Issuu

...towards a better life for the people VOL. 25: NO. 62121

ONLINE | www.vanguardngr.com

N150

MONDAY, APRIL 14, 2014

POWER SECTOR COLLAPSE: Banks

cry out over fate of investments

BLOODY WEEKEND IN BORNO:

Who's who at Jonathan's daughter's wedding 14

Tank farm owners back Diezani

60 killed in fresh Boko Haram attacks 41

•Set houses, shops, telecom masts ablaze •Military recover cache of arms in Kaduna, Plateau

BY KINGSLEY OMONOBI & NDAHI MARAMA WITH AGENCY REPORTS

AIDUGURI— BARELY 48 hours after suspected Boko Haram terrorists massacred more than 200 persons including students who were writ Continues on Page 5

The hype of GDP revaluation and matters arising •P.40

Mr & Mrs

PALM SUNDAY—Christians marked the Palm Sunday nationwide, yesterday. Top from left: Procession in Ibadan and blessing of palm fronts in Kaduna. Below from left: Processions in Abuja and Lagos. Photos: Biodun Ogunleye, Abayomi Adeshida and Olu Ajayi.

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POCKET CARTOON

JNI—From left: Gov. Mukhtar Yero of Kaduna State; Speaker, House of Representatives, Alhaji Aminu Tambuwal; Vice President Namadi Sambo and Sultan of Sokoto, Alhaji Sa'ad Abubakar 111, at the launch of Jama'atu Nasril Islam (JNI) Almanac to mark the JNI Golden Jubilee in Kaduna, yesterday. Photo: NAN.

60 killed in fresh Boko Haram attacks Continues from page 1 ing their Unified Tertiary Matriculation Examination, UTME, in Borno, the insurgents, yesterday, continued their killing spree as they killed no fewer than 60 persons in Ngoshe and Kaigamari villages of Borno close to the border with Cameroon. The terrorists also set ablaze many houses, shops, telecommunication masts and other property worth millions of naira. This came as the troops deployed to the North Central zone of the country to checkmate herdsmen/ farmers' clashes as well as cattle rustling that has claimed hundreds of lives have recovered a cache of arms from militia men in Kaduna and

Plateau states. Speaking with AFP in Maiduguri, the state capital, the chairman of Bama Local Government Area, Mallam Baba Shehu Gulumba, said: “The attackers, who were no doubt Boko Haram insurgents, attacked Amchaka and nearby villages this morning, hurling IEDs (Improvised Explosive Devices) into homes and setting them on fire. They then went on a shooting spree, opening fire on confused residents as they tried to flee, killing 60 people and injuring several others”. An eye witness who escaped the attack in Ngoshe, Mallam Usman Jidda told Vanguard

LIFEWORDS

BY PASTOR ITUAH

A dreamer is one who can only find his way by moonlight and his punishment is that he sees the dawn before the rest of the world—Oscar Wilde. Always have a way to look ahead.

TAKE HEART BY ELLA RANDLE

We all have potential and, whether you realize it or not, your desire to do or be more than you are is your best indicator of future success —Steve Goodier. Did you know that Albert Einstein could not speak until he was four years old and did not read until he was seven? His parents and teachers worried about his mental ability. Or that Beethoven’s music teacher said about him: “As a composer he is hopeless?" What if young Ludwig believed it? When Thomas Edison was a young boy, his teachers said he was so stupid he could never learn anything. He once said: “I remember I used to never be able to get along at school. I was always at the foot of my class...my father thought I was stupid, and I almost decided that I was a dunce.” What if young Thomas believed what they said about him? When F. W. Woolworth was 21, he got a job in a store, but was not allowed to wait on customers because, according to his boss, he “didn’t have enough sense.” I wonder if the boss was around when Woolworth became one of the most successful retailers of his day.

that the gunmen who were sighted some few days back in between the mountainous areas of Ngoshe and Limankara villages carried out the attack without any challenge from the security operatives in the area. “I thank God for sparing my life and members of my family as we were able to escape the deadly attack. We are now settling with one of my relatives in Gwoza council area. I can confirm to you that more than 30 people were killed by the insurgents in Ngoshe, apart from the destruction of property worth millions of naira”, Jidda stated. The attack in Kaigamari village of Konduga near the state capital according to sources have forced surviving residents to flee the area to Maiduguri on Sunday for safety. All effort to reach the Divisional Police Officers of Gwoza and Konduga to confirm the separate incidents proved abortive as there was no GSM network service in the two council areas. The insurgents had on Friday laid ambush for the students who were on their way to Biu from Maiduguri in eight vehicles to write their exams. The senator representing Borno Central, Zannah Ahmed told newsmen that at least 210 people were killed in attacks that lasted from Thursday till Friday morning. He said the attackers stormed the communities in two armoured personnel cars and seven double cabin pick ups and descended on a Teachers' College in Dikwa, killing seven people before burning down the school library

and administrative block. This account has, however been refuted by some authorities in Borno, who claimed that no student was killed in the attacks.

Military recover arms in Kaduna, Plateau Aside the arms recovered in Kaduna and Plateau states, a huge number of stolen cows and sheep believed to have been rustled were also recovered from the armed gangs. The arms included six rifles, 25 dane guns, four revolvers and 10 locally fabricated pistols while over 90 cows and 45 sheep that were rustled were also recovered. Another 50 cows have also been recovered from rustlers who attacked herdsmen in another location. Making the disclosure in a statement, Director of Defence Information, Major General Chris Olukolade said: “The military assault on camps of armed militia men in Kaduna and Plateau states has led to the recovery of arms and some stolen livestock.

“The operations in Dahia Luka, Makera and some communities in Plateau and Kaduna states, resulted in the arrest of three wounded armed men after the encounter in which some of them died. “Over 90 cows and 45 sheep believed to have been rustled were also recovered in addition to weapons. Another 50 cows have also been recovered from rustlers who attacked herdsmen in another location. “The recovered cows have been handed over to the traditional rulers in the area while the arrested armed men are still being interrogated. The herdsmen who were wounded by the rustlers are also being treated. “Meanwhile, traditional rulers in the areas have been cautioned against shielding or harbouring armed gangs in the precinct of their domain in view of the security implications to their communities and the nation at large. “Armed gangs have been engaging troops in gun battle as the forests are being combed for remnant of criminal elements that have been wreaking havoc in various communities of the North Central”. “Cordon and search of identified locations have also continued. “In the process, vari-

ous rifle parts as well as empty ammunition boxes were recovered in Shendam, Yelwa and the house of a suspected arms dealer at the border between Plateau and Taraba States. “The arrested suspects are among those being interrogated by the Special Task Force. “Also, one of the militiamen arrested in the outskirts of Jos is already helping with information on his links with terrorists operating in other parts of the country. “In the meantime, the counter terrorists’ campaign in the North East has continued amidst series of encounters as identified make-shift camps of the terrorists are being dislodged in the ongoing air and land raids in forest and mountain locations. “The presence of famished and unarmed members of the terrorists groups wandering around has been noted in some villages. “Armed terrorists have however continued to carry out snap attacks on travellers on highways especially between Maiduguri- Damboa as well as Gwoza-Bama highways while others make occasional attacks on surrounding villages, looting especially food items."

POWER SECTOR COLLAPSE: Banks cry out over fate of investments

AGOS—NIGE RIAN banks have expressed concern over the possibility of losing about N1 trillion they invested in the acquisition of the privatized assets of the Power Holding Company of Nigeria, PHCN. The banks are expressing fears that they may be unable to recoup their investment following the myriad of problems facing the sector. Group Managing Di-

rector/Chief Executive Officer, Diamond Bank Plc, Dr. Alex Otti, had at a power investors’ forum in Abuja, said that as at 2013, the banking industry has invested well over N750 billion in the power sector and are ready to do more. To this end, the banks are calling for an increase in electricity tariff and in the price of gas, saying this will help boost the revenue

profile of the power companies and their ability to repay their debts. Some of the chief executives of banks, who spoke at the just concluded Seventh Lagos Economic Summit, tagged Ehingbeti 2014, complained of the revenue profile of the recently privatised power companies, saying it is not meeting the expectation of investors.

See more in Financial Vanguard

6—Vanguard, MONDAY, APRIL 14, 2014

NYSC member murdered in Edo BY GABRIEL ENOGHOLASE

ENIN — A National Youth Service Corps member in Asaba, Delta State, Mr. Osaro Edeghonghon, was weekend murdered by unknown assailants at Ekpoma, the administrative headquarters of Esan West Local Government Area of Edo State. He was allegedly murdered at a drinking spot along the Benin-Auchi road at about 9.00 am. The killing of Edeghonghon came on the heels of the murder of an aide to the Chairman of Esan-West Local Government Area by a woman two weeks ago at the same drinking spot. Vanguard learnt that the late NYSC member was accosted by his assailants while making his exit from the beer parlour and sensing dangers, he took to his heels, but was pursued by his assailants who caught up with him before raining bullets on him. He was thereafter left to die in the pool of his blood. However, his father, Mr. Patrick Edeghonghon had accused the police of handling the case in a shoddy way and alleged that he was prevented from seeing a suspect arrested in connection with the murder. He, therefore, appealed to the state Commissioner of Police, Mr. Folusho Adebanjo, to intervene in the matter to ensure that justice was done.

70-yr-old HIV patient rapes girl, 13 J

OS— A 70-year-old man has been arrested for raping a 13-year-old girl in Barkin Ladi Local Government of Plateau State. The man whose name has been withheld was said to have raped the girl last

AGOS — THE National Drug Law Enforcement Agency, NDLEA, weekend, said it had seized illicit drugs valued at N240 million at the Murtala Muhammed International Airport (MMIA), Lagos, between January and March 2014. A total of 19 suspected drug traffickers, among whom were 16 males and three females, according to the agency, were arrested within the period under review. The breakdown of the seized drugs which reportedly weighed 95.93kg, according to the agency's commander in charge of the Lagos Airport, Mr. Hamza Umar, showed that cannabis was the most seized with 27.235kg, followed by

matter to the police. It was also gathered that the old man had confessed committing the crime, but later denied after some of his kinsmen told him to deny raping the minor. The Plateau State Commis-

sioner of Police, Mr Chris Olakpe confirmed that the 70year-old man is in police custody in Barkin Ladi, for allegedly raping a 13-year-old girl but said he would be transferred to the headquarters in Jos.

Court restrains Customs, IG from arrest of bizman, auction of goods BY INNOCENT ANABA

L Three suspects arrested by the Ebonyi State command of the Nigeria Security and Civil Defence Corps, NSCDC, weekend, with a tanker loaded with 15000 litres of petroleum product, AGO, suspected to be adulterated product brought into the state.

Driver stabbed to death by lover BY DAYO JOHNSON

KURE— A 32-year-old driver simply identified as Felix has been allegedly stabbed to death by his lover, Fasilat, in Ikare Akoko area of Ondo State. Unconfirmed report said the deceased was until his death the Deputy Chairman of the Abuja unit of the National Union of Road Transport Workers, NURTW, Ikare

NDLEA seizes drugs worth N240m in 3 months BY EVELYN USMAN

Thursday. The suspect said to be in police net is infected with HIV and is on anti-retroviral drugs. The old man was said to have been caught in the act by the son of the landlord, who immediately reported the

morphine which weighed 14.96kg. Other seized drugs included cocaine 9.060kg, heroin 16.950kg, methamphetamine 3.4kg, ephedrine 2kg, ,apresoline 3.505kg, pethidine 10.82kg and diazepam 8kg. The seizure as observed by the agency's head, Public Affairs, Ofoyeju Mitchell, revealed a reduction in the quantity of drugs seized in the first quarter of 2014 when compared to 2013. He said: "This is so because in the first quarter of 2013, total drugs seized at the Lagos airport was 172.145kg. While the quantity of drugs reduced by 76.215kg in the period under review, the number of persons arrested also reduced by one."

branch. Sources said the deceased had taken the woman to a guest house only for them to disagree on an undisclosed matter. Felix, according to reliable source, was stabbed with a broken bottle and had bites all over his body. Vanguard gathered that before the ugly incident, the deceased had been warned of an impending danger by a prophet through his wife. But the deceased was said to have visited the church where the prophecy emanated in anger to warn the prophet to steer clear of his affairs. The prophet reportedly also warned him to desist from illicit love affairs. Vanguard, however, gathered that when Felix discovered that his lover was getting violent during the argument, he put a call to one of his friends that he has been stabbed and was on his way to the hospital. By the time his friend got to the hospital he met him dead. The police later arrested the suspect following information given by the deceased's friend. Police source said the suspect was discovered to be un-

der the influence of drugs as some drugs were recovered from her bag. But police source also hinted that the suspect alleged that the deceased wanted to rape her and in self defence the unexpected occurred. The corpse of the deceased has been deposited at the General Hospital, Ikare for autopsy. Police image maker, Wole Ogodo, could not be reached for comment, but a competent police officer confirmed the incident but said the DPO in Ikare was yet to brief the state command.

CORRIGENDUM

ESTERDAY, we published a story entitled: "INEC: 2015 ENDANGERED (Ignorance on steroids)" on pages 30 and 31. Unfortunately, a technicalcum printer’s error caused a muddle. We shall re-publish the full story next Sunday, April 20, 2014. The mix-up is regretted. Watch out for the re-run on Sunday— Editor.

AGOS — A Lagos High Court has ordered the Nigeria Customs Service Board and the Inspector General of Police, Mr Mohammed Abubakar, to stay action on plans to arrest a businessman, Jude Obiora Iloka and his partner, Mrs Nneka Egbe. Trial judge, Justice Kazeem Alogba, also restrained officers of the Nigeria Customs from selling the goods contained in eight 40-feet containers belonging to the applicants. The applicants had filed the suit following threat of arrest and illegal sale of the goods in their containers by the Nigeria Customs Service. According to him, the container exit attestation notes for the said containers, which were under auction, were duly signed by the Customs Resident Official, National Agency for Food and Drug Administration and Control, NAFDAC, National Drug Law Enforcement Agency, NDLEA, Police, Department of State Service, DSS and Musa Tahir, who doubled as the Chairman of Joint Allocation Committee. After entertaining arguments, Justice Alogba restrained the Nigeria Customs and Police from arresting or attempting to dispose the goods contained in the containers. The court, which ordered that hearing notice should be served on the defendants, however, directed the applicant to file an undertaking to pay damages to the defendants if it turns out that the order ought not to have been made. Further hearing was adjourned till April 16.

Vanguard, MONDAY, APRIL 14, 2014—7

Ibori: Judge, lawyer disagree over procedure

COMMISSIONING: From left, Emir of Lapai, Engr. Umar Tafida, Sarkin Sudan of Kontagora, Alhaji Sa'idu Namaska; Speaker of Niger State Assembly, Adamu Usman, and state governor, Dr. Mu'azu Babangida Aliyu, during the official commissioning of Kontagora township roads and street lights, in Kontagora, weekend.

UST OF a sudden, the Lon don confiscation case against Delta State’s former governor, Chief James Ibori has turned into a face-off between Ibori’s lead counsel, Mr. Ivan Krolic (QC) and the trial judge, Mr. Anthony Pitts. The judge and the Crown Prosecution had wanted the case to start afresh, so that new materials could be brought up against Ibori, even after both sides had crossexamined witnesses and almost closed their cases. At the last hearing of the matter on Friday, the case appeared to be between the judge and the defence counsel instead of between the prosecution, who said little, and the defence, as the court continued to discuss the bone of contention that was not concluded on Wednesday.

FG cries out over $50bn annual illicit outflows from Africa ---Nigeria's GDP rebase excites participants BY OMOH GABRIEL, in Washington

IGERIA AND other African Ministers of Finance at the just concluded IMF/World

Fashola praises Adenuga’s selfless service in Nigeria

AGOS STATE Governor, Babatunde Raji Fashola has described Dr. Mike Adenuga Jr (GCON) as one of the key Nigerians offering selfless services in the country through his communication company, Globacom. Speaking at the Champion Newspapers Awards in Lagos last Friday where Globacom won the Brand of the Year Award, Governor Fashola, who was the Chief Host at the event, noted that it was an honour "to host this event meant to celebrate some of our country's best and finest.” He noted that the kind of services and selflessness the awardees including Dr. Mike Adenuga's Globacom, Chief Sunny Odogwu and many others “have continued to render to our country make them deserving of the honour." The Champion’s award was one of the two high profile awards bestowed on the national telecommunications operator, Globacom at two different ceremonies in Lagos, weekend. The first honour came at the Champion Newspapers 2013 Awards at which the company picked the Brand of the Year Award, while the second award was at the Marketing Edge Brands Summit and Awards Night at Federal Palace Hotel where Globacom was recognised as the Outstanding Telecoms Brand of the Decade.

Bank Group Meetings have urged the multilateral institutions to help Africa put a stop to the over $50 billion that leaves the continent annually. Briefing newsmen at the end of the meetings, yesterday, Nigerian Minister of Finance, Dr. Okonjo-Iweala said, "We, the Group of African Finance Ministers, request that the Bank and the Fund should look into the issue of illicit financial outflows from the continent." She also said that Nigeria's new GDP elicited a lot of interest among participants and even some private sector operators, who were coming to say they are interested in investing and one of them, Blumberg Green, has already sent a team to Nigeria that are working with the minister of Agriculture to make Nigeria the hub for grain and cold storage. She said: "We have persisted in this demand and Africa Finance Ministers are saying based on a finding of a panel chaired by former South Africa President Thambo Mbeki that about $50 billion a year is disappearing from the continent, we asked the World Bank and the IMF to talk to the receiving countries, assist through capacity building and information flow in arresting the ugly development. "How is the money going? It goes through those companies that should be paying taxes and are finding good ways to avoid taxes, something called transfer pricing. Their profits are exported to jurisdiction where they pay less tax and we can not tax them. Pricing; over invoicing and under invoicing of goods and services that they bring into our countries and proceeds of corruption of officials in the continent especially as it relates to natural resources.

Almost every country in the continent has one mining or the other and the contracts are not favourable to us. The World Bank and IMF will help in two ways, one is capacity building. "You need specialised skills to be able to deal with transfer pricing, over invoicing, and missed pricing. They will also help through information sharing. Developed countries now have automatic tax information exchange, they get tax information automatically on request, for people operating within their jurisdiction. "Developing countries are not included at the moment in the information exchange programme. We are asking that developing countries be included so that we can also get this information.

"And they should also help us with their authorities to repatriate any illicit financial flow into their countries." she said. Explaining further the acting CBN Governor, Mrs. Sara Alade said: "When companies do transfer pricing, it means that when they import, they import at a higher price than they should have and when they are sending the money back, they send back more than they should have sent. So, it is across the continent, it is not only peculiar to Nigeria. "So, the $50billion identified is for the entire African continent. What we have requested for is the World Bank's cooperation in stopping it and our own capacity too to stop it when we know what is happening."

As the exchange heated up in open court, over the procedure to be adopted, defence counsel insisted that nothing in law justified the decision to start afresh a case that was due for judgment. On points of law, Krolic said that the decision has “no precedent in law.” The judge, Anthony Pitts, asked Mr. Krolic: “Are you saying if in the course of a case and as the case unfolds, I noticed that I have made some decisions, are you saying I cannot revisit them?” Krolic: “Your Honour has no power to do so.” The judge not satisfied, asked Krolic again: “Are you saying a judge can’t revisit a discretion applied, having realised some confusion as the case develops?” Krolic insisted: “Once a decision is made by the court, you can’t undo it, you can’t retrace the past.” The judge said: “But the case could be reopened.” Krolic: “If the case is re-opened, it will be a different case entirely. Judge: “Why is it a different case?” Krolic: “The real problem is that the defence would now have to satisfy the burden of proof, taking it away from the prosecution. "It will be a waste of money, waste of time and it will take the burden of proof from the prosecution to the defendant, which will be difficult to do as it will mean that the defendant will have to travel to everywhere the prosecution claimed he transferred money to and has property either in America, Nigeria, England, everywhere.” As though Krolic had not given the judge enough to chew already, he maintained that Ibori did not receive a penny from VMobile account and many other charges as alleged by the prosecuting team.

National confab: Presidency summons Kutigi, as c'ttee chairmen emerge today BY SONI DANIEl, Regional Editor, North, & HENRY UMORU

N A bid to prevent any tension that may arise over the sharing of committees to delegates at the on-going National Conference, President Goodluck Jonathan, weekend, summoned the Chairman and members of the confab secretariat to his office for a crucial meeting. The meeting, according to a Presidency top source, was basically to enable Jonathan brief them on the importance, which the administration attaches to the confab and the need to ensure that the overall wish of the majority of Nigerians at the confab prevails. It was learnt that the President told the chairman and his officials

that he had no pre-conceived position on any issue being discussed at the confab and was ready to abide by whatever the outcome of the conference would be. The Presidency source said: "The main issue was to assure the chairman and his members that this administration was determined to ensure the success of the on-going conference and to make the point that the President does not have any pre-determined position on any of the issues being discussed by the delegates. "The President made it clear that even the address he presented to the delegates on the inauguration of the confab on March 17, 2014 did not amount to his own position but his thoughts and those of many other Nigerians

who had been reflecting on the same issues over the years." Kutigi was said to have assured the President that he and his team were determined to use the confab to make history for Nigeria and would not do anything that could jeopardise its success. Apparently in a bid to douse potential tension over the list of committees and their chairman due to be unveiled today, the Chairman and the other officials of the confab had been brainstorming on the matter since last Thursday. They were said to have been holding what a source described as strategic brainstorming sessions in the last few days in order to get everything right about the composition of the 20 committees and their chairmen to be announced at plenary today.

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Vanguard, MONDAY, APRIL 14, 2014—9

Power: Lagos to establish energy academy BY MONSURU OLOWOOPEJO

AGOS —THE Lagos State government plans to establish an energy academy to bridge the huge skill gap lacking in the country's energy sector, even as it urged residents to desist from erecting structures under high tension cables across the state. Commissioner for Energy and Mineral Resources Development, Mr. Taofiq Tijani, who disclosed this, weekend, lamented that there was an enormous skill gap in the sector which was yet to be filled. Tijani explained that the state government had realised that power was key if it intended to sustain its growing mega city status.

2,000 benefit from NAF's free medical services BY EVELYN USMAN

AGOS — AS part of activities marking the 50th anniversary of the Nigerian Air Force, the Logistic Command headquarters, Ikeja, weekend, rendered free medical services to over 2,000 residents under the Oshodi/Isolo Local government Area. Aside the free medical service, personnel of the Logistics Command also carried out an environmental sanitation in the community by clearing bushes on both sides of the bridge linking Oshodi and Ajao which had hitherto hindered the vision of motorists plying the route The gesture, according to the Air Officer Commanding the Logistics Command, Air Vice Marshal Mike Iloenyosi, was part of the peace time function of the Force. Said he: "What we are commemorating is the 50th anniversary of the Nigerian Air Force coming into being as a fighting force. It's all about interacting with the community. We felt that this environment should benefit being close to our base. We interact and render services to show some level of advocacy to the community because we also came from the community."

PALM SUNDAY: BY OLAYINKA LATONA

AGOS — AS Christians in Nigeria, yesterday, joined the rest of the world to mark Palm Sunday, some clerics in Lagos have appealed to Nigerians to live in peace with their neighbours. They equally advised Christians to cultivate the habit of forgiving and praying in line with the teachings of Jesus Christ. Speaking while delivering a homily at Our Lady Star of the Sea Catholic Church, Lekki, Director of Social Communications, Catholic Archdiocese of Lagos, Monsignor Gabriel Osu urged Christians to live peacefully, be of good conduct as taught by Jesus Christ's symbolic entry into Jerusalem. He said Jesus Christ entered Jerusalem as a Prince of Peace and not a war-waging king. He said: "Jesus’ triumphant entry into Jerusalem on a donkey is depicted on an early 1900’s Bible card illustration. The church re-enacts or celebrates Christ's entrance into Jerusalem to accomplish His paschal mystery. Jesus' triumphant entry into Jerusalem was recorded in the four gospels." Special Assistant to the General Overseer of Redeemed Christian Church of God on Administration and Personnel, Pastor Johnson Odesola, in his sermon tagged: "Moving Forward" advised Nigerians not to allow the present situation to prevent them from moving forward, noting that better days were still ahead in the country. Odesola said RCCG marked Palm Sunday as remembrance

Clerics sue for peace, love

without carrying palm leaves. His words: "Just like one marks his birthday without carrying a birth certificate around, that is how we celebrate the day without carrying palm leaves around." Also speaking on the significance of Palm Sunday, Rev. Charles Alabi of Cathedral Church of Christ, Marina, Lagos explained that the triumphant entry of Jesus into Jerusalem signified victory for mankind and humble nature of Christ. In his words: "The need for Christ to enter triumphantly into the Jerusalem showcased the humble nature of Jesus Christ, total submission and openness to God

to the extent that he agreed to save mankind."

Peace and religious harmony

He urged Nigerians to make peace and religious harmony the cornerstone of their relationship with one another. Rev. Alabi advised Christians to use the celebration to reconcile themselves with God and fellow human beings, noting: "We should seek God earnestly, preach the gospel of Christ, surrender our totality to Him, study God's words, deliberate and act on them. Christians should live genuine Christian life and ap-

preciate the work of salvation." Bishop Solomon Adegbite, the Proto Presbyter of Methodist Church of The Trinity, Tinubu, Lagos said the event must bring changes in character, in thought and in the expressions of Christians, saying Christians ought to live in peace and harmony with all men. Adegbite explained that Palm Sunday played an important role in the crucifixion and resurrection of Jesus Christ. The cleric said the triumphant entry of Christ into Jerusalem, which led to the festival of Easter, indicated that when Nigerians believed in Him, they would be victorious no matter the obstacles.

MAN OF THE YEAR AWARD: From left: Governor Babatunde Fashola of Lagos State, chief host; Mr. Peter Obi, former governor of Anambra State and Outstanding Igbo Personality of the Decade; Gov. Kayode Fayemi of Ekiti State, Champion Governor of the 2013 and his wife, Erelu Bisi, during the 2013 Champion Newspaper Man of the Year Awards, in Lagos. Photo: Bunmi Azeez.

