How Dickson won Bayelsa Gov poll

...towards a better life for the people

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VOL. 25: NO. 62668

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MONDAY, JANUARY 11, 2016

FG to raise N1trn ARMS PROBE: Osoba group disowns from plugging Falae over N100m revenue loopholes donation 11 8

How Dickson won Bayelsa Gov poll •Our victory painful; we lost many of our dear ones — PDP •APC kicks; Ekweremadu congratulates Dickson

By Emmanuel Aziken, Political Editor & Samuel Oyadongha

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ENAGOA— GOVERNOR Seriakae Dickson was, yesterday, returned as the winner of the Bayelsa State governorship election. This followed the declaration of the results of the supplementary elections conducted at the weekend in Southern Ijaw Local Government Area and 101 polling

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BAYELSA POLLS RESULT Total Registered voters 654,493

Accredited Voters

242,114 Total valid votes 225,520 Rejected votes 6647 Total votes cast 232167

APC — 86,852 PDP —134,998 PDM — 1572

Mr & Mrs

P.33

OWEI LAKEMFA

P.32

HEBRY BOYO

Is Lagarde a fairy

When IMF visits, godmother or tears follow economic imperialist?

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COLUMNISTS:

VICTORY—Bayelsa State Governor, Seriake Dickson (centre), flanked by his wife, Rachael (right)and PDP Acting National Chairman, Prince Uche Secondus, raising their hands in victory, shortly after INEC's announcement, declaring Dickson as winner of the State Governorship election, yesterday. Photo: Samuel Oyadongha

Stock market: Investors lose N455bn in 5 days

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POCKET CARTOON Dickson

INSPECTION: From left; Deputy Governor of Central Bank of Nigeria, CBN, Economic Policy, Sarah Alade; CBN Governor, Mr. Godwin Emefiele; GM, Process and Site Coordinator, Dangote Fertilizer, Anuraj Jaiswal and President of Dangote Group, Aliko Dangote during the inspection of the Dangote Refinery and Fertilizer Plant, by the CBN officials, yesterday.

How Dickson won Bayelsa Gov poll Continues from Page 1 units in six other local government areas. The supplementary elections followed the cancellation of the election in Southern Ijaw and the 101 units due to irregularities in the governorship election conducted on December 5, 2015.

Dickson, who was the candidate of the Peoples Democratic Party, PDP, polled 134,998 votes to triumph over his predecessor and candidate of the All Progressives Congress, APC, Chief Timipire Sylva who polled 86,852 votes. A total of 232,167 votes were cast in the election out of which 6,647 votes were rejected as invalid.

Moses Siasia, a younger brother of

Nigeria’s Under 23 football coach, Samson Siasia, who was the candidate of the Peoples Democratic Movement, PDM, took a distant third with 1,572 votes despite a high-profile campaign.

The declaration of the final results by the returning officer, Professor Zana Akpagu commenced shortly after 8.00 p.m. last night and punctured the high drama and suspense that had held many of the state’s political stakeholders for most of yesterday.

The agents of the PDP, Chief Fred Agbedi and that of the APC, Barrister Dennis Otiotio had in the course of the day at the collation centre, Yenagoa, repeatedly exchanged accusations over the conduct of the supplementary elections in Southern Ijaw Local Government Area and some other units where

IT'S UP TO YOU

BY AYO ADIO The reason many fail to realise their dreams isn’t really because the lacked the requisite support but because it was never tied to a genuine purpose outside of them. It's up to you.

TAKE HEART

BY ELLA RANDLE

Love is giving others the freedom to be—Take Heart Quotes

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EARN to live without attachment to things or people. in the song of life. It does not matter who is dancing away from you but rather more sweetly who is singing in harmony with you. Be generous, tender and yet strong enough to stand by your decisions.

Learn to yield and bend. Be flexible in your dealings with others. Always choose kindness over being right. Fill your heart with gratitude and practice radical humility. See the miracle of love in everything and everyone.

SAYINGS OF OUR PEOPLE

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HE grashopper says it has given birth to a baby, but whether the baby learns how to dance or not, depends on the baby.

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the elections were cancelled last December.

Earlier in the day, the returning officer for Southern Ijaw Local Government Area, Dr. Johnson Dagana had declared the result of the election in the local government area putting Dickson as the winner of the contest in the area with 23,2081 votes.

Sylva, who had earlier predicated his possible victory in the governorship election to amassing significant votes to wipe away the 30,000 plus lead of Dickson, garnered last December, however, failed to record the upset in the local government area.

In the end, he got only 10,216 votes out of the 33,607 valid votes cast in the local government area that is also the base of Dickson’s late patron and first civilian governor of the state, Chief Diepreye Alamieyeseigha.

Following the declaration of the results, Barrister Otiotio, agent of the APC candidate immediately renounced the declaration of Dickson as the winner, saying the election should have been declared inconclusive on the claim that the difference between the two leading candidates was less than the number of cancelled votes. He also alleged irregularities in voting in some sections of the state.

His claim was immediately dismissed

by Agbedi, the PDP agent who blamed the irregularities on the APC even as he acclaimed the performance of Dickson as the reason for the PDP victory.

Ekweremadu congratulates

Following the declaration of the results, the Deputy President of the Senate, Senator Ike Ekweremadu, the highest elected PDP official in the Federal G o v e r n m e n t , congratulated Dickson saying the victory was sweet.

He said: “It is a sweet victory, coming against all odds. It is a testimony to the performance and popularity of Governor Seriake Dickson and our great party, the Peoples Democratic Party, PDP. “I commend the people of Bayelsa State for standing up to be counted, for protecting their democratic rights to freely choose their leaders. They have made a resounding statement to the effect that the state remains a PDP enclave and that they are committed to keeping it so.”

He, however, charged Governor Dickson to repay Bayelsans for their faith in the PDP and his leadership credentials with greater transformation in his second term.

He also enjoined him to reach out to his opponents for the peace and progress of the state, while ensuring that every part of the state is fairly treated irrespective of their political choices.

It was painful victory — PDP

The state chapter of the PDP, however, rued what it described as the cost of human lives it took the party to achieve victory.

The party stated this through the Director of Publicity, Restoration Campaign Organisation, Jonathan Obuebite, shortly after the declaration of the results.

“It’s painful that this victory has come with so much pain because we lost dear ones. Those who died are our brothers. So many are yet in the hospitals nursing life threatening injuries because our opponents wanted to win at all cost. We wish to express our deepest condolences once again and to assure them that their death will not be in vain”, it stated.

Obuebite who noted that the victory was important because it came the way of the PDP even in the face of intimidation, tyranny, threats and violent attacks, added that “despite the challenges, democracy won.”

He said: “We want to use this opportunity to sincerely thank all Bayelsans for their doggedness and patriotism because even in the face of such

terrible intimidation and violence decided, out of their own volition, they came out to re-elect and return the Countryman Governor to office for the next four years. We are grateful for your remarkable decision as expected in a democracy."

Dickson thanks electorate, says no celebration In his acceptance speech, Bayelsa State Governor, Henry Seriake Dickson, thanked the electorate for ensuring his re-election for another four years, but said there would be no celebration because of the number of lives that have been lost.

The governor in an emotion-laden statement signed by his Chief Press Secretary, Daniel Iworiso-Markson, released to journalists last night in Yenagoa, however, vowed that he would do everything possible to identify the perpetrators and bring them to justice.

He promised to work tirelessly to justify the mandate given to him “as we tried to do in the first four years to almost u n i v e r s a l acknowledgement and approbation.”

While extending a hand of fellowship to his political opponents, Dickson said since election has been won and lost, the needs of Bayelsans, the challenge of improving their material condition remains and is even more urgent.

The text of the Governor ’s statement reads thus: “My good people of Bayelsa State, I am extremely humbled tonight on the valiant efforts you made to revalidate the mandate you gave me four years ago. With all manner of forces arrayed against us not least the utter desperation of our political opponents, community

after community led by women and youth stood gallantly to defend the sanctity of their votes and to resist the efforts of hoodlums who style themselves as “militants” to undermine the democratic process.

“To the extent that the people ensured that they spoke loud and clear and that their choice clearly emerged provides some reassurance that our democracy is coming of age. Sadly however the elections were conducted at the price of several lives lost and mayhem visited on many communities by mindless brigands clearly suborned by those who do not respect the democratic process and have equally scant regard for the sanctity of lives and property. Unfortunately, we can’t celebrate because people have died.

“I want to assure you that we will do everything possible to identify the culprits and bring them to justice. I want to express my heartfelt condolences and sympathy to the families of the innocent victims of the violence.

The government will be undertaking a full account of what happened.

“The mandate you have given us having been clearly demonstrated, I want to assure you that my administration will work tirelessly to justify this mandate as we tried to do in the first four years to almost universal acknowledgement and approbation. The present economic climate in the country may be very harsh with the precipitous slide in oil revenues but I want to assure you that we will courageously tackle the challenges of economic and social development with renewed vigour.

“Here I will like to extend a hand of fellowship to our political opponents. The election has been won and lost but the needs of our people, the challenge of improving their material condition remains and is even more urgent. That should now be the focus of all our attention and efforts.

“God bless the valiant people of Bayelsa.”

Vanguard, MONDAY, JANUARY 11, 2016—7

Police kill 2 robbery suspects in Ughelli shootout

By Perez Brisibe

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GHELLI—THERE was tension, yesterday, at Upper Afiesere Junction, Ughelli, as a combined team of policemen and vigilante engaged a gang of suspected armed robbers in a shootout,

during which two of the bandits were killed.

A senior police officer attached to the Ughelli ‘A’ Division, who spoke on grounds of anonymity, said that a police patrol team was drafted to the robbery scene at 1.10p.m., following a tip-off on the operations of the

hoodlums.

The source gave the identities of the suspects killed in the shootout as Orido Kess and Simple.

The source said: “On sighting the team, the hoodlums numbering four, opened fire leading to a gun duel, resulting

in the death of two suspects.

Two others escaped into a stream with bullet wounds.”

Items recovered from the suspects were two motorcycles, a cut-to-size double-barrelled gun, one locally-made pistol, four expended and two live cartridges.

ARRESTED: Some of the suspects arrested in connection with the robberies at the National Theatre and Ijora area of

Lagos State.

‘I was hypnotized by pastor to steal company’s car’

By Evelyn Usman

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AGOS—PLANS by a 25year-old company driver to divert the company’s vehicle from Lagos State to Ogun State has been foiled by operatives of the Rapid Response Squad, RRS, following his arrest alongside an alleged accomplice.

On interrogation, the suspect, Daniel Oguntade, alleged that he was hypnotized by his pastor (names withheld), to divert the company ’s vehicle, a Toyota Hiace, 2014 model, with number plates EKY 463 DM. Vanguard gathered that Oguntade was directed to pick up a client at the airport and, thereafter, drop N150,000 with other people on December 24, 2015.

Apprehension, however, set in when he did not return at 8p.m. as expected, with the visiting client stranded at the airport. Efforts to reach him proved abortive as he reportedly ignored several calls to his phone.

When the information reached Lagos State Commissioner of Police, Mr. Fatai Owoseni, he reportedly directed the Commander, RRS, Olatunji Disu, to unearth the

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circumstances surrounding the disappearance of the driver and the company’s vehicle.

With the collaboration of policemen at the Sango Area Command, Ogun State, the car was said to have been traced to Ifo in Sango, where the driver and a man, later discovered to be an electrician, were allegedly trying to disconnect the tracking device in the car.

Suspect’s story

Oguntade told Vanguard: “I had no intention of diverting the vehicle. My pastor talked me into doing it.

“I have been working for the company for three years without any soiled record. My salary is N60,000.

“I suspect I was hypnotized by my pastor (names withheld) because while I was on the Third Mainland Bridge at 11.30a.m., heading for the airport, I received two calls; one from my dad, informing that my mother was sick and the other from my Pastor, ordering me to report immediately at the church located at Adiyan, Ogun State.

“As if propelled by forces beyond me, I proceeded to the church in the company ’s vehicle.

... pastor denies him “On arrival, my pastor told me to drop the hampers in the church, even when I told him that my boss directed me to give them to some clients.

“He reminded me that that day was Imoke day, a special service day and asked me to join the service.

“A church member, Oyetade Ade, accompanied me to the fuel station to fill the tank. But to my surprise, the car refused to start while at the fuel station. Time was 7.30p.m.

Tracked down

“When I called my pastor to inform him about the development, he said I should tell my boss that the vehicle had been snatched by robbers, including the hampers and cash. I could not pick my calls when my boss called and when I eventually picked it, I could not talk.

“I never knew the vehicle had a tracking device. I thought it had an electrical fault that was why I called an electrician to repair it. To my surprise, RRS men swoop on us.”

Police sources told Vanguard that when invited, that the Pastor denied Oguntade’s

claim.

The suspects were, yesterday, transferred to the Special AntiRobbery Squad, SARS.

Navy nabs 11 suspected oil thieves in Delta

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HE Nigerian Navy in Delta State has handed over 11 crew members of the MT Camille to police.

They were apprehended for alleged illegal oil bunkering.

Cdr. Shehu Tasiu, Base Operation Officer, Warri Naval Base, handed over the suspects in Warri, yesterday.

Mr. Shawulu DanMamman of the Special Investigation Panel, SIP, received the suspects and inspected the vessel, which is currently in the custody of the Navy in Warri.

Tasiu told newsmen that Naval personnel intercepted the vessel and its crew on November 14, 2015 during routine patrol on Forcados Offshore, Burutu Local Government Area of Delta.

He further said the vessel was laden with about 4,000 metric tonnes of product suspected to be crude oil.

He said the previous names of the vessel were LAURENTUS (1988), MIRAGE (1988-2003), BARONES (2003-2006) and MELVIN (2006).

The suspects and the vessel were earlier paraded at the naval base on November 27 before the Flag Officer Commanding, FOC, Central Naval Command, Yenagoa, Rear Admiral Apochi Suleiman, who described the act as “economic sabotage.”

RRS nab 11 over National Theatre attacks

By Evelyn Usman

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AGOS—OPERATIVES of the Rapid Respond Squad, RRS, of the Lagos State Police Command, weekend, arrested 11 suspected members of a robbery gang that specialized in attacking fun seekers at the National Theatre and other parts of Ijora area of the state.

The suspects, as gathered, attacked a female trader, dispossessed her of N250,000 Saturday, while other unsuspecting fun seekers had their valuables forcefully taken away. The gang was at the verge of attacking another group of ladies when RRS operatives swoop on them.

Sighting the policemen, the robbers took to their heels, but one of them, Onuwa Friday, who was recently released from prison, was arrested.

Police sources hinted that an empty hand bag, later identified as that of the trader, was recovered from Friday. Sources said the suspect’s confessional statement led policemen to the gang’s hideout around Ijora bridge, where 10 other suspected members of the gang were apprehended.

The suspect told Vanguard: “We went to Costain, opposite the National Stadium to rob.

It was Kowasibe (another member of the gang) that accosted the lady in whose bag we found bundles of naira notes in N500 denomination.

Kowasibe was the only one armed. The gun was used to scare our victims.

“I just finished serving a year jail term. I was arrested over the crisis that broke out in Ajah during electioneering campaign in 2013.”

8—Vanguard, MONDAY, JANUARY 11, 2016

Adeola faults minister of finance over approval of NCC budget

By Henry Umoru

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ARMED FORCES REMEMBRANCE DAY: From left, Speaker, House of Representatives, Yakubu Dogara; Vice President Yemi Osinbajo; Secretary to the Goverment of the Federation, Babachir David Lawal; Permanent Secretary, Ministry of Defence, Amb. Danjuma Sheni and Chief of Defence Staff, Maj.-Gen. Abayomi Olonisakin, during the 2016 Armed Forces Remembrance Day Inter-Denominational Church Service at the National Christian Centre, Abuja, yesterday.

FG to raise N1trn from plugging revenue loopholes As poor funding may limit results of anti-graft agencies

By Emeka Anaeto, Economy Editor

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AGOS — WITH concerns over 2016 deficit funding, the Federal Government is looking at raising over N1 trillion from plugging revenue loopholes as pressures mount against the revenue estimates in the 2016 budget.

This will be coming in addition to plans to raise N350 billion from recoveries of stolen funds in the on-going anti-graft war.

The 2016 budget financing plan, according a Finance ministry source, envisages significant revenue from blocking leakages expected to yield over N1.0 trillion during the 2016 fiscal year.

The Nigeria Customs Service, NCS; Nigerian National Petroleum Corporation, NNPC and the Nigerian Ports Authority, NPA, are the main targets for this revenue source.

The breakdown of the revenue side of the budget with the ministry shows several unconventional sources of funding for the budget.

Waste reduction initiatives

Key among them includes a revenue optimising measure expected to be complemented by initiatives meant to reduce wastage of public funds such as the recently established Efficiency Unit meant to identify and eliminate wasteful spending, duplication and other inefficiencies across Ministries, Departments and Agencies (MDAs).

Other waste reduction initiatives include engagement of costing experts to scrutinize the 2016 budget proposals with a view to further improving efficiency. Also, government intends to extend the Integrated Personnel Payroll Information System (IPPIS) to all C M Y K

MDAs in order to maintain a lean payroll.

With a projected revenue of N3.86 trillion in the face of dwindling crude oil receipts, government estimates that oil revenues contribute N820 billion of the total revenue; non-oil revenues, comprising Company Income Tax (CIT), Value Added Tax (VAT), Customs and Excise duties, and Federation Account levies, are expected to contribute N1.45 trillion while independent revenues are expected to contribute N1.51 trillion through the enforcement of the Fiscal Responsibility Act, 2007 and public expenditure reforms in all MDAs.

Remittance of independent revenues

In addition, the government intends to significantly improve the collection and remittance of independent revenues from government agencies with the full implementation of the Treasury Single Account (TSA).

A Finance ministry source, who said the budget breakdown would answer all the posers raised by critics of the budget, explained that the delay in putting the budget together was as a result of the difficulties in balancing Nigerian’s expectations with realities on ground.

One of the key posers the budget elicited was the revenue shortfalls against increased expenditure where the budget envisaged to fund the deficit with about N1.8 trillion borrowing whereas the entire estimated revenue based on oil price of USD38 per barrel appears unrealistic, as oil prices have since crashed below the benchmark.

The crash has already made both the size of the budget deficit and the matching funding also unrealistic while creating additional deficit and funding gaps, while price recovery on sustained basis is not expected soon, according to international energy experts.

The finance ministry source also indicated that only N67 billion increase in tax revenue is expected as the government is not going to increase tax, but will expand the tax net.

Poor budgetary allocations to anti-corruption agencies

The budgetary provisions for anti-corruption war, according to some analysts, however, appear inconsistent with the hard line position of President Muhammadu Buhari as only a marginal 3.1 per cent increase was effected in their budget while many of them had their allocations significantly slashed, thus strengthening the concern of those routing for plea bargaining option.

Only four of the total nine federal agencies involved in anticorruption activities got increased budget.

One of them with major increase in its budget was Fiscal Responsibility Commission, FRC, at N494 million, about 47 per cent increase from N336.8 million it received in last year’s budget.

Other major increases were for Bureau of Public Procurement, BPP, and Nigeria Extractive Industries Transparency Initiatives, NEITI, which had a 40 per cent increases each receiving N1.4 billion against 2015 amount of N1.0 billion.

BUJA — VICE Chair man, Senate Committee on Communications, Senator Solomon Adeola, representing Lagos West on the platform of All Progressives Congress, APC, yesterday faulted moves by the Minister of Finance, Mrs. Kemi Adeosun, to approve the budget of the Nigerian Communications Commission, NCC. According to Senator Adeola, the proposal of the minister to vet the income and expenditure of NCC was a breach of Section 25(2).

Senator Adeola said that the Minister was wrong on her submission that Nigerian Communications Commission, NCC, among other revenue generating agencies should submit their “budgets for approval”, adding that any attempt by the minister of Finance and the supervising minister to approve the budget of NCC in particular would amount to a breach of the law and an encroachment on the function and power of the national legislature.

Reacting to the briefing of the minister after the first Federal

Executive Council meeting in the year, Senator Adeola noted that under the NCC Act, only the National Assembly was empowered to consider and approve the budget of NCC. He said, “I am surprised that the minister was quoted as including NCC among other agencies required to submit budgets for her and other supervising ministers to approve. As well intentioned as this may seem in the effort to generate revenue and block leakages, it is a flagrant contravention of the NCC Act as well as usurping the power of the National Assembly to approve the budget of NCC.” In a statement issued yesterday in Abuja by the Media Adviser to the Senator, Chief Kayode Odunaro, the Vice Chairman of Senate Committee on Communications who referred the minister to Sections 17-21 of the NCC Act that dwells on the financial provisions for NCC, said that the only fund NCC was mandated to pay to the Consolidated Revenue Fund of the Federation is “all monies accruing from the sale of spectrum” as contained in Section 17(3).

Arms probe: SERAP sends an open letter to Jonathan

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AGOS— SOCIOECONOMIC Rights and Accountability Project, SERAP, has sent an open letter to former President Goodluck Jonathan seeking explanations from him on what he knew on the diversion and sharing of over $2 billion meant for purchase of arms to fight Boko Haram.

SERAP’s Executive Director, Mr Adetokunbo Mumuni, in a letter, which read in part, said: “SERAP is sending you this open letter to seek explanations from you, as former President and Commander-in-Chief of the Nigerian Armed Forces, on what you knew, or had reason to know on the apparent diversion and sharing of the over $2 billion meant to purchase arms to empower Nigerian soldiers to fight Boko Haram.

“SERAP considers that there is enough material in the public domain to suggest that over $2 billion meant for purchase of arms to equip Nigerians soldiers fighting Boko Haram in the North East of the country was diverted and shared among high-ranking government and party officials under your watch as President and Commanderin-Chief of Nigerian Armed Forces.

“SERAP and indeed Nigerians reserve the right to pursue justice through appropriate national and international accountability mechanisms to ensure that everyone involved in this heinous crime is brought to justice in accordance with international standards of

fairness.

“Is it correct to suggest that the budget of over $2 billion to purchase arms for Nigerian soldiers fighting Boko Haram in the North-East of the country was authorised by you or your office? In other words, did your former National Security Adviser (NSA), Col. Sambo Dasuki (retd) seek your approval to collect from the Central Bank of Nigeria the over $2 billion meant for purchase of arms for Nigerian soldiers?

“If so, Nigerians would like to hear from you whether the apparent diversion and sharing of our commonwealth by your former NSA was expressly or implicitly authorised by you.

“Is it then correct to suggest that the former NSA implements presidential decisions and not make them? If so, is it also correct to suggest that the apparent diversion and sharing of the over $2 billion meant for purchase of arms was a presidential-level decision and that you signed off on it?

“Is it not correct to suggest that your administration acted on the basis that it was essentially unrestrained by international or Nigerian law in engaging in or encouraging the apparent diversion and sharing of the over $2 billion meant to purchase arms for Nigerian soldiers in order to protect them against attacks from Boko Haram and to enhance their ability to defend the territorial integrity of the country and provide security for its citizens?"

Vanguard, MONDAY, JANUARY 11, 2016— 9

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10 — Vanguard, MONDAY, JANUARY 11 , 2016

Ogunpa market to wear new look

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HE planned redesign and redevelopment of the popular Ogunpa Market, Ibadan, by the Oyo State Government through the Public Private Partnership, PPP, arrangement will commence today.

The project is expected to accommodate more than 1,000 shops, as well as modern social infrastructure.

The development followed a meeting held between the stakeholders and the state government at the House of Chiefs, Parliament Building, Ibadan, on Friday.

It will be recalled that government’s resolve to transform the market through a PPP arrangement had generated tension among the traders and other stakeholders.

Some of the traders had expressed the fears that since the project would be executed by a private developer, they might not be able to afford the cost of the shops, which they said might be exorbitant.

Besides, they were worried that the original traders in the market might be shut out upon completion, while the completed shops might be allocated to influential people who presently had no stake in the market.

The fears were, however, assuaged at the meeting, which was attended by the representatives of the state government; the Chairman, Oyo State Market Advisory Council, Alhaji Dauda Oladapo; his deputy, Mrs. Abake Lawal; and other markets leaders.

NECA hails FG on fuel subsidy removal

By Victor Ahiuma-young

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AGOS—THE Organised Private Sector, under the umbrella of Nigeria Employers’ Consultative Association, NECA, at the weekend, commended the Federal Government for the removal of the fuel subsidy.

The Director-General of NECA, Mr. Olusegun Oshinowo made the commendation while fielding questions from newsmen in Lagos.

Oshinowo said that though the government said that the new dispensation would be predicated on what it called “price modulation.”

He said that hopefully, the issue of fuel subsidy and its financing would not surface again in government’s budget.

According to him, it is pertinent for the government to focus on the policy framework as well as incentives that will ensure that Nigeria is self-sufficient in the refining capacity to meet her energy needs.

However, Oshinowo noted that the organised private sector was expecting a decisive, unambiguous and explicit policy statement that the subsidy regime had ended.

He said that the government should also ensure the privatisation of the four refineries and jointly agree on a timeline and modalities with Investors on the utilisation of the licences already issued for the setting-up of private sector-owned refineries.

The director-general stated that there should be redefinition of the role of the Petroleum Products Pricing Regulatory Agency, PPPRA, as an ombudsman.

A DA G RY — A member of the House of Representatives representing Badagry, Mr. Hontoyon Bamgbose has demanded that the Federal Government and Governor Akinwunmi Ambode of Lagos State institute programmes for the aged and widows in the country.

Bamgbose, who made the demands weekend while disbursing cash and other items to the aged and widows in Badagry, lamented they (aged and widows) were often C M Y K

competition that would guarantee reasonableness of products pricing.

By Monsur Olowoopejo

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KITI-ELEVEN (E11), a socio-political

neglected to cater for their needs.

His words; “Many of us tend to forget these set of people in the society as if they weren’t once active.

Due to the neglect, they started to experience emotional depression. This has sent larger percent of them to their early grave.”

However, he said; “The onus is on us - the public officeholders, wealthy individuals, relatives to give them a sense of belonging by giving out our widows might to them.”

He urged the government not to delay any further in pursuing the points listed by NECA.

BUDGET: Lagos lawmakers hinge success on taxpayers

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AGOS State House of Assembly’s Committees on Finance and Public Accounts has said that the cooperation of eligible taxpayers is crucial to the successful implementation of the state’s 2016 budget.

The House passed the state’s 2016 N662.58 billion Appropriation Bill on December 31, 2015 and Governor Akinwunmi Ambode signed it into law on January 4.

The Chairman, House Committee on Finance, Mr. Yinka Ogundimu, said that the budget

performance required both the will of the Executive arm of Government and the cooperation of residents in tax payment.

Ogundimu said, “It requires the government’s will for the budget to have 100 per cent performance of the electoral promises made to the people.

“Since the money is not stored somewhere, it is just expected income. We need to do more on Internally General Revenue.

“If about 52 per cent of the 2016 budget will be financed by the IGR, so there is need for

everybody to be able to work hard to re-orientate the people on the importance of paying taxes.”

Also, speaking, the Chairman, House Committee on Public Accounts (Local), Mr Bisi Yusuff, said that the flow of the expected income would determine the success of budget, in terms of implementation.

“If all taxable adults in Lagos State pay their taxes, you could imagine what the state would be getting. We may not even have to depend on the Federal Government anymore,” he said.

COMRADE HASSAN SUNMONU@75th: Governor Rauf Aregbesola of Osun State (left) presenting a gift to the celebrant, former President of Nigeria Labour Congress, Comrade Hassan Sunmonu and his wife, Mrs Titilayo, during a dinner in honour of Comrade Sunmonu on his 75th Birthday Anniversary at Government house Osogbo at the weekend.

E-11 vows to fight alleged misrule, impunity in Ekiti

Lawmaker urges FG, Ambode to cater for aged, widows

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This, director-general said, would ensure compliance with products standards and fair

non-aligned group in Ekiti State, yesterday asked all indigenes of the state to join forces with it to end misrule in the state.

The chairman of the group, Mr. Femi Ajiniran in a statement, added that the group would fight those who trample on people’s rights in Ekiti State, adding that it would not accept or entertain any form of anti-democratic tendencies in the state.

He added that the group “has been called all sorts of names. We, however, remain unperturbed and as constant as the northern star. Our good intentions always triumph at the end and we emerge stronger.

The chairman noted that E-11 “will never for once support bad against good.

We will rather travel alone than to journey with the evil men of the society.

Despite the challenges, we are always giving our best to the society.”

Ajiniran said E-11 would continue “to play the role of a social crusader and fight those who trample on people’s rights. We are against misrule, we are against abuse of power and we are against any form of anti-democratic tendencies.”

But in a statement, he said it had to celebrate the appointments of the state’s former governors, Dr. Kayode Fayemi, Chief Segun Oni and a lawmaker in the 7th Senate, Senator Babafemi Ojudu.

“We acknowledge that things have not been alright with our people, but they should be assured that we have not abandoned them. We are with them in the liberation struggle. We will not be swayed in our usual resolve to ensure that Ekiti attains its prime position in the comity of states in Nigeria and beyond,’’ he said.

Vanguard, MONDAY, JANUARY 11, 2016 — 11

Fake Buhari aides nabbed over attempt to defraud Fayose

I’ll pursue Yoruba unity with passion — OONI

By Rotimi Ojomoyela

A

FAO-EKITI (EKITI)— TWO men, who claimed to be President Muhammadu Buhari’s private security aides, were at the weekend, arrested at the Afao-Ekiti country home of the Ekiti State Governor, Mr Ayodele Fayose for presenting themselves as staff of the Office of the National Security Adviser, ONSA, with influence over the report of the military panel set up to investigate alleged involvement in partisan politics by some soldiers and officers during the 2014/2015 governorship election conducted in some states such as Ekiti, Osun, Rivers and Akwa-Ibom.

