

A

AWARDS: From left, Senior Manager, Sales, North MTN, Hajia Amina Usman; Senior Manager, Segment MTN, Hajia Sadiat Lawal-Mohammed, and Most Popular Kannywood Actor of the Year 2015, Mr. Ali Nuhu, during the 2nd Kannywood Awards, in Abuja, weekend.

Court stops Ebonyi N15bn bond application

By Peter Okutu

A

BAKALIKI — THE Government of Ebonyi State led by Martins Elechi, weekend, suffered a major setback, as a Federal High Court sitting in Lagos, restrained the Security and Exchange Commission and Nigerian Stock Exchange, NSE, from approving a N15 billion bond application by the government.

Hon. Odefa Obasi Odefa, through his counsel, Dr Joseph Nwobike, SAN, had prayed the court to restrain the governor of Ebonyi State and its agents from obtaining a new bond without the approval of the state House of Assembly.

In suit No. FHC/L/CS/13/ 2015,the presiding Judge, Justice I.N Buba while ruling on the matter ordered that the 1st and 2nd defendants which were Securities and Exchange Commission, SEC, and NSE to maintain the status quo and not permit or authorise the governor of the state, government of Ebonyi State, AttorneyGeneral of Ebonyi State,

Commissioner for Finance and Ministry of Finance to raise or procure bonds without the prior approval of the State Assembly pending the hearing of the motion on notice at the Federal High Court Abakaliki to be fixed by that court in Abakaliki.

The court also ordered that the certified true copy of its order be served SEC and NSE defendants in Lagos State.

It, however, ordered that the case file be transferred to Abakaliki division not later than today (Monday, February 2, 2015) while the order should also be served

all the defendants in Ebonyi.

According to the Judge, “that the 1st and 2nd defendants; the Securities and Exchange Commission and Nigerian Stock Exchange shall maintain the status quo and shall not permit and or authorise the 3rd - 7th defendants to raise and or procure bonds or any other securities in the name of the 4th defendant without the prior approval of the 8th defendant pending the hearing of the motion on notice at the Federal High Court, Abakaliki, to be fixed by that court in Abakaliki.”

BUJA—TRAGEDY hit the ongoing presidential debate as the vice presidential candidate of the Alliance for Democracy, AD, Akuchie Clinton Cliff was said to have been involved in an auto crash on his way to the airport to attend the vice presidential debate in Abuja, yesterday.

Also yesterday, another vice presidential candidate, Hassanatu Hassan of the Citizens Popular Party, CPP, who was billed to attend the ongoing debate was reportedly operated upon in an undisclosed hospital.

The coordinator of the 2015 Nigerian Elections Debate Group, NEDG, Taiwo Alimi who disclosed this at the venue of the event said both contestants were unavoidably absent because of their indispositions and had communicated to the organizers.

However, most of the candidates have blamed some of the social vices in the country especially the issue of hunger and unemployment to the scourge of corruption in Nigeria.

Specifically, the Allied Congress Party of Nigeria, ACPN, vice presidential candidate, Ojengbede Farida in reaction to how her party would tackle corruption if elected said

VC urges new students to avoid crimes

By Anayo Okoli

U

MUAHIA — Vice Chancellor of Michael Okpara University of Agriculture, Umudike, Abia State, Professor, Hillary Edoga, has advised fresh students of the university not to indulge in criminal activities including armed robbery, cultism and prostitution, warning that any student caught would be expelled.

Addressing about 6, 000 fresh students, weekend, during the university’s 22nd matriculation, Edeoga, warned the students that the school would not condone

acts that could breach the peace and security on campus.

According to him: “May I also inform you that rights and privileges conferred on you as a student and member of this university can be withdrawn if your behaviour is found to be inimical to the good of this citadel of learning.

"I therefore enjoin all of you to be lawabiding as the management maintains zero tolerance for cultism, gangsterism, extortion, prostitution, robbery, indecent dressing and all other vices that can lead to your expulsion from this university.”

UK-based group applauds PDP candidates over quality campaigns

By Lucky Mwanekwu

M

EMBERS OF Nsukka Welfare Association in United Kingdom, have applauded Peoples Democratic Party, PDP, candidates from the zone for carrying out issuesrelated campaigns.

President of the group, David Annie Okoro, said in a release that the

governorship candidate, Chief Ifeanyi Ugwuanyi, the senatorial and House of Representatives counterparts, Chuka Utazi and Professor Stella Ngwu respectively, had demonstrated high sense of maturity and creativity during their campaigns and advised other candidates to emulate them.

According to him, the gesture by the candidates was a clear

manifestation of the choice of the generality of the people of Enugu State to enthrone good and credible leaders in the state.

He said: “PDP leadership, both at the federal and state levels, have shown that they are committed towards uplifting the citizens and their choices in Enugu State are clear indications that the wish of the people will always triumph."

hunger and unemployment that had assumed alarming proportion in the country were as a result of corruption.

Farida who said that the people of Nigeria desired a better deal than what they were getting from the present government also said that the country’s political growth was affected by the politics of

money bags and godfatherism where governance had become a family affair.

The ACPN vice presidential candidate who said that the issue of corruption would not be business as usual if the party was given the mandate stated that “until perpetrators are named, shamed and punished, corruption will not stop.”

16 — Vanguard, MONDAY, FEBRUARY 2, 2015

Vanguard, MONDAY, FEBRUARY 2, 2015 — 17

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18 — Vanguard, MONDAY, FEBRUARY 2, 2015 CORRUPTION has been a buzzword for years.

It is a minor surprise that it has not assumed a major role in the campaigns. Political correctness demands some general noise about corruption.

Politiciansare more interested in “one type of corruption”, not the other, the one that affects them. Why is corruption an issue? It exists; it has devastating consequences for operations in the public and private sector. Corruption distorts economic activities, diverts public investments into private holdings.

Economic decisions are based on areas that would generate bribes and other illegal earnings for those controlling the institutions. In its various forms – bribery, trading in influence or influence peddling, patronage, nepotism and cronyism, electoral fraud, embezzlement, kickbacks, unholy alliance, involvement in organised crime – corruption captures a system captive by creating inefficiencies that hamper the growth of a society.

The effects of corruption are pervading. A common example of the impact is non-compliance with rules and regulations because corrupt public officials are willing to protect violators, who in many cases are either associates or organisations they owe. If it is in construction, plans are ignored,

Fighting One Corruption inferior materials approved and when the buildings collapse, further corrupt avenues are constructed to cover up the mess. Corruption is therefore more widespread than theft of public funds and the subsequent laundering of most of the resources abroad, safe from domestic laws.

An argument for this type of corruption is that instability in African government and seizure of assets of out-of-favour government officials accounted for the high inclination to take their loot abroad.

Whatever it is, the volume of theft has not abetted and as the economy grinds along, the impact of the thefts are felt more. Researchers

at the University of Massachusetts, Amherst, estimated that from 1970 to 1996, capital flight from 30 sub-Saharan countries totalled $187bn, exceeding those nations’ external debts. Much of the money was proceeds of corruption. Other estimates are that Nigerian leaders stole more than $400 billion between 1960 and 1999. No explanation can justify the looting.

Perhaps, when our leaders are ready to fight corruption, an area that deserves their attention is education. The education system with skewed admission processes, teachers who teach nothing, students who pay for grades, parents who provide their wards money to buy grades, accreditation of schools for courses they do not have facilities to teach is the most fertile breeding ground for the next set of corrupt leaders.

If things are as bad as they currently are, what happens when future leaders who have been schooled in corruption are in-charge? Corruption is deep, has many sides, all of them damage our society. We cannot fight corruption by making it another buzzword.

OPINION Politicians, oath of office and African deities

By Bobson Gbinije “Tis not the many oaths that make the truth, But the plain single vow that is vow’d true.” -Shakespeare (1564-1616) HE Constitution of the Federal Republic of Nigeria states with such exactitude and society insists with much doggedness that, it is cardinally imperative for public office holders, professionals and officers at all levels to take an oath of office. This is to expurgate unpatriotic conduct and the underpinnings of corruption against the people, the state and the ethics of their calling etc. The oath of office is also to ensure that there is integrity, honesty and transparency in leadership.

Within the context of this submission an ‘Oath of Office’ is a solemn promise that is legally binding, administered by an officer of law, an approved officer of the profession, club or group, the Head of States, Governors and or any approved and appointed officer of repute. An oath is a political, social, religious and economic humdinger. The man or woman who takes an oath of office or upon whom an oath of office is administered or devolved is statutorily obligated to carry out his functions or duties to the spirit of the letter of the oath of office.

In part IV under Supplemental, the Constitution of the Federal Republic of Nigeria provides in section 290 subsection I on Judicial Officers that “A person appointed to any judicial office shall not

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begin to perform the functions of that office until he has declared his assets and liabilities as prescribed under the constitution and has subsequently taken and subscribed to the oath of allegiance and the judicial oath prescribed in the seventh schedule to this constitution.”

The judicial oath reads in part “___________ I will discharge my duties and perform my functions honestly to the best of my ability and faithfully in accordance with the constitution of the Federal Republic of Nigeria and the law, that I will abide by the code of conduct contained in the fifth schedule to the Constitution of the Federal Republic of Nigeria, that I will not allow my personal interest to influence my official conduct or my official decisions, that I will preserve, protect and defend the Constitution of the Federal Republic of Nigeria.”

The Constitution also provides for an oath of Allegiance and oath of office for the President of the Federal Republic of Nigeria, Vice President, the Governors, Deputy Governors, Ministers, Commissioners, Special advisers, the State Houses of

We must therefore revert to the so called ancestral system of swearing or taking oath by reference to the gods of Africa

Assembly, the National Assembly etc. At club and party levels etc. they also have their Constitution/s that provides for them to take an oath of office. But a cursory look at Nigeria’s political, social and economic horizon shows that every spirit of the letter in the oath of office has been breached or been breached by our leaders.

The banal vapidity and perfunctory apathy with which Judicial Cowboys, Legislative Pettifoggers, Party Chieftains, Political buccaneers, the Executive, some Ministers, Governors and Political Desperados and Social Rascals have been conducting the affairs of the Nation, State, Ministries and Parties, smacks the glamourization of philistine and imbecilic fancies. It’s a profound shame that our leaders took the oath of office without declaring their assets and after taking the oath of office they have continued to act against every letter of the oath and the Constitution of Federal Republic of Nigeria by being crassly corrupt, etc.

The Medical profession is in a state of comatose. In most cases, bills are terribly astronomical and inhuman. They cross their hearts and allow impecunious patients to die-helplessly. Their quest for money has made abortion their most popular crime in the profession today. But abortion and their inhumanity violates the oath which doctors take- the Hippocratic Oath and the Declaration of Geneva which states “I will have utmost respect for human life right from the moment of conception.” All other

professionals are not left out, especially the legal profession.

Nigerians, especially public officers have made the oath of office a frivolous undertaking as most of them commit crimes and barefaced corruption against the state without qualms of conscience.

This is outright perjury, but the law lacks the bite to prosecute them. They take oath of office in the name of God, witnesses in Courts lie profusely haven taken or sworn to an oath with the Bible or Koran. It shows Nigerians do not fear God Almighty or that they are taking His compassionate nature for granted.

In the light of this, what is the way forward to re-entrenching probity in our leadership and national life? I beg to suggest that public office holders etc. who are not likely to be Bible or Koran compliant, through investigation, should be made to swear or take oath of office by Ogun, Olokun and other local deities. Experience has shown that a vest majority of Nigerians are only sunken in splendiferous theatricalization of religious doctrines. They only pray for money by any means and once they find themselves up there in public office etc. they see it as a God/Allah sent opportunity to milk Nigeria dry.

We must therefore revert to the so called ancestral system of swearing or taking oath by reference to the gods of Africa. Our people are hiding under colonial gods to refrigerate the vibrancy of our national development and growth as a nation.

*Mr. Gbinije, a social critic, wrote from Warri, Delta State.

Vanguard, MONDAY, FEBRUARY 2, 2015— —19

February polls and political violence

By Tamonu CaptainBriggs

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IGERIA is more on the boil.

This is not a deliberate attempt to spread bad news but a confirmation of the fact that here anomie is on the prowl. Citizens are perpetually on the edge with hate, and more hate becoming a new way of life.

Violence, raw violence, is on the increase, and fear and terror have become the new national anthem.

Besides the prevalence of terrorism in the land, and the unnerving weight of communal violence arising from the activities of Fulani herdsmen who attack any community at will, there is also a rising incidence of political violence promoted by desperate politicians as we brace up for the 2015 general elections this month.

On the heels of recent attacks on the campaign convoy of President Goodluck Jonathan in Katsina, Bauchi and Jos, respectively, Exmilitant leaders from the Niger Delta have threatened to take up arms against those who are attacking the President's campaign train. In a meeting which was held at the Bayelsa State Banquet Hall in Yenagoa on Saturday January 24, the exmilitant leaders and commanders warned the opposition to stop attacking Jonathan's campaign train or face their wrath in multiple dimensions. In attendance at the

meeting were erstwhile frontline commanders of the Movement for the Emancipation of the Niger Delta (MEND), Ekpemupolo (aka Tompolo), Victor Ebikabowei Ben (Boyloaf), Pastor Reuben Wilson as well as Eris Paul (aka Ogunboss).

Also present at the meeting were the leader of the defunct Niger Delta Peoples Volunteer Force, Alhaji Mujahid Dokubo-Asari, Governor Henry Seriake Dickson of Beyelsa State, his deputy, Chief John Jonah, the President of the Ijaw Youth Council (IYC), Udengs Eradiri, and the Secretary to the State Government (SSG), Prof.

Allison Oguru.

Deliberating specifically on the unprovoked attacks on the President's campaign train in Katsina and Bauchi, the warlords threatened to take up arms against any group that attempts to intimidate Jonathan out of the Presidential race. In his remark, Dokubo charged the ex-militants present at the meeting to go and purify themselves and prepare for war because, according to him, the stoning of President Jonathan's convoy is a call for war.

There have also been reactions from some Northern youth leaders to the threat from the ex-militant leaders, urging the President to call Dokubo and his group to order.

While it is pertinent to note that Nigerians are entitled to their freedom of association and freedom to hold their respective

and group opinion on any issue in the country, such freedom must be exercised within the bounds of the laws of the land. Yet, in spite of everything, the threat from the erstwhile militant leaders demonstrates the reality that no group or section of the country has monopoly of violence.

But the resurgence of political violence in the wake of the current transition is an evil wind that will certainly blow no one no good. The desperation amongst politicians to grab power by all means, no thanks to the huge return on investment in the Nigerian political business,

Nigeria is a heterogenous society with a population of 170million people, up to 450 recognized languages, and 250 ethnic groups, the country passes for one of the most complex societies

is responsible for the thick smoke of violence that has enveloped the Nigerian political landscape.

In no other period in Nigerian political history than now have politicians openly expressed their desire to unleash violence on the nation if electoral fortune fails to favour them. Not long ago, some notable leaders of the major opposition political party, the All Progressives Congress (APC), openly declared in Abuja that their party would form a paralleled government if the ruling Peoples Democratic Party (PDP) wins the February 2015 Presidential election.

Since 2012, notable leaders of the APC have taken turns to threaten to unleash violence on the nation. In 2012, General Muhamadu Buhari, who lost the 2011 Presidential election as candidate of the Congress for Progressive Change CPC, threatened that 2015 would be bloody.

Mallam Nasir el- Rufai, a chieftain of the APC was in 2014 invited by the Directorate of State Security over his statement that there would be violence in 2015 if the outcome of the election does not favour his party, adding that such violence would be necessary if it would guarantee the removal of President Jonathan from office.

This, and many other statements credited to leaders of the party in recent times, show that violence is

Powering and lighting up Nigera

By Peter Obi

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S the fulcrum of sustainable socioeconomic growth and development, the power sector is a critical element in the progress of modern societies – a fact clearly appreciated by the Jonathan administration.

At the policy level, the President reconstituted the Presidential Action Committee on Power, with himself as chairman and Vice-President Sambo as his deputy. Other critical memberships include Secretary to the Federal Government, Ministers of Power, Finance & Petroleum as well as selected captains of industry. The records show the President has not missed any of the Committee’s meetings. The implementation process of the Power Sector Road-Map is ably managed by a Presidential Task Force of high-grade professionals.

The courageous unbundling of the ubiquitous Power Holding Company of Nigeria [PHCN], and the decentralization of its constituent Generating and Distribution Companies across the land, have vastly boosted performance of the sector.

This exercise has already started yielding fruits. The Azura power plant in Edo State, for instance was flagged of two months ago, a feat that would have been impossible; so are many other independent power projects. The Ugheli power plant which was generating less than 200 MW before being handed over to private company now generates over 610 Mw. The new owners are planning to add an additional 1000MW in due time.

This would not have been possible but for the privatisation. What happened in the telecom sector would soon be replicated in the power sector.

As at 2014, the Jonathan administration had completed 10 power plants under the Nigerian Independent Power Plant [NIPP] scheme; and their sale is on-going. The commissioned plants include those at Olorunsogo [563mw],

Sapele [225mw] and Omotoso [112.5mw]. China Corporation is to build 20,000mwCurrently, the country generates about capacity power plants and sub-stations, 4,500mw of power, with increases with transmission lines stretching for some 10,000 kilometres. expected in 2015.

The Jonathan administration is also The Rural Electrification Agency [REA] was reactivated in mid-2012, and in progressively exploring and exploiting barely two years it has invested in over other sources of energy, for the country 300 rural electrification projects across possesses vast potentials. Among these – the country. Given the rate of progress on in which investors have shown deep the projects, it will be a matter of course interest – are energy from solar [sun], for the agency to literally ‘light-up’ rural wind, biomass, coal, and water. It has Nigeria; affording that major segment of revitalized the nation’s hydro-electric the populace access to additional means power base, including major investments of livelihood and comforts of in Kainji, Mambilla [3,050mw] and modernization. Other benefits include Zungeru [700mw].

Concomitant with the establishment of stemming the rural-urban drift and associated adversities; boosting agro- power plants and related facilities are the productivity, processing, preservation massive investments in capacity and storage; promoting the growth of building. There is now a National Power rural industries and enterprises; Training Institute [NAPTIN]; and its attracting unemployed and under- structures and facilities include: employed urban dwellers to the rural headquarters and eight regional training centres, power system training simulator, areas.

As part of efforts to expand workshops, demonstration its vista, the REA is pursuing plants, trainee hostels and collaboration with such The guest houses. proven Development There are also exchange Partners as the Bank of Memorandum programmes abroad and Industry, Japan extensive industrial International Co-operation of training platforms in Agency, UN Industrial Understanding tertiary institutions.

To Development Organization, date, over 6,000 sector UN Development signed between professionals have benefited Programme and German from various training International Development the Federal programmes across the Programme. land.

Government To complement power There have been [mostly generating capacities, the and some of extraneous] challenges that Jonathan administration is have threatened the expanding and these global attainment of the goals of strengthening the capacities players is a the power sector road map. of the nation’s transmission These include sabotage and system. The Transmission commitment vandalization of gas Company of Nigeria [TCN], pipelines and some other under the management of by each of them facilities; and outright theft the renowned Manitoba to help build up of equipment and Hydro International, is accessories. These have currently firming up the to 10,000MWbeen perpetuated largely by critical linkages between and international capacity in the local electricity supply and syndicates – incurring demand. Meanwhile, Power country billions of Naira in repair–

inherent in the character of the leading opposition party. The current threat by the Niger Delta ex-militant leaders and commanders is therefore an attempt by them to ensure a balance of power and to restate the reality that no section of the country has monopoly of violence.

They are simply reacting to the intolerance and excesses of those who think that unless they have their way, the country can go to the dogs. But the patience and love for peace and unity of Nigerians should no longer be taken for weakness.

For a nation of 250 ethnic groups to be regarded as the bona fide property of a select few is an exercise in political slavery. At this critical stage of the national effort at moving away from a nonrepresentative and provocative military order to a more humane and democratic civil order, it is unfortunate that these violent tendencies have not abated.

Nigeria is a heterogenous society, and with a population of about one hundred and seventy million (170) people, up to 450 recognized languages, and over 250 ethnic groups, the country passes for one of the most complex societies. But it is better to jaw-jaw than to war.

•Mr. Captain-Briggs, a public affairs commentator, wrote from Port Harcourt, Rivers State.

works and delays in fulfillment of targets.

For instance, the eastern axis gas pipeline at Okoloma disrupted the operations of plants of the Rivers State Government, Afam and Shell – with a loss of some 400 megawatts. Similarly, sabotage in the western axis [at Escravos] involved a loss of 1,500 megawatts.

Despite these trip-wires, Nigeria not only has the largest economy in Africa, but also the biggest population – with its varied domestic, office and industrial power requirements. The sector continues to attract the interest of local and foreign investors; an indication of growing confidence in its management. Strategic partnerships have been forged with such long-established operators as General Electric, Siemens AG, Daewoo E&C, Electricite de France, Enterprise de Transporte et Distribution D’electricity, and Electrobate. The Memorandum of Understanding signed between the Federal Government and some of these global players is a commitment by each of them to help build up to 10,000MWcapacity in the country. Many other reputable power companies have been to Nigeria and indicated their desire to participate in the entire value-chain of power delivery.

Indeed, the benefits from the successful fulfilment of the power sector reform will far exceed the benefits of the telecommunications revolution.

As we are about to cast our votes, may I call on Nigerians to realize that the Government of Dr. Jonathan has set many developmental projects in motion. Beyond sentiments, now is the time for Nigerians to rally round him. He needs this next term to consolidate on his administration’s achievements. Even as projects such as the Kaduna-Abuja rail line are nearing completion, the next term will enable him successfully fulfil others, among which are those in the power sector.

He has commenced quite a number of projects that will guarantee 24 hours electricity availability in the country. We should support him to conclude the vital task of lighting-up Nigeria.

•Mr. Obi, is former governor of Anambra State and Deputy director general of the PDP National campaign Council.

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20—Vanguard, MONDAY, FEBRUARY 2, 2015

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E have landed in the magic month of February.

All Progressives Congress (APC) supporters from the South West say February 14th, the day of the presidential election which is also the traditional Valentine’s Day is, FeBuhari. It means they are going to show love to the APC presidential candidate, General Muhammadu (or is it Mohamed?) Buhari with their votes.

But supporters of the ruling Peoples Democratic Party (PDP), enthusiasts of President Goodluck Jonathan, the flag bearer of the PDP and antagonists of Buhari say February 14th is Fail Buhari, because on that day they will deny him his ambition to make a second coming, having had sour a taste of him 31 years ago.

As a student at the University of Nigeria, Nsukka in 1984, I was one of those who had a sour and bitter taste of Buhari in power. I covered one of the Military Tribunals as an intern of The Satellite Newspapers based in Enugu.

The tribunal took place at the parliamentary building in Enugu. The Chairman of the three-man panel was Col. Anthony Awote, a withered, meanlooking officer.

Once a suspect was arraigned, they read out his “sins” to him, and when he opened his mouth to explain his role over the allegations, Awote would thunder: “shut up!”. Many of them were not even allowed access to their lawyers and were sentenced to long prison terms within a couple of hours in the dock! It was this manner of kangaroo trial that led to the conviction of former Vice Alex Ekwueme, a man who was later exonerated by the Justice Sampson Uwaifo Panel when it was proved that Ekwueme not only fought corruption as Vice President but also came out of government poorer than he went in.

Ekwueme languished in Kirikiri Prisons for over 30 months, courtesy of Buhari’s jungle justice.

That was how Buhari “fought corruption” and became Mr. Integrity.