Goitre: Lagos investigates Badagry's high prevalence BY CHIOMA OBINNA

AGOS — A TEAM of medical experts deployed by the Lagos State government to Badagry area of the state will today begin investigation into the causes of high prevalence of goitre in the area even as it will commence the free surgical operation of 48 residents with the disorder. Goitre is an enlarged thyroid gland and may cause difficulty with swallowing, strenuous or noisy breathing even change in voice of sufferer. Announcing this, weekend, in Lagos, Commissioner for Health, Dr. Jide Idris, explained that the team, comprising surgeons and other medical experts, would immediately commence scientific survey with a view to finding the root causes of the neck-swelling disorder. Idris hinted that before now, many of the affected residents erroneously thought they contracted the diseases because they did not use cup to drink,

hence, majority of them within the age bracket of 30-59 years had been infected from the age of five. The commissioner, who decried the alarming rate of the disorder in the area, pledged government’s determination to check the scourge. He said: “It was unfortunate that many residents are ignorant about the diseases, majority of the affected patients have been battling with the disease for more than two decades.” He explained that the state government discovered the 48 sufferers during its free health mission in Badagry recently. He said: “Investigation was necessary for the state government to know the cause to forestall occurrence on the new generation in the area. “The occurrence of this alarming number of neck swelling in an isolated region and because of the physical and financial burden to the local residents of referring these patients to its secondary and tertiary health care facilities, it became neces-

sary to develop a comprehensive strategy that will offer an effective and holistic approach.” On his part, the leader of the medical team, Professor Mobolaji Oludara, a consultant surgeon, lamented that most of the residents were ignorant who believed that suf-

ferers contracted the disease known as Kojiji only when they did not use cup to drink. Oludara added that preliminary findings by the experts revealed that most of the victims had iodine deficiency, assuring that surgeries on the affected residents would end the problem in the area.

Climate change: MDAs set new platform BY OLASUNKANMI AKONI

AGOS — As part of meas ures to mitigate effects of climate change as well as harness solutions for a cleaner, healthier and sustainable environment, the Lagos State Ministry of the Environment has developed fresh platform to tackle various environmental challenges. According to the ministry, the measure is also to further fortify existing platforms with a view towards achieving maximum result for the general

well-being of the state. Commissioner for the Environment, Mr. Tunji Bello, spoke in Lekki at the end of a three-day retreat for the management and heads of Ministries, Departments and Agencies, MDAs, in the environment sector. Bello noted that due to the dynamic nature of the global environment, there was need for the environment sector to rise, sustain, strengthen existing capacities of its managers as well as build institutions to drive the environment sector.

10—Vanguard, MONDAY, APRIL 14, 2014

Ogun monarchs task FG on devt of Tongeji Island

Call Aregbesola to order, Omisore tells security agencies

BY DAUD OLATUNJI

BY GBENGA OLARINOYE

SOGBO—THE governorship candidate of Peoples Democratic Party, PDP, in Osun State for the August 9 election, Senator Iyiola Omisore, has called on security agencies in the country to monitor Governor Rauf Aregbesola’s activities ahead of the forthcoming election. Speaking through his campaign organization, Senator Omisore, in a statement by the party's Director of Publicity and Research, Prince Diran Odeyemi, in Osogbo, yesterday, claimed the party had uncovered plans by Aregbesola to import Boko Harram members to unleash terror during the election. But the Director of Publicity, Research and Strategy of All Progressives Congress, APC, in the state, Mr. Kunle Oyatomi, in a response, said the people of the state and Nigeria generally knew who, between Aregbesola and Omisore, had a history of violence.

Graceville men hold confab

RACEVILLE Chapel, a Lagosbased church, has announced its men’s convention for 2014. A release by the presiding minister of the church, Rev (Mrs) Tope Ogunnoiki, stated that the convention, which falls within the Easter celebrations, would kick off on April 17, with a vigil in the church auditorium, Ikeja. The convention will be rounded off with a thanksgiving service on Easter Sunday, at the same venue. The theme of this year’s men’s conference is, Ye shall be the head (Deut. 28:13). The officiating pastor for both days will be the presiding minister of Graceville Chapel, Rev Ogunnoiki.

Governor Rauf Aregbesola of Osun State (2nd left) displaying his Certificate of Return, after his emergence as governorship candidate of the All Progressives Congress (APC) through the Party's Primaries Election, at Nelson Mandela Freedom Park, Osogbo, Osun State, on Saturday. With him are, Chairman, Osun State APC Primaries Nomination Committee, Mallam Nasir El-Rufai (left); Secretary of the Committee, Sir Emeka Akamukali (2nd right); Member, Hajiya Ramatu Aliyu (right) and others.

Why Boko Haram insurgency persists —AIG BY DAUD OLATUNJI

BEOKUTA—THE Assistant Inspector-General of Police in charge of Zone 2, Mamman Tsafe, weekend, claimed that the refusal of governors to provide required support for security agencies, was responsible for the continued mayhem by the Boko Haram insurgents in parts of the country. The AIG spoke in Abeokuta, Ogun State, during the inauguration of an ultra-modern secretariat built by the Police Officers’ Wives Association, POWA, Ogun State Command. Tsafe, who spoke in the presence of the State Commissioner of Police, Ikemefuna Okoye, his wife, Amaka, the Alake of Egbaland, Oba Adedotun Gbadebo, represented by the Onijaiye of Ijaiye, Oba Nafiu Adeyemi, and POWA National President represented by Mrs. Toyin Akano, however, implored Nigerians to improve their level of security

consciousness to curb violent crimes in the country. He urged state governors to place premium on providing logistics support for the Nigeria Police to combat security challenges in the country and commended Governor Ibikunle Amosun of Ogun State and his Lagos State counterpart, Babatunde Fashola, for providing patrol vehicles and other logistics to enhance effective policing in both states. He said: “I call on other governors to give the police the required support so that they can have the peace we are having in these states. In fact, if all governors are committed, all these insurgent situations will be taken care of. I commend their level of security consciousness but they only need to improve on it and that would make their abodes safer.” Commenting on the recent killing of seven persons by a policeman in Abeokuta, the AIG

said the killer-cop might be suffering from psychiatric imbalance. He said: “I am not ruling out the psychiatric situation. It is very unfortunate, the man is dead, we cannot get evidence from him, but, investigation is still going on. We cannot rule out some other explanations that may likely come up. You can imagine killing others and then at the end you decide to kill yourself. Investigation will unfold what really happened, but, I am not ruling out psychiatric imbalance.”

Ogun APC faction drags party, INEC to court BY DAUD OLATUNJI

B E O K U TA — A FACTION of All Progressives Congress in Ogun State, believed to be loyal to a former governor of the state, Aremo Olusegun Osoba, has dragged the other faction and the Independent National Electoral Commission, INEC, to court over ward congresses. This came as the faction held its own separate wards and local gov-

ernments congresses across the state to protest what it described as lopsided arrangement by the state congress committee. The internal wrangling rocking the APC in Ogun State, yesterday, worsened as two factions of the party in the 20 local government areas of the state conducted parallel congresses. Vanguard gathered that the party, the state Congresses Committee and five others, were part of the defendants in the

suit at the Federal High Court, Abuja and the Federal High Court, Abeokuta, over the conduct of the ward congresses. Addressing newsmen in Abeokuta, a member of the National Assembly representing Ogun Central Senatorial District, Senator Gbenga Obadara, said his group, loyal to Osoba, had rejected last Saturday’s ward Congresses "because their conduct did not follow party guidelines."

BEOKUTA—TRADITIONAL rulers in Ogun West senatorial district in Ogun State have tasked the Federal Government on speedy and effective development of the oil-rich Tongeji Island, for oil exploration and refining. The monarchs in Yewaland also asked the government to prioritise development of oil-rich Tongeji Island located in Ipokia Local Government of the state in order not to lose the island to a neighbouring country and unwanted intruders. Speaking at a news conference heralding 2014 Yewa Festival at the Yewa Headquarters, Ilaro, in Yewa South Local Government, Chairman, organising committee of 2014 Yewa Festival, Mr. Akeem Adigun, noted that the neglect of the oilrich island made the area vulnerable to militancy and displacement of Nigerian residents by insurgents. They also urged the government to pay more attention to the area in terms of security and development to boost the economy.

Vanguard, MONDAY, APRIL 14, 2014—11

Lawyers blast Oshiomhole for calling court order black market injunction BY GABRIEL ENOGHOLASE

ENIN—TWO legal practitioners in Edo State, Mr. Olayiwola Afolabi and former Chairman of the Nigerian Bar Association in the state, Mr. Razaq Esenalumhe, have described the statement credited to Governor Adams Oshiomhole, in which he said that the injunction granted by the National Industrial Court, NIC, restraining the government from conducting the competency test for teachers in public primary and secondary schools in the state, was a black market injunction, as unguarded and unfortunate. It will be recalled that Justice A. Adejumo of the NIC sitting in Abuja had on March 22, 2014, restrained the state government from going ahead with the conduct of the test, which was slated for the next day. However, Governor Oshiomhole, in an interview with a national newspaper, weekend, said: “Another thing was this black market injunction which was issued by the President of the Industrial Court. I use my words carefully; a black market injunction purportedly by Justice Adejumo, because the court is a creation of the law, it cannot do violence to the law.” He had added that “the Nigerian Union of Teachers, NUT, I understand, had applied for

injunction at the Akure Division of the court which covers Edo State. The judge, in his wisdom, asked that the government be placed on a notice and fixed date for hearing, only for Justice Adejumo, in Abuja, another division of the same court, to issue injunction restraining Edo State Government from assessing its teachers. It is so ridiculous.” The governor had said that he had written a petition to the NJC on the purported injunction, adding that Justice Adejumo cannot turn the NIC to his instrument that he can use according to his whims and caprices. But counsel to Academic Staff Union of Secondary Schools,

ASSUS, Olayiwola Afolabi, while reacting to the governor’s comment in a telephone interview, advised the NJC to ignore the petition from Edo State Government and accused the government of having no respect for court orders. “I want to state in clear terms that the government has no respect for court orders. They only obey court orders that favour them. Examples abound of the government’s disobedience to court orders as in the case of Bendel Brewery, which sent the state's former Attorney General to prisons and the orders

given by late Justice Eromonsele preventing the government from interfering with the Private Refuse Collectors. “For the governor to call Justice Adejumo’s order ‘black market injunction’ is very unfortunate and a contempt of court. I advise the Attorney General of the state to resign his appointment if his advice is no longer needed by the governor in order to save his legal career.” On his part, former Chairman of Benin branch of NBA, Mr. Rasaq Esenalumhe, said: “It is an unguarded statement. If there is no rule of law, there will be anarchy and he would not have been the governor of Edo State if there was no rule of law."

NIGERIA INNOVATION FORUM: From left: Uwem Asomugha, Deputy Director, (ICT), Federal Ministry of Education; Governor Liyel Imoke of Cross River State; Kabelo Makwane, General Manager, Microsoft Nigeria and Mrs. Moni Udoh, Director, Federal Ministry of Communication Technology, during the Nigeria Innovation forum 2014, organized by Dalberg, Microsoft and Nokia and hosted by the Cross River State Government. Photo by Emeka Aginam.

Constitution'll resolve crisis in Rivers judiciary —Ex-NBA Scribe BY JIMTOTA ONOYUME

ORT HARCOURT— FORMER General Secretary of the Nigerian Bar Association, NBA, Mr. Nimi WalsonJack, has expressed hope that the country’s constitution will resolve the ongoing crisis in Rivers State judiciary over the appointment of the Chief Judge of the state. Fielding questions from news-

men in Port Harcourt shortly after announcing his bid to contest the 2015 governorship election in the state, Mr. Walson-Jack said if the National Judicial Council, NJC, fails to address the crisis in the state's judiciary, the judicial arm of government will be in for trouble. On the debate over which area should produce the next governor of the state, Walson-Jack said power had always rotated between the natural divisions of upland and

riverine dichotomy. According to him, it explained why every governor from the upland area had picked a deputy from the riverine and vice versa. He said: “You cannot change our upland and riverine dichotomy. This is why governors from upland have always picked deputies from riverine. So, I prefer rotation between upland and riverine parts of the state. The senatorial districts we have today are not the same as

what we had years back. Senatorial districts were amended, but it is not so with the natural dichotomy of upland and riverine.” Calling for the decentralisation of activities and programmes of government in Rivers State, he noted that governance had been heavily concentrated in Port Harcourt and Obio-Akpo Local Government Areas of the state. “We need an integrated development for the state,” he said.

Results of Delta APC Ward congress still pending, three days after BY GODWIN OGHRE

APELE—THREE days after the Delta State All Progressives Congress, APC, ward congresses were held across the 25 local government areas of state with a large turn-out of party faithful in most of the councils, results of the exercise are still being awaited. Despite the large turnout of party members across the state, a few hitches were noticed in the early hours of the accreditation exercise, particularly in parts of Delta South senatorial district, following the late arrival of ballot materials. The hitches were resolved by party officials, when ballot materials were later received by the election committee, thus restoring normal accreditation and subsequent voting. A stalwart of the party Olorogun O’tega Emerhor, told Vanguard that “the congress was successful. A few hitches were noticed, but we quickly resolved them. We appreciate the efforts of everyone.” Another party stalwart, Major Isaac Tobore, (rtd), said: “There can be no congress more successful than this. It was a successful congress. It was conducted in a credible manner. Everyone is happy and the party has gained enormous ground in the state.”

12—Vanguard, MONDAY, APRIL 14, 2014

Delta Education Commissioner denies bursary fraud allegation D

ELTA State Commissioner for Higher Education, Prof. Hope Eghagha, has denied allegation by an on-line publication that he was involved in a bursary fraud. Eghagha, in a statement, yesterday, said: “My attention has been drawn to a publication by an on-line publication, which reported an alleged demonstration by some students of University of Lagos, during which some libelous statements were credited to one Ambrose Ezenwani, a former student of the University of Lagos. “Ordinarily, I would have ignored the report. But because my name and reputation, which I have built over three decades, are being impugned by Ezenwani, I have decided to issue a rebuttal. I have also briefed my counsel to initiate action against the slanderer. “I was never detained by any security organisation in the country or elsewhere as alleged by Ambrose. We live in a country in which once an allegation is made against government officials, the onus is on the official to prove guiltlessness. “A detailed account of how payments were made is available at the Delta State Scholarship Board. For two years running, we have published names of beneficiaries in some national newspapers. The response has been en-

couraging. “I have been in government, trying to practice what I preached as a critic, by ensuring judicious use of public funds. I have never been involved in fraud and will never get into fraudulent actions. I have, working in concert with others, and with the approval of our prudent governor, Dr. Emmanuel Uduaghan, saved Delta State Government millions of naira by plugging leakages. What is being spearheaded by Ambrose and his cohorts

is a backlash against us for being the driving force against years of bursary scam. “The first point to be made is that on assumption of office as Commissioner for Higher Education in 2009, I was confronted with one sad reality: some funds meant for students never got to them. A cabal within the institutions and others cornered funds meant for students. Along with members of the Scholarship Board headed

by Monsignor Buchi Aninye, we took steps to sanitise the process. All staff were transferred and new persons posted to the board from the civil service. A new Executive Secretary was also appointed by the governor. "We introduced online registration so that potential beneficiaries could deal directly with the scholarship board. This yielded fruits as 23,000 fake names were discovered and expunged from the list."

VISIT: From right: Mr. Michael Ikeogwu, Chairman, NUJ Warri Correspondents Chapel; Mr. Solomon Ogoron, NANS Chairman, Delta State; Onos Onohwokpite, NANS Delta State Secretary; Prince Taiga Eze Osite and Ogunyemi Kayode, during a visit by NANS officials to NUJ Press Centre, Warri. Photo: Akpokona Omafuaire.

I was beaten, maltreated by kidnappers —Ebikeme Clark

BY HENRY UMORU

BUJA—BARELY one week after his release by his abductors in Delta State, Mr. Ebikeme Clark, son of Ijaw leader, Chief Edwin Clark, yesterday, recounted his sad and dehumanising experience, saying that for three days, he was beaten and maltreated. Narrating his ordeal when the South-South community in Abuja, led by its Interim Chair-

man, Chief Charles Okosun, paid his father, Chief Clark, a visit at his Asokoro residence, following the release of his kidnapped son, Ebikeme said that he pleaded with the kidnappers to spare his life for the sake of his family and little children, adding that the kidnappers threatened to kill him when they put a call to his father and demanded for N50 million and his father said he had no such amount.

Ebikeme said that while they had demanded for N50 million from his father, they also asked him to raise N10 million from his wife. Meanwhile, Chief Clark, who thanked the South-South community for the visit, said that when the kidnappers called him on Thursday of that week, a day after the kidnap, they demanded for N50 million, but he

told them that as an old man, he would be able to raise N5 million, adding that he did not hear from them until Saturday when they said he should bring the N5 milloion. “I told them I could not get money on Saturday, but could only raise N2 million that day. They gave me until 12 noon to raise the money, but the Security Adviser and Tompolo said I should not give them any money.”

Killing of Edo APC member: Army officials, community leaders in war of words BY SIMON EBEGBULEM

ENIN—OFFICIALS of the 4 Brigade of the Nigerian Army, Benin City and the community members of one Mathew Adams, who was shot dead during Saturday’s ward congress of the All Progressives Congress, APC, in Edo State, have engaged in a war of words, following denial of the killing by Army authorities. Spokesman of the Brigade, Captain Abubakar Abdulahi, told journalists on telephone that, “We heard of the incident and the allegation that a soldier shot the person, but we have checked the personnel that we deployed to the state’s

Operation Thunderstorm. We have checked all the ammunition with their serial numbers and found all of them complete. “So, the allegation is not true that our men shot and killed the person and we have not also received any report of engagement from our men." But narrating their side of the story, the Okao of Isiwa, Dr. Samuel Aibueku, said: “One Prince called soldiers, who came in a Hilux Van 028 to the venue and started scaring people away and shooting. Before we knew it, somebody was on the ground and the boy is from Uniaro village."

Okerenkoko: Youth leaders commend court over bail

EADERS of Okerenkoko community, in Gbaramau Kingdom, Warri South-West Local Government Area, Delta State, have commended the state High Court, Warri, for the bail granted to Chief Mosco Johnny, Michael Johnny, Alex Governor, Imole Johnny, Bullet Otuaro, Messio German and Tony Ipkesan. Mr. Timi Oluba, who made the commendation, yesterday, on behalf of Okerenkoko leaders, added that the court granted the seven detainees bail last Wednesday, and they will be released from custody today. He expressed gratitude to God for peace in Gbaramatu Kingdom, which he assured would be sustained by every son and daughter of the kingdom. “I believed that God has intervened in the dispute between Chief Government Ekpemupolo and Chief Johnny and others. The reconciliation process initiated by our leaders is ongoing and by the grace of God both parties would eventually reconcile and sort out whatever differences amicably”

Technology innovation key to Nigeria’s vision 20:2020 —Microsoft

BY EMEKA AGINAM

ENERAL Manager, Microsoft Nigeria, Kabelo Makwane, weekend, has said that technology innovation was essential for the country to realise her vision 20:2020. Kabelo, in his welcome address at the 2nd edition of the Innovation Forum at the Tinapa, Calabar, Cross River State, told the gathering that Microsoft was committed to growing the African market, especially Nigeria which is now the fastest growing economy in the continent. The Nigerian Innovation Forum 2014 was focused on creating a cross-industry business alliance to support and harness innovations in Africa.

Vanguard, MONDAY, APRIL 14, 2014—13

Jonathan desperate for 2015 — APC South East BY TONY EDIKE

NUGU — THE All Progressives Congress, APC, South East zone, has described President Goodluck Jonathan as a man desperate to get re-elected in 2015 general elections by hook or crook. The party said that Jonathan’s desperation was for the second time was unveiled during the Peoples Democratic Party,, PDP, zonal South East rally in Enugu, weekend. APC stated that President Jonathan’s verbal attack on their party in Enugu gave him out as a man obsessed with do-or-die politics in his bid for a second term. Jonathan said the APC was progressing to nowhere in particular but to hell, adding that his party was the only true democratic party in Nigeria. The APC South East spokesman, Mr. Osita Okechukwu, noted that President Jonathan’s speech was uncouth, unpresidential and show-cased a desperate President in his quest for a second term. “How can a president throw caution to the winds, mount the rostrum only to cast aspersions on our great party, the APC? It means he has not found time to read the manifesto of APC, which has War Against Corruption as the first car-

dinal programme, a war Jonathan detests,” he said. Okechukwu reminded his party members that penultimate week, during the North East zonal rally in Bauchi State, the President, instead of narrating his efforts in combating Boko Haram insurgency, resorted to blame games, insults and invectives, which was unbecoming of a President. Okechukwu called on Ndigbo to distance themselves from Pres-

ident Jonathan, insisting that a vote for Jonathan in 2015 would be a wasted vote. He noted that Niger Deltans were even disappointed with his poor performance since he failed in four years to complete the EastWest road which cut across the length and breadth of the region. He said: “Will it not be foolhardy to expect anything good from the same President with the same inchoate, nebulous and anti-people economic policy, bedeviled

by pervasive and monumental corruption? "For you cannot vote the same President with the same inept and clueless leadership qualities and expect different result. ”On Enugu International Airport, he said in spite of the hype, it cannot attract major international airlines like British Airways, Lufthansa unless the coal industry is reactivated and it is only the APC that can do this."

ANNIVERSARY: From left, Publisher, Marketing Edge magazine, John Ajayi; Chairman, Troyka Holdings, Biodun Shobanjo, and Chairman, Market Space, George Thorpe, at the Marketing Edge Stakeholders Marketing Summit, in commemoration of the magazine's 10th year anniversary, in Lagos.

Over 4,000 participants for LASAA exhibition BY OLASUNKANMI AKONI

HE FORTH-COMING Africa’s biggest outdoor conference and exhibition has received a boost as world’s biggest outdoor agency, JCDecaux, has signified its intention to participate with over 4,000 participants expected from over 30 countries drawn from Europe, Asia, America, Africa and Nigeria. The African Outdoor Advertising Conference and Exhibition (Africa Sign Expo) is scheduled to hold in Lagos from June 25 – 27, 2014 at the Eko Hotel Convention Centre, Victoria Island. The Chief Executive Officer of JCDecaux Southern Europe, Mr. Jean-Sébastien Decaux, indicated his willingness to share his wealth of experience with other international speakers and delegates. Managing Director of Lagos State Signage and Advertisement Agency, LASAA, Mr. George Noah, who disclosed this, said it would augment the level of debate at the much anticipated event.

CONFAB: Recognise Umeh, Shinkafi as APGA reps — Lagos APGA BY CHARLES KUMOLU

AGOS — STATE chapter of All Progressives Grand Alliance ,APGA, has called on the Federal Government to recognise Chief Victor Umeh and Alhaji Sani Shinkafi as representatives of the party at the National Conference, describing the duo as legally qualified to

represent APGA. It said the party was ready to challenge All Progressives Congress, APC, in subsequent elections in the state, adding that Lagos was strategically important to the South East and Nigeria. This was disclosed in Lagos during a courtesy visit to Vanguard corporate headquarters by APGA

....Enugu elders fault selection of state’s delegates BY TONY EDIKE

LDERS IN Enugu State have strongly condemned the manner state delegates to the National Conference in Abuja were selected, saying they were merely hand-picked by some powerful forces without any consultation with the interest groups. The elders, under the aegis of Enugu State Development Association, ESDA, at a briefing in Enugu, weekend, leader of the group, Chief Enechi Onyia, SAN, described Enugu representation as unacceptable and unfortunate.

ESDA is made up of prominent Enugu State sons and daughters with like minds, including its founding fathers, who fought tirelessly for the creation of the state. Onyia, who also spoke on plans for the burial programme of one of its respected leaders and traditional ruler of Nara Unateze Kingdom, late Igwe Nathan Ogbu, regretted that such sensitive list of delegates was compiled by a clique without any consultation or recourse to how the people felt about their representation at the conference.

executives, who were led by its acting Chairman in the state, Mr. Iheanyi Akata. The party said: ‘’We express our reservations on

the nomination of the aged to participate in the national conference. It stated that most of them have in one way or the other caused the current challenges in the

country except they are now born again. "The youths that make up at least 70 per cent of the population are not given a major role in the confab.

"We also advise the Federal Government to nominate Chief Victor Umeh and Alhaji Sani Shinkafi to represent the party at the National Conference.

14â€”Vanguard, MONDAY, APRIL 14, 2014

JONATHAN'S DAUGHTER WEDS

The wedding of Prince Godswill Edward and former Miss Faith Elizabeth Sakwe, President Goodluck Jonathan's daughter, held at the International Christian Centre, Abuja, on Saturday, followed by thanksgiving during the Palm Sunday service at the Aso Villa Chapel, yesterday. PHOTOS: Abayomi Adeshida, STATE HOUSE.

From left: Groom, Prince Godswill Edward; bride, former Miss Faith Elizabeth Sakwe; President Goodluck Jonathan and Most Revd. Nicholas Okoh, officiating Minister and Primate, Church of Nigeria, Anglican Communion.

President Jonathan walking the bride in.

Signing the marriage register.

First Lady and other guests dancing with the couple. From left: President Jonathan; Mrs Edna Edward, groom's mother; the couple; HRH Solomon Edward, groom's father; First Lady, Dame Patience Jonathan and officiating ministers.

From left: Chief Tony Anenih, Chief Edwin Clark and Chief Olusegun Obasanjo.

Alhaji Aliko Dangote, President of Dangote Group (3rd left); former Chief of Staff to the President, Chief Mike Oghiadomhe (left); Mr. Femi Otedola (4th right); Mr. Wale Tinubu (2nd right) and other dignitaries.

Vanguard, MONDAY, APRIL 14, 2014 â€”15

JONATHAN'S DAUGHTER WEDS

From left: Vice President Namadi Sambo; his wife, Hajiya Aminat; Mama Eunice Jonathan; former Head of State, Gen. Yakubu Gowon (rtd.); his wife Victoria; and Justice Fati Abubakar at the reception. From left: First Lady, Dame Jonathan; the couple, Mr. and Mrs. Godswill Edward; Mama Eunice Jonathan, the President's mother, and President Jonathan at the thanksgiving service.

Governor Godswill Akpabio of Akwa Ibom State (right), Governor Idris Wada of Kogi State (2nd left) and other guests at the wedding.

Guest Preacher and Minister of Power, Ven. Chinedu Nebo (right) praying at the thanksgiving service.

Governor Liyel Imoke of Cross River State (right), his wife, Obioma and other dignitaries at the thanksgiving service. Managing Director, News Agency of NIgeria, NAN, Mr. Ima Niboro (right) and other dignitaries at the thanksgiving.