The two men, Benedict Ola Idega and Abdulsalami Leader H. claimed that they already had the preliminary report of the military panel and that with the cooperation of the governor, they could manipulate the final report if necessary.

They also said the army panel report was targeted at some top army officers that the Federal Government wanted to punish.

Governor Fayose, who was suspicious of the men’s real intentions, had informed the State Commissioner of Police and Director of the State Security Service, with the Police

By Rotimi Ojomoyela

A

VISIT: From left; Executive Director (Finance and Administration) NICON Insurance Plc, Mr Steve Ojo; Minister of Solid Minerals Development, Dr. Kayode Fayemi; Managing Director, NICON Insurance, Mr. Bayode Samuel; and Executive Director , Marketing, Alhaji Kamal Hammed; during a visit by NICON management team to the Minister in Abuja.

Commissioner already putting men of the State Anti-Robbery Squad, SARS, on standby.

The two men, in a meeting with the governor presented what they called a photocopy of page three of the preliminary report to show that they meant business. The purported copy of the page three bore the Nigerian Army's logo.

After turning copy of page three of the purported preliminary report, the governor gave the impression that he was satisfied with all that they said and asked them to wait in his waiting room for him to show appreciation.

He then called in the Commissioner of Police and SSS

ARMS SCANDAL : Osoba group disowns Falae over N100m donation N100 million from Anenih. any donation of funds to the party

By Daud Olatunji

A

BEOKUTA—THE Social Democratic Party, SDP, in Ogun State has broken its silence over the controversial N100 million allegedly collected by its National Chairman, Chief Olu Falae from the former Chairman Board of Trustees of the Peoples Democratic Party, PDP,, Chief Tony Anenih, saying, contrary to Falae’s claims of distributing the money to state chapters of the party, it did not get any money from him.

The money was allegedly linked with the $2.1 billion arms fund believed to have been mismanaged by former National Security Adviser, Sambo Dasuki.

Falae had admitted receiving

The party, which was under the control of former governor of the state, Chief Segun Osoba in a statement jointly signed by its Chairman, Olu Agemo and the Secretary, Clement Adeniyi yesterday in Abeokuta, declared that it was never notified of or involved in any negotiation to partner with the PDP or any other party for the purpose of winning the election or maintaining peace during the period as claimed by Falae.

According to the party, ''We were never informed by the National Secretariat of our party of the decision to adopt former President Goodluck Jonathan or any other candidate as the party’s presidential candidate.

“That, we were never informed of

by the PDP or any other party.

“That the SDP in Ogun State did not receive any financial or campaign logistics assistance from the national secretariat of our party or any of its principal officers.

“That in April 2015 we made our position clear on the sources of our campaign funding through advertisement in the Guardian, Vanguard, Punch and Tribune newspapers of Monday April 20, before the current revelation.

“We plead with our members and supporters who have received this untoward revelation with great shock to remain calm and await the convocation of a general meeting where these issues shall be thoroughly discussed and appropriate decisions taken,'' the statement read. .

No Lassa fever case in Oyo — MINISTRY

I

BADAN—OYO State Ministry of Health has clarified that no single case of Lassa fever has been established in the state since last year when the first suspected case was subjected to clinical tests at the federal ministry of health’s reference laboratory in Lagos.

This is contained in a statement by the ministry ’s Acting Director of Public Health, C M Y K

Dr. Taiwo Ladipo, yesterday, where he insisted that the three suspected cases reported and diagnosed at the University College Hospital, UCH, had no feature of the disease.

He, however, cautioned citizens of the state against consumption of rodents and to avoid contact with the blood, urine and faeces of rats when killing them as a preventive measure against Lassa fever.

Ladipo said, “Two suspected cases of Lassa fever were reported by the UCH, Ibadan in 2015. Both cases, though diagnosed at the institution, were not verified by the federal ministry of health reference laboratory in Lagos. Both cases had remarkable improvement and subsequently discharged home.

“The last case was reported by the UCH on December 18, 2015.''

Director, who in turn asked their men to move in and arrest the two men.

The identity card found on Abdulsalami Leader H bore “GMB SECURITY” and it was stated at the back that he (Abdulsalami) act as security for President Muhammadu Buhari with Number 34, Lobitto Crescent, Wuse II, Abuja as issuer’s address and 088133636478 and 08057010255 as telephone numbers.

Benedict Ola Idega was with the identity card bearing Federal Capital Development Authority, FCDA. The two men, who lodged at a popular hotel along Bank Road, Ado Ekiti are now being detained at the Police Headquarters, Ado Ekiti alongside another suspected accomplice, who was found in their hotel room when policemen visited the hotel for a search.

Special Assistant to the governor on Public Communications and New Media, Lere Olayinka, who confirmed the incident said even though it has been established that they were impersonators, the real intention of the men was yet to be ascertained.

He said; “We don’t want to pre-empt the security agents that are already investigating the incident. But it is certain that they have ulterior motives.

We are also not ruling out the possibility of an attempt to setup the governor, obtain money from him under false pretence or even harm him.

“Therefore, we expect that the security agencies will do their job thoroughly by ascertaining their real motives and their other accomplices.''

DO EKITI—THE Ooni of Ife, His Imperial Majesty, Oba Enitan Ogunwusi, has declared that the peace and unity of Yoruba nation would be central in his reign.

Oba Ogunwusi said disunity in the ranks of the race, due to political differences among other sundry issues have denied the Yoruba race its leadership role in the country’s political and economic sectors, despite the intellectual power and material resources available to the race.

The royal father made the statement at the weekend while playing host to members of the Afenifere Renewal Group, led by its National Chairman, Hon Wale Oshun, at his palace in Ile Ife, Osun State.

Members of the Nigeria Union of Journalists, Correspondents’ Chapel, Ekiti chapter, also paid similar visit to the revered monarch on the same day.

Oba Ogunwusi described the Southwest as very pivotal to the peace and unity of the country, because of its complexity in human resources and being the commercial hub of the nation.

The monarch added that his interest in unity in the zone was propelled by his love for development and for protection of Yoruba history, as those who have a penchant for excellence and should be at the forefront when critical decisions are being taken, rather than taking a back seat.

“When I came onto this throne through divine favour, I promised to work with all likeminded Yoruba persons to move the Southwest up in all spheres.

“I have been following the trends for some time and I realized that Yoruba is critical to Nigeria’s survival.

Whatever happens in this zone always affect others, so I believe that if we can ensure peace here, we will get development and Nigeria and even the entire world will be at peace.

“Yoruba is having problems today because of lack of unity.

This is the time we must assess the past, the present and make projection for the future. We must learn how to work together regardless of our differences because each ethnic group has a unique power that distinguishes it from others,'' he said.

12—Vanguard, MONDAY, JANUARY 11, 2016

Youths threaten to shut down oil firm over sack of 46 workers

By Davies Iheamnachor

P

ORT HARCOURT— NIGER Delta Youth Movement, NDYM, in Rivers State, has threatened to shut down the activities of an oil firm, Total E and P Nigeria Limited, in its oil-rich environment if the management of the company fails to recall the over 46 indigenous workers it allegedly sacked.

NDYM said it was ready to close down the operations of the multinational oil company in Egi Kingdom, Ogba/ Egbema/Ndoni Local Government Area of Rivers State if the sacked workers were not recalled.

The group, weekend in Port Harcourt, while expressing worry over the level of suffering which the families of the disengaged staff of the company were facing, described the attitude of the company as disrespectful and demeaning to the host communities and the Niger Delta youths.

Leader of the group, Mr

Major Ekene, said they had followed the case of the sacked 46 workers closely, stressing that the strategy employed by the management of Total E&P Nigeria Limited in handling the matter was pretentious.

S

A P E L E — PROPERTY owners in Sapele, Delta State, have raised alarm over a group of persons, who have unlawfully and suspiciously been collecting money from them under the guise of electricity installation in alleged connivance with some officials of the Benin Electricity Distribution Company, BEDC, since 2015.

The affected residents of Mona School, off Shell Road, Okirighwre, Sapele, among them Mr. Benson Efeotor, Ochuko Okosusu, Chanai Dennis, Mrs Aghwana Roseline, Christiana Omagaga and Gabaga Ayayi, in a petition to the Assistant Inspector General of Police, AIG, Benin City, alleged that the activities of the group might ignite unrest in the area.

In the letter by their solicitor, Ederogun Etchie, they said that the situation heightened recently when members of the cartel parading as coordinators of the locality, collected N98,

C M Y K

He said: “The youths have exhausted all avenues known to us to call the oil company to order but Total E&P's management has remained adamant.

“We demand the immediate recall of the 46 sacked

workers, the full payment of their wages for the period in view, and the immediate conversion of all community contract staff to permanent staff or we are going to close down the company in three days time.”

Challenges represent opportunity to change Nigeria —Ochei

By Emmanuel Aziken

F

ORMER Speaker of Delta State House of Assembly, Mr. Victor Ochei, has called for understanding from Nigerians for President

Muhammadu Buhari, saying that the present challenges represent an opportunity to change Nigeria in positive direction.

Ochei, in his goodwill New Year message, also urged

Nigerians and the people of Delta State to continue to build bridges of understanding in order not to circumvent the expected gains from the administration’s reengineering efforts.

Cleric slams Buhari’s anti-graft war

By Perez Brisibe

U

GHELLI—THE Apostolic Vicar of Bomadi Vicariate, Bishop Hyacinth Egbebo, has lamented what he described as the high level of impunity and abuse of human rights in the anti-corruption war of President Muhammadu Buhari.

Bishop Egbebo, in an interview with Vanguard,

Property owners in Delta protest illegal charges for electricity installation

By Emma Amaize

Ekene noted that rather than throw people out of jobs, what was required in Egiland was the employment of as many youths as possible to curb the rising tide of criminality and insecurity in the area.

000 from one Mrs. Roseline Aghwana, who they referred to officials of BEDC that asked for N91, 000 to connect electricity to her house.

They urged the police to investigate and curtail the excesses of the alleged coordinators by stopping them from further collection of money, illegal connection of electricity and parading themselves as coordinators of the area.

Etchie said the property owners were particularly disturbed, as the group was denying them the use of the transformer donated to the inhabitants by the former member representing Sapele, Uvwie and Okpe Local Government Areas in the House of Representatives, Joyce Overah, to ameliorate the epileptic power supply in the area.

The residents reportedly met the chairman, Okirighwre community, Chief Eritobor and youths of the area, who condemned the activities of the group.

weekend, in Bomadi during the consecration of a Catholic priest under his vicariate, accused President Buhari of being selective in his drive to recoup money said to have been stolen from the nation’s treasury.

Citing the case of former Director General of NIMASA, Mr. Patrick Akpobulokemi, the Catholic vicar described same as saddening and an abuse of

the dignity and rights of Nigerians irrespective of what charge was brought before them.

“In as much as we would want to commend President Buhari on his zero tolerance on corruption, it is very disheartening and a risk to our democracy that the President would have the impunity to set aside court orders under the guise of his anti-corruption war," he said.

Ochei, who sought the governorship ticket of the Peoples Democratic Party, PDP, in Delta State in the last election and also the Delta North Senate seat on the ticket of Accord Party, commended all those who supported him in his electoral pursuits.

He said: “It is my heartfelt belief that the present dispensation represents the change we can all genuinely believe in. It is, as such, with the deepest sense of rational optimism that I am confident that by getting it right and keying into the change era, we shall meet the challenges presented by our present circumstances and finally take this country to its proper place in the comity of nations."

Vanguard, MONDAY, JANUARY 11, 2016—13

I didn't share Jonathan's rice as Xmas gift —Edo PDP gov aspirant

By Gabriel Enogholase

B

ENIN—A governorship aspirant on the platform of Peoples Democratic Party, PDP, in this year’s election in Edo State, Pastor Osagie Ize-Iyamu, has denied allegations that he shared rice meant for the presidential campaign of former President Goodluck Jonathan in the state as his Christmas gift to Edo people.

In a statement in Benin, yesterday, he said, “For the records, Dr. Jonathan or PDP never brought rice to distribute for the presidential election in Edo State, so it is impossible to comptemplate its being diverted.

“It was Transformation Ambassadors of Nigeria, TAN, a support group for the then President, that sent some 5kg bags of rice which were given to the party leadership to distribute and were never given to me as state coordinator.

“The rice I shared during the last Christmas was in 50kg, 25kg, 10kg and 2kg bags respectively. The 2kg bags which had the inscription of PDP and operation feed Nigeria was produced by a friend and his phone number is boldly written on the bags. He gave me these bags free of charge to give to as many people as possible as gift during Christmas.

“I stuck my stickers on the bags after bagging them to enable the recipients know where the rice

came from and I thank God for all those who supported me to achieve this gesture of love in a state that has been plundered by those who promised to abolish poverty.

“I challenge those who persist in lies and character assassination to call the phone number on the back of the 2kg bags and confirm the producer of these bags. Common sense which is lacking in the life of

political thieves could have revealed that rice stored for over a year would be prey to weevils and clearly not suitable for human consumption.”

He accused those he called political hirelings of attempting to cast aspersions on the integrity of his person by falsely accusing him of diverting rice meant for the presidential campaign of Dr. Jonathan and distributing same as his own

Christmas gift to Edo people.

“This baseless allegation, which is absurd, was quickly refuted by the leadership of PDP in Edo State as untrue. That emphatic statement ought to have cleared the matter but clueless detractors desperate to earn their pay stuck to their mischief and insisted that their allegation must be investigated," he said.

PRESENTATION: Akwa Ibom mathematician and Dakkada Ambassador, Engr. Uffot Ekong (right), hands over copies of Dakkada exercise books to the state Commissioner for Education, Mr. Aniekan Akpan, during a formal presentation of the books to selected secondary schools in the three senatorial districts of the state.

Delta royal family denies allocating land for proposed sports varsity

By Kenneth Ehigiator

T

HE Umu-Omorhusi Royal Family of Idumuje-Ugboko in Aniocha Local Government Area of Delta State, has dismissed insinuations that it allocated land for a proposed sports university in the area.

According to the royal family, the plan was a ploy by a landgrabber (name withheld) to illegally take over lands in the community.

The family, in a statement by Prince Justin Nwoko, also described as a ruse, media publications alluding to same, saying it never gave its nod to such media publications by any group which claimed to represent it.

It stated: “Those persons were never authorized to make such publication in the first place as their motive for the hasty publication, replete with errors, are open to speculation.

Pertinently, Umu-Omorhusi Royal family did not at anytime give its support to the so-called sports university which is nothing but a land-grabbing scheme.

“The land-grabbing scheme was further amplified by the

C M Y K

publication/group admission that some 33 hectares of land was given 10 years ago for agriculture project which till date, never took off and not the least kilogramme of farm or dairy produce was ever produced from them. If 10 years ago, 33 hectares were allotted and nothing came from it till date, the Umu-Omorhusi Royal Family, contrary to the

publication, never agreed nor supported the allotment of further land to any of its sons.

“This is more so as other members of the bigger Idumuje-Ugboko community are accusing the royal family of collusion and manipulation in respect of the land in question.

The general feeling in the community is that of hatred and odium for the kingship and

royal lineage of UmuOmorhusi who in all sincerity are not in support of the land grabbing schemes.

“Instructively, the publication made reference to land being made available through due process. That is a clear admission that recent schemes to grab 147.1 hectares through Aniocha North LGA never went through due process."

Oshiomhole never deducted money from LG allocations, says former council boss

By Simon Ebegbulem

B

ENIN—FORMER Vice Chairman of Association of Local Governments of Nigeria, ALGON, in Edo State, Mr Gani Audu, weekend, faulted the allegation by the former Chairman of Esan NorthEast Local Government Area of the state, Mr John Yakubu, that the Governor Adams Oshiomhole administration deducted money from local government allocations in the state while he was chairman of the council.

He challenged Yakubu, who also is a chieftain of the Peoples

Democratic Party, PDP, to specifically tell the world how the governor deducted the funds from his allocation, noting that he (Gani) was council chairman before Yakubu came in, as there was no time the governor deducted money from the council's allocation.

It will be recalled that Yakubu had alleged in an interview, that Governor Oshiomhole deducted council funds while he was chairman of Esan North East. But describing the allegation as reckless and untrue, Audu, who is currently a member of the state House of

Assembly said: “I was a local government chairman from 2003-2010.

“I was the Vice Chairman of ALGON then. Yakubu met me in 2007 and we left together in 2010. Joefel was chairman then, they should ask him. Let us tell ourselves the truth rather than play politics of blackmail. Some of these former chairmen are still in PDP, so Yakubu should be definite and tell us what Oshiomhole asked him to bring the money for. He should be specific rather than make unguarded statements in the newspapers.”

Baro condemns attack on Delta Shoprite

By Festus Ahon

A

S A B A — SUSPENDED Chairman of Uvwie Local Government Area, Delta State, Mr Henry Baro, yesterday, condemned the destruction of Effurun Shoprite by rampaging youths last week Friday.

Baro, on what transpired between him and two naval ratings who were on guard at the shopping mall, said some youths came to his rescue while he was being molested by the plain clothes officers.

The suspended council boss who spoke with newsmen in Asaba, said that one of the naval ratings crossed over to meet him where he was sorting out issues with a fleeing trailer driver who brushed his car at Niger Cat on Army Barracks Road but was held up by traffic at the Effurun roundabout.

Saying that the driver who blamed the accident on his assistant, was apologizing to him when “a plain clothes naval rating whose identity was not known until much later, walked in to me and asked me who I was. In a very humble manner I asked if I could know him.

“He flared up, brought out a dagger, held me by the throat and said if I dared say one more word, he would stab me. While this was going on, he had beckoned on his colleague also on plain clothes who joined him with a riffle threatening to shoot me.

“With a gun to my head, they pulled me by my shirt across the road to the shopping mall, which attracted some of our youths who immediately came in protest to rescue me.”

He said that the peaceful protest was, however, hijacked by youths trading at the roundabout who were not indegenes of the area. He said they stormed the place, destroyed and looted some items.

“This act, I strongly condemn in its totality.

Effurun Shoprite is my pet project, a project that I hold dear to my heart and could not have masterminded its destruction for any reason whatsoever.”

He regretted what the accident and the fracas between him the naval ratings led to, adding that it was never intended.

14—Vanguard, MONDAY, JANUARY 11 , 2016

Bakare wants FG to adopt National Conference report ...says confab in tandem with APC manifesto

L

By Dapo Akinrefon

AGOS—SERVING Overseer of the LatterRain Assembly, Pastor Tunde Bakare has stressed the need for President Muhammadu Buhari to implement the recommendations of the 2014 National Conference, saying its outcome is in tandem with the APC manifesto.

Also, he advised the president to ensure diversification of the nation’s economy and the need for a regional approach to

national development.

In a state of the nation address in his church entitled: ‘Road map to successful change,’ Bakare argued that though the All Progressives Congress, APC, refused to participate in the exercise, he said the report was done by Nigerians.

He said: “Let it be known that in spite of the rejection of our pre-election call for a transition period, Nigeria is now a nation in transition. This transition period will predictably be

followed by a revolution which will, in turn, be followed by a reformation that will eventually usher in the desired transformation of our nation.

"A key outcome of this process will be the emergence of a true People’s Constitution that will facilitate national integration and provide a suitable governmental framework for the Nigeria of our dreams – a truly federal state with such powers vested exclusively on the federal government as are necessary to firmly and

prosperously knit together the federating units upon which residual powers shall be vested.”

Speaking further, the cleric said: “That promise of true federalism is contained in Article 14 of the Nigerian Charter for National Reconciliation and Integration, which was unanimously adopted and signed by the delegates to the 2014 National Conference, including myself, as the basis of our union.

"I appeal to Mr. President not to ignore the report of the 2014

National Conference! God went ahead of you to provide a navigational map with which you can begin to steer the ship of state to a safe destination.

"The APC may have refused to participate in the 2014 National Conference, but the report of that conference is completely in tandem with the promise of the APC Manifesto.”

BENUE SOUTH RERUN:

External forces can't foist anybody on Idoma people —Moro

M

AKURDI— F O R M E R Minister of Interior, Abba Moro, who is also the Director General of the David Mark Campaign Organisation has said that no external influence or forces can foist anybody on Idoma people over the Benue South rerun election between the Peoples Democratic Party, PDP, and All Progressives Congress, APC. Moro who was reacting to an alleged attack on him by the Benue State Deputy Governor Benson Abounu, over the rerun election said the Deputy Governor has no reason to ask former Senate President, David Mark to withdraw from the race but should think of how to promote and protect the interest of his people instead of working at cross purposes with them.

Moro, said: “Abounu knows the interest of our people. He was around when political stakeholders in Benue South overwhelmingly endorsed Senator Mark to contest the election in September 2014.

Abounu neither protested nor challenged the decision.

“Abounu in his heart of hearts knows that there was really no contest between Mark and Onjeh in the first instance. But whatever the circumstances that led to the nullification of the election by the appeal tribunal over the signature of the returning officer, it is instructive to people who forget their yesterday to remember that a day of reckoning will always come."

Vanguard, MONDAY, JANUARY 11, 2016—15

IPOB raises alarm over deteriorating health of Nnamdi Kanu ...flays FG, DSS for denying him access to doctors •Kanu to be transferred to B’Haram cell •Abia govt accuses APGA of sponsoring pro-Biafra protests •Igbo celebrate Biafra war heroes remembrance day tomorrow

By Chimaobi Nwaiwu & Ugochukwu Alaribe

W

ORRIED BY the deteriorating health of its incarcerated leader and Director of Radio Biafra, Mr. Nnamdi Kanu, in the cell of the Department of State Service, DSS, the Indigenous People of Biafra, IPOB, has raised an alarm, accusing the DSS of denying him medical treatment several times, claiming that attempts by his doctors to attend to him have been rebuffed by the DSS. Addressing newsmen, yesterday, in Nnewi, IPOB Media and Publicity Officer, Mr. Emma Powerful alleged that the Federal Government through the DSS has perfected plans to systematically kill Kanu in the DSS cell by denying him doctors' attention and subjecting him to torture on daily basis.

“Information from a reliable DSS source revealed that the Federal Government is also planning to transfer Mr. Kanu to a particular cell in the country where members of Boko Haram are detained, and it is their plan to kill him there,” he said He said that IPOB had written the United Nations, the African Union, AU, United States of America, Russia, France, Israel, Britain and Amnesty International, including other relevant world bodies and organizations about the life threatening treatment being given to Kanu by the Federal Government through the DSS operatives.

IPOB wondered when the Nigerian government stopped granting detainees and suspects medical attention especially for somebody that had been granted bail by two courts of competent jurisdiction in the country but the government decided to continue incarcerating him.

IPOB therefore warned the All Progressives Congress, APC, government in Nigeria and President Buhari to release Kanu without further delay and also allow him to see his doctors, warning that “if anything happens to him, Nigeria will never know peace.

“President Buhari and DSS will have no defence if they allow Mr. Kanu to die in the hands of DSS, more so when two competent courts of jurisdiction have granted him bail. To be forewarned is to be forearmed. A word is enough for the wise.

Nobody is sure of his health C M Y K

SERVICE: Governor Ifeanyi Ugwuanyi of Enugu State (10th right), his wife Monica (9th right), Bishop Matthew Kukah of Sokoto Catholic Diocese (11th right), Bishop Calistus Onaga of Enugu Catholic Diocese (9th left), Most Rev. Dr. Anthony Gbuji, Bishop emeritus of Enugu Diocese (8th left), during the 2016 Armed Forces Remembrance Day Church Service, at Holy Ghost Cathedral, Ogui, Enugu State. condition now, and therefore, Kanu should be released and allowed to see his doctors.

"The present administration's continued detention of Kanu when the courts had granted him bail is a flagrant abuse of power and lawlessness on the part of President Buhari and the DSS, and Nigeria is gradually reverting to dictatorship.

"The President is behaving as if he is above the law. Why can’t he respect the law if he has regards for democratic government, or is this the change he is talking about, going from lawfulness to lawlessness?" he asked.

Trading blames In another development, the Abia State government has accused the opposition All Progressive Grand Alliance, APGA, of being behind the protests by IPOB, and the Movement for the Actualization of Sovereign State of Biafra, MASSOB,which are calling for an independent state of Biafra.

Commissioner for Information and Strategy, Mr. Bonnie Iwuoha, who stated this in an interview with newsmen in Aba alleged that APGA leaders engaged the protesting youths to destabilize Governor Okezie Ikpeazu's administration, and warned that government will no longer tolerate the activities of disgruntled elements.

He said: “Our suspicion is that some disgruntled elements, especially of the opposition party, APGA, are the ones responsible for the action of these youths who

have been on the streets, demonstrating for the Republic of Biafra. This is because leaders of the opposition parties see them as veritable tools to destabilize the state and distract Governor Okezie Ikpeazu. We are warning these people, who have been sponsoring disturbances in the state to cease forthwith.

“Government will no longer tolerate a situation where people will hide under these youths to continue to sponsor crisis in the state. We want to assure the people of the state and Nigerians of their safety, and to the President of the Federal Republic of Nigeria, the loyalty of the people of Abia State and the commitment of the government of the state towards the unity and progress of Nigeria. The government of Abia State has nothing to do with the protests by MASSOB and IPOB.” According to him: “We saw what happened as every other person saw it. It is part of the thing that happens in a democracy where people who are aggrieved over one thing or the other have the right to protest peacefully.

Therefore, Abia State government doesn’t have anything to do with it.

"Dr. Okezie Ikpeazu believes in the unity and indivisibility of Nigeria as a country. He supports the leadership of this country because Nigeria must progress and move forward.”

Celebrating heroes Meantime, the planning committee of the Biafran War Heroes Remembrance Day

celebration, yesterday, disclosed that this year's celebration of the event, which comes up tomorrow, will be low key unlike its maiden edition last year held at Ekwueme Square, Awka, Anambra State capital.

The maiden celebration had Governor Willie Obiano as the chief mourner while Chief Rommy Ezeonwuka, Ogirishi Igbo (the Igbo spiritual leader) as member of the planning committee.

Addressing newsmen in Onitsha, yesterday, Chief Ezeonwuka said: “ The event will be low key and people have been advised to celebrate it in churches, homes, work and market places,” adding that the most important thing is to remember the fallen heroes and appease their spirits.

“Before the first remembrance ceremony last year, the spirits of the war casualties were hovering and causing problems in the state and South East in general and immediately after the event, a miracle happened and all those things like kidnapping and armed robbery disappeared because the wondering souls were put to rest.

“After the official burial on January 12, 2015 by APGA government led by Governor Willie Obiano, calm returned to the state and that is why we must sustain the celebration,” he said.

He warned that the failure to appease the hovering spirits yearly would be counterproductive and cause problems in the state and South East in general.

Jim Nwobodo quits Anglican Church ..re-weds in Catholic Church

By Francis Igata

E

NUGU—THE former governor of old Anambra State, Chief Jim Nwobodo and wife, Patricia, weekend, received fresh sacrament of holy matrimony having abandoned the Anglican Church for Roman Catholic Church.

The Bishop of Enugu Diocese, Most Rev. Dr. Calistus Onaga administered the holy sacrament at the wedding.

Governor Ifeanyi Ugwuanyi of Enugu State and his wife, Monica, were sponsors of the couple in the marriage in fulfillment of requirements demanded by the Catholic Church.

The marriage took place at the Bishops’ Court, Enugu.

In a sermon, Rev. Fr. Peter Damian Akpunonu recalled the past cordial relationship between Chief Jim Nwobodo and the Catholic Church, especially when he was the governor of old Anambra State.

Imo govt to expose fraudulent road contractors

By Chinonso Alozie

O

WERRI—THE Imo State government has said it would avoid a situation where road contractors disappear and abandon roads under construction. To achieve this, the government would expose the names of contractors who never completed their contracts .

The Special Adviser to the Imo State government on Project Monitoring, Mr. Simeon Iwunze stated this, weekend, while interacting with newsmen in Owerri.

He said that the government has explicitly followed its agenda of road revolution to maximally reduce the hardship being experienced by the citizens, since it came into office but regretted a situation whereby some road contractors craftily deserted their job after being paid by the government.

He regretted that a good number of the road contractors were indigenes of the state, whom he said should not have indulged in putting the state in a retrogressive direction.

16 — Vanguard, MONDAY, JANUARY 11, 2016 LAST week was quite eventful for Nigeria and the challenged economy.

The Manging Director of the International Monetary Fund, IMF, Ms Christine Lagarde, held extensive meetings with the nation’s political and economy elite. Amongst them were the Governor and executives of the Central Bank of Nigeria, the Finance Minister, Mrs. Kemi Adeosun, Budget and Planning Minister, Mr. Udo Udoma, the leadership of both chambers of the National Assembly as well as chief executives of commercial banks in the country.

She also held closed door sessions with both the President, Muhammadu Buhari and the Vice President, Yemi Osinbajo.

Though Ms Lagarde had her first visit to Nigeria four years ago, this second visit appears to have made the first uneventful on account of the bold imprint she may be leaving behind as she concludes her visit today. A takeaway in the four-day policy visit was

IMF and 20 16 budge 201 budgett Ms. Lagarde’s allusion to a further discussion involving the IMF on the 2016 budget.

Responding to questions on the 2016 budget, otherwise known now as 2016 Appropriation Bill, she had said that a team of IMF economists will be in Nigeria next week to review and audit the Bill and have a good discussion with the fiscal authorities “to assess whether the financing is in place, whether the debt is sustainable, whether the borrowing costs are sensible and what strategy must be put in place in order to address challenges going forward.”