If you examine all the points used to advance the argument for Buhari’s return as president of Nigeria, they do not really add up. They are artificially spruced up to confuse and deceive those who were not born or matured enough to experience firsthand, Buhari as a brutal public officer. Even if the missing $2.8 billion from the coffers of the Nigerian National Petroleum Corporation (NNPC) has not been conclusively proved, we have the Dr. Haroun Adamu Panel which President Olusegun Obasanjo set up to probe the Petroleum Trust Fund (PTF), which Buhari headed as its Executive Chairman. The panel’s disclosure that 25 billion Naira was

Buhari's burdens are ttoo oo muc h ffor or much Nigeria “mismanaged” is always swept under the carpet by Buhari’s sanctifiers. The General and his supporters always ignore the 53 mysterious suitcases suspected to be full of foreign currency, forcibly cleared by Buhari’s military aide, Major Mustapha Jokolo, even after the Customs had confiscated it as a contraband item.

Now, this certificate saga, which ought to be known as Buharigate, puts additional question to the Mr. Integrity tag placed on the Daura general. His supporters say it does not matter; it is a mere distraction dressed up by the ruling party to divert attention from “the real issues”. I do not agree.

Certificate issues have become an enduring item in determining a person’s fitness to occupy public office. It was a

They know that when Buhari was Head of State it was Tunde Idiagbon, the deputy, who was in charge, they also know that as Chairman of PTF, it was a battery of Fulani technocrats headed by Afriprojects Consortium CEO, Alhaji Salihijo Ahmad, that was in charge, they are hoping Osinbajo will be in charge if Buhari is elected and I laugh!

certain “Buharigate” that, in July 1999, got Hon. Salisu Buhari bundled out as the Speaker of the House of Representatives when it was proved that he made false claims about attending University of Toronto, Canada.

Muhammadu Buhari’s case is more complicated, and he was the cause of his own ensnarement in a spider’s web.

Buhari refused to obey the law, which says that every candidate must submit a minimum academic requirement to the INEC. Instead, he swore an affidavit, saying his certificates were with the Military Board. When the Army came out and denied having Buhari’s certificate, the APC, as usual, accused the Army of becoming a tool in the hands of PDP. The question of whether Buhari actually had any certificate with the military was drowned in noisy propaganda.

Secondly, the matter of whether it was the job of INEC to go and collect Buhari’s credentials from the Military Board was also ignored, and those asking the questions were rudely told to “go to court”, the same court that Lai Mohammed, the National Publicity Secretary of APC, is accusing of being used to “scuttle democracy”.

One day, we woke up to the earthshaking news that Buhari had applied to his school to release his School Certificate. What came out must have made the operators of “Oluwole” forgers park in Lagos livid with rage at the bastardisation of their trade by incompetent amateurs. It was a “cutand-join” affair bearing the letterhead of Katsina State Ministry of Education, with Buhari’s old man 2015 photo superimposed! To the best of my knowledge, Katsina State was created in 1987 and Buhari claims he took his WASC in 1961. Yet, Buhari’s supporters cacophonously chorused

that we should move on, the man has produced his certificate.

Why this issue is important is that Buhari lied under oath that his certificate was with the military. He has presented none. That is perjury, a serious offence that could get him disqualified and even jailed if we had functional rule of law. Secondly, it means Buhari became a Major General and later Head of State without valid evidence he was educationally qualified for officer commissioning. I am afraid, even if Buhari manages to produce the genuine copy of his WASC, his famous claim to integrity has already been injured beyond repair as a result of his perjurious lies under oath.

The evil that northern political leaders committed by bringing uneducated individuals into our state institutions has shown in the fact that these chaps ran the country aground.

Buhari was one of such individuals inflicted upon the nation. During his time as Head of State, goods disappeared from the shelves, and food was being rationed in an otherwise capitalist state! Draconian laws were made, backdated and used to murder drug suspects – Bartholomew Owoh, Lawal Ojuolape and Bernard Ogedengbe. Buhari ruled Nigeria like a bushman. The Press was put in chains.

Buhari became a beautiful bride to those wishing to do away with President Goodluck Jonathan, having risen on the wave of religious messianism after the Sharia riots of 2000 which swept across the Muslim North. He supported it openly and vowed to ensure it is taken to all parts of Nigeria, including the non-Muslim parts. It was from this constituency that he always got his votes in the three previous times he has vied for the presidency. Now buoyed by Bola Tinubu’s supporters in the South West and renegade former PDP governors, Buhari looks much better placed than ever to take a good shot at the presidency.

What should we expect from such a man with limited educational background and outdated connection to modern reality as president? Why is a professor of Law, Yemi Osinbajo, enthusiastic about deputising for a man who can’t even pronounce his name correctly? The answer is simple. They know that when Buhari was Head of State it was Tunde Idiagbon, the deputy, who was in charge. They also know that as Chairman of PTF, it was a battery of Fulani technocrats headed by Afriprojects Consortium CEO, Alhaji Salihijo Ahmad, that was in charge. They are hoping Osinbajo will be in charge if Buhari is elected. And I laugh!

Let’s leave it there, for now. One day, I will explain.

OPINION

By Liman Usman

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OME national anthems are melodies without words while some rhythms like that of Germany are similar to popular Christian hymns. Yet, their solemnity is unique and makes them seem sacred. in Nigeria, the first national anthem adopted on 1st Oct 1960 was written by a British lady Jin Williams and composed by Lance Benda. It was entitled “Nigeria we hail thee”. On 1st Oct 1978 , a national anthem “Arise O’ compatriot” was adopted, it was collectively written by five Nigerian lyricists and put to music by Late Benedict Odiase. Like in other countries of the world, Nigeria’s, national anthem is held in high esteem, nobody moves while its being played, especially in schools, it is a national statement, it calls patriots to attention and alerts all of an important address or event when it is playing or being sang, nobody move anything except singing the lyrics. It is a salute to nationhood but today the Nigerian National anthem is being adulterated, abused and disrespected by individuals and corporate citizens particularly GSM operators. They use it as caller tunes which they sell to subscribers and realize huge amounts thereby relegating the status of whole national anthem to the status of a marketing commodity.

Reviving our pride

teaming Nigerian graduates. The National symbols of Nigeria particularly the national flag, the armorial bearings and the national anthem are not article for sale, they should be respected, protected and preserved for future generation unadulterated.

In many parts of the country, national symbols such as the national flag and the quote of arms are sold on the street and markets, they are also used inappropriately without consideration for their status relevance and sanctity. In the past, such public excesses were intolerable. This was due to the launching of various crusades on national consciousness and mobilization which had positive impact on Nigerians particularly towards patriotism and nationalism. The law enforcement agents must help to protect the national anthem and other national symbols. Let musical bands and vocalists stop changing the rhythm of the anthem else the mood (of nationhood) it creates will be lost. Let broadcast and other media outfits stop using the national anthem to produce jingles, promos and musical. Let every citizen answer the clarion call to hail Nigeria so that in the words of the national anthem. “the labor of our heroes past shall not be in vain”.

Everything should not be put on sale, there should be limit to revenue drive. Nigeria as a member of the international community should uphold international regulations and observations and create a lawful society. How can the regulatory authorities permit a corporate How can the organisation with over forty regulatory million Nigeria subscribers sell the Nigeria National authorities anthem at N50 per month permit a realizing about N200 corporate billion in one month. There is a compelling need for the organisation regulatory authorities like with over forty the Nigerian million Nigeria c o m m u n i c a t i o n s subscribers sell commission to put a stop to this practice and compel the the Nigeria defaulter to remit that huge National anthem amount to the national at N50 per treasury. It can be used to *Mr. Usman, a Mass Communication undergradute, provide employment for month wrote from Kano, Kano State.

FEBRUARY 2, 2015

*ROUNDTABLE - From left: Bob Collymore, Chief Executive Officer, Safaricom, Kenya; Uto Ukpanah, Company Secretary, MTN; Segun Ogunsanya, CEO & Managing Director, Airtel Nigeria; Elias Masilela , Executive Chairman, DNA Economics, South Africa and Foluso Phillips, Chairman, Nigerian Economic Summit Group at the Africa Sustainable CEO Business Roundtable held at Intercontinental Hotel, Victoria Island, Lagos.

Insurers, traders differ on cover for fire incidents

By ROSEMARY ONUOHA

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nsurance operators and traders are split over the lack of insurance cover to mitigate losses suffered by traders during fire incidents.

Market fire disasters have become a recurring menace in Nigeria and it is estimated that the country loses over N50 billion from these fires every year. Recently some traders in the Balogun market, Lagos Island, suffered losses running into billion of

naira when a fire incident engulfed th the market on January 11 .

Mr. Ogbonna, was one of the traders affected by the fire incident. He said the fire destroyed N35 million worth of shoes, which was delivered the previous day. Wailing uncontrollably, he screamed that part of the money was borrowed.

Another woman, Mrs. Gbadamosi, an attendant in one of the shops, said that her employer had goods worth N27 billion in his containers to be offloaded on Monday, by the time

they got to the market, nothing was remaining. Some of the affected traders only just returned from their respective home towns, where they spent the Christmas and New Year break, only to be faced with the disaster.

The impact of the fire incidents is being aggravated by lack of insurance cover for the goods. This, according to traders was because insurance companies in the country were unwilling to provide insurance cover for traders.

The traders, for instance, accused insurers of inserting frivolous clauses into insurance contracts which have made it entirely impossible for them to insure their businesses, whereas, insurers on their part insisted that the traders have consistently refused to embrace insurance as a reliable risk transfer mechanism.

According to the Coalition of Markets and Traders Association in Lagos (CMTAL), the unwillingness of insurance firms to remove such clauses that prevent them from insuring is a major factor why losses incurred from fire disasters are always massive.

Chairman of the Association of Igbo in Commerce (AIC), a part of CMTAL, Mr. Nnamdi Nwigwe said that the major reason why it appears as if traders refuse insurance as a risk transfer mechanism is due to the fact that such clauses have not been favourable to traders.

Nwigwe said, “Some things which insurance companies demand that we put in place are beyond us, rather these are things which the government should provide for the people. For instance, some insurance companies require a fire service station to be located in the market before they can insure our businesses, but such things are things that only the government can provide. The fact that traders are not insuring is partly the fault of insurers and the government because some facilities that should have been provided by government so that insurance can come in, cannot come because these facilities are not there. So where such facilities are lacking, insurers have abandoned us to our fate rather than designing products that will suit our peculiar needs.�

Reacting to the position of the traders, Managing Director of Linkage Assurance Plc and Chairman of Nigerian Insurers Association, NIA, Mr. Godwin Wiggle, said that market traders jettisoned insurance by refusing to pay premium because they see the premium as too expensive.

Wiggle said, “The market traders have refused to pay premium because they say that the premium is too expensive. But if you compare what they lost to the Balogun inferno, it is no way near what they would have Continues on page 22 C M Y K

22 — Vanguard, MONDAY, FEBRUARY 2, 2015

Cover Story

Vocation and Technical Education – Key to improving Nigeria’s development (4)

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PARLEY - From left: Mr Rasheed Mohammed, Executive Director, Mikado Nigeria Ltd; Bryon Kennedy, Global Trainer, USN, Mr Mike Ojeme, MD/CEO, Mikado Nigeria Ltd and Donovan Dunn, African Development Manager, USN during the media parley and introduction of Ultimate Sports Nutrition (USN) Brands to Nigeria by Mikado Nigeria Ltd held in Lagos on Thursday. Photo Lamidi Bamidele.

Insurers, traders differ on cover for fire incidents trade lines against Continues from page 21 paid as premium if they had insured their businesses.

The traders should know that what they lost as a result of the inferno is also a huge loss to the economy. So it will be better for them to embrace insurance going forward.”

Reacting to allegations that insurers refuse to insure market traders, Wiggle said, “The industry has been trying to create awareness for these traders on the importance of insurance on regular basis. Moreover, do you wait for the doctor to come to you when you need one? You are the one that will go to the doctor. So the economy is the ultimate loser for the consistent refusal of our market traders to insure their businesses.”

Market fire outbreaks in the country Statistics from the Lagos State Fire and Safety Services show that in 2013, a total of 1,774 fire outbreaks occurred. The fire service acknowledged there were massive losses to fire in the year, claiming the losses were difficult to quantify.

In 2014, the value of goods lost to fire in the state was put at N14.99 billion in about 1,499 fire cases recorded between January and November.

Except accurate measures are put in place, there are indications that more losses are likely to occur in 2015 going by the number of fire C M Y K

The onus is now on insurance practitioners to generate appropriate products and distribution channels that will cater for market traders

outbreaks already recorded in the state.

Between January 1 and now, no fewer than 20 fire incidents have occurred in the state with losses estimated at billions of naira including several lives.

Among the affected areas are the Balogun Market on Lagos Island, Oko Baba Sawmill in Ebute Meta, another in Igando area where four houses were razed recently, another at Ijaniki area where a building comprising six apartments was completely razed and an eight-monthold baby roasted to death.

The way forward On the way forward, Managing Director of Riskguard Africa Ltd, Mr. Yemi Soladoye said that the starting point is for insurance operators to begin to develop products along

the conventional insurance that is readily available.

Soladoye said that if such products are developed, the onus will then be on insurance practitioners to market such products to trade associations. He said that in the history of state governments in Nigeria, it is only Lagos State Governor, Babatunde Fashola, who has shown support for insurance because he has always charged market traders to always insure their businesses whenever there is a market fire.

“The onus is now on insurance practitioners to generate appropriate products and distribution channels that will cater for market traders. It could be difficult for these traders to deal with insurers, so the best thing is to link them with consultants on free of charge basis that will sit down with them and advise them on the right products for their businesses. The consultants will look for landmines in the insurance contracts and advise the traders to insist on having a policy that is peculiar to their needs. Also, through these dealings, the traders can decipher if they can carry on with normal insurance covers or go for covers with extra premium.

“Enlightenment and education is a major thing when dealing with market traders. After that, the right product will be packaged for them under the terms peculiar to them. Also the Insurance Consumers Association of Nigeria can help them to protect their interest,” Soladoye stated.

he focus is on the roles of technology and vocational education in enhancing entrepreneurial skills that will equip students for entrepreneurship education in Information and Communication Technology (ICT.) driven technological environment. The world has become globalized and the future prosperity depends on comparative advantage. This comparative advantage hinges on people and their technical or technological sophistication. Towards this, some crucial entrepreneurial and technical skills needed by the students in colleges of education (technical), polytechnics and universities to meet the trends in a global economy is analyzed.

Technology education is to be considered as the key agent of technology development, either as a way of developing human capacity, increasing the shield work force for modernization, industrialization, environmental development or as a matter of personnel freedom, developing capability and empowerment. Technology education is increasingly recognized to be central to both the origins of technological development and challenges and to the prospects for successfully dealing with them (Alam, 2009). Decision makers at all levels, need timely, reliable access to knowledge generated by technology and technical education to introduce rational policies that reflect a better global understanding of complex technical, economic, social, cultural and article issues concerning the society, and our environment. Technical decision making and priority setting is an integral part of overall development planning and formation of technology development strategies. Above all, technology education is a human right and, as such, should receive priority in the allocation of national resources. It has become very necessary not to only keep technology education bound to the role of manufacturing skilled manpower but also to economic development and global economy. In Nigeria, technology education was previously not seen as fundamental for national development, or for the economic development, but for the school dropouts, and other social and political development within the nation and for individuals. Hallak (1990) argues that technology education is also linked to human resources development and that this has an impact on more than just economic growth, but also an impact on the wider development of individuals and societies. According to him, it contributes to: (a). Individual creativity, improved participation in the economic, social and cultural roles in society. (b). Improved understanding of an individual and heir respect for others, thus promoting social cohesion and material understanding (c) Improvement in health and nutrition. (d). Improved chances of economic development. (e). Improved technological development. (f). Socio-cultural change. (g). Democracy and equality (h). Ecological development/quality of life (increasing people’s awareness of their environments).

From our analysis so far, it is clear that modernization and economic development, depends on investment and appreciation of modern trends in technology education.

According to Woodhall (1997) investment in technological education and training produces benefits for the individual and for society as whole.

The roles of technical and vocational education in enhancing entrepreneurial skills using information and communication technology is very important in training for self-employment, self-reliance and skills acquisition now that government cannot employ every graduate. This could be achieved through the development of entrepreneurial skills in technology and vocational education through information and communication technology.

Technology and vocational education programme of our tertiary institutions should be directed to focus on enhancing the training for entrepreneurship in ICT so as to be functional in today’s world of work and the global economy.

Vanguard, MONDAY, FEBRUARY 2, 2015 — 23

W

hen late President Umaru Musa Yar’Adua decided that diesel price be deregulated, it was in line with his administration’s pledge to dismantle the alleged fuel mafia. But several years after the deregulation, the expected market behaviour of a deregulated product is far from being realised in Nigeria. The price of diesel has remained high in Nigeria despite the crash of oil prices in the international market to below $50 per barrel. The mafias who have found their seat in President Jonathan’s economic management team have refused to let price of diesel come down. These men of yesteryears who keep recycling themselves in the corridors of power are denying Nigerians the benefit of deregulation of this one essential economic product.

Following President Yar ’Adua’s approval, the NNPC increased the ex-depot price of AGO from N60 per litre to N69, while the price of LPFO was raised from N22 per litre to N44, representing a 100 per cent hike. But in no time, under the disguise of rising oil prices, the price of diesel went up to N162 per litre. But prices of crude have long crashed and diesel price has not come down in line with global market practice in a free market environment.

Following the crash of crude oil prices, the maximum indicative benchmark of open market price of diesel is about N99.11 per litre as of today, going by the Petroleum Products Pricing and Regulatory Agency.

Surprisingly, the price of the product in filling stations across the country ranges between N155 and N165 per litre with PPPRA not lifting a finger about the price or raising eyebrows about the unwholesome trend.

The price of crude oil, which constitutes a major component in the pricing template, had

Diesel cabal at it again, ripping off Nigerians plunged by about 60 per cent since June 2014 when it peaked at $115 per barrel.

If Nigeria were a country where leaders walk the talk, diesel has been deregulated and ordinarily, if we were to have an organised government, since the price of crude oil has fallen by more than 50 per cent, the price of diesel is supposed to have fallen a long time ago.

Unfortunately, Nigerians are not getting the benefit of the so-called deregulation, and it also shows that the government agencies are not intervening in matters that touch the welfare of the populace except what benefits the ruling class. If a government allows for certain measures to take place in its economy, it is also the duty of the government to make sure that it is not being abused.

PPPRA, DPR, NNPC and the Ministry of Petroleum Resources are turning their eyes the other way because powerful Nigerians are involved, milking the people and donating to parties for

political gains. Ordinarily, if there were laws governing the deregulation of diesel, even before the price of petrol was reduced; Nigerians had expected that diesel marketers should have been the first to reduce their prices.”

But the average Nigerian

If a government allows for certain measures to take place in its economy, it is also the duty of the government to make sure that it is not being abused

businessman is greedy, exploitative and also has the intention to continue to shortchange Nigerians.

Fortunately for them, it is in their interest for government not to intervene and so they are still going ahead shortchanging Nigerians. The question is: if diesel is still being sold for up to N160 per litre in an era of falling oil prices, what are the so-called regulators doing about it?

There is nowhere in the world where there is absence of regulations. You don’t just leave things to the market completely. If you want to do that, then liberalise everything and you then protect the interest of the consumers.

Currently, the daily average demand drive consumption of the three main products stream are as follows: Premium motor spirit (petrol) 33,500, 000 Liters Automotive Gas oil (diesel) 15,000,000 Liters Household kerosene 11, 000,000 liters.

Today, more than 90 per

cent of petroleum products consumed in the domestic market are imported, usually at costs which naturally reflect international crudeoil prices.

Yet, development in the international oil market does not reflect in domestic diesel pricing. Diesel is a petroleumbased fuel that is used to power many types of vehicles and boats. It’s made of a blend of crude oil components called hydrocarbons.

The components for making this fuel are refined out of crude oil, usually by fractional distillation.

AGO demand is driven by Nigeria’s inadequate supply of power to business places.

Households, offices, eateries, banks, hospitals and government parastatals are spending millions and will still spend millions on diesel consumption as the electricity supply situation is not likely to change significantly any soon, hence dependence on generators and mini-power plants will surge. While households, offices, eateries, banks, hospitals and government parastatals that depend on diesel to operate are being ripped off daily by the current sharp practices in the diesel racketeering, it is the ordinary Nigerian that bears the burden.

Business & Economy

FG urged to finance capital expenditure via capital market

O

perators in the Nigerian capital market have called on the Federal Government to source funds from the local market to finance capital expenditure instead of relying on the yearly meager budgetary allocation budget.

The operators who spoke at the one day dialogue on “Capital Market & the 2015 Federal Budget” organised by Chartered Institute of Stockbrokers, CIS, Association of Stock broking Houses of Nigeria, ASHON, and Association of Issuing Houses of Nigeria, AIHN in Lagos criticized the present 2015 budget, saying that the N634 billion earmarked for capital expenditure was inappropriate as the country requires more

infrastructure that would boost production and enhance the standard of living of the people.

The guest speaker at the occasion, Mr. Tola Mobolurin said “The budget of 2015 is a budget of austerity and not a transition budget. The major assumptions in the 2015 Federal budget, which include a GDP growth rate of 5.5 percent, benchmark oil price of $65 per barrel, daily oil production volume of 2.28 million barrels and average exchange rate of N165 per dollar are not realistic because revenue projections are not in tandem with the reality of the oil market from which the bulk of the revenue is derived. The instability in the market is such that market reality changes every week. It is a tough job.” The Chairman,

ASHON, Mr. Emeka Madubuike, said “The critical role that the government must play in a country is to ensure that it provides adequate welfare for its citizens.

Countries all over the world ensure that they harness the capital market and deploy the long term funds to the critical areas that would provide benefits to the people.”

To this extent, he called on the government to fund the critical areas with long term funds from the capital market rather than the budget.

Speaking as well, Chairman of AIHN, Mr. Victor Ogiemwonyi said “The budget is a critical component of economic management and must be taking very serious.

The 2015 budget is not realistic

considering the drop in oil price. Also, the present situation where recurrent expenditure is reduced by six percent is not enough while the capital expenditure is reduced by 30 per cent is not good for an economy yearning for major improvement in infrastructure.”

Continuing, he said “There is need to reduce Monetary Policy Rate, MPR , so that interest rate would get reduced . We therefore implore the Federal Government through the Central Bank of Nigeria , CBN to commence the reduction of interest rate by a downward review of the MPR, especially now that we have achieved a moderation in inflation to single digit in the last two years. .In his own comment, President of CIS, Mr. Albert Okumagba said “All over the world, the capital

market drives the entire economy as it provides a platform for government at all tiers to access medium and long term fund to execute developmental projects.

Also, there is need for increased savings and investment , hence we call on the Federal Government to promote the culture of national savings through appropriate incentives.

In his remark at the occasion, Acting Director General, Securities and Exchange Commission, SEC, Mr. Mounir Gwarzo sad “The Federal government has planned the 2015 budget in a manner that ensures the most vulnerable are protected while safely pursuing the ultimate goal of economic diversification.

I think beyond this year ’s budget, the capital market must begin to assert itself as the most reliable medium for government to source for funds to finance critical infrastructure.

24 — Vanguard, MONDAY, FEBRUARY 2, 2015

Interview

L

ast week Tuesday, the CBN Governor, Mr Godwin Emefiele met with the organised private sector to discuss developments in the foreign exchange market.

He gave insights into the continued pressure on the Naira, blaming it on speculative activities of operators. He urged the Nigerian business community to focus on local production, promising that the CBN will assist local manufacturers of products that are now being imported into the country.

Excerpts:

No cause for fear, panic

I

would like to say, just to underscore a point, that people are nervous, people are worried, let me assure you and say that there is no need to be nervous, there is no need to panic. No doubt there is a need for concern, and we will certainly find a solution to the current crisis caused by falling oil prices. It is a journey that all of us are already in. I say with commitment, we will pass through it. That is why I am trying to say that there is no need for anybody to be nervous.