Inspector-General of Police, Alhaji Mohammed Abubakar and his wife, Hajia Abubakar.

From leftâ€” Dr. Okwesilieze Nwodo; Dr. Sam Egwu and Chief D i e p r e y e Alamieyeseigha at the wedding.

From left: Eze Cletus Ilomuanya; Deputy Speaker, House of Representatives, Emeka Ihedioha; Nollywood actor, Kanayo O. Kanayo, and Speaker, House of Representatives, Aminu Tambuwal at the wedding.

From left: Chaplain, Aso Villa Chapel, Ven. Obioma Onwuzurumba; Executive Secretary, Nigeria Christian Pilgrims Commission, Mr. Johnkennedy Opara; Chief of Staff, Col. Jones Arogbofa (rtd); President Jonathan; Minister of Power, Prof Chinedu Nebo, and Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, at the thanksgiving service.

16 — Vanguard, MONDAY, APRIL 14, 2014 IS there something so unAfrican about corruption that we do not understand, yet we can accuse others of corruption without noticing it seeping through our systems? Brother Robert Gabriel Mugabe, ruler of Zimbabwe since independence on 18 April 1980, during his 90 th birthday lunch accused Nigerians of corruption. “Are we now like Nigeria where you have to reach your pocket to get anything done? We used to go to Nigeria and everytime we had to carry extra cash to corruptly pay for everything. You get into a plane in Nigeria and you sit there and the crew keeps dilly dulling without taking off as they wait for you to pay them to fly,” said Mugabe, to rapturous laughter from his guests. Why did Mugabe choose Nigeria for his point on corruption? When was Mugabe in Nigeria that he paid for anything, everytime? Which plane did he bribe the crew to fly? Some Nigerians have applauded Mugabe’s diatribe. They say it reflects corruption in Nigeria. Mugabe was not talking about Nigerian leaders, which again would have been wrong. He was saying all Nigerians were corrupt. He had

Mugabe: Fighting Nigeria @ 90 to bribe Nigerians for “everything”, “everytime” for “anything” to be done. Mugabe’s remarks were incompatible with his office. He never paid for anything in Nigeria. We paid Zimbabwean freedom fighters to snatch their country, the then Southern Rhodesia from Ian Smith’s illegal government (Smith unilaterally declared independence from Britain and imposed an apartheid type government). Nigerians mobilised international opinion in favour of Zimbabwean guerillas who operated from Mozambique; we granted Zimbabweans scholarships, paid their leaders allowances, and availed our airplanes for their use. President Shehu Usman Aliyu Shagari was among the 100,000 at the Rufaro Stadium in

Harare to celebrate Zimbabwe’s freedom. He donated $15 million to Zimbabwe to train its students in Nigeria, its workers at the Administrative Staff College of Nigeria in Badagry, and its soldiers at the Nigerian Defence Academy in Kaduna. We are witnessing Mugabe’s gratitude. “Democracy in Zimbabwe is in intensive care and the leadership has decayed. Leaders around Mugabe are stashing cash into Swiss accounts just like the mafia,” said Edgar Zivanai Tekere, first ZANU-PF Secretary-General, Mugabe’s mercurial mate, who joined the struggle at 19. Tekere died in 2011 at 74. His disagreements with Mugabe began barely a year after independence, when he accused Mugabe of corruption. Dictatorship, unknown to Mugabe, who is wired to numerous corruption scandals, is also corruption. At 90, it is unfortunate that Mugabe has riveted his attention to attacking Nigeria. He has wasted Zimbabwe, ruined its future, but he fails to notice the corruption he has installed over 33 years. Nigeria should protest the Mugabe affront more vehemently.

OPINION BY HAMISU ABUBAKAR

Of big country, economy and cynics!

“

OW does this affect the price of fish?” was the cynical rider to a newspaper report early in the week that Nigeria has overtaken South Africa as Africa’s leading economy. This followed the cheery news coming from the National Bureau of Statistics, which confirmed, of course, what many had long believed- that the Nigerian economy has been understated. From the rebased Gross Domestic Product, GDP, figures, our country’s GDP has catapulted from $262 billion to $510 billion representing an increase of 94.6%. The new figures firmly put Nigeria ahead of South Africa with a GDP of $370.3, as the king of African economy. Not only that, the newly rebased figures confirm Nigeria as the 26th largest economy in the world. By rebasing the country’s GDP figures, what NBS has just done is to recalculate our GDP to more accurately reflect the nation’s changing economic configuration over the last 24 years. To be sure, the last time this rebasing took place was in 1990. What the newly rebased GDP figures simply do is to present the truest picture of the size of the Nigerian economy by including sectors like the film and video industries, telecoms as well as information technology, hitherto not considered in the last rebasing exercise. Given some of the knee-jerk and overly jaundiced criticism of the rebasing coming from some quarters, especially the opposition politicians, one is tempted to ask the following questions: Was rebasing

the GDP figures necessary? Is the outcome correct and dependable? Are there benefits derivable from the rebasing? From the different accounts coming from experts and economy watchers the world over, there is nothing controversial about the rebasing of the GDP figures, which the government has just done. If anything, the exercise ought to have been carried out many years ago and even on a more regular basis. Rebasing the GDP figures is a global best practice that affords countries the opportunity to update their templates for measuring growth in the economy more accurately. For instance, the newly rebased Nigerian GDP captures the activities in the emergent economic centres like Nollywood (the Nigerian entertainment industry),which has grown exponentially in the past ten years, creating incomes, providing jobs, happiness and shared prosperity in the land. It is on record that no other entertainment industry anywhere in the world can match Nollywood’s rapidity in growth even as unorganised as it still remains. It is interesting to note that cynics are not quarrelling with the newly rebased GDP figures for Nigeria. Instead, they are raising the issue of its utility. Yet, there are many who still believe that the size of the Nigerian economy is larger than the picture painted by the new figures. And this group points to the fact that the value of the volume of

trade and transactions that goes on daily in the effervescent informal sector is never tracked and consequently not captured by the rebased GDP figures. The daily activities of that seemingly poor food vendor at every motor park, street corners and even beside public buildings are never taken into considerations. The value of goods in the spare parts markets at Ladipo and other markets in Lagos did not contribute to the rebased figures. What about the roadside mechanics, carpenters and other artisans? There is no doubt that if an accurate tab is kept on the value of the volume of goods and services in the informal sector, the newly rebased Nigerian GDP will outstrip that of South Africa by miles. Those cynics who rubbish the rebasing by suggesting that it means nothing and adds no value to the economy miss that point badly. Since rebasing illuminates the picture of the size of the economy, it is therefore axiomatic that it provides the accurate indicators for investors and economy minders. It vividly speaks to investors of sectors in an economy that are growing and attractive. In the same way, it provides policy makers the data on the sectors that need to be cultivated. A ready example of this is what has been happening in the telecoms sector in the country. With the advantage of hindsight, it is now obvious that the telecoms sector was undervalued prior

to its liberalisation and this explains why the sector has grown in our country faster than anywhere else in the world with about 120 million telephone lines sold by operators just in a decade! As an analyst has pointed out, the result of the rebasing has shown also that the nation is not taking full advantage of the size of its economy, especially in the area of tax revenue. Yes, the rebasing does not automatically translate to increased purchasing power for citizens, yet it carries the potential of attracting more investments into the country which will eventually improve living standards. And this is the challenge that rebasing poses to the government. Yet, it is baffling that some of our politicians are ever willing to play politics with everything. Their off-hand dismissal of the new status of Nigeria as the largest economy in Africa simply because it happened under the watch of President Goodluck Jonathan is petty and not statesmanlike. Why is it difficult for some people to see the good others see in us as a nation? Big country, big economy, big cynics!

*Mr. Abubakar, a public affairs commentator, wrote from Abuja.

APRIL 14, 2014 BY MICHAEL EBOH

HERE are strong indications that banks and other financial institutions are worried over the possibility of not being able to recoup their investment in the power sector. Indications to this emerged at the just-concluded Seventh Lagos Economic Summit, tagged Ehingbeti 2014, where some chief executives of financial institutions expressed concern over the revenue profile of the power companies, especially the recently privatized electricity distribution companies (DISCOs). Consequently, they called for an increase in the electricity tariff and price of gas to boost the income generating capacity of the companies. Speaking at a session tagged, ‘Funding the power sector - creating banking projects/companies,’ the executives explained that increasing electricity tariff, as well as the price of gas, will improve the fortunes of the power companies and make it possible for more investors to stake their funds in the sector. Members of the panel included Mr. Rossie Turman, Partner, Skadden, Arps, Slate, Meagher & Flom LLP; Mr. Idris Mohammed, Partner, Development Partners International; Mrs. Sola David-Borha, Chief Executive Officer, Stanbic Holdings, Mr. Ayo Gbeleyi, Commissioner for Finance, Lagos State and Mr. Akin Ogunranti, General Manager, Power and Infrastructure, Zenith Bank Plc. Mr. Batchi Baldeh, Senior Vice President, Power, African Finance Corporation was the lead speaker, while Mr. Solomon Adegbie-Quaynor, Country Manager, International Finance Corporation, IFC, was session chair. David-Borha explained that the problems bedevilling the power sector will be addressed with appropriate pricing and tariffs. She noted that the distribution companies’ ability to pay back their indebtedness will improve as their ability to generate more cash improves. She maintained that pricing is key in the power sector as it will help ensure that the numbers add up. She added that if the pricing issue is addressed, everything else will fall in place. “If we really want more investors to come and invest in the power sector, it is necessary that they should

PARTNERSHIP: From left ; Group Managing Director/CEO, BGL Plc, Mr Albert Okumagba; Group Deputy Managing Director, BGL, Mr Chibundu Edozie; and Managing Director, Vunani Limited, Mr Butana Khoza, during the signing of the strategic partnership agreement between BGL and Vunani in Lagos on Tuesday. PHOTO: Kehinde Gbadamosi

Banks, others jittery over investments in power sector z Worry over low rates of return, seek higher power, gas tariffs be given the right incentives and opportunities. We have to encourage investors by putting more money on the table; by ensuring the right tariffs are in place,” she said. Also speaking, Ogunranti called for an increase in the tariffs, noting that a number of investors are waiting on the sidelines and will not hesitate to come in and invest in the sector once the pricing issue is tackled. He said, “Increasing the tariff will encourage more investors to put in more money. If we did do not get the tariff issue right, we will not see the rapid improvement we desire in the power sector. Adegbie-Quaynor pointed to the fact that what the masses are paying

via the use generators is very high. He said the fact is that the masses are paying life cycle power costs of US$0.40 (N64) to $0.50 (N80) per kilo watt hour, with small petrol or diesel generators. He said that this makes it critical for private investors, regulators and the government to come together and discuss key issues that can make the power reforms successful so that the ordinary man and woman do not have to pay such large amounts for power. The key issues, he noted, include reliability and availability of gas, which will require investment in gas supply and a pipeline network; strengthening and expansion of the power transmis-

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200.10

-6.00

2,982.00

+12.00

16.82

-0.26

107.72 +0.50 104.07 +0.26 CURRENCY BUYING CENTRAL SELLING DOLLAR POUNDS EURO FRANC YEN CFA WAUA RENMINBI RIYA KRONA SDR

154.74 155.24 258.895 259.732 214.7636 215.4576 176.5247 177.0933 1.5247 1.5296 0.3082 0.3182 239.3962 240.1698 24.9106 24.9915 41.2607 41.394 28.7573 28.8502 240.2493 241.0256

155.74 260.5686 216.1515 177.6637 1.5345 0.3282 240.9433 25.0724 41.5273 28.9431 241.8019

CBN Exchange rate as at 11/04/2014 C M Y K

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Cover Story

Breaking the Nigerian poverty cycle through entrepreneurial revolution (1)

Banks, others jittery over investments in power sector Continued from page 17 sion network; investment in the power discos to reduce the Aggregate Technical, Commercial and Collection (ATC&C) losses, that may be as high as 60 per cent in some discos; and rehabilitate and expand the generation companies (GENCOs) and the Independent Power Projects (IPPs)”. He noted that resolution of these key issues requires significant investment, management and technical skills, adding that government, regulators and the private sector need to come together and reach a solution that will lead to the necessary investments, and at the same time not be adversely impactful on the common man or woman. Continuing, he said, “The World Bank’s position is that government, regulators and the private sector owners of power assets should come together, deliberate, and find a fair and balanced solution so that Nigeria has reliable and affordable power to fuel inclusive growth and economic development. “IFC, World Bank and Multilateral Investment Guarantee Agency (MIGA) are committed to supporting government, regulators and the private sector in making the power reforms successful through the World Bank Group’s Energy Business Plan which aims to support financing and risk mitigation for the addition of at least 1,500MW of additional generating capacity in the next 12 to 18 months. We would also, “Support capital expenditure financing in two to four distribution companies; support development, investment and financC M Y K

ing of Public-Private Partnerships (PPPs) in both power transmission and gas pipeline networks; support development and financing of affordable renewable energy solutions through solar lanterns and cook stoves, amongst other products, to the common man and woman, and also offgrid solar solutions to Small and Medium Scale Enterprises and critical centres like hospitals and schools using photovoltaic technology. However, in a separate session at the summit, Nigerian Labour Congress, NLC represented by its General Secretary, Mr. Issa Aremu, warned that until the problems in the sector are resolved, any attempt to bring about increase in electricity tariffs will be seen as criminal and will be sternly resisted. He said that tariffs should be commensurate with service delivery. “It is stealing if you increase tariffs without improved service”, he said. He said Nigerians are actually looking for improved service delivery as regards power supply and will actually like to see what they are paying for before tariff increase is considered. He noted that the nature of the power sector reforms and how they are carried out are critical, and also wondered why the reform process is being rushed, especially when the operators are of the view that a lot still have to be put in place to drive the process. In other panel sessions at the three-day summit, the issue of revamping the power sector in the country took the centre stage, while improving electricity supply to Lagos was also given adequate at-

tention. For instance, Mr. Charles Momoh, Chairman, West Power and Gas, owner of the Eko Distribution Company, emphasized the need to revamp the country’s power infrastructure, saying that the country is still using power infrastructure in operation since 1896. He blamed the epileptic power situation across the country on the non-availability of gas and the reduction of power supply to the distribution companies. Specifically, he said that the total gas available for Lagos State, cannot power more than 500 mega watts of electricity, adding that the company is currently receiving less than 200 mega watts, down from the 400 mega watts promised when it took over the assets. Momoh further blamed the Transmission Company of Nigeria, TCN, for the “blinking” power situation, saying, “The TCN introduced frequency relays to protect their equipment, which is at the expense of consumers’ appliances, because this relay is responsible for the two minutes on and off power situation in Lagos.” He noted that Eko Distribution Company currently have the capacity to deliver 700 mega watts of electricity, but it is currently receiving only about 240 mega watts. He however noted that Eko Distribution Company has commenced the process of increasing power supply by about 500 mega watts, adding that it is talking to 45 companies interested in

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UNVEILING: From left, Executive Secretary, Lagos State Water Regulatory Commission, Mrs Tanwa Koya; a board member, Professor Lanre Fagbohun; chairman, Mr Taiwo Shebioba; member, Mr Doyin Owolabi and President of Consumer Advocacy Foundation of Nigeria, Ms. Sola Salako, at the unveiling of the commission's website, toll free lines, and complaints boxes for better public access in Lagos.

igeria is a country of absurd economic th realities. The 13 largest crude oil producer in the world and the second largest economy in Africa earn an estimated $2.2 million a day in oil revenue. Yet, its GDP per capita, at just over $1,400, is among the lowest for the continent and 54 per cent of its 148 million people live on less than $1 per day. The figures are especially shocking because of the abundance of natural resources primarily oil and natural gas, and massive agricultural potential based on its climate and significant rural population. Human development data for Nigeria has remained persistently bleak despite a considerable upturn in the country’s economic fortunes since 2000. The UNDP ranked

The obvious explanation behind this is that policy makers sorely failed to share the increase in wealth equitably

th the country 80 in a poverty survey of 108 developing nations that focussed on severe deprivation. The agency gave Nigeria a Human Poverty Index of 37.3, placing it below more impoverished African neighbours with far smaller economies like Rwanda and Malawi. Significantly, the study looked not just at income destitution, but also at secondary aspects including education, access to health care, standard of living and life-expectancy. More than 67 million Nigerians are docketed as poor according to standard definitions, while 35 per cent of the total population live in extreme poverty. These recent trends are especially worrying because they parallel a significant but contradictory improvement in Nigeria’s macro-economic

performance. Before the current global financial crisis set in, Abuja had been successful in wielding substantial positive change in its overall balance sheets through a process of reprioritisation and economic reform since 1999. A slew of measures, including privatisation of several steel, petrochemical, mining and port entities helped develop the non-oil sector, bring down inflation and boost international currency reserves. Nigeria also successfully negotiated with the London and Paris clubs to do away with a large part of its foreign debt. However, World Bank research confirms that even during periods of relative prosperity, poverty levels remained unabated in the broadest sense, and actually worsened during successive positive growth periods.

etween 1972 and 1980, for instance, the Nigerian per capita income shot up from $1,300 to $2,900 based on rapidly escalating oil prices. A subsequent decline in global oil revenues dragged down per capita income, consumption and expenditure to critical levels. However, Nigeria neglected investment in human development projects and continued to pump borrowed finances into capital-intensive enterprises. The fallout was that the dramatic rise in national fortunes bypassed the majority of Nigerians, as evident from the negligible rise in per capita consumption figures for the same period. The differential effect on poverty levels in rural and urban areas for the coinciding period is equally startling. Because of a simultaneous worsening of income distribution, rural poverty declined slightly while the number of urban poor gained. However, the worst-off were also the worst losers, as the population living in extreme poverty across Nigeria swelled up from 10 million to 14 million. The obvious explanation behind this is that policy makers sorely failed to share the increase in wealth equitably.

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hen in August 2009 Sanusi Lamido Sanusi intervened in five troubled banks in the country; many saw it as a rescue mission. But I saw it differently. I whole-heartedly supported Sanusi cleaning up the toxic assets in the industry. Beyond that, I disapproved of his taking over of some banks that were still liquid at the time of the intervention. Sanusi did not separate the individuals from the institutions. If some of the bank executives contravened the banking rules, the CBN or the law enforcement agencies are at liberty to deal with such individuals. As it happens so often in developed democracies, companies that infringe on regulatory guidelines are fined heavily and in some cases, their chief executives are prosecuted and jailed. If Sanusi at the time had relieved the chief executives of those banks of their jobs and considered lost written off made them to face the law, he principal of their non- the books of a bank to be so would have been a hero. But performing loans, the he did not stop at removing management of some of the treated, most of the banks the chief executives, he went troubled banks started bailed out by CBN had no ahead and took over the banks. negotiations with key debtors functional boards to grant That was what many did not who applied for forbearance. such waivers, leaving the decision to the Managing see that behind the scene, In the madness of the time, there were unseen hands Intercontinental Bank granted Directors, some of whom were guiding some of the well- waivers to a debtor who owed acting as sole administrators. The discretion applied by targeted decisions. When the bank N11 billion and those chief executives was not some of us saw through what applied for 70 per cent waiver. in the interest of reviving the was happening and said so, Also, another customer who the country never took our owed the bank N1.5 billion ailing banks but to pander to words for certain. One of the applied for forbearance and the interest of those who very sad things that happened got about N500 million waiver. appointed them. In normal then was waivers granted to The debtor was billed to pay circumstances, it is only the billionaires. At the time, the N1billion but what was said to accumulated interest and link between Sanusi, Lai Alabi have reached the bank’s vault penalty that are built into a and Bukola Saraki was not so was N800 million. The balance loan term that can be granted clear to Nigerians. Now that of N700 million was given as as waivers, not the principal. It was abnormal that at a time Sanusi Lamido Sanusi has waiver to the debtor. when the Economic & openly acknowledged that In another instance, a Financial Crimes Commission, Saraki was his classmate, the customer who owed N7.5 picture of what happened to billion was said to have had EFCC, was busy recovering the rescued banks is becoming his entire indebtedness written debts from chronic debtors, the management of the troubled clearer. Now, if Saraki is off. banks started to give waivers Sanusi’s close friend and Lai The suspended CBN without the approval of any Alabi worked for Saraki, then Governor, Mallam Lamido the connection and the Sanusi, when questioned by legally constituted board by subsequent chain of actions reporters at the 2009 IMF/ shareholders. In the ordinary that led to the liquidation of World Bank meeting in course of doing business, some of the banks is emerging Istanbul, Turkey, said that the money fully provided for as loan loss when recovered goes in very clear terms. Central Bank will not get to beef-up the capital or For those of us who reported involved in the day-to-day the crisis recall with nostalgia running of the troubled banks. shareholders’ funds which the that Intercontinental Bank’s He said that the onus of non-performing loan has interim management then running the banks was in the grossly eroded. What one headed by Lai Alabi had hands of the managements found disturbing at the time was the fact that the caretaker granted waivers to the tune of and the boards. management of several billions to some It was clear from the Intercontinental Bank had companies alleged to be beginning that what was associated with Saraki. These happening in the industry at disclosed that the bank debtors were close to the then the time was not normal as recovered over N78 billion out interim management put in bankers were worried that of the N142.644 billion place by the CBN Governor. though it is normal for a long- provisions for loans and other The explanation then was that standing non-performing loan known losses, stating that the waivers the bank granted to in order to recover fully the

Revisiting rescued banks’ grant of waivers to billionaires: What redress is possible? debtors was in line with the with serious issue of moles existing policy in the bank to in the bank, what these people encourage debtors to pay. intended to achieve was to Explaining the situation, Lai malign the bank, frustrate the Alabi had said: “When loans progress we have made for the have become bad as they are, purpose of serving certain when the underlying interest. securities have virtually been ”Most of the figures given totally eroded as we have out are distorted. For instance, now, then there is a need to in some cases the give some amounts they The very sad concessions are asked to pay in order to thing that exclude the encourage happened then values of share such debtors the loans were was waivers to pay, that used to is exactly granted to purchase. Also in what we did billionaires. At most cases, the and this is the waivers took into the time, the practice in all consideration, banks - both link between wrong debits, in Nigeria Sanusi, Lai penalty charges a n d and other entries Alabi and worldwide. in dispute; we ” T h e r e Bukola Saraki need to have in existed such was not so clear mind that our policy on effort has so far to Nigerians. w a i v e r s a reward before the Now that Sanusi yielded of about N80 p r e s e n t Lamido Sanusi billion since the management intervention.” has openly assumed Now that it is in office, this acknowledged the public was then that Saraki was domain that presented to some of the his classmate, the credit actions were committee the picture of premeditated to w h i c h what happened help a friend get refined it what he had to the rescued a n d craved for but presented it banks is could not get in to the board becoming the ordinary run w h i c h of business, what clearer approved it. redress is But we are possible for those contesting lost five banks?

Cover story

Banks, others jittery over investments in power sector Continued from page 18

embedded generation and two other companies for captive power. On his own part, Mr. Sola Adeshina, Managing Director, Sahara Power, owner of the Ikeja Distribution Company, also noted that unavailability of gas and a non-cost reflective tariff structure is hampering the effective delivery of power to consumers. In addition, Mrs. Funke Osibodu, Chief Executive Officer, Benin Electricity Distribution Company, said that operators are aware that Nigerians are fed up with the power situation and want a change. She however noted that what is lacking is the fact that a vast majority of Nigerians do

not have the information that the change that is expected will require more from every one. According to her, fixing the problems in the power sector is a long haul and it will take a long time for operators to achieve their goals. “Nigerians should be aware that infrastructure is not power. The government and some politicians will donate transformers to a community and they will think their power problems are over. “We should know that transformer is not power. Power has to be generated first before the transformer and other equipment can distribute.” In his own view, Mr. Anil Sardana, Managing Director,

Tata Power, who spoke via live webcast from India, said the reforms in the Nigerian power sector will not succeed unless there is direct support and oversight from the government.

He noted that financial prudence in the transition process is key, adding that emphasis should be placed on the change management process, as well as in the valuation of the business.

He said customer satisfaction should be the key goal for the reforms process, adding that the reforms should also focus on working to reduce the cost of distribution.

Bajaj raises stakes on tricycle with 20 new features

ajaj Auto Limited, manufacturers of Bajaj tricycle, Bajaj RE, said it has improved the performance its tricycle. The company said it has added 20 more advanced features to the cycle. The company stated that for advanced performance of the tricycle it has added eight performance advancement in the redesigned gear box, increased the slot width for

smoother gear shifting, improved on the engine cooling mechanism, the digital ignition with TPS and exhaust TEC. Speaking, Head, Marketing and Sales for DAG Motorcycles Industries Limited, marketers of the tricycle, Mr. Firdous Ahmad, who gave the brand perspective of the tricycle, said that the anti judder clutch has

been improved upon, the hood pipe heightened, improved on the cabin ergonomics, redesigned the driver cabin floor and the water splash guard improved upon. For durability of the tricycle, he said the product now has bigger screw– on type oil; strainer which is a dual oil filtration process.