Ordinarily there would have been no concern over this comment, especially given the backdrop of other beautiful comments she made, but the fact that a bill presently before the National Assembly would be subjected to deliberation by authorities outside the legitimate and sovereign framework is unsettling enough to warrant questioning of the engagements of the government with the IMF and other such powerful entities outside Nigeria’s known authorities.

Already Nigeria’s social media networks have been lit up by rumours

of impending withdrawal and amendments to the Bill by the executive before the law-makers can carry out their constitutional legislative duty.

Our advice would be that while IMF, for all its good intentions may make suggestions to the fiscal authorities and even the National Assembly on the budget bill already in the process of being enacted into law nothing should be done to alter the procedure regardless of the importance of such a suggestion.

Any attempt to allow an interruption of the constitutional Appropriation Bill process in this engagement with the IMF can only further undermine the country’s sovereignty and obviously put the country in a position of subservience IMF. We believe that the IMF meeting ought to have taken place before now but for whatever reason it was belated with regard to the 2016 Appropriation Bill timeline. This drawback should not be exacerbated further.

OPINION Nigeria in 20 16: Looking bac k, looking 201 back for ward orw

By Roberts Orya

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HE economics of what didn’t happen is not always appreciated; its value is also often disputed. Be that as it may, the country cannot be denied the sense of progress in 2015, in that we avoided a much-feared crisis aftermath to the general elections that held in the earlier part of the year. President Muhammadu Buhari has been magnanimous in acknowledging the role of his predecessor in this, and we have continued to see the President make determined efforts to salvage the country from the precarious economic situation.

We could hardly celebrate the peaceful transition of government, although the first transition of power from an incumbent candidate to the opposition candidate marked an important milestone in the development of the country’s democracy.

Substantial drop in government revenue, on account of the sharp decline in the price of crude oil, imposed a harsh reality. This reality persists even as oil prices have fallen further since May 29th.

Oil revenue, which accounts for 70 per cent of government revenue and 90 per cent of exports, had tumbled from $110 per barrel in July 2014 to $50 in December that year; and it fell further to $36 at the end of 2015. This price shock has had greater severity than the oil price plunge in 2009 during the global financial crisis, and it is set to be the most

C M Y K

persistent in decades. The fiscal dislocations attendant to the current oil price debacle is proving very serious for oil producing countries, more so where foreign reserves levels are low.

I have in the past three years focused my contributions to public economic policy discussions on how the country can complement oil revenue, especially foreign exchange income, by developing the non-oil sectors and their export potentials. This was not necessarily in anticipation of the substantial decline in the price of oil, or the oil wells drying up. In spite of its predictability, though, and over one year of downward trending, the fallen oil prices remain a rude awakening for producers

2016 might become a year that enhances opportunities amid challenges. While we recognise the challenges, including the stress in the foreign exchange market, we should not fail to embrace the opportunities, and support the efforts of the government to reflate the economy

across the spectrum of the market. This remains true, even if the responses we have seen from some of the producing countries are intensifying the supply glut which has been putting downward pressure on prices.

My view was informed by two mutually reinforcing realities. I lead an important state institution whose primary statutory responsibility is to promote Nigeria’s external trade by supporting export production.

Nigerian Export – Import Bank (NEXIM Bank) is also officially designated as the Trade Policy Bank of the Federal Government. And on my job, my vision of the Nigerian economy that is so much larger than oil, both in revenue and aggregate production capacity, is continually magnified, either by discoveries from our market research efforts or the proposals that come to my desk.

Nigeria has one of the world’s richest reserves of arable land resources, huge unharnessed potentials for manufacturing, a wide range of solid minerals deposits in commercial quantity, and a large youthful population, whose innovation and dynamism can drive prosperity in the services sector. The question has been how do we translate the huge potentials into value-added domestic production and also serve the export markets.

One of the propositions I made was strong leadership. The topmost political leadership is important in creating an environment where government and market policies would be effective. Apart from the leadership role in effective resource governance, there is a body of evidence from emerging markets on how political governance was the turning point in economic performance. Chinese state-owned-enterprises have been

functioning well even in international markets as an extension of a more effective state.

Whatever the imperfection that effective leadership accommodates, like human right violation and residual corruption challenges that some people allege with China, it does not nullify the capacity to bring about positive change, progressively. President Buhari provides the country a chance in both institutional and market transformation. The huge fiscal challenges the country faces may unduly influence public perception for now.

Even at that, it is clear that the narrative on Nigeria about festering corruption is in the past; fiscal governance that is accountable and aims at welfare improvement is the present.

I have also shared the idea of fiscal and monetary interventions that are targeted at Small and Medium Scale Enterprises. SMEs are recognised as the engine for economic growth. They also provide the promise of innovations and adaptability that can harness export markets. NEXIM Bank, on its part, mainly supports SME manufacturers with potentials for export. Our aspiration is to grow our interventions to the scale of the foremost emerging market export credit agency. For instance, the EXIM Bank of India has been functioning as a quasi-sovereign lender to African countries, in efforts at opening foreign markets to Indian firms.

The importance of SMEs is also in the fact that they provide immense opportunities for job creation.

Continues tomorrow *Mr. Orya, is Managing Director and CEO, Nigerian Export-Import Bank.

JANUARY 11, 2016

By PETER EGWUATU & NKIRUKA NNOROM

S

takeholders in the Nigerian capital market have lamented the lull in market activities and the huge lose recorded in the Nigeria Stock Exchange last week, where investors lost over N455 billion in the first five tradings days of the year.

The huge losss according to stakeholders was due to delayed policy pronunciations and direction by the Federal Government. They however expressed optimism that the recent visit by the International Monetary Fund, IMF boss, Christine Lagarde would spur the Federal Government to quickly take actions that would enhance the economy and boost the stock market in particular.

Analysis of activities on the Nigeria Stock Exchange (NSE) last week showed that market capitalisation, which represents the total value of securities traded on the NSE declined by over N455 billion to close trading last Friday at N9.295 billion from N9.850 trillion it opened during the first trading day of the year, 2016 . On Monday market capitalisation shed N93.521billion to close at N9.757 trillion; On Tuesday it dropped by over N93 billion to close at N9.664 trillion; On Wednesday it shed N317 billion to close at N9.347 trillion.

However, on Thursday, market capitalisation rebounded to appreciate by over N30 billion to close at N9.377 trillion, while on Friday market capitalisation declined by over N82 billion to close at N9.295trillion.

In the same vein, another stock market gauge, the All Share Index declined by 1,6‘13.86 points or 5.63 per cent in five trading days from 28,642.25 it opened the market to close last Friday at 27,028.39 points.

The breakdown show that the Index on Monday shed 371.93 points to close at 28,370.32 points; On Tuesday the Index declined by 268.18 points to close at 28,102.14 points; On Wednesday it dropped by 911.38 points to close at 27,180.76 points; On Thursday, the index rebounded and went up by 85.42 points to close at 27,266.18.

Further analysis showed that that 899.604 million shares worth N7.669 billion in were traded by investors in

From left, Head, Health and Education, Sub Sahara Africa, International Finance Corporation (IFC), Biju Mohandas; Country Manager, Nigeria, IFC, Eme Essien; Chairperson, Hygeia Nigeria Limited, Fola Laoye; Head, Africa Investment Swiss Re, Yann Pambou; and Director, Hygeia Nigeria, Wole Adeleke, during the signing of MoU between IFC and Hygeia Nigeria in Lagos.

Stock market: Investors lose over N455 bn in 5 days ... Stakeholders blame market lull on delayed FG’s policy direction 14,164 deals on the floor of the exchange in contrast to a total of 2.965 billion shares valued at N9.364 billion traded penultimate week in 7,174 deals.

The Financial Services Industry (measured by volume) led the activity chart with 764.790 million shares valued at N4.858 billion traded in 8,904 deals; thus contributing 85.01 percent and 63.34 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 40.164 million shares worth N100.471 million in 626

deals. The third place was occupied by the Consumer Goods Industry with a turnover of 40.006 million shares worth N1.707 billion in 2,116 deals.

Trading in the top three equities namely – Access Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc.(measured by volume) accounted for 339.027 million shares worth N2.800 billion in 3,116 deals, contributing 37.69% and 36.51 percent to the total equity turnover volume and value respectively.

Also traded during the week under review were a total of 12,016 units of

Exchange Traded Products (ETPs) valued at N2.050 million executed in 25 deals, compared with a total of 60,171 units valued at N484,396.36 transacted last week in 20 deals.

Furthermore, Seventeen (17) equities appreciated in price during the week under review, lower than forty-two (42) equities in the penultimate week. Fifty (50) equities depreciated in price, higher than twenty-two (22) equities in the

Continues on page 18

18 — Vanguard, MONDAY, JANUARY 11, 2016

Cover

Stock market: Investors lose over N455 bn in 5 days Continues from page 17 penultimate week, while one hundred and twenty-three (123) equities remained unchanged, lower than one hundred and twenty-six (126) equities recorded in the previous week.

Top Ten Price Gainers Okomu Oil Palm Company Plc led the top ten price gainers recording 19.64 percent price appreciation.

Others are Vono Products Plc (18.52%); Learn Africa Plc (15.49%); Lafarge Africa (8.47%); Cement Company of Northern Nigeria (8.02%); Fidson Healthcare Plc (8.00%); Berger Paints Nig. Plc (5.00%); E-transact International Plc (4.93); Portland Paints and Products Nig. Plc (4.79%) and Ikeja Hotels Plc (4.47%).

Top Ten Price Gainers Skye Bank Plc led the top ten price losers recording 25.32 percent price loss.

Others are Unity Bank Plc (24.11%); Nigerian Breweries Plc (19.49%); Tiger Branded Consumer Goods Plc (16.81%); Honeywell Flour Mills Plc (15.61%); Eterna Plc (13.66%); Union Bank of Nigeria Plc (13.04%); Transnational Corporation of Nigeria (12.50%); Glaxosmithkline Consumer Nig. Plc (12.28%); FBN Holdings Plc (11.89%).

Stakeholders’ reactions Commenting on these developments, Chairman Proactive Shareholders of Nigeria, PROSAN Mr. Oderinde Taiwo in said “The Nigerian stock market is experiencing this negative response because the Muhammadu Buhari led Federal Government policy direction came out late, even on some vital issues, there are no policy direction yet. We should know that it is government’s policy direction that attract foreign and core investors into any market. So that delay in the appointment of ministers and pronouncement of policy direction really affected investment decisions in our market.

Continuing, he said “With the recent visit of the IMF boss in Nigeria, there is likely going to be positive changes in the economy and our market in particular once the Federal Government is able to execute some of the initiatives recommended to it. All these and more will likely attract investors to the market.”

Another stakeholder, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria, PSAN C M Y K

From left: Mr. Wu Jin Shan, the Deputy Managing Director, Hongxing Steel Company Ltd, Mr. Henry Clifford one of the longest-serving staff of the company, and the Head of Human Resources, Mr. Yemi Adeoye, at their annual an end-of-year staff party and presentation of staff who have distinguished themselves in various ways in the service of the company in Lagos. said “The decline in our market is not only affected by factors within the economy but also global issues. The fall in global oil has been a major factor affecting Nigerian economy. So our market has been resilient, though there are issues that the regulators in our market need to address.

When a finger of an investor is burnt, he or she will be careful to release his or her other fingers to be burn. That is what is really affecting the market.”

Continuing, he said “The decline we are experiencing in our market now is somehow normal as some investors are selling their shares to meet up with other expectations.

Remember, Christmas and new year holidays are over and people had spend money and they needed cash to pay for their children's school fees and other essential needs, that is why the prices of equities are dropping. But, there is hope that the market will rebound once investors see clearer picture of the Federal Government‘s policy direction. The Buhari administration has started fighting corruption and tackling insecurity. So these are some of the things that will attract investors to invest in our economy.”’

In his own view, Mr. Emeka Madubuike, Chairman, Association of Stockbroking Houses of Nigeria (ASHON), said there is need to rid the economy of every uncertainty to inject confidence in the investors.

He explained that riding the market of uncertainty requires discipline across all strata of the economy.

“The market mirrors the

economy; if the economy is down, the market will be down. For me I think what the market requires is a situation where the economy has a lot of discipline. It does not matter, for instance, how much the budget is; but it is the implementation that is critical and it requires a lot of discipline across all levels for us to have an economy that is devoid of uncertainty.

“There are too many uncertainties in the economy and uncertainty does not give confidence for investment because if you are investing money, you are doing so not for today, but for tomorrow.

When people are not sure of what will happen tomorrow, they may likely not invest; so that is why we are having this lull.”

He added: “From my own point of view, there need to be a lot of accountability in the ways things are done in our system. There needs to be

There are too many uncertainties in the economy and uncertainty does not give confidence for investment because if you are investing money, you are doing so not for today, but for tomorrow

consistency in the way government is run, in the ways policies are pursued; there need to be consistency. And there need to be reward and punishment depending on what people have done and people have not done. As soon as investors see a steady pattern, a lot more investment will come.”

Madubuike explained that the market is driven by two factors – fear and greed; that’s what drives the market. “When investors don’t see where the economy is going, they won’t invest. That is when the fear factor comes in, but if they are sure that the economy is doing well, then greed will come in.

When do you exit, when do you come in. Those are the two factors that drive the market”.

Analysts’ views Mr. Tola Odukoya, Managing Director, Asset Management & Research, Dunn Loren Merrifield said the current fall in the global equity markets is essentially made in China. “The wider story is that China’s economic growth is slowing and there are concerns that the transition to a slower and more sustainable rate of growth might be disruptive. This is largely due to decline in manufacturing triggered by slump in exports and a surprise devaluation of the Yuan. This among other considerations is raising concerns about whether the Chinese economy is slowing down more sharply than thought” Odukoya stated.

Continuing, he said, “Though we reckon that it’s not just about China, decline in commodity prices such as crude oil and copper have also

prompted investors to take fright over signs of waning financial crisis.

To better put, there is certainly a possibility of “safe haven” effect in other markets as the Chinese stock price falls has made investors more wary about risks. Hence, shares around the world have followed the China’s market slowly.

In addition, the increase in interest rates in the US is also sucking money out of riskier markets.”

He affirmed that while investors are keeping a close watch on China, there are signs that investors are retreating, therefore making money to be pouring out of major markets around the world which is almost similar to the global financial crisis of 2008 and 2009.

“Whilst we maintain that improved global economic data amongst other considerations are some of the key factors that will lift the global market performance considerably, we are of the view that market unpredictability which prevailed for the most part of 2015 will be sustained in the first quarter of 2016 and even beyond,” he said.

In its own part, Vetiva Capital Management Limited (“Vetiva”) stated “ Global stock markets rallied in wake of the news which suggests to us that this “lift-off ” had been priced in by markets and emerging economies exposed to global financial flows are better positioned to deal with further tightening in global liquidity conditions contrary to the “taper tantrum” episode of summer 2013. In this scenario, the rise in U.S. long term yields will likely remain well contained, with interest rate differentials only marginally lower, thus, capital flows to emerging and frontier markets would be modest. However, another scenario is that better than expected data on U.S. GDP growth, employment and inflation triggers a deviation from the assumed interest rate path, leading to a more rapid rise in the policy rate. This could create financial market volatility with spillover effects to emerging economies, in particular, those exposed to foreign currency denominated debt. Overall, tighter global liquidity conditions are likely to increase vulnerabilities of economies with BOP fragilities, especially in oil exporting countries.”

Commenting further, it stated “We expect demand for fixed income securities will open on a healthy note,

Continues on page 19

Vanguard, MONDAY, JANUARY 11, 2016 — 19

T

he pressure on the Naira at the foreign exchange market might continue to mount and see further depreciation in value of the Naira if the activities of currency speculators are not curbed. At the centre of this speculative activities are the Bureau de Change. Right from the deregulation of the foreign exchange market, the operation of third party non bank outlet for foreign exchange transaction has been the bane of the Naira. Those who own and operate these outlets do so for personal gains. in the guise of helping to reach the unreached members of the public by banks.

They buy foreign exchange at cheap rate from CBN and divert them to the parallel market and sell at exorbitant rate to end users.

For instance they buy dollars seek refuge in BDCs. If banks This mistake has lingered and from CBN at N199 and sell can cater for Basic Travelling the CBN has not been able to same at N240 per dollar thus Allowance of $1000-5000 dollars muster the courage to correct the making a premium of about N41 of Nigerians, why should any anomaly, the reason being that per dollar. As of today, the true businessman not want to some key staff of the CBN own economy is being starved of source his foreign exchange and operate some of these forex but operators of BDC are from the bank? It is simply for BDCs. At the inception of the famous smiling to their banks. They dubious reasons. The continued have long become centres of depreciation of the Naira is due deregulation of the foreign round tripping and worse for it to scarcity of foreign exchange exchange market, the CBN the CBN is ill equipped to in the market but there is huge introduced three tier markets for monitor them. A curious look at amount of forex in the hands of the same commodity, (foreign these BDCs showed that there currency speculators. Banks are exchange). There was the first are over 10, 000 of them across finding it increasingly difficult tier market which was the the country mostly owned by to sell foreign exchange to official rate at which the highly influential Nigerians. those with genuine needs. Last government bought foreign They simply buy foreign week, a parent said that since exchange from the CBN. There exchange from the CBN for early December last year he was the Second tier market themselves. Last week, an applied for just £1,500 for where the private sector and operator told a story to a banker, student maintenance but as at other individuals were sourcing how highly placed Nigerians January 8th the bank has not their foreign exchange are buying forex through BDCs been able to sell the required requirement from. The third was the autonomous foreign and taking same across the fund to him.

Nigerian borders in this period The same man was able to exchange market where of relatively scarce foreign source the amount through exporters put the proceeds of exchange.

Bureau de Change at a cut their exports and sell same at According to him, many of throat price. The question being these Nigerians have huge asked is why should BDC coforex stacked in their homes exist with banks? Why can while the nation suffers. Those banks not sell foreign exchange who are not keeping them at to every Nigerian that needs it? home are sending them out The issue lies with the through neighbouring ownership of these bureau de A parent said that countries. If speculators are change. They exist because since early taken out of the market, the real policy makers are the owners forex need of Nigerians will who use them to make money December last year drop considerably. for themselves through round he applied for just Banks have long been known tripping. The greed of these £1,500 for student as financial intermediaries. BDC owners is the source of the Individuals and corporate continued depreciation of the maintenance but as at January 8th the bodies direct their financial Naira. needs to banks. Through the The mistake made by the bank has not been banks there is usually monetary authorities since the able to sell the appropriate documentation. deregulation of the economy in Nigerians that are avoiding 1986 is allowing about three required fund to him official channels complain of the official markets to exist in rigour of documentation and foreign exchange transactions.

Scrap BDC and save the Naira from continued devaluation their own determined rate.

However, there existed and still exists a parallel market where un-licensed individuals and lately Bureau de Change hawk foreign exchange along major streets in Nigeria and in mosques.

The rates that ruled these markets were never the same.

In fact, there have been multiple exchange rates in the economy since the deregulation. This gave room for foreign exchange speculations that resulted in excess demand for foreign exchange.

Nigerians, banks and others have been hedging against depreciation ever since. As of today, the demand is high because those who have the resources are buying dollars for keeps in anticipation of further devaluation of the Naira as a result of declining oil prices. In economics, there is what is regarded as shadow price of a product. The shadow price usually is the price that is envisaged if the product were allowed to find its true value in a free market setting. As a result of the shadow price of the Naira, resulting from these other markets, foreign investors have always used the price differential to agitate that the currency was overvalued and that the true exchange rate of the Naira is the parallel market rate.

Nigerian government functionaries in the bid to satisfy these investors always panicked and continued to adjust the currency. From the

N1.5 to the dollar in 1986 the Naira exchange rate has moved to N199 at the official market while it is going for N240 at the parallel market. In late 1987, the exchange rate was N4.02 to the dollar and by 1988, it had moved along the parallel market rate of N4.54. The economy was still on its knees as the exchange rate moved further in 1989 to N7.39 and in 1993, the two markets were merged at N22.05 to the dollar.

By the turn of the century in 2000, the exchange rate was N102.10 to the dollar. By 2002, the exchange rate of the Naira to the dollar was N121 and in 2014, the rate had peaked at N240. Those arguing that the Naira is over valued do so by referencing the parallel market rate as the correct market value of the Naira. The International Monetary Fund, World Bank Group have all use this argument to convince the Nigerian authorities to continue the onslaught on the Naira.

The official handling of the exchange rate has been questionable. Why will there be two exchange rates in an economy? Why must there be an inter-bank exchange rate and a parallel market rate? Is the Nigerian economy different from others? Must the so called Nigerian factor come to play in every facet of the nation? What makes it so difficult for the foreign exchange market to maintain a single rate? Those who trade in currency in Nigerian major cities are they not Economic saboteurs? Are the operatives of the Economic and Financial Crime not seeing them? Are they simply untouchables? Put an end to the parallel market and the Naira will stabilise.

Cover Continued from page 18 largely supported by domestic banks and pension funds (PFAs). In the second half of the year however, we foresee uptick in yields as supply begins to outweigh demand, nonetheless, we expect the uptrend in yield to be capped.

We anticipate that the demand would be largely weighted on the short end of the yield curve – particularly T-bills and short dated bonds as the market remains risk averse. Overall, we anticipate a relatively steep yield curve for most part, indicating an expectation for a rise in yields. We foresee an upward shift in the yield curve

Stock market: Investors lose over N455 bn in 5 days by an average 200bps across 2016.”

“With the NSE All Share Index, ASI returning -17% in 2015, closely in line with our scenario analysis for Brent crude oil price at $45/bbl, our outlook for the equity market in 2016 remains anchored on the direction of oil prices. As such, we think the equity market is headed for another tough year as oil prices stay “lower for longer ” with economic concerns ranging

from currency to corporate earnings ; Overshadowing seemingly low stock prices; we expect heightened volatility for much of the year.

We re-iterate the strong correlation of the Nigerian equity market to oil prices and with the price of Brent crude oil hovering $38/bbl coming into 2016, we think losses will be less steep this year with the potential for a positive year close given our expectation for oil prices to rebound to

between $50 - $60/bbl in the second half of the year.”

Global Stocks: Meanwhile, global markets stabilised last Friday, with U.S. stocks halting a two-day rout and the dollar advancing after China shored up its markets and a surge in U.S. payrolls boosted optimism in the economy. Oil fell below $33 a barrel.

The Standard & Poor ’s 500 Index stopped a selloff that has

erased $4 trillion from global equities this year as Chinese authorities set a higher yuan reference rate and intervened in its equities markets. The renewed selling in crude sent energy shares lower around the world, damping the equities rebound. The Bloomberg Dollar Spot Index held to a 0.4 percent advance as the yen weakened with gold.

Volatility in Chinese markets spurred a global selloff in riskier assets as concern deepened over the ruling Communist Party’s ability to manage an economic

Continues on page 30

20 — Vanguard, MONDAY, JANUARY 11, 2016

Corporate Report

A

shakacem isn’t likely to grow sales revenue in the 2015 operations and that has been the trend for the past five years. The company is however succeeding in defend profit by keeping costs from rising. That was its strategy in 2014 when it grew after tax profit by 62% from a decline of 2.6% in sales revenue.

Full year expectation based on the interim results indicates that turnover may decline for the third straight year running in 2015. With the company ’s cost saving measures, the cement company can be expected to report a further growth in profit.

A drop of 15.8% in sales revenue in the third quarter was more than countered by a drop of 39.3% in administrative expenses and a fall of 45% in finance charges. Some improvement in investment income also countered an increase of 25% in selling and distribution expenses during the period.

A successful balancing of costs and incomes is the summary of the company ’s operating story at the end of t h e t h i r d q u a r t e r. T h i s enabled the company to defend profit margin at 25.4%, as sales revenue and profit went down at virtually equal pace.

The company closed third quarter operations with sales revenue down by almost 16% to N14.55 billion. The drop in sales revenue reflects a general slowdown in building and construction activities in line with the general slide in economic activities.

Based on the performance in the third quarter, sales revenue is estimated at N20 billion for Ashakacem for the 2015 financial year. This will be a decline for the third year running and the lowest sales revenue for the company in five years. Sales volume has been sliding from the peak figure of N21.82 billion in 2012.

The company posted an after tax profit of N3.7 billion at the end of the third quarter, which is a year-onyear drop of 15.3%. Despite the drop, the full year profit outlook is promising based on the annualised growth rate. This reflects a sharp slowdown in profit growth in the final quarter in 2014. Of the closing net profit of N4.57 billion in 2014, as much as N4.37 billion was earned at the end of the third quarter.

The final quarter slowdown isn’t expected to reoccur in the 2015 financial year. Net profit is expected C M Y K

Ashakacem: losing sales revenue, defending profit to grow by about 14% to a new peak of N5.2 billion for Ashakacem in 2015. That will be the second year the company will be growing profit against declining revenue.

The drop in profit at the end of the third quarter is accounted for by the drop in sales revenue, a relative increase in cost of sales and a rise in selling and marketing expenses. Cost of

Ashakacem is one of the few companies that closed 2015 on the positive side of the share price table.

Its share price advanced by 14.2% - one of the top price gainers against a drop of 17.4% in the allshare index of the Nigerian Stock Exchange in 2015

sales failed to decline as fast as turnover and therefore claimed an increased share of sales revenue. Gross profit margin therefore declined from 41.5% to 35.9% over the review period.

Selling and marketing expenses rose by 25% and also claimed an increased share of sales revenue.

The company achieved significant cost savings in two major expenditure lines, which are administrative expenses and interest charges.

It cut administrative expenses by more than 39%, which

enabled it to moderate the impact of cost of sales on operating profit. Interest cost also dropped by nearly 45% during the period, which further countered the impact of the cost increases on the bottom line.

The company had no interest bearing financial obligations in the balance sheet as at the end of the third q u a r t e r.

An exceptional growth in other operating income and a moderate improvement in investment income also strengthened revenue performance in the year.

Earnings per share

amounted to N1.65 at the end of the third quarter, which is a drop of 15.4% yeaon-year. The company is expected to earn N2.30 at the end of the year, which will be an improvement from N2.04 in 2014. It paid a cash dividend of 45 kobo per share for the 2014 trading.

Ashakacem is one of the few companies that closed 2015 on the positive side of the share price table. Its share price advanced by 14.2% - one of the top price gainers against a drop of 17.4% in the all-share index of the Nigerian Stock Exchange in 2015.

ETI: losing earnings in dollars, gaining in naira E cobank Transnational Inc [ETI] isn’t able to grow earnings in dollar terms so far this year and revenue and profit declined at the end of the t h i r d q u a r t e r. L o c a l currency gains in revenue aren’t reflecting in dollars when translated at the lower exchange parity.

The bank has achieved strong earnings growth in the functional currencies but this is hidden by the currency translation effect.

With operational and impairment losses being encountered, the bank’s management expects to close the year with a lower profit than expected.

In naira terms, the bank achieved one of the strongest profit advances in the banking sector in 2014 and another strong growth in profit can be expected from the bank in 2015. Last year ’s growth of 178.7% in net profit was partly a recovery from a profit drop of 44.7% in 2 0 1 3 . T h i s y e a r, b o t h revenue and profit are expected to be up on the high growth attained in the preceding y e a r.

Growing revenue and improving profit margin have brightened profit prospects further in the current year.

ETI is leading the group of listed banks on revenue volume this year as it did in 2014. In terms of profit numbers however, it steps back on account of comparatively lower profit margin.

The bank improved gross earnings by 18.1% year-on-year to N411.83 billion at the end o f t h e t h i r d q u a r t e r.

Revenue growth was led by interest income, which grew by 24% while a 10% improvement in other operating income moderated the growth rate.

In dollar terms, other operating income dropped by 9% and led to a 3% decline in gross earnings.

Based on the revenue growth rate in the third q u a r t e r, E T I m a y g r o s s over N550 billion at full y e a r. T h a t w i l l b e a n increase of 12.4% over the

Continues on page 21

Vanguard, MONDAY, JANUARY 11, 2016 — 21

Corporate Report

ETI: losing earnings in dollars, gaining in naira Continued from page 20 gross income of N489.25 billion it reported at the end of 2014.

After tax profit grew at a lower pace of 15.1% than revenue in the third quarter but the full year outlook indicates a much stronger growth prospects for the bank. At N60.42 billion, after tax profit amounted to 92% of the preceding year ’s full year figure at the end of the third quarter. The full year prospects indicate that profit may grow by close to a quarter on the 2014 closing figure to about N82 billion. The bank had closed last years’ operations with a net profit of N65.68 billion, which was a leap by 179% from a 45% drop in 2013.

While profit margin is down on year-on-year basis, it is improved from 13.4% at the end of last year to 14.7% in the third q u a r t e r. T h e b a n k h a s taken steps to improve controls and systems and implemented internal and external reviews that have resulted in improved ability of the bank to convert revenue into profit.

A major favourable cost behaviour that permitted the profit growth attained came from operating cost.

It grew by 13% year-onyear compared to the 18% improvement in gross income. That reduced operating cost margin from 51.3% in the same period last year to 49.2% at the end of the third quarter.

The biggest adverse movement on the income statement of the bank during the review period is in respect of impairment losses on risk assets, which grew by 48% yearon-year to N34.67 billion.

It accounted largely for the loss of profit margin at the end of the third quarter and the inability of the bank to match profit growth with revenue.