Global economic trend

The important thing is that the global economy has shown in some economies, some recovery. The recovery is seen to be weak, particularly in the United States, where we see unemployment dropping to as low as 5.8 per cent. We have seen inflations at some low levels and we have seen the growth in the GDP in the US come up to as high as 3.8 per cent in 2014.

Another macro economic development in the world had to do with falling commodity prices, I mean we are only seeing crude oil prices and I give you an example. The price of gold fell from a peak of about $1,380 per Pound in March 2014 to as low as $1,140 per pound in November 2014. imilarly, the price of copper fell by nearly 11 per cent in the cause of the year. So what I am saying here is that what is happening in the global economy is not just about the drop in crude oil prices, we have seen drop in prices of all commodities, we have also seen in the world, rising geo-political tension and conflicts, the battle in Ukraine and of course the EU and the US taking on Russia, about the annexation of East Ukraine, and we also had geo-political tensions in the Middle Eastern.

S

Negative trend in global economies

W

ell, the negative is that unemployment in some countries is rising particularly in advanced and emerging markets. For C M Y K

instance in Spain the rate of unemployment is about 23.7 per cent, Italy 13.4, Greece 25 per cent, South Africa 25 per cent and in France about 10.4 per cent. These are some of the things that have happened in the world in the course of the year, we saw the tapering in the US, where at a point, the US was injecting about $35 billion into the US economy on a monthly basis and of course, the world is awaiting the effect of that.

What about Nigeria?

I

n Nigeria, what we have seen is that we have some positives; we have seen the robust GDP growth rate of 6.35 per cent which is among the highest in the emerging markets in the world. We have seen inflation stabilising to about 8 per cent as at December 2014 compared to as high as 16 per cent that we saw as far back as two and half to three years ago.

This is a strong positive for Nigeria in the sense that we have tried as much as possible to keep inflation low and it is not only by using monetary policy tools to control inflation, but also by the diversification of the economy particularly in the agricultural sector, helping to keep prices low. In December 2014, some of you who may have monitored commodity prices, I mean staple foods like rice, beans and garri, would have observed that prices remained low, at worst, marginally

z Emefiele

Nigeria has no business importing tooth picks — EMEFIELE higher than they were. Given what has happened, one would naturally have expected that prices will go up and people will begin to feel

the effect, but I think this did not happen as a result of some of the policies that have been put in place both by the monetary and fiscal

We have seen the robust GDP growth rate of 6.35 per cent which is among the highest in the emerging markets of the world

authorities as well as the political authority to ensure that the Nigerian economy remains resilient.

Nigeria’s GDP increased by an impressive rate of 6.4 per cent last year and it is pertinent to note that the growth rate have been driven largely by the non-oil sector of the economy. Deficit budget also have decreased and we have considered that positive, deficit budget increasing to N680 billion as at November 2014 from about N4.15trillion in 2013.

So things are not that bad and I think we should be happy about that.

Negative effect on Nigeria

S

zToothpicks: Despite vast expanses of forested landscape nationwide, toothpicks are still imported

ome of the negatives that we have seen are that as a result of the drop in crude prices, between June 30 and December 31, 2014, price of crude oil had dropped by 50.7 per cent from about $112 per barrel to $55 per barrel in

Vanguard, MONDAY, FEBRUARY 2, 2015 — 25

Interview December and right now, we are talking about below $50 per barrel. This decline is about 50 per cent, from December 31 and now.

Unfortunately, as a result of the drop in prices resulting in dropping revenues, we have seen the foreign reserves drop by about 12.3 per cent to about $39 billion in July 2014 to $34.26 billion on January 22, 2015.

rank one of the highest, up to three years ago we were importing cement into Nigeria, but today we are not only producing cement for our local consumption, we have started to export cement.

Alhaji Dangote is at the forefront of some Nigerians who have said let’s take this up and let’s begin to revive the situation and improve our economy, it is not rocket science to get determined and tell yourself that Nigeria has limestone, if we have limestone what is stopping us from being able to blast our limestone and convert it into cement, use it not only for domestic consumption but also for export?

Impact on exchange rate

Naira has depreciated by about 8 per cent and 13 per cent at both official and interbank markets respectively in 2014 and by 5.6 per cent at the inter-bank market as at January 23, 2015. As a result of the drop in crude prices and the fact that people feel that the reserves are dropping, we have seen the movements into a bearish market in the Nigerian Stock Exchange, to the extent that today, the NSE All-Share Index closed at about 43,657, a decline of about 15. 9 per cent in 2014 and 29, 687 as at January 22, 2015.

The trends in the oil prices has shown that during the year under review, we have seen oil price drop by nearly about 60 per cent from a peak of about $115 per barrel in January 2014, to as low as $50 per barrel in January 2015.

Another spill over from the slide we have is that in January 2014, reserves was as high as $42 billion; by April, it has dropped to below $37 billion, and sometime in July, we were able to move it up to about $39billion and between October and now, we have seen the reserves dropping under pressure.

Exchange rate movement

I

n January 2014, the exchange rate at the official window was about 155, and the inter-bank and the bank 116 in January 2014 and of course, moving up to around October of 2014 when we began to see the reserves drop and the pressure on the exchange rate; that is what we have at this point where the official window is about 168/170 and of course, the interbank at slightly higher than180.

Now what does history teach us? From history, we have the pre-crisis period, crisis period and we have the post-crisis period. In January 2007, both the official and the interbank rate, the BDC during the precrisis period, we could see a sort of convergence of the three markets at about 118 and this continued up to 2008 and in October 2008, we saw during the crisis period the Bureau de Change price

Need for local production

W

hy is it that we r e unable to do this in Nigeria?

Simple wool we import, tomatoes, we import, in fact, we import rice, we import fish, sugar. You can imagine what will a

z Emefiele

S

It is important for all of us to know that if we import one set of toothpicks , it impacts on the reserves hitting the roof at almost close to about 190 and the interbank also moved up as we see the official price moving up to about 158, moving down to about 155.

You can see that during the crisis period, you normally find the official market moving too high and there will be divergence between the BDC markets as well as the official and interbank market rate during the crisis period.

Importation essential goods

of

non-

o the issue therefore is, what is the extreme pressure on the exchange rate in Nigeria? We have seen demand pressure on the currency arising likely from the lopsided dependence on imports. Today in Nigeria, toothpick is being imported, tomato paste, furniture, rice, fish, sugar, petroleum products are being imported into Nigeria.

Perhaps it is important for all of us to know that if we import one set of toothpick, it impacts on the reserves, so why should we be seen to be importing items that we can produce locally? Why should we be importing tooth picks? I will give credit to the cement industry. The lesson in history is that if we are committed to a cause and we stand by that commitment to that cause, there is no how we will not improve our economy. Some years ago, Nigeria was importing cement and of the list of items imported into Nigeria then, cement used to

To reduce demand pressure on our domestic currency we need to see ourselves producing most things that we are importing happen, how employment will be created, if you take something as simple as fish, what does it take to develop an aqua-culture and in the process of developing the aquaculture industry, you will also be developing the feed mill industry, because you will need the feeds that will feed the fish in the aquaculture business. As you produce the feeds, you will also be growing the maize that you need for that industry, can you imagine the entire value chain; the kind of employment and improvement in GDP that will be created as result of these

We have tried as much as possible to keep inflation low and it is not only by using monetary policy tools to control inflation, but also by the diversification of the economy efforts?

I am saying if we are doing it in cement, why should Nigerians ever think that it is difficult to do it in fish? What does it take to grow rice? I am happy that efforts are being made, I am sure that in the course of time, we are not going to ban importation of rice, we are going to say that we will no longer provide foreign exchange if you want to import rice into this country.

Rather than import rice, I will advise you go into the production of rice, if you want to use your dollars that you kept somewhere to import rice no problem, but we will not allocate foreign exchange for you to import rice.

The same way we will graduate into other products.

I keep saying that before I was born, we have been importing milk, what does it take to produce milk, are we saying that if it has been done in other countries, it cannot be done in Nigeria? I do not believe so; it only involves commitment; that is what we are saying.

The only thing that can help us to reduce the demand pressure on our domestic currency is that we need to see ourselves producing most things that we are importing, that will help.

Aside from rice, petroleum products are being imported, and a lot of speculative demands going on in the different sectors in this business.

Take a cue from Dangote liko Dangote has invested about $9 billion in the petrochemical business, and he has committed to Nigerians that by the end of 2017, he will begin to produce 500,000 barrels of petroleum products in this country. What that means is that by that commitment, we will stop

A

Continues on page 26

26 — Vanguard, MONDAY, FEBRUARY 2, 2015

Interview Continues from page 25

SAHCOL gets world Customs organization award of merit

T

he Skyway Aviation Handling Company Limited, SAHCOL, last week won the World Customs Organization (WCO) Award of merit, for showing “exceptional support \collaboration for customs towards the realization of its mandate.”

The award certificate, signed by the SecretaryGeneral, World Customs Organization, Kunio Mikuriya was presented to the Managing Director \CEO, SAHCOL, Oluropo Owolabi, by the Comptroller-General of the Nigerian Customs Services, Dikko inde Abdullahi, on the occasion of International Customs Day Celebration, at the Nigerian Customs Service Headquarters, Wuse, Zone 3, Abuja.

While presenting the award certificate of merit to SAHCOL, the ComptrollerGeneral of Customs noted, that in line with World Customs Organization “practice of rewarding excellence, Skyway Aviation Handling Company Limited (SAHCOL) has been selected as an Outstanding Terminal Operator to receive this year’s World Customs Organization (WCO) Award, for rendering exceptional services to the international customs community.”

Interim report on crashed MH370 to be published March 7

M

alaysian authorities will publish a preliminary report on the disappearance of Malaysia Airlines flight MH370 March 7, a day before the first anniversary of the incident, an official report said last Wednesday. According to Deputy Transport Minister Aziz Kaprawi, the crashed report will be posted on the website of the department of civil aviation.

He said “We have not concluded on the status of the plane, as the search is still ongoing,” the New Straits Times quoted him as saying.”I cannot reveal the details of the interim report but it will be on the investigation that has been carried out so far in search of the missing plane,” he Aziz said.

The plane disappeared March 8, 2014, with 239 passengers and crew on board after “deliberately” changing its course, according to experts, just 40 minutes after take-off from Kuala Lumpur en route to Beijing.

importing petroleum products in Nigeria come end of 2017.

You do not have to build a $25 billion worth of refinery, you can do a modular refinery and that is why I am saying that if I find somebody who says he wants to invest $9 billion in petrochemical business and I find someone who wants to invest money in the oil and gas business where we are going to be producing polypropylene, not only for domestic consumption but also for exports, if we have people who are saying yes, we can commit some billions of dollars or over $1 billion for the production of rice or we have people who want to commit money into the business of aqua culture, or in sugar, if somebody invests $9 billion and he raises equity, somebody brings his money and says I want to invest $7 billion in fertilizer business and out of that he brings $3.5 billion of his money as equity and he puts it in that business, and he tells foreign banks, give me $1.7 billion loan and he tells local banks give me $1.75 billion as loan and he comes to central bank and say he wants N50billion, we will assist him as the Central Bank of Nigeria in support of his effort in helping the country produce what it would have imported.

What are we saying? Even if we have been accused of being involved in questionable physical activities, what we are saying is that what seed can you sow to help people who are showing commitment to help our economy? What can you do to help and encourage people who are showing commitment to our economy?

That is the bottom line today.

CBN'll support import substitution investment

W

hy would CBN or the government help this people, because they are able to reduce the demand pressure on our local currencies. What we find is that if they can do this, we can conserve our external reserve and do something good with it and like I said earlier, when external reserve goes up, there is a direct relationship between external reserve and exchange rate.

We have seen speculating demand, we have seen rent seekers taking advantage and I will warn that those of you who are speculating, will lose your money, and I have told a few people that there is no

‘Nigeria has no business importing tooth picks’

zCBN Governor, Emefiele, and Mrs Sarah Alade, Deputy Governor at an outing

CBN as the monetary authority stands to support the economy, defend the reserves and the country’s exchange

need to speculate, we have about $34 billion in reserve, don’t forget that I said in 2007, our reserve was less than $10 billion, we survived with that.

I know economic activities have improved but I am saying that $34 billion can support this economy, there is no need for you to panic, if what you need is to import just one microphone, do, there is no need for you to be nervous, there is no need for you to panic, you want one microphone, you import five.

If you are supposed to import one bottle of water, please continue, there is no need for you to think that because of drop in prices, that the exchange rate will go up, you are contributing into putting more pressure on the naira and speculating demand and that will push exchange rate high. If what you say is that you want to continue to do your business, that is importing, do it in an orderly manner, there is no need for you to be nervous, I

am appealing to all of us who are speculating with the currency to stop and in the cause of that, you will find out, because I heard a few people saying they are doing forward transaction at 190 and above 190, you will lose money, I assure you, there is no need for you to panic.

Capital flight

A

s a result of the drop in prices, we have seen increased foreign exchange out-flow, no problem, you brought in your money, what we say is free entry, free exit but do it in an orderly fashion and that is why we introduced some measures because we have seen that people were beginning to behave in an orderly fashion. If your demand is legitimate, we will meet all legitimate demand, we would not be concerned about illegitimate demand, what did we do as a result of what we saw in the market (as a result of the pressures), we had to re-classify some eligible goods and services from their

R class window to the interbank window, conduct special intervention budgeting market in order to stabilise the rate. We will do more - prequalification of customers’ applications to forestall portfolios’ demand and there is need for us to also stop that.

Hope for all in 2015

2

015 is not bad, it will be good but we need to take certain actions. We believe that in the cause of the year, there will be reversal in the crude oil prices, if that happens, it will help us in this nation. We are determined to ensure our GDP growth rate is protected at about 5.5 per cent, we will try to see what we can do to keep inflation rate within the bound that we have set for ourselves, but what is most important for us here is that we need to begin to diversify our economy. We need to begin to look at the structure of our economy and tell ourselves that as we stopped importation of cement and today we are exporting cement, we can do the same and encourage those who are ready to produce to support the economy and help conserve our reserves and ultimately keep our exchange rate strong. Inflation is expected to be under control in 2015. The CBN as the monetary authority stands to support the economy, defend

Vanguard, MONDAY, FEBRUARY 2, 2015 — 27

Banking & Finance

BY BABAJIDE KOMOLAFE

T

he value of electronic payment rose by 150 percent in two years to N35 trillion in 2014, reflecting the impact of the cashless policy.

Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN) Dr. Mrs Sarah Alade disclosed this in Lagos at the inauguration of the Payment System Strategy Board, Payment Scheme Boards and Initiatives Working Groups.

“Ever since the implantation of the PSV2020 initiatives in collaboration with the banking community and other stakeholder, Nigeria has witnessed an impressive growth in electronic payments and a steady shift from the dominance of cash payment”, Alade said.

From N13.687 trillion in

Electronic payments hit N35 trillion in 2014 2012, value of electronic payments, excluding ATM transactions, rose to N35 trillion in 2014.

While transactions through the NIBSS Electronic Fund Transfer rose 7.5 percent to N14.6 trillion from N13.6 trillion in 2012, Point of Sale (PoS) transactions rose 550

percent to N312 billion from N48 billion. Similarly the NIBSS Instant Payment (NIP) transactions rose by 423 percent to N19.9 trillion from N3.8 trillion in 2012, while internet and Mobile payment transactions rose by 108 percent and 8,400 percent respectively. While internet

Nigeria has witnessed an impressive growth in electronic payments and a steady shift from the dominance of cash payment

UNVEILING - From Left: Mr Eyo Bassey, Managing Director/CEO, Payporte Global System Ltd.; Ms Toke Makinwa, Payporte Brand Ambassador and Media Personality and Mr Benjamin Amu, Head Social Media Business Strategy, Payporte during the media unveiling of the Payporte Brand Ambassadors, held last week in Lagos PHOTO: Kehinde Gbadamosi

We've diversified economy, says Okonjo-Iweala

BY EDIRI EJOH & HOPE OFOBIKE

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inance Minister and Coordinating Minister of the Economy, Dr Ngozi Okojo- Iweala has said that the country’s economy has to a greater extent experienced development in other sectors of the economy.

Addressing members of the business community in Lagos, she said the administration of President Jonathan had foreseen the need to develop other sectors of the economy long before the falling oil price and had invested in some areas over the years.

She said: “We will talk about diversifying the economic. This is because the difficulties we are having on the economy and the oil and gas have been challenged with the nature of instability in the economy; therefore, diversification is the topic on everyone’s lips.

“The President had foreseen that, what we needed to do in other to improve the country’s economy is to tap into all the sectors of the economy that were different and separate from the oil and gas. We would continue to tap oil and gas, but we would look at other sectors and develop them. The Minister said

that the government and Nigeria Bureau of Statistics found out that 1.8 million jobs are needed yearly to meet the needs of Nigerians, adding that currently the government is creating 1.2 million jobs yearly and needs the support of Nigerians to bridge the gap between the next three to four years.

“Transformation agenda of the President actually means diversifying agenda. It has proven to be a very sound set of policies. We found that the economy is more diversified than we thought and therefore the policies that support the different sectors are sound policies. “We found that the services sector is much larger, and agriculture still remains important at 22 percent, services at 51 percent, industries at 26 percent. The creative sectors that are up-coming are at 1.4 percent. This means that our country is moving forward and therefore, the push to support agriculture, and see it as a main stem of the country’s economy, to grow above and stop importation, was the right one.

“The move to encourage manufacturing, minerals to support the creative industries was the right one also, as well as the development of the housing sector.

transactions rose to N31.5 billion from N65.6 billion, Mobile payment transactions rose from N3.5 billion to N296.9 billion.

CBN Governor, Mr. Godwin Emefiele however described the huge growth in electronic payment as a stepping stone, noting that, “There are still a great deal to be done”.

He said the inauguration of the Payment System Strategy Board, Payment Scheme Boards and Initiatives Working Groups, is to further deepen the adoption of electronic payments in the country.

He said that the Payment Systems Strategy Board(PSSB) is being put in place to provide strategic direction for the National Payments System. “ This body will replace the National Payment Systems Council (NPSC), and will be the pinnacle organisation for the governance, management and operation of the Nigerian Payment Systems.

Its terms of reference (in addition to those outlined in the draft Payment Systems Management Bill) are majorly: To provide strategic direction and drive the overall National Payments System Strategy; To provide crossscheme priorities and resource allocation; To arbitrate in cross-scheme decisions.

“The Board which shall be chaired by the Governor of the Central Bank of Nigeria, would have the following members: The Honourable Minister of the Ministry of Communication Technology, the Accountant General of the Federation, the four Deputy Governors of the Central Bank of Nigeria, the Chairmen of the four Payment Scheme Boards, independent Directors from the end-user community represented by the Director Generals, NACCIMA and Consumers Protection Council. Others are the Director Generals of the Securities and Exchange Commission (SEC) and the National Identity Management Commission (NIMC), the Chairmen of 2 subcommittees of the Banker ’s Committee (Payments Infrastructures and Financial Literacy subcommittees), the Executive Chairmen of the Nigerian Communication Commission and Federal Inland Revenue Service, the Permanent Secretary of the Ministry of Justice”.

Access Bank, bags Lagos tax compliance award

BY EDIRI EJOH

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ccess Bank Plc has been recognised by the Lagos State Government for its 100 per cent tax compliance record.

The Lagos State Governor, Babatunde Fashola, while presenting the award on behalf of the Lagos State Internal Revenue Service, LIRS, to Access Bank, emphasized the fact that tax payment is a defined and coexisting social contract between the government and the governed which should never be breached.

According to him, the revenues generated from taxation have helped the state to fulfill its developmental roles to the people, adding that the state has built a tax system that works and which has helped sustain the state during the trying times brought about by the declining oil price.

“The price of oil has dropped drastically. The federal allocations to the states have dropped. In spite of these, Lagos State has paid salaries regularly. We paid 15 per cent bonus in December because we created a model of public finance that works,” he said.

AfDB reiterates commitment to agricultural growth and transformation

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he African Development Bank (AfDB) has expressed its support to the African Union (AU) in implementing Africa’s commitments for an accelerated agricultural growth and transformation.

Speaking at a high-level event during the 24 th AU Summit in Addis Ababa, AfDB Vice-President Aly AbouSabaa said the AfDB would bring, with other partners, an innovative financial support to the implementation of the AU Strategy and Roadmap for the realisation of 2014 Malabo commitments on agriculture and food security.

Agriculture, he said, has been and continues to be important for the AfDB. It plays a key role in AfDB’s Strategy 2013-2022 in fostering an inclusive growth.

28 — Vanguard, MONDAY, FEBRUARY 2, 2015

Micro-Finance

Commodity Index Jan 23-Jan 29, 2015

Devaluation heralds tough times for businesses this year —KAPOOR Stories BY PROVIDENCE OBUH

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he Vice Chairman, Vital Products Plc, Mr. Sanjeeve Kapoor, penultimate week, said that 2015 is going to be tough for businesses as a result of naira devaluation, as this may result to market contraction of about 35 percent.

He stated this in a chat with news men immediately after the company's closed door Annual General Meeting, for the financial year ended December 31, 2014, in Lagos.

Kapoor noted that the cost of doing business in Nigeria has remained high. “I bring in tomato from Russia to Nigeria at $30 per ton and from Lagos to Kano it cost me $30 per ton, cost of transportation from Lagos to kano costs me the same thing from Russia to Nigeria," he said.

“2014 was not too alright but 2015 is going to be tough because of the devaluation of the naira. Today naira to a dollar is N210 and we have not been able to move our prices up and so we will slow down our sales because we are having a lot of problem in increasing our prices," he added.

He said: “I don’t think government can bring down the naira dollar price, unless oil goes up to $70 or $80.

I see the market contracting by at least 35 percent in 2015, so volumes will come down, nobody should think big anymore and we will go from two shifts to one shift we have to lay off a lot people,” he said.

He added that its business is established in the northern part of the country, “but we have not been so successful in Lagos. We have been improving our costing expenses and we have been cutting down cost. We run gas generated power which is cheap and even cheaper than NEPA.” Earlier in a statement, Chairman of

Board, Alhaji, Bashari Aminu, said that its operating environment remained undoubtedly marked by various economic, security and political challenges in the year under review.

“The upsurge of insurgence in the country and the upcoming election has impacted negatively on business.

“Going forward we

We run gas generated power which is cheap and even cheaper than NEPA will continue to build on existing competencies to enable us set the needed platform for continuous market expansion, volume growth and delivery of

•Sanjeeve Kapoor the desired benefits to all stakeholders.

“We will continue to attract and retain the best talents in the industry.

Our competitive strengths and growth potentials will be fully maximized, with the likes of Sudan and India and we will adopt a model for the backward integration project,” he said Meanwhile, the company ’s revenue stood at N4.213 billion for the year under focus compared to N4.452 billion in 2013.

Truck driver wins Airtel's Range Rover worth N30m

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commercial Truck Driver, Mr. Abiodun Adio, has emerged as grand prize winner of 2015 Range Rover Vogue worth N30 million at Airtel Nigeria’s Red Hot Promotion.

The winner emerged weekend, in a raffle draw supervised by independent audit specialist, TCQA and conducted at the Airtel Corporate Head Office in Lagos.

The Airtel Red Hot Promo, lasted for a period of 60 days and was open to all prepaid and Zero Credit limit post-paid customers.

In her remark, Senior Manager, High Value Segment, Airtel, Mrs. Omoyeme Effiong, said that over 500 million records were entered for the promo where a participant is likely to record about 500 points.

Effiong further highlighted that staff and families of independent contractor were not allowed to participate in the draw.

However, 10 winners where electronically selected by the auditors and the customer confirmed with a valid detailed information with the Know Your Customer (KYC) emerged the grand prize winner.