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Business & Economy BY OSONDU NWOKORO

Omobolaji Johnson, Minister for Information and Communication Technology

The Lagos initiative: Another first by the telecoms industry

he digital world is here. We are all using various digital devices – smartphones, laptops, tabletops,tablets, phamblets, etc and consuming data,which is the currency of the digital world. Manufacturers and techies are pushing out new gadgets and appon on a daily basis tofurther drive us down the digital lane. At the heart of all these are the telecommunications networks which provide the high capacity transport infrastructure that services ride on. It is often acknowledged that telecommunications is to the digital era what electricity was to the industrial era. Across various spheres of endeavours – education (distance learning), traditional and social media, travel and tours, shopping, entertainment, etc, Nigerians are actively harnessing digital opportunities and ways of life, courtesy of the enablement accorded by the telecommunications networks.From growing telephone penetration from less than one percent in 2001 to more than 86 percent in 2013, the telecommunications sector now comes second only to the oil and gas sector in terms of attracting Foreign Direct Investment (FDI) and contribution to Gross Domestic Product (GDP) in Nigeria. According to Pyramid Research, the sector contributed about 35 percent of FDI(around US$45bn)between 2001 and 2011 and its GDP input grew from below one percent to 8.54 percent between 2001 and 2013. The sector has also been responsible for creating around three million direct and indirect jobs and a value chain that impacts millions of Nigerians across various spheres of life. It has also been pivotal in promoting wide public access to information which is an important element for the development of democracy. As a social overhead capital, that is, a basic service without which primary, secondary and tertiary productive activities cannot function effectively, telecommunications therefore needs to be accorded due attention by relevant stakeholders in order to ensure that Nigeria’s vision of digital inclusion is realized. With the announcement of the National Broadband Plan (NBP) by the Federal Government last year, the telecommunications sector is set to play an even greater role in the socio-economic development of the country. A critical success factor for the NBP was aptly outlined in the

financial leakages and brought about an increase in internally generated revenue by 100 per cent, from N300 million to N600 million within one year and to N1.6 billion presently. Lagos State has also adopted e-payments solutions for government transactions. The Eko Atlantic cityproject which will be Africa’s first “Smart City” is undoubtedly the most ambitious ICT project of the State to date. While not detracting from these initiatives, the recent agreement between the Lagos State Government and the telecommunications operators which streamlines the approval processes and fees for telecommunications facilities deployment is an even more momentous development in terms of scope of impact and demonstrated alignment with the spirit and letters of the NBP’s vision on publicprivate sector collaboration.TheLagos State Government was interested in protecting the sanctity of extant planning and related regulations while the

It has also been pivotal in promoting wide public access to information which is an important element for the development of democracy

following statement “implementation of a national broadband plan requires long-term commitment and significant action by the Federal, States and Local Governments, as well as, the executive and legislative branches of government – alongside strong private sector participation.”Riding on this, theFederal Government through the Ministry of Communication Technology is partnering with IBM, a global ICT player, to provide technology-driven solutions to resolve challenges in key sectors of the Nigerian economy and to that end has convened a ministerial roundtable to develop appropriate implementation plans.

At state level,Lagos and Osun have declared ICT adoption as an important part of their strategic development efforts and are actively collaborating with the private sector to this end. Ogbeni Rauf Aregbesola,Governor of Osun State who had earlier championed the State’s multiple award-winning computer tablet innovation, “Opon Imo” (Tablet of Knowledge), recently reaffirmed his determination to make his state the ICT hub in Nigeria at a ceremony marking the take-off of the multi-million dollar RLGAdulawo Technology City in Ileshathat that was set-up by RLG Communications, a phone manufacturing company, with support from Osun State Government. According to the Group Chairman of RLG Communications, the technology city will play a major role in the technology revolution that is imminent in Nigeria.The centre will be involved in the training of youths in the assembly, repair and manufacture of various electronic devices and is expected to create over 10,000 jobs, both directly and indirectly. Aside from being a strategic tool, Osun Statehas keenly applied ICT in transactional activities as Ogbeni Aregbesola had indicated that the deployment of ICT in government operationshad blocked

telecommunications operators’ concerns were around speed of i n f r a s t r u c t u r e deployment,discriminatory fees and multiple taxation/ regulation, as well as the protection of their facilities from illegal lock-outs by overzealous government officials. In discussions leading to the landmark agreement, the parties were able to reach reasonable and legitimate compromises as partners-indevelopment to streamline processes leading to reduction in approval timelines for the grant of site build permits to 30 days and reduction of applicable fees by around 60 percent. This landmark agreement will certainly facilitate the expansion of telecommunications infrastructure across Lagos State to enhance the provision of services currently on offer and facilitate the deployment of “future” services such as 4G LTE. The CEO of Airtel, Segun Ogunsanya, certainly had this in mind when he recently expressed gratitude to the Lagos State Government and announced that telecommunications operators would reciprocate the goodwill by providing state-of-the-art services in the state. Telecommunication has been playing a leading role in national development since the liberalization of the sector about thirteen years ago. In addition to facilitating teleaccess for over 120million

Nigerians presently and making significant contributions to GDP and FDI, the sector is now pioneering a developmental partnership model that will prove useful in the consolidation and growth of all infrastructure-based industries in Nigeria, thereby reaffirming its status as ‘the goose that lays the golden egg.' Such a specially innovative industry should be widely celebrated rather than vilified as unfortunately seems to be the case currently. zOsondu is Director, Legal & Regulatory Affairs at Airtel Nigeria.

MTN provides data roaming services BY ETOP EKANEM

TN, has taken the bull by the horns by providing data roaming services for its customers , even as many operators are shying away from resolving the high rates of data roaming charges or coming up with a better alternative,. Only few operators are trying to ensure that their medium and high value customers still have access to the internet through their mobile phones while roaming. Recently, MTN launched a product termed “Browse like Home when you Roam with MTN One World”. The MTN One World is a new data roaming tariff where MTN prepaid and post-paid subscribers, who travel out of the country, have access to the internet on their mobile phones and send text messages, paying a standard home rate of 5kobo per kilobyte and N4 per SMS, as if they were in Nigeria. This service is available in any of 19 MTN operating countries namely: Benin, Cameroon, Ghana, South Africa, Liberia, Cote D’Ivoire, Uganda, Congo, Rwanda, Guinea Conakry, Zambia, Iran, Sudan, Guinea Bissau, Cyprus, Swaziland, Yemen, Afghanistan and Botswana. The Chief Marketing Officer, MTN Nigeria, Larry Annetts, explained that, the key strategic focus for the new tariff plan is to ensure data communication at the most affordable and friendly rate on the go. “We are always committed to deliver a new world of digital experience to our customers and the thrust of this initiative is to ensure friendly roaming tariff , where our customers who travel to any of our 19 operating countries can still feel at home, browsing at a standard home rate of 5kobo per kilobyte.

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Corporate Finance

Diamond Bank posts N8.2bn profit in first quarter By PETER EGWUATU

iamond Bank Plc has recorded a Profit After Tax (PAT) of N8.2 billion for the first quarter of 2014, representing a growth of 37 per cent Year on Year. According to information from the Nigerian Stock Exchange, NSE, the Bank also recorded a profit before minority interest of N8.446 billion for the year under review, while interest income stood at N38,245 billion. Analyzing the Diamond Bank’s first quarter results, FBN Capital stated that the growth in PAT was driven by visible improvements in Diamond’s underlying results and a reduction in taxes. According to its analysis “Both funding income and non-interest income posted healthy growth during the period. Diamond Funding income was up 12 per cent y/y to N27.5billion while non-interest income grew 65 per cent y/y to N10.0billion to support a 23 per cent y/y growth in PBT before provisions.” Continuing, the FBN Capital stated “Loan growth of 3 per cent Quarter on Quarter, q/q in first quarter, Q1 was slightly ahead of the

2 per cent q/q deposit growth during the period. Similar to the fourth quarter, Q4 numbers, these results more than offset a 25 per cent y/y increase in Operating Expenses ,opex and N5.0 billion in loan loss provisions (up 54 per cent y/y). Sequentially, PBT was up 42 per cent q/q because funding income growth of 7 per cent

q/q and a 24 per cent q/q decline in provisions were enough to offset a decline of 11 per cent q/q in non-interest income. “ However a N2.0bn tax gain in Q4 2013 and to a lesser extent N250million loss on the other income line compared with N764million in Q4 2013 resulted in PAT declining 11 per cent q/q.

Compared with our unrevised estimates (prior to Q4 results being published), Diamond’s Q1 2013 results are better than we were expecting. Although funding income was close to our forecast of N28.5bn forecast, noninterest income came in ahead of our forecast by 48 per cent.

LECTURE: - From left, Vice Chancellor, Ladoke Akintola University of Technology, Ogbomoso, Prof.Gbadegesin Adeniyi; Former National President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Chief John Odeyemi; Vice Chancellor, Obafemi Awolowo University, (OAU), Ile Ife, Prof. Bamitale Omole; and Chairman, GlaxoSmithKline Nigeria Plc, Chief Olusegun Oshunkeye, at the first yearly lecture organised in honour of Odeyemi by the Natural History Museum, OAU.

Seplat listing may spur return of public offerings — NSE boss A

stock market debut by oil and gas firm Seplat in Lagos and London is likely to unleash a round of Initial Public Offerings (IPOs) in Nigeria , the Chief Executive Officer, Nigerian Stock Exchange, NSE, Mr. Oscar Onyema has said. Onyema told the Reuters Africa Investment Summit that he expects more oil and gas listings to follow Seplat’s. He said this would help tackle the sector ’s underrepresentation on the Nigerian Stock Exchange. The sector currently makes up just 2.6 percent of market capitalization versus 14 percent of Nigeria’s newly rebased GDP. After Seplat, the sector will make up 5.9 percent of the exchange. Seplat said it had raised $500 million in its IPO and plans to list its shares in Lagos and London on April 14. The offering gives Seplat a market

capitalization of $1.9 billion. None of the foreign oil majors such as Shell and Exxon Mobil that have been operating in Nigeria for decades are listed. Only local firms; Oando, Forte Oil, Conoil and now Seplat are listed. Heavyweight cement producer Dangote Cement accounts for a third of the NSE , followed by the banking sector .”It will be the first yet to resume. The market is down 6 percent in the first quarter, which Onyema attributed to the tapering of quantitative easing in the United States, volatile emerging market currencies and Nigeria’s forthcoming elections, which had led to some pullback from foreign investors. Nigeria revalued its gross domestic product (GDP) on Sunday to more than $500 billion, surpassing South

Africa as the continent’s top economy and shrinking the ratio of stock market capitalization to GDP to 15 percent, compared with more than 100 percent in most

developed stock markets. “It positions us better to become a gateway to Africa for foreign direct or portfolio investments,” Onyema said of the rebasing.

GTBank to reward credit card holders

uaranty Trust Bank Plc has announced the launch of its new loyalty scheme exclusively for GTBank credit card holders. The loyalty scheme is in partnership with Avios, the leading global travel rewards company. This initiative is part of GTBank’s overall strategy to bring the best in card products to its customers. It will reward international GTBank credit card holders, who are also members of the British Airways Executive Club Programme, for using their cards to pay for purchases using Point of Sale terminals. Avios is the global currency of the British Airways Executive Club. Members can collect Avios when they book a flight or shop with its partners and now when they spend with their GTBank credit card. With the new GTBank credit card loyalty scheme, every card holder will collect one Avios for every $2 USD on qualified spend on the card.

IMF urges nations to cut budget deficit

he International Monetary Fund, IMF urged has nations to cut budget deficits, saying deflationary concerns, weak growth prospects and rising borrowing costs threaten to undermine fiscal balances. While Europe is most exposed to the risk of a sustained period of ultra-low inflation, the U.S. Federal Reserve also saw its preferred gauge of price changes remaining below its 2 percent target for almost two years. The IMF has termed such developments “low-flation” and is calling on countries to take action to prevent it from hurting output and reducing governments’ ability to repay debts. “In most countries, persistently high debt ratios continue to cast shadows over the medium term,” the Washington-based IMF said in its Fiscal Monitor report released today. “Risks to fiscal forecasts remain mostly on the downside, reflecting weak growth prospects, medium-term policy uncertainty, and persistent deflationary concerns with potentially deleterious impacts on debt dynamics” and budget results, it said.

Skye Bank posts N17bn profit for 2013

kye Bank Plc has announced a profit before tax of N17.136 billion for the financial year ended December 31, 2013, representing an increase of 3.79 per cent over the N16.510 billion recorded during the corresponding period in 2012. According to the International Financial Reporting System’s (IFRS) compliant result submitted to the Nigeria Stock Exchange last week, the Bank’s profit after tax rose significantly to N16.023 billion compared with N12.644 billion posted in the previous year showing an improvement of 26.7 per cent. Other highlights of the result include growth in total assets from N1,073 trillion to N1.116 trillion, while its deposit liabilities also increased from N966 billion to N996 billion during the period under review, reflecting a growth of three per cent. C M Y K

C M Y K Company Oil and Gas and Products Petroleum Prod ucts Capital Oil Plc 1st fTier Securities AGRICULTURE Crop Production FTN Cocoa Processors Plc Okomu Oil Palm Plc Presco Plc Livestock/Animal Specialities Livestock Feeds Plc CONGLOMERATES Diversified Industries A.G. Levents Nigeria Plc Chellarams Plc John Holt Plc SCOA Nigeria Plc Transnational Corporation UACN Plc CONSTRUCTION/REAL ESTATE Building Construction/Structure ARBICO Plc Constain (WA) Plc CONSTRUCTION/REAL ESTATE Non-Building/Heavy Construction Julius Berger Nig Plc Roads Nigeria Plc Real Estate Development UACN Property Development Real Estate Investment Trusts Skye Shelter Funds Union Homes Real Estate Investment CONSUMER GOODS Automobile/Auto Parts DN Tyres & Rubber Plc

Opening Price (N) 0.50

Daily Stock Market Report Closing Price (N) 0.50

Opening Price N

Quantity Traded 100

Year High 0.50

Year Low 0.50

E.P.S.

P.E. Ratio

HEALTHCARE Medical Supplies Morison Industries Plc Healthcare Providers Union Diagnostics & Clinicals Services

0.09

0.50 42.00 42.00

3,000 23,980 78,339

0.50 24.58 8.30

0.50 14.53 6.40

0.10 7.33 2.75

50.00 2.77 4.37

3.09

813,170

0.66

0.48

0.11

15.00

1.43 3.95 1.21 5.06 3.55 59.00

1.43 3.95 1.27 5.06 3.55 59.00

2,503 4,500 1,500 20,454 13,701,241 1,151,038

2.54 7.60 8.82 8.28 1.82 42.50

1.45 6.43 5.89 5.52 0.50 28.70

0.16 0.31 0.00 0.35 0.24 6.89

5.18 20.74 0.00 15.77 3.64 4.14

5.30 1.29

68.50 8.46

5.30 1.29

31,443 671,961

4 2,720,390.38

Sim Capital Alliance Plc Stanbic IBTC Bank Plc UBA Capital Plc

Pharmaceuticals Ekocorp Plc Evans Medical Plc Fidson Healthcare Plc Glaxo Smithkline Consumer Nig May & Baker Nigeria Plc Neimeth International Pharm Nigeria-German Chemicals Plc Pharma-Deko Plc

68.50 8.46

69,970 4,750

62.26 8.28

32.96 3.01

4.11 4.73

10.11 2.26

25.00

950,719

20.15

11.59

1.69

7.33

100.00 47.59

200 70

100.00 -

97.00 -

11.75 -

8.51 -

103.50 20.45 2.60

1.91 0.50 3.72 2.12 2.92 70.00 1.81 1.45 7.36 1.57

Quantity Traded

Year High

Year Low

E.P.S

P.E Ratio

100,882 7,781,504

103.50 15.69 1.41

103.50 10.64 0.03

10.56 0.87 0.21

9.71 18.03 6.71

2.23

785

10.54

9.52

0.00

0.50

60,250

0.50

0.00

3.72 2.12 2.92 70.00 1.81 1.45 7.36 1.57

162 2,500 9,498 239,074 49,500 3,000 2,150 100

5.31 1.45 3.20 23.11 5.61 1.96 12.91 200

5.31 0.70 0.83 2.58 3.61 0.95 0.95 4.28

0.19 0.44 2.62 0.20 0.09 0.00 0.00

0.00 88.50 0.00 3.07 9.05 14.13 0.00 0.00

ICT Computer Based Systems Courteville Investment Plc

0.57

5,201,000

0.52

0.50

0.10

10.00

Computers and Peripherals Omatek Ventures Plc

0.50

2,600

0.50

0.00

12.50

15.99 1.97

16.83 2.07

5,098 360

9.31 3.59

3.25 3.25

0.00 0.01

1.43 0.00

0.50

1,360,450

50,000

0.50

4,000

1.47

0.50

0.00

16.62 8.76 37.75 9.48 235.00 0.50 1.16 108.00 4.10 1.64 10.00

16.62 8.76 37.75 9.48 234.70 0.50 1.34 108.00 4.10 1.90 11.00

795,608 49,116 89,657 264,827 737,148 150 62,984 958,957 20 10,000 123,564

30.00 12.57 43.98 15.49 132.51 0.75 3.51 48.05 5.28 3.36 13.40

12.00 8.10 15.16 4.16 95.00 0.50 1.02 36.58 5.11 0.51 10.93

2.14 1.09 2.28 1.47 7.56 0.00 0.00 4.10 0.44 0.23 0.00

7.86 4.97 8.88 2.31 13.17 0.00 0.00 42.86 14.19 2.89 0.00

1.41 2.70

3,125 2,717,101

6.91 3.60

IT Services NCR (Nig) Plc Tripple Gee and Company Plc Processing Systems Chams Plc

Closing Price N

103.50 20.45 2.60

as at Friday, April 11, 2014

ICT Telecommunications Starcomms Plc INDUSTRIAL GOODS Building Materials Ashaka Cement Plc Berger Paints Plc CAP Plc Cement Co. of Northern Nig. Plc Dangote Cement Plc First Aluminium Nigeria Plc DN Meyer Plc Lafarge WAPCO Plc Portland Paints & Products Nig Plc Paints & Coatings Manufacturers Premier Paints Plc

0.50

14,000

0.50

0.00

13.79 190.00 26.41 150.85 0.77

20 84,301 121,875 3,378,679 10,000

4.63 255.00 7.10 100.00 1.01

2.23 186.00 5.23 72.50 0.93

0.00 9.95 0.41 5.08 0.00

0.00 19.98 16.29 22.22 0.00

Beverages-Non-Alcoholic 7-UP Bottling Company Plc

90.00

8,097

51.49

,39.00

2.69

13.92

Food Products Dangote Flour Mills Plc Dangote Sugar Refinery Plc Flour Mills Nigeria Plc Honeywell Flour Mill Plc National Salt Co. Nig Plc UTC Nigeria Plc

Tools and Machinery Nigerian Ropes Plc

7.46

7.85

8.69

8.26

8.18 9.85 68.49 3.70 11.90 0.53

200,400 1,131,777 1,098,837 574,785 274,862 38,647

19.90 16.20 95.00 6.60 6.70 0.88

4.31 4.02 57.00 2.31 3.80 0.50

0.00 0.91 4.09 0.39 1.01 1.13

16.91 14.38 16.89 16.92 5.75 8.83

NATURAL RESOURCES Chemicals BOC Gases Plc

6.66

1,000

9.20

6.80

Metals Aluminium Extrusion Ind Plc

7.75

10.50

500

12.39

10.70

0.13

85.77

Food Products-- Diversified Cadbury Nigeria Plc Nestle Nigeria Plc

77.00 1,185.00

2,974,266 211,173

37.27 840.10

8.33 400.00

Non-Metalic Mineral Mining Multiverse Plc

0.50

33,333,333

0.50

0.01

0.00

Beverages-Brewers/Distillers Champion Breweries Plc Guinness Nigeria Plc International Breweries Plc Nigerian Brew Plc Premier Breweries Plc

1.35 25.43

27.61 32.84

Household Durables Nigerian Enamelware Plc Vitafoam Nig. Plc Vono Products Plc

32.27 4.03 1.66

60 54,800 11,000

36.19 5.54 2.88

33.96 2.91 2.88

13.89 0.61 0.00

2.44 7.07 0.00

Personal/Household Products PZ Cussons Nigeria Plc Unilever Nigeria Plc

32.00 46.00

205,019 240,223

41.02 47.39

21.02 27.60

0.82 1.44

4.39 32.91

FINANCIAL SERVICES Banking Access Bank Plc Diamond Bank Nigeria Plc Ecobank Transnational Incorporated Fidelity Bank Plc First City Monument Bank Plc Guaranty Trust Bank Plc Skye Bank Plc Sterling Bank Plc UBA Plc Union Bank Nig. Plc Unity Bank Plc Wema Bank Plc Zenith Bank Plc Insurance Carriers, Brokers and Sector African Alliance Insurance AIICO Insurance Plc Continental Reinsurance Plc Cornerstone Insurance Company Consolidated Hallmark Insurance Custodian and Allied Insurance Plc Equity Assurance Plc Goldlink Insurance Plc Great (Nig) Insurance Plc Guinea Insurance Plc International Energy Insurance Plc Investment and Allied Assurance LASACO Assurance Plc Law Union & Rock Insurance Plc Linkage Assurance Plc Mansard Insurance Plc Mutual Benefits Assurance Plc NEM Insurance Co. (Nig) Ltd Niger Insurance Co. Plc OASIS Insurance Plc. Prestige Assurance Co. Plc Regency Alliance Insurance Sovereign Trust Insurance Staco Insurance Plc Standard Alliance Insurance UNIC Insurance Plc Unity Kapital Plc Universal Insurance Plc Wapic Insurance Plc Microfinance Banks Fortis Micro-Finance Bank Plc NPF Micro-Finance Bank Plc Mortgage Carrier, Broker and Sector Abbey Building SOC Aso Savings and Loans Plc Resort Savings & Loans Plc Union Homes Savings Plc Other Financial Institutions Africa Prudential Plc Crusader (Nigeria) Plc Deap Capital Management & Trust Plc FBN Holdings Plc Nigeria Energy Sector Fund Royal Exchange Assurance

7.41 6.03 13.10 2.11 4.75 27.20 3.49 2.62 7.20 10.35 0.50 0.99 21.25

5,568,797 19,591,452 31,605,010 6,124,714 865,336 13,759,127 22,361,420 11,771,597 9,593,981 504,983 2,103,763 2,525,595 29,699,488

12.39 7.51 14.04 3.47 5.70 26.09 6.50 3.05 7.69 10.60 1.22 1.75 21.49

4.70 1.92 9.90 1.13 2.90 13.02 2.65 0.80 1.64 2.34 0.50 0.52 11.96

1.42 0.90 2.81 0.43 0.00 2.10 0.71 0.54 0.67 0.00 0.00 1.34 2.09

0.50 0.76 0.97 0.50 0.50 2.00 0.50 0.50 0.50 0.50 0.63 0.50 0.50 0.50 0.50 2.32 0.50 0.77 0.50 0.59 0.63 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.69

0.50 0.76 0.97 0.50 0.50 2.06 0.50 0.50 0.50 0.50 0.63 0.50 0.50 0.50 0.50 2.32 0.50 0.77 0.50 0.59 0.63 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.69

100 1,207,472 245,313 4,410,491 150 9,054,578 1,500 93,000 2,750 2,200 74,400 1,670,890 10,500 3,200 151,500 5,098,821 1,000 5,074,189 10,000 204,700 418,000 200 1,000 1,000 30,000 1,000 1,500 300 11,342,914

0.50 1.11 1.03 0.54 0.50 2.44 0.50 0.68 0.50 0.50 0.50 0.50 0.50 0.60 0.50 2.59 0.54 0.81 0.61 0.50 1.01 0.50 0.56 0.50 0.50 0.50 0.50 0.50 1.08

0.50 0.50 0.58 0.50 0.50 1.08 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 1.06 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50

0.00 0.50 0.14 0.02 0.50 0.28 0.01 0.00 0.03 0.01 0.00 0.02 0.00 0.00 0.03 0.16 0.00 0.37 0.02 0.03 0.06 0.04 0.09 0.00 0.00 0.00 0.02 0.00 0.07

0.00 22.20 6.79 27.30 10.00 7.43 50.00 0.00 16.67 50.00 0.00 25.00 0.00 0.00 16.67 16.19 0.00 2.19 26.00 16.67 15.50 12.50 5.65 0.00 0.00 0.00 25.00 0.00 15.43

6.27 0.97

1,000 272,000

6.00 1.18

0.00 0.92

0.04 0.92

150.00 10.56

1.35 0.50 0.50 0.50

500 185,447 20 109,000

1.57 0.50 0.50 0.50

1.37 0.50 0.50 0.50

0.19 0.02 0.00 0.00

47.6 7 25.00 0.00 0.00

3.04 0.50 0.99 12.35 552.20 0.62

3.04 0.50 0.99 12.35 552.20 0.59

3,031,252 22,000 500 11,354,899 212,000

0.75 0.50 2.02 20.00 250 0.78

0.00 0.50 2.02 8.57 552.20 0.50

0.19 0.00 0.00 2.03 12.68 0.13

8.73 8.34 5.00 7.93 0.00 12.39 9.15 5.43 11.19 0.00 0.00 0.43 10.24

9.16 0.00 0.00 9.85 43.55 6.00

Packaging/Containers Avon Crowncaps & Container Nigerian Bags Manufacturing Company

1.41 2.74

5.94 1.47

0.5 0.25 0.00

0.78

39.60 9.16 0.00

7.37

Paper/Forest Products Thomas Wyatt Nig. Plc

0.79

1,000

1.38

0.00

Electronic and Electrical Products Cutix Plc Nigerian Wire & Cable Plc

1.94 0.50

200,200 10,000

2.50 2.58

1.62 2.58

0.11 0.00

13.15 0.00

1.44

2,000

1.51

1.33

0.03

28.80

3.98 19.95 12.68 4.30 1.05 2.92 0.63

3.98 19.95 12.68 4.30 1.05 2.78 0.66

6,888 119,520 10 29,198 200 84,311 2,749,340

3.98 15.58 15.03 4.30 1.86 2.92 0.63

3.98 12.71 13.97 3.60 1.05 2.92 0.63

0.00 3.90 0.90 1.22 0.30 0.07 0.00

0.00 3.26 0.00 3.52 6.18 41.71 0.00

OIL AND GAS Energy Equipment and Services Japaul Oil & Maritime Service

0.50

531,000

0.97

0.87

0.19

6.06

Intergrated Oil and Gas Services Oando Plc

16.04

3,625,073

78.97

27.99

1.73

4.17

20.50 0.50 51.90 122.70 120.05 54.44 172.38

82,191 2,000 16,044 507,146 36,576 156 32,566

37.10 0.70 5.59

0.50 0.50 3.89

4.93 0.00 0.61

7.40 0.00 6.99

163.50 2,100 240.00

141.00 63.86 195.50

6.11 2.98 14.63

11.11 19.23 17.07

0.50

200

0.50

0.72

1.15

118,531

3.65

1.30

0.21

2.65 0.25

0.60 11.12

Mortgage Carriers, Brokers and Se Abbey Building Society Plc INDUSTRIAL GOODS Packaging/Containers Abplast Products Plc Beta Glass Co. Plc Greif Nigeria Plc Nampak Nigeria Plc Poly Products (Nig) Plc Studio Press (Nig) Plc W.A. Glass Ind. Plc