Whether the impairment losses would rise further in the final quarter is a critical factor to watch on ETI at full year. Last year, an impairment charge of N23.41 billion at the end of the third quarter suddenly swelled to N44.42 billion at full year.

Should that pattern repeat itself this year, the profit expectation for the bank at full year will not be realised.

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22 — Vanguard, MONDAY, JANUARY 11, 2016

Banking & Finance

Heritage Bank Boss calls for increased awareness on financial inclusion

T

he Managing Director/ Chief Executive Officer of Heritage Bank Limited, Mr. Ifie Sekibo has called for an increased awareness on financial inclusion so as to bring more Nigerians into the financial system.

Sekibo, said this during the presentation of the Gold Sponsorship award for 2015 to Heritage Bank by the Finance Correspondents Association of Nigeria (FICAN) at the bank’s head office in Lagos recently.

He said: “The ball is shifting; the days when only the formal sector should understand finance are over. Everybody should begin to understand finance.

They should understand how they spend their money, why we need to save and we need to teach our children why they need to save from now. These are some of the conversations we need to have to ensure that we promote financial inclusion. As journalists, we need to be able to educate people on why they should save money and how they can save and the need for us to spend in line with our budget as individuals.”

He stressed the need for FICAN members to drive the conversation for Nigerians to change their lifestyles.

“More important for us is the conversation for us on how we need to change our lifestyle.

We can’t grow an economy where all we want to spend on are dollar-denominated and foreign goods. Left for Nigerians, they want to be doing all their spending on dollars, forgetting that dollar is not our local currency.

Everything they do with dollar gives employment to somebody in another country and not in Nigeria. So, we must continue to have that conversation and it must be robust.

“So, it is important as a people to begin to educate our fellow Nigerians on these things and it is the financial correspondents that must drive this, because this is a very serious issue and if we don’t, we would all regret it. You have members in print, electronic and online, if with 100 people on your platform alone, you can drive this change.”

Commenting on the award by FICAN, he said: “We are still very young in our development as an organisation. We didn’t step out to support FICAN with the intention of getting this award.

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RETREAT: From left, Dele Adeyinka, Vice Chairman Committee of E-Banking Industry Heads (CeBIH)/ Head of E-Banking, Wema Bank, Akeem Lawal, Divisional CEO, Switching and Processing Unit, Interswitch; Simi Osinuga, Treasurer, CeBIH/ Head of eBusiness, GTBank; Chuma Ezirim, General Manager, Head eBusiness Group, First Bank; Tunde Kuponiyi Chairman CeBIH/ Head, Cards and E-Banking, Ecobank Nigeria at the 2015 annual CeBIH retreat in Uyo, Akwa Ibom.

Banking the unbanked with mobile payments

By BABAJIDE KOMOLAFE

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aba Segun operates a thriving vulcaniser business located in the Kirkiri axis of Apapa. Though he has little education, he enjoys patronage from every segment of the society. This he attributes to two factors, namely his vulcanising skills and his mobile phone. “My phone is my number one equipment”, he said, adding, “It determines how many jobs I get everyday”. Though he could barely read or write, Baba Segun easily operates the mobile phone. “I have to force myself to learn how to use it”, he said.

Despite the level of business patronage, Baba Segun however does not have a bank account. When asked why? He responded, “What do I need a bank account for? Is it to collect the small money we charge for our job or to buy equipment?

He asked.

“I collect my money in cash and I also pay cash for whatever I need”, he concluded.

Baba Segun represents millions of Nigerians who have a mobile phone but does not have a bank account. The Biometric Verification Number (BVN) enrolment revealed that there are about 25 million Nigerians with bank accounts.

But statistics from the Nigeria Communication Commission (NCC) shows that there are about 148 million mobile phone subscribers. This indicates that over between 90 million to 100 million Nigerians with mobile phones don’t have bank accounts and also do not have access to financial services.

They are regarded as

unbanked or financially excluded. According to the 2014 Access to Financial Service Survey, 36.9million of Nigerian adults representing 39.5 percent out of 93.5 percent adult population were excluded from financial services. In addition, 57.9 percent of these were women.

But Tunde Kuponiyi and his colleagues in the Committee of E-Banking Industry Heads (CeBIH) believes that these unbanked Nigerians can be attracted to enjoy banking and other financial services through mobile payments, which is the use of mobile phones to conduct financial transactions. How to achieve this was the focus of the 2015 annual retreat of CeBIH held in Uyo, Akwa Ibom state. The theme of the retreat was “Mobile Payments for Financial Inclusion in Nigeria - Prospects & Challenges”.

In a bid to attract the likes of Baba Segun into the financial system, financial experts led by

By all accounts there are less than 5,000 active agents across the country while the 21 Mobile Money operators who have been unable to scale, consequently only 47 percent of Nigerians have access to financial services within 5km

the Central Bank of Nigeria (CBN), in 2012 crafted a strategy called National Financial Inclusion Strategy.

The strategy was aimed at reducing the percentage of adult Nigerians that do not have access to Financial Services from 46.3 per cent in 2010 to 20.0 percent in 2020.

Welcoming participants to the retreat, Kuponiyi highlighted the potential of mobile phones to enhancing financial inclusion. He said, “The good thing about the mobile phone and in fact any device that has internet connectivity is that it can be used as a payment device and this is what will significantly enhance inclusion not only as store of value but also as a payment platform.

Mobile Payment and financial inclusion

As part of efforts to achieve the National Financial inclusion Strategy goal, the CBN in 2011 licensed 21 companies to offer mobile payment services. Furthermore the CBN introduced agency banking, which allows banks and mobile payment operators (MPOs) to render services through third parties in various locations.

But these measures are yet to bear the desired fruit in terms massive attraction of the unbanked population into the financial sector.

“By all accounts there are less than 5,000 active agents across the country while the 21 Mobile Money operators who have been unable to scale, consequently only 47 percent of Nigerians have access to financial services within 5km”, noted Mr. Mike

Ogbalu, Divisional Chief Executive Officer, Interswitch Financial Inclusion Services.

He added that this is because, “availability/visibility of mobile payment operators/agents and awareness of bottom-ofpyramid (BOP) financial services is still very low. Agent value proposition remains weak and unattractive. High cost of effective agent network rollout remains a challenge to most service providers while most providers have short term investment focus.

He noted that with 95 percent of financial services concentrated in the urban areas, the existing financial services infrastructure is grossly inadequate to change the Nigerian Financial Services Landscape.

Making mobile payment work

To address these challenges, Governor of Akwa Ibom, Mr. Emmanuel Udom, stressed the need for sound policy framework, innovation and awareness. “Beyond a sound regulatory framework, we cannot drive the adoption of electronic banking without the right technology, the right standard, and above all, a sustained and robust awareness of the Nigerian public,” he said in his address to participants.

This however requires a lot of capital. To make significant impact in the area of attracting the unbanked, mobile payment operators need to invest more. This, according to Mr. Jimoh Musa, Deputy Director, Banking and Payment System Department, CBN, is why the apex bank has decided to increase the capital base of MPOs. “All mobile operators must raise capital base to N2 billion. We have realised that the key success factor to mobile money is agent network.

However it takes money to build agent network. It takes N100,000 for an agent outlet to be properly set up”.

One of the highlights of the retreat was a presentation on “The Digital Financial Marathon: Kenya’s evolution towards a digital financial ecosystem”, by Eric Muriuki Njagi, General Manager, Commercial Bank of Africa (CBA). The presentation cited the experience of CBA in the use of mobile payment services to generate savings and extend loans to millions of Kenyans. It also cited the experience of Kenya in the use of mobile payment to drive financial inclusion. The success factors, according to Njagi are: Identity authentication; Distribution facilitating legislation, Interoperability, Alignment of need/ Opportunity to capability”.

Continues on page 32

Vanguard, MONDAY, JANUARY 11, 2016 — 23

Corporate Finance

Skye Bank: Building Acquisition on People

By BABAJIDE KOMOLAFE

F

or

most Nigerians visiting a bank is no more a regular routine to look forward to. It is not because banks have become less important to our lives, but essentially with the era of smart technology and mobile banking, customers can transact business without visiting the banking hall.

However in one of such moments, I recently found myself in one of Skye Bank’s branches where I had gone to do my Bank Verification Number (BVN) registration to avoid the CBN hammer. Whilst in the bank, I noticed a certain excitement in the atmosphere.

There was evidence of a people working together in the interest of the customer at least going by the level of customer service I experienced on that day.

Although I later understood that the bank was marking the customer service week.

Customer service week has in recent years been deployed by those in the service industry, especially banks, to woo more customers tempting them with incentives. Beyond the customer service week, my emotion was taken in by the warmth and conviviality that bonded everyone in the banking hall.

Most of the staff were clad in uniform outfits of native Fulani extraction that reminded one of the cultural legacies of a multiethnic Nigeria. The men equally complemented this with their elegant Hausa native attires.

Whilst the traditional issues about acquiring technologies and products, creating economies of scale and strengthening brand presence are the juicy benefits of every M&A, unfortunately on the other hand, people and their cultures can neither be merged nor acquired. Culture as in every M & A has remained the dominant barriers to effective business integration, accounting for 30 per cent of failed integrations across the world.

Skye Bank is the outcome of the Chukwuma Soludo inspired consolidation regime which brought together five legacy banks: Prudent, EIB, Bond, Reliance and Co-operative banks, which have been in harmonious existence since

2006. The major strengths of the bank include its diverse ownership structure, quality management Board and staff, prudent financial management and strong reputation on service delivery.

According to information on the bank’s website, the bank has a cumulative wealth of experience spanning over 50 years, which makes the bank one of Nigeria’s oldest banking institutions. Even before it acquired Mainstreet Bank in late 2014, the bank was quoted on the Nigerian Stock Exchange (NSE), with a shareholder list of over 450,000 names, made up of individual and corporate investors.

Mainstreet Bank was, until August 5, 2011, known as Afribank Plc., and was listed on the Nigerian Stock Exchange (NSE). Afribank was a top 5 Nigerian Bank by balance sheet size, before the 2004/5 consolidation exercise. However, the Bank failed the stress test conducted by the Central Bank of Nigeria (CBN) in 2009, Mainstreet Bank popularly called MBL emerged as a bridge institution to take over and manage the assets and liabilities of Afribank. Prior to acquisition, MBL had over 220 branches and 125 ATMs strategically located across Nigeria. It offered traditional commercial Banking as well as electronic, collections, amongst others. Apart from that, the then Mainstreet Bank had a total of nine subsidiary institutions most of which though ailing, held a lot of promise if well managed.

The nine subsidiaries include: Bureau de change, Capital markets, Real estate, Insurance, Microfinance, Registrars, Securities and Trusteeship, including a financial service outlet in Ireland. The expectations of the shareholders is for the new larger bank to match top competitors in the areas of asset size and acquisition of loyal Mainstreet Bank customers, improve liquidity to create better performing risk assets, and increasing profitability Whilst Skye Bank and Mainstreet can boast of great degree of confluence in business and strategic levers, same cannot be said of both institutions’ cultural background. Indeed, most mergers across the globe

John Holt posts N3.6bn negative shareholders’ funds

By NKIRUKA NNOROM

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*Timothy Oguntayo, CEO, Skye Bank Plc have either succeeded or failed on account of how well they manage the people issues.

Building a bond of trust after an M& A is so difficult to achieve that most institutions soon after the merger begin to record poor business performance leading to attrition of key employees.

Either by sheer providence or sheer dexterity in strategic execution, Skye Bank has assumed a distinct reference case study of successful M&A within the sub-Saharan space of the emerging markets. This is more so when no one gave the bank a chance to survive let alone soar.

Given the fenzy and the perceived cultural gap that existed between Skye Bank and Mainstreet Bank, it was projected that managing the acquired bank and its resources would be a herculean task.

Yet, Skye Bank, drawing from its experience of managing a previous M&A has successfully proved critics wrong. Unlike many institutions, Skye Bank resisted the temptation of running multiple wage system.

The bank immediately upon acquisition harmonised its pay structure, compensations and privileges a move which which experts believe is one of the

Either by sheer providence or sheer dexterity in strategic execution, Skye Bank has assumed a distinct reference case study of successful M&A within the subSaharan space of the emerging markets

determining factors for successful acquisition. When employees understand that they are given equal opportunity and rewarded in the same manner with their peers, they are likely to embrace the new entity as positive change.

Most of the staff I interacted with in the branch which incidentally had equal measure of both legacy Mainstreet and Skye Bank explained that the bank is conscious of its history and has indeed designed “staff bonding activities such as Skye Day, Customer Service week Village Meeting activities which created specific roles for the executives and staff members., This is amidst other sporting activities that are designed to stimulate and bond staff together around a common vision and purpose.

The unique benefit in fusing the two cultures however lies even more in the aspirations of the average Mainstreet Banker.

The average staff of Mainstreet Bank desires a stable management and leadership and a caring organisation.

Amidst that, they also seek an organisation that will support their career aspirations; an opportunity which they seem to cherish in Skye bank.

The 2015 third quarter result figures showed that the Mr. Timothy Oguntayo-led merger has been positive on the bank’s financial performance. Skye Bank recorded a sharp 33.1% rise in gross earnings to N129 billion as at September 2015 compared to N97 billion in the corresponding period of 2014.

The significant increase in gross earnings was boosted by a considerable increase in interest earned on loans and advances, which shot up significantly by 25% to N99.5 billion from N79.5 billion within the same period.

A few commentators acknowledge that most of the specious media attacks the bank has faced in recent times can largely be attributed to the acquisition of Mainstreet Bank.

ohn Holts Plc has continued to fall deep into financial mess as it recorded negative shareholders’ funds of N3.6 billion for the year ended September 30, 2015.

This represents 9.1 per cent increase over N3.3 billion negative shareholders’ fund posted in the full year ended September 30, 2014.

The result for the period released on the floor of the Nigerian Stock Exchange (NSE) showed that the company also recorded gloomy performance across all financial indices during the year under review.

Its revenue for the period fell by 13.9 per cent to N2.82 billion as against N2.43 billion recorded in the preceding year.

It posted Group loss before tax of N171 million compared to profit before tax of N427 million posted the previous year, representing 140.0 per cent decline.

Despite 144.9 per cent reduction in the current tax position for the period, it achieved Group loss after tax of N254 million as against N591 million recorded during the same period in 2014, indicating 143.0 per cent fall.

Consequently, the auditor of the company, BDO Professional Services, expressed doubt over the ability of the company to continue as a going concern.

In their report to shareholders of the company signed by Ebenezer Olabisi on behalf of the independent auditors, BDO Professional Services said: “Without qualifying our opinion, we wish to draw attention to note 42 to the financial statements which indicates that the company incurred a loss before taxation of N311 million (group: N171 million) during the year ended 30 September, 2015 (2014:profit of N266 million, Group: N427 million and as at that date, its current liabilities exceeded its current assets by N4.2 billion (2014: N4.4 billion) and had a negative shareholders’ funds of N3.6 billion (2014: N3.3 billion).

“As at the same date, the Group’s current liabilities exceeded its current assets by N1.2 billion (2014: N1.6 billion) However, the Group had a positive shareholders’ funds of N3.2 billion (2014: N3.3 billion).

These conditions indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern.”

24 — Vanguard, MONDAY, JANUARY 11, 2016

Interview

S

peech by Christine Lagarde, Managing D i r e c t o r , International Monetary Fund, to the Nigerian National Assembly, Abuja when she visited the country on January 6, 2016.

Introduction My first visit to Africa as IMF Managing Director was in late 2011, and the first country on my itinerary was Nigeria. At that time, Nigeria was emerging from the 2008-09 commodity price collapse and the banking crisis that followed.

Since that visit, Nigeria has been acknowledged as the largest economy in Africa—with a maturing political system. We saw a peaceful general election last year in which, for the first time in Nigeria’s history, there was a democratic transition between two civilian governments. It was a strong sign of Nigeria’s commitment to democracy, to a new Nigeria.

At the same time, the external environment has changed. Oil prices have fallen sharply; global financial conditions have tightened; growth in emerging and developing economies has slowed; and geopolitical tensions have increased.

All this has come at a time when Nigeria is facing an urgent need to address a massive infrastructure deficit and high levels of poverty and inequality.

So, Nigeria faces some tough choices going forward.

Nigerians, however, are well known for their resilience and strong belief in their ability to improve their nation and lead others by example. I firmly believe that Nigeria will rise to the challenge and make the decisions that will propel the country to greater prosperity.

As the great Nigerian novelist Chinua Achebe once said: “If you don’t like someone’s story, write your own.” This is exactly what you are doing right now.

And let me assure you that, as you go forward, as you developyour story, the IMF will support your efforts.

Today, I would like to offer my

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perspective—on your story and punctuate it with three R’s: resolve, resilience, and restraint.

• I will first identify the global economic transitions that are affecting Nigeria and the region.

• I will then turn to the importance of managing the near-term vulnerabilities facing Nigeria’s economy.

• And, finally, share my thoughts on what might help to achieve more inclusive and sustainable growth.

Global economic transitions and implications for Nigeria and the region So let me start with the big picture. For more than a decade, growth in Sub-Saharan Africa was driven by an extraordinary combination of improved policies, stronger institutions, high commodity prices, and high capital inflows.

The region has now entered a different phase, where commodity prices and capital flows are far less supportive. We are in the process of updating our forecasts, but broadly the IMF staff estimates that regional economic growth dropped from 5 percent in 2014 to about 3.8 percent last year, with only a modest recovery expected in 2016.

There is a similar picture at the global level—modest growth last

Nigeria faces some tough choices going forward. Nigerians, however, are well known for their resilience and strong belief in their ability to improve their nation and lead others by example.

Nigeria should act with resolve, build resilience, and exercise restraint-IMF year, with only a slight acceleration expected in 2016. Emerging markets, which propelled global growth after the 2008 global financial crisis, have slowed; advanced economies are still recovering from the impact of that crisis; and financial markets remain volatile.

In fact, both at the regional and global level, growth is affected by three major economic transitions.

They include China’s move to a new growth model, the prospect of commodity prices remaining lower for longer, and the increasing divergence in monetary policy in major economies, especially since the recent rise in U.S. interest rates.

Understandably, policymakers in this region are concerned— because these transitions can create spillovers through trade, exchange rates, asset markets, and capital flows.

For example, spillovers are now affecting oil-exporting countries, which generate about half of this region’s GDP. These economies, including Nigeria, are facing massive pressures and challenging prospects.

Over the medium term, oil prices are likely to remain much lowerthan the 2010-13 average of more than $100 a barrel. Why? Because of the huge oversupply in global oil markets. Think of the shale oil boom in the United States, and some historically large producers such as Iraq and Iran coming back to the market. Other factors include OPEC’s strategic behavior and the drop in global demand for oil, especially in emerging economies.

Already, lower oil prices have sharply reduced Nigeria’s export earnings and government revenues.

Both are likely to remain at depressed levels, reducing the

space for policy interventions to address Nigeria’s social and infrastructure needs.

Private sector investment will also be affected. Investor confidence about the outlook has remained weak, and financing is likely to become more difficult and more costly for everyone. With U.S. interest rates expected to continue to rise, albeit slowly, the likelihood of capital outflows will increase, and exchange rate pressures could mount as investors reassess their appetite for risk.

More broadly, Sub-Saharan Africa is also facing spillovers from geopolitical factors, including the fight against Boko Haram. The threat of terrorism is very real and never far from our minds. Having been in Paris during the November attacks, I know firsthand the sorrow that so many Nigerians carry in their hearts.

In this region, terrorism not only takes a human toll but it also makes public finances more fragile. How? By widening budget deficits.

Revenues are lower, including from lower growth, and spending needs higher, including for security and for supporting those impacted by the violence. One immediate downside is higher financing needs that can crowd out other essential public spending.

This brings me to my second topic—how can policymakers manage these near-term vulnerabilities?

Managing near-term vulnerabilities Let me start by underscoring the progress made in recent years. Nigerians have created a large and diversified economy that has grown by about 7 per cent a year over the last decade. This has been a remarkable achievement, a

testament to Nigeria’s immense potential.

The outlook, however, has weakened. Growth in 2015 is estimated at about 3.2 percent— its slowest pace since 1999—and only a modest recovery is expected in 2016.

For a country with a rapidly increasing population, this means almost no real economic growth in per capita terms.

On top of the slowdown, vulnerabilities have increased.

The ability to manage shocks is restricted by low fiscal savings and reserves. And the weakening oil sector could stress balance sheets and put pressure on the banking system.

Reduced confidence and lower capital spending also impact the non-oil corporate sector.

Unfortunately, this sector looks less resilient today than during the downturn of 2008-09.

Companies that have increased their leverage and US-dollar debt in recent years may now come under pressure as they face rising interest rates and a stronger dollar.

Nigeria also has a large regional footprint, and its fortunes affect that of its neighbors, especially through trade. For example, it is estimated that a one percent reduction in Nigeria’s growth causes a 0.3 percent reduction in Benin’s growth.

Vanguard, MONDAY, JANUARY 11, 2016 — 25

Interview

*Christine Lagarde, IMF President So what can policymakers do?

I see an immediate priority— a fundamental change in the way government operates. What do I mean by that? The new reality of low oil prices and low oil revenues means that the fiscal challenge facing government is no longer about how to divide the proceeds of Nigeria’s oil wealth, but what needs to be done so that Nigeria can deliver to its people the public services they deserve— be it in education, health or infrastructure.

This means that hard decisions will need to be taken on revenue, expenditure, debt, and investment going forward. My policy refrain is this: Act with resolve—by stepping up revenue mobilization. The first step is to broaden the tax base and reduce leakages by improving compliance and enhancing collection efficiency. At the same time, public finances can be bolstered further to meet the huge expenditure needs. For example, the current VAT rate is among the lowest in the world and well below the rates in other ECOWAS members—so some increase should be considered.

Build resilience—by making careful decisions on borrowing.

Nigeria’s debt is relatively low at about 12 percent of GDP. But it weighs heavily on the public purse. Already, about 35 kobo of

every naira collected by the federal government is used to service outstanding public debt.

Exercise restraint—by focusing on the quality and efficiency of every naira spent. This is critically important. As more people pay taxes there will, rightly, be increasing pressure to demonstrate that those tax payments are producing improvements in public service delivery.

Let me give you examples of what I mean: On capital expenditure, the focus must be on high-impact and high value-added projects. This is why the government is focusing on power, integrated transport (roads, rail, air, and ports), and housing. These can help connect centers of activity across the country and drive growth prospects.

On recurrent expenditure, efforts should be made to streamline the cost of government and improve efficiency of public service delivery across the federal and sub-national governments.

Transfers and tax expenditures should also be addressed. For example, continuing the move already begun by the government in the 2016 budget to eliminate resources allocated to fuel subsidies would allow more targeted spending, including on innovative social programs for the

most needy.

Indeed, fuel subsidies are hard to defend. Not only do they harm the planet, but they rarely help the poor. IMF research shows that more than 40 per cent of fuel price subsidies in developing countries accrue to the richest 20 per cent of households, while only 7 per cent of the benefits go to the poorest 20 per cent.

Moreover, the experience here in Nigeria of administering fuel subsidies suggests that it is time for a change—think of the regular accusations of corruption, and think of the many Nigerians who spend hours in queues trying to get gas so that they can go about their everyday business.

At the same time, we should not forget the huge challenges facing Nigeria’s state and local governments. These sub-national governments—which account for the bulk of social spending—have only limited tools to manage the impact of declining oil revenues.

My message here is to manage better the smaller purse, while building capacity to increase internally generated revenue.

The IMF can help in that regard by providing technical assistance on public financial management. We did so for the Kaduna State Government. We can explore how to support states’ efforts to undertake budget reform.

I see another immediate policy priority—strengthen Nigeria’s external position. The essential fact is that, given the structure of the economy, the massive fall in oil prices—which is expected to continue—has changed the medium term foundations for economic resilience. To be clear, the goal of achieving external competitiveness requires a package of policies including business-friendly monetary, flexible exchange rate and disciplined fiscal policies, as well

Nigeria’s debt is relatively low at about 12 percent of GDP. But it weighs heavily on the public purse.

Already, about 35 kobo of every naira collected by the federal government is used to service outstanding public debt.V V

as implementing structural reforms. Additional exchange rate flexibility—both up or down—can help soften the impact of external shocks, make output and employment less volatile, and help build external reserves. It can also help avoid the need for costly foreign exchange restrictions - which should, in any case, remain temporary. And going forward, improved competitiveness from improved exchange rate flexibility and other reforms will facilitate the needed diversification of the exports base and, ultimately, growth.

This brings me to my final topic—how can policymakers achieve more inclusive and sustainable growth?

3. Achieving inclusive and sustainable growth The good news is that Nigeria st is already, in many ways, a 21 century economy.

• Think of the boom in mobile communications in a country where more than 140 million cell phones are in use, nearly one for each Nigerian.

• Think of the vibrant, homegrown film industry that has become the world’s secondlargest by output. Nollywood employs about one million people who create films that are winning audiences across the continent and beyond.

• Think of the growing number of innovative startups—from fashion to software development—that are promoting Brand Nigeria.

Indeed, the growth in services to about half of Nigeria’s output is a testament to the transformation that has begun, and which needs to continue.

But we all know that huge structural challenges remain, despite the many initiatives that are ongoing. Let me highlight the conditional cash transfer scheme in Kano, where poor households receive financial assistance linked to girls’ enrolment in schools.

Overall, however, poverty and inequality still remain high, especially in some parts of the country.

Women account for about 42 percent of the total labor force— which is comparatively low—and their literacy rates are well below that of men. Maternal mortality is relatively high because of limited access to health care.

Many women and children are dying every day simply because they cannot get to medical facilities fast enough.

With that in mind, what are the key policy priorities? Invest in quality infrastructure, make the banks work, and improve governance. Let me take each in turn: The first—act with resolve to significantly improve transportation networks and power delivery [i.e., generation, transmission, and distribution].

For example, Nigeria could be exporting tomato paste—a staple of Nigerian cuisine—on a large

scale, but it imports about half of what it needs. This is why Nigeria needs to build more roads and better rail networks, so that more farmers can bring their crops to market.

Likewise, more investment is needed in energy infrastructure in a country where too many businesses and households regard their backup generators as their main power source.

The second priority—build resilience by fostering a sound banking system. This will help channel more savings into productive investments, especially in quality infrastructure.

To be sure, Nigeria’s banks are generally well-capitalized and more resilient than during the downturn of 2008-09. But they are beginning to feel the impact of the growing vulnerabilities in the corporate sector. This means rising non-performing loans, which will need to be carefully monitored and managed.

The third priority—act with resolve in fighting against corruption. In his first public speech after the election, President Buhari singled out corruption as a “form of evil that is even worse than terrorism.”

Corruption not only corrodes public trust, but it also destroys confidence and diminishes the potential for strong economic growth.

At the global level, it is estimated that the cost of corruption is equivalent to more 1 than 5 percent of world GDP , with over US$ 1 trillion paid in 2 bribes each year .

Here in Nigeria, important initiatives to discourage graft are underway and should be applauded. Let me highlight the publication of monthly data on the finances and operations of the Nigerian National Petroleum Corporation. This provides information on a key sector, building confidence in transparency, and improving accountability of oil revenues, for the benefit ofall Nigerians.

Much more can—and needs to be—done. Fighting corruption is a multi-year, multi-generational struggle that must be won.

Conclusion So let me conclude: today your nation has embarked on a new journey. Nigeria is looking ahead, while drawing strength from its assets—the richness and diversity of its culture, the ingenuity of its people, and the belief in a better future.

Today policymakers have the opportunity to address near-term vulnerabilities and medium-term challenges—with resolve,resilience, and restraint.

Today the “Giant of Africa” is walking with a spring in her step—inspiring others in the region and across the world.

As the great Nigerian poet Ben Okri once said: “Our future is greater than our past”.

26 — Vanguard, MONDAY, JANUARY 11, 2016

Micro-Finance

UPMFB disburses N140m CBN intervention fund pays 16k dividend to shareholders

By PROVIDENCE OBUH

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muchinemere Procredit Micro Finance Bank Enugu (UPMFB) has disbursed N140 million out of the N220 billion Micro Small and Medium Enterprises Fund of the Central Bank of Nigeria (CBN).

This is even as the bank paid 16kobo dividend per share to shareholders in its financial year ended December 2014.

The bank further achieved an increase in its earnings, recording 35Kobo earnings per share performance, as contained in the bank’s official annual report approved by the Central Bank of Nigeria, recently released by the bank.

Speaking at the 2014 Annual General Meeting, Chairman of the bank, Monsignor Prof Obiora Ike, said that the total assets of the bank increased from N2.099 billion in 2013 to N2.557 billion in 2014.

“UPMFB is participating in the disbursement of the Federal Government’s N220billion special fund for micro, small and medium scale enterprises and has so far disbursed a total of N140million to a total of 447 persons, in partnership with CBN and Enugu State government.

“In implementing the Federal Government’s financial inclusion principle,

the bank, as a Faith based financial institution driven by the Church’s mission of economic evangelization and by the pursuit of its goal of empowering the rural dwellers as a tool of reducing poverty in the society, extended its outreach to the autonomous rural communities of Iba Agwa Nike and Ugwogo Nike respectively before the close of 2015. Already, the bank is

serving the financial needs of numerous rural communities spread across two of the three senatorial zones of Enugu state,” he said.

Commending the shareholders, for their continued support, goodwill and trust given to the bank in its 20 years of operations, Ike said that the bank was poised to attain greater heights in the days and years ahead, disclosing that the bank

2016: MfB operator seeks enabling environment Managing Director, Accion Microfinance Bank, Ms. Bunmi Lawson, has called for enabling environment to boost serviece delivery in the microfinace bank subsector .