Also, Managing Director, TCQA, Associates, Mr. Wale Akingbade, added that its participation in auditing the draw was part of effort to ensure transparency and accuracy.

To qualify, customers recharged their lines or purchase any Airtel data, Blackberry, Android bundle or voice offer bundle offer. Each of these activities carry specific number of entries into the raffle draw and the higher the number of entries earned, the higher the chances of winning.

The accumulated entry points for a customer can be carried over every day throughout the promo so that the chance of winning increases with every passing day

Vanguard, MONDAY, FEBRUARY 2, 2015 — 29

Homes & Housing

•Construction of houses everywhere, how affordable?

NDIC begins liquidation of 21 mortgage banks

By YINKA KOLAWOLE

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igeria Deposit I n s u r a n c e Corporation (NDIC) has liquidated 21 Primary Mortgage Banks (PMBs), following the revocation of their operating licences by the Central Bank of Nigeria (CBN).

It would be recalled that CBN issued the revocation order of the 21 Primary Mortgage Banks (PMBs) as well as one microfinance bank via its gazettes dated November 14 and 19, 2014, and appointed NDIC the provisional liquidator to wind up affairs of the closed financial institutions.

To this end, the NDIC has issued a public notice

announcing the closure of the financial institutions. The notice stated: “This is to inform Depositors, Creditors, Shareholders and the General Public that the operating licences of the under listed Twenty-One (21) Primary Mortgage Banks (PMBs) and One (1) Microfinance Bank have been revoked by the Central Bank of Nigeria (CBN) via gazettes dated 14th and 19th November, 2014 respectively and the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the provisional liquidator to wind up the affairs of the closed institutions. Consequently, the Nigeria Deposit Insurance Corporation has commenced

Kano commissions multibillion naira Kwankwasiyya City

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PMBs in Nigeria can create significant impact if only they adhere to recommended corporate governance practices

the process of orderly winding up of the affairs of the affected PMBs/MFB and will soon be making announcement/ publication on the verification and payment of insured deposits.” The corporation therefore called on stakeholders to contact the Director, Claims Resolution Department or any of the Corporation’s Zonal Offices for further enquiries and necessary assistance.

At a workshop on ‘Credit Underwriting Standards for NDIC Examiners’ in Lagos, recently, NDIC Managing Director, Alhaji Umaru Ibrahim, confirmed the liquidation. He said available records showed that the PMBs’ Portfolio at Risk

averaged 45.70 percent, which is more than the prescribed 5 percent threshold. “In its bid to clean the system, on th 5 January, 2015, the CBN revoked the License of 21 PMBs and handed same to NDIC for Liquidation. Our attention is now being focused on the PMB sub-sector so as to address the emerging challenges, especially in Credit Underwriting Standards. PMBs in Nigeria can create significant impact if only they adhere to recommended corporate governance practices, based on effective and sustainable risk management practices as instituted by the Regulatory Authorities. In particular, PMBs should be interested in enhanced Credit Underwriting Standards because their loan portfolios are on a variable rate and therefore sensitive to Monetary Policy Rate (MPR) fluctuations,” he said.

The list of affected institutions include: Alliance and General Mortgage Limited, Benhouse Building Society, Consolidated Estate Building Society, Cymon Savings and Loans, EuroBanc Savings and Loans, First Amalgamated Building Society, First Capital Savings and Loans, Global Building Society as well as Harvard Trust Savings and Loans.

Others are Home Foundation Savings and Loans, Jubilee Building Society, Lagoon Homes Savings and Loans, Leverage Home Savings and Loans, Midland Mortgages, Mortgage PHB, MultiBlanc Savings and Loans, Mustard Seed Mortgage, Omega Savings and Loans, Password Savings and Loans, Post Service Savings and Loans, TMC Savings and Loans, as well as Crystal Edge Microfinance Bank.

ano State government has commissioned the multi-billion naira Kwankwasiyya city, one of the three mega cities being developed by the current administration in the state.

The three cities, namely Kwankwasiyya, Amana and Bandirawo, estimated to gulp the sum of nearly N30 billion, were initiated to counter the challenges of shortage of housing, overcrowding, overstretching of public infrastructure and related problems, caused by rapid urban growth of Kano metropolis.

Realizing these problems and their attendant consequences, the state government, in 2012, conceptualized what it termed “the Kano Mega City project” which entailed constructing the new capital intensive cities among other infrastructure, established the Kano Geographic Information Systems, KANGIS, and banned the demarcation and sales of illegal sub-divisions

of plots popularly known as Awon Igiya.

Gov. Rabiu Kwankwaso explained that the first phase of the Kwankwasiyya Housing project covers 205 hectares with 698, consisting 5 and 4 bedroom duplexes as well as 3 bedroom bungalows. “Government resources were solely used to build these houses and we have sold some while others are being sold to Kano citizens and other Nigerians,” he said.

The governor said a Chinese company has acquired 250 houses and 41 hectares of land at Amana city, at the cost of about N5 billion, payable within three months, adding that from all indications, all the houses at the three new cities would be sold

by May, 2015. He, therefore, assured that the proceeds generated from the sale of the houses would be channeled to the provision of infrastructure in other layouts like Kuyan Ta’inna, a suburb of Kano city, in the last few months of his administration.

NIESV lauds LASG over land transaction cost slash

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igerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State branch, has commended the Lagos State government over the reduction in the cost of land transactions in the state.

The commendation was made at a press conference addressed by NIESV chairman, Stephen Jagun.

“We appreciate the listening ear of the Governor, Mr. Babatunde Raji Fashola, and his Cabinet for the assiduous work they have done in yielding to the advice by our noble institution. He has been able to reduce the cost of transaction from 13 per cent to three per cent. It is an achievement that the government needs to be applauded for, although it can be improved upon. In October 2012, a position was presented by the President of our institution and several meetings were held thereafter with the Commissioner and other senior government officials. We believe that this culminated into the results we have today.

“The government action would provide more liquidity in the property market thereby generating more revenue for the state government.

US mortgage rates inch up

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ixed mortgage rates in the US last week rose for the first time in 2015, with Freddie Mac’s widely watched survey pegging the 30-year conventional rate at 3.66 percent, up from 3.63 percent.

The average rate for a 15-year fixed home loan was 2.98 percent, up from 2.93 percent.

Start rates for adjustable loans rose as well, Freddie Mac said.

The average monthly rate for a 30-year conventional mortgage had been 4 percent or higher for 18 months before dropping below that threshold in December.

This boon for borrowers was triggered by powerful global demand for safe securities denominated in strong U.S. dollars. That has pushed down the yields, or effective interest rates, on Treasury and mortgage securities, and mortgage rates have followed.

Freddie Mac asks lenders each Monday through Wednesday about the terms they are offering on mortgages of up to $417,000 that can be backed by Freddie and Fannie Mae, its sibling mortgage finance company.

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30 — Vanguard, MONDAY, FEBRUARY 2, 2015

E-Commerce Letter delivery is declining but we are seeing an increase in parcel and goods delivery

Google to change privacy policy

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earch engine Google has agreed to better inform users about how it handles their personal information after an investigation by Britain’s data protection regulator found its privacy policy was too vague.

The Information Commissioner ’s Office said in a statement that it required Google to sign a “formal undertaking” that it would make the changes

by June 30 and take further steps in the next two years.

The ICO investigation stems from a privacy policy implemented by Google in March 2012 that consolidated some 70 existing privacy policies into one and pooled data collected on individual users across its services, including YouTube, Gmail and its social network Google+.

Regulators in Spain and France have fined Google 900,000 euros ($1.02 million) and 150,000 euros respectively over the privacy policy, small penalties relative to Google’s scale.

Visa reports profit boost

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isa Inc, the world’s largest credit and debit card company, reported a better-thanexpected quarterly profit on last week due to a good holiday season and a strengthening U.S. job market that encouraged people to spend.

The company said ecommerce, which mainly uses cards, was “extraordinarily strong during the holiday season.”

But Chief Executive Charlie Scharf said consumer spending on the whole, while at “ reasonable” levels, was not accelerating.

Shares of the company, which also announced a 4for-1 split of its class A common stock, rose about 4 percent in extended trading. Visa, which earns money from both the volume and value of transactions using its cards, said total volume increased to $1.90 trillion from $1.84 trillion.

LAUNCH - From left: Minister of Industry, Trade and Investment, Dr. Olusegun Aganga; Managing Director, Coca-Cola Nigeria Limited, Mr. Adeola Adetunji; Group Managing Director, Diamond Bank, Uzoma Dozie; and Director, Enterprise Development Centre (EDC) Mr. Peter Bamkole; during the launch of the Enterprise Development Centre's new building at Pan Atlantic University, Lagos on Thursday 29th of January, 2015.

Courier firms must reposition to key into e-commerce — Johnson STORIES BY JONAH NWOKPOKU

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he Minister of Communications Technology, Mrs. Omobola Johnson has said that courier companies in Nigeria must reposition and re-strategise to meet the growing demands of parcel delivery being driven by the boom in e-commerce in Nigeria.

She said there is no need for e-commerce companies to create separate logistics for

delivery if the courier companies in the country can create a value proposition that appeals to and meets the demands of these ecommerce firms.

“The courier companies must have a value proposition for these companies because the opportunity is there. Letter delivery is declining but we are seeing an increase in parcel and goods delivery,” she said.

Johnson who was speaking at the Information and

Communications Technology, ICT stakeholders’ forum in Lagos also disclosed that since 2011, the ministry has been making significant efforts to reform the Nigeria Postal Service, NIPOST to boost the economic value of the agency and the Post and Courier Services sector. She noted that the revised Gross Domestic Product, GDP figure showed that the sector ’s contribution at 0.03 percent was low but that “the sector is however growing steadily,

and is likely to experience more rapid growth as ecommerce expands.”

The minister who also presented her score card to the forum said part of the Ministry’s achievement in the last four years was the creation of the Technology Intervention Fund, an innovative intervention Fund which she said, closed at $16.2 million last year and “further rounds will aim to reach target of $50 Million.

According to her, the Fund will among other things: “help to grow the still very nascent Venture Capital industry in Nigeria and will fill the gap that exists where high risk capital is needed by entrepreneurs; target disruptive and innovative technology start-ups in Nigeria that have the potential to grow to become category leaders and create opportunities currently unavailable to the ever growing ecosystem of young Nigerian IT entrepreneurs.”

Naira devaluation: ‘No significant impact on e-commerce yet’

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he Managing Director of Nigeria’s premier online marketplace, Kaymu.com, Evangline Wile has said that the current depreciation of the Nation’s currency, the Naira has not had any significant impact on e-commerce.

She stated this while speaking to Vanguard on the sideline of a media brunch organised by the Marketplace to mark its second anniversary in Lagos.

She said although an impact may be expected; it will not be significant as operators in the sector especially merchants on Kaymu marketplace had anticipated the trend and made contingency plans.

“Certainly there should be an impact but we don’t expect it to be over a long period, for example over a year. Right now, this situation has not had any impact on our merchants because lots of our merchants had anticipated what is happening and

planned for it and also because we are just coming from the Christmas period when importers over-exported and there is still a reasonable stock that will last until the situation stabilises,” she said.

“I think our merchants see it as short term issue. I think our expectation is that after the elections that it will go back up. And even other major currencies will stabilise. I think most of our merchants had anticipated that this will happen for this short period of time and so they have made contingency plans. So I don’t expect the continuous decline in the naira’s value to have any significant impact in the long term. I think it will be short term thing and probably be over in the next quarter,” she added.

She however noted: “Even if after the elections and the Naira continues to fall, I still think that it will not have significant negative impact on e-commerce because Nigeria is not the only country in the

world where there are currency fluctuations. There are lots of ways to deal with it and a lot of merchants are savvy enough to be able to deal with it.”

On what Kaymu has accomplished in the past two years, she said they have

Even if after the elections and the Naira continues to fall, I still think that it will not have significant negative impact on ecommerce

been able to attract over ten thousand merchants to the Kaymu marketplace even as it has expanded to six other cities in Nigeria and 34 other countries all over the world.

She said Kaymu will continue to expand through strategic marketing to achieve its vision which is to bring all Nigerian merchants online.

Also speaking, Kaymu’s Head of Marketing Communications, Tomiwa Oladele told journalists that the online marketplace has continued to provide premium exposure for merchants who sell on Kaymu website through promotion on different platforms including Google, Facebook, and offline including customer services and logistics support at no cost.

She noted that Kaymu is concentrating on expanding its merchant base and therefore offers free services to all merchants who enlist and sell on the Kaymu platform.

Vanguard, MONDAY, FEBRUARY 2, 2015 — 31

Insurance

Insurance commissioners and efforts to revamp the sector

BY ROSEMARY ONUOHA

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he insurance industry in Nigeria is working hard to take its rightful place in the economy; as a result, all efforts are geared towards making the industry contribute meaningfully to the Gross Domestic Product (GDP) of the country.

Nigeria’s gross premium per capita of $8.9 is low when compared to $1,072, $29.9 and $49.3 for South Africa, Kenya and Ghana, respectively. Insurance penetration as a percentage of GDP is 0.43 per cent; and only an estimated 6 per cent of the population has any form of insurance.

Before 1992, the insurance industry was being supervised by the National Insurance Supervisory Board. Initially, the industry was being supervised by the Insurance Department in the Federal Ministry of Trade, headed by the Registrar of Insurance. And from inception, NAICOM has been reporting to the Federal Ministry of Finance.

This is quite unlike other regulators in the country’s finance market including the apex bank, Central Bank of Nigeria and the 10 years old National Pension Commission (PenCom).

In recognition of this challenge, the four insurance Commissioners that the country had have worked hard and recorded several positives in raising the stakes of the industry.

It is therefore pertinent that the tenures of all commissioners be reviewed here.

Okwor Chief Eugene Okwor, who was appointed as Registrar of Insurance, Federal Ministry of Trade, Lagos in 1974 and later appointed

LAUNCH - From left: Assistant Secretary, Steps to Greatness Foundation, Abimbola Okodabi; Chairman, Mr. Ayodele Ifaturoti and Managing Director/CEO of the Foundation, Mrs. Oluseyi Ifaturoti, during the media launch of the foundation in Lagos.

Director of Insurance in 1977, became the pioneer Commissioner for Insurance, National Insurance Supervisory Board, and the body which metamorphosed into the National Insurance Commission (NAICOM).

He served in this capacity from 1993 to 1997 when he voluntarily retired.

In this capacity Okwor supervised the carving out of the Insurance Department at the Federal Ministry of Finance and subsequently establishing the National Insurance Commission (NAICOM) as the regulator for insurance industry.

Bailey The seven and half years tenure of Chief Oladipo Bailey was spent mostly tearing down bad structural defects and

setting up new structures that formed the bedrock of what achievements that the insurance industry has recorded in the last 10 years.

At different times, Bailey confronted recalcitrant operators, particularly the insurance brokers’ fraternity that held other operators hostage and would not want any interference from any regulator who want the situation changed.

The greatest achievement of Bailey was the protection of the insurance industry from predation by banks and other hawks in the finance sector. He warned and lobbied government to stop banks, under the guise of universal banking, from taking over insurance business, warning that it would cause serious crisis in the economy.

Universal banking policy was introduced

to enable financial institutions to provide all classes of financial services under one platform, with the insurance industry as the target. His agitation has been rewarded with the reversal of universal banking by the Central Bank a few years back.

Bailey also supervised the upward review of the capital base of insurance companies as prescribed by the Insurance Act, 1997; from N20 million, N50 million for life and special risks business to N150 million, N200 million respectively. The capital base for composite and reinsurance companies were raised from N90 million to N350 million at the same time. This inadequacy in this capitalisation led to its upward review during the tenure of his successor.

Chukwulozie Chukwulozie supervised the last recapitalisation exercise in the industry, when in 1997, the Federal Government mandated reinsurance companies to raise their capital base from N350 million to N10 billion, while life and general insurers were asked to raise theirs from N150 million to N2 billion and N200 million to N3 billion respectively.

At the end of the exercise, the capital base of the industry was raised from a paltry N2 billion or thereabout to over N200 billion. The capacity of the industry to take on high ticket risks, meet claims obligations and train its workforce improved significantly at the end of this exercise.

32 — Vanguard, MONDAY, FEBRUARY 2, 2015

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Vanguard, MONDAY, FEBRUARY 2, 2015 — 33

34 —Vanguard, MONDAY, FEBRUARY 2, 2015

Banking & Finance

BY BABAJIDE KOMOLAFE

Ecobank Nigeria donates to Army PR School

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he Nigerian Army School of Public Relations and Information has commended Ecobank Nigeria donation of N2.5 million towards the completion of a building project at the Nigerian Army School of Public Relations and Information.

Captain Musa Yahaya of Nigerian Army School of Public Relations and Information, who extoled the bank’s support, stated that the monetary donation would go a long way, enabling the school achieve its long term desire to expand its infrastructure to accommodate more students. He lauded Ecobank’s willingness to support communities where it operates, urging other corporate organizations to emulate the bank.

In his remarks Deputy Managing Director, Ecobank, Tony Okpanachi, said the bank has a history of giving back to the communities where it operates.

He stated that the donations would go a long way to assisting Army authority complete its school building project.

Enterprise Bank begins Moneygram “Naija Send”

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n the continuous bid to serve her customers better, Enterprise Bank Limited has commenced MoneyGram “Naija Send” – Outbound money transfer services from Nigeria with MoneyGram International.

MoneyGram “Naija Sends” enables walk-in and existing customers enjoy the opportunity of sending money abroad on the MoneyGram International platform. The product is designed for everybody, and has proven to be a convenient means of meeting personal financial needs. Such needs include payment of school fees, pocket money and other educational expenses (for parents who have children schooling abroad).

Under this service, money is sent in naira but received in the currency of the receiving country. This eliminates the risk attached to carrying physical cash in transit while travelling abroad. For additional security, money sent from Nigeria cannot be received in Nigeria.

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he Central Bank of Nigeria (CBN) has said that the introduction of electronic collection of revenue (e-Collection) by the federal government will help to curb revenue related corrupt practices in the country.

Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, stated this at a sensitisation workshop for banks of Federal Government e-Collection on CBN Payment Gateway.

The workshop was organised by SystemSpecs Limited, an indigenous software development company and owners of the Remita electronic payment platform, which is used for the e-Collection of revenue.

Speaking on e-Collection in a Cashless Society, Fatokun said, “He said, “The whole world is moving into a cashless mode and Nigeria cannot be an exemption. The e-Collection will avert a larger proportion of revenue theft, diversion of collected revenue and all sorts of corrupt practices associated with revenue collection.

“We must not be deterred by these routine challenges of infrastructural deficiencies or fraud (especially electronic/ card fraud) that come up, because ultimately the potential benefits of going cashless outweigh the challenges.

“The policy involves a culture change, which will

PRESENTATION - From left: Mr. Abubakar Suleiman, Executive Director, Finance & Strategy, Sterling Bank Plc; Lagos State Commissioner of Police, Kayode Aderainti and Chief Security Officer, Sterling Bank Plc, Mr. Igba Austin Iwar at the presentation of vehicles and other security equipment by Sterling the Bank to the Lagos State Police Command at the weekend

E-collection to curb revenue related corrupt practices—CBN naturally take some time to gain acceptance.

Nevertheless, with support of all the stakeholders, Cash-less Policy is being accomplished”.

The e-Collection of revenue is part of the Treasury Single Account (TSA) initiative,

under which all monies belonging to the government are domicile in one account with the Central Bank of Nigeria, with payments out and collection into the account is done via an electronic payment platform.

“E-Collection is the flip side

Congo Cenbank okays FirstBank's acquisition of BIC

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entral Bank of Congo (BCC) has approved the acquisition of Banque Internationale de Credit (BIC) by First Bank of Nigeria Limited.

FirstBank of Nigeria Limited had acquired 75 percent equity interest in BIC in 2011, as part of its regional expansion efforts.

Announcing the approval in a statement on Friday, FirstBank said that name of BIC has subsequently being changed to FBNBank DR Congo The Bank said, “Following the recent approval by Central Bank of Congo (BCC), the Banque Internationale de Credit has now become FBNBank DR Congo, a subsidiary of First Bank of Nigeria Limited. FBNBank DR Congo is strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public at large.

“The launch further consolidates FirstBank’s position as the largest corporate and retail banking financial institution in subSaharan Africa (excluding South Africa) with presence in Ghana, Guinea, Gambia and

Senegal as well as presence in the UK and representatives offices in Johannesburg, Paris, Abu Dhabi and Beijing, China. The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders. With over 35 branches in DRC, FBNBank DR Congo leverages FBN’s international network, business expertise, which is part of the diversified synergies of the FBN Group

We are committed to developing a multi-local business model that broadens our geographic revenue base

to offer innovative, convenient and secure banking services to its customers and better seize the emerging opportunities of the market” Speaking on this development, the Group Managing Director/Chief Executive of FirstBank, Bisi Onasanya, said: “The launch of FBNBank DR Congo fulfills one of the critical stages of our ambition to steadily broaden and build a more diverse footprint across Africa. We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers and equity participation to local investors.”

“Commenting further, the Managing Director, FBNBank DR Congo Cheikh-Tidiane N’Diaye said “Having built value for Nigeria over the last 120 years, FBNBank DR Congo is poised to do even more in the DR Congo financial markets. FBNBank DR Congo will provide customers with a bouquet of banking solutions that make their financial lives less cumbersome and stressful whilst providing a delightful service experience.

of e-payment. Outflows from the TSA are currently made through e-payment, while inflows are largely manual,” said Mr. Jarad Sosarumso, Deputy Director, Revenue and Investment, Office of the Accountant General of the Federation (OGF).

“E-collection completes the cycle of processing government transactions electronically”, he said Sosarumso, who represented the Accountant General of the Federation, said that the present system of manual collection of revenue is bedevilled with various problems including: Poor tracking of internally generated revenue ( IGR) and other collection; Leakages of government revenue and other inflows; Non remittance of revenue by collecting entities; Misappropriation of revenue and other collections; and Inadequate, or sometimes, out-right lack of records” He said the new eCollection among other things is designed: To plug loopholes in the FGN revenue collection system; Enthrone a new regime of transparent and accountable IGR management; and also to improve available funds for funding developmental programs”. He noted that in addition to these, the introduction of e-Collection aligns with the on-going CBN e-payment policy; Ease the burden of revenue payers; Make government contracts more accessible to the people; and create a mutually rewarding relationship with collecting banks”

Vanguard, MONDAY, FEBRUARY 2, 2015 — 35

AVIATION

Why aircraft land with difficulty at Nigerian airports — NATCA

By LAWANI MIKAIRU

T

he Nigerian Air T r a f f i c C o n t r o l l e r s Association, NATCA, has said most aircraft find it difficult to land at airports across the country during adverse weather conditions such as dust haze, rain and fog because of inadequate

instrument landing systems .

According to NATCA G e n e r a l S e c r e t a r y, Mr. Olawode Banji “Nigerian airports do not have some categories of instrument landing systems (ILSs) that would enable aircraft to land at airports under severe weather condition and zero

visibility.”

He added that many of the landing aids such as ILS, airfield lightings (AFLs) and others are inadequate thereby making it difficult for airlines to operate in adverse weather conditions.

“Some adverse weather conditions that are associated with harmattan season

include mist, fog and dust haze. All these reduce visibility and could limit the usage of an airport or impair air safety. Many of the landing aids such as ILS, airfield lightings ( r u n w a y, a p p r o a c h and taxiway lights) are inadequate at our airports thereby limiting operations in adverse weather condition like dust haze, rain and fog.

Many of the airports

operations are restricted under adverse weather conditions due to absence of airfield lightings and nonavailability of desirable landing aids,” he said.

Banji also said some airports that are equipped with instrument landing aids had been battling with power and technical challenges.