Petroleum and Petroleum Products African Petroleum Plc Beco Petroleum Plc Conoil Forte Oil Nig Plc Mobil Oil Nigeria Plc MRS Oil Nigeria Plc Total Nigeria Plc Hospitality Tantalisers Plc SERVICES Afromedia Plc Automobile/Auto Part Retailers RT Briscoe Plc Courier/Freight/Delivery Red Star Express Plc Trans-National Employment Solutions C & I LEASING PLC Hotels/Lodging Capital Hotel Ikeja Hotel Plc

1.15 4.39 0.50 4.55 0.57

4.39 2.47

116,700 2.47

3.67 62

0.50

9,000

1.64

4.55 0.57

1,000 72,000

400 2.07

0.01 0.51

0.90

0.04

12.75 8.19 4.91 11.25

0.34 0.92

34.09 2.12

0.48

0.00

3.17 0.30 0.00 3.60

0.25

12.19

0.00 6.82

0.54

27.69

0.80

0.50

0.00

Media/Entertainment Daar Communications Plc

0.50

10,000

0.50

Printing & Publishing. Academy Press Plc Learn Africa Plc Studio Press Nig. Plc University Press

1.80 1.78 2.40 3.67

1,000 152,048 1,080 1,232,211

3.68

Road Transportation Associated Bus Company Plc

0.89

688,485

3.00 1.33

0.00

Speciality Interlinked Technologies Plc

4.90

1,995

5.15

4.90

0.00

Transport-Related Services Airline Services and Logistics Plc Nigerian Aviation Handling Company

2.46 5.09

55.669 811,742

2.78 11.75

1.57 6.50

0.60 12.53

4.22 8.75

24 â€” Vanguard, MONDAY, APRIL 14, 2014

Capital Market

Vanguard, MONDAY, APRIL 14, 2014 — 25

Banking & Finance By BABAJIDE KOMOLAFE

he rate of increase in prices of goods and services will rise to 10 percent from the 7.7 percent recorded in February. The rate, which is referred to as inflation rate has been relatively stable since October last year. From 7.8 percent in October, it rose marginally to 7.9 percent in November and 8.0 percent in December. Though it remained stable at 8.0 percent in January, it however fell to 7.7 percent in February. A Central Bank of Nigeria (CBN) official however estimated that this decline will be short-lived and replaced by a steady rise in the next six months. Deputy Governor, Operations, CBN, Mr Kingsley Moghalu disclosed this in his personal statement at the Monetary Policy Committee (MPC) meeting held last month. He said, “While headline inflation in February 2014 fell to 7.7 percent from 8.0 percent in January 2014, core inflation has inched higher from 6.65 percent in January 2014 to 7.17 percent in February 2014. Moreover, staff estimates project headline inflation at a range between 8 percent and 10 percent over the next six months, based on factors including fiscal spending and the impact of the planting season. This projection clearly indicates that an inflationary threat remains real, and the beast of inflation is yet to be slain decisively. The policy implication is that the MPC must maintain a tight

Second set of winners emerge in Ecobank’s promo

UNVEILING: From left, Managing Director/CEO, SystemSpecs, Mr. John Obaro, Super Eagles former goalkeeper and Ambassador, Remita Corporate Champions’ Cup, Mr. Peter Rufai, Managing Director/CEO, Media Vision, Mr. Fela Bank-Olemoh and Executive Director, SystemSpecs, Mr. ‘Deremi Atanda during the trophy and logo-unveiling ceremony of Remita Corporate Champions Cup in Lagos

CBN official predicts 10% inflation by July monetary policy at this time. This is more so when we consider the global conditions noted earlier.” Meanwhile analysts at Financial Derivatives Company (FDC), have predicted decline in inflation for the Month of March to 7.64 percent. The prediction was contained in the FDC’s Economic Bulletin published last week. The company stated, “Based on our monthly analysis of the national consumer price

index, we forecast a moderate decline in the headline inflation to 7.64 percent in March from 7.7 percent recorded in February. Our projection reveals a slower rate of change in consumer prices when compared to the same period in 2013.” “Further to this, the continuous contractionary monetary policy by the CBN is expected to keep inflation muted in the near team. Also, the projection of a lower

inflation rate coincides with the announced rebased GDP numbers. Most countries look towards achieving a high GDP growth rate in a low inflation environment. A high nominal GDP in a low inflation environment increases the fiscal and monetary policy options open to policy makers. As an attractive market, the increase in capital flows will boost the external reserves level and enable the CBN bring down interest rates later.”

AfDB President leads discussions on financial inclusion at CEOs roundtable President, Africa Development Bank Group (AfDB), Dr. Donald Kaberuka, will lead discussions on financial inclusion at the Africa CEO Round-table & Conference on Corporate Sustainability & Responsibility (AR-CSR). The event, which is the fourth in series, will focus on Financial Inclusion with the theme: ‘The Intersection: Financial Inclusion, Economic Sustainability & Social Benefit’. Scheduled to hold in June will feature a keynote address by Kaberuka. In a statement announcing the event, the conveners of the Conference, ThistlePraxis Consulting, said, “The correlation between financial inclusion and economic growth has long been widely recognized. However despite broad consensus on the importance of access to finance as a powerful poverty alleviation tool and

substantial financial sector reforms in Africa, it is estimated nearly half the continents’ households continue to be excluded from the formal financial sector’. “Financial inclusion, which advances universal access to appropriate and affordable financial services, is crucial to inclusive growth. At the basic level, financial inclusion is effectively a measure of the extent to which economic agents in an economy utilize the financial services apparatus at their disposal to effect the desired exchanges, and particularly, support the highest possible activity in the real economy. Hence, the 2014 edition will seek to interrogate the intersection where financial inclusion fosters economic sustainability and enhances societal benefit. The financial industry plays a critical role for society at large, serving

individuals, families, businesses, governments, civic institutions and other stakeholders. The sector performs indispensable functions such as enabling financial inclusion, facilitating saving and investment, providing protection from risks and supporting the creation of new jobs and enterprises. It is critical that the sector operates to provide these functions for society in a stable, sustainable way, and increases awareness of its activities in this area. In its annual tradition, the AR-CSR will again feature a series of events such as: CEO round-table sessions followed by a one-and-a-halfday conference; Sustainable Solutions Showcase (an exhibition of eco-friendly products and service solutions); Eco -Tourism, Sustainable Investment

Forum (hosted by the Cross River State Government); Networking cocktails & Gala Dinner amongst other inspiring and intellectually stimulating activities. Leaders from a variety of sectors from far and wide within and outside the continent will gather to share their expertise and experiences on an array of business and development sub-topics. They will also try to identify what is missing: the pooling of the most available heap of investable funds possible from all nooks and crannies of the economy; how to channel the pooled funds to attractive production activities, particularly those of small-to-medium size enterprises which are established as the main engines of economic growth and job creation across countries.

cobank has rewarded another set of winners that emerged from its Card 4 Prizes promo’s second monthly draws that held simultaneously in Lagos, Port Harcourt and Abuja last week. The 15 lucky winners emerged from a transparent electronic draw witnessed by officials from National Lottery Regulatory Commission (NLRC) and the Consumer Protection Council (CPC). They went home with different prizes including smart phones; Led TVs; air conditioners; home theatres and power generating sets. According to Head, Cards and e-banking, Ecobank Nigeria, Mr. Tunde Kuponiyi, the promo which was flagged off in February is gradually achieving its objectives. More customers of the bank now utilise the alternative payment channels that includes ATMs, Point of Sale (PoS) terminals and internet Banking.

Stanbic IBTC relocates Oshodi branch

s part of efforts to take banking services even closer to customers’ doorsteps, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has relocated its Oshodi branch at Brown Street to a more accessible location along the OshodiApapa Expressway. The new branch is strategically located close to Oshodi bus stop to better serve the banking needs of residents of Oshodi and its environs. Speaking on the relocation, Executive Director of Personal and Business Banking in Stanbic IBTC Bank, Obinnia Abajue, said the move became necessary to accommodate the growing need to provide full financial services in the Oshodi area. Abajue said the financial inclusion drive of the bank has seen a rapid expansion of its operations within Oshodi and its environs, necessitating the relocation to a more conducive environment for customers. “Stanbic IBTC Bank currently has over 180 branches nationwide with presence in every state of the federation. Our retail banking business operates a network of over 2,500 MobileMoney agents. C M Y K

26 —Vanguard, MONDAY, APRIL 14, 2014

Banking & Finance

FCMB, Kano boost cashless policy with customised PoS terminals T

he cashless policy has received a major boost with First City Monument Bank (FCMB), Limited and the Kano State Government partnering to launch customised Point of Sales (PoS) machines to fast-track internally generated revenue in Fagge Local Government. The PoS machines, which are secure, easy to use and run on customised software, have been distributed to the tax collection staff to ease

revenue generation in the area. FCMB in a statement announcing the partnership said, “Fagge local government is taking the lead in the implementation of the newly passed 2014 Kano State Harmonized Rates and Levies Law that aims at removing all ambiguities hitherto experienced by tax payers by providing them access to track their tax records. The FCMB PoS machines

will ensure effective and efficient tax collection system thereby eliminating issues such as multiple taxes and leakages in local council’s revenue collection system. Handing over the machines to the local government at a ceremony held recently at Fagge town, FCMB’s Zonal Head for the North-west Zone, Mr. Abdullahi Mainasara, explained that the Bank developed the tax collection platform as

part of its contributions to the success of the cashless economy and financial inclusion policies of the Central Bank of Nigeria. He added that the, deployment of the PoS machines to motor parks, markets and other collection points, “ will help to reduce leakages in tax collections, boost internally generated revenue (IGR), enhance automation, tracking and real time reporting of revenue collection”. He said the PoS

collections initiative for Fagge LGA, ‘’is also in line with FCMB’s focus on being a strategic partner in helping our customers grow their collections and payments and also build customised solutions where they may not yet exist”. According to him, the Bank has conducted refresher training for revenue collectors and other staff involved in the project on the use and operations of the PoS machines as part of the

capacity building components of the partnership. Mr. Mainasara added that FCMB would ensure that the customized PoS revenue collection initiative, which is being piloted in Fagge local government, is extended to all the 44 local governments in Kano state. He reiterated the commitment of the Bank to further partner with the local and state governments on other initiatives that would impact the lives of individuals, businesses and the society.

FirstBank partners Oyo to boost economic development

s part of its strategic initiatives to drive financial empowerment and boost economic development, First Bank of Nigeria Limited, is teaming up with the Oyo State Government for the State Summit scheduled to hold from today. The Summit themed “Oyo State: Right for Business” is organized to highlight the various opportunities that are abound in the state for both local and foreign investors, as well as identifying practical solutions to develop key strategies that will serve as an integrated road map to achieving the economic transformation of Oyo State through a framework of private sector partnership. The main aim of the summit is to create an enabling environment that would attract business and investment opportunities in Oyo State from stakeholders across board, and also strengthen the progressive partnership between the state government and the private sector. His E xcellency, Senator Abiola Ajimobi the Governor of Oyo State will be on hand at the opening ceremony to declare the Summit open. Other dignitaries and discussants expected at the summit include; The South African Ambassador to Nigeria, Mr J. N. K. Mamabolo; Nigeria’s foremost businessman, Alhaji Aliko Dangote, Group Chairman FBN Holdings Plc, Dr. Oba Otudeko, Dr. Oby Ezekwesili and Mr. Bismarck Rewane. C M Y K

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Homes & Housing Finance

JPMorgan profits fall as mortgage business fades

S banking giant JPMorgan Chase has reported a sharp fall in profits at the start of 2014, which it blamed on declines in its mortgage business. The bank said net income in the three months to the end of March was $5.3bn (£3.1bn) - a fall of 19 percent compared with a year earlier. Profits from its mortgage business stood at $114m, down $559m from last year. The figures mark the second successive quarterly fall in profits at the bank. Profits from its corporate and investment banking division stood at $2bn, down from $2.6bn just three months earlier. The results follow a 2013 marred by huge legal settlements over JPMorgan’s mortgage practices prior to the 2008 crisis. The “London whale” trading scandal and other controversies including legal costs relating to the fraudster Bernie Madoff also dented earnings in 2013. JPMorgan chief executive Jamie Dimon still described the bank’s first quarter results as “good” given the industrywide headwinds in both investment banking and mortgages.

US mortgage rate inches towards record low

verage U.S. rates on fixed mortgages declined last week, edging closer to historically low levels as the spring homebuying season begins. Mortgage buyer Freddie Mac said that the average rate for the 30-year loan fell to 4.34 percent from 4.41 percent the previous week. The average for the 15-year mortgage eased to 3.38 percent from 3.47 percent. Mortgage rates have risen about a full percentage point since hitting record lows about a year ago. Refinancing’s share of mortgage applications fell from 53 percent to 51 percent in the week ended April 4 - the lowest level since July 2009, the Mortgage Bankers Association reported Wednesday. The increase in mortgage rates over the year was driven by speculation that the Federal Reserve would reduce its $85 billiona-month bond purchases, which have helped keep longterm interest rates low. Indeed, the Fed has announced three $10 billion declines in its monthly bond purchases since December. C M Y K

Procedures, requirements for obtaining C of O in Lagos State By YINKA KOLAWOLE

nvestigations have revealed that majority of home owners in Lagos State, and in many other states of the federation, have no Certificate of Occupancy (C of O). A Certificate of Occupancy is a document issued by State governments in Nigeria to a land/property buyer as a proof of ownership. A parcel of land or property without an authentic C of O or equivalent could be likened to a vehicle without an authentic vehicle licence. Individuals or corporations seeking to buy land in Lagos have several options: They can buy straight from the government in the case of government acquired land or buy from individuals who have bought from the government or buy from the natives (popularly known as Omo o’nile in Lagos), after verifying from the authorities that they are not illegally selling government acquired land. Whoever one buys from, you need to eventually obtain a C of O from the state government to legitimize the purchase, if the previous owner have not already done so. The following are the step by step procedures and documents required for obtaining a C of O in Lagos State for both State land and non-State land: Procedures for State land Applicant purchases and submits application pack to Land Use Allocation Committee (LUAC) and collects acknowledgement slip; Applicant collects letter of offer of allocation (1 day); Applicant pays for allocated land (within 90 days); Applicant issued with letter of confirmation with plot and block number (Full payments must be made before Plots & Blocks are allocated); Scheme Officer processes application for C of O, signs off on the file and forward files to Executive Secretary LUAC (5 days); Surveyor General provides Scheme Officer with digitized survey (2 days); ES LUAC approves processing and signs letter of allocation. ES LUAC signs off on the file, send file to the Senior Special Assistant to the Governor on Lands (2 days); SSA (Lands) vets entire file and sends file/application with a covering memo to the Permanent Secretary Lands Bureau (2 days); If file has a query, message is relayed back by notification;

PS Lands signs off on the memo and sends file to Governor (2 days); Governor approves file and electronically signs the C of O (2 days); If file has a query, message is relayed back by notification. Upon approval and signing of C of O, the Governor signs off and sends file to the Deputy Registrar for further processing (2 days); Deputy Registrar processes file further, signs off and sends file

Abijo Commercial and Industrial (Form for Prime Land); other areas (Form for General); Four Passport Photographs with white background; Evidence of payment of Income Tax; Current Development Levy (In case of company, Evidence of payment of Income Tax o f Two Directors and Development Levy); Survey Plan; All payment receipts of Land Charges; Vital Information Form.

Duties); Registration of C of O (by Land Registry); and Collection of executed and registered C of O (by Applicant) Documents required for Non-State land Formal Letter addressed to the ES LUAC, Block 13, Room 4, Lands Bureau, The Secretariat, Alausa, Ikeja; Completed Certificate of Occupancy Form with receipt; Land Information Certificate with receipt; Four original Survey Plan (2 in cloth and 2

Certificate of Occupancy key for housing development to Registrar of Titles for final registration (2 days); Registrar of Titles registers the C of O, signs off and request for printing of C of O (1 day). The whole process adds up to 21 days Documents required for State land Formal Letter addressed to the Executive Secretary – Land Use and Allocation Committee, Block 13, Room 4, Lands Bureau, The Secretariat, Alausa, Ikeja; Standard Allocation Form with Receipt - Lekki Pennisula Schemes,

Procedures for NonState land Submission of Application and Vital Information Form for Certificate of Occupancy (by Applicant); Compilation of applicants names for publication, Title Search for previous Registration and Site Inspection (21 days); Certificate of Occupancy Engrossment (by LUAC); Recommendation for execution of C of O (by ES LUAC, SSA Lands & PS Lands); Execution of C of O (by Governor); Stamp Duty (by Commissioner for Stamp

in paper); Four Passport Photograph with white background; Sketch Map of the Site Location; Purchase Receipt Duly Stamped; Evidence of payment of Income Tax; Current Development Levy. (In case of Company, Two Directors Tax Clearance and Development Levy); Publication Fee N10,000.00; Capital Contribution Fee subject to a minimum of N30,000.00; Building Plan Approval if developed; and Copy of Tenement Rate Receipt (if occupied).

Our journey to home ownership, by Lagos HOMS winners

leven new home owners who successfully met the requirements of the Lagos Homes Ownership Mortgage Scheme (Lagos HOMS) collected the keys to their apartments from the Lagos State Governor Babatunde Fashola recently. One of the lucky winners, Mr. Amos Kimeh Omodunni, narrated his journey to becoming a home owner in Lagos with these words: “Everything worked just like clock. I did not have to visit any office or talk to anyone. Everything that I needed to do to complete that application was done just in my office and I did not have to move anywhere.” Omodunni won a three-

bedroom apartment at Shitta Estate, Surulere, one of the estates purposely built by the state government for ownership by prospective first time home owners only under a mortgage payment system. Other lucky new home owners are: Mrs. Rukiat Abdulmalik, Mr. Ademola Odujoko, Mr. Ejiroghene Torishedu Madedor, Mrs. Yetunde Oluwaseun Awopeju, Mr. Ajayi Omotayo Jubril, Mrs. Ganiyat Dolapo Akanni, Mr. Gbenga Owolabi, Mr. Chukwuneta John Paul Ogbatwi, Mrs. Bibian Aloba Kanayo and Mr. Ikpeh Daniel Darligton. Giving testimony on behalf of other winners after they

were handed keys to their respective apartments, Omodunni said the journey that changed his status started a few weeks ago when he came across the scheme on one of the social media sites. According to him, he saw the photographs of one of the schemes that were uploaded when the Governor visited the estate. Having read more about the Lagos HOMS initiative, he said he became interested. That was how he applied and followed the entire process through, online. He explained that he was fascinated by the noncomplex procedure of the scheme unlike some other house ownership schemes.

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Aviation Stakeholders fault merger of aviation parastatals

Stories By LAWANI MIKAIRU

igerian Aviation Handling Company Plc. capitalized recently marked 35 years in cargo, aircraft handling, passenger facilitation, crew transportation and aviation training. Part of the activities marking the Company’s 35th anniversary, saw the Managing Director, Mr Kayode Oluwasegun-Ojo, personally handling the check-in formalities of a London-bound Virgin Atlantic Airways passenger Mr. Michael Olusesi. He thereafter fielded questions from Aviation reporters. Exceprts: NAHCO is 35 years old. What has kept the company going? Good and strong corporate governance. The company has maintained strong corporate ethical standards. We are a service provider and whatever impression you create with passengers stays with them and is passed on to others. So, it is imperative you maintain high standard and give customers valued services. NAHCO is one of the few companies that has been successful after privatization and is one of the few publicly quoted companies in aviation industry. What is the relationship with shareholders? We have tried to keep faith with our shareholders. We are a profit oriented company. In 2005, NAHCO Aviance was privatized and subsequently listed on the Nigerian Stock Exchange in 2006. The company is now owned by over 80,000 shareholders, including two international airlines — Air France and Lufthansa; as well as local investors; Sycor Private Investment Limited and Rosehill Group Nigeria Limited. The company’s stock exchange symbol is “Nahco”. We have always placed the interest of our shareholders first and we try to satisfy them. We pay dividends, though the shareholders will always ask for more . We have the confidence of our shareholders. The performance of the company on the stock exchange is okay. Your company has a strong global alliance with Aviance. How has that impacted your business ? NACHO has developed strategic global alliances through its membership of Aviance, the global alliance of 10 reputable airport service providers operating from 112 stations in 17 countries. We

NAHCO MD, Mr Kayode Oluwasegun-Ojo

viation stakeholders have reacted furiously to the Federal government approval of the Steve Oransanye report and the White Paper directing the merger of Nigerian Airspace Management Agency, NAMA, Nigerian Civil Aviation Authority, NCAA, and Nigerian Meteorological Agency, NIMET, into a body called Federal Civil Aviation Authority. Former commandant of Nigeria Airport, Capt. John Ojikutu, is of the opinion that government cannot merge a regulator with agencies it is supposed to regulate. According to Ojikutu “Whoever advised government to merge Nigeria Airspace Management Authority, NAMA, Nigerian Civil Aviation Authority,NCAA, and the

Airports need separate power projects, says NAHCO boss have a cordial relationship with our partners and we have abided by the MoUs we signed with them. The partnership has made us a global player and has helped us compare our performance with our foreign partners and keep international standards. In terms of training and equipment, how much has the company invested in these areas ? We have invested more than $50 million in equipment and training. The benefit of training is what has helped us retain our international clients. In the last three to four years, we have invested more than N500 million on local and international training of our staff. We are a service provider and so, training is key. We provide value and build value through training. When I took over as chief executive of the company, most of the company ’s equipment were more than 20 to 30 years old. In the last three years we have invested heavily in equipment and I am proud to say that our equipment are now less than three years old. What is your share of the ground handling operations market currently ? We currently control 85 per

cent of the ground handling operations in Nigeria. The company currently serves more than 35 airlines at seven airports across Nigeria, with plans to expand operations to other African countries. It handles about 70% of domestic and foreign airlines operating in Nigeria. You had issues with the Nigerian Customs over improper warehouse records. Though the issues have been resolved, what is your relationship with the organization now ? Yes, we, along with SAHCOL, had issues with Nigerian Customs over what they called improper records of goods in our warehouses. The issues have been resolved and agreements were signed. We have abided by these agreements. We have a cordial relation with them. What has been the biggest challenges so far ? Infrastructure problems at most of the airports. Power supply is the biggest challenge. It has increased the cost of operations. We are however hopeful that with privatization of the power sector, things will improve. We are also recommending to the government that there

should be an independent power project strictly for the airports. This will enhance power supply to the airports. Also as a leader in ground handling operations in Nigeria, we are target of attack by our competitors. We are however not aversed to healthy competition.

Nigeria Meteorological Agency, NIMET, must be from another planet. He probably forgot to include FAAN in the appropriation to further take us back to the era of selfregulation.” “Oransanye must have been wrongly briefed by some egg heads. How do you merge operators of the industry with the regulator? This merger completes what Oduah started – bring the industry under the jackboot of the government. Must the government drive the policy, regulate and operate the industry? We must be in a world of our own and out of the earth.” “When we should get the private operators to invest more in the industry or commercialise government operators like FAAN and NAMA as recommended in the privatisation and commercialization Act of 2000, government instead is appropriating the industry to itself alone. Surely, government officials and political office holders can not remove their eyes, mind and souls from the hidden or sleaze funds in these agencies.” Chairman, Air Transport Services Senior Staff Association, ATSSSA Mr Ekanem Ekanem believes that whoever advised government to merge the agencies does not wish the country well, as the merger will take Nigerian aviation sector some decades back. He said NCAA is an autonomous body and cannot merge with service provider like NAMA.

Petroleum Minister needs chartered plane for effective performance —Aviation experts

viation experts have thrown their weight behind the Minister of Petroleum, Mrs Deizani Alison-Madueke saying she needs a chartered aircraft to facilitate her movement considering the nature of the job of her ministry.They further contend that going by regular scheduled flights will slow down the minister ’s movement and consequently make her less efficient. Recall that the House of Representatives has been probing the Petroleum Minister over an allegation that she “ has expended over N10 billion on charter and maintenance of a Challenger 850 aircraft.” However, the Nigerian National Petroleum Corporation,NNPC, has

denied the existence of a chartered aircraft for the exclusive use of the Minister . Speaking exclusively with Vanguard , an aircraft Engineer with the defunct Nigerian Airways and current executive member of Aviation Round Table, Engineer Sheri Kyari said the nature of the Petroleum Minister ‘s job dictates that she has access to a chartered aircraft to facilitate her movement. According to Engr Kyari “ the difficult terrain were oil companies operate needs to be accessed by an aircraft and being a supervising minister over these companies, the minister needs a stand by aircraft for exigent movement. C M Y K

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Vanguard, MONDAY, APRIL 14, 2014 — 33

Agric

CBN releases N19.9bn GESS fund to boost agric T

he Central Bank of Nigeria (CBN) has so far released about N19.9 billion under the Growth Enhancement Scheme (GES)’s Credit Risk Guarantee (CRG) meant to boost agriculture financing in the country. The apex bank, however did not approve any Growth Enhancement Scheme

(GES)’s Credit Risk Guarantee (CRG) in the months of January to March, 2014. The Central Bank in its Development Finance Department (DFD) report for January- March 2014 disclosed that the sum of N134.61million was paid to 61 projects under the Nigeria

Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) in the first quarter of this year. The Nigeria IncentiveBased Risk Sharing System for Agricultural Lending (NIRSAL) is a mechanism designed to provide farmers with affordable financial products, reduce the risk of financial institutions that grant them loans, build

capacities of banks to lend to agriculture, as well as develop an incentive mechanism for Nigerian banks based on their commitment to agricultural financing. The report showed that one Credit Risk Guarantee (CRG) valued N2 billion was issued during the review period. That took the total value to N16.272 billion in respect of 45 CRG cover issued from inception to date. On the other hand, seven Interest Drawback Programme (IDP) claims valued at N57.250 million were processed and paid during the review period under the NIRSAL. That made the total Interest Drawback Program (IDP) claims paid under NIRSAL to N124.769 million in respect of 22 projects. The apex bank’s Development Finance Department report on the Commercial Agriculture Credit Scheme (CACS), revealed that from inception in 2009 to March, 2014 that the sum of N228.093 billion has so far been released to the economy under the Commercial Agriculture Credit Scheme in respect of 299 projects. The CACS was established to finance large ticket projects along the agriculture value chain. The scheme is being administered at a single digit rate of nine per cent to beneficiaries for a period of seven years. State governments, including the FCT can access a maximum of N1 billion each for on lending to farmers’ cooperatives or other areas of agricultural intervention. A breakdown of the amount showed that it comprised N199.831 billion released from

Nigeria‘ll soon be free from wheat importers —ADESINA BY GABRIEL EWEPU

S the federal government intensify its campaign for 20 per cent inclusion of cassava flour in wheat flour, the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina said Nigeria will soon be free from the shackles of wheat flour importers. Adesina made the declaration while commissioning the official headquarters, buses, guest house and website of the Nigeria Cassava Growers Association of Nigeria, NCGA, in Abuja at the weekend. Adesina commended the achievements recorded by the NCGA and congratulated farmers for making Nigeria the world’s largest cassava producing and exporting nation. He said the government was making frantic effort to place Nigeria as number one cassava processing country in the world since it had occupied the position of number one producer of the commodity over time. He assured Nigerians that by 2015, Nigeria will surpass the target of adding 20 million metric tons of food to the national food output set at the time of launching the ATA in 2011. Adesina said: “I want to say that President Goodluck Jonathan is excited with what you farmers are doing because without food there cannot be national security. President Jonathan launching the Agricultural Transformation, ATA, just three years ago and his goal was very simple is to take Nigeria from a food dependent to a food self-sufficient country and also making it a food exporting country.