She said that the absence of basic facilities to support service delivery disturbed the performance of microfinance banks in 2015 adding that the activities of the Boko Haram insurgents also caused set to some banks operating in the North East in 2015.

Lawson said that banks would have performed even better in 2015 if the

government had provided facilities and supported the banks, just as she advised the Federal Government to provide more conducive environment for banks to operate.

She urged President Muhammadu Buhari to prioritise the provision of infrastructure to enable banks and industries to improve their services to Nigerians.

She advised that the Federal Government should also ensure that banks had easier access to intervention funds to support their operations in 2016.

intends to step up its promotion of agriculture by increasing its credit facilities to its genuine farmers.

Specifically, the 35Kobo performance in earnings per share was a noticeable difference compared to its 2013 earnings of 26Kobo per and 15Kobo dividend payment per share.

In the year under review, the bank made a total net profit of N112,899,521, against N79,172,994 in the previous year, with its shareholders’ fund rising from N599.6million in 2013 to N686million in 2014.

The chief executive officer/ Director General of a German entrepreneurship centre, Social Entrepreneurship and Enterprise Development Strategies, Carl Gustav Bjertines, advised the shareholders of the bank to be grateful to the board and management of the bank due to the prudent way they have been managing the bank and taking it to greater heights.

Umuchinemere Pro-credit Micro Finance Bank was established by the Roman Catholic diocese of Enugu in 1995 and celebrated its 20th anniversary during its annual general meeting of 2015.

Vanguard, MONDAY, JANUARY 11, 2016 — 27

Business & Economy

NUFBTE calls for forex policy review on tomato paste

By NKIRUKA NNOROM

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he National Union of Food, Beverage and Tobacco Employees (NUFBTE) has called on the presidency to prevail on the Central Bank of Nigeria (CBN) to review the forex policy listing of triple concentrate tomato paste among the 41 items banned from accessing foreign exchange from the official window.

NUFBTE president, Lateef Oyelekan, made the call while speaking with journalists in Lagos on the impact of the ban on the manufacturers of tomato paste.

He said the ban, which has resulted in the inability of the firms to import tomato concentrate which is the main raw materials used in their production process, has drastically affected them.

He stated that the companies involved should be given the latitude to plan for backward integration as one of the downside of the policy is that it could lead to massive job losses, as an estimated 1000 jobs are likely to be lost in the tomato process manufacturing sector.

“The jobs of the workers are at stake unless the ban is reversed and the opportunity for backward integration would be lost by the affected companies.”

According to him, the quantity of the produce being cultivated presently in the country is not enough for local consumption and the quality is not good enough to be processed into paste.

He pointed out that it would take years for the planting, harvesting and processing of the produce into concentrate, adding that most of the companies have run out of stock.

Oyelekan explained that the volatility factor inherent in tomato farming is often a product of seasonal variations, which is itself a function of the variables of weather, agronomy, water, seed, fertilizer, market, storage, transportation, and numerous other agroallied business dynamics.

“If triple concentrate tomato paste is now placed among the list of items that will not have access to the foreign exchange market overnight, that line of business has been killed because the government is working from the perspective that there are tomatoes in the environment for cultivation, processing into paste and packaging.

Rather than prohibiting the items overnight, why not engage the manufacturers in discussion.”

He expressed that the objective of the forex restriction was not a bad idea on its own; but lamented that the implementation of the policy has far-reaching

implication in the short, medium and long term.

Also speaking on the policy, president, the Lagos Chamber of Commerce and Industry (LCCI), Remi Bello, while decrying the policy, warned that most manufacturers might be forced to shut down and move their operations to neighbouring countries due to their inability to access foreign exchange for raw materials and other critical inputs.

According to him, the government needs to first address the issue of postharvest wastage emanating from inadequate storage and the absence of processing facilities and the development of agroallied industry.

Ecobank Nigeria launches agency banking services

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cobank Nigeria has commenced Agency Banking Services, enabling its appointed agent partners carry out banking services on its behalf. Agency banking services is designed to increasesthe bank’s retail distribution network allowing it provide basic banking services to its customers as well as offer payment services such as bank transfers, bill payments and airtime top to the general public.

The Agency Banking service is also intended to offer basic banking services to the underbanked and while providing extended hours for available banking services in the c u s t o m e r s ’ neighborhood.

Announcing the commencement of the Ecobank Agency Banking service in Lagos, Head, Cards and e-Banking, Ayotunde Kuponiyi said it is part of the bank’s distribution strategy to take banking service to the door-step of the customer.

“This is extending our banking services to c o n s u m e r s ’ neighborhood to offer even greater convenience and accessible financial

services in a cost effective and secure manner” he said.

Mr Kuponiyi listed agents partners already offering this services in Lagos as Buymore Supermarket chain (in Agungi-Lekki, Kilo Surulere, Ikeja GRA), Kenzo Retail Supermarket chain (in Lekki, Festac and Apapa) and Save-a-Lot Supermarket in Egbeda.

He maintained that more locations are coming up in Lagos and other major cities and towns across the country.

Banking services provided by the agents banking locations include opening Ecobank Quick Account, cash withdrawal and deposit into Ecobank accounts; funds transfers into any bank account in Nigeria, bills payment (utilities, cable subscription, etc), mobile phone airtime topup amongst other services.

Ecobank Agency Banking service which is the first of its kind to debut in Nigeria is aimed at offering affordable access to financial services to promote and deepen financial inclusion in the Nigeria economy.

28 — Vanguard, MONDAY, JANUARY 11, 2016

Economy

Nigeria 2016: The economy crystal ball by WSTC

By EMEKA ANAETO, Economy Editor

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rospects of 2016 economy on Nigeria is currently overshadowed by negative developments in 2015 and many economists and financial analysts are projecting that 2016 may not easily shake off the impacts.

An articulated review of 2015 economy and the 2016 forecast is presented here covering most key sectors by WSTC Financial Services Limited, a member of the Nigerian Stock Exchange, NSE, and a major operator in the Nigerian financial sector.

Oil Sector: Underlying weaknesses and uncertainties persist Year-on-year, the oil sector expanded by a modest 1.06 per cent in Q3 2015, making it the first quarter of growth in the year. The growth in the oil sector was volume based as higher crude oil production was sufficient to offset the impact of weak oil prices during the quarter.

Given an outlook of weak oil prices, the performance of the oil sector in the current year and in the near future will depend on the volume of oil production. Further increase in production will depend on inflow of capital investments into the sector and this, to a large extent, depends on the resolution of the regulatory impasse in the sector (caused by non-passage of the Petroleum Industry Bill) and federal government’s commitment to its funding obligations with its joint venture partners.

Crude Oil: Supply overhang to continue price depression The favorable crude oil prices of over 3 years till mid 2014 encouraged investments in the sector, while it also improved the production viability of crude from unconventional sources such as shale oil. This caused a steady upsurge in world crude oil production (even the OPEC consistently breached its set production quota of 30 mbpd) despite weaker global economic growth and crude demand. A result of this was a widening disequilibrium and supply overhang in the crude oil market which has continued to dampen prices.

The OPEC Reference basket (ORB) price averaged $49.56 per barrel in 2015, significantly down from $96.29 per barrel recorded in 2014. ORB bottomed at $30.74 per barrel while it peaked at $64.96 per barrel within the year.

We believe crude oil prices

will remain low in 2016 in the light of weaker demand for the commodity due to slow global growth, unabated crude oil supply surfeit and high inventory levels.

Non-oil sector: Widespread uncertainties to impede growth On the contrary, growth rate of the non-oil sector continued its descent for the fourth consecutive quarter in Q3 2015

on account of the earlier-listed factors, particularly political and Forex uncertainties. The non-oil sector grew by 3.05 per cent in Q3 2015, compared to 7.51 per cent in Q3 2014.

Growth faltered in all the major contributors to the nonoil sector in Q3 2015.

Given the current environment of low oil price and the significance of revenue from oil in government’s earnings, government’s earnings generating potential is expected to still be constrained in the early part of 2016, even as the non-oil sector continues to reel from low level of economic activity.

The main task before the present administration will be to stimulate the economy and to tackle the perennial problem of the Boko Haram Islamic sect.

Business spending and overall confidence may still be hamstrung to a large extent in the first half, H1, of 2016 by slow decision making process of the government and central bank’s currency restrictions.

Nevertheless, economic exigency will eventually overshadow political considerations regarding the appropriate pricing of the Naira, as we expect that the CBN will eventually shift grounds as regards Forex rate (although this may not crystallize until later in the year).

Ultimately, the rate of output growth will be determined to a large extent by the timing of currency liberalisation and the pace of government reforms.

Foreign Reserves: Depressed oil prices to precipitate further depletion In tandem with the pressure on the local currency, the stock

of foreign reserves declined in 2015 as the CBN continued to hold firmly to its grips on the value of the Naira after the devaluation in February. The nation’s stock of external reserves declined by 15.66 per cent to close the year at $29.07bn.

Nigeria was not an outlier as weak oil prices also affected the level of foreign reserves in most of the OPEC member countries.

Although crash in oil prices and speculation against the Naira that ensued thereof formed the general theme upon which the depletion in reserves was anchored in 2015, the movement in reserves in each of the two halves of the year were, however, influenced by different factors. Alongside weak oil prices, the preponderance of sociopolitical risks associated with the general elections and uncertainty about the programme of the new government weakened confidence in the domestic economy and contributed significantly to the depletion in H1 2015.

With the successful

We expect that the CBN will eventually shift grounds as regards Forex rate, although this may not crystallize until later in the year

completion of the general elections and handing over of power to a new government, a significant part of socio-political risks subsided.

However, policy uncertainty soon replaced political uncertainty as general policy inertness of the new administration deterred foreign interests in the country.

Given an outlook of low oil prices in the current year and

the cap on attainable domestic production, we do not foresee any significant accretion to reserves in 2016.

Also, the CBN will continue to hold on to its resolve to defend the Naira at the expense of external reserves accretion.

In the current situation in which the most significant source of foreign exchange earnings has been impaired by fundamental factors in the global oil market, the diversification of the source of forex earnings and aggressive import substitution remain the only sustainable option for reserves accretion.

However, given the structural requirements for attaining economic diversification and the time it takes to generate results, we expect that inflows from crude earnings will still remain the major contributor to reserves in 2016.

We also believe that a downward adjustment of the domestic currency and liberalisation of the forex market will not only boost confidence in the local economy, but will also reduce the pressure on foreign reserves.

However, we note that devaluation will only provide an easy and quick respite to Forex depletion. We strongly believe that the provision of a market-friendly economic and

socio-political environment will enhance inflow of foreign (direct and portfolio) capital and also foster the domiciliation of such inflows within the country.

Forex Market: Devaluation imminent The CBN, in its bid to achieve its core mandate of price stability and to also align itself with the position of the government on the value of the Naira, remained resolute in pegging exchange rate amid the country ’s worrisome preference for and dependence on imports.

Unfortunately however, weaker-than-expected crude oil prices and the accompanying reduction in foreign exchange earnings have significantly raised the costs of defending the Naira (i.e. the pace at which Forex reserves is being depleted).

In 2016 we expect the CBN to continue to adopt restrictive measures in maintaining the value of the Naira at the current peg to the Dollar in the interbank segment of the Forex market.

Nonetheless, we note that this approach is not sustainable in the mid-term given the outlook of weak crude oil prices and the implications of Forex controls on the domestic economy. Thus, we maintain that an official re-pricing of the Naira to a more marketreflective rate remains imminent.

Inflation: Supply side forces to stoke up pressure Headline inflation rose from 8.00 per cent in December 2014 to 9.40 per cent in November 2015. The increase in the general price level amid slow down in aggregate spending indicates that inflation was basically driven by cost-push forces during the year. Principal among these forces include volatile exchange rate, high cost of credit (resulting from monetary tightening during most of the year), scarcity of petroleum products and increase in electricity tariff on non- residential consumers.

In addition, the lingering northern security crisis equally took its toll on food supply from the region, thus impacting negatively on food prices during the year.

We expect the government to pursue some economic policies that will have inflationary implications in its bid to revive economic growth.

Thus, we expect the implementation of expansionary fiscal plans and the CBN’s monetary easing stance to stoke inflationary pressures in the current year.

Vanguard, MONDAY, JANUARY 11, 2016 — 29

Insurance

Integration of agriculture, informal sectors into economy could increase insurance penetration — Mokwunye Stories by ROSEMARY ONUOHA

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he integration of agriculture and the informal sectors into the financial system as well as development of insurance products and channels to the market that would cater to their needs are a necessity if reasonable insurance penetration is to be achieved.

Group Managing Director of Royal Exchange Plc, Mr. Chike Mokwunye who stated this, said, “With the structure of the Nigerian economy where agriculture and the informal sector are growth drivers and contribute substantially to the GDP, and the participants in these sectors constitute a larger percentage of the working population, the integration of these sectors into the financial system and the development of insurance products and channels to the market that would cater to their needs are a necessity if reasonable insurance penetration is to be achieved.” Mokwunye, who stated this at the Champion Insurance day in Lagos, added, “In Nigeria, households, businesses – especially the small and medium scale enterprises and the informal sector - demonstrate low level of financial literacy. They often lack sufficient awareness of the risks to which they are exposed, the ability to correctly assess these risks and the knowledge of insurance products that are designed to mitigate the insurable risks.

Mokwunye identified factors responsible for low insurance penetration in Nigeria to include poor disposable income and a relatively weak economy; lack of awareness; competition through pricing/ mispricing of risks; poor image due to lack of trust/perception about insurance by the general public (often given too much premium); as well as nature of insurance business and benefits.

Others are traditional/cultural safety nets which “crowd out” demand for private, commercial (formal) insurance solutions; lack of reserves/resources required for research and development of new products/ channels; concentration on the elite class, corporate clientele and public sector; and lack of product/channel development aimed towards the bottom of the pyramid.

Mokwunye said that the insurance industry has experienced rapid growth in premium income especially in the last decade; however, the impressive growth rate has not been accompanied by meaningful insurance penetration, which remained

A developed insurance market helps reduce social spend of the government through reducing the financial burden on the state

low at 0.30% as at 2014.

He said, “A developed insurance market contributes to social and economic stability.

Insurance in any economy presents the basic tool of its risk management system.

Insurance is crucial in mitigating risks and catalyzing growth of enterprises and markets by providing protection over numerous forms of exposures. Insurance also helps in minimizing financial stress for individuals and households.

“Insurance plays an important role as a veritable source for wealth accumulation through mobilizing domestic savings and providing a large pool of capital which government can tap into to finance budget deficits; especially for capital projects.

Hence, a strong and virile

insurance industry is a prerequisite to any country ’s economic growth and development. It is this underlying principle that drives government all over the world to devote particular attention to the development of the insurance industry.

“A developed insurance market helps reduce social spend of the government through reducing the financial burden on the state of caring for the aged and for those who have been rendered financial destitute due to incapacitation or death of a breadwinner or due to calamity such as flooding, earthquakes, bushfire, etc,” Mokwunye stated. According to him, to resolve the problem of low insurance penetration, government must demonstrate genuine interest in the industry.

Flooding costs could push industry combined ratio above 100%, says Fitch

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he recent series of storms and floods in the UK will significantly weaken 2015 earnings from household insurance for some firms, but are unlikely to affect insurers’ capital levels or ratings, according to Fitch.

The agency noted that total insured loss estimates for storms Desmond and Eva ranged as high as £1.5bn with the figure set to rise further when the cost of storm Frank is added. Fitch highlighted that the scale of insured losses will depend on how many businesses have been affected adding that if there has been significant business interruption, insured losses could rise above the current estimates.

In a statement Fitch reported: “We believe the flooding could increase the industry ’s personal property accident year combined ratio above 100%, indicating an underwriting loss. “But insurers are likely to use reserve releases to bolster their 2015 results and may therefore still report a profit for the year in this sector.”

The firm stated that it believed premiums were “starting to bottom out” after a longer period of declines that had pushed them to a five-year low.

India yet to form consensus on natural catastrophe pool

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VISIT — From left: A board member of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tunde Oguntade; Managing Director/CEO, Favour Insurance Brokers Limited, Mrs. Bunmi Ademosu; NCRIB President, Mr. Kayode Okunoren; Ogun State Deputy Governor, Mrs. Yetunde Onanuga; NCRIB Deputy President, Mr. Shola Tinubu; NCRIB Executive Secretary/ CEO, Mr. Fatai Adegbenro and NCRIB Governing Board Member, Mr. Biodun Durodola during a courtesy visit of NCRIB delegation to the Deputy Governor at Ogun State Secretariat.

NAICOM to publicise misdeeds of insurance firms

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he National Insurance Commission (NAICOM) has said it is considering the misdeeds of errant underwriters and that such misdeeds could be made public very soon.

Commissioner for Insurance, Mr. Mohammed Kari, disclosed this at a forum in Lagos, while reacting to allegations by shareholders that their dividends were eroded due to fines and sanctions meted on their companies. Kari, who defended the actions taken by the commission, said NAICOM is looking at details on how underwriters failed to carry out their responsibilities and grow their businesses.

“We will advise shareholders of insurance companies to demand explanations from their respective managements to ascertain reasons

they continue to incur sanctions from the regulator; incur high management expenses; fail to take advantage of the huge potentials in the market and as well as the various market development initiatives introduced by NAICOM to expand their businesses, grow their revenue income and improve on their bottom-line to guarantee enhanced dividend pay out to their shareholders. We are looking at these details and may be making them public in due course,” he said.

Meanwhile, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, has urged NAICOM to focus on developing the industry to improve the wellbeing of all stakeholders, stressing that investors invested in the industry to maximize returns.

reating a natural catastrophe pool - a pooling of private insurance companies for better equalising the risk associated with natural disasters - for India remains a distant dream, as the industry is yet to form a consensus on the structure of the pool and pricing.

The concept was mooted by the finance ministry. While this proposal was presented almost three years ago, size of the pool and who would be a part of it have not been finalised.

In the wake of the natural disaster in Uttarakhand, the talk about the proposal came to the fore. In 2013, non-life insurance companies had presented a concept paper on catastrophe insurance to the National Disaster Management Authority (NDMA). The concept paper highlighted the need for a pool mechanism to deal with losses from catastrophic events. Because of an absence of such a pool, both insurers and reinsurers have to bear the cost, leading to a big hit on their profitability.

30 — Vanguard, MONDAY, JANUARY 11, 2016

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“

he most obstinate illusions are ultimately broken by facts.” Trevor Roper, in THE LAST DAYS OF HITLER. (VAGUARD BOOK OF QUOTATIONS, VBQ, p100).

Roper, in one of the best books on the last days of the German leader wrote about how Hitler, deceived by his field commanders set about deploying imaginary troops in order to halt the advance of the Allied Forces into his country. It was comical and historical. It demonstrates how political leaders can turn to clowns when faced with realities which are too harsh to admit.

Most Nigerian governors are now like Hitler with their 2016 budgets and the statements they make about the coming year. Before presenting the actual figures from some states of the Federation, it is important to substantiate the allegation that many of our state chief executives are living in Alice’s Wonderland.

Niger State Governor Abubakar Bello represents the common trend among state governments. First, he declared that “Our revenue has dropped by more than 50 per cent, but, it will not be an excuse for us not to serve our people.” Then, the governor who admitted the reduced revenue still went ahead to present a bigger budget for 2016 than for 2015- which is not being achieved. You must wonder if states like Cross River, Sokoto, Yobe, intend to print their own currencies to finance their budgets given the absence of any demonstrable IGR source that is left to be tapped in those states.

The most common statement they make is the pledge not to retrench staff. Admirable as that might sound, the declaration flies in the face of other facts which cannot be ignored. Certainly, the same states still owe staff several months’ salaries with no more bail-out money or loan to help them pay. So, no retrenchment means assuming further

Consequences of states reducing budgets for 2016 obligations to pay the staff. All things remaining the same, it means the states will fall further behind in payment of arrears of salary.

Unfortunately, things will not remain the same for most of the states. In fact, for many states, the immediate future is frightening. At the same time they are promising not to retrench staff, they are also promising to “improve” on service delivery in many arrears of social like. Again, the reader of those statements is bound to laugh or cry. The situation is simply ludicrous.

Below is a chart of the 2015 and 2016 budgets for selected states of Nigeria. The rest are not different in many respects.

In fact, only twelve (12) states expect to spend more in 2016 than they did in 2015.

The remaining twenty (20)

Many of our state chief executives are living in Alice’s Wonderland

STATE

Budget 2015

Budget 2016

Lagos Borno Plateau Yobe Sokoto Imo Kogi Kaduna

489.6bn 201.24bn 197.12bn 80.6bn 125.9bn 143.0bn 88.6bn 204.7bn

662.5bn 155.7bn 154.0bn 88.9bn 174.4bn 102.2bn 75.0bn 171.7bn

expect to spend less. That, however, is not the end of the story. On the aggregate the thirty six states plan to spend N14bn more in 2016 than they did last year. Remove Lagos which expects to spend about N174bn or 26% more in 2016 than last year, the rest will spend N159bn less than 2015.

Most states depend on federally allocated revenue for most of their expenditure; those dependent states generate less than five per cent of their expenditure from Internally Generated Revenue, IGR. Even Lagos which generates the highest IGR as well as the highest ratio of IGR to total revenue will have to almost double its IGR revenue in 2016 in order to reach the N662.59bn budgeted.

“Morning shows the day or at least a good part of it.”

Meanwhile, the price of crude oil tumbled to an 11year low by Wednesday last week. That is $4 or 10.5% less than budget per barrel. The Federal budget is lower for

2016 than 2015. Clearly states budgeting increased expenditure must know something the rest of us don’t. It will be interesting to see how they pull it off.

The GDP 0f any nation consists of the aggregation of all the units constituting that economy. States, as a group, remain a key variable in the determination of the end result.

With states intending to spend less, and even the reduced budgets not assured, it is clear that all the political promises about improving services, not retrenching staff, etc, are nothing more than the usual promises by politicians which they are bound to break as the year proceeds.

With states consuming less of everything from cars to computers, gasoline and “Ghana-Must-Go” bags, the marketers of those products and services can also look forward to a difficult year.

Those states still promising anything “free” are either guilty of self-delusion or deliberate falsehood. There will be nothing free in 2016.

Not even a vault in the graveyard – whose costs are also going up. The year 2016 will be the most expensive year to live or die in Nigeria – in any state.

Business & Economy Continued from page 19 slowdown. U.S. payroll growth surged in December, capping the second-best year for American workers since 1999. While that was further evidence of a resilient job market that prompted the Federal Reserve to raise interest rates, wages grew slower than forecast, adding to disinflation concerns stoked by plunging commodities prices.

“There will remain some jitters about China until they get get through a week or more without having a precipitous drop,” said Peter Jankovskis, who helps oversee $1.9 billion as Co-Chief investment officer of Lisle, Illinois-based OakBrook Investments. “Given what’s going on in China right now, the market is looking for economic growth and evidence that there’s strength in the U.S. economy. We’re still walking on egg shells, but this is definitely going to help turn a corner.”

Specifically, the Standard & Poor ’s 500 Index rose 0.3 percent at 10:47 a.m. in New York. The index almost erased a gain of 0.8 percent before

Stock market: Investors lose over N455 bn in 5 days stabilizing. The gauge ended the first four days of 2016 lower by 4.9 percent, its worst start in data going back to 1928.

“The big concern right now is what’s happening overseas, particularly in China,” said Bruce Bittles, chief investment strategist at Milwaukee-based Robert W. Baird, which oversees $110 billion. “Today there was a very strong labor market report that relieved some of that concern. Investors typically sell the first rally after a big selloff, because it’s the first chance they can get out on an uptick. That’s why the first rally after a deep decline is hard to get underway.”

The 292,000 gain in payrolls exceeded the highest forecast in a Bloomberg survey and followed a 252,000 increase in November that was stronger than previously estimated, a Labor Department report showed Friday. The median forecast in a Bloomberg survey called for a 200,000 advance.

In Europe, the Stoxx Europe

600 Index fluctuated. The gauge is down about 4.5 percent in the week, the worst performance since August, when China’s shock devaluation of the yuan roiled global markets.

Emerging Markets The People’s Bank of China set the yuan’s daily fixing at 6.5636 per dollar. That’s 0.5 percent higher than Thursday’s onshore effective closing price in the spot market and ends an eight-day reduction of 1.42 percent. The securities market regulator abandoned the circuit breaker after plunges of 7 percent in the CSI 300 triggered automatic trading halts on Monday and Thursday in its first week.

The MSCI Emerging Markets Index advanced 0.3 percent, rebounding from a sixyear low. Benchmarks in China, Brazil, South Korea, Thailand and Hungary gained at least 0.6 percent. Russian markets remained closed for holidays.

The CSI 300 Index of largecap companies in Shanghai and Shenzhen advanced 2 percent and the Hang Seng China Enterprises Index climbed 1.1 percent from a four-year low.

India’s rupee and South Africa’s rand led gains in emerging-market currencies, climbing at least 0.4 percent against the dollar. Brazil’s real strengthened 0.3 percent.

Currencies The yen weakened 0.8 percent and the Swiss franc slid 1 percent against the dollar. The euro fell 1 percent after German industrial production unexpectedly dropped in November. Output, adjusted for seasonal swings and inflation, slid 0.3 percent from October, when it gained a revised 0.5 percent, data from the Economy Ministry in Berlin showed.

Bonds U.S. Treasury 10-year notes

fell for the first time in seven days, sending yields up two basis points to 2.17 percent.

China may be selling Treasuries to raise money as part of its efforts to stabilize markets, said Yoshiyuki Suzuki, head of fixed income in Tokyo at Fukoku Mutual Life Insurance, which has $55.9 billion in assets. China’s foreign-exchange reserves shrank last year for the first time since 1992, according to central bank figures on Thursday.

Yields on euro-denominated junk-rated corporate debt rose to the highest since November 2012 on Thursday. The average yield climbed 12 basis points to 5.99 percent, according to a Bank of America Merrill Lynch index.

Commodities Oil fell 0.8 percent to $33 a barrel and contracts on Brent crude dropped 0.4 percent to $33.62 in London.

Gold pared its best weekly advance since August, falling 1 percent to $1,098.23 an ounce. The precious metal has outperformed other commodities this week as investors sought haven assets.

Vanguard, MONDAY, JANUARY 11, 2016 — 31

Media & Advertising

Battle in Smartphone market continues as infinix pushes

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Stories by PRINCEWILL EKWUJURU

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ompetition in Nigeria’s Smartphone market is unwavering as the big players try to stamp their dominance while new entrants such as Infinix Mobility and others are pushing with new devices.

Notwithstanding, few years ago, the Nigeria mobile market was dominated by the likes of Nokia, Apple, Samsung, HTC and Blackberry. Then came Tecno with cheap and affordable smartphones, within few years it became a popular Smartphone brand in Nigeria.

As noted, Tecno made it to the second spot of that list for its success in selling millions of cheap and affordable smartphones to Nigerians.

Ever since then other new Smartphone brands have flooded the Nigerian market with affordability.

The success of Tecno in Nigeria has encouraged these new smartphone brands to enter into the Nigerian mobile market with cheap and affordable smartphones with very awesome configurations.

Infinix Note 2 is one of the new smartphone brands in Nigeria. Infinix mobility company is one of the biggest electronics company in China that develops and sell top quality smartphones.

Now they have entered the Nigerian market with the Infinix Note 2 Smartphone and other accessories.

From Left: Head of Diagnostics, Automedics, Mr. John Quincy; Head Sales Oando Marketing Plc, Mr. Babafemi Olabiyi; CEO, Oando Marketing Plc, Mr. Abayomi Awobokun and Head Lubes Oando Marketing Plc, Mrs. Lilian Ikokwu , during the Free Car Oleum Syn Diagnostics for Car Owners by the company at National Stadium, in Lagos.

However, a cursory look into the Nigeria Smartphone market indicates influx of various phone brands which is attributed to the vibrancy of the market, occasioned by its youthfulness.

Information technology experts say the entrants are associated with the level of internet penetration in the country, in the last decade, and the quest for affordable phones that can perform the functions of expensive high-end phones.

Recently, the market witnessed the entrant of Infinix NOTE 2 with cheap price,

while others have trended in the same market space pushing forward affordability as their

Tecno in Nigeria has encouraged these new smartphone brands to enter into the Nigerian mobile market

Ads that are undermining advertising ethos

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InstinctWave unveils Nigeria Public Sector Conference & Awards

he Primary objective of advertising is to inform, educate and to persuade consumers to buy a product, but when it becomes absurd and immoral, it tends to create disaffection and dissatisfaction on the minds of consumers.

Invariably, all attempts to inform and persuade must respect the purpose of human freedom if they are to be moral.

Morally good advertising must seek to move people to choose and act rationally in morally good ways. Likewise, morally evil ad will seek to move people to do evil deeds that are self-destructive.

Consequently, the recent advert on various billboards tagged: ‘Capturing interesting moment,’ in parts of the country, advertising New Age charger and power banks displayed the picture of a lady showcasing her ‘God given’ backside, with a camera snapping her, and a young guy looking lustfully at her ‘backside’ undermine advertising ethics and standard, says Jerome Uwadiegwu, Executive Director, Moving Brands Nigeria.

According to him, “the ad do not in any way sell the product, rather it sells immorality.

In fact, the product advertised was lost on the board, not visible like the lady and young man on the board, so what is the board selling.” He queried.