“Some airports with ILS are always having problems of power supply to the equipment and other

technical problems that could make the e q u i p m e n t unserviceable.

The categories of the available ILS and nonavailability of airfield lightings do not allow for aircraft operations when the visibility reduces below some set minima for each airport. There are categories of ILS that are not available at Nigerian airports to allow for landing under severely reduced visibility even as low as zero visibility,” Banji said.

We spent N2b to upgrade facilities at MMA2 — Bi-Courtney

By LAWANI MIKAIRU & DANIEL ETEGHE

B

i-courtney Aviation Services Limited , operator of Murtala Muhammed Airport Domestic Terminal 2, MMA2, has disclosed that the company has spent about N2billion to upgrade facilities in the terminal building.

Head, Corporate Communications, BiCourtney Aviation Services Limited Mr. Remi Ladigbolu revealed that in the last one year the company has focused its attention on upgrading facilities at the airport’s terminal adding that such move was meant to bring comfort and make travelling convenient for the passengers.

Mr. Ladigbolu noted that facilities that were upgraded were done in line with what was obtainable at various international airports across the world. He enumerated facilities that were upgraded to include: the upgrading of the escalators, panoramic lift, the Cupps system, automation of the first MSCP in Lagos, upgrade of generating plants, instalment of egates, Baggage Reconciliation System, UPSs, and Baggage Screening Machines, he said that such achievement was what the company is celebrating today.

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C M Y

36 — Vanguard, MONDAY, FEBRUARY 2, 2015

Vanguard, MONDAY, FEBRUARY 2, 2015 — 37

Business & Economy

From right: Nigeria Opportunities Industrialisation Centres, ( NOIC ) National Board Chairman, Archbishop Magnus Adeyemi Atilade, Senior Special Assistant on Christianity to the Governor of Lagos State, Rev. Funmi AkitoyeBraimoh, and Former Deputy National Executive Director, NOIC, Evang. Bunmi Olusola-Kupoluyi at the just concluded 2nd batch bi-weekly graduation ceremony of the NOIC/EARN programme sponsored by Walmart's Foundation from USA.

NIDF to pay N25m coupons to note holders

T

he Nigerian International Debt Fund (NIDF) , a Nigerian Stock Exchange, NSE, listed Mutual Fund plans to pay a minimum of N40.00 per note holder as final coupon to investors for the year ending December 31, 2014. A total of N25.2 million will be distributed amongst note holders on the register of the fund as at the closure date of February 5, 2015.

According to Ola Belgore, Managing Director of Afrinvest Asset Management Limited, the Fund Manager, this is the 34th coupon in the life of the Fund since its launch in 1997, and the final distribution is in line with the structure of the NIDF, as the Fund is designed to pay distributions twice a year.

In his words, “NIDF paid an interim coupon of N60.71 per note in August 2014 and with an estimated N40.00 per note to be paid on February 11, 2015, the total payment for the 2014 financial year stands at N100.71.”

“The Fund closed the year at a price of N1, 978.31 per note achieving a N68.51 capital gain over the opening price for 2014. At the trading price of N1987.26 on Wednesday, January 21, 2015, the coupon yield was 5.1 percent”, Belgore added.

The Nigeria

International Debt Fund invests in the domestic and international debt instruments of the Federal Government of Nigeria as well as those of the 36 States.

NIDF offers investors s a f e t y, capital preservation, steady returns, diversification and value, and has a consistent dividend history, making it quite attractive for both individual and

institutional investors such as Pension Fund Administrators (PFAs), insurance companies, asset managers and gratuity funds.

Only recently, the NIDF was rated “A-”

by Global Credit Rating Company (GCR). This rating by one of the leading global rating agencies is among the best for mutual funds in the market today.

Securities Africa unveils Real Trade, assures of adequate security

I

n its determination to boost the Nigeria capital market, Securities Africa Financial, SAF Limited, a dealing member of the Nigerian Stock Exchange, NSE, has introduced a new product, “Real Trade” and has assured stakeholders that their transactions on the platform are adequately protected.

Speaking to newsmen in Lagos, the Managing Director, Securities Africa Financial, Mr. Afolabi Folayan, said “Real Trade is our online/electronic trading product designed to offer convenience to the investing public through our e-Business Suite.

This new product is borne out of the need to satisfy the cravings of certain group of investors. They are: The IT Savvy; those that believe that the best way to get anything done is to do it yourself; those that want minimal interactions with human personnel by serving themselves on a trading platform; those that want to take and execute their investment decisions from the comfort of their desks/homes/ mobile devices; the young investors, starters and students.”

He further explained that to subscribe to the Real Trade platform, investors need to have access to internet, either through their phones, laptops, computers or ipads etc.

He stated that Real Trade features include: Convenience. Investors have opportunity to trade directly through straight processing to NSE; trade for yourself/ Self Serving platform (put you in the driver ’s seat); instant confirmation of successful trades/feedback; direct access to stockbroking accounts, portfolio position; direct access real time market information and access to research materials.

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38 — Vanguard, MONDAY, FEBRUARY 2, 2015

Vanguard, MONDAY, FEBRUARY 2, 2015 — 39

40 — Vanguard, MONDAY, FEBRUARY 2, 2015

Tax Matters

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i) The Self- Assessment Regime requires the concurrent filing of tax returns and payment of tax due on or before the due date. (ii) A taxpayer must compute his/her tax liabilities, pay the tax/taxes due and file the relevant returns with evidence of payment of the tax/taxes on or before the due date. (iii) The relevant tax authority, FIRS shall accept all tax returns submitted by the taxpayer. The Tax Authority shall carry out necessary checks to ensure that all required information have been appropriately entered into the tax return forms. (iv)Failure by a taxpayer to submit the tax returns forms on or before the due date is a breach of these Regulations and the Taxpayer shall be liable to pay such fines together with interests as may be prescribed in these Regulations or under the relevant provisions of the applicable tax laws.

FORMS FOR FILING TAX RETURNS For the purpose of filing of tax returns required under the tax laws listed above: (a) In the case of the Personal Income Tax Act and other taxes on individuals, the tax return forms shall be as may be prescribed by the Board of FIRS; (b) In the case of taxes on companies, the tax return forms shall be as may be prescribed by the Board of FIRS; (c) In the case of the tax return forms required under the Value Added Tax Act, the forms shall be as may be prescribed by the Board of FIRS; (d) In the case of all other taxes not covered by paragraphs (a) – (c) of these Regulations, the tax return forms shall be authorized by the relevant tax authorities responsible for the collection of such taxes.

MODE OF FILING RETURNS (i) A taxpayer must file tax returns under the SelfAssessment Regime in person or engage the services of accredited Agents to file returns on his behalf. (ii) For an Agent to carry out the services required under this Regulation, the Agent must be fully certified by any one of the under listed Bodies: • The Association of National Accountants of Nigeria; • The Chartered Institute of Taxation of Nigeria; and • The Institute of Chartered Accountants of Nigeria. (iii) For the Agent to render the services under this Regulation, the Agent must have the accompanying seals of any of the Bodies listed in (ii) above.

SIGNING OF FORMS WHERE AGENT IS C M Y K

Filing returns based on self assessment regime ENGAGED BY THE TAXPAYER: Where an Agent has been engaged by a taxpayer for the purpose of filing of tax returns: (i) In the case of filing returns for Personal Income Tax Act, the forms must be signed by the taxpayer in person; (ii) In the filing of returns under the Companies Income Tax Act, the forms must be signed by a Director or the Company Secretary. (iii) In either (i) or (ii), the Agent shall sign alongside any of the signatories mentioned in (i) and (ii) above.

LISTING AND DELISTING OF AGENTS BY RELEVANT TAX AUTHORITY: The FIRS in the exercise of its responsibilities under these Regulations may: (i) Compile annually a list of agents upon being satisfied that they are knowledgeable in the provisions of the applicable tax law, rules and regulations; and (ii) Remove from such list, in consultation with the relevant professional body, any agent who fails to satisfy the standards referred to in these Regulations.

TIME FOR FILING RETURNS: 1. For Personal Income Tax Act- The due date for the filing of self- assessment returns under the Personal Income Tax Act shall be on or before the 31st day of March of every year.

2. For Companies Income Tax Act- The tax due for filing selfassessment returns under the Companies Income Tax Act shall be six months from the end of the accounting year; 3. For Petroleum Profits Tax Act- Under the Petroleum Profit Tax Act, a company shall file a return of its estimated tax for an accounting period within two months after the commencement of each accounting period while instalment payment shall commence not later than the third month of the accounting period and the final return shall be filed within five months after the end of the accounting period with evidence of payment of the final instalment.

4. For Value Added Tax ActTaxable persons and agents of Ministries, Departments and Agencies of government subject to Value Added Tax (VAT) shall render a return of activities of the preceding month and remit VAT due on or before the 21st day of the month after the month of

Kabir Mashi, Chairman, FIRS

transaction with evidence of payment.

EXTENSION OF TIME FOR MAKING RETURNS: (1) For the purpose of filing income tax returns, a taxpayer may apply in writing to the Board of the FIRS for an extension of time within which to file returns provided the taxpayer: a. Makes the application before the due date of filing returns; and b. Shows good cause of its inability to comply.

(2) The Board may in writing grant the extension of time for making returns to such time as it may consider appropriate.

CONDITIONS FOR GRANTING EXTENSION OF TIME FOR MAKING RETURNS:

Administrative Assessment shall include penalties and interests imposed as part of the liability due, effective from the time the returns became due

(1) In granting any extension, the Board of the FIRS shall take the following into consideration: a. in the case of an individual taxpayer, on the death of the taxpayer within the period of filing of the returns; b. in the case of a company, on the death of any principal officer of the company, such as the Chairman, Managing Director or Company Secretary, within the period of filing of the returns; and c. Where the company experienced a fire or natural disaster within the period of filing.

(2) The company must provide verifiable evidence of the fire or natural disaster or of the death of the principal officer of the company.

CONSEQUENCE OF LATE FILING UNDER THE PERIOD OF EXTENSION: Where an extension is granted, any late filing outside the period of extension whether accompanied by payment of tax due or not shall be penalized for late filing under these Regulations.

APPROVAL TO EXTEND TIME NOT TO ALTER TIME FOR PAYMENT OF TAXES: Any approval granted by the Board of the FIRS under 14 of these Regulations shall not be construed as to alter the time within which payment of taxes shall be made under any applicable tax law provision.

The filing of returns for VAT is excluded from this extension.

INSTALLMENT PAYMENTS OF TAX: (1) A taxpayer may make instalment payments of tax due by commencing payment in the relevant year of assessment in a manner that the final instalment payment shall be made not later than the due date provided that: (a) The taxpayer notifies the FIRS of his intention to make instalment payments; and (b) The taxpayer files returns on or before the due date with evidence of payment of the final Instalment. (c) The FIRS shall not approve more than three instalment payments from the due date. (d) The payment of VAT is excluded from instalment payments.

PAYMENT OF TAX DUE Where a tax falls due and is not paid under any enactment by any person from whom it is due, whether or not the payment of such tax is secured by a bond, the tax due shall be paid on demand by the FIRS or by delivering the demand notice in writing to his place of abode or business or through his agent, registered post or approved courier service.

A D M I N I S T R AT I V E ASSESSMENT FOR FAILURE TO FILE RETURNS: (1) For the purpose of this Regulation the term “Administrative Assessment” means an assessment raised by the Board of FIRS where a taxpayer has failed to file returns and pay taxes due on or before the due date or where there is an understatement of tax in the returns filed.

A D M I N I S T R AT I V E ASSESSMENT NOT TO RELIEVE A TAXPAYER FROM OBLIGATION TO FILE RETURNS A determination of the tax payable through Administrative Assessment shall not relieve taxpayers from the obligation to file tax returns of their businesses, in the case of a company or full disclosure of income from all sources in the case of an individual.

Administrative Assessment shall include penalties and interests imposed as part of the liability due, effective from the time the returns became due.

FAILURE TO FILE RETURNS AFTER EXTENSION OF TIME Where a taxpayer, agent or employer fails to file the tax returns for an accounting period after the time extended by the Service, the taxpayer, agent or employer shall be liable to pay prescribed penalties for late filing of returns from the due date of filing.

Vanguard, MONDAY, FEBRUARY 2, 2015 — 41

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42 — Vanguard, MONDAY, FEBRUARY 2, 2015

Vanguard, MONDAY, FEBRUARY 2, 2015 — 43

Advertising Stories by PRINCEWILL EKWUJURU

Diageo boosts distributors' marketing profile

D

uring the invention of television in the 1940s, advertising became one of its many inceptions. Many homes adopted regular television-watching as a habit, programming on television also became more clever.

Advertisements then became strategically placed between television show segments. In some cases, the television show itself acted as an advertisement.

Over the years, television commercials became high quality mini-productions many viewers sit through between their favorite shows.

These traditional advertisements which run 15 to 30 seconds, eat part of a program’s airtime. According to Ad Age, an international online journal, ads have become increasingly targeted rather than catering for everyone.

Apart from pushing for a product with its constant airing and re-airing, a traditional television commercial can also be entertaining and sometimes tells a story or makes a song popular.

According to the Motley Fool, a multimedia financialservices company, many companies, particularly those involved with selling a consumer item, make use of product placement as its marketing tool. Automobile companies or food companies employ this method a lot, as seen in many television programs. Without even mentioning the item, scenes where the characters of the show are either driving a car or eating out of a cereal box have the company ’s veryvisible logo on the product.

The result can create a strong, identifiable image, just like present day political ads.

Most commonly applicable to the government or its

A product is developed into a brand through a professional process that endears the product to loyal consumers and enables it to connect with prospects

By PRINCEWILL EKWUJURU

D

LAUNCH - From Left:Brand Building Director Foods, Mrs Nsima Ogedi-Alakwe, Category Manager Oral care, Oiza Gyang; Musical Artist, David Adeleke (aka) Davido, Brand Building Director, Unilever Nigeria Plc, Mr. David Okeme; Musical Artist, Yemi Alade; and Communications Channel Manager, West Africa, Unilever Plc, Mr. Adenugba Diran, at the media launch of Close up cupids game in Lagos recently.

TV commercial as political weapon zAmbode, Agbaje, others deploy theme songs projects, a political advertisement may also be the method used by human interest groups, the academia, religious groups and even corporations, as a way to convince the audience or sway them into their own ideals, systems and beliefs.

According to a research paper by Won Ho Chang and others, political ads come

about when there are important issues to be decided upon by the general public.

However, successful marketers understand that a product is developed into a brand through a professional process that endears the product to loyal consumers and enables it to connect with prospects. Not surprisingly, this applies to product as well

as personality brands.

With the 2015 general elections at hand, the people are beginning to find it increasingly difficult to differentiate between the noise in the political space and the truth, as each politician or political group vies to shout the loudest in a bid to get the most attention.

Of bitters and Kasapreko’s quest to deepen consumers knowledge

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ompetition they say is good for business, but when the hand of Esau is visible in the affairs of Jacob then there is every tendency for brand owners to be skeptical of the happenings in the market.

Quite recently, after the launch of Kasapreko’s Alomo bitters into the Nigeria market its success attracted barrage of other bitters like Baby-Oku, Orijin, ‘Osomo,’ ‘Yoyo,’ ‘Koboko,’ ‘Kerewa’ and the latest entrant, Swagga bitters amongst others.

All in a combined effort has stiffened competition in the market which ‘Alomo’ owners don’t see as a problem.

Obviously privy of the dangers of adulteration, Kasapreko’s Alomo is making frantic efforts to stay on top, thus inducing an education on dangers of consuming adulterated bitters.

This practice of adulteration has not gone unnoticed, as genuine manufacturers discovered that their finances had dropped as a result of influx of adulterated or faked bitters.

To stem the adulteration trend, Kasapreko took time out to educate consumers on the dangers of consuming adulterated bitter brands with a marketing activation intended to deepen consumer consciousness about their wellness and safety by encouraging them to make healthier choices in things they eat and drink amidst the euphoria of the yuletide.

The company capitalized on the occasion of the Christmas new year celebration to roll out a weeklong marketing initiative to boost consumer knowledge of the ‘Alomo’ Bitters brand. To this end, an activation truck and a team of Brand Ambassadors were deployed to strategic touchpoints in the city of Lagos to educate consumers on the safety features of ‘Alomo’ Bitters as distinct from the imitated version and other bitter brands in the market.

For days, the ambassadors moved from social events to street carnivals and jams, market areas and neighbourhoods to drive the brand’s key message as the “authentic African herbal bitters.”

The ambassadors also distribute flyers which contain vital product information.

Radio hypes anchored by popular on Airpersonalities and a television commercial, are also running on select city stations to ensure consumers are equipped with adequate information they require on the brand need of ‘Alomo’ Bitters, thereby safeguarding them from harmful imitated products in the market.

According to officials of the company, the rationale for the initiative is that as Nigerians shop and catch fun of yuletide, they could also be assisted in making healthy choices while they also get some incentives for their loyalty to the brand over the years.

iageo, parent company of Guinness Nigeria Plc, owners of the Baileys Irish cream said its increasing its distributors' marketing profile with a car and three generating sets.

The gift winners who emerged through a raffle draw had the following trade partners emerging winners Mr. Ikechukwu Nnamani of McVic Ventures Limited, won a KIA Mohave Jeep 2015 Emeka Ezeabata and Uche Domeli won 4.5 KVA generators respectively in the 5th edition of the monthly reward system.

The company said its doing this to make the distributors feel the impact of the company on their businesses as a way of rewarding them for their patronage for 2014 December sales period.

Udjoh Ufuoma, Baileys Brand Manager, Diageo Brands Nigeria, said that its brands, including Baileys, is able to maintain its number one status in Nigeria due to the efficient working partnership the outfit has with its wholesalers.

Why we introduced a new music tracking device — CCM

A

media monitoring company, Compliance and Content Monitoring Limited (CCM), has identified the need to detect and track several songs played on the nation’s airwaves as the major reason for the introduction of musiktrak, another tracking device to its range of tracking devices.

The device, which is available on www.musiktrak.com, the company explains, detects and provides complete, comprehensive and verifiable log of the airplay of songs by local and foreign artistes across 260 radio and television stations in Nigeria.

Musiktrak, according to the Managing Director and Chief Executive Officer of the company, Mr. Tunde Onadele, is the first and only service that tracks song played across Nigeria with around the clock recording of free-to-air broadcast transmission, presented in two comprehensive report packages - the musiktrak report and the musiktrak chart.

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44 — Vanguard, MONDAY, FEBRUARY 2, 2015 Email:lesleba@lesleba.com, lesleba@gmail.com Blog page:www.lesleba.com/blog2 Website: www.lesleba.com Tel:0805 220 1997

SOLUDO VS IWEALA: The pot and the kettle he office of Dr. Ngozi Okonjo Iweala, the coordinating Minister of the Economy has promptly responded to the content of a recently published article titled “BUHARI Vs JONATHAN – Beyond the election.”

The article which was written by the former Governor of the Central Bank, Chukwuma Soludo, as an attempt to proffer solutions to our severe social and economic challenges simply echoed the prevailing popular sentiments regarding the failure, of President Jonathan’s Economic Policies, to improve the lot of our people.

However, although Soludo’s contribution does not contain any fresh mind boggling revelations on the incompetence of the current Economic Management Team, his glowing reference to the economic performance during Obasanjo’s era should ordinarily be sweet, comforting notes to Ngozi who was the leader of the Economic ‘wizards’ who were largely seconded from their responsibilities with the IMF and World Bank to rejig the Nigerian economy; nonetheless, Soludo’s latter day condemnation of the “terrible policy choices” made by the Honourable Minister in her second coming in Jonathan’s administration, probably stung madam Minister as a betrayal of espirit des corps. Consequently, the Iron Lady quickly fired back in a Press release; in her response, Dr. Iweala noted that “It is a sad day for Nigeria and the Economics profession that someone like Soludo, a former CBN governor, should write such an article. If Soludo wants to regain respect, he should return to the path of professionalism. He certainly T

needs something to improve his image from that of someone whose sojourn into national economic management ended in disaster for the banking sector.”

It is not clear when the Honourable Minister, realised that CBN’s management of monetary policies was a disaster; the question is, did she ever bring her reservations about the potential adverse impact of Soludo’s mismanagement to President Obasanjo, and if not, why did she choose to simply keep mute despite the potential magnitude of devastation that a predictable tsunami could cause to the banking sector? Was such reaction the Honourable Minister’s best expression of her patriotism?

Curiously, those of us who expressed concerns on the shenanigans of Soludo’s management of the banking subsector were quite simply ignored until the bubble burst in 2008/9, despite the Governor’s unflinching assurances to all and sundry that the Nigerian banking sector was immune from the economic crisis that engulfed everywhere else worldwide.

Latter events have shown that Soludo’s acclaimed banking consolidation and market regulations were all founded on quicksand and Okonjo Iweala is apparently clearly now more appreciative of the fact that Chukwuma’s reckless brand of banking regulation and supervision, ultimately, led to “massive accumulation of bad debts, (which) meant that our banks were ill-positioned to deal with the global financial crises when it hit. In fact, the banking sector was brought to its knees and required a massive bailout by Nigerian

taxpayers.”

It has not been verified if Soludo was a covert beneficiary of the rot he knowingly induced in the banking sector, but according to Iweala, it was evident that “there was very little separation between the regulators and the regulated.”

Thus, Soludo unwittingly or knowingly sustained a relationship that “is clearly a violation of a key requirement of central banking success.”

Iweala holds that the regulatory lacuna led “to infractions in corporate governance as loans and other

CBN’s current monetary framework adopts the same template that Soludo inherited from his predecessor credit instruments running to hundreds of billions of Naira were extended to clients without following due process, and several of these loans could not be paid back.”

S

o, according to Ngozi “ S o l u d o ’ s s i n g l e h a n d e d mismanagement of the banking sector led to an incredible accumulation of liabilities that will cost taxpayers about N5.67tn (over $36bn) to clean up.”

Sadly, future generations will inherit this debt.

The Honourable Minister also noted that the amount “constitutes the bulk of Nigeria’s contingent current liabilities’ which were decried as profligate in Soludo’s

Business & Economy Apapa traffic: Tanker drivers streamline operations

By Godwin Oritse

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HE Petroleum Tanker Drivers branch of the National Union of Petroleum and Natural Gas Workers Union of Nigeria (NUPENG) has begun moves to streamline their operations with a view to managing the perennial traffic gridlock at the port end of the Apapa-Oshodi expressway.

One of the major factors that has been attributed to the C M Y K

traffic situation, is the high concentration of tank farms in that area.

Speaking to Vanguard, the Public Relations Officer of the Petroleum Tanker Drivers, Comrade Atanda Adebayo said that in order to bring some level of orderliness to the loading of tankers at the depots, tank farms now take turns to load.

Adebayo explained that because of the problem created by the number of tank farms, the Union has resolved

to streamline the operations of these tank farms by allowing them to take turns in their operations.

Explaining further, Adebayo said that some of these tank farms take turns to load saying that “when some of them are operating, others will be shut for about three days.

“After another three days, the others will open up their operations while the ones that operated before them will shut down”

strategy, despite the needless cost and the attendant heavy accumulation of loans which are ultimately stored away as idle funds.

Similarly, the present administration continues to battle with the oppressive burden of surplus cash which the former CBN Governor also sweated unsuccessfully throughout his tenure to mop up. Curiously, still no one appears concerned on the unending source of systemic surplus Naira despite its abiding adverse consequences on the level of inflation and the capacity of small and medium enterprises to thrive and create more jobs.

Furthermore, CBN’s antisocial strategy of deliberately creating dollar scarcity after suffocating the market with freshly created humongous Naira values is actually responsible for increasingly weaker Naira exchange rates even when reserves are fortuitously bountiful; curiously, Lamido Sanusi kept faith with this same strategy and Emefiele has also become a loyal apostle.