Nasarawa tasks extension workers, youths on bumper harvest

he Nasarawa state government has urged beneficiaries of the Federal Government’s motorcycles and Knapsack sprayers, to ensure bumper harvest and food sufficiency in the state. Mr Emmanuel Yaji, the state's Commissioner for Trade and Commerce, commended the government’s gesture during the distribution of 22 motorcycles and sprayers to extension workers and youths in Lafia. The largesse was in fulfilment of an earlier agreement reached between the state government and the Federal Ministry of Agriculture. Alhaji Danladi Madaki, the Commissioner for Agriculture and Water Resources, said the agreement was to ensure the transformation of the agriculture sector and to enhance food security in the state. Madaki lauded the government for fulfiling its own part of the bargain, adding that the motorcycles would enable the extension workers to effectively monitor the activities of farmers in the state.

Legend promo 3 kicks off

he 2014 edition of Legend Extra Stout’s Real Deal National Consumer Promotion, officially kicked off this month. The promotion which will last for two months will end in June 2014. Launched in 2012, the first edition of the promo saw hundreds of lucky consumers winning prizes such as TV sets, generators and millions of free Legend Extra Stout drinks, among other prizes. Last year, Legend Extra Stout however stepped up the ante in the annals of consumer promotions in Nigeria by taking 25 lucky consumers to Dubai in the United Arab Emirates on an all-expense paid trip. While in Dubai, they shopped for gift items worth one million naira in value. The lucky consumers were also taken on a special tour where they visited fascinating tourist sites during their stay. C M Y K

34 — Vanguard, MONDAY, APRIL 14, 2014

Tax Matters

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What constitutes ‘Trade’ for Tax purposes: Guidelines for the General Public

Kabir Mashi, FIRS Boss was a one-off and therefore did not constitute ‘trade’. The case was ultimately settled in the Supreme Court. In the ruling the Court laid down two important axioms: •Firstly, that the word ‘trade’ should be interpreted in its widest sense, in accordance with its common everyday meaning; •Secondly, that an isolated one-off transaction can still constitute a “trade”. In line with the ruling of the Supreme Court, the following definition seems to capture the common meaning of the word ‘trade’. Trade is “the business of buying and selling or barter in goods or services”(taken from Black’s Law Dictionary, Eighth Ed.

his article clarifies the FIRS’ position on what constitutes ‘trade’ or business for tax purposes. In accordance with the Companies Income Tax Act (CITA), and the Personal Income Tax Act (PITA), any trade is subject to tax under CITA and PITA, even if that trade is carried out by friendly societies, co-operative societies, charitable and ecclesiastical organizations, or trade unions. . CITA states that “any trade or business for whatever period of time such trade or business may have been carried on” shall be subject to Companies Income Tax (Sec 9(1)(a)). The profits of certain institutions are exempt from tax under CITA, but only in so far as such profits are not derived from ‘trade or business’ (Sec. 19(1) (a, b, c, e)). This means that the profits of any organization that are derived from ‘trade’ shall be subject to Companies Income Tax. This raises the question, what exactly constitutes ‘trade’? A definition of the word ‘trade’ cannot be found in Nigerian tax legislation although an attempt was made in PITA. The interpretation Section of the Fifth Schedule of PITA defines “trade or business” to mean “trade or business or that part of a trade or business the profits of which are assessable under this Act”. However, the issue has been addressed in several legal cases, the rulings of which provide some legal certainty regarding how the courts interpret the word (see Section 2). In line with these rulings, ‘trade’ can be regarded as “the business of buying and selling or bartering goods or services”. Furthermore, the one-off nature of an activity in no way invalidates that activity as constituting trade. This interpretation matches the approach in other jurisdictions, namely the UK and USA (see Section 3). Case Law in Nigeria Although no explicit definition of ‘trade’ exists in the law, the issue has been addressed in several legal cases, the rulings of which provide some legal certainty regarding how the courts interpret the word. The most important case is that of Arbico Ltd v. FBIR, {1996} 2 All NLR 303. The plaintiff in the dispute, Arbico, had acquired a plot of land, erected a building, and sold the property at a profit. The company was subsequently assessed for tax on the proceeds of the sale of property The Company objected to the assessment on the basis that the transaction

A definition of the word ‘trade’ cannot be found in Nigerian tax legislation although an attempt was made in PITA. The interpretation Section of the Fifth Schedule of PITA defines “trade or business” to mean “trade or business or that part of a trade or business the profits of which are assessable under this Act

(2004)). Treatment in Other Tax Jurisdictions

In considering what constitutes ‘trade’ for tax purposes it is useful to consider how the issue is addressed in other jurisdictions. In the UK, as in Nigeria, there is no statutory definition of the word ‘trade’. Her Majesty’s Revenue and Customs (HMRC) relies on case law to formulate a working definition. HMRC states that “Usually, trading involves the provision of goods or services to customers on a commercial basis”. As in Nigerian case law, “Simply because a venture is a one-off or occasional does not mean that it will not be treated as trading for tax purposes”. It is interesting to note that although the HMRC definition employs the notion of ‘commercial basis’, HMRC explicitly states that whether or not the profits of an activity are ultimately used for charitable purposes is not relevant for the determination of whether or not that activity constitutes a trade. In the USA, the Internal Revenue Service (IRS) employs a similar approach to HMRC. IRS regards ‘trade’ as including “any activity carried on for the production of income from selling goods or performing services”. It is interesting to note how IRS treats the trading activities of an organisation that also carries out tax exempt activities. IRS states that “an activity does not lose its identity as a trade or business merely because it is carried on within a larger group of similar activities that may, or may not, be related to the exempt

purposes of the organizations. In other words, a single organisation can undertake both exempt activities and trading activities. This implies that an organisation cannot argue that none of its activities constitute ‘trade’ just because it undertakes some exempt activities. Badges of Trade In 1955 in England, the Royal Commission on the Taxation of Profits and Income in reaction to whether a statutory definition of trade was necessary, said that “each case must be decided to its own circumstance (1955 Cmnd.9474 para.116) and suggested badges of trade” which they considered to be the major relevant considerations that will facilitate in determining whether any profit is a taxable trading profit or not. Badges of trade refer to certain indicators that may be used in determining the factual question as whether an activity is trade or not. Case law has expanded it to 9. The badges of trade are: •Profit seeking motive. An intention to make a profit supports trading, but by itself is not conclusive. •The number of transaction. Systematic and repeated transactions will support ‘trade’. An isolated transaction may also constitute a trade. •Existence of similar trading transactions or interests. Transactions that are similar to those of an existing trade may themselves be trading. •Changes to the asset. Was the asset repaired, modified or improved to make it more easily saleable or saleable at a greater profit? •The way the sale was carried out. Was the asset sold in a way that was typical of trading organizations? Alternatively, did it have to be sold to raise cash for an emergency? •The source of finance. Was money borrowed to buy the asset? Could the funds only be repaid by selling the asset? •Interval of time between purchase and sale. Assets that are the subject of trade will normally, but not always, be sold quickly. Therefore, an intention to resell an asset shortly after purchase will support trading. However, an asset, which is to be held indefinitely, is much less likely to be a subject of trade.

•Method of acquisition. An asset that is acquired by inheritance, or as gift, is less likely to be the subject of trade. These ‘badges’ will not be present in every case and of those that are, some may point one way and some the other. The presence or absence of a particular badge is unlikely, by itself, to provide a conclusive answer to the question of whether or not there is a trade. The weight to be attached to each badge will depend on the precise circumstances. FIRS Position A definition of the word ‘trade’ cannot be found in Nigerian tax law. However, the issue has been addressed in several legal cases, the rulings of which provide some legal certainty regarding how the courts interpret the word. In line with these rulings, ‘trade’ can be regarded as “the business of buying and selling or bartering goods or services”. Where one or more of the criteria on the badges of trade apply, FIRS will treat such transaction as trade. Furthermore, the one-off nature of an activity in no way invalidates that activity as constituting a trade. This interpretation matches the approach in other jurisdictions, namely the UK and USA. The following decided cases are relevant in this regard: i In the case of Marlin Vs Lowry (1955)3 All ER 48; 11 TC 297), a person without previous knowledge of linen trade bought a surplus stock of aeroplane linen from government which he sold to the public in small lots. He engaged employees for the re-packaging and embarked on sales” promotion through extensive adverts and campaigns. It was held that he was trading. ii In Murray Vs I.R. Comrs (1951, 32 TC 238), where a timber merchant who bought standing timbers in two plantations and could not cut them due to labour cost, sold the rights to cut the

timbers to meet his indebtedness. He was

assessed to tax on the profit from the transaction. He contended that the sale was a capital transaction since it was not in the normal course of his business but it was held that the transaction was part of his normal trading as a timber merchant.

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E- Commerce

Samsung launches app that connects smart phones, TV, tablets, others S

TARTING in South Ko rea and the U.S. but soon rolling out globally, consumers will be able to connect and control appliances, TVs,

smartphones, and tablets with little more than an app. Samsung first demonstrated the system and its possibilities at the Consumer Electronics

Show in January, and while it has taken the company only three months to go from showcase to showroom, the future of the connected home isn’t here just yet.

VISIT: Mr. Hassan Bello, Executive Secretary, Nigerian Shippers’ Council, NSC (middle), flanked by Bamishebi Thompson, Authority Manager, Integrated Logistics Services, Intels (r) and Ishaku Shekarau, during Intels’ courtesy visit to NSC in Lagos.

Raphael Afaedor launches supermartng.com

afael Afaedo who left Jumia.com, Nigeria’s online retailer that he co-founded recently has launched an online grocery store, supermartng.com. Supermart is a three hour online grocery delivery service that allows customers shop for groceries from leading supermarkets in Lagos. Afaedor teamed up with Gbolahan Fagbure, Jumia’s former Chief Operating Officer to build the online grocery store which will allow customers to buy items from various supermarkets all from the supermart website, thereby saving them time and money. Raphael said he was motivated by, “knowing that customers typically go to multiple supermarkets to complete their grocery shopping.” He said, “The Supermart allows customers easily add items from the multiple stores into one basket and pay once. For the first time in Nigeria, customers will be able to select when their order is delivered to their homes or

offices, which can be in as early as three hours.” Supermart, he explained, aims to use customer service by using personal shoppers to individually pick customer orders, select them carefully and then have it delivered by the firm’s delivery drivers. “We have worked very hard to build a service we believe

will add a great deal of convenience to the lives of people who prefer not to spend hours driving between various supermarkets, looking for parking spacs at busy supermarkets and waiting on queues to pay for their shopping,” co-founder, Gbolahan added.

Although downloading and setting up the Android smartphone app will give consumers control over a host of devices, said devices need to be compatible; the app won’t start magically controlling the refrigerator that’s been standing in the kitchen for the past five years. However, if you’re prepared to upgrade to the latest Samsung double-door smart fridge (the T9000), then you’ll be able to operate it while at work, shut it down remotely while on holiday, and adjust its temperature. Likewise, if your washing machine is the latest Samsung model, then you’ll be able to programme wash and spin cycles to coincide with arriving home from the office. Samsung says all of its 2014 model smart TVs will also work with the app and that before the end of the year, functionality will extend to cover its new range of smart lightbulbs and its upcoming smart oven, too. “We are excited that the launch of Samsung Smart Home makes the connected home a reality today and allows our customers to live a smarter life,” said Dr. Won-Pyo Hong, president and head of the Media Solutions Center at Samsung Electronics. “Samsung Smart Home lets people live better, worry less, and be smarter with their devices and appliances. We also have grand plans to enhance more and more parts of the home experience, especially with a view of expanding it to areas with high-growth potential such as home safety and energy management.” However, that’s for the future. The development of the connected home and its supporting technologies is still at a very early stage, yet, consumers appear to be excited about the prospect of the Internet of Things and about homes filled with smarter appliances.

Microsoft, University of Nairobi release survey on cloud computing

niversity of Nairobi, and Microsoft technology, has released a baseline survey on cloud computing and its impact in Kenya.The project was to make stakeholders in Kenya understand the status of cloud computing and its supporting technologies with the intention of learning more about the future of the technology in Kenya. According to the report, there is relatively low awareness of cloud computing policy framework in Kenya by respondents and that government would also need to fast-track the enactment of key policies addressing cyber security, data protection and privacy in order to increase confidence in the adoption of cloud services in the country. Kunle Awosika, Microsoft's Country Manager in Kenya noted that an increasing number of companies and government organizations are turning to cloud services to increase the productivity of their workforce. “We are seeing widespread adoption of cloud-based email services and productivity tools like Office 365, which enables “always-on” access to emails and files from virtually anywhere. Businesses are also running CRM, HR, accounting and custom enterprise applications in the cloud. Cloud computing can benefit governments in three areas: increasing national competitiveness, enhancing citizen services and driving down costs,” he said.

Website security flaw spurring calls for password change

Tobeit plans ‘Hackcess’ to combat IT R security threats T obeit Consulting, an information technology firm said it plans to organize a technology conference and exhibition in Lagos that will focus on combating IT security challenges in Nigeria. The event, tagged ‘Hackcess festival’ is aimed at bringing together ICT experts from the West African region to come and discuss issues and challenges around IT security. According to Tobechi Ndubuaku, Chief Operating Officer of Tobeit, “Hackcess was born out of a desire to help educate corporate organizations, both large and

medium scale companies and the public on some of those burning technology areas that are most times rarely discussed.” He explained that, “The Hackcess festival will discuss the ‘Hacking idea’ in such a way that has not been discussed in this part of the world before. The conferences at this festival will play hosts to some of the world’s most reputable ICT companies who have invested a lot in IT security solutions and are spending a lot of resources on research and development to curb most of the IT challenges

most organizations are currently undergoing. The two day event will create a platform for ICT technocrats from the financial services, oil & gas, telecommunications and SME sector to share their experiences and chart a better path of securing information and the growing amount of data generated via modern transactions. The challenges that affect both public and private cloud have been highlighted as some of the key issues to be discussed.

esearchers have pushed out a fix for a security flaw that affects as many as two-thirds of all internet servers and could let hackers intercept encrypted traffic including e-mail messages, banking information, usernames and passwords. The flaw and the fix, which researchers disclosed last week, involve a two-year-old programming mistake in OpenSSL. OpenSSL is opensource software that is widely used by internet companies to secure traffic flowing between servers and users’ computers. SSL refers to an encryption protocol known as Secure Sockets Layer and its use is indicated by a closed padlock appearing on browsers next to a website’s address. C M Y K

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Commodity index

Finance InternationalMicro Business News

NASME faults importation of locally available machines Stories by PROVIDENCE OBUH

he Nigerian Association of Small and Medium Enterprises, NASME, has called on its members not to p a t r o n i s e importedindustrial machines that are locally available. The association made the call during an industrial tour of Federal Institute of Industrial R e s e a r c h Oshodi, FIIRO. NASME Lagos State Chairman, Ladi JemiAlade, noted that SMEs are spending fortunes importing machines that are locally available in the country. He stressed that , “Economies grow faster with the use of locally fabricated industrial machines. “We are here to see machines which instead of buying from China, our members can buy from FIIRO. Most of the equipments imported

to Nigeria can be fabricated locally.” He noted that uses of locally fabricated machines would reduce the rate of unemployment in the country. “If you buy equipment from China, when the equipment has fault, you go back to China to bring experts to repair it, therefore creating jobs in China, but if you do it locally when it is bad you get someone from here to fix

it, you will engage our unemployed youths and save cost,” Alade added. FIIRO DG, Dr. Gloria Elemo in her response said most of the technologies at the institute are targeted at the SME sector of the country. Represented by a Director, Dr. Patrick Irabor, Elemo expressed the Institute’s readiness to partner with SME operators to boost the nation’s growth.

L-R: Regional Sales Manager, Lagos, Mr. Olusegun Adekeye; Mr. Adeola Isaac, N500,000 winner in the on-going Nutricima Mega Cash Promo and Area Sales Manager, Lagos North, Nutricima Ltd. Mr Ohu Abidoye during the second prize presentation at Ikorodu

Lubcon chair hinges economic devt on entrepreneurship

he significance of entrepreneurship and enterprise creation in economic growth and development cannot be over emphasised, said Janni Ibrahim, Chairman, Lubcon International. He said that the developed nations of the world did not only apply the entrepreneurship theories but followed them religiously to accomplish the status of development and industrialization that have made them the envy of the world. Ibrahim, who is also the President of the Alumni Association of the Nigerian Institute for Policy and Strategic Studies (NIPSS), said these at the occasion of th 12 Conferment of Fellowship award ceremony of the Institute of Chartered Accountants of Nigeria ICAN. According to him, “The conscious introduction of entrepreneurship education into the curriculum of our

educational system, as most of our children spend more time in school, should be widely supported. All facets of our lives are touched by entrepreneurship activities, hence we cannot ignore the significance of this all important factor if we must develop as a nation. “In as much as we all cannot be entrepreneurs in the true sense of it, we all can however be enterprising and innovative to affect positively our various jobs and services, be it public or private.

he wealth of the world is gradually drifting into the hands of emerging countries, although the USA is still the largest in terms of GDP, China and India put together have caught up with the USA with their show of consistent growth over the decade. While the USA and the other developed nations are

facing serious slow growth, the emergence of these newly industrialized nations is also to the credit of enterprise creation. Meanwhile, ICAN conferred fellowship award to about 491 of it members constituting 20 percent or 7,489 of its membership strengthen of 38, 104, where it called for integrity and transparency. Mohammed explained that the promotion became necessary as a result of the institute effort to meet globalisation processes taking place in the business environment. He said, “The use of a common accounting and financial reporting language applied consistently will facilitate investment and other economic activities across borders at a time when globalisation of businesses and finance has inevitably called for a common set of high quality global accounting standards.”

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Advertising, Media & Marketing

Theatric performance that delivered Legend activation STORIES BY PRINCEWILL EKWUJURU

Customers as Captives (1)

Femi kuti and his band performing at the Legend Realvolution Activation at Eko Atlantic Hall. Activation Agency, Led by Felix Eiremiokhae. At the Legend Activation’ night, beginning from the gate of the prestigious Eko Atlantic hall , which housed over 1,200 loyal consumers of the brand, the Activation’ smirks of the trappings of a class experience. With the presence of the gorgeously dressed ushers that welcomed guests with a smile, and the gentle approach of the security personnel stationed at strategic positions at the centre, gives a conclusion of the kind of Activation that the Agency has planned for the unveiling of the latest Gold neck Stout in the market. The chronological display and flick by the dancers, the

Unilever’s Knorr fetes cooks

he Knorr seasoning brand from the stable of Unilever Nigeria Plc has started giving out cash and product rewards to viewers of the Knorr Taste Quest cooking competition. The competition which is organised to search for Nigeria’s best in cooking also decided to reward viewers who watch the show on television with cash and prizes to the tune of N10,000. To participate, at the end of each episode, viewers at home were to watch out for one simple question from the previous episode, and send the correct answer to the short code given on the screen. The first 20 correct answers become winners for that week. Hundreds of winners have emerged nationwide, as the program is showing on major stations across Nigeria The Champion of the competition will win N2 million cash prize, a Ford Eco Sport SUV courtesy of Coscharis Motors, and Kenwood kitchen equipment. The second place winner will

get, N1 million cash prize and Kenwood kitchen equipment and the third place winner will get N500,000 cash prize and Kenwood kitchen equipment.

historical perspective of the evolution of the Legend brand depicts the reason the Activation’ team threw in all takings to see that the brand delivers on schedule. The drama, ‘Bodi No be firewood’ depicts of a typical example of the brand’s strength to conquer adversities in life and the concomitant protection that can come from a reliable ally, the unity it brings when friends gather to celebrate an occasion, the sound effect of the movie connects the brand to the consumer, all these put to gather is an attempt to create a route for the brand to explore the market. When Femi Kuti came on stage, he did not disappoint. He provided that legendary display on stage dishing out his popular tunes. He was energetic on stage, fully using the space as he sang. Speaking on creating right Activation’ to suit a particular event, Henry Bamidele, CEO of Expression Impact said, “I witnessed the activation created by Oracle Experience for Nigerian Breweries distributors’ award.

CAP names ‘TEAL’Dulux colour for 2014

hemical and Allied Products (CAP) Plc, a subsidiary of UACN Plc and the technological licensee of AkzoNobel – manufacturers of Dulux brand of paint in Nigeria has named ‘TEAL’ 2014 Dulux colour of the year. ‘TEAL’ which is a deep blue-green colour; a dark cyan colour was unveiled as the 2014 Dulux colour of the year at an event witnessed by the company ’s various stakeholders groups including top echelon of the UACN group, Trade Partners, customers and the Media. CAP also used the occasion to introduce the new packaging design (New

Livery) for Dulux premium brand of paint. The new attractive packaging design is available for the different variants of Dulux paint; Gloss, Weathershield and Emulsion. Speaking at the event, Group Managing Director, UAC of Nigeria Plc, Mr. Larry Ettah, disclosed that the theme of the 2014 Dulux Colour of the Year, ‘Unlocking Potential’ is an interesting one that resonates with the times. ‘’We live in a time of great change. By taking a look at what we have, we can unlock the potentials that surround us and by so doing, our destinies,” he said.

.T. Briscoe (Nigeria) Plc is one of Nigeria’s foremost distributors of Toyota cars, among other things. It also offers after-sales support at its service centres strategically located in major cities. The company has been doing business in Nigeria for nearly 60 years. And it appears to have distinguished itself in the various sectors of the economy it has ventured into. So when the air-conditioning system of my Toyota car began to malfunction, it was a no-brainer for me to take the car to R.T. Briscoe. Interestingly, the two customer service representatives I met at the company asked me to deposit N15,000 before anybody could look at the car. I found that strange. I thought the company was supposed to diagnose the problem with the car first, and give me an estimate for the repairs for approval. At least, that was what I was used to, but I was a first-timer there. I sought the rationale for the deposit and I was told it was “management policy.” I sought to know what would happen to my deposit if I decided not to fix the car. I was told the deposit was refundable. But I smelt a rat. I know how difficult it is to get a refund from a Nigerian company. Moreover, I didn’t see the sense in taking a deposit in the first place if it would be refunded in full to a customer that decides not to go ahead with the repairs. While I was still trying to challenge I sought the that method of doing business, a customer rationale for the service rep pointed out deposit and I that technicians were was told it was paid on hourly basis. That “Freudian slip” “management settled the matter for policy.” I me. Was it possible that part of the deposit sought to know would be converted to what would a “diagnosis fee” (for happen to my the technician’s wages) if I decided not to fix deposit if I the car? decided not to I didn’t wait to find out. I left in a huff and fix the car. I R.T. Briscoe lost me was told the before I could become deposit was a customer! I drove to Metropolitan Motors in refundable. But Ikeja. Thankfully, the I smelt a rat approach was refreshingly different. There was no talk of deposit. Instead, the company quickly diagnosed the fault with my car and gave me an official estimate of almost N26,000 for approval. I approved willingly. At least, I knew beforehand what I was letting myself into. Work commenced immediately, still with no talk of deposit. In fact, while the repairs were on, I dashed to a nearby ATM to get cash for the bill. After the car was fixed, the final bill was N1,000 less than the estimate. Again, I was happy with the approach at Metropolitan. But that was not all. One week later, someone phoned from the company to find out how the car was doing and whether I was satisfied with the work done. You can guess my response. If you were in my shoes, which of the two companies I encountered would you rather do business with? Let’s get to the point of this story. Why do some companies make customers part with money even before they know exactly what they are paying for? Is it that such companies are afraid of losing out completely if customers change their mind? Or do they believe that the best way to do business is to treat customers like captives? If that is so, then such companies have very weak value propositions indeed. Those organisations that try to hold customers captive lose in the long run.

t takes a plethora of marketing activities for a brand to get to the market, some of these activities consumers are not privy to. These actions are privileged by few who witness the razzmatazz and glamour that follow the arrival of a new or repackaged brand to the market. Despite this, consumers do not understand the word 'Activation’, and what it stands for, yet, brands follow this route to the market. The major reason for brand activation according to experts is to chart a new course for a brand in the market. Through activation brands extend their power of communication, build visibility and memorability, also reinforce key associations. Other things, it does, is to unlock the latent potential of sports and entertainment brand (s). Like Paul Morel, Peter Preister and Andres Nystrom put it, “brand a ctivation is not a theory, but a natural step in the evolution of brands.” A good example, is the recent Activation’ of Legend Stout from the stable of Nigerian Breweries Plc, and the NESCAFE Flight Mug by Nestle Nigeria Plc, both of the creative ingenuity of Oracle Experience, an

TO BE CONTINUED

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Email:lesleba@lesleba.com, lesleba@gmail.com Blog page:www.lesleba.com/blog2 Website: www.lesleba.com Tel:0805 220 1997