However, first time viewing the advert the question that readily comes to mind is, what is the ad talking about?. How the ad passed the advertising standards panel, ASP of the Advertising Practitioners Council of Nigeria, APCON who is saddled with responsibility of regulating and controlling advertisement is a question that need be answered by APCON. The ad does not have any moral justification to have passed the ASP water tight vetting machinery. What would have gone wrong for the ad to scale the panel’s hurdle?

Or didn’t APCON see the ad before its exposure?. APCON should answer these questions and much more.

Like Christopher Lasch, an Advertising Expert had posited; “advertising is to promote consumption as a way of life, it should empty communication of its content, ads shouldn’t be tasteless, irritating or lower’s culture in general.”

bait.

According to Seun Ajiboye, ECommerce Manager, Infinix Mobility, at a briefing in Lagos, said Infinix NOTE 2 was introduced to raise the bar in smartphone brands in the Nigerian market.

His words: “since we entered the Nigerian market three years ago, we have had positive response from customers and with the Infinix NOTE 2 we intend to raise the bar because it is one of our most advanced smartphone yet in terms of design and features”.

While listing the features of the NOTE 2, Ajiboye stated that the NOTE 2 comes with exciting specs customized for daily use.

In his words: “The Infinix NOTE 2 offers a bright and large 6.0 inch screen with slim bezels that maximizes the space of the display. Its stunning HD 720 X1280 resolution display reproduces natural colors with deep contrast andThe 6.0 inch screen enhances productivity. With the Infinix NOTE 2, carrying out tasks such as emailing, writing down notes or even business Visio-conferences will be fun and easy to accomplish”.

Speaking on the phone’s functionalities, he stated; “the NOTE 2 possesses an advanced 13 Mega pixel rear camera and an optimized 3P lens 2 Mega pixel front camera f/2.0 aperture. The rear camera features a Samsung S5K3M2 ISOCELL CMOS sensor and 5P lens with an f/2.0 sensor aperture offering a 78 degree shooting angle.”

nstinctWave, organizers of Marketing World Awards and Ghana Telecoms Awards has announced the launch of the maiden edition of Nigeria Public Sector Conference and Awards.

The event, scheduled to take place in Abuja in June 2016 is the first of its kind and powered

by Africa Public Sector Magazine, Africa’s first one stop Public Sector magazine that deals with government policies, growth, development, reforms and probes the impact of the sector on the general citizenry.

Nigeria Public Sector Conference & Awards will create an arena in which Nigeria public sector institutions can discuss best practice and be competitive in the sector.

The Nigeria Public Sector Awards will recognize excellence in the delivery of public services to Nigerians by the public sector organizations and the stake holder businesses supporting national growth. The awards will shine light on public sector projects and most importantly act as a means of delivering more efficient and effective public services while also recognizing effort has been made to impact positively on the citizenry.

Three Crowns rewards competition winners

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hree Crowns milk from the stables of FrieslandCampina WAMCO has rewarded consumers who participated in the just ended Three Crowns ‘Cook like mine’ competition.

The Grand Finale which held in Lagos witnessed the 5 shortlisted participants preparing 2 meals - the original recipe they had entered the competition with and a surprise recipe selected by the judges.

Also the audiences were treated to a cooking masterclass by celebrity chefs – Tolu Erogbogbo (Chef Eros) and Uzo Orimalade who prepared a delicious Chicken Potpie and gave several tips on making the perfect meal using Three Crowns Milk as well as some vital kitchen hacks.

After several hours of cooking, Onome Uriemu from Lagos State emerged the winner of the Three Crowns Milk Cook Like Mine Season 1, rewarded with a Side-by-Side Double Door Refrigerator and lots of Three Crowns Milk, the first runner up - Faith Igberase from Sagamu, Ogun State was rewarded with a Chest Freezer, the second runner up - Gloria Ogbonnaya from Kaduna State won a

32 — Vanguard, MONDAY, JANUARY 11, 2016

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hristine Lagarde, the Managing Director of IMF, held strategic meetings last week with President Muhammad Buhari and some key members of Parliament and the federal executive. Godwin Emefiele the CBN Governor, also joined in the consultations with the IMF boss, who quickly dispelled the trending perception that her visit was programmed to initiate discussions on an imminent IMF Loan.

Lagarde’s assurance may have assuaged any anxiety that we may be positioned for another round of oppressive IMF conditionalities; however, she also confirmed that her discussions with the Nigerian authorities centered on “the challenges stemming from the oil price reduction, and the need to find different revenue sources”.

Consequently, the critical issues discussed related to evaluation of Nigeria’s short term fiscal situation, and the application of fiscal discipline in the management of available resources, so as to effectively redress the pervading social welfare deprivations of the masses and also reduce the widening gap between a very rich small minority and over 100 million other Nigerians who live in abject poverty.

Buhari’s well known resolve to wrestle corruption and plug deliberate serial leakages and administrative wastages is certainly in consonance with the IMF’s expectation of fiscal discipline in governance.

Indeed, Lagarde also expressed confidence in the current administration’s trajectory.

Nonetheless, the IMF boss was clearly hesitant to endorse Nigeria’s highest ever deficit of over 2Tn in the 2016 budget as fiscal discipline, particularly with the severe depletion in revenue from crude oil export, and the dismal prospect of crude prices

stronger Naira. Inexplicably however, the Naira exchange rate remained static between N150-160, even when CBN accumulated best ever reserves in excess of $60bn. Ironically, our bountiful reserves brought no succor to the economy, as the Naira exchange rate, unexpectedly, steadily depreciated, notwithstanding the prevailing favorable output and crude prices, while fuel prices, conversely spiralled to induce over N1Tn as subsidy payments annually.

Instructively, however, the IMF team will successfully resolve the above dilemma with a careful consideration of the market dynamics between systemic excess Naira supply and CBN’s weekly auctions of dollar rations which predictably promote weaker Naira exchange rates that distort resource allocation and also destabilise those economic fundamentals which promote poverty by instigating higher inflation rates and prohibitive cost of funds to the real sector.

The patent failure of the instruments of monetary policy was again highlighted when the CBN Governor and IMF boss appealed to CEOs of money Deposit banks, at a consultative meeting last week, to support the real sector with more single digit loans. Clearly, such appeals are meaningless so long as both the CBN and Government at all levels happily pay double digit interest rates for the trillions of Naira they themselves borrow annually.

It is inconceivable that the above counterproductive results of monetary strategy would escape the attention of Lagarde and her formidable array of IMF experts, unless of course, they are all knowingly looking the other way, so that the predictable failure of our economy will sustain the historical template for trade between colonies and their imperial masters.

Is lagarde a fairy godmother or economic imperialist? remaining cheap in the foreseeable future.

Thankfully, the IMF however endorsed concerns expressed in this column about Government’s ‘ambitious’ plan to dedicate about 35% of all generated revenue to servicing existing debt and Lagarde therefore cautioned that “it weighs heavily on the public purse when already about 35Kobo of every Naira collected by the federal government is used to service outstanding debts”. Pray, how does one compliment a fiscal plan that resorts to borrowing to service its debts and also fund a substantial increase in recurrent and capital expenditure, without any consideration of the oppressive cost of servicing or the capacity of future generations to repay those debts.

However, Lagarde’s empathic redemption song for the poor may encourage some Nigerians to pray that ‘Mama Christiana’ should not make this her last trip to Nigeria this year, if our government’s apparent self destruct mode for debt accumulation persists with Legislative progress towards enactment of the 2016 Budget as proposed. Indeed if the IMF remains passive on this score, Lagarde’s sympathy for the poor, maybe decried as plain propaganda, just like her choreographed visit to an Abuja orphanage, to promote a public image of the Supreme Financial Regulator as a caring interventionist, in a world where the gap between rich and poor nations still continues to pull apart under the Fund’s imperial watch.

Furthermore the IMF boss’s recommendation for VAT increase to generate more

revenue may not however be welcome news, particularly with organised labour, who will clearly be wary of the inflationary implications on incomes and wages of the working class.

Consequently, Government may be well advised to only consider VAT increases, specifically on Luxury and elite Lifestyle market products such as Air tickets, hotel and restaurant facilities(excluding local ‘bukas’ for now), yachts and automobiles with engine capacity above 2000 cc, spirits and tobacco as well as GSM airtime and personal and corporate turnovers in commercial bank accounts.

Nonetheless, VAT on those imported industrial raw materials which cannot be sourced locally, should remain at 5% so as to promote competitive pricing of locally manufactured products, while imports of finished consumer goods may conversely also attract a higher VAT levy as recommended by Christine Lagarde to generate more revenue.

Regrettably, however, the IMF is obviously in denial that the Naira exchange rate and CBN’s stranglehold monopoly on dollar supply are infact the major causative factors in fuel pricing

The FIRS should also apply more resources to expand the tax net and increase revenue rather than squeeze ‘more blood’ from already well documented tax compliant enterprises which can barely survive.

Furthermore, the prevailing low price of crude oil can certainly also accommodate 5% minimum VAT on the price of AGO (Diesel) which now sells, profitably according to the current PPPRA template without subsidy at about N100/litre.

Evidently, with petrol price presently below the erstwhile subsidized price of N87/liter; government may have finally eliminated subsidy to be in consonance with the strident calls by Lagarde’s IMF for subsidy removal. Unfortunately, this ‘subsidy free’ fuel price will most certainly become dislodged, even if crude prices further slides, if the Naira exchange rate suffers further devaluation.

Regrettably, however, the IMF is obviously in denial that the Naira exchange rate and CBN’s stranglehold monopoly on dollar supply are infact the major causative factors in fuel pricing.

For example, any further depreciation in the Naira exchange rate beyond N200=$1 will immediately trigger higher pump prices proportional to the exchange rate differential.

Conversely fuel price will fall below N60/litre, without subsidy, if the Naira appreciates to N100=$1, even if crude prices rise again.

Surely the above scenario is certainly a more plausible reflection of real time market dynamics, as increasing crude oil prices should normally swell our reserves and engender a

Business & Economy Banking the Unbanked with mobile payments C Continues from page 22 “The discussion should shift to digital inclusion from financial inclusion,” he averred, adding, “Financial transaction should be a result of digital inclusion. Financial inclusion may not increase wealth, but influences how households responds to shocks” He added that for mobile payment to succeed in enhancing financial inclusion in Nigerian, “The BVN should be promoted to all stakeholders, particularly government. The BVN should also be used as unique

(secondary) identifier with the credit bureaus, and possibly a pre-condition to credit.

“The authorities should / identify the minimum level of sufficient Know-Your-Customer (KYC) to open a retail account.

Stakeholders should undertake serious consumer education of credit reference bureaus (CRB)”.

He advised that financial institutions to develop Agency models that are economically viable to the Agent outlet and as well as propagate low cost biometric POS at Agents to assure operational integrity and also acquire end point data.”

Achieving the above,

according to Kuponiyi implies the need for collaboration among multiple stakeholders and developing mobile payment that suit the lifestyle of the likes of Baba Segun.

“It is imperative as we develop the mobile to enhance inclusion to also look at acceptance of payment from the mobile as the process won’t be concluded till value is really added to the bottom-of-the-pyramid (BOP) that we want included financially.

The inclusion service must address what these segments spend money on typically and in short must address their lifestyle”, he said.

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Vanguard, MONDAY, JANUARY 11, 2016—33 Send Opinions & Letters to: opinions1234@yahoo.com

When IMF visits, tears follow

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NTERNATIONAL Monetary Fund (IMF) Managing Director, Madam Christine Lagarde was on a four-day visit to Nigeria from January 4. She claimed it was a friendly visit: “I’m not in Nigeria to negotiate for IMF loans but to promote fiscal discipline and favourable monetary policies” Making the visit look like some holiday for herself, and husband, Monsieur Xavier Giocanti, she even visited the Mother Theresa Children Home, Abuja where on behalf of the IMF she donated a hefty sum of $7,500 to demonstrate that “We at the IMF, we care about the youths, poor and about those who are left at the side of the road.”

But those familiar with the IMF know that the expressed love for Nigeria, the youths, the poor and the orphaned, are side shows to make the visit look like some long lost aunt visiting her loved ones.

The last time Hurricane Largarde made a landfall in Nigeria four years ago, it was so devastating that amongst other things, the whirlwind tossed petrol (PMS) price from N65 to N140 setting off serious social crises. The attempts to clear the hurricane debris took

years, and the negative effects are still felt today. Some unique characteristics of IMF hurricanes are that their effects are not immediately visible and their after-effects are quite devastating.

It is like cleaning up a nuclear accident site.

For example, the IMF in September 1986, lured the Babangida regime to adopt a nebulous Second-Tier Foreign Exchange Market (SFEM). By the time the IMF was through with us under that regime, the currency which was about 90 kobo to the dollar went up to N18.

Like a colonial headmistress visiting primary school pupils, she rubbed our heads saying Nigeria is doing great to improve the business environment. She then launched into platitudes: “poverty and inequality remain high” “Nigerians should brace up for harder times” “reduce leakages” “Hard decisions must be made” It is in the DNA of the IMF to tell you what you already know, and only what it wants you to know. It is like a person admonishing a hunchback to straighten up and walk like other people as if that is not the wish and prayer of the

hunchback.

Generally, the mentality of the IMF is to tax and further impoverish citizens of pliant countries either directly through its so-called CONDITIONALITIES or in more subtle ways like friendly visits; whatever the method, the objectives are the same. As the IMF has done for about four decades now, Largarde told us last week “subsidies are no longer good” but we all should know that is a lie; if subsidies are good for Europeans, who in addition, have all sorts of safety net and good infrastructure, why should they be bad for Africans?

The IMF is the preserve of Europe like the World Bank is that of the United States; if subsidies are bad, should Europe not stop them first before asking under developed countries to discard them? The Europe Union (EU) has

The last time Hurricane Largarde made a landfall in Nigeria four years ago, it was so devastating that amongst other things, the whirlwind tossed petrol (PMS) price from N65 to N140 setting off serious social crises

Umaru Ibrahim and the challenges of a second chance Bashir Hassan

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HE re-appointment of Mr. Umaru Ibrahim as the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC) for a second consecutive five-year term could hardly have come to many keen observers of the financial sector of the Nigeria’s economy as a surprise. Rather it is a welcome development and true to the antecedents of the current Buhari administration’s series of appointments based only on merits. The stringent risk management regimes rolled out by the NDIC under his watch were instrumental to the healthy state of the Deposit Money Banks (DMBs) in the country. These were measures that engendered the industry’s significant improvement on return on assets (ROA), return on equity (ROE) as well as yield on earning assets translating into profitability.

The vigilance that NDIC maintained over the last four to five years led to what we are witnessing today of the improvements in terms of the Capital Adequacy Ratio (CAR) of the Deposit Money Banks (DMBs) as well as their Asset Quality. For example, the total loan in 2012 is N8,150 billion as against N7,273 billion in 2011. Similarly, Non Performing loans dropped significantly in 2012 from N360 billion in 2011 to N286 billion in 2012.

A more recent example as contained in the NDIC 2014 Annual Report is that total loans and advances granted by banks across the country climbed from ?10.04trillion in 2013 to ?12.63trillion in 2014. The report was, however, quick to point that despite significant improvement in banking industry’s asset quality, the volume of non-performing loans rose from ?321.66billion in 2013 to ?354.84bn in 2014. But it allays any fears that the ratio of the bad debts to total loans is within the regulatory threshold of 5 percent. Thanks to the constant vigilance of the Corporation in recent times “all the DMBs in the industry had liquidity ratios in excess of the minimum prudential requirement of 30 per cent, as at

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31st December 2014, indicating that all DMBs were sufficiently liquid,” the report discloses.

Having successfully steered the ship of the NDIC to safety during the recent global financial turbulence .In the process, Ibrahim displayed rare acumen and established himself as a thoroughbred professional. The harmonious working relationship between the NDIC and other regulatory bodies like the CBN, Federal Ministry of Finance, the SEC and NSE under his leadership put him in good stead ahead of any other candidates who might have eyed the coveted seat. Add this to his effective management of the human resources at the corporation. His humble disposition towards his staff, which always surprises them when he calls them by their first names at informal events, endears him to many. Today, the morale of the 1,000-plus strong staff at the NDIC is at its peak. He has ensured constant training and retraining to enable them meet the challenges of modern deposit insurance.

Another factor that might have worked for Ibrahim’s advantage was the fact that he has been an insider, a long-standing family member of the NDIC, having been with the institution from its humble beginning and grown through the ranks to the pinnacle of its management position.

NDIC was established as a risk minimiser with the broad mandate of deposit guarantee, bank supervision, as well as provision of mechanism for orderly resolution of failures,

The reappointment of Umaru Ibrahim is a big challenge to his career as well as the future of NDIC

a huge regime of subsidies under its European Grants and Subsidies programme. A component part of that subsidy system is its Common Agricultural Policy (CAP) under which the EU gives an annual E60 Billion subsidy to European farmers. This is still captured in the current EU 2014-2020 Budget.

Largarde, like her predecessor, Dominique Strauss- Khan, is French. The French maintain huge subsidies for agriculture and small scale businesses which it calls “incentives”. There is a current dispute between the EU and fifteen European countries including France over the utilisation of agriculture subsidies.

From the EU funds alone, France had paid its farmers E3.5 billion subsidies while the EU argues that only E2.4 billion subsidies were properly processed. But the French Agriculture Minister, Stephane Le Foll has assured French farmers that they would not need to reimburse the balance of E1.1 billion as the government will bear the costs. So if Largarde and her fellow French enjoy generous subsidies, why would she tell Nigerians that subsidies are harmful?

Of course, she told us to have a “Flexible Monetary Policy”. To the uncritical, Largarde might be implying the so-called “flexible” policy the IMF has forced Nigeria to run for thirty years now. But she is actually telling us to further devalue our currency. Of course, she asked Nigeria to increase Value-Added-Tax (VAT). In an import-dependent country, to increase VAT is to push inflation higher. It will also lead to mass job losses because machinery and lots of raw materials are imported. As expected, the IMF chief wants us

including bank liquidation. In its 25 years of existence, the Corporation has been striving to achieve this mandate. Ibrahim proved he knows how to achieve this mandate through innovative approaches. If one juxtaposes some of the measures taken to achieve the mandate of the NDIC in the yesteryears and those taken recently under the watch of Umaru, his incredible mastery of the game is unmistakable.

Some of the measures taken by the NDIC back in the 1990s to save many collapsing banks, for example, included moral suasion; continuous interaction with bank managers/ owners; imposition of Holding Actions on distressed banks to restrict operations and encourage self-restructuring; and rendering of Financial Assistance to banks.

But the most recent measures taken from 2009 to the years Ibrahim held sway were quite novel in banking failure resolution. So far we have seen these innovative approaches in the forms of bail outs; bridge banking; establishment of asset Management Corporation of Nigeria (AMCON); assisted merger and acquisition and introduction of Financial Stability Fund (FSF).

The idea of establishing AMCON started in 2010 for the purpose of efficiently resolving the non-performing loans assets of banks in Nigeria. The strategy included recapitalization of the technically insolvent ones and enhancing the availability of credit to the critical sectors of the economy. Consequently, AMCON acquired the three (3) bridge banks from NDIC and injected the sum of N1.012 trillion (U$6.98 billion) into them as capital injection.

AMCON also injected the sum of N1.379 trillion into five (5) of the intervened banks (Intercontinental, Oceanic, Finbank, ETB, Union) with a view to facilitating their merger and/or acquisition.

The amount injected (invested) by AMCON had another positive impact. It shored up the affected banks shareholders’ funds that were negative and made investment in the banks attractive to investors. Access Bank acquired Intercontinental, Ecobank, Oceanic, FCMB Finbank, Sterlling and Bank Equitorial Trust respectively.

to “broaden the tax base” which comes down to imposing more taxes on the populace, especially workers.

The refrain of the IMF for decades now is the removal of socalled fuel subsidy. On this, she repeated the decades old IMF trite about subsidy injuring the poor, and the need to free funds for other projects. But our experience in Nigeria is that increases in prices of petroleum products have led to further impoverishment; costs of transportation, food, housing, education and goods rise, our generator-dependent economy runs into more trouble and jobs are lost. With the currency devaluation championed by the IMF, we will continue to need more and more naira for imported fuel which is the primary cause of subsidy. Has anybody ever wondered why the IMF is always pressuring Nigeria to remove subsidy on imported fuel rather than pressure it as an oil-producing country to locally refine petroleum products?

Nigeria over rates the IMF; allowing its officials to meet our leaders at the highest levels rather than assigning the Central Bank Governor as the highest possible officer a Lagarde can meet. The IMF is an unimaginative institution that makes the same analysis and prognosis decade after decade. It is like a fake doctor who diagnoses the same ailment for all patients and administers the same expired drugs to all patients irrespective of disease. It takes fundamental and far reaching decisions for underdeveloped countries without taking any responsibility. The IMF is essentially, an undertaker; when it visits a country, the state of the populace, takes a turn for the worse.

The reappointment of Umaru Ibrahim is a big challenge to his career as well as the future of NDIC. For one, Ibrahim needs to rise to the occasion and prove to the world that President Buhari has not made a mistake in entrusting him with the leadership of the NDIC for the second time. The more reason for this is Mr. Ibrahim is not the first to enjoy this confidence from the Presidency before him Mr. John U. Ebhodaghe (1989-1998) and Mr. Ganiyu A. Ogunleye (1999-2009) all led the NDIC for two consecutive terms.

Secondly, he needs to know all eyes are on him to take NDIC to even greater heights. And achieving that is no easy ball game. As ever, he will need the maximum corporation of his management team and staff generally. Equally important, he must stick to his persuasive and cooperative posture that has so firmly endeared him to the leadership of the other critical stakeholders in the industry, the CBN most importantly and the SEC not the least.

The NDIC needs to deepen the confidence the financial institutions, financial media as well as the investing public have in the Corporation. It needs to retain priority in protecting the depositors, which is the centre piece of its operations. But at the same time it needs to be more circumspect about the much needed changes that need to be introduced within the operations of the Corporation, to ensure that these strengthen its role within the purview of the law. A delicate balancing act will come to bear here. Based on his deeper experience of the industry’s nuances and politics, the re-appointed MD/CEO has the wherewithal to save the day.

The NDIC has developed good rapport with the international community of DIS in the past few years. Leveraging on this will further strengthen regional and international cooperation as well as promote sharing of experiences and compliance with best practices.

Since Mr. Umaru Ibrahim has set enviable records in the past, surpassing those records shouldn't be a difficult task. This is the expectation of watchers of the nation’s financial system. *Mr. Hassan, a financial analyst, wrote from Abuja.

34—Vanguard, MONDAY, JANUARY 11 , 2016

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By Monsuru Olowoopejo

AGOS—TRADERS from the demolished Owonifari electronic Market, Oshodi were weekend divided on whether to re-accept the Lagos State Government’s planned relocation to Oshodi Resettlement Market (former Isopakodowo market) or not.

While some maintained their previous stance, others have backtracked.

It will be recalled that the traders had earlier rejected Lagos State Government’s plans to relocate them to Oshodi Resettlement Market, former Isopakodowo market, citing structural instability and several structural defects on the building as their reason for the rejection.

Vanguard gathered that larger percent of the traders towed ethnic lines in their decision. While those of Eastern extraction decided to secure shop in Arena Shopping Mall, Bolade, Oshodi, their Western brothers have opted for the government plans.

A visit to the Arena Shopping Mall, owned by the Nigerian Army on Saturday, the mall management were sighted instructing artisans on how some large shops should be partitioned. Also at their office, the desk officials were busy attending to applicants, especially traders of the demolished Owonifari market.

Also, the traders who have been allotted spaces/shops were seen waiting for their artisans to complete fixing of their furniture or sorting their goods before stocking them in their new shops.

Accepting demolition in good fate

A trader, Mrs. Bridget Okoro, who spoke to Vanguard, said that she had accepted the demolition in good fate, saying “I have moved on with my business. And I am happy that I have secured a shop here.

Space in the mall is spacious compared to Owonifari electronic market.”

Another trader who identified himself as Solomon Okey, said that the location of the mall would afford him the opportunity to retain his customers. “It is just on the same axis. And it has enough parking lots. I believe that would also help us attract more customers.”

But the story is not the same for some traders who were yet to raise the required fund to rent shops in the mall.

A trader who spoke on the condition of anonymity, lamented that he was yet to raise the required fund to secure a shop in the Arena Shopping Mall, noting, “I am still sourcing for funds. Presently, I kept my goods in my friend’s warehouse.

And immediately I could achieve that, I will approach the mall management to secure a shop.”

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Some artisans fixing the furniture in one of the new shops. Photos: Monsuru Olowoopejo.

A trader sorting his goods before stocking them in the new shop

Traders backtrack, accept govt's plan OSHODI MARKET DEMOLITION:

A representative of the mall’s management who identified herself as Mercy, explained to Vanguard that the rent was N300,000 per annum, N3,000 agreement fee and monthly access charge of N6,000.

However for the traders who accepted the Lagos State Government offer, they have purchased allocation forms, filled them; attached the necessary requirements. After which they handed their forms over to their representatives for onward submission.

Some of the documents attached to the forms were allocation letters, Lagos State Resident Registration Agency, LASRRA, registration slip and two passport photographs.

An official of the State Government, who chose to speak under condition of anonymity, in an interview with Vanguard on Friday, confirmed that sizeable number of the traders have collected their forms.

He noted that they have been instructed that traders of demolished Owonifari market should be given priority

consideration in the allotment exercise before others.

Former executive chairman of the Market, Prince Issa OgunKayode told Vanguard that he has submitted his form and was waiting for the government to commence allocation.

Why agreement between traders, govt delayed

Fact emerged weekend why the meeting between the traders and the government foot dragged, even after they agreed on the monthly rent.

It was learned that the former legal counsel to the traders, one Mr. Lasisi, advised them to accept the State Government offers. But while they were considering this suggestion, another lawyer approached the traders offering them better legal service which they accepted.

A reliable source told Vanguard that while the case dragged on, the traders raised another committee to meet with the government representatives with the aim to either consider withdrawing their case or continue.

At the meeting, the source told Vanguard that after accepting their demands, they introduced a N6, 000 monthly ‘Access Charge,’ which made the traders angry.

He noted that the traders rejected the ‘Access Charge,’ stating that they cannot part with such fund monthly.

His words; “With the current situation, we don’t have an option now than to accept the government offer because larger percent of us cannot afford the huge fund required to secure shop elsewhere.”

Oshodi demolition not targeted at Igbo traders —APC chieftain

Meantime, a chieftain of the All Progressives Congress, APC, in Lagos State, Mr Nkechi Chukwueke yesterday said the demolition of the popular Owonifari market in Oshodi area of Lagos State is not targeted at any particular tribe, especially the Igbo.

Pouring encomiums on the State Government for taking the bold move, Chukwueke, who served as Special Assistant on Women Ethnic Group Mobilisation/ Empowerment to former Lagos State Governor, Babatunde Fashola said not only Igbo but traders from other ethnic groups were also affected in the exercise, which according to her “was carried out in good fate and in accordance with the rule of law.”

Ambode tasked on crime-freeLagos

One of the traders, Prince Issa Ogun-Kayode.

She further urged the State Governor, Akinwunmi Ambode to focus on his task of ensuring a crime-free Lagos that will be conducive for all and sundry.

“I have told a lot of my people from the East that the exercise was carried out in good fate by the State Government to rid Lagos of crime, restore sanity to the area and ensure the master plan of Lagos State is not tampered with.

“From facts available, the State Government gave enough notice

to these traders and even provided alternative market for them to relocate to but many of them refused to go because they believe they won’t make much sales if they go to the new place.

“The truth is, we must rally round the Governor to ensure that Lagos works. The Governor means well for Lagos and he stands to gain nothing by demolishing people’s shops. There are laws of the land and it must be obeyed by all for the state to progress,” she said.

Also, Chairman of Conference 57, the umbrella body of Executive Secretaries of Local Government and Local Council Development Areas in Lagos State, Hon. Alabi Kolade David faulted those castigating the Governor over the demolition, insisting that the action was a positive step geared towards development and progress.

David said those calling the Governor names over the development were exhibiting ignorance and lack of foresight, as same was in line with the transformation plan of government for Oshodi.

Oshodi as international gateway

David, who described Oshodi as an international gateway to Lagos and indeed Nigeria, said the demolition was a positive step towards transforming Lagos into mega city compared to other cosmopolitan city-states of the world.

“What the Governor has done is a wonderful thing as it will ease off a lot of things in Oshodi. Those people that are saying negative things about the Governor are the people that do not want Lagos to transform into the megacity that we are all yarning for.

“That place is an international gateway to Nigeria. It is the face of Lagos and face of Nigeria because Lagos represents Nigeria. If we want development for Nigeria,ifwewantdevelopmentforLagos and if we want to be put in our rightful position, that market must be demolished,”Davidsaid.

Vanguard, MONDAY, JANUARY 11, 2016—35

Adegboruwa to CJN: Check confusion rocking election petition cases

By Innocent Anaba

L

AGOS lawyer and rights activist, Mr Ebun-Olu Adegboruwa, has asked the Chief Justice of Nigeria, Justice Mahmoud Mohammed, to step into the crisis that is currently rocking election petition cases urgently, to save the judiciary from imminent loss of integrity and respect.

In a statement in Lagos, Adegboruwa urged the CJN to use the appeals pending before the Supreme Court, in the cases of Rivers, Akwa Ibom and Taraba States, to correct the seeming confusion created by the decisions of the lower courts in these cases.

He maintained that the Supreme Court should use the cases to set a global precedent for the lower courts to follow in election petition cases.

He lamented a situation where the impression is being created in the minds of the public that different standards of judgment exist for different people and different political parties and different interests.