Sadly also, cost of funds to the real sector has remained well above 20%, the same oppressive rates that constrained industrial growth during the Soludo years as CBN Governor; inexplicably, also, over N40bn contributed as levies from banks’ profits under Soludo were returned by the Governor to the same banks because CBN could not come up with an acceptable strategy for disbursement!

Yet, inspite of considerable evidence of impunity and controversial deals while CBN Governor, Soludo has surprisingly elected himself as our saviour.

Save the Naira, Save Nigerians!!

article.”

Conversely, Chukwuma’s article paints a completely different picture which portrays the erstwhile CBN Governor as the brain behind an exemplary and also socially and economically progressive Economic Management Team.

Nonetheless, the public will recognise such perception as false. Indeed, the Economic strategies of the current administration are clearly a continuation of the strategies that typified the Obasanjo era.

All the uncomplimentary features that Soludo observes in the current regime are infact amplified derivatives of Soludo/Iweala fiscal and monetary strategies between 1999-2007.

For example, the fiscal tradition of comparatively modest annual capital votes against increasing humongous recurrent consumption, prevailed in that era; Okonjo Iweala has loyally followed the same trajectory, such that almost 90% of total spending in 2015 will be devoted to plain consumption with a paltry vote of 10% for infrastructural remediation; regrettably, education budget has hardly exceeded 15% since 1999, despite UNESCO’s best practice recommendation of 26% of annual budgets.

Furthermore, CBN’s current monetary framework adopts the same template that Soludo inherited from his predecessor; for example, the oppressive system of placing government deposits for zero returns, while government embarks on regular borrowings from commercial banks with extreme rates which distort resource allocation was a permanent feature of Soludo’s monetary

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Group Business Editor Deputy Business Editor Energy Editor Asst. Business Editor Snr Bus. Correspondent Insurance Correspondent Maritime Correspondent Maritime Correspondent Energy Reporter Industry/Agric. Reporter Maritime Reporter Insurance Reporter Capital Market Reporter

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Media/Marketing E-Commerce Industry Micro Finance Graphics Department

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Vanguard, MONDAY, FEBRUARY 2, 2015 — 45

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46—Vanguard, MONDAY, FEBRUARY 2, 2015

Vanguard CLASSIFIED AGBEYEGBE—I, formerly known and addressed as Miss Agbeyegbe Victoria Eju Amona, now wish to be known and addressed as Mrs. Efemuai Victoria Eju. All former documents remain valid. General public please take note.

OPUTA—I, formerly known and addressed as Miss Oputa Faith Onyinye, now wish to be known and addressed as Mrs. Agwoile Faith Onyinye. All former documents remain valid. General public please take note.

ORITSEMINONE —I, formerly known and addressed as Prince Edemaogun Oritseminone, now wish to be known and addressed as Prince Oritseminone. All former documents remain valid. General public please take note.

ENUKA—I, formerly known and addressed as Miss Rose Obiageli Enuka, now wish to be known and addressed as Mrs. Rose Obiageli Nnanyelugo.

All former documents remain valid. General public please take note.

CHIBUOGWU—I, formerly known and addressed as Miss Chibuogwu Jebrose Cynthia, now wish to be known and addressed as Mrs. Cynthia Jebrose Christopher Nzekwue.

All former documents remain valid. National Youth Service Corps (NYSC) and general public please take note.

EKPENISI—I, the following names formerly known and addressed as Mrs. Priscilla Ifeoma Ekpenisi, Emmanuel Chibueze Ekpenisi, Praise Chinemerem Ekpenisi, David Chigozie Ekpenisi, Favour Chimamaka Ekpenisi, now wish to be known and addressed as Mrs. Priscilla Ifeoma Emefienim, Emmanuel Chibueze Emefienim, Praise Chinemerem Emefienim, David Chigozie Emefienim, Favour Chimamaka Emefienim. All former documents remain valid.

General public please take note.

ALIYA—I, formerly known and addressed as Miss Aliya Ebipade Felicia, now wish to be known and addressed as Mrs. Digitemie Ebipade Felicia. All former documents remain valid. Delta State University, Abraka and general public please take note.

EKPENISI—I, formerly known and addressed as Kelvin Chinedu Ekpenisi, now wish to be known and addressed as John Chinedu Emefienim.

All former documents remain valid. General public please take note.

OKPURUWU—I, formerly known and addressed as Alice Asap Okpuruwu, now wish to be known and addressed as Alice Asap Mabamidje. All former documents remain valid. General public please take note.

KOLE-JAMES—I, formerly known and addressed as Pamela Oluwafemi KoleJames, now wish to be known and addressed as Pamela Oluwafemi Odunayo.

All former documents remain valid. General public please take note.

NNANEDU—I, formerly known and addressed as Miss Ogonna Adaora Nnanedu, now wish to be known and addressed as Mrs. Ogonna Adaora Nwankwo. All former documents remain valid. General public please take note.

EDEH—I, formerly known and addressed as Caroline Eseroghene Edeh, now wish to be known and addressed as Caroline Eseroghene Iwelu. All former documents remain valid. General public please take note.

O M E T O R U WA — I , formerly known and addressed as Miss Ometoruwa Victoria Orighoye, now wish to be known, called and addressed as Mrs. Agbovinure Victoria Orighoye. All former documents bearing my names remain valid and teenable. General public and to whom it may concern should please take note.

B I U T UAW E — I , formerly known and addressed as Miss Rita Obuogheneruru Biutuawe, now wish to be known and addressed as Mrs. Rita Obuogheneruru Agadagba. All former documents remain valid. General public please take note.

IMONISA—I, formerly known and addressed as Miss Imonisa Amrasakpaire Philomena, now wish to be known and addressed as Mrs. P h i l o m e n a Amrasakpaire Ediomo Jumbo. All former documents remain valid. General public please take note.

C H U K W U — I , formerly known and addressed as Miss Chukwu Franca, now wish to be known and addressed as Mrs. Evivie Franca. All former documents remain valid. General public please take note.

ONWEAZO—I, formerly known and addressed as Miss Lauretta Nkonye Onweazo, now wish to be known and addressed as Mrs. Lauretta Nkonye Uwandi. All former documents remain valid. General public please take note.

A R U O T U — I , formerly known and addressed as Mr. Aruotu Odjire Felix, now wish to be known and addressed as Mr. A ruotu David Felix. All former documents remain valid. General public please take note.

ADEYEMI—I, formerly known and addressed as Adeyemi Titilayo Yemisi, now wish to be known and addressed as Anifowose Titilayo Yemisi. All former documents remain valid. General public please take note.

OZUEM—I, formerly known and addressed as Miss Ozuem Juliet, now wish to be known and addressed as Mrs. Avur u Juliet. All former documents remain valid. General public please take note.

OGHENEMAVWE—I, formerly known and addressed as Miss Oghenemavwe Josephine Edirin Onomavwe, now wish to be known and addressed as Mrs. Akhigbe Josephine Edirin. All former documents remain valid. General public please take note.

O K A F O R — I , formerly known and addressed as Okafor Vivian Amaka, now wish to be known and addressed as Paul Ahanonu Vivian Amaka. All former documents remain valid. General public please take note.

A N O S I K E — I , formerly known and addressed as Anosike Chinwe Gloria, now wish to be known and addressed as Oliobi Chinwe Gloria. All former documents remain valid. General public please take note.

O M E T O R U WA — I , formerly known as Miss Ometoruwa Victoria Orighoye, now wish to be known and addressed as Mrs. Agbovinure Victoria Orighoye. All former documents remain valid. General public please take note.

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FOR ENQUIRIES, CALL ADVERT HOTLINE: 01-8737025, OR 08035449960, 07031322957

CONFERENCE: From left: Mr, Abimbola Shodipo, Special Adviser to the Lagos State Governor on Taxation and Revenue; Governor Babatunde Fashola of Lagos State and Oba of Lagos, Oba Rilwan Akiolu, at the 8th annual Lagos State Taxation Stakeholders' conference, in Lagos.

BRIEFING: From left: Alhaji Saidu Bobboi, Vice Presidential candidate; Prof. Remi Sonaiya, Presidential candidate and Alhaja Nofisat Animasaun, House of Representatives candidate, Ibadan Constituency/South West-North-West, all of KOWA Party, at the party's Presidential candidate press briefing, yesterday, in Lagos.

BRIEFING: From left: Mr Dipo Adesida, Creative Director, Verdant Zeal Marketing Communications Ltd; Mrs Biola Agbaje, Chairman, Nigerian Society for the Blind; Asiwaju Fola Osibo, Vice Chairman and Mrs Arit Tunde-Imoyo, council member at a press briefing to mark the 60th anniversary of Nigeria Society for the Blind, in Lagos. Photo: Lamidi Bamidele

Group plans programmes to take youths off streets

By Lawani Mikairu

L

AGOS — Goodluck Friends International Foundation for Youths has lined up impressive programmes to take the youths off the streets and empower them.

This is coming on the heels of the foundation joining the rest of the world to combat the dreaded Ebola virus disease ravaging some West Africa countries.

National Coordinator, Goodluck Friends International Foundation, Mr Godsown Onyeka, told newsmen in Lagos that the foundation, which is non partisan or political has mandated its state’s coordinators to organise series

of workshop to identify youths who have natural talents that can be developed by the foundation.

Those identified with talents like singing, acting, athletics, etc will be developed and given opportunities to actualise their dreams.

He added that most Nigerian youths were deceived into believing that “dollars and pounds line up the streets of Europe for them to pick up once they get there, only to be confronted by the stark reality that you have to even work harder in Europe than in Nigeria.

There is no short route to success.“

Vanguard, MONDAY, FEBRUARY 2, 2015 — 47

48—Vanguard, MONDAY, FEBRUARY 2, 2015

Polls: MTN unveils voter education app

By Emmanuel Elebeke

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BUJA — MTN Nigeria, yesterday, launched a voter education application called 2015 BetterMe app in Abuja.

The is an innovative in voter education and engagement towards enhancing and deepening Nigeria’s electoral process.

The app, which is available to over 60 million MTN subscribers, has a vast and robust content offering including segments on the 2015 elections, among others.

The new app enables subscribers to seamlessly access information relating to the

elections, from the comfort of their mobile phones.

A subscriber can access information on candidates for the elections, their plans and manifestoes as well as the strategic thrust and policy direction of the various political parties, among others from the convenience of the mobile phone.

Director, Voter Education, INEC, Mr. Oluwole Osaze Uzzi, while speaking at the event to unveil the BetterMe app to the media in Abuja, stated that the app is a major platform for voter engagement and a big step forward in Nigeria’s quest for participatory democracy.

He said that INEC went into partnership with MTN because of the reach of its network.

General Manager, Consumer Marketing, MTN Nigeria, Richard Iweanoge, said the BetterMe app was one among several initiatives MTN has introduced to enable its subscribers derive more value from the internet.

On his part, Director General of the National Orientation Agency, Mike Omeri, said that the app was a welcome addition to Nigeria’s sophistication. “It is very uplifting that the BetterMe app was built by a Nigerian, which is an indication of our potential."

N-Delta youths to partner PPMC in curbing vandalism

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ORMER militants under the aegis of Niger Delta Youth Mandate for Transformation Agenda, NDYTA, have promised to partner the Pipeline Products and Marketing Company, PPMC, to tackle the problem of pipeline vandalism across the country.

Leader of the group, Pathfinder Fiawei, after a meeting of former militants from across the Niger Delta region, said the group will tackle the menace through series of awareness campaigns to the creeks and communities in the Niger Delta.

He explained that the country

loses billions of dollars to this national sabotage, stressing the urgent measures were needed to adequately protect oil installations in the region.

The group commended Aliyu Mekano, Warri Depot Manager, PPMC, for his effective coordination and consistence in distribution of petroleum products across the country in line with President Goodluck Jonathan's transformation agenda in the oil and gas sector.

He said that the commendation was based on the efforts of PPMC in transforming the distribution process, thereby promoting effective service delivery.

Fiawei noted that PPMC, since Mekano’s assumption of office he had built and sustained good community relationship with oil workers unions.

Group seeks support for A-Ibom PDP gov candidate

By Udeme Clement

L

AGOS — AKWA Ibom State indigenes under the umbrella of Akwa Ibom Consolidation Alliance, ACA, Lagos State chapter have expressed support for the state's People’s Democratic Party, PDP, governorship candidate in this month's election, Mr. Emmanuel Udom, calling on all Akwa Ibom people to vote for him.

The international President of the group, Mr. Andrew Uwanta, made this appeal during the inauguration of the Lagos chapter of ACA, stressing that Udom is credible and has the ability to turn around the state for greater productivity.

He said: “Udom has built a career in the financial sector of the economy over the years, and as the former Secretary to the State Government (SSG), he contributed tremendously to the success recorded by Governor Godswill Akpabio in the state.

"He will bring to bear his experience to make his government responsive, committed and more service-oriented. We need some one competent to build on the structures that the present government has put in place in order to create jobs and establish industries to move the state forward."

Vanguard, MONDAY, FEBRUARY 2, 2015 — 49

50 — Vanguard, MONDAY, FEBRUARY 2, 2015

Vanguard, MONDAY, FEBRURAY 2, 2015—51

•Ajimobi:I’m the first one that will break the supposed jinx in Oyo State

How I will break the Oyo second term jinx — Ajimobi FORMER oil company executive, senator and now governor of Oyo State, Senator Abiola Ajimobi is set for an unprecedented showdown in one of the most watched governorship races in the country. Senator Ajimobi is locked in battle against two former governors and also against two fellow senators.

In this interview, the governor reviews his achievements in office against the well reported assertion that no governor wins re-election in Oyo State affirming that such jinxes are there to be broken!

By Emmanuel Aziken, Political Editor

M

ORE than three years on the saddle, what has been your experience so far as governor of Oyo State?

My experience has been quite fulfilling, challenging and that of a mixed bag or a mixed basket of fruits, in the sense that we have had our successes in all the areas of performance indicators, similarly we have had political distractions in the

sense that even when you have done well, you still see people who will look for fault in what you have done.

I give an example; we believe that Oyo State having been tagged the dirtiest city in Africa or in West Africa, should be cleaned up; first for environmental sanitations, second for health reasons, third for security reasons and lastly for welfare and investment reasons.

In the process of doing that, we had to remove street traders who were

disturbing the flow of traffic.

So for safety reasons we had to remove those people and the beauty of it is that we are not the first government to remove people from the streets. The previous governments between 2007 and 2011, removed people from Iwo Road; between 2003 and 2007, Ladoja’s government removed people from Apeni, Elekuro and some other areas but none of them built shops for them. None of them provided alternatives.

We are the only government

that removed people from trading on the street and provided alternatives. We provided shops to accommodate close to about 7,000 traders. We also gave them money to trade-

There is always a first person to do something. I’m the first one that will break the supposed jinx in Oyo State

in some shops.

So this is an example of what I mean by mixed feelings where you have done well for the people and instead of the opposition to accept, they come back to turn it against you .

Is it true as Senator Ladoja said that some APC leaders came to beg him to join APC so that he would be given the ticket?

He is lying. The man sometimes tells stories that are not true. Our leaders; Senator Ahmed Bola Tinubu, Chief Akinyelure, former Governor Oni, they all met at Baba Obasanjo’s place and the purpose of the meeting was to get all Yor uba together and to appeal to some competing Yoruba to work together and my understanding of the meeting which I was not present was confirmed by different people; was to appeal to Ladoja and some others like him - those who are in their seventies, who have been governors or senators before to play the role of elders statesmen; to step down for the younger ones and that all Yoruba must be one.

That was the purpose of the meeting. At no time did anyone offer him gubernatorial slot of the APC and it will be crazy to do so. He has been there before, he didn’t perform well. I defeated him and I’m performing better.

Performing better So, does it make sense to you to take an incumbent who is performing well and beg somebody who didn’t perform well and was defeated by that same incumbent to have the party ticket?

And subsequently, one of the elders that was at the meeting came to me and said we should go and visit him that he should come and join us and play the role of an elder-statesman and then we went to his house and at no time did anybody talk about him becoming a candidate.

How can somebody who when he was younger could not do four rounds of boxing now say he wants to do eight rounds when he is older. Will people believe him? So I think that is my answer to Ladoja.

How do you see the Ibadan factor playing out given that four of you in the race are from Ibadan?

I think if you know Ibadan very well, we are very

Continues on page 52

52—Vanguard, MONDAY, FEBRUARY 2, 2015

How I will break the Oyo second term jinx — Ajimobi Continues from page 51 they know there are two main major parties and those parties have presidential candidates in Abuja.

And lastly is the fact that when you look at the political scenario, you will see that like Bola Ige once said, five fingers of a leprous hand, PDP is there, you have Accord from PDP and Accord is romancing the presidency and you have SDP they are romancing the presidency.

In fact, all of them were people who got dissatisfied with the PDP. So they are just the offspring of PDP and for me I see them as one and I believe that with the record that we have now, we are in a very good position to defeat them.

There have been allegations against your government that the recent bond you obtained was to prosecute the elections. How would you react to that?

The more I listen to some of these comments; I just look at them as mischievous comments.

I’d like to believe that the people making those comments don’t know better and I will like to believe that there are intelligent educated people who should know better but in case they have been mischievous.

Breaking the supposed jinx When did we apply for the bond? We applied for the bond three years ago and it was not approved. They kept asking for this and that.

But at the time we applied, we could not get approval and we kept pushing and pushing and don’t forget we asked for about N30 billion and recently they are releasing to us N5 billion out of N30 billion.

So I like to believe that they are being mischievous as far as the bond is concerned. If SEC was not satisfied, they would not have given us the bond.

What are the factors you think will determine the success of your second term bid considering that there is the jinx that no one ever got a second term in Oyo State?

There is always a first person to do something. I’m the first one that will break the supposed jinx in Oyo State. And there is actually no jinx anywhere.

Before, in some states, I think Kano, they never had the second term, Shekarau did it.

In Borno, SAS (Senator AliModu Sheriff) did it. So if in Oyo State they have never had it, Ajimobi will do it. So there is always a first time in anything.

So I believe there is no jinx and

not exposed. So, age could be an advantage in some cases and or disadvantageous in some cases.

What is the truth concerning an alleged N500 million said to have been paid into the treasury of the state. Senator Ladoja has denied complicity on the issue.

Any money you have taken and you are refunding has become your personal money.

You have government car with you; it has become your personal car. If you didn’t return it when you are going and they now come to say bring it back, who has that one? Is it personal or government?

For me, it is straight forward.

The fact is ask Ladoja why was he arrested by EFCC? Why did they detain him? What is the position of the court, has the court exonerated him?

Taking of responsibilities

•Ajimobi:Everybody will vote for Buhari

I believe my chances are very high.

The PDP candidate, Senator Teslim Folarin has promised that if voted he would work to actualise the creation of Ibadan State. How would you react to this?

They will still get Ibadan State even with me. I was one of those that sponsored Ibadan State. I fought for Ibadan and I have done a lot for Ibadan but what we are talking about is

At no time did anyone offer him gubernatorial slot of the APC and it will be crazy to do so. He has been there before, he didn’t perform well. I defeated him and I’m performing better

Oyo State and if he wants to be the governor of Ibadan State, let him wait until we have Ibadan State.

But for now we are fighting for Oyo State and we don’t need a parochial governor.

We all want Ibadan State but we are not running for Ibadan State now. We are running for Oyo State and I’m saying we will continue to run for Oyo State.

How do you assess the chances of the APC presidential candidate in the coming election?

I can assure you that the way things are going now, everybody will vote Buhari in and you could see from the campaign, you could see from the endorsements and the question is: do we want things to continue the way we are?

If we want change and improvement, vote for the man who represents change. I have always said this, we don’t know whether if we change things will improve, but for things to improve we must change. So, if we want improvement then we change.

Some critics of the APC have said that the party’s presidential candidate is too old to rule Nigeria. Don’t you share their views?

I think my honest position is that it depends on individuals.

I have heard presidents in

America that were older than Buhari and they did very well and the Supreme Court judges in America are in their seventies.

So it depends on the individual. There are even some younger ones who are not as aggressive and as agile and as intelligent as older guys.

But for me, the issue of age is only part of consideration but is not the consideration. So when you add everything up, it is like me now, when I was younger, there were things I could do, but now there are things I cannot do but I have more wisdom, I’m able to see things from helicopter’s view more than somebody who is

And the fact remains, I have made my statement. You have read our publications. Make your decision. Read what we have said, are we lying or the documents lying?

They even went behind us to go to Fidelity Bank to check whether we opened an account there. We did! We put it there as repatriated fund. I don’t know the exact amount but it was nothing less than N500 million.

So, the question I’m asking is this, when you are the governor, you take responsibilities.

They are telling people that the contract is high. Am I the one giving the contract? But I have taken responsibilities for whatever the price of the contract is.

The engineers in the Ministry of Works are not politicians; they are the one who make recommendation. So, let him answer the question. Did he and others not refund money to EFCC? Yes or no?

Vanguard, MONDAY, FEBRUARY 2, 2015 — 53

54—Vanguard, MONDAY, FEBRUARY 2, 2015

Egypt releases imprisoned Al-Jazeera reporter

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AIRO—A reporter for Al-Jazeera English was released from an Egyptian prison and deported yesterday after more than a year behind bars, but his two Egyptian colleagues remained jailed

in a case widelycondemned as a sham by human rights groups.

Australian Peter Greste was whisked away on a flight to Cyprus. His release came as a welcome surprise to fellow reporters and

US boy, three, shoots both parents in New Mexico

A

three-year-old American boy has shot his mother and father with the same bullet after pulling a gun from his mum's handbag, police say.

The incident took place in a motel room on Saturday afternoon in Albuquerque in the state of New Mexico.

The toddler was apparently reaching for an iPod. The bullet passed through his father’s buttock and hit his mother, who is eight months pregnant, in the arm. Both parents are said to be recovering.

The boy’s two-year-old sister, who was also in the room at the America’s Best Value Inn, was unhurt.

The dad, Justin Reynolds

told NBC News station that he and his girlfriend Monique Villescas were about to order a pizza when he heard the shot.

“The next minute I realised my girlfriend was bleeding. Then I sat down and realised I was shot too.”

He called emergency services and tried to stop Ms Villescas’s bleeding with towels.

He said: “I was more worried about my girlfriend than myself and anything else that was going on. And my son because I didn’t know if he had shot himself or not. He was shocked and crying.” Reynolds has been released from hospital and Ms Villescas is in a stable condition.

activists who spent months pressing for his freedom.

But rights groups and Greste’s Qatar-based broadcaster called on Egypt to release the other two defendants in the case, which has hindered the country ’s international standing as it struggles to recover from the political unrest and economic collapse caused by the 2011 uprising.

Greste, EgyptianCanadian, Mohammed Fahmy and Egyptian, Baher Mohammed were arrested in December, 2013 over their coverage of the violent crackdown on Islamist protests following the overthrow of President Mohammed Morsi.

Egyptian authorities accused them of providing a platform for Morsi’s Muslim Brotherhood, now declared a terrorist organization but authorities provided no concrete evidence. The journalists and their supporters insist they were doing their jobs during a time of violent upheaval.

The three were widely seen as having been caught up in a regional power struggle between Egypt and Qatar, which funds AlJazeera and had been a strong backer of Morsi.

Horror in Japan as video purports to show hostage beheaded by hanging for her role

T

O K Y O — APPALLED and saddened by news of journalist Kenji Goto’s purported beheading by Islamic State extremists, Japan ordered heightened security precautions yesterday and said it would persist with its non-military support for fighting terrorism.

The failure to save Goto raised fears for the life of a Jordanian fighter pilot also held by the militant group that controls about a third of both Syria and Iraq.

Unlike some earlier messages delivered in the crisis, the video that circulated online late Saturday purporting to show a militant beheading Goto did not mention the pilot.