The hype of GDP revaluation and matters arising I

n the aftermath of the announcement that Nigeria’s current Gross Domestic Product (GDP) had risen to $510bn, the question on the street was simply, that of, whether or not food will become readily available on the table for the common man, and whether or not the teeming millions of Nigerian youths who are currently unemployed will quickly be provided with jobs. In the short term, the higher revalued gross estimate of all locally produced goods and services will remain meaningless to the microeconomy, as the higher revaluation from a modest value of about $264bn would literally not change anything. The wages of the man on the street will not also increase, neither will the purchasing value of his paltry minimum wage of N18,000/month; furthermore, quality education and healthcare facilities will remain inaccessible to the masses, in spite of a much higher GDP. On the long run, however, if the right enabling political and economic environment also exist, foreign direct investments will flow into the real sector, and this would ultimately induce a positive trickle down impact on micro enterprises as well as the man on the street, and more jobs will be created, with the collateral of increasing consumer demand, which will in turn, propel additional economic growth. In the rest of this article, we will assess some of the other salient questions that have been

asked by concerned Nigerians on our newly acquired status as the 28th-largest economy in the world, with output that is, wayahead of economies such as Denmark, Austria and Singapore, which are notwithstanding, currently preferred destinations than home, for our frustrated and economically disenfranchised countrymen. Let us first respond to the question of what rebasing actually means. The word rebasing conveys a similar meaning to the simple accounting process of revaluation. The figure of $264bn was the estimated value of all goods and services produced within the territory called Nigeria by 1994. However, 24 years thereafter, a new estimate of total current output of goods and services has now been found to be above $500bn. The rise in total output of goods and services is apparently attributable to the identification of significant growth in sectors such as telecom, aviation, entertainment (particularly Nollywood), which hitherto accounted for modest or nil values in 1994. In addition to defining the structure and the sectoral potentials in each economy for the purpose of properly guiding development, the size of a country’s annual GDP also serves as a measure of comparison with the relative size of the gross output of other nations. In the new GDP estimate, commercial services subsector now contributes over 50% of total output, while industrial and agricultural outputs have

similarly increased. Consequently, in view of the significant relative growth in these sectors, it would be misleading to continue to see the size of Nigeria’s economy from the prism of the much lower estimates of 24 years ago. Indeed, in practice, GDP estimates are generally reviewed around every five years, so that government plans will be predicated on more current and accurate estimates of the performance of each economic sector. Some analysts may however, observe that in the event that average annual growth rates of 5% were officially reported between 1994 and 2014, the rebased GDP figure should be in excess of 120% of the 1994 figure of $264bn! Another frequently asked question is whether or not the higher GDP will attract more foreign direct investment to Nigeria. Indeed, increasing foreign direct investment in the real sector will certainly contribute to expanding the GDP of the host country. This is without prejudice, of course, to the fact that domestic investors could similarly grow output if they had access to cheaper funds and appropriate government support as their foreign counterparts. So, in reality, buoyant output figures may actually attract foreign investors, nonetheless, such investments may not necessarily go into the real sector, if the economy is also bedeviled by challenges such as a tortuous process of land

those Nigerians, who have the notion of competition between South Africa and Nigeria bragging rights, which may induce a psychological ‘feelgood’ sensation. Nevertheless, such ephemeral rights do not make the average Nigerian to be better off than his South African counterpart, as the revalued average annual personal income of the Nigerian worker is now about $2,700, compared to South Africa’s average personal income of almost $7,000. Besides, the quality of education, as well as the facilities for health and availability of other social welfare infrastructure, including power, remain much more readily available in South Africa than in Nigeria. Furthermore, foreign investors have previously perceived South Africa’s economy as the largest in Africa; this perception as well as the presence of other factors such as security and advanced infrastructure, may still make South Africa the first port of call for foreign investors. Nonetheless, this preference would radically change in favour of Nigeria, if we are able to put in place, political structures that would engender peace and harmony, with a transparent and accountable public service that is committed to growing our economy, with monetary and fiscal strategies that do not widen class inequity and further deepen poverty.

acquisition, extended process of company registration, grant of expatriate quotas and multiple taxes, as well as the additional challenge of insecurity, where threats of kidnapping of expatriate staff also exist. Furthermore, in spite of a buoyant GDP, popular perception of a corrupt public service would also create major obstacles to the attraction of foreign direct investment into our country. In such event, despite the increased GDP, foreign investors may decide to simply stay away or at best decide on the less risky investment of lending money to Nigeria’s government at interest rates which will be considered to be highly excessive and oppressive, for what is actually a risk-free sovereign debt, which should normally attract less than 2% interest in successful economies elsewhere. Thus, it may be possible for a foreign investor to borrow from those international banks, which hold Nigeria’s foreign reserves with little or no yield and for this same investor to, thereafter, simply turn around to lend the same funds to the Nigeria government at over 12% interest! Another question that has also been asked, is whether or not the average Nigerian is now better off than his South African counterpart, and if investors will now find Nigeria as a better investment destination than South Africa. Nigeria’s reviewed GDP at $510bn is literally larger than South Africa’s current GDP of $370.3bn, and this may give

SAVE THE NAIRA, SAVE NIGERIANS!!

Business & Economy

Nestle grows seasoning market profile

he seasoning market profile penultimate week grew with Nestle Nigeria Plc formally introducing the Chicken variant of its Maggi range. The Maggi Chicken brand is an extension of the Maggi family which according to the company

was reformulated to meet the demand of its consumers. The Chicken brand which formally hit the market was witnessed by a cross section of consumers, distributors and prospective, who scrambled for the distributorship of the brand at the unveiling ceremony in Lagos.

Speaking, Guy Kellaway, Category Business Managerculinary, said the brand continuously and consciously aims to bringing the best products for consumers. His words, “with the new magi chicken cube added to our seasoning range, we aim to deliver the best chicken

Maltina Shares Happiness in Lagos

n line with its tradition of putting smiles and happiness on the faces of Nigerians, Maltina - the premium non-alcoholic malt brand from the stable of Nigerian Breweries Plc - has rolled out strategic plans to reward consumers and Nigerians with freebies during the Lagos Carnival and Black Heritage week. Senior Brand Manager Maltina, Adewole Adedeji, who revealed this, said most Nigerians are aware of the fact that the brand is all about sharing happiness.”The Maltina story has always been the story of sharing, friendship, togetherness and a good time with loved ones. We always explore avenues that bring people together in

an atmosphere of friendship. And what better way to bring people together than by providing them with what makes life enjoyable. That is the brand promise we stand upon, that is why we want to make this Easter celebration memorable for our consumers and Nigerians generally.” The carnival themed ‘Lasgidi’ comes up on Monday April 21st, while the heritage week is a weeklong event scheduled to hold from the 14th of April to the 21st with various activities designed to promote the cultural and unique heritage of Lagos State.

seasoning in the market, delighting our consumers, rewarding our retail partners, whilst maintaining the highest levels of quality that Maggi is known for.” Earlier, the Managing

Director of the company , Mr. Dharnesh Gordhon, had said that the launch of the new Maggi chicken cube will bring a renewed excitement to the category, to our retailers and for all consumers.

Omoh Gabriel Babajide Komolafe Clara Nwachukwu Peter Egwuatu Yinka Kolawole Favour Nnabugwu Godwin Oritse Godfrey Bivbere Michael Eboh Franklin Alli Ebele Orakpo Ifeyinwa Obi Rosemary Onuoha

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Nigeria pays Ghana N1.6bn for shortfall in gas supply G

HANA HAS received a compensation of $10 million, about N1.6 billion, from Nigeria over the failure of the latter to meet supply of gas agreement between the two countries. The agreement required Nigeria to supply Ghana with 123 Million Metric British Thermal Units (MMBtu) per day. However, Nigeria has failed to meet that target, supplying 30 MMBtu/d and less sometimes. The Director of Planning and Business Development of the Volta River Authority (VRA), Kofi Ellis, told TV3’s Sandra Amarquaye on Friday, April 11 that Ghana has been paid some damages by Nigeria over the short-

fall as stipulated in the contract. “The contract already stipulates some liquidated damages for reduction in supply,” Mr. Ellis told our reporter. “I know that already we have been paid some damages for the reduction in supply.” A recent visit of the Minister of Energy and Petroleum, Emmanuel Armah-Kofi Buah, to Nigeria culminated in West Africa’s biggest gas-supply nation promising to supply a constant 50 MMBtu/ d. Mr. Ellis commended that intervention by government, admitting that inasmuch as Nigeria would want to help Ghana, they are also facing challenges.

“I guess the Nigerians also share in our problems. They understand. The unfortunate thing is that this is a commodity that both countries need for themselves. So it is a matter of trying

to see how best you can help your neighbor.” He said the contract signed “many years ago” will not be abrogated though one party is facing challenges in meeting the

Tank farm owners back Diezani

ETTY AND Petroleum Tank Farm Owners of Nigeria (JEPTFON) has described as “malicious and deliberate” the media attacks on the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, by some people who rake up imaginary allegations of wrong doing against

her. According to the Association, in a statement by Tolu Babaleye, Publicity Secretary, the Minister has sought to reduce corruption and enthrone transparency in the industry by continuously pushing for the introduction of the removal of government subsidies on fuel prices. “The Minister supported the discontinuation of the subsidy on the grounds that it poses a huge financial burden on the government, disproportionately benefits the wealthy, encourages inefficiency, corruption and diversion of scarce public resources away from investment in critical infrastructure,” JEPTFON said. JEPFTON also stated that as key players in the sector, “We are well placed to commend the Minister for the landmark changes she has made in the Ministry and in the oil and gas sector.” The Association declared its support for the “innovative and effective leadership that the Minister has brought to bear in the sector.” Continuing, it said, “The achievements, such as local content growth, indigenous companies participating at par with international players, among others, championed by the minister, are lost in the noise. “All the gains made in gas-to-power and the attempts by the minister, to reposition the industry with the PIB are lost in the cacophony of misplaced headlines of jet chartering. “We therefore warn individuals who never find anything good in the Minister by always bringing up all conceivable allegations against her that their unfounded attacks would further damage Nigeria’s perception in the international scene.”

terms. The recent below-expectation supply of gas from Nigeria has been cited as one of the causes of challenges in the energy sector.

Nigeria's under-going spiritual warfare —Nebo BY BEN AGANDE

BUJA — Minister of Power, Prof. Chinedu Nebo, yesterday said Nigeria was undergoing a spiritual warfare but assured that the country would triumph at the end. In a sermon, titled “Jehovah, the omnipotent is our refuge and strength” which he delivered at Aso Villa chapel during a special thanksgiving on the wedding of President Goodluck Jonathan’s foster daughter, Faith, and her husband, Godswill, Nebo said despite the challenges plaguing the country, it was on the threshold of a new dawn. He said: “We are in spiritual warfare and many do not realise this. Our military will continue to do their work and God will help them, intelligent agencies will continue to do their work and God will help them."

2014 Budget: APC's silenced critics BY EMMAN OVUAKPORIE

BUJA — DEPUTY Chairman, House of Representatives Committee on Sports, Mrs Ayo Omidiran, weekend, said the passage of the 2014 budget with the active support of All Progressives Congress, APC, members has finally silenced critics of the party. Omidiran, who represents Ayedaade/Irewole/ Isokan Federal Constituency of Osun State in the House, debunked allegations that her party instructed its members in the National Assembly to unnecessarily delay the passage of the budget. She made the clarification while fielding questions from the House Press Corps when she appeared at the forum’s “Hot Seat” on Friday.

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HE Lamido of Adamawa, Dr. Muhammadu Barkindo Mustapha, is turning out to be quite an outstanding delegate to the ongoing National Conference. I can imagine, by now, his colleagues will stop their sidetalks, whisperings and murmurings whenever the royal turban is given the microphone to speak. In the two recorded episodes, when he addressed issues arising in the gathering, he has managed to ruffle feathers, raised hackles and stoked ethnoreligious temperatures, including hurling an outright direct personal insult at a colleague, Chief Ayo Adebanjo, whom he accused of “ranting”. It beats me that the Chairman of the Conference, Justice Legbo Kutigi, did not caution or ask him to apologise to Adebanjo. I shudder at a situation where the situation were turned the other way round and Adebanjo calls the emir ’s obvious

Lamido’s Abuja gaffe in politically charged forums like the National Conference. In the past, what you saw was a few hotheads taking up the microphone to breathe ethnoreligious fire and brimstone, with some of their colleagues pretending to prevail on them to behave themselves. Meanwhile, it was a well-orchestrated strategy to cow the delegates from other parts. This happened during the

It is the Igbos, who have sunk billions of dollars into housing and estate development in Abuja that will become Lamido’s overnight contrived tenants! They own majority of the landed property in Abuja outside governmental holdings. It will never happen! abandoned property will never happen again in Nigeria!! Igbos will never build again for others to steal

incendiary contributions a “rant”. It would probably get Hausa/ Fulanis and Yorubas stabbing at each other all over the streets of Northern and Western Nigeria, heavens forbid. This highly ranked royal father seems fully dressed for battle. That is highly uncharacteristic and unbecoming. Right from our preindependence conferences, royalty and traditional authorities have always formed part and parcel of delegates to our conferences. They have to be there because they form an important part of our indigenous civic culture. Traditional and political establishment lords, especially those from the North, have always tended to carry themselves with dignity and nobility in the public,

Constitutional Conference called by General Sani Abacha in 1994/ 1995. People like Engineer Buba Galadima exuded smoke and granted explosive media interviews to press home their northern and Abacha agendas against the counter-surge of NADECO’s June 12 agitations. In fact, at a point, when I hinted his colleague, retired Col. Isa Kachako, a delegate from Kano that I was going to seek Galadima’s views on the quarrel between delegates Chief Chukwuemeka Odumegwu Ojukwu and Prof. Jibril Aminu at a plenary session (which led to the rumour that Ojukwu slapped Aminu), Kachako pleaded with me: “Please, don’t interview Buba

BY JOHN AINOFENOKHAI

IRST it was the World Bank Country Director, MarieFrancoise Marie-Nelly who claimed that 100 Million Nigerians were living in destitution. Then the Bank President, Dr. Jim Yong Kim while speaking at the Council on Foreign Relations (CFR) in Washington early this month, rated Nigeria among the world’s extremely poor countries. Dr. Kim’s grouping of Nigeria in the same poverty bracket with the likes of India, China, Bangladesh, DR Congo, Indonesia, Pakistan, Tanzania, Ethiopia and Kenya, was hotly disputed by Nigeria’s Finance Minister, Dr. Ngozi Okonjo-Iweala. This is in spite of the fact that the country stands to benefit from the Bank’s policy aimed at ameliorating the economic hardship in those middleincome countries -- including a $100 billion increase in lending. For a country that has worked hard in the past few years to reposition its economic growth indices -- and making appreciable success of it –the World Bank’s exaggeration of the nation’s poverty level was rankling. It rankled mainly because of the premise on which the classification was done-- premises that are grossly inaccurate and easily disprovable. Since 1990 when the nations Gross Domestic product (GDP) was last recalculated, strides have been made in various sectors of the economy, so much that relying on the previous benchmark was like constructing policies with obsolete statistics. In recent years, especially since the coming of President Goodluck Jonathan, a new drive has been given to expanding the economy and reducing the level of poverty in the country. Never before had the drive- to reposition the country economically, restore the productive sectors and pull the majority of the population out of deep poverty- been given the impetus it has received in the past four years. The administration’s efforts at reforming the agricultural

Galadima. He is too mad!” The Lamido, Barkindo Mustapha, indeed, goofed when he said as follows: ““Mr. Chairman, I have observed that some people have started jumping the gun by commenting on issues like resource control, resource ownership, etc. In this case, let me also jump the gun to say that states which don’t have oil should allow the states which have oil to take a 100 per cent oil revenue and states which don’t have oil should take land resource. That means ownership of land should revert to those states and anybody who wants to use the land or the structures in the land must pay rents to those states or the traditional owners of the land, for example, the FCT.” The most disagreeable part of this statement is the reference to land in the FCT. Constitutional abomination: In the first place, it is a constitutional abomination for anyone to claim “traditional ownership” of the FCT. The Territory belongs to the Federal Government of Nigeria, which is exercising the sovereignty of the people of Nigeria over the Territory on their behalf, in line with Part 1 Chapter VIII Section 298 of the Constitution of the Federal Republic of Nigeria 1999. It may be in the North Central geopolitical zone, but it is home for all Nigerians equally, and the centre of the nation’s unity. Every Nigerian lays equal claim to the FCT and no Nigerian group can grandstand over the “traditional ownership” of the FCT to the point of regarding it as part of their land resources to “control” and extract rent from other Nigerians. Dr. Nnamdi Azikiwe, father of

N i g e r i a ’ s independence and f o r e m o s t nationalist, was the first leader to call for the movement of the capital of Nigeria away from congested Lagos to “a virgin land and an area in the centre of Nigeria”. When General M u r t a l a Mohammed, as Head of State, set up the Justice Akinola Aguda Panel to explore the possibility of moving the capital. The panel merely followed Zik’s prompting and settled for Suleija (which is now renamed Abuja), which measures approximately 8,000 square kilometres. Even if the conference decides on 100% resource control on natural resources to include oil and land, the FCT will be completely off-limits to any kingdom, state, or region as the case may be for the purpose of rent. Certainly, I do not see how the Lamido’s Yola Emirate will be able to collect rent in Abuja!

Geopolitical reality All these ethnic and regional jingoists and “gun jumpers” often lose their sense of proportion and geopolitical reality in their delusional rush to make spurious claims on the National Cake. Only the federal government will continue to decide on behalf of all Nigerians how land and other resources of the Territory will be exploited and administered in the interest of all. When the Lamido made his outburst, he obviously meant to get back at agitators for resource control from the Niger Delta. Even though they often hyperbolically call for 100% resource control of the oil and gas resources both on land and in the nation’s territorial waters, I am quite confident that they will be mollified if the sharing formula in the 1963 constitution is restored. That is equitable, since it was used when the North and West were economic giants through agriculture. But when oil

started booming and spewing billions of dollars from the territorial grounds of the former Eastern Region, the defeat of the Igbos in the Biafra-Nigeria war became an opportunity for the rest of Nigeria led by the North to overturn the sharing formula, on the ground that the oil wealth needed to be used for “even development” of Nigeria. Where is the even development? Never Again: But if Lamido’s angry reaction to this agitation is upheld, the singular group that will be devastated and turned into foreigners in their land will not be the Ijaws of the Niger Delta. It will be the Igbos. The Ijaws are few everywhere, don’t mind their paper 10 million population. They don’t really want to travel beyond Port Harcourt or Warri. Outside these cities and, perhaps Lagos, they prefer to travel abroad. Their presence in Abuja is because Jonathan is sitting in Aso Villa as Nigeria’s president. The Niger Delta people from the South-South will lose virtually nothing if Abuja becomes part of Lamido’s estate for rent collection. It is the Igbos, who have sunk billions of dollars into housing and estate development in Abuja that will become Lamido’s overnight contrived tenants! They own majority of the landed property in Abuja outside governmental holdings. It will never happen! Abandoned property will never happen again in Nigeria!! Igbos will never build again for others to steal. The Port Harcourt episode is the last, and only because of the peculiar circumstances of the civil war. Those daydreaming that time will come when other enterprising Nigerians will build mansions and commercial estates on prime federal territory and then run away will expire while waiting for their heart’s evil desires to come to pass. Let the delegates save their energy from such foolish and untenable agitations and focus on the mission for which President Goodluck Jonathan assembled them in Abuja: creating a new Nigeria that will become one of the greatest and most prosperous nations in the second century of our advent as a nation.

OPINION Rebased GDP, World bank and Nigeria's realities sector has vastly increased production and created many job opportunities, especially for the poor. Also, a sizeable percentage of the Subsidy Reinvestment Programme (SUREP) is allocated exclusively to protecting the poor through different types of social safety nets. The manufacturing sector has received as much attention as the entertainment whose growth the President has done so much to stimulate. In 2011 alone, President Jonathan made a grant of N3 billion to the Nigerian film industry otherwise known as Nollywood. It was part of activities to mark the 20th anniversary of Nollywood, and he said part the money will be used for infrastructure development in the industry. It is therefore not a big surprise that it has become a factor in our overall GDP calculation, with potentials to grow even bigger in the coming years. When added to its deliberate efforts to stimulate exponential growth in several other sectors, especially the power, telecommunications and industrial sectors, the size of the Nigerian population that has exited the poverty doldrums in recent time will be better appreciated. The President was right therefore to have stated weeks back that the economy was on a sure path to recovery. The decision by the National Bureau of Statistics (NBS) early this week to rebase Nigeria’s GDP to better reflect the country’s changing economic configuration over the years, has ultimately validated the government’s claims to being the continent’s biggest economy. While the recalculation of the GDP to its present size of $510 billion has boosted the size of the economy by over 60 percent, it has also pushed the country to the 26th largest economy in the world. The question that naturally comes from the rebasing exercise

is: how does it affect the well-being of the ordinary man? This is a valid question considering that many have celebrated the rebasing exercise as a ‘turnaround’ which, in real terms, it is not. The most significant outcome is at best, the prospect that new parameters will emerge on which planning and policy formulation will be based. Not only does the rebasing now factor in fast-rising sectors like telecommunications, the Internet and the burgeoning film industry, it adds a new fillip to President Jonathan’s target of focusing the country to become one of the world’s top twenty economies by 2020. Nigeria may still be significantly underdeveloped in terms of basic infrastructure but they are being addressed with the new impetus by President Jonathan. Indeed, Nigeria was recently honoured for meeting the Millennium Development Goal (MDG) of reducing people living in absolute hunger by half, well ahead of the 2015 target set by the United Nations. His administration’s recent privatisation of the power sector is a giant leap in the quest to create the right infrastructure base and enabling environment for the country to take the reins of their economic destinies in their own hands. Being Africa’s number one economy, expectations are that Nigeria’s attraction for foreign investments which have received global attention will greatly improve. Nigeria which accounts for about $5bn of the foreign direct investment into Africa in 2013 alone obviously stands as the focal point of the MINTs, an emerging economic power house in the coming years which include other countires like Mexico, Indonesia and Turkey.

*Mr. Ainofenokhai, a public affairs commentator, wrote from Benin City, Edo State.

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2015: Why Jonathan must run—Orubebe •His re-election non-negotiable FORMER Minister of Niger Delta Affairs and Peoples Democratic Party (PDP) governorship aspirant in Delta State, Elder Godsday Orubebe, in this interview, spoke on why President Goodluck Jonathan should be handed a second term in 2015 and his governorship pursuit among others. Excerpts:

N President Jonathan’s perceived reluctance to seek re-election? I played a key role in the election of President Jonathan in 2011 and I am still playing that key role to make him by the grace of God, the president of Nigeria again, to complete his eight years. I do not think the president is reluctant to come out again to contest, there is always a time for every activity and he is waiting for the right time to come and declare to Nigerians as he did in 2011. The president surely will contest. That he is contesting for the presidency of this again for reelection is non-negotiable. Even if he was not going to contest, we will draft him to come and complete his eight years. This is the first time somebody from the SouthSouth has come on board to preside over the affairs of this country and I think it is only reasonable to allow him to complete his two terms of eight years, particularly when he is doing very well to take Nigeria to the next level. How is he taking Nigeria to the next level? From 1960 to the time he took over, power infrastructure was completely dead but he has brought in the private sector, there is a power master plan now on how Nigeria can get power so that we can key into the global industrial

Secured future

•Orubebe:Interested or not, we will draft Jonathan to re-contest gave their reports, I was marveled that a lot is being done in our educational institutions. Economic empowerment programmes are being put in place for our young men and women to keep them engaged and employed. This president has done very well in many areas; talk about aviation and agriculture, there are a lot of programmes being enjoyed by grassroots farmers and today people now see farming as a

If you get close to the president the way some of us have been close to him, you will know that the president is not jittery but he is a president that is calculating, a president that believes in the rule of law

revolution. Today, the trains that were dead over the years are working, our roads are better. The East/West Road that was meant not to be completed is about to be completed now, every arrangement had been put in place. In the education sector, there is no government in recent time that has given concern to the education of young men and women. The other day when the education minister was having a meeting with the vice-chancellors and when they

expected him to stop from that day. The man has to work till that day. Governor Uduaghan has been a friend right from when I was the chairman of Burutu local government area of the state. He is man that is well calculating. He started very well and he is finishing very strong. I cherish a lot of things that he is doing, particularly this new programme, ‘Delta beyond Oil,’ I think that is a noble programme. Here you have a governor, who is already thinking about the future of his people, there is nothing that can be compared to that.

good business unlike in those days when farming was considered as a vocation of poor people. President Jonathan has done very well and he is moving this country forward and my appeal to the rest of the country is that Mr. President should be allowed to complete his eight years. For me, it is not negotiable and Mr. President must have to complete his eight years to give to Nigeria what God has invested in him. On comments that President Jonathan is worried by the

opposition from the North, hence his reluctance to declare his re-election bid? So many people do not actually know the kind of president that they have. If you get close to the president the way some of us have been close to him, you will know that the president is not jittery but he is a president that is calculating, a president that believes in the rule of law and that as a president of this country, he needs to show good example and that is what he is doing. He cannot come out to declare now considering the regulations that have been put in place by INEC. On chances of Jonathan at the polls Mr. President is going to win massively. Nigerians are becoming more aware, it is not a situation where somebody somewhere is coming to tell stories.

Educational institutions They are aware that our railways have started working, our educational institutions are getting attention, our airports are better and agriculture is seen as a serious business now. For the sustenance of what is on ground, Nigerians will definitely vote for Jonathan.

On his aspiration for the governorship of Delta State It is on and I am waiting for the INEC’s timetable to declare to the good people of Delta State that I am humbly willing to come and offload what God has deposited in me from the councilor level to the presidency level. With the people of Delta State, we are thinking of bringing a new concept of governance, concept of love and we all working together.

Concept of governance We will take from the past activities of previous governments and build on them to be able to contribute our quota towards the development of Delta State. On the necessity of Governor Emmanuel Uduaghan embarking on new projects a year to his handover The only time Governor Uduaghan should stop working is the day he hands over and that is May 29, 2015. Government is a continuum. If that is what they are saying now, then immediately after swearing in and the man knew that after four years he would go, people would have

By the grace of God when I take over from him that is one of the programmes that we are going to run with to be able to provide a secured future for the people of Delta State. On whether he had mended fences with Chief Edwin Clark I never had problem with my father and leader, so the issue of mending fences does not arise. Chief Clark remains my father yesterday, today and tomorrow. On comments that he is at war with Clark over the structure of PDP, especially in Burutu LGA where they both hail from I don’t think that is true. First and foremost, my leader is not involved in local political activities. I think the problem we have was that the chairman, who won the election from day one had some issues with some leaders in Burutu LGA, the thing changed and the man went to court. The leader was aware when they went to court and when they won the case I told the chairman that this is a family activity. Whatever we do in Burutu LGA, it has always been my style to go to the leader to ask for direction and then I go and work with his directive. In the same way, it has been a family activity, no victor, no vanquished. I will soon meet with my leader and whatever he directs is what we are going to do and that is what it is going to be. I have always work with Chief Clark and I will continue to work with him, even in this case whatever he directs is what we are going to do in moving the party forward in Burutu and beyond.