He said: “In the case of Rivers State for instance, a serving judge, Justice Pindigi, who was the first judge to head the Rivers State Elections Petition Tribunal, had made an allegation that he was approached by a certain prominent politician in Rivers State, to decide the election petition in a particular way, to favour a particular political interest and that he declined the offer. Because of this, Justice Pindigi’s panel was dissolved abruptly. The new panel that was constituted set to task to do what Justice

Pindigi refused to do.

“We cannot sit by and accept such political influence of the judiciary by politicians. And it is not surprising, therefore, that the elections petition tribunal in Rivers State proceeded to nullify the elections of virtually all House of Assembly members, House of Representatives, senators and eventually that of the governor.

That is unacceptable. It is up to the CJN to demystify the notion created from the judgments coming from Rivers State in particular.

“We are happy with what the Court of Appeal has done in Taraba State, but that is not enough. The Supreme Court should go a step further and correct the anomalies of Rivers State in particular, especially when those judgments run contrary to existing judgments of the Supreme

Court on similar facts.”

Adegboruwa contended that it borders on pure judicial rascality, for a judge of subordinate jurisdiction to the Supreme Court not to follow or obey an existing judgment of the Supreme Court, on a matter similar to that which the judge is currently deciding, as that would spell judicial anarchy and confusion.

“By now, we should have a settled principle of law in relation to election petitions, as we have in land cases, in matrimonial cases, in chieftaincy cases, among others. We cannot be shifting judicial principles and precedents, to suit the whims and caprices of politicians, or to accommodate political interests. I call on the President of the Federal Republic of Nigeria and his ruling party, not to give the impression of seeking a one party state at all costs."

Armed Forces Remembrance Day: Okowa urges mutual love

By Festus Ahon

A

S A B A — GOVERNOR Ifeanyi Okowa of Delta State, yesterday, said that Nigeria was witnessing serious challenges that only love and kindness to one another could conquer.

Okowa, during an inter-denominational church service in Asaba as part of activities to mark this year ’s Armed Forces Remembrance Day, said that Boko Haram was one of the challenges that Nigeria needed to wade through.

At the church service at the Redeemed Christian Church of God, the

governor emphasized that remembering the fallen heroes was important as “they died for Nigeria to remain one entity. It is important that we remember their families in prayers.

“It is important that we remember the Supreme Being who died for us to live. Jesus Christ died for all of us to have salvation, so, there is the need, as a nation, to truly worship and trust Him. Only God can bring solution to our challenges.”

He challenged men of God to pray for Nigeria and remain the conscience of the nation by speaking the truth.

Youths hail Okowa for galvanizing Delta ethnic groups

Y

OUTHS of Anioma ethnic group in Delta State have described the state governor, Senator Ifeanyi Okowa, as a detribalized Deltan, following his galvanization of the various ethnic groups through appointment of aides into positions and siting of projects.

Coordinator of Anioma Grassroots Democratic Initiatives, AGDI, a socio-political group, Tony Uwadibie, made the remark while briefing newsmen shortly after

the meeting of the group in Agbor, Delta State.

Uwadibie, flanked by Prince Richmond Mordi and Mr. Ernest Ogosi, Secretary and Organizing Secretary respectively, said the youths were impressed by the achievements of the Okowa administration so far.

According to him, the appointment of youths into the state Executive Council was impressive, particularly the appointment of Dr Nicholas Azinge as Commissioner for

Health.

Explaining that Azinge has a wealth of experience in the medical field and positively disposed to contribute to the health sector in the state and Nigeria in general, the coordinator said that they were confident that he will satisfy the governor as Health Commissioner.

Uwadibie explained that as an Anioma son, Deltans would benefit from the wealth of experience in moving the health sector forward.

36 —Vanguard, MONDAY, JANUARY 11, 2016

Vanguard, MONDAY, JANUARY 11, 2016—37

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38—Vanguard, MONDAY, JANUARY 11, 2016

Slain Enugu lawyer: Ugwuanyi vows to unmask killers

By Francis Igata

E

NUGU—IRKED by the gruesome killing of an Enugu-based lawyer, Ejimofor Ozongwu, two days to last Christmas, Governor Ifeanyi Ugwuanyi of Enugu State, weekend, vowed to activate government machinery to unmask the killers and forestal recurrence of such dastardly act in any community in the state.

Vanguard’s observation on the governor’s mien at the deceased’s compound showed that he had lost sleep since the nerve racking news broke.

The deceased, Secretary of the Movement for the Actualization of Adada State, who was in his late 50's, was brutally murdered by yet-to-be identified hoodlums over a disputed piece of land in his village, Okwojo Ngwo, near Enugu at about 2p.m.

The governor, who was accompanied to the site with the member, representing Enugu North/South Federal Constituency in the National Assembly, Hon. Chime Oji, the former Minister of State, Foreign Affairs, Chief Dubem Onyia, former state Commissioner for Justice, Chief Anthony Ani, SAN, and other leaders of thought in the area, described the late lawyer as a community leader.

Ozo Onyia described late Ozongwu as a, “liberator to the community,” adding that what happened to him was beyond the issue of land dispute. He said that the late lawyer had been protecting the interest of the villagers from the early 90’s.

$2.1bn arms deal: No selective justice in war against corruption —Umeh

By Peter Okutu

A

BAKALIKI—THE former National Chairman of the All Progressive Grand Alliance, APGA, Chief Victor Umeh weekend debunked the claims in some quarters that President Muhammadu Buhari’s war against corruption was an act of selective justice.

He stated this while addressing newsmen at Ezza South local government area of the state, immediately after Ezza Ezekuna civic reception for their Excellencies, Chief David Nweze Umahi and chief Rachael Umahi at Onueke township stadium.

Umeh who described the current war on corruption in the country as an in house cleansing urged Nigerians at all levels to allow the vices in the country to be removed to pave way for national healing and restoration to take place in every sector of the Nigerian economy.

The Anambra Central senatorial candidate on the platform of APGA emphasized that anybody or group of persons hindering or criticizing Buhari’s war against corruption is not being honest and sincere about moving the nation forward.

“Nigerians should allow the vices in the country to be removed and healed; when someone steals and you say the person should not be prosecuted, we are not being honest to ourselves.

“Corruption must be dealt with in this country; there is nothing like selective justice system in Buhari’s war against corruption in the country”.

On the Appeal Court ruling

on Abia State governorship election, the APGA chieftain who applauded the judiciary for doing the right thing described the court verdict as the most popular decision in Nigeria’s judicial system.

“The Court of Appeal in Abia state did the right thing by restoring the peoples mandate to Dr. Alex Otti of Abia state who actually won the election in all facets; I wept when an obvious

MEETING: Col. Austine Akobundu, Leader, Ikwuano/Umuahia Stakeholders Consultative Forum against the Abia State governorship Appeal Court judgment (2nd right), addressing newsmen after a meeting of the forum, at the Umuahia North Headquarters, in Umuahia. With him, from left, Chief Charles Ogbonna, Commissioner for Local Government and Chieftaincy affairs; Dr. J. C. Ogbonbna, a PDP chieftain, and Chief Uzodinma Okpara.

Nnewi gas explosion: FG to issue certificate of safety to petrol stations, gas plants

By Johnbosco Agbakwuru

A

BUJA—THE Federal Government has said that henceforth, anyone operating petrol stations and gas plants in the country will obtain certificate of safety from the Department of Occupational Health and Safety, OHS, of the Ministry of Labour

and Employment to reduce incessant casualty occasioned by gas explosions and fire outbreaks.

The Minister of Labour and Employment, Senator Chris Ngige, who stated this after an on-the-spot assessment of the gas explosion at the Inter Corp Limited Gas Plant, Nnewi, owned by Chicason Group, which recently claimed many

lives also said that no licence issued by the Department of Petroleum Resources, DPR, will be valid unless there is a certification from the OSH department of his ministry.

Senator Ngige further hinted that the ministry would soon embark on monthly inspection of factories to ensure total compliance, adding that this could be done because there

Buhari, APC have no hand in Abia judgment —Party Chairman •Abia Commissioner calls for caution

By Anayo Okoli & Ugochukwu Alaribe

T

HE ALL Progressives Congress, APC, Abia State chapter has warned its Peoples Democratic Party, PDP, and the All Progressive Grand Alliance, APGA, counterparts to stop linking President Muhammadu Buhari and other chieftains of his party, the All Progressive Congress, APC, to the judgment of the Court of Appeal, Owerri, which sacked Gov. Okezie Ikpeazu, from office and declared Dr. Alex Otti, as the Governorelect.

Chairman of APC in Abia state, Hon. Donatus Nwankpa, who stated this in an interview with

victory that was won by Otti was given to someone else.

“The ruling reinforced my confidence in the judiciary despite the fact that the judiciary has not lived up to its expectations in some matters; however, the ruling gladdens the heart of people; it is the most popular decision delivered by the court of Appeal. Everybody knows that Dr. Alex Otti won the election in landslide victory.”

newsmen in Aba, denied reports making the round making rounds in the state that President Buhari and other APC chieftains influenced the Appeal Court’s judgment against the PDP, According to Nwankpa, “The APC in Abia State hereby expresses our dissatisfaction over attempts by disgruntled elements to drag the All Progressives Congress (APC) into this drama. We are warning people who have been going about mentioning that the APC under the leadership of President Muhammadu Buhari is influencing what is happening in Abia to as a matter of fact desist forthwith, but that they should face their

matters. It is an act of irresponsibility for anybody to have mentioned or accused APC as a party or President Buhari of having anything to do with the Appeal Court judgment delivered at Owerri.

It is on record that the APC from the local government to the federal level have no hand in the outcome of the legal process as regards to the Court of Appeal Judgment in the Abia state governorship election and even the awaited Supreme Court verdict because we are not party to the suit to start with.

“We enjoin APGA and PDP to concentrate and ask their legal team to rise up to face the legal battle now lying before the Supreme Court. They should

stop dragging the name of the President and APC chieftains to the matter. The two parties should allow the law to have its course.”

The party chairman condemned the protests over the Appeal court judgment by the two parties as a display of irresponsibility and warned them to stop breaching the peace of the state.

“Is Abia the only state where there are ruling from the court?

There have been rulings in Akwa Ibom, Rivers and among others; why should the case of Abia be different? What Abia needs at the moment is peace and a conducive environment which will engender economic and infrastructure development.”

were offices in all the 36 states of the federation, including the Federal Capital Territory, FCT, Abuja.

The planned issuance of certificate of safety to factories and workplaces came on the heels of the decision by the Nigeria Social Insurance Trust Fund, NSITF, that every employer yet to enrol their workers on the Employees Compensation Scheme, ECS, would begin payment from July 2011 except companies that were established after the July 2011 commencement date.

Ngige accompanied by the Managing Director of NSITF, Abubakar Munir, said: “Actually, the Department of Petroleum Resources issuing licences for the building of petrol stations and gas plants is not enough. The Department should also be issuing a safety certificate from the Federal Ministry of Labour and Employment.

“From now on, no DPR licence will be valid unless there is a certification from the Occupational Health and Safety, OSH, department of the ministry.

The ministry is also planning monthly inspection of factories to ensure compliance. We can do that because we have offices in all the 36 states of the federation including Abuja.”

Vanguard, MONDAY, JANUARY 11, 2016 — 39

Buhari to lead ex-leaders to mark Sardauna’s 50 yrs’ demise

By Luka Binniyat

K

A D U N A — PRESIDENT Muhammadu Buhari will lead former Nigerian and other political leaders to commemorate the 50 years of the assassination of Sir Ahmadu Bello, the Sardauna Sokoto and late Premier of the North.

Briefing newsmen in Kaduna on activities to mark the golden jubilee of the killing of Sarduna in 1966, Managing Director

and Chief Executive Officer, CEO of Sir Ahmadu Bello Memorial Foundation, SABMF, Shettima Aji Ali, said that Buhari will launch a special edition of the New Nigeria Newspaper, NNN, in which some of Sarduna’s past speeches and achievements would be highlighted.

Sardauna founded the NNN on January 1, 1966 and was killed two weeks later in a bloody coup that later lead to a 30-

We've crushed terrorism but'll remain vigilant — COAS

By Jimitota Onoyume

P

ORTHARCOURT— CHIEF of Army Staff, Lieutenant General Tukur Buratai has commended his men for crushing terrorism in the North East.

Lt-Gen Buratai who spoke weekend while laying the foundation stone for the new Brigade headquaters complex at the 2 Brigade, Port Harcourt, Rivers State said, the army will remain vigilant to contend any new strategy that may be adopted by the terrorists.

“The North East operation is critical at this stage. The terrorists have been defeated. These criminals may rear their ugly heads through other means. We will continue to maintain vigilance,” he said.

Buratai also laid the foundation stone for the new Brigade headquarters

complex at the 2 Brigade, assuring that the Federal Government will continue to give special attention to the welfare of soldiers.

He commended soldiers of the 2 Brigade for their commitment to duty, saying that the Nigerian army had remained celebrated all over the world for professionalism and high level of discipline.

He lauded the efforts of the brigade in the anti oil theft war, saying that they should maintain the very high standard of discipline.

He said the army will improve on challenges of accommodation in barracks in the country, adding that attention would be given to the medical needs of soldiers and their families Buratai also interacted with wives of soldiers in the barracks, promising that the Federal Government will improve on the welfare of troops.

month civil war.

Said Ali: “You are aware, January 25, 2015 marks the 50th anniversary of the assassination of our illustrious leader, Sir Bello.

The immense contributions of Sir Bello to the development of Northern Nigeria and Nigeria at large cannot be overemphasised. Sir Bello worked assiduously to make northern Nigeria economically competitive, politically and religiously stable, peaceful and united.

“He had indeed succeeded in laying a solid foundation for the development of the region.

The NNN which was established by the late Premier on January 1, 1966, is also 50 years old. It, therefore, decided to produce a special edition that will be launched at the opening ceremony of the commutation event.

“The edition will contain among others, special interviews with some prominent leaders of the North and close associates of the late Premier and flashback of historic publications by the newspaper from inception to date.

“According to the programmes of events, President Buhari will be special guest of honour and will launch the special edition of the NNN and a photo exhibition on the opening day, January 14.

“Ambassador Yusuf Sule will deliver a keynote address on the topic, “North: 50 years after Sir Ahmadu Bello”, while Justice Mamman Nasir, will chair the occasion.

Dino Melaye becomes Jarma of Okuta Kingdom

By Kingsley Fanwo

S

ATURDAY January 9, 2016 will go down memory lane as a day of cultural marriage between the people of Okuta and Kogi State as Senator Dino Melaye, Senator

Senator Melaye.

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representing Kogi West in the Senate was turbaned the Jarma of Okuta Kingdom by His Royal Highness Idris Abubakar.

Residents of the Okuta community trooped out in thousands to behold their Jarma, even as hundreds of Kogi people travelled to the ancient town to honour the Kogi West senator.

A number of senators were also in attendance, among whom is Senator Rafiu, representing Kwara South in the Senate.

The Kogi delegation was led by a former speaker of the state,

Mr. Clarence Olafemi.

Others are Pastor Femi Obalemo, Olu Majek and a host of others.

Addressing newsmen after the ceremonies, the Jarma of Okuta, Melaye thanked the traditional council and the people of the community for the confidence reposed in him, pledging to always be available to contribute his quota to the development of Okuta. He said Okuta is now his second home.

Melaye called on the people of the state to always support their leader, Senator Bukola Saraki, assuring Nigerians of the readiness of the National Assembly under Saraki’s leadership to redefine the nation.

40—VANGUARD, MONDAY, JANUARY 11, 2016

NEY: O M S M R A F O G SHARIN

Public office e b t s u m s r e k e e s d e n i m a x e y l l a t n me LA — BOLA AJIBO

ld’s best nations ing one of the wor be d se is m ria ge •How Ni hari hting back at Bu •Corruption is fig of the Nigeria ),was president N A (S a ol jib A 1984 and 1985 PRINCE Bola (NBA) between n in tio ia oc ss A r ott of the courts Nigerian Ba lawyers in a boyc ndencies of the n ia er ig N d le orial te when he e perceived dictat protest against th adu Buhari military regime. ola was m General Muham throw of the Buhari regime, Ajib al of er er en ov G e th ey and Attorn Following is despite inister of Justice appointed the M d notably served the nation grat s. One an as aide the Federation, rprising lawyers ssistant was te en of r be m nu employing a nior Special A nt of the served as his Se the Vice-Preside of the aides who tly en es pr o, nj ba one Mr. Yemi Osi a judge of the y. tr coun rose to serve as jibola, 81, is ly nt ue eq bs su a Prince Ajibol The Hague. A ourt of Justice at gdom, Abeokuta, Ogun International C in lowu of Owu K Abeokuta, the Olori Omo O scent University re C , or et ri op pr the government State and is the w he encourages n, advises his ie rv te in is th In Ogun State. nst corruptio has in the fight agai not to backtrack Osibanjo and laments how vice . of Pr d, ar w ts: former ’s growth. Excerp hindered Nigeria

•Ajibola: Corruption is a backward cankerworm that will continue to destroy

By Bashir Adefaka

W

HAT is your reaction to the ongoing anticorruption battle of the Muhammadu Buhari administration?

Corruption is really sad and already endemic in our country.

It is a kind of cankerworm that has eaten deep into our fabrics.

It is an unfortunate act that has debarred many things that we could have done to make progress. It is terribly retarding our progress.

It is very unfortunate that with corruption we are persistently regularly retrogressive. Otherwise, we would have been one of the best nations in the world.

Deep rooted corruption We have quite a lot of intelligent and resourceful people in our country. We have people who are ready and willing to work to earn and take their integrity there. But unfortunately on the level of politics, a lot of things have gone wrong and it is sad that the situation is not encouraging.

Hopefully this new government will correct a lot of those bad situations that we have, because the name of Nigeria stinks to the outside world. Nobody is really interested in dealing with anything from Nigeria because of the problem of this deep rooted corruption that is still raging among our people.

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The new government that we now have is all out to do its best to rid our country of corruption but the situation is very heavy and it is very serious. When you have so many people bent on dipping their hands corruptly into the purse of the government from all spheres of life in Nigeria, we still have a long way to go.

I have listened to a lot of hues and cries about the fact that the government is slow.

How could government not be slow under the present circumstance? Because the government has a lot of hurdles to overcome in dealing with any problem.

In the midst of it all, unnecessary criticisms are always there and the people are just willing to criticise and not help develop the country. We only hope that the present government would do its best to ensure that at this time, everything could be done to get rid of corruption in this country.

Do you think that the judiciary is really an obstacle in the administration’s anti-corruption campaign given the issuance of allegedly frivolous injunctions by judges?

The situation is a very sad one as I have said and it is deeply rooted. And I mean deeply rooted in the past government and the past politicians.

A good example is this, there are so many politicians that EFCC and ICPC accused of corruption and they are all in court at the moment. How many of them have we concluded? How

many of them have we convicted? How many of them are in prison? We are only informed about the fact that some have been accused and they have been granted bail and that is the end of it all. The whole thing is being treated with levity.

There is the need for a serious action to be taken against these matters of corruption without which the whole thing will go on endlessly and they now consider it to be usual practice rather than for them to desist from this act of corruption.

And it is unfortunate because it is really downgrading our nation. It is really destroying our nation and a lot of the countries all over the world found that we are seriously and hopelessly enmeshed in corruption and that practice is continuing unabated. I only hope that this new government of Buhari would take it up seriously and deal with it.

Issue of Dasuki's $2.1bn Everybody is now watching the issue of Dasuki’s $2.1 billion and I hope he (the President) will, with that, send out the strong signal against those who are destroying the country.

When you look at the situation in the country and what is needed to develop the country, you will be sad to realise that we are so much put into our development box, that we are in need of power, that we are in need of roads, that

there is need for security and safety of our people, that we need to develop our agriculture, that we need to develop our education and there are so many other things that we need to take care of.

Now, with all that we now have, this endemic, deteriorating situation about corruption, it is even a major assignment on its own that any government would face without facing any other problem at all. I must praise the efforts of those who are in government now because this is an attempt to change what looks unchangeable, what looks intractable.

Divisive tactics It is sad and it is unfortunate but I hope and pray that they would be able to get hold of the problem and tackle everything about it.

Besides corruption, you had once called on President Buhari to also tackle infrastructure, security, education, health and power. Would you say the president is moving along the line of your suggestion?

Exactly! He is looking that way, though slowly, but he is looking at it along that line to fight corruption and develop the country. But it is extremely difficult to do both at the same time because divisive tactics and disturbances of these corrupt people continue to breed opposition against the Continues on page 41

That is the sad aspect of it because corruption has its universal economic disadvantages not only locally, not only in states but the entire nation would suffer the effects

Vanguard, MONDAY, JANUARY 11, 2016—41

•Ajibola: We are just Nigerians, we are not even called Nigerians

Continues from page 40 government. They are not concerned about the very adverse approach now of the foreign countries against Nigeria.

But now that we have a government that is seriously looking into it, maybe with the assistance of the foreign governments, we would get somewhere and we would get their cooperation in order to develop further. But it is a kind of herculean task for any government to single-handedly handle corruption and at the same time continue to develop the nation because, corruption is a backward cankerworm that will continue to destroy the creations, the development and the growth of the government too.

Arms and ammunition It will continue to do so. That is the sad aspect of it because corruption has its universal economic disadvantages not only locally, not only in states but the entire nation would suffer the effects. The whole nation will be soiled and deprived a lot of things.

The government will even not have enough to develop a lot of things that it ought to be doing.

How many times have we had the problem about ASUU strikes because they are not being well treated? How many times have we suffered from the fact that we have not been able to deal with the issue of Boko Haram just because all the money earmarked for arms and ammunition were being stolen and taken away by some people? We are suffering in the midst of it all.

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Corruption is t a k c a b g n i t figh OLA IB J A — i r a h u B What is your reaction to the spew of allegations about the sharing of money meant for purchase of arms by some few people?

That is the reason I have always felt that going into any public office, the aspirants must first of all be thoroughly examined, tested and their past performances and their positions must be looked into. In fact, they should also examine them mentally whether they are fit and proper persons to go into the offices.

They must also ensure that they are not going to fix in all those greedy people who are desirous of going in there to steal and to take the money of the government for their own purpose just to enrich themselves.

A lot of people think that going into politics is just getting there to steal what they can steal. There is this idea now of stomach infrastructure. So, is it government they are now going to serve with this idea of stomach infrastructure? That is very sad.

It is sad! When I was in government, I was there fully ready and conscious of my service to the nation and was interested in improving the position of the nation. Not only had I refused taking my salaries but also I was pumping my

money into it. I was serving with my money being put into it. I was engaging the services of clerks, secretaries, staff into ministry of justice being paid for by myself. Who is doing that now among them? All they are interested in is to get there and steal money to buy SUVs and to acquire as much as possible because they all think about governing as a place of booty where they can enrich themselves either by hook or crook and they are even the highest paid public servants in the whole world.

Highest paid public servants It is terrible. We are behaving like backward people.

Vice-President Yemi Osinbajo worked as your Senior Special Assistant while you were Minister of Justice. Is there anything you would pass on to him to further the case for justice reform?

We did everything possible to engrave all those things there. It was our own time of law reform, law review and law projections and legislation with it. We did everything and I am sure that he will have enough materials that would help him at this time over there. Because we were all there together, we worked

together and we served day and night and, quite sincerely, we knew we were there to serve our nation and we were dedicated and devoted to that service with all our time, with all our resources, with all our intelligence and I hope that the vestiges of all those things will still be available for him to get things developed.

Can we have your view of the whole system?

You see when things are broken down terribly like this, you have to handle matter with care and with caution. The situation is a very serious one and because the foreign countries are now having it hard on us and they will intend to do so for sometime, things may become harder in the country.

Even as of now, lawlessness continues to rage seriously and heavily all over this country.

Now that the situation will become tougher and more serious, one will expect a lot of diabolical practices, a lot of terrible practices. You, yourself must have heard of Arepo where people kept vandalising the pipeline and draining off the oil of the nation without any regard for those who ought to check and control them.

Lawlessness is raging all over the country now and this government must put serious effort to contain it. It is very, very important.

Diabolical practices This is the time that security must be taken as part of the priority of the nation knowing full well that those who had been doing it in the past would like to continue doing it, knowing that when the situation is so hard they will become more lawless.

Therefore, it behoves the government to ensure that on the list of its priority is not only the corruption issue but also security of the nation and safety of the people. That is important because, without that, the situation could be worse because everybody is looking for means of defrauding the nation or grabbing anything from anybody.

You must have noticed the increase in kidnapping. They are not kidnapping small people again and that is another area where media should be careful because, if the media is involved in encouraging them by telling the public how much they intend to take, that is another serious matter. Do you see what I mean? So, we are in a serious situation. We are in a dilemma and we must be very, very careful at this time to see what we can do to stop the menace.

And at this time the media should not be neutral. They should key into the anticorruption programme of the government by not allowing corrupt people use them to whip the kind of sentiment that will make them escape justice.

The government should ensure that on the list of its priority is not only the corruption issue but also security of the nation and safety of the people

42 — Vanguard, MONDAY, JANUARY 11, 2016

Vanguard CLASSIFIED AKANO—I, formerly known and addressed as Akano Monsurat Omolara, now wish to be known and addressed as Lawal Monsurat Omolara. All former documents remain valid. General public please take note.

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ANUMUDU—I, formerly known and addressed as Miss A n u m u d u Nkechinyere, now wish to be known and addressed as Mrs. I g b o a n u g o Nkechinyere. All former documents remain valid. General public please take note.

NIMBONG—I, formerly known and addressed as Nimbong Latip Ndamson, now wish to be known and addressed as Ndam Latip Ndamson. All former documents remain valid. General public please take note.

OJI—I, formerly known and addressed as Happiness Chinenye Oji, now wish to be known and addressed as Lilian Chinenye CollinsAnagolu. All former documents remain valid. General public please take note.

BROWN—I, formerly

ADEYINKA—I, formerly known and addressed as Adeyinka Abimbola Adebimpe, now wish to be known and addressed as Oladesu Abimbola Adebimpe.

All former documents remain valid. General public please take note.

KOLOH—I, formerly known and addressed as Miss Orode Stacey Koloh, now wish to be known and addressed as Mrs. Orode Stacey Akpahwe. All former documents remain valid. Word of Life Bible Church Warri and general public please take note.

OJEI—I, formerly known and addressed as Sheila Nneamaka Ojei, now wish to be known and addressed as Mrs Sheila Nneamaka EdikanUdofia. All former documents remain valid. General public please take note.

AJAYI—I, formerly known and addressed as Omolola Folasade Ajayi, now wish to be known and addressed as Omolola Folasade Jolaosho. All former documents remain valid. Zenith Bank and general public please take note.

ATTAH—I, formerly known and addressed as Miss Attah Chinazom Antonia, now wish to be known and addressed as Mrs. Okoro Chinazom Antonia. All former documents remain valid. University of Nigeria Nsukka, NYSC and general public please take note.

Confirmation of name

public please take note.

MICHAEL—I, formerly known and addressed as Miss Laeticia Judge-Ere Michael, now wish to be known and addressed as Mrs. Laeticia Judge-Ere Tarerefa. All former documents remain valid. General public please take note.

This is to confirm that Amahia Emeke and Amahia Emeke Jacobs is one and same person, now wish to be known and addressed as Amahia Emeke Jacobs. All former documents remain valid. General public please take note.

NKEONYEASUA—I, formerly known and addressed as Miss Emefiele Magdalene Nkeonyeasua, now wish to be known and addressed as Mrs. Magdalene Amahia Jacobs. All former documents remain valid. General public please take note.

AKPOBARO—I, formerly known and addressed as Miss Akpobaro Edoreki Esther, now wish to be known and addressed as Mrs. Agbabune Edoreki Esther. All former documents remain valid, any authority it may concern and general public to take note.

OHAI-OKUGO—I, formerly known and addressed as Miss Ohai-Okugo Isioma Altine, now wish to be known and addressed as Mrs. Isioma Ohai Arase.

All former documents remain valid.

General public please take note.

EGOH—I, formerly known and addressed as Miss Egoh Esther Ekugbe, now wish to be known and addressed as Mrs. Ekugbe Esther Biokoro. All former documents remain valid. General public please take note.

BAKWUNYE—I, formerly known and addressed as Miss Bakwunye Blessing Chinye, now wish to be known and addressed as Mrs. Okpomire Blessing Chinye. All former documents remain valid. General public please take note.

UZOCHUKWU—I, formerly known and addressed as Miss Adaobi Amalachukwu Uzochukwu, now wish to be known and addressed as Mrs. Adaobi Amalachukwu Okeke. All former documents remain valid. General public please take note.

OKOH—I, formerly known and addressed as Miss Onuwa Philipa Okoh, now wish to be known and addressed as Mrs. Onuwa Philipa Okowi Chukwuwike. All former documents remain valid. General public please take note.

OKOH—I, formerly

public please take note.

Reconciliation of names This is to confirm that the names Okonkwo Paul and Okonkwo Ekene Paul refer to one and the same person. I now wish to be known and addressed as Okonkwo Ekene Paul. All for mer documents remain valid. General public please take note.

Reconciliation of names This is to confirm that the names Godwin Ofem Ibiang and Martins Ofem Ibiang refer to one and the same person. I now wish to be known and addressed as Martins Ofem Ibiang. All former documents remain valid. General public please take note.

Reconciliation of names This is to confirm that the names Okwubuasi Chukwunwike Emmanuel and Okwubuasi Ekeson Emmanuel refer to one and the same person. I now wish to be known and addressed as Okwubuasi Ekeson Emmanuel. All former documents remain valid. General public please take note.