Jordan renewed an offer Sunday to swap an alQaida prisoner for the pilot, Lt. Muath al-Kaseasbeh, who was seized after his F16 crashed near the Islamic State group’s de facto capital, Raqqa, Syria, in December.

Government spokesman Mohammed al-Momani

told The Associated Press that “we are still ready to hand over ” Sajida alRishawi, who faces death

in triple hotel bombings in Jordan in 2005.

Al-Momani also said his country spared no effort to free Goto.

Jonathan, Buhari cancel campaigns in Damaturu, Maiduguri

By Ben Agande

A

BUJA — THE presidential rally of the Peoples Democratic Party scheduled to hold in Damaturu, Yobe State has been cancelled.

Gen. Muhammadu Buhari of the All Progressives Congress, APC, also cancelled his scheduled campaign trip to Maiduguri for undisclosed reasons without making his new date for the trip public.

The rally which was supposed to hold after a similar meeting in Gombe was however called off at the last minute.

Though no reason was given for the cancellation, Vanguard gathered that the

rally was shelved due to unfavourable security report about the proposed rally.

An advanced team of the president’s campaign delegation was already in Damaturu for the rally before they were informed that it had been shelved.

Yobe, which shares border with Borno State, is the birth place of the late leader of the Boko Haram sect, Ibrahim Yusuf, who was killed in 2009.

Jonathan’s campaign train had come under increasing attacks from hoodlums in the northern parts of the country, with his convoy being pelted with sachet water and stones in Bauchi.

Vanguard, MONDAY, FEBRUARY 2, 2015 — 55

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56—Vanguard, MONDAY, FEBRUARY 2, 2015

Ngozi Okonjo-Iweala and the missing trillions

By Chukwuma Soludo

I

READ some of the responses to my article, “Buhari vs Jonathan: Beyond the Election”, and I want to thank everyone who has contributed to the debate. I am glad that the debate has finally taken off. I have decided, for the record, to re-enter the debate if only to set some records straight and hopefully elevate the debate further. Whom do I respond to? First, let me thank former Governor Kayode Fayemi for his very mature and professional response on behalf of the APC. It forms a great basis for deepening the conversation.

Pat Utomi, Oby Ezekwesili, Iyabo Obasanjo, and thousands of other patriotic Nigerians have raised the content of the debate. Femi Fani-Kayode made me laugh, as usual.

World record in pauperisation The Governor Jang faction of the Governors’ Forum played the usual politics, although I know what most of them think privately. Who else? Oh, Peter Obi. Well, since he can’t write and designated Valentine as usual to write for him (who never disputed the NBS statistics that Obi broke world record in the pauperization of Anambra people. I won’t dignify him with a response here. His third class performance in Anambra will be the subject of a comprehensive article later.

Here, I will focus on Dr. Ngozi Okonjo-Iweala’s response (as Minister of Finance and Coordinating Minister of the Economy - CME, and hence on

strong as the current one. It is my honest effort to ensure that our choice of leaders is based on rigorous scrutiny of what is on offer. Part of my frustration is that five years after, everything I warned about has come to happen and we are conducting our campaigns as if we are not in crisis. As a concerned Nigerian, I have a duty to speak out again. Regrettably, you have taken it very personal.

I am not bothered about the personal abuses: I actually expected worse. What name has the government not called President Obasanjo or any person who has dared to disagree with it of late? Anyone who disagrees with the government must either be ‘insane’ or have a ‘character’ deficiency or must be ‘looking for a job’ or ‘without honour’, or a ‘charlatan’. Yesterday, Sanusi alleged that $20 billion was missing and he was accused of gross financial mismanagement, recklessness and poor governance to the point of being the first governor of central bank to be suspended from office.

Malicious attacks

Today, he is the good one; and for daring to award an “F” grade for our economic performance, Soludo has become the ‘worst’ and ‘ without character ’ or perhaps ‘looking for position’ (Lol!). Some days ago, a former president was called ‘a motor park tout’ and ‘un-statesmanly’ just for disagreeing. This “how dare you criticise us” mind-set of the government is dangerous for our democracy.

In this Part One of my planned three part series, I will restrict it to the main issues you raised. I will not bother about the malicious attacks on my person. For me, it is nothing personal.

In early 2011, I had a similar heated exchange with then Finance Minister, Segun Aganga.

But when the Nigerian economy was at stake and CHUKWUMA CHARLES SOLUDO he invited me to a behalf of the Federal stakeholders meeting in his office Government). Since I have (as Minister of Trade and known her, out of deep respect, I Investment) to discuss Nigeria’s have never called her by her response to the ruinous EUname: I call her Madam. I must Economic Partnership for Africa state that I have great pains (EPA), I flew into Nigeria for that seeing myself on the opposite (at my expense) - the first and side of the table with Madam, in only time I have been to any this way. I respect you, Madam, government office to discuss and will always do. If you read policy since I left office. It is about my article of September 2010 Nigeria. I will, as expected, (before you became Minister), remind people like you of the the tone and elucidation were as salient aspects of my record of

Map of Nigeria public service in response to your charge; challenge your claim to debt relief, and your reason for not saving; and most importantly re-focus our attention to the historic mismanagement of our economy which you carefully avoided.

I will show that while you are introducing austerity measures and soon to immiserate the citizens, our public finance is haemorrhaging to the point that estimated over N30 trillion is missing or stolen or unaccounted for, or simply mismanaged— under your watch! We can’t go on like this, and I am convinced that an alternative future is possible. Can we have a public debate on this alternative future?

The issues at stake are too grave to be trivialized through name calling. As I write, the naira exchange rate to the dollar is at N215 (from N158 a few months ago) and unless oil price recovers, this is just the beginning. For the sake of Nigeria, I won’t keep quiet anymore!

Let me start with Madam’s rather comical, wild judgment on my tenure of office which I believe to be totally false and baseless. I apologise upfront that in the process of making a

Five Nigerian newspapers and magazines simultaneously named us “man of the year” in one year - unprecedented in Nigeria’s history

‘personal defence’, it is difficult to avoid a rather uncomfortable emphasis on “I”. I did not want that but since Madam has dragged us this low, I have little choice but to do so in the next few paragraphs - just to keep the record straight!

Public officer's stewardship In my view, there are three criteria for evaluating a public officer ’s stewardship: the evaluation by his employer; the satisfaction of the public he served; and the hard facts of performance. As I will show on these three counts, I am convinced that I left a world record of public service, and a thousand Okonjo-Iwealas cannot re-write that history. I served Nigeria under two presidents (Obasanjo and Yar’Adua) and as my immediate bosses, below are their written testimonials of my record.

Said President Obasanjo (December 2004): “Charles Soludo is a true Nigerian. He is the sort of Nigerian that we all know we can rely on. Among his numerous virtues is COURAGE. I have found in him a man who can take tough and realistic decisions, stand his ground, educate others on the salience of his decision, and work very hard to ensure that the decision is efficiently and effectively implemented. His dedication to duty is first rate. His leadership qualities are admirable and his willingness to listen and learn is simply infectious. Professor Soludo has within a short time emerged as one of the leading lights of our nation. Not because he has a godfather but by sheer hard work, loyalty, dedication to duty, commitment to the nation, creativity, and undiluted association with the reform agenda….”

President Yar’Adua (May 2009) had the following to say about the Central Bank of Nigeria under my leadership: “… the CBN has performed creditably well in delivering on its core mandates. This is especially even more so in the last five years. Most people would agree that without the successful banking consolidation and

effective management of our foreign reserves, the current global crisis would have shaken the financial system and our national economy to their foundations with calamitous consequences”.

In the President’s special letter of commendation after the completion of my tenure of office, President Yar’Adua (June 2009) had the following to say to me: “As your tenure as Governor of the Central Bank of Nigeria comes to a glorious end, I write on behalf of the Government and people of Nigeria to place on record our debt of gratitude to you for your dedicated service and uncommon sense of duty over the past five years. I am confident that your worthy antecedents in the CBN and in prior appointments in the service of our nation remain sources of inspiration to an entire generation. As I wish you even more astounding successes in the years ahead, it is my fervent hope that you will readily avail us of your distinguished service when the need arises in the future”.

To the best of my knowledge, President Obasanjo has not changed those views even after ten years. The views of my two bosses, not the emotional outburst of an angry person desperate to get even, are what count. How did Nigerians evaluate my public service?

Unfortunately, we do not have scientific opinion polls on job approval ratings for individual public officers. But if the public opinions of individuals and organized groups (labour, employers, depositors, borrowers, stakeholders of the financial institutions, newspaper editorials, investors, etc) as expressed in thousands of newspaper/magazine clips during and after my tenure are anything to go by, then 82% of the public largely agree with the sentiments expressed by my two bosses.

Excellent public service Your views belong to the other 18% which is okay, after all, no one is perfect. Five Nigerian newspapers and magazines simultaneously named us “man of the year ” in one year— unprecedented in Nigeria’s history. I do not talk about hundreds of awards and recognitions by various segments of our society (during and even after service) for “excellent public service”.

I was particularly touched by the historic award by the staff union of the Central Bank and the tears in the eyes of many as thousands of the staff gave me a standing ovation as I walked the aisle after my brief farewell speech.

Certainly, the international community (investors, bankers, scholars, donors, media, etc) took serious notice of the revolution in Nigeria’s monetary and financial system. I am recipient of five international awards as global and African central bank governor of the year, not to mention dozens of other Continues on page 57

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Ngozi Okonjo-Iweala and the missing trillions Continues from page 56 recognitions (even after leaving office).

The London Financial Times described us as “a great reformer”. Even as the global economic and financial crisis raged in 2008, the United Nations General Assembly appointed me to serve on the Commission of Experts to reform the international monetary and financial system. You don’t appoint someone who has ‘mismanaged’ his national financial system to reform the global system. For 8 years until 2012, I served on the chief economist advisory council (CEAC) of the World Bank, and together with two Nobel Prize winners in economics and other experts we met periodically and advised two presidents and two chief economists of the World Bank, and in 2011, I served on the External Advisory Group of the IMF.

Attempt to rewrite history Again, these are not positions for ‘mis-managers’. Since I left office, I have been advising countries and central banks; and there is hardly any two months I don’t consult/advise on banking/ financial and monetary policy. I have given these illustrations to make the point that for every one Okonjo-Iweala’s attempt to rewrite history, there are thousands who disagree.

Now, to some skeletal facts of our stewardship! I will be brief as I have a whole book to tell my story. As chief economic adviser, I had advised that our banking system could not support the private sector-led economy envisioned under NEEDS. When I assumed office at CBN, I inherited 89 rickety, mostly family banks (all of which put together were not up to the size of number four bank in South Africa). Many were insolvent, with depositors’ money trapped, and 20 more about to collapse.

To get a credit of $300 million probably required all the banks to syndicate it. For me, there was a national emergency. I drafted a 13-point reform agenda, discussed and agreed all the specifics with the President, and his VP; as well as my management team at the CBN, and we swung into action.

President Obasanjo promised 100% support and actually delivered 1000% - which was decisive.

I apologize to you Madam because I did not brief or inform you about it. We just wanted to keep it confidential given the sensitivity of the announcement.

It is on record that you never supported it. It was both a revolution and a war and most people thought it was “impossible”, but thank God we succeeded. For the first time in

Dr. Ngozi Okonjo-Iweala

President Goodluck Jonathan Nigeria’s history a policy of that magnitude was announced and deadline kept with precision.

We were courageous to revoke the licenses of 14 banks, including those of my friends, in one day. The FT-Banker concluded that the scale, precision, and cost of the transformation were unprecedented in the world.

Before then, Malaysia had the least cost of banking consolidation at 5% of Malaysian GDP. It did not cost Nigerian taxpayers one penny. Twenty-five new, stronger banks emerged but the powerful idea behind consolidation ignited something even more powerful—‘the race to the top’. Banks raised more capital, and even banks like First Bank, Zenith, GTB, etc that did not merge with others went on capital raising several times.

The consequence was higher levels of capitalization and within two years, 14 Nigerian banks were in the top 1000 banks in the world and two in the top 300 (no Nigerian bank was in the top 1000 before I came). Even after I left office, still 9 banks were in the top 1000. Our vision was to have a Nigerian bank in the top 100 banks within 10 years. As I see the new Access bank; Zenith,

All over the world, no financial system has succeeded in routing out all criminal behaviours by the operators

GTB, Fidelity, Diamond, UBA, FBN, FCMB, Skye, Stanbic IBTC, Union, Ecobank, etc, I cannot but feel that we have taken giant steps forward.

Deposits and credit soared (from barely N1.2 trillion to over N7 trillion); new technologies (ATM and e-banking) boomed, and banks had 57,000 new jobs; mega businesses emerged (ask any major operator in the Nigerian economy their experience with banking and credit before and after Soludo — the Dangotes, Arik, MM2, oil and gas operators; etc); capital market boomed and dominated by the banking sector.

Banking consolidation It was a new dawn for Nigerian private sector. I have heard Dangote twice say that he would not be near as big as he is today without the banking consolidation. Many other stakeholders still say it today.

FDI and portfolio inflows flooded into Nigeria. The world celebrated, and one single transformative idea has changed the face of the private sector and economy forever.

Banks became Nigeria’s first transnational corporations with about 37 branches outside of Nigeria.

Nigeria survived the global crisis because of this, and it is the banking sector that has largely been powering the economic growth you claim (compare banks trillions of naira credit for investments in the productive sector with your government’s miserable expenditure on critical infrastructure and investment; much of your borrowing – bonds – is from the banks).

Your privatization of power sector, several PPP projects on infrastructure, etc, are now possible because of the mega banks. Today, Nigerian banks syndicate multi-billion dollar loans— unthinkable before.

Madam, if the consolidation was ‘mismanaged’, there would not have been any bank to start with in the aftermath of the global

crisis— as President Yar’adua correctly pointed out.

Even you, during a recent presentation at the Banquet Hall in Abuja advertised consolidation as a historic achievement. How can you recognize a ‘mismanaged’ project as an outstanding achievement? As we say in Igbo, you can’t cover the moon with your palms.

Let me be clear: the quantum size of the new banks following consolidation presented challenges of risk management and supervision. We deployed all we had and overworked the CBN staff. The carry-over of bad loans from the consolidated banks was quickly cleaned up.

To the best of my knowledge, we instituted stringent regulatory and supervisory regime (consistent with best practices at the time).

Resident examiners We even had resident examiners in the banks and required bank MDs to personally sign their reports to CBN. I recall that the former MD of GTB complained of “ regulatory intrusiveness”. To our credit, nonperforming loans (NPL) came down from 22% in 2003 and 2004 to 6% as at 2008.

Anywhere in the world, a central bank that brought NPL from 22% to 6% over a four year period does not look like one with a loose supervisory regime.

Name other developing countries that performed better, Madam. So, on point of fact, Madam lied. Yours was a reckless assertion without basis by a Finance Minister.

The banks in Nigeria were supervised by the CBN and NDIC, but other institutions international firms which audited them, international rating agencies which also examined their books, capital market operators since most were listed companies - all had oversight. I put on record that there was never any information/report of infractions by any bank which was brought to my attention and which we did not act upon decisively during my tenure.

I heard the comment that some of the bank MDs were my friends. Well, my response is that perhaps as CME you should kill all your friends operating in the economy or become their enemies. For the record, my successor audited all the banks and none of my so-called friends

was indicted. It speaks volumes.

Indeed, it is also a fact that the alleged personal criminal infractions (including lapses in c o r p o r a t e governance Madam alluded to) by some bank CEOs were found out, only AFTER they had been removed from office.

My successor told me that the comprehensive audit of the banks did not reveal such infractions. Of course, you must be God or have a special tip-off from inside to get to such information while the MDs are in office.

Unfortunately, all over the world, no financial system has succeeded in routing out all criminal behaviours by the operators. So, Madam, I challenge you to provide one shred of evidence that ‘there was no separation between regulators and regulated’ or be honourable enough to retract your reckless statement.

What happened? The unanticipated and unprecedented crisis of 2008/09 hit the world. More than 40 US and European banks either collapsed or were shaken badly (remember the Lehman Brothers, Fannie Mae and Freddie Mac, Wachovia, HSBC, Lloyds TSB, Citibank, Goldman Sachs, even UBS, etc) and hundreds of billions of dollars were spent to bail them out.

The contagion effects spread like a wild fire, destroying national stock markets and banks.

The nascent (big) banks in Nigeria faced sudden multiple shocks— liquidity, exchange rate, oil price, capital market, etc.

Loans to oil and gas As oil prices collapsed, loans to oil and gas became nonperforming overnight; loans to the capital market became nonperforming overnight; etc. Our first priority was to save the entire banking system and the economy from systemic collapse.

I assured Nigerians that no bank would be allowed to fail, and not many people know what it took to achieve it. Once we had navigated through the unexpected /unprecedented turbulence, we laid out a comprehensive plan to clean up the debris which we presented to stakeholders in Lagos (March 2009).

I had pleaded with the Senate to pass the AMCON bill which we sent to them in 2004. But I had a comprehensive plan to finish the clean-up with or without AMCON by the end of 2009, including second round consolidation and a N500 billion fund (my book will detail all these). I left behind an 11volume document of the Financial System Strategy 2020

Continues on page 62

58—Vanguard, MONDAY, FEBRUARY 2, 2015

Letter to President Jonathan

By Niyi Osundare

D

EAR President Jonathan, let me begin this letter by telling you what you already know; by reminding you of what you are not expected to have forgotten: the year 2015 has been predicted to be, and is being widely seen as, the year of Nigeria’s unravelling. The year that Leviathan contraption knocked together by Frederick Lugard for the glory of the British Empire, will totter back to its separate aboriginal parts and drown an already overwhelmed Africa with another swarm of hapless refugees in an unspeakable maelstrom of the typical African misery.

This dreadful prediction is generally believed to have originated from the star-gazing wizardry of American soothsayers, reinforced by the frighteningly frank morbidity of studies such as Karl Maier’s This House Has Fallen. Some Nigerians as well as nonNigerians interested in Nigeria’s affairs shudder at the threatening inevitability of this prediction.

Others dismiss it as another tale from the seamless yarn of Nostradamus, the religious among them claiming that the God that brought us together this far is not about to abandon us and let us fall apart.

The rich and fat kleptocrats who hold their knives to the carcass of the Nigerian elephant are too avaricious, too satiated, too

NIYI OSUNDARE

visionless to notice the dangers in the Nigerian forest, forever festering, as they do, in the illusion that the booty is far too big, too sumptuous to vanish under their gaze. Worthy descendants of ancient Nero, they feast while the country burns. The politically clever among this group try to paper over the cracks and fissures in the Nigeria house with dubious “advertorials” and syrupy sloganeering as if a loud noise of can smother the stench of a rotting corpse.

Mr. President, between the morbid prognostication of the first group and the heady optimism of the second lies the real truth of the Nigerian condition as well as the sane, intelligent appreciation and analysis which the situation requires. The contraption over which you

preside is not a country yet: it is still very much a work-inprogress with its frustratingly rough edges and unpolished aspects.

I am tempted to conclude that you yourself know this. Which was why you convoked that huge National Conference last year, an act many Nigerians saw as so suspiciously close to the end of your first term as President as to constitute a major plank in the campaign for a second. But, at least, yours was an attempt at a task many of your predecessors in office had routinely shied away from, though we are all wondering what benefits are likely to emerge from that very expensive national constitutional jamboree.

Oh, please forgive my patriotic digression. The burden of this open letter is the impending national election, the run-off to it, its actual execution, and its possible aftermath. Mr. President, you will agree with me that this election is so crucial, so fateful that its outcome will decide the coming to pass or otherwise of the doom so loudly and so frightfully foretold for Nigeria.

Troubling signs The troubling signs are all over the place, as visible, even conspicuous as Aso Rock which overlooks your presidential abode. Right now, the whole northeastern flank of our country is literally out of and beyond your control. The kidnappings, blood-letting, and other gruesome barbarities in these parts make the Dark Ages look like a humane era. The Chibok Girls have been gone for almost nine months, with no possible solution from your government, and the whole wide world is defining Nigeria’s international standing by the utter helplessness and apparent apathy of its government.

Like those of other people in the world, my heart bleeds each time I remember these girls (and I do so many, many times a day), the manner of their abduction, and worse still, what fate must have befallen them in the hands of their violent captors.

We have seen you traversing the country, making speeches, and waxing bold on the hustings, but we have not heard any credible anti-insurgency plan that would make Nigeria safer in your second term Another alarming phenomenon is the treasonous threat from some ‘militants’ from your region of origin who claim to be speaking and acting in your defence and on your behalf. One of them actually declared for the whole world to hear that ‘Nigeria will be history’ if you are not ‘given’ a second term. The closer we get to the election, the louder

rein in the flame-throwers; nor have we seen your AttorneyGeneral read them the portions of the Nigerian constitution forbidding their inflammatory incitements. There surely must be a wide discernible difference between a national leader and a tribal jingoist. Say something, Mr. President. Say something.

Your silence in this instance is anything but golden. Your ostrich cannot hide for long, for the Nigerian sand has become so transparent, thanks to many years of painful wisdom and enlightened skepticism of the people.

Now, the impending election.

As I once said in an open letter of this nature to one of your predecessors in the presidential office, in my reading of Nigeria’s history, no event has so constantly, so serially threatened the peace and very existence of Nigeria as the conduct of general elections: the botched federal elections of 1964, the Western

has become the thunder of this piece of ethnic blackmail.

For the avoidance of doubt, I am one of those who fervently believe that the Niger Delta has been done a terribly raw deal by previous Nigerian governments, and that a combination of reparation and reconstruction has become a compulsory political and economic (and environmental!) necessity. But, Mr. President, have you been hearing what these ‘militants’ have been saying?

Have you been listening to them? Are they really speaking on your behalf? What do you see and sense in their threats: a bond of ethnic solidarity, or a threat to Nigeria, the country over which you preside? Are you a president of the whole of Nigeria or a tribal champion for an ethnic enclave?

Have you done a study of the sociology and statistical diversity of the votes that brought you to the presidential throne – or that Nigerian conundrum called ‘doctrine of necessity ’ which eased your way to full presidential Nigerians queueing to vote power a few years regional elections of 1965 whose ago?

Mr. President, while the blatant rigging led to the ‘weti e’ country cannot hold you insurrection, then the January responsible for the opinions and 1966 military coup, then the utterances of other people no pogrom on the Igbo people, then matter how close they appear to the secession of Biafra, then the be to you, it is your bounden duty (un)civil war; the ‘landslide to disclaim incendiary utterances fraud’ by the NPN in 1983, then capable of setting the Nigeria another ‘weti e’ episode, then the house ablaze. Put succinctly, it is military coup of January 1984; the your inescapable duty to respond June 12 1993 election widely PERSONALLY and considered as the freest and unequivocally to all such fairest in Nigeria’s history, utterances with an emphatic: annulled all the same (or for that NOT IN MY NAME! I have not reason) by General Babangida heard you say that, Mr. President. and his cohorts, then the long The whole country is waiting for period of civil strife and the you to say so. We have not seen eventuation of General Abacha’s your Inspector General of Police murderous despotism. The election of 2003 and 2007 did not go without the usual rigging, while the one of 2011 that brought you to a full presidency ended up with violent protests in certain parts of the country.

Make or break election

I am one of those who fervently believe that the Niger Delta has been done a terribly raw deal by previous Nigerian governments

And 2015, here we come. The year of Nostradamus. The year of the make-or-break election.

Mr. President, from its every indication, from its verbal language and body gesture the world has been telling you how crucial the coming election is and why every step must be taken to make sure it ends up as fair and free and credible. Kofi Anan and Emeka Anyaokwu, two international potentates, have come to Abuja to supervise a peace accord between you and your opponent, General Buhari.

John Kerry, the American

Secretary of State, has also called, telling you and your fellow political warriors that his country will offer no safe haven to Nigeria’s election riggers. I deeply appreciate the counsel of these honourable men even as I add my own humble entreaty: You are the Commander-in-Chief of the Armed Forces and Chief Security Officer of the Nation: use these powers justly and fairly by allowing the security agents to supervise the elections in a nonpartial manner. I say this because experience has shown that election rigging in Nigeria is invariably carried out with the full and blatant ‘cooperation’ of security agents. Many of them do not even pretend about it as they often ask ‘who you think I go side? No be de person who pay my salary, the person who give me kola chop?’. Some of our security agents have always looked the other way when illegal ballot thumb-printing is going on, when ballot-box stuffing is in

progress, and when ballot snatchers are at work. They have perfected the act of kidnapping and ‘disappearing’ leaders of the opposing party and holding them down till the elections are over.

This is why every major election in Nigeria is trailed by all manner of rancor and mayhem.

Mr. President, your party, the PDP, has ruled Nigeria for over 15 years now; it has established an unconscionable control over all the levers of power. You will scatter this country if you allow them to use that power to disadvantage the other parties.

The major cause of Nigeria’s electoral fiasco is the refusal of the ruling party (at national and state levels) to allow a peaceful change of power. That kind of civilized democratic transition is often seen as a sign of weakness.

And when the ruling party makes peaceful change impossible that way, it invariably makes violent change inevitable. Please don’t make a mockery of the ‘I’ (standing for ‘Independent’) in INEC. Let victory go to whichever party the Nigerian people choose to embrace. Again, as I told one of your predecessors at this kind of electoral juncture a couple of years ago, please remember there is life after power. Let us do everything to circumvent the 2015 apocalypse.

Make sure History does not write you down as the last President of the Federal Republic of Nigeria.

Your compatriot, Niyi Osundare, New Orleans

Vanguard, MONDAY, FEBRUARY 2, 2015 — 59

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60 — Vanguard, MONDAY, FEBRUARY 2, 2015

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62—Vanguard, MONDAY, FEBRUARY 2, 2015

Ngozi Okonjo-Iweala and the missing trillions Continues from page 57 (FSS2020) which has remained the policy roadmap for the CBN/ financial sector since I left office.

I have two analogies for our experience. Ours was really like an airplane that was cruising and suddenly meets an unexpected and unprecedented turbulence.

After the pilots and the crew succeed in navigating through the potential crash and probably land the airplane, people look in and start blaming the crew for the broken tea cups, chairs, and drinks that fell during the turbulence as evidence that the crew never kept the airplane clean or serviced it. My second analogy is that of a sudden earthquake in a region it was never expected and some houses collapsed. All of a sudden, the housing authority is to blame for not requiring earthquake-proof foundations for the houses. Well, my legal experts call it force majeure, an act of nature!

Financial system To be fair, after every crisis, there are lessons (and my book will detail what, with benefit of that experience, we should have done differently).

Risk management— which has always been there— now took a new centre stage all over the world following the crisis. But for anyone to suggest that CBN under me, for one minute, took its eyes off the ball is, to say the least, ludicrous.

The US financial system literally crippled the world costing America hundreds of billions of dollars but no one has suggested that Alan Greenspan is no longer the great maestro!

AMCON is a big topic (which I will address at a later date) but her claims show either ignorance or mischief. She claims that N5.7 trillion of AMCON funds was used to rescue banks and the ‘bond issued’ as ‘cost to taxpayers’. Really? I will deal with the AMCON I envisaged and the AMCON under you later but let me state that even if 100% of the banks’ NPL was offloaded on AMCON, it would not be up to N5.7 trillion.

Enough said for now. The fact is that the Federal Government has not put a penny in the AMCON fund: the banking system is financing itself, and together with the sinking fund by banks, AMCON surely can’t default (thanks to consolidation that the banks are now big enough to cough out such funds to solve the system’s problem).

Did you intend to deceive the readers by refusing to tell them that much of the AMCON fund is ‘investment’ and not ‘expense’.

Am sure you heard the IMF’s alarm about moral hazard? If you want, we can have a focused debate on AMCON. Next, let me briefly respond to a few outlandish claims. She brags about ‘single-digit’ C M Y K

inflation rate ‘now’ and alleges that when I left office, inflation was above 13%. I just laughed at this one. In Nigeria’s history, no governor of the Central Bank has delivered 24 consecutive months of single digit inflation as I did until the advent of the unprecedented global crisis in 2008.

Unprecedented global crisis It was not for nothing that the world cheered us as monetary policy czar, Madam! Perhaps you are also not aware that we broke a world record by having a depreciated real effective exchange rate during a time of export boom and this was at the heart of our reserve accumulation and the portfolio/FDI inflows. I resisted the IMF advice to deplete reserves for liquidity management, and Nigeria had enough self-insurance to survive the global crisis. The opposite has happened under you Madam, and the Nigerian economy is in trouble. Naira exchange rate appreciated under me from N133 to N117 before the global crisis; and reserves grew to all time high of $62 billion. For the first time since 1986, the official, interbank and parallel market exchange rates converged under me. You can’t match these records!

I hereby challenge your attempt to blame others for not saving for the rainy day. It is not a virtue when you are quick to appropriate all the credit when things are going well, but shift the blame when they go wrong.

You blame the state governors— who, according to you, have taken the Federal Government to the Supreme Court—not that a Supreme Court judgment forced your hands.

For your information, the governors have never agreed to savings and always threatened

We had a great team at work and each member of the economic team had specific aspects of the conditionalities to deliver

court action even under Obasanjo. Why did we save under Obasanjo but not under Jonathan? Two keywords explain it: leadership and integrity.

Governor Amaechi said the governors insisted on sharing the funds because they found out that you were illegally fiddling with the savings.

So, as Nigerians still wonder, if billions of dollars are now ‘missing’ under your nose, why should governors trust you to keep their money? Do the states that have taken the federal government to the Supreme Court and refused to save also include the PDP governors - who are in the majority?

If so, then it is fatal: even governors of your own party, PDP, do not trust you to keep their money! Furthermore, did the governors also stop the Federal Government from saving part of its share? If you ran a surplus budget at the Federal level, you would have had credibility to blame others or to say they did not listen to your advice. The key point is that since you w e r e running huge deficits yourself, it was also in your own interest to share the ECA. You did not show leadership or credibility, full stop!

N e x t , Madam, I was really embarrassed for you to read that one of the reasons for declining forex reserves is ‘oil theft’. Under you as Minister of Finance and coordinator of the economy, the basket of our national treasury is leaking profusely from all sides.

Just a few illustrations!

First, you admit that ‘oil theft’ has reduced oil output from the average 2.3 - 2.4 million barrels per day (mpd) to 1.95mpd (meaning that at least 350,000 to 450,000 barrels per day are being ‘stolen’. On the average of 400,000 per day and the oil prices over the past four years, it comes to about $60 billion ‘stolen’ in just four years. In today’s exchange rate, that is about N12.6 trillion.

This is at a time of cessation of crisis in the Niger Delta and amnesty programme. Can you tell Nigerians how much the amnesty programme costs, and also the annual cost for ‘protecting’ the pipelines and security of oil wells? And the ‘thieves’ are spirits? Come on, Madam!

Second, my earlier article stated that the minimum forex reserves should have been at least $90 billion by now and you did not challenge it. Rather it is about $30

billion, meaning that gross mismanagement has denied the country some $60 billion or another N12.6 trillion.

Now add the ‘missing’ $20 billion from the NNPC. You promised a forensic audit report ‘soon’, and more than a year later the Report itself is still ‘missing’.

This is over N4 trillion, and we don’t know how much more has ‘missed’ since Sanusi cried out.

How many trillions of naira were paid for oil subsidy (unappropriated?). How many trillions (in actual fact) have been ‘lost’ through customs duty waivers over the last four years?

As coordinator of the economy, can you tell Nigerians why the price of automotive gas oil (AGO), popularly called diesel, has still not come down despite the crash in global crude oil prices, and how much is being appropriated by friends in the process? Be honest: do you really know (as coordinator and minister of finance) how many trillions of Naira, self- financing government agencies earn and spend? I have a long list but let me wait for now. I do not want to talk about other ‘black pots’ that impinge on national security.

My estimate, Madam, is that probably more than N30 trillion has either been stolen or lost or unaccounted for or simply

mismanaged under your watchful eyes in the past four years. Since you claim to be in charge, Nigerians are right to ask you to account. Think about what this amount could mean for the 112 million poor Nigerians or for our schools, hospitals, roads, etc.

Faceless 'thieves' Soon, you will start asking the citizens to pay this or that tax, while some faceless “thieves” were pocketing over $40 million per day from oil alone.

You alluded to debt relief in your response and tried to take credit.

Well, your CV is honest enough to admit that your two achievements in office as Finance minister under Obasanjo were that “you led the Nigerian team that struck a deal with the Paris Club” and that you “introduced the practice of publishing each state’s monthly financial allocation in the newspapers”. You are right about the two achievements. Let me put on record that Nigeria would have secured debt relief under

anyone as Minister of Finance.

President Obasanjo secured debt relief for Nigeria. Much of his first term was used to get Nigeria back into the international community and to campaign for debt relief. Before you were sworn in as Minister of Finance, President Bush visited Nigeria and both of us accompanied President Obasanjo during the meeting.

Conditions of the Paris Club There, Mr. Bush promised to support Nigeria with debt relief and asked our president to ensure that he met the conditions of the Paris Club. Obasanjo mobilized the global political support and coordinated all of us to ensure that the government met the check-list of ‘conditionalities’ as required. I spent five weeks in the hotel with my team (as coordinator/chairman for drafting the National Economic Empowerment and Development Strategy, NEEDS).

Some of the reform targets in NEEDS became the ‘conditionalities’ Nigeria was required to fulfil to merit debt relief. You and I signed the various MoU with the IMF on behalf of Nigeria (the policy support instrument).

We had a great team at work and each member of the economic team had specific aspects of the conditionalities to deliver: Bode Agusto was in-charge of the budget; Oby Ezekwesili held sway at Bureau of Public Procurement and later Minister of Solid Mineral, and Education (but specifically tasked with delivering on EITI and procurement reforms); Nuhu Ribadu was at the EFCC fighting corruption; I was at the Central Bank delivering on monetary policy and banking reforms; Steve Oronsaye worked hard to delist Nigeria from the FATF; Nenadi Usman was in-charge of the parastatals; El-Rufai held forth at FCT and in charge of public sector reforms; privatization programme went on, etc.

Did you know that the IMF wrote President Obasanjo threatening that there would be no debt relief if the CBN did not meet some monetary targets, and do you know the magic we performed to meet them?

To be concluded

Vanguard, MONDAY, FEBRUARY 2, 2015 — 63

A

S you are reading this only four of the sixteen teams that dreamt of dethroning Nigeria as Africa Nations Cup Champions are still left standing.

For twelve others the dream has ended. Hopes dashed aspirations cut short.

By the time of filing this report, only two of the four quarter final matches had been played, the explosive encounters in Bata where RD Congo came from two goals down to beat Congo 4-2 and the ill tempered confrontation that saw the host Equatorial Guinea continue their fairy tale story, also coming from one goal down to send packing the favoured Tunisians 2-1.

Between Ghana, Algeria, Cote D’Ivoire and Guinea ( Ah! Guinea) whoever emerges will not punctuate the surprise that has ruled this Nations Cup from inception.

Ah Guinea. The rules and regulations of the Nations Cup, Article 74.1.1 says In case of equality between two teams at the end of the group matches, the teams will be ranked according to the following criteria in the order listed below: The first order is greatest number of points obtained in the match between the two teams concerned, ( What is popularly known as head to head) then the goals difference in all group matches , the greatest number of goals scored in all group matches and FINALLY 74.1.4 “ A drawing of lots conducted by the Organising Committee.

The lots option was like the last resort, a deus ex machine of sorts. How were the authors of the text to know that a situation could arise where after three matches, two teams could not be separated, equal on points, goals scored and conceded? Yes it happened before, far in between, yet it happened here again and when the lot was cast, Guinea progressed and Mali rued her penalty loss.

For Seidou Keita this Nations Cup was to be curtains.Dedicated and loyal years of service to country was to be brought to an end here and team Administrator Moussa Kanoute was to regret, “…..if the lot does not favour us, I can see Keita going into retirement nursing forever the regret that he cost us quarter final qualification in Equartorial Guinea….”

Is CAF considering expunging article 74.1.4 from its

Ghana Continues from BP striker Kwesi Appiah.

The second in particular was a magnificent strike, as Atsu cut in from the right wing and curled a beautiful dipping shot over the dive of Guinea keeper Naby Yattara to make it 30.

Atsu, despite his lack of playing time in England, is an established name in Ghana, and has been a regular for Avram Grant’s side in Equatorial Guinea. But for 24-year-old striker Appiah, on loan from Crystal Palace, this was his first international start, and it brought his first international goal.

The League Two forward also helped provide another on his full debut, as the Black Stars saw off Guinea with incredible ease. Ghana were helped greatly by some woeful Guinean defending, in particular for Appiah’s goal shortly before half -time.

Centre back Baissama Sankoh made such a hash of his clearance that it trickled straight into the striker’s path on the edge of the box, and Appiah, with no defenders in sight, finished coolly through Yattara’s

legs.

It was the crowning glory on an excellent display from the Thamesmead-born forward, who also had a hand in the first goal, scored by Atsu, in just the fourth minute.

Appiah drove at the Guinea defence before feeding Andre Ayew in the box. The Marseille forward took the ball away from goal before rolling it across the box, for Asamoah Gyan. But despite the striker arriving ahead of the ball, it still arrived for Atsu to convert emphatically at the far post.

From that point on Ghana were in control without ever having to get into top gear.

Guinea - who only reached the quarter-final through the random procedure of drawing lots - were disappointing from start to finish. They had promised to lift their Ebola-ravaged nation with a win after their mid-week reprieve, but never looked capable of scoring.

Kevin Constant, excellent throughout the group stages, was extremely disappointing before being replaced shortly before the hour, while Idrissa Sylla, inexplicably preferred to Mohamed Yattara up front, was appalling until half-time, when he was hooked.

Even the usually lively Ibrahima Traore was

. . . . And now they are four For twelve others the dream has ended. Hopes dashed aspirations cut short regulations? Maybe, but someone has to come up with an ingenious replacement in a game that is so dynamic that even penalty kicks are considered a “lottery” an “unfair end to effort” Back to the competition.

Wednesday in Bata and Thursday in Malabo, the game will resume with semi final confrontations, Equatorial Guinea travelling to Malabo to meet the winner of the Ghana -Guinea confrontation, while RD Congo waits in Bata for the winner of the Algeria/Cote Divoire match.

For Equitorial Guinea this is already a dream come true. A fairy tale. Not in their wildest imaginations did they believe that they will come this far. Thrown out for fielding an ineligible player, then re-assembled in a hurry to fill the gap of host, here they are in the semi final and suddenly believing they could lift the trophy.

No inferiority complex here. Fuelled by a very vociferous crowd, the fabled twelfth person, the hosts have taken every game with determination and a resolve not to strangely subdued, as the National Elephant failed to muster a single shot on target.

To add insult to injury they had Naby Yattara sent off in stoppage time for bringing down Gyan with a flying kick when the former Sunderland man was through on goal.

Yattara might have been shown a red card an hour earlier for a needless shove on Atsu, so he could have few complaints about his late dismissal, which saw an outfield player between the posts for the final few seconds.

Super 6 Continues from BP African Youth Championship-bound Flying Eagles side, still had enough points to emerge tops of the pack.

The Coach Samson Siasia led u-23 side, comprising the players that went to Tunisia last week for an international friendly and those prosecuting the Super 6 took the game to their younger ones at the blast of the whistle but could not convert their chances.

disappoint and their victory over Tunisia has guaranteed them a place in the last day of the competition if not as finalists, as losing finalists!

A draw against Congo on Opening day, another draw versus Burkina Faso, they short circuited form books by beating Gabon 2-0 and ousted Tunisia 2-1. Yet to lose a match, they can dare to dream.

For a country ranked the 118th best football playing nation in the world, 36 in Africa, this is indeed a fairy tale. Incidentally the same FIFA Ranking seems to do justice to the teams that progressed in this competition to the quarter final stage.

Take Algeria, first in Africa Tunisia second, Cote Divoire third, Ghana fifth, Guinea sixth ( Cameroun 7th and Mali, 9th) Equatorial Guinea is set to dislodge that myth. Also in that list add RD Congo, 13 in Africa, (57 in the world). So much for those who believe FIFA Rankings are academic.

Has there been a favourite match for me? All, all the matches have come with their individual and distinct flavouring, yet none may beat the six goal thriller of a quarter final between Congo Brazzaville and Congo DR. Goalless in the first half, the game came alive in the second as Congo went two goals up. With experienced tactitian Claude Le Rois on the bench, nobody gave the modest Congo DR the opportunity of coming back.

Before now the Kinshasha guys had drawn all their three matches played against Zambia, Cape Vert,and Tunisia and managed to edge Cape Vert into the quarter final by Superior goals scored.

Pride was at stake against neigbhours and traditional foes. As the President of the Federation and CAF Executive Committee Constance Omari said later, losing to Congo was a big blow. “……However if we were to lose, we were to lose gallantly that is why the boys went all out, reduced the tally and suddenly found the adrenalin to equalize and pump in two more for a famous victory.”

He will do everything to get the match ball.

Equitorial Guinea? Ghana? Congo DR? Patience guys, until February 8, the Super Eagles of Nigeria are still the defending Champions.

See you next week.

Prince Aggrey got the curtain raiser for the Coach Manu Garba side in the 28th minute while Peter Onyekachi equalized for the Dream team in the 32nd minute.

At the resumption of the second half, the Dream team took the lead with a penalty converted by Oghenekaro Etebo in the 48th minute but Benard Bulwark drew level for the Flying Eagles in the 54th minute.

Etebo was to hit target again in the 68th minute

while substitute Chidera Eze equalized for the Flying Eagles in the 77th minute. Both teams made frantic efforts to win the match but could not before the referee ended proceedings.

Earlier in the day, league champions Kano Pillars defeated Enyimba International of Aba by a lone goal while Warri Wolves defeated the weeping team of the tournament, Dolphins of Port Harcourt by 2-1.

Eagles would have retained AFCON title –Patrick

F

ORMER Eagles striker, Pascal Patrick believes the Super Eagles would have ‘easily’ retained the Africa Cup of Nations if they had qualified.

Pascal, an Atlanta ’96 Gold medal winner for Nigeria believes all the teams at the African championship have been poor, and

Djokovic Continues from BP Murray in a Melbourne final and brought him an eighth Grand Slam title.

Murray, 27, has now won two of the eight Slam finals he has played in, having lost all four in Australia.

believes it would have been an ‘easy ride’ for the Super Eagles if only they had made the tournament.

“This Africa Cup of Nations has not been interesting because all the teams have not been playing well,” he said.

“The inconsistency is just too much and I believe we would have easily retained the cup if we had qualified because we would have beaten most of these teams,” he said.

The tournament is at its semifinal stage, with hosts Equatorial Guinea beaten Tunisia to advance – albeit controversially. Powerhouses, Cameroon, Cote

D’ Ivoire, Ghana and pretournament favourites, Algeria have all struggled to impress, and this has left Pascal ruing Nigeria’s failure to make the mundial.

“I still feel sad whenever

I think about it, especially when I watch the games.

The big teams are not playing well and this would have been a big opportunity for us to win it for the fourth time.

Arsenal

Continues from BP with a low finish.

Theo Walcott added a third after a razor-sharp counter attack, Santi Cazorla scored a fourth from the penalty spot after substitute Chuba Akpom was felled by Brad Guzan and Hector Bellerin completed the rout with a wonderfully-placed fifth.

Arsenal have 42 points

from 23 games and trail fourth-placed Southampton, who host Swansea City in Sunday’s late game, on goal difference and thirdplaced Manchester United by a point.

Villa, 16th and without a win since December 7, have not scored a Premier League goal since December 20 are three points above the relegation zone.

Vanguard, MONDAY, FEBRUARY 2, 2015

Flying Eagles win Super 6

BY JUDE OPARA, Abuja

T

HE Flying Eagles have emerged champions of the Super 6 invitational tournament at the Abuja

•Garba

Continues on Page 63

Djokovic wins fifth Aussie Open title

AFCON 2015:

Ghana cruise into semi final

N

OVAK Djokovic proved too strong for Andy Murray as he won a fifth Australian Open title in a punishing final. The Serb, ranked number one, came through 7-6 (7-5) 6-7 (47) 6-3 6-0 in three hours and 39 minutes.

It was a third win over British number one

Continues on Page 63

•Djokovic

Arsenal thump Aston Villa

•Thrash Guinea 3-0

A

E

VERTON winger Christian Atsu scored twice as Ghana booked their place in the semi-finals of the Africa Cup of Nations by beating Guinea 3-0.

Atsu, who has scarcely played during his loan spell at Goodison Park from Chelsea, struck his goals either side of one from Cambridge United Continues on Page 63

National Stadium.

Despite having their winning run ended by the U-23 team, who held them to a thrilling 3-3 draw yesterday, the

CELEBRATION••• Black Stars of Ghana players celebrate as they cruise into AFCON semi final. Photo: AFP.

RSENAL climbed above rivals Tottenham Hotspur into fifth in the Premier League after an emphatic 5-0 victory against goal-shy Aston Villa at the Emirates Stadium on Sunday.

France forward Olivier Giroud opened the scoring in the eighth minute after he was sent clear by Mesut Ozil’s delightful flick before the German added a second

Continues on Page 63

•Giroud

QUICK CROSSWORD

TODAY'S

PUZZLE

FRI DAY'S FRIDAY'S

ANSWERS

DOWN ACROSS 2 Respect (3) 1 Ball (5) 3 Dromedaries (6) 5 Metal (6) 4 Period (3) 8 Originate (5) 5 Amphibian (4) 10 Scribe (6) 6 Grain (6) 11 Verruca (4) 7 Defeats (6) 14 Twists (6) 9 Nightmare (7) 15 Room (7) 12 Tool (3) 18 Overtake (3) 13 Record (4) 19 Cot (3) 16 Friend (4) 21 Fewer (4) 17 Instrument (5) 23 Cylinders (5) 20 Apportioning (7) 24 Cowshed (4) 22 Slit (4) 27 Ocean (3) 24 Pester (6) 29 Pub (3) 26 Sumptuous (4) 31 Customers (7) 26 Bury (6) 32 Pronouncement (6) 28 Rubbish (6) 34 Whetstone (4) 30 Churchwoman (3) 35 Zero (6) 33 Beverage (4) 38 Protection (5) 36 Lubricate (3) 39 Chafed (6) 37 Possesses (3) 40 Lead (5)

YESTERDAY'S SOLUTIONS ACROSS: 1, Direct 5, Adze 8, Extra 9, Cap 10, Sigh 11, Size 12, Games 13, Maiden 16, Wets 18, Arch 20, Pea 22, Oat 23, Ley 24, Vast 25, Prey 28, Docile 30, Plays 32, Sloe 33, Taut 34, Van 35, Steed 36, Site 37, Asides.

DOWN: 1, Decamp 2, Reptiles 3, Cashew 4, Exhausted 5, Arsenal 6, Dais 7, Eyes 8, Egg 14, Neophytes 15, Icy 17, Tar 19, Relieved 20, Pan 21, Athlete 26, Youths 27, Tennis 29, Asks 30, Post 31, Sad.

How to Play Sudoku

P

lace a number (1-9) in each blank cell. (No line can have two of the same number).

Each row (nine lines from left to right), column, (also nine lines from top to bottom) and 3 X 3 block within a bold block (nine blocks) contains number from 1 through 9. This means that no number can appear twice in any block, column or row.

No mathematics is involved – no adding, subtraction, division or multiplication, just plain logic and your imagination.

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