OKORO—I, formerly known and addressed as Miss Okoro Akunna Faithful, now wish to be known and addressed as Mrs. Kanu Akunna Esther.

All former documents remain valid. General public please take note.

ADIBUAH—I, formerly known and addressed as Miss Hilda Ekwutosi Adibuah, now wish to be known and addressed as Mrs. Hilda Adibuah Nwankwo. All former documents remain valid. General public please take note.

SHAIBU—I, formerly known and addressed as Caroline Shaibu, now wish to be known and addressed as Yusuf Caroline Danjuma. All former documents remain valid. Diamond Bank and general public please take note.

AZUBUIKE—I, formerly known and addressed as Miss Happiness Ngozi Azubuike, now wish to be known and addressed as Mrs. Happiness Ngozi Obinna. All former documents remain valid. General public please take note.

ACHIMUGU—I, formerly known and addressed as Miss Scholastica Achimugu, now wish to be known and addressed as Mrs. Scholastica Dominic.

All former documents remain valid. General public please take note.

ANUMAKA—I, formerly known and addressed as Miss Mercy Ulumma Anumaka, now wish to be known and addressed as Mrs Okpara Mercy Ulumma. All former documents remain valid. General public please take note.

ENILOLOBO—I, formerly known and addressed as Miss Kafilat Agbeke Anilolobo, now wish to be known and addressed as Mrs Kafilat Agbeke Enilolobo Salihu. All former documents remain valid. General public please take note.

EZE—I, formerly known and addressed as Miss Chika Eze, now wish to be known and addressed as Mrs Eneude Chika Grace.

All former documents remain valid. General public please take note.

E G B O B AWAY E — I , formerly known and addressed as Egbobawaye Success, now wish to be known and addressed as Success Eromosele Andrew. All former documents remain valid. Ecobank and general public please take note.

ELIZABETH—I, formerly known and addressed as Miss Elizabeth Ebulejonu Achile, now wish to be known and addressed as Mrs Elizabeth Ebulejonu Achimugu. All former documents remain valid. General public please take note.

OSAMAGBE—I, formerly known and addressed as Miss Osamagbe Irowa, now wish to be known and addressed as Mrs Osamagbe Goodness Idemudia. All former documents remain valid. General public please take note.

OTUONYE—I, formerly known and addressed as Miss Otuonye Chinwe Evelyn, now wish to be known and addressed as Mrs Ezenwa Chinwe Evelyn. All former documents remain valid. General public please take note.

IKPEME—I, formerly known and addressed as Miss Koko Bassey Ikpeme, now wish to be known and addressed as Mrs. Koko Bassey Crusto.

All former documents remain valid. General public please take note.

EMBELEGHA—I, formerly known and addressed as Miss I s a m p o u e r e Embelegha, now wish to be known and addressed as Mrs. I s a m p o u e r e Embelegha Orubebe.

All former documents remain valid. General public please take note.

Correction of name The correct spelling of my name is Chrismas Obiri, but was wrongly written as Chrismas Obire on my BVN details. Chrismas Obiri and Chrismas Obire as wrongly written on my BVN details refer to one and same me. All former documents remain valid. General public please take note.

OTUAGOMAH—I, formerly known and addressed as Miss Otuagomah, Faith Okeoghene, now wish to be known and addressed as Mrs. Ebogbare, Faith Okeoghene.

All former documents remain valid.

General public please take note.

known and addressed as

Brown

Ifeanyi

James, now wish to be known and addressed as Alua Ifeanyi James.

All former documents remain valid. General public please take note.

CLEB—I, formerly known and addressed as Godson Chinonso Cleb, now wish to be known and addressed as Azumara Chinonso.

All former documents remain valid. General

known and addressed as Miss Okoh Romina, now wish to be known and addressed as Mrs. Agholor Romina Mary.

All former documents remain valid. General

Vanguard, MONDAY, JANUARY 11, 2016 — 43

Vanguard CLASSIFIED Confirmation of Name This is to confirm that the names Ocheni Momoh and Abubakar Sokky Abdullahi refer to one and the same person, now wish to be known and addressed as Momoh Abubakar Ocheni. All former documents remain valid. General public please take note.

Confirmation of Name

This is to confirm that the name Nankar James Lohzhi, refers to one and the same person as Nankar James Gono, now wish to be known and addressed as Nankar James Lohzhi. All former documents remain valid. General public please take note.

OWEN—I, formerly known and addressed as Soton Celine Owen, now wish to be known and addressed as Soton Celine Iselobhor. All former documents remain valid. General public please take note.

Confirmation of Name These names, Gabriel Patience Aherete and Patience Okeh belong to the same person but now wish to be known and addressed as Gabriel Patience Aherete. All former documents remain valid, any authority it may concern and the general public to take note.

Confirmation of Name

The names, Chika Patrick Chidi and Chika Eze Patrick refer to the same person but now wish to be known and addressed as Chika Eze Patrick. All former documents remain valid.

General public to take note.

IKPEME—I, formerly known and addressed as Miss Koko Bassey Ikpeme, now wish to be known and addressed as Mrs. Koko Bassey Crusto. All former documents remain valid. General public please take note.

OGIEMWONYI—I, formerly known and addressed as Miss Eunice Ogiemwonyi, now wish to known and addressed as Mrs. Eunice Osarenkhoe Alohan.

All former documents bearing my former names remain valid.

General public please take note.

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African mega church brings Gospel back to Britain with a dazzle Damian Arnold joins an all-night prayer festival with the UK’s fastest-growing Christian sect, the Redeemed Christian Church of God T is Friday night at the from his days in the oil industry.

Agu has also just signed a ExCel Centre in London contract with Hodder to write a and some 40,000 people are praying very loudly. Arms aloft, book on prayer and he has a ready-made audience, having eyes scrunched up, faces uplifted and tears flowing, they overseen the establishment of are invoking the Holy Spirit to 300 churches in the UK in the come into their lives. Children past five years. His flock in Britain is expected to grow to are wrapped in sleeping bags 150,000 over the next five years, at their parents’ feet. Most are having numbered 62,000 in staying all night.

Spurred on by a choir of 2008. On Sundays, he preaches hundreds, creating a soaring to up to 4,000 people at Jesus House for all Nations, a hymnal sound that floats in a heavenly direction, many feel converted warehouse in Brent, the visceral presence of their northwest London.

Agu was born in Nigeria in creator and pour forth their joy.

This is the recent Festival of Life 1964. His father was a lawyer and his mother a broadcaster. As organised by the Redeemed Christian Church of God a young man, he was more interested in money than God, (RCCG), the fastest-growing Christian community in Britain working for an investment bank in Lagos. A chance introduction with more than 750 churches to the RCCG changed his life. established in the past 20 years.

“I was born into a Christian The Pentecostal congregation was founded in Nigeria in 1952 household, but I went to church only to please my Mum,” he

by Josiah Olufemi Akindayomi after he received a “divine says. “I explored Islam and Buddhism, but I didn’t think revelation”. More than 60 years later, his church is being called they were the answer. In June 1991, a friend invited me to a the “acceptable face” of the African church in Britain. service of the RCCG in Lagos.

Several other “African mega I came from an orthodox church churches” have been mired in background and I was gobsmacked. I had never seen scandal. so many young people in church and they were so happy. I Brand of thought, ‘I’m going to come Pentecostalism back’ because I had never seen an expression of faith that was Last year, with a general election to win, David Cameron so open. I became a lay preacher attended the festival, while Ed Miliband - perhaps unwisely turned down his invitation. In Lagos, the church’s monthly NEWS ANALYSIS “Holy Ghost service” attracts a

By Samuel Oyadongha & million people and a mindEmem Idio boggling 23-square-kilometre ISTORY beckons on auditorium is being built to incumbent Governor accommodate them. The church is established in more than 100 Henry Seriake Dickson of countries. Its “General Bayelsa after the keenly Overseer”, or GO, Dr. Enoch contested governorship election in the predominantly riverine Adeboye, was named by state.

Newsweek as one of the 50 most Dickson, fondly called influential people on the planet.

The head of its executive ‘Countryman Governor’ had council in the UK is Pastor Agu maintained a commanding lead Irukwu, a former lawyer whose in the state governorship mission is to “reChristianise” election since December 5, 2015 Britain, the country that when he clinched six out of the evangelised his ancestors. He seven councils in the results wants to infuse his brand of declared by the Independent National Electoral Commission Pentecostalism - perhaps the most experiential of the INEC. His victory dance was, Christian denominations however, put in abeyance because of the emphasis it places pending the conclusion of the on being in the presence of God. election in units and “British missionaries abandoned constituencies that election everything to come to Africa and results were not produced on many did not return,” says Agu, December 5.

Yesterday evening as the 51. “So, I feel I owe a great debt results from the contentiously to Great Britain for the people contested Ijaw South Local who made sacrifices to bring the Gospel to Africa. A lot of us were Government Area were declared, the celebration that educated at good missionary schools. I feel that I am here to was initially in muted form in pay this debt back because the the Dickson camp went full blast.

The immediate past governor UK has become so secular.” of the state and candidate of the Well built, over six foot tall, All Progressives Congress APC, with a kind face, Agu exudes natural authority. A father of Chief Timipre Sylva, had given the impression that he would three who is teetotal and reverse Dickson’s 30,000 plus supports Chelsea FC, he is lead with the results from highly respected in the Anglican Communion and is good friends Southern Ijaw. However, when with the Archbishop of the result was declared, it Canterbury, the Most Rev Justin became an anti-climax for Sylva Welby, who knows Nigeria well as Dickson won in the

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and then the pastor asked if I would come to London and oversee this little church with 30odd people for a month. It has been 20 years now. I figure that God didn’t want me in law or an investment bank.”

As the leader of the most “progressive” African church in the UK, Agu has worked with the government to investigate “rogue churches” at which practitioners of black magic have presented themselves as Christian leaders.

“Unfortunately, there are bad apples who take advantage of people, but hopefully we can reduce their influence.” He wants to reach out to a wider constituency than African émigrés, but, in order to achieve that, he admits “we have a lot of changing to do”. He cites “African time-keeping” as a case in point.

“In Africa, you can go to church in the morning and never know when it’s going to end. You could be there all day if the spirit is moving and that’s not going to work in this culture.”

Agu also organises career seminars to equip members of his church with the skills to obtain a better job. This encouragement of people to help themselves is his response to criticism that African mega churches espouse the socalled “Prosperity Gospel”, which manipulates supplicants into believing that, if they pray, they will gain wealth. “A lot of people abuse the Gospel by making it about money. This focus on material things has done a great

disservice to the work of the church. Unfortunately, in a lot of the African-Caribbean churches that trait is sadly predominant.”

Agu overcame the death of his first wife from cancer with his “faith strengthened” and married again. His second wife, Shola, runs the church’s mission work.

Aiming to embed the RCCG into British culture, Agu is engaged on joint projects with Lambeth Palace to “see how we can best serve the nation together”, and is working to replicate the successful model of the Anglican Evangelical church, Holy Trinity Brompton by developing courses on subjects such as financial management and overcoming addiction. He wants to bring the Gospel into every British home and welcome more white people to his congregations. He says he is encouraged by “my white friends who say ‘we admire the way you pray; it is so passionate’”.

The pastor has his work cut out though. According a YouGov poll in 2011, only nine per cent of the UK population is practising Christianity, 40 per cent are not convinced that Jesus really existed and 61 per cent of nonChristians have never had a conversation about Jesus Christ.

“As long as we share the good news, British people will get to know Jesus,” he says. “There are more than 60 million people in this country and we have a lot of work to do.”

Culled from The Times of London.

Bayelsa poll: The drama of how Dickson won

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Bayelsa State Gov. Henry Seriake Dickson...wins again stronghold of his now late patron, Chief Dipereye Alamieyeseigha.

Dickson won in Southern Ijaw with 23,081 votes to the 10,216 polled by Sylva. It was indeed a tortuous road to victory for Dickson. The triumph did not come cheap in an election that turned out to be the most fiercely contested in the political history of the oil rich state.

Many observers had predicted a photo finish race between the incumbent and his main rival, Sylva, due to the hype generated by the defection of PDP bigwigs to the APC and the argument that the state had never played opposition politics since the enthronement of civil rule in 1999.

Their contention was that the state would rather flow with the centre than be in the opposition.

What particularly ignited the contest is the no love lost relationship between the two contenders, who have a history of political rivary between them.

Four years ago, Dickson, a political godson of former

President Goodluck Jonathan was used to replace Sylva as PDP governorship candidate in controversial circumstances.

With the defeat of Jonathan and PDP at the centre, Sylva buoyed with the changing political fortunes, staged a comeback and easily picked the APC governorship ticket having nominated almost all the statutory delegates at the primary convention.

On the road to victory, Dickson paid attention to every detail and left nothing to chances. His early preparation and campaign strategies coupled with his modest achievements in office worked well in his favour.

Many believed that his community based campaign approach was the difference between the two contenders. The incumbent during his campaign dubbed community to community campaign meet the people tour, visited virtually all the communities in the state to solicit the support of the people and also seized the opportunity to tell what his administration is doing to bring the dividends of democracy to their doorsteps.

The strategy no doubt helped his course as it swayed several undecided voters to key into his vision. Dickson could also be said to be lucky for having some old politicians around him who though may not have the resources to throw around but command the respect of their people.

44 — Vanguard, MONDAY, JANUARY 11 , 2016

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Vanguard, MONDAY, JANUARY 11, 2016 — 45

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T has become a tradition for columnists to take stock of the year just gone in relation to expectations in the new year.

In Nigeria, I find this quite boring because we end writing and saying the same things every year in a country where sport is measured by the success or otherwise of football.

Last year, traditionally, the various sports federations failed to live up to expectations in terms of competitions and programmes, especially grass roots and developmental programmes aimed at replenishing our faded stock.

Perhaps I should not bore us with the NFF victory songs in age group competitions. My happiness is that presently, we have such a credible pool of world class junior talent ( Under 17s, 20s and 23s) who if well managed and tracked will guarantee a quality future for our football even for many years.There are those who will tell you that the Super Eagles is the McCoy and until we qualify for the World Cup in Russia and the Nations Cup in Gabon all success stories will be taken with a pinch of salt, so much that even the Super Eagles appearance in the Championship of African Nations ( CHAN) is not attracting the respect it deserves.

CHAN was a brain wave of the Hayatou regime, a credible opportunity for those players who ply their trade in Africa to get a window to ventilate their talent. CAF discovered that some African football power houses like Nigeria, Cote D’ivoire, Cameroun, Ghana, always come to the Nations Cup made up hundred per cent by players who are based abroad.

The tactical mentality was so horrible that no matter how good you were in the domestic scene, you will be sidelined for somebody who plays “abroad” There was a popular joke in Todaysports Newsroom then that if you wanted to be noticed by Eagles Coaches, all you needed do was to pack your boots and go and play in Benin Republic!

It’s a New Year Did I hear Yaya Toure complain? That CAF was unfair not to have considered his exploits in the African continent? I hope the Technical and Media Directors of CAF will take time out to explain once more how the awards work. It is NOT a CAF decision, but one that rests squarely on the perceptions of national team coaches spread across Africa. There is no doubt that some subjective decisions will creep in here and there and until a superior modus operandi is designed we will have to bear for now. Besides show me that award that has the one hundred

2016 will be the year of great expectations, especially in the Olympics that we have so far done nothing about

percent acceptance of all concerned.

Apart from football, Let me not end this piece without commending one or two Federations, Wrestling, Wellington Jigere of Scrabble and basketball to a lesser degree for giving us cause to jubilate in the year just gone.

2016 will be the year of great expectations, especially in the Olympics that we have so far done nothing about. Did Okocha say no Nigerian player deserved the CAF award. ( For the first time no Nigerian woman won a CAF award . Shame.). I agree totally. 2016 will therefore be a pregnant year for our football and President Pinnick and his lieutenants are the midwives we expect to guarantee safe delivery.This year we will pray for track and field to return to the international podium after so many years in the doldrums. Track and field was our succor when football messed up. 2016 will be the year our new sports minister would have been grounded in the day to day running of his onerous task, so much that he will not be hoodwinked into taking decisions that run contrary to the very spirit of dynamic rules and regulations governing our different sports federations. We pray for him.

This year our CAF Cup representatives must be ready to put behind them the disaster of 2015, although what I hear from their camps is nothing to write home about as regards preparations.

This year may death and disaster flee from the sports family. The murder of Ibrahim Abubakar was one shock that has refused to go away. This is a man that I knew personally and intimately one who was a professional to the core and who by nature of his work picked his phone even by the wee hours of the morning to offer help in a country where embassies often times play good to the detriment of travelling teams and sportsmen men and women. Adieu Ibrahim, Adieu.

See you next week

IAAF renews Okpekpe bronze label status AGM: NBBF set to brainstorm Feb. 3rd in T Abuja HE International As sociation of Athletics Federations (IAAF) has recertified the Okpekpe international 10km road race as a bronze label event.

This followed the successful organisation of the third edition of the hugely successful road race last year in Okpekpe,near Auchi in Edo state where all required standards/criteria were met for the reaward of the label.

The certificate for the renewal was signed by the IAAF president,Sebastian Coe and this signifies that the Okpekpe international 10km road race does not only retain its status as the first road race in Nigeria to be granted a label status. since 2008 when the IAAF started classification of road races but also the only IAAF recognised road race in Nigeria in 2016.

It is also the only labelled road race listed on the IAAF calendar of road races in Africa for the first half of this year.

IAAF Road Race Label Events are races that the world governing body for the sport designates as one of the leading road races around the world.

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T

OFF THE MARK ... Marathoners taking off at the last Okpekpe International 10k Road race in Edo State.

Kenyan duo of Korio The Labels are assessed business with operations Alex Olotptip Kenya and awarded each year in Nigeria and Senegal.

The fourth edition of the (29.20) and Tanui Anfele after the race organisers must have applied to the race will hold on Saturday (33.34) won the respective men and women’s titles IAAF for recognition, and May 7,2016. last year. show that their race can meet a number of criteria.

The classifications are gold,silver and bronze HE new Nigeria and all three categories league season will no require what the IAAF longer begin on January 31 describes as an internawith a new date now likely tional elite field, that requires at least five nations to be after the 2016 CHAN (four for Bronze) to be rep- in Rwanda.

The CHAN will parade resented by runners with players who feature in times faster than the LMC boss - Shehu Diktheir home leagues and it ko IAAF’s guidelines.

The Okpekpe interna- will start on Saturday and tional 10km road race is end on February 7 with staged between January organised by Pamodzi Nigeria making their sec- 20 and 24, but a venue has Sports Marketing,a lead- ond appearance in Rwan- yet to be decided as several state governments iner in sports marketing, da. cluding that of Akwa Ibom Officials also said the presponsorship, hospitality have indicated interests to season Super 4 will now be and Rights Acquisition bankroll the competition.

HE Nigeria Basket ball Federation has scheduled its 2016 Annual Stakeholders Consultative forum for Wednesday 3rd February , 2016 at the National Institute for Sport Auditorium, National Stadium, Package B, Abuja.

According to the statement from the NBBF secretariat, delegates which include Cooperate sponsors, Team owners, Club chairmen, Club secretaries as well players, coach-

Nigeria league kick-off postponed again

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Cash crunch affecting the clubs, who are mostly owned by state governments, is one of the reasons behind a shift in the January 31 big kick-off.

A cross section of players in the country’s premier league has also kicked against the original start date for the competition, arguing that clubs clear outstanding payments to them as well as putting in place mechanisms for clubs not to again fail to pay them as and when due.

es, technical officials and the esteemed media are expected to arrive Abuja on February 2nd as the forum is billed to take off on Wednesday morning.

All present at the assembly will witness milestone presentations from the Referees and Coaches Associations, both inaugurated and reconstituted respectively after the 2015 consultative forum which had over 150 stakeholders in attendance in Abuja.

The Stakeholders forum will also feature the preseason seminar for all basketball officials such as Referees, Table officials and Technical (match) commissioners.

The statement also read that, the board of Nigeria Basketball Federation led by Mr. Tijjani Umar is extending an open the invitation to all. Team owners, club secretaries, coaches, players, and the media to come assess the highs and lows of Nigerian basketball in the previous 12 months and to project a course for the upcoming calendar year.

46 — Vanguard, MONDAY, JANUARY 11, 2016

Messi set to collect fifth Ballon d'Or award I

F there were any doubts about who should collect the Ballon d’Or in today's FIFA awards ceremony, Barcelona’s attacking trio dispelled them in the game against Granada.

Leo Messi, with a hat-trick, and Neymar Jr., netting the fourth, put their candidacies to the fore.

Messi will show up in Zurich with five trophies under his arm, as will Neymar. The only one that got away was the Spanish Super Cup, but their contributions have been decisive in all of the competitions which they have played in. Messi can even boast having scored at least one goal in every tournament played in 2015.

Unless there are any surprises to come, Leo Messi will take home his fifth Ballon d’Or after finishing last season on scintillating form, even though he was hindered by a knee injury early on this season which sidelined him for almost two months.

His link-up play with Neymar and Suárez has led to a slight variation in his style of play, where he has sacrificed finding the back of the net for team play to some degree. Nevertheless, Messi’s three goals against Granada have put him on a haul of nine in La Liga.

Neymar, who makes his first foray into the Ballon d’Or finals, is looking like a sure-fire winner in the future when Lionel Messi’s long reign comes to an end.

Voting for the four players’ and coaches’ awards was made by national team coaches and captains together with journalists around the world named on a list compiled by France Football and FIFA, whose votes are then counted by an electronic system monitored by a notary public. The coaches, captains and media that vote for the award select their first, second and third choice for each particular accolade with five, three and one points assigned respectively.

•BATTLE....Chelsea’s Diego Costa contests for the ball with Murray Wallace of Scunthorpe during yesterday’s FA Cup third round match at Stamford Bridge. Chelsea won 2-0

Eagles eye CHAN glory

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home-based Super Eagles have set their sights on winning their first African Nations Championship, kicking off this weekend in Rwanda. Nigeria will play in Group C with Tunisia, Niger Republic and Guinea.

Their opening game will be on Monday, January 18, against Niger in Kigali.

Though the team will be without league hotshot Gbolahan Salami, who pulled out in anticipation of a transfer to Europe, and U23 star Etebo Oghenekaro, who was not called up, the team still boast quality.

Warri Wolves central midfielder Bartholomew ‘Mosquito’ Ibenegbu has proved his class in the team HE

despite being drafted after the qualifiers, while Ifeanyi Matthew from El Kanemi Warriors has caught the eye in training camp in Pretoria, South Africa, will his whole-hearted contributions from midfield.

The team will count on Sunshine Stars striker Tunde Adeniji and the clever Chisom ‘Kolanut Boy’ Chikatara for goals in Rwanda. Both players have

IEGO Costa scored once and helped make the space for another as Chelseasputtered for long stretches Sunday before advancing to the fourth round of the FA Cup. The defending Premier League champions began their Cup campaign

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at Stamford Bridge with a 2-0 triumph over League One Scunthorpe United. While the result was hardly unexpected Chelsea’s muted performance, coming on the heels of a strong showing at Crystal Palace, suggests that new boss Guus Hiddink still has work remaining to fine-

By Patrick Omorodion

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N a move to bring to an end the struggle for who is the legitimate occupant of the seat of the President of the Nigeria Football Federation, NFF, the Youth and Sports Minister, Barrister Solomon Dalung in a surprise move after denying backing the move of Chris Giwa to reclaim his alleged mandate as head of the NFF, has scheduled a peace meeting for January 20, 2016.

In a press statement issued by the Minister’s Special Assistant on Media, Nneka Ikem Anibeze, the minister is expected to meet with the gladiators in the scramble for the NFF position, Giwa and the current holder of the position, who was elected at the rescheduled Congress held in Warri in 2014, Amaju Melvin Pinnick.

The statement which did not indicate the venue of the meeting, said that Barrister Dalung has called on the Giwa and Pinnick groups to be calm while quoting him to have said that “after a comprehensive study of submissions from both sides, I have fixed January 20, 2016 to meet with the leaders of the two groups to resolve the issue.

In the light of the above, the

•Dalung leaders of the two warring groups are hereby advised to refrain from acts capable of jeopardizing the peace process.

“They should therefore maintain calm while the issue is being resolved. All should note that any act contrary to my appeal will continue to tarnish the image and integrity of the country and further scare would-be investors from our sports “.

This minister’s move is aimed at forestalling any crisis that could result in an attempt by the Giwa group to forcefully resume at the Abuja office of the NFF on January 12, 2016 in a surprised renewed claim to the leadership of the NFF which mandate they claim they allegedly got in the controversial election of August 26, 2015 that resulted in the temporary suspension of the NFF by FIFA.

Hiddink backs Guardiola to coach Chelsea

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HELSEA interim manager Guus Hiddink will not rule out the prospect of Pep Guardiola becoming their next manager.

Asked if he would recommend Guardiola take over the reins at Chelsea following his departure, Hiddink said: “He has shown in a very fast career – from the second team in

Barcelona – that he’s capable of managing a team very well.

“It is difficult to say, ‘Hey, you must go to a particular team in the Premier League’. I don’t want to put more pressure on the directors or the owner to decide. Let it happen as it happens. Would he fit in here? He would fit into any big club in the world.”

Iheanacho celebrates FA Cup goal

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ELECHI Iheanacho is celebrating his FA Cup goal during Manchester City’s 3 - 0 triumph over Norwich City in the third round.

Sergio Aguero was

Chelsea into fourth round

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recovered from muscle injuries. Eagles left back Chris Madaki said they are well prepared and have all it takes to be champions.

“Though winning the title will be tough because it’s a competition and every team aspire to be winner, I don’t expect easy games but we our determination and preparation and God on our side, by His grace we will be the champions.”

Dalung meets Pinnick, Giwa over tussle

tune the Blue machine.

Despite the early goal. this was a hard Cup slog for the Premier Leaguers, who found themselves very much in a battle against a side with little pedigree but full of fight. Ruben LoftusCheek made the match safe for Chelsea in the 68th minute, with the

instrumental in the fifth goal Iheanacho scored in a City shirt in all competitions this season, setting him up just after the half - hour mark , as the visitors gave themselves a two - goal advantage.

“I am very pleased playing with him in the FA Cup. I am very happy and he is a professional. It was a great goal and a good pass from Sergio. I was about to control the ball but I said I should take it first time. I think nothing is enough in football, I will keep working hard and keep giving my best and working hard as a player, learning from the professionals in our team.

As a young player you

need to work hard at every training and if you are given the chance to play you have to work hard and really show to the manager that you are deserve to be in, “ he added

•Kompany

Kompany cheats death

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INCENT Kompa ny narrowly escaped injury yesterday when a private jet he was a passenger on skidded off the runway.

The Manchester City defender was heading home after watching his teammates beat Norwich City in the FA Cup when the incident occured.

According to reports the Citation CJ2 jet spun off the runway during a failed attempt to take-off from Norwich International Airport.

It came to a stop on grass and none of the five passengers and crew members were injured.

Vanguard, MONDAY, JANUARY 11 , 2016—47

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Vanguard, MONDAY, JANUARY 11, 2016

Eagles eye CHAN glory Details on pg.46

2015 FIFA Ballon d’Or:

Messi prepares to collect fifth award

NFF leadership tussle: Dalung meets Pinnick, Giwa Jan 20 Hiddink backs Guardiola to coach Chelsea

FA Cup: Chelsea into fourth round Iheanacho celebrates FA Cup goal •AND THE WINNER IS...Neymar (l) hails Messi as Ronaldo watches

FA CUP RESULTS

Kompany in close shave with death—P.46

Oxford Utd Chelsea Carlisle Tottenham

3 2 2 2

Swansea Scunthorpe Yeovil Leicester

2 0 2 2

QUICK CR OSS WORD CROSS OSSWORD

TODAY'S PUZZLE

FRIDAY'S ANSWERS

Across 4 Molluse (5) 7 Masticated (6) 9 Observe (3) 10 Deity (3) 12 Active (5) 13 Egg-shaped (4) 15 Instrument (5) 17 Newest (6) 19 Organ (4) 20 Decipher (5) 22 Drag (3) 24 Embarrassed (7) 27 Number (3) 28 Destroys (5) 31 Carpets (4) 33 Entry (6) 35 Sculpt (5) 37 Ruler (4) 38 Harbour (5) 39 Total (3) 41 Heave (3) 42 Office (6) 43 Repasts (5)

Down 1 Transversely (6) 2 Memory (6) 3 Fasten (3) 4 Arch (4) 5 Fabric (5) 6 Instrusion (8) 8 Idiot (4) 11 Lengths (9) 14 Magma (4) 16 Particle (4) 18 Try (4) 21 Stubborn (8) 23 Existed (4) 25 Top (4) 26 Powder (4) 29 Published (6) 30 Cover (6) 32 Aroma (5) 34 Stick (4) 36 Burden (4) 40 Container (3)

YESTERDAY'S SOLUTIONS Across: 1, Soil 4, Era 6, Clip 9, Air 10, Altitude 11, Near 14, Bar 16, Sleep 19, Competed 21, Tenet 23, Detained 24, Watch 27, Won 31, Mute 33, Examiner 34, See 35, Fear 36, Due 37, Eddy.

Down: 2, Oily 3, Lair 4, Educated 5, Apex 6, Canal 7, Lie 8, Irate 12, Screw 13, Smart 14, Bet 15, Renew 17, Event 18, Pride 20, Detonate 22, Tan 25, Amuse 26, Cheer 28, Mend 29, Fire 30, Tend 32, Tea.

How to Play Sudoku

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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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