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GUBER FACE-OFF: AS the June 21governorship election in Ekiti State draws near, frontline political parties have been engaged in war of words over alleged acts of violence.

Blame APC for violence — PDP Publicity Secretary of the People’s Democratic Party, PDP, in Ekiti State, Pastor Kola Oluwawole accused the All Progressives Congress, APC, of unleashing mayhem on the PDP.

•Oluwawole STORIES BY DAPO AKINREFON

OW true is it that the state government denied your party the usage of the stadium? The refusal of the Ekiti State government to allow the PDP use the stadium for our rally is a demonstration of high level of political intolerance, because the stadium was built with tax payers’ money. It is not a personal property of the governor. Secondly, it simply demonstrated that the APC is afraid of the PDP. After all, the governor used the same stadium for his campaign. What was the excuse given? The excuse given was that only the governor has the power to approve the use of the stadium. This was contained in a letter written to us as a reply to our request and signed by one Mr. Dada. But embarrassingly, the Commissioner for Information, who reacted to our cries said that the governor had no hand in the matter. He said the power lies with the stadium authorities. You can see that games were played. We are still exploring other avenues but we have told them if they refuse eventually, we may resort to using the available federal highway which belongs to the Federal Government. Allegations of violence I want to state here that the PDP has never resorted to any violence. On the contrary, APC members have been attacking us. Our members have been attacked and matcheted, by the APC, the records are there. It happened in

both Ilejemeje and Ilawe. But the APC has equally accused your party of being responsible for the attacks on its members and office at Ajilosun That is fallacious and ridiculous. When Fayose was being welcomed back to Ekiti, APC members attacked anyone wearing shirts that had Ayo Fayose on them. I was the one that alerted the police and called the attention of the Director of the State Security Service that our members were attacked along Ajilosun road. That was the situation. The APC has a record of causing problems and accusing opponents at the same time. Is it true that some members of your party were the ones who first attacked the convoy of the governor by throwing stones? That is ridiculous, it is the highest level of fabrication. On that day, there was no programme in the campaign office. Everybody was at Afao, the hometown of Fayose because he was preparing to attend a meeting at Abuja called by the president. It was after he left that everybody went back to their various local governments.

Campaign office The only people here were aides of the candidate and a staff of the office, they came to park three campaign vehicles in the campaign office. Suddenly, they saw the convoy of the governor coming from Ifaki and stopped in front of the campaign office. When he stopped, some aides of the governor came down to have a brief discussion with the governor. After that, the governor moved but a bus carrying some APC supporters stopped and some persons alighted from the bus and started firing into the building. That was exactly what happened. Nobody threw any stone, there was no event here. I was amazed and surprised when I read in the newspapers the following day that over a hundred people came out of the campaign office and threw stones at the governor’s convoy. It was a fabrication. That is why I said APC is known for such lies and propaganda. They will cause trouble and will also be the one to accuse others of causing the trouble.

using the stadium? How does it add strategic value to Fayemi or the APC? There are different venues they can use and then, the recourse to federal roads is senseless. I am not saying it with restraints. It is even irresponsible for anybody to say I will go and use a federal road, the federal road belongs to everybody anyway. Have they tried to use an alternative venue? The APC accused the PDP of attacking its party secretariat where vehicles were vandalized but the PDP has its own version. We should check Fayose’s antecedents. What was the input of the APC to the PDP primaries? Was it violence-free? It was •Daramola not. Their secretariat has been there on Ajilosun road for God knows how long, no arsonist went there. All of a sudden, when Ayo Fayose became the candidate of the party, MR Bimbo Daramola is the Director-General people went there. of the Kayode Fayemi Campaign Organisation. The day he came into town, we had started our Daramola is also member of the House of rally and so, we went to Representatives from Ekiti State. He counters Ilemesho and Isan for our the allegations leveled against the Fayemi rally. All those who came with their cars decided to administration. park their vehicles and HE Kayode Fayemi administration went with the campaign buses. On our has been criticized for not allowing way back, they had vandalized their the PDP make use of the stadium for its vehicles. For the fact that we had flag-off rally. What do you have to say? policemen in front of the Kayode Fayemi I will not speak for the government of campaign office, they most likely would Ekiti State, I may be associated by the fact have taken a shot at the facility. that I am the Director-General of Governor Fayemi’s campaign Organisation.Did they Vandalized (PDP) go to the stadium authorities with campaign vehicles the application letter for the use of the stadium? There would also be a formal They removed all our banners and the reply by the management of the stadium. ones they could not remove, they It appeals to sentiments that Fayemi’s vandalized them. They vandalized administration denied the PDP the campaign vehicles, the pictures are there opportunity to use the stadium, everybody to show. Again, on our way back from a will want to latch on to that. rally, right in front of the Fayose campaign But the truth of the matter is that they office, they began to hurl stones and have not also given the same quantum of missiles at the convoy of the governor. attention to the response of the They shot at a coaster bus and the splinter management of the stadium. I need to find of the glass of the coaster bus entered the out whether there was a previous booking, skin of one Babafemi Ologuntoye. whether there was a need for maintenance Was that why members of your party work or there is routine maintenance retaliated? already scheduled. We paid for the usage One of the things people should even as a state government. I don’t think understand in life is that, when institutions people should politicise things that have begin to get wobbly and do not live up to processes and procedures. It is public their responsibilities, people will likely utility and nobody will be stopped from resort to self help. And self defence is the using it and so, Kayode Fayemi could not first law of nature. Upon the first have stopped anyone from using it. premeditated attack on the convoy of the But the PDP has threatened to use the governor, I had a press conference where high way for its flag-off campaign, I challenged the security operatives, what should it be denied usage of the stadium. did they do? They did not do anything How do you see it? and nobody was arrested. Why should anybody be prevented from

APC is a party of peace — Daramola

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Ukraine launches operation to clear pro-Russian separatists •As NATO expresses concern over violence

KRAINIAN security forces launched an operation yesterday to clear pro-Russian separatists from state buildings in the eastern city of Slaviansk, with dead reported on both sides as Kiev combats what it calls an act of aggression by Moscow. With East-West relations in crisis, NATO described the appearance in eastern Ukraine of men with specialized Russian weapons and identical uniforms without insignia - as previously worn by Moscow’s troops when they seized Crimea - as a “grave development”. Ukraine faces a rash of rebellions in the east that it says are inspired and directed by the Kremlin. But action to dislodge the armed militants risks tipping the stand-off into a new, dangerous phase as Moscow has warned it will protect the region’s Russian-speakers if they come under attack. One Ukrainian state security officer was killed and five wounded on the

•NATO chief, Anders Fogh Rasmussen government side in what interior minister Arsen Avakov called Sunday’s “anti-terrorist” operation. “There were dead and wounded on both sides,” Avakov said on his Facebook page, adding that about 1,000 people were supporting the separatists. The Russian news agency RIA reported that one pro-Moscow activist was killed in Slaviansk in clashes with forces loyal to the Kiev government. “On

our side, another two were injured,” RIA quoted proRussian militant Nikolai Solntsev as adding. Meanwhile, NATO’s secretary general has expressed concern over eastern Ukraine, drawing parallels with aspects of last month’s seizure of Crimea. Men reappearing with Russian weapons and identical uniforms without insignia was a “grave development,” Anders Fogh Rasmussen said yesterday.

Pope poses for ‘selfies’ after Palm Sunday homily

OPE Francis, marking Palm Sunday in a packed St. Peter’s Square, ignored his prepared homily and spoke entirely off-the-cuff in a remarkable departure from practice. Later, he continued to stray from the script by hopping off his popemobile to pose for “selfies” with young people and also sipping tea passed to him from the crowd. In his homily, Francis called on people, himself included, to look into their own hearts to see how they are living their lives. “Has my life fallen asleep?” Francis asked after listening to a Gospel account of how Jesus’ disciples fell asleep shortly before he was betrayed by Judas before his crucifixion. “Am I like Pontius Pilate, who, when he sees the situation is difficult, washes my hands?” He sounded tired, frequently pausing to catch his breath, as he spoke for about 15 minutes in his homily during Palm Sunday Mass, which solemnly opens Holy Week for the Roman Catholic Church.

Pope Francis greets cardinals at the end of the Palm Sunday Mass in St. Peter’s square at the Vatican,, yesterday. Tens of thousands of Romans, tourists and pilgrims have joined Pope Francis in a solemn Palm Sunday service in St. Peter’s Square.

Trial of Gaddafi officials to begin in Libya today

HE trial for which Lib yans have waited three years opens in Tripoli today , when two of Muammar Gaddafi’s sons and three dozen former officials go to court over a litany of alleged war crimes committed during the 2011 uprising that toppled the former Libyan president. Saif al-Islam Gaddafi, his younger brother, Saadi, and former intelligence chief Abdullah al-Senussi are among key figures of

the former regime facing charges ranging from murder to plundering state coffers. Also among the 38 defendants are former Prime Ministers al-Baghdadi alMahmudi and Bouzid Dorda. For prosecutors, it is a chance to finally call to account key members of the Gaddafi regime for alleged crimes committed during the uprising and the decades of dictatorship that preceded it.

52 — Vanguard, MONDAY, APRIL 14, 2014

…That I did not write last week ...

ES I did not. You may want to ask, “so what?” Exactly. For one reason or another, Columnists fail to write regularly. I try as much as possible to tell my bosses (Onochie and Tony) in advance, so that they can help me apologise to my readers. Last week I got entangled in travelling logistics as I was heading for my CAF inspection assignment, so I could not meet my deadline. Got a couple of texts and mails, especially from this this reader, who sent a text saying “ You did not write today”. I replied that I did not and apologized. “ if I knew, I would not have bought the paper ” That it was after he got home that he found out that I did not write. Again I apologized. The series of text messages took a strange twist when Godwin Iloh went further to say that with all the “confusion going on in our house of football, I was anxious to read your version of the story…..” Dear Godwin Iloh, I would have disappointed you. If I had written last week, I would have written on the failure of our U17 women team to go past the quarter final of the World Cup in Costa Rica. Whatever “confusion” people believe is going on in the house of football, is the creation of the media, anxious to unearth and sell “confusion” because “confusion” sells like hot cake. Imagine a journalist daring to blame the NFF for querying Coach Keshi! People have been sacked for coming late to work! Anyway, back to the issue of the day. I feel more pained by the ouster of the girls because throughout the time they played I had to stay awake from 3am to watch them. I remember the very first night, how I was busy exchanging text messages with President Maigari, Barristers Green and Musa, till the wee hours of the morning when the match ended. The match against Spain was like a dream. Suddenly, I did not recognise the Nigerian girls. They were as purposeless as the bench, bereft of ideas and the disgrace was telling, in a competition where certain girls from Venezuela, played like Trojans all the way, so much that even in defeat, you had no choice than to commend them. I want to go a bit back in time to 1991, when FIFA staged the first ever Women Championship in China PR. Of course, I was there, live. Reporting for Champion Newspapers, one of the first ever journalist world wide to be accredited by FIFA to cover the women game. Those were the days of Ann Chiejine, Omo Love Branch, Chioma Ajunwa, Florence Omagbemi and Rachael Yamaha. I remember also Nkiru Okosieme, Rita Nwadike and Mavis Ogun among others. In a group that had Germany,Italy and Chinese Taipei, though we did not win a match nor score a single goal, we left China with high hopes of a

In fact in the last three years, the Women Game has taken an inexplicable plunge.

brighter future for our women game. Today, more than 23 years after, we keep on qualifying from Africa but with no change in sight. In fact in the last three years, the Women Game has taken an inexplicable plunge. In 2002, FIFA introduced the U20 cadre and again Nigeria has qualified for all editions till date. I will always appreciate Egan Edat for taking us to the final in 2010 and Edwin Okon for the semi final feat of 2012, yet when you look at the manner we lost those matches, you will wonder why. Then came the U17 competition in 2008 and again Nigeria has been in all the four editions so far with nothing to show for it. Time there was when I was a serial critic of the NFF for not affording our teams enough preparations in terms of friendly matches and campings. Who, can raise a finger against the Maigari Board? This is a regime that goes borrowing to get teams adequately prepared for major competitions. The U17 team in focus is a classic example. ( Already, the male U17 and U20 teams are in the thick of preparations for their up coming preparations, thanks to the NFF ) when therefore I hear things like “The NFF must give the team all the support…….” It gets on my nerves. Let any Coach since the Maigari regime came into power stand up and tell me that he or she did not receive any support or cooperation from the NFF. Yet when failure knocks NFF is always the whipping boy. When coaches mess up, NFF must be the scape goat. The weeks just gone by has been very interesting in the history of the game. Barrister Green and Al-

Maigari explains partnership with Orlean

RESIDENT of Ni geria Football Federation, Alhaji Aminu Maigari, at the weekend described as a huge boost to Nigeria football, the partnership agreement that the NFF sealed on Thursday with Port Harcourt-based oil services company, Orlean Invest West Africa Limited. ”I must say that this partnership is a brilliant one. Orlean Invest will provide so many good things for Nigeria football. This is a technical partnership that is a win-win situa-

tion for our country. Certainly, the partnership with Orlean Invest West Africa is a watershed in the history of Nigeria football.” Reiterating that football is the most potent weapon for unifying the peoples of Nigeria across geographical, ethnic and religious divides, Maigari praised Orlean Invest’s strong commitment to the project as demonstrated in the patience and understanding they exhibited before the agreement was sealed.

haji Muazu, board members all, have just come back from a high level match Commissioners course in Cairo where Electronic Management and Club licensing system coupled with match evolvement and organization was extensively discussed. President Maigari, his Secretary General and Dr Ikpeme were in South Africa for a high level FIFA/CAF seminar on Current Reforms and standards in football governance, Optimising the benefits of FIFA’s development programmes and the Role of the Technical Director. According to FIFA General Secretary Jerome Valcke, the ultimate aim of such high level seminars is to see an African team soon reach The World Cup final. Intellectual input, information in a game that has become highly scientific and ………..yet when these informed and highly educated officials want to sit down and add value to a game they have been schooled in, the man on the street shouts “interference” and the echo resounds on the roof of ignorance. In my four years as technical committee member of the NFF, no coach has presented us with a sound technical report of his programmes and plans. Worse , are post match reports. You go for a match or competition, come back and the Technical Department writes to you to present a report, you dodge and before you know it, the press has been told to preach the ….gospel of “interference” If you do not present a post competition report, how do we progress? How do we react and preempt future occurrence? But for the Falcons Coach Okon who tried something last year, I REPEAT that No Nigerian coach has been able to give us detailed report of pre and post match analyses. Worse are competition programmes, yet those who have gone to school, who want to help ameliorate the standard of football in their country are told to “ back off ”. It will not happen because they will not. they have the responsibility of organising football here and so far they have succeeded immensely. When next the Technical Committee meets the U17 women coach should be summoned to explain how he wasted our time and money to lead us to the altar of disgrace. All the coaches preparing for competitions should come and present their programmes and tell us how they want to go about prosecuting them. We cannot allow coaches to do what they please, after they fail, we now step in and “sack them” No, that is defeatist. We should not sit on the fence and wait for the “I told you so” declaration. We should help them to succeed. The era of “God willing” is gone. Heavens help those who help themselves. See you next week

Warri Tennis clinic thrills Delta government officials •Ten kids may make trip to South Africa

NFF President Aminu Maigari (second left), flanked by Director of Orlean Invest and Vice President of Croatian FA, Capt.Damir Miskovic (middle) and Consultant Aminu Balele (left). Right is Orlean Invest Technical Adviser Bojour Majetevic and second right is Kumbi Titiloye, Sole Administrator of Abuja Football Academy.

HE individual skill displayed by school children taking part in the on-going Warri tennis clinic is thrilling officials of Delta State Sports Commission. Over 300 children drawn from various schools in Warri and environs are doing battle in the clinic, a youth development exercise meant to teach children the basic techniques about tennis. It is taking place at the Shell Club, Ogunnu,

Warri and being organized by Iso-Black Concept, a Logos based outfit. The Chairman of Delta Sports Commission, Amaju Pinnick, paid a surprise visit to the venue at the weekend and was shocked by the level of individual skill displayed by the kids. Pinnick, an ardent tennis fan, showered praises on the organisers, promising to give them all necessary assistant whenever the need arises.

Vanguard, MONDAY, APRIL 14, 2014 — 53

AHEAD OF GLASGOW 2014 COMMONWEALTH:

We’re working toward a glorious outing — Ogba

HE President of the Athletics Federation of Nigeria (AFN) Evang. Solomon Ogba over the weekend told athleticsnigeria.com that AFN and the National Sports Commission (NSC ) are working hard to ensure a glorious outing at the Glasgow 2014 Commonwealth Games. Speaking after the Abuja Golden League held at the Abuja National Stadium on Saturday, Evang. Ogba said with the federation’s programs for the season going according to plans, track and field

Super Eagles at Afcon 2013

No change in Eagles’ pre-World Cup programme — NFF

IGERIA football spokesman, Ademola Olajire, said at the weekend that there has been no change to what has been streamed to the public previously as the Super Eagles’ schedule leading to the 20th FIFA World Cup finals in Brazil. ”We have heard people talking about cancellation of the friendly with the Senior Team of USA. Sincerely, we don’t know where that is coming from. ”For avoidance of doubt, the NFF and its Official FIFA Match Agent, Jairo Pachon of Eurodata Sport hereby

re-confirm that the Super Eagles will regroup in London on Saturday, 25th May, play Scotland at the Craven Cottage ground of English Premiership side Fulham FC on Tuesday, 28th May and fly to the USA on Wednesday, 29th May. ”The African champions will play the Senior Team of Greece at the Philadelphia Union Stadium on 3rd June and then take on Team USA at the EverBank Field Stadium in Jacksonville on 7th June, before flying to Sao Paulo on 11th June.” Jairo Pachon of Euro-

Iran

Continues from BP The biggest omission from the list - that consists of 26 players from Iran’s domestic league and two players from Persian Gulf leagues - is Ali Karimi, highly popular experienced midfielder dubbed “the Maradona of Asia”, who retired from international football in 2013 but recently changed his mind in hope for World Cup call-up. Two other veteran playmakers - Mojtaba Jabbari and Mohammad Nouri - were also dropped, as Queiroz opted for fresh faces like Foolad’s captain, Bakhtiar Rahmani. Several Europe-based players - such as

Ashkan Dejagah and Reza Ghoochannejhad will join the team in May for the next stage of preparations in Austria. The 23-day pre-World Cup camp will start April 14 and Iran will likely play a friendly match with Mozambique in the camp. Iran has been pitted against Argentina, Nigeria and Bosnia and Herzegovina in the 2014 World Cup. Carlos Queiroz’s men will face Trinidad and Tobago in their final preparation for the 2014 World Cup. The match will be played on June 8 in Sao Paolo, Brazil. Iran will play Nigeria in Curitiba on June 16.

data Sport added: “The United States provide us with similar climate and time zones as we will encounter in Brazil and more importantly, provide us with world class facilities for both training and accommodation,

for our players’ comfort. ”This will give us the opportunity to provide the right atmosphere for our players as well as afford them quality training facilities ahead of the FIFA World Cup.”

ITTF African Junior Championship: Nigeria finishes as second best

LL the 11 gold medals at stake at the International Table Tennis Federation (IT TF)-sanctioned African Junior Championship were mopped by host – Egypt with Nigeria managing a second place at the one-week tournament held in Cairo. From the start of the competition, Egypt was obviously the favourite with all its players recording 100 per cent in all their matches.

Although, there were subtle challenges from the likes of Tunisia and Congo Brazzaville but the Egyptians ensured that no foreigners picked gold medals at the championship. From what happened in Cairo, it is now clear that there are no longer minnows in the game as nations like Congo Brazzaville and Angola are now rubbing shoulders with the continent’s best like Egypt and Nigeria.

Nigeria

Continues from BP already monitoring the progress of players belonging to their Group F rivals. “A lot of work is going on with regards to doing espionage on Bosnia-Herzegovina, Iran and Argentina,” Amadu said. “It is not like anybody is sleeping whether from the technical crew or from the Nigeria Football Federation. Everything is being

done to monitor players of Nigeria, players of Bosnia, Iran and Argentina. “We are watching and monitoring the players of all the other countries whether they are playing, the players that are playing, those that are injured, those that are hot like (Edin) Dzeko and those that are not doing very well. A lot of hard work is going on as we speak.”

will not only make podium appearances in Glasgow, but better what they did in Delhi 2010 where Ajoke Odumosu and Tosin Oke won gold medals in Women’s 400m Hurdles and Men’s triple jump.

•Ogba

Publisher’s house wins Victory School sports competition winners with 187 points to

HE house named after the President of the Urhobo media publishers association, Prince Orhomonokpaye, has emerged the winner of this year inter_house sports competition of Victory School of Science and Creativity Sapele Delta State. The house emerged

beat green house who came out second (2nd) with 128 points, while purple house took the third (3rd) position with 118 points. In jubilation, students from the winning house matched through the major streets in Sapele celebrating their victory and later handed over the trophy to the patron in his office.

RESULTS Bologna Verona Livorno Napoli Sampdoria Torino

1 3 2 4 0 2

Serie A Parma Fiorentina Chievo Lazio Inter Genoa

1 5 4 2 4 1

Betis Valencia

0 2

La Liga Sevilla Elche

2 1

Leverkusen

Bundesliga Hertha Berlin

Nantes

Ligue 1 Guingamp

Gerrard

Continues from BP the Hillsborough tragedy was marked before kickoff. City had hit back from 20 down to level it up and Gerrard admitted that he feared the worst, but Coutinho pounced on Vincent Kompany’s poor clearance to win it for the hosts. One-club man Gerrard, who conducted a rousing post-match huddle with his team-mates, called for cool heads but it was evident how much the result - which keeps Liverpool’s destiny in their own hands - meant to him. “It was emotional, but we need to keep calm,” he told Sky Sports. “We’ve still got four big games to come but that means so much. “When they got back into the game, you fear the worst at that point. Nothing

is won yet, but that was probably the biggest statement we’ve made so far.” First-half strikes from Raheem Sterling and Martin Skrtel put Liverpool in the ascendancy, only for David Silva to reduce the deficit before having a hand in the leveller, with his shot deflecting off Glen Johnson and Simon Mignolet. But, with Liverpool having regained the lead in the 78th minute, Gerrard felt the game would never end. “That’s the longest 90 minutes I’ve ever played in,” he added. “I kept flashing back to how long the clock took in big games, cup finals I’ve played before. It seemed like the clock was going backwards.”

54 — VANGUARD, MONDAY, APRIL 14, 2014

VANGUARD, MONDAY, APRIL 14, 2014 — 55

VANGUARD, MONDAY, APRIL 14, 2014

EPL Top 5 Team Liverpool Chelsea Man City Everton Arsenal

GP 34 34 32 33 33

W 24 23 22 19 19

D 5 6 4 9 7

L 5 5 6 5 7

GF 93 66 86 53 56

GA 42 24 32 31 40

GD 51 42 54 22 16

PTS 77 75 70 66 64

EPL RESULTS Liverpool Swansea

3 0

Iran runs to S/Africa for Eagles

•Coach names 28-man home-based team for W/Cup

ARLOS Queiroz, manager of Iran, Nigeria’s World Cup opponents has named a 28-man Asia-based squad for the tournament. They will be joined later by players from European leagues. Queiroz selected the

2 1

Gerrard hails win as ‘biggest statement’

TEVEN Gerrard hailed the “biggest statement” Liverpool have made yet in their title bid after Sunday’s 3-2 win over Manchester City. The Liverpool captain helped his side move seven points clear of the visitors, with Philippe Coutinho’s late strike sealed a remarkable triumph on an emotional day at Anfield, where the 25th anniversary of Continues on Page 53

roster the day after the end of the season in Iran - with the league won in dramatic fashion by Foolad Khuzestan. His 28 troops will now take part in a training camp in South Africa.

Continues on Page 53

Nigeria monitoring World HE Nigeria Foot Cup rivals Tball Federation in-

sist they are doing their homework on the Super Eagles’ group opponents at this summer’s World Cup. NFF general-secretary Musa Amadu has told the media that they are Continues on Page 53

•Keshi

Man City Chelsea

JUMPING FOR JOY: Coutinho leaps into the air in celebration of his winning strike against Man City. Liverpool won 3-2 to go top of EPL table.

No change in Eagles’ pre-World Cup programme — NFF — Pg 53

QUICK CROSSWORD

Sudoku TODAY'S

PUZZLE

YESTER DAY'S YESTERDAY'S

ANSWERS

ACROSS 1 Grasp (4) 4 Groove (3) 6 Toboggan (4) 9 Through (3) 10 Ate (8) 11 Cheese (4) 14 Conifer (3) 16 Viper (5) 19 Restricted (8) 21 Principle (5) 23 Yearning (8) 24 Vision (5) 27 Gain (3) 31 Staunch (4) 33 Last (8) 34 Wrath (3) 35 Provoke (4) 36 And not (3) 37 Throw (4)

DOWN 2 Space (4) 3 Mail (4) 4 Stayed (8) 5 Neat (4) 6 Rate (5) 7 Guided (3) 8 Delete (5) 12 Rebuke (5) 13 Fish (5) 14 Healthy (3) 15 Renovate (5) 17 Lure (5) 18 Waken (5) 20 Inventor (8) 22 Can (3) 25 Proportion (5) 26 Pointed (5) 28 Image (4) 29 Table (4) 30 Niggle (4) 32 Epoch (3)

YESTERDAY'S SOLUTIONS ACROSS: 1, Pallid 5, Steady 8, Corvette 9, Good 10, Wed 12, Drape 15, Set 17, Ego 18, Aft 19, Don 20, Draft 21, Awe 22, Sag 23, Elm 24, Rue 26, Enter 29, Pit 33, Stir 34, Interval 35, Trance 36, Letter.

DOWN: 2, Abode 3, Live 4, Deter 5, Sleep 6, Edge 7, Drove 10, Wider 11, Dense 12, Dodge 13, Apart 14, Eater 15, Stamp 16, Treat 25, Utter 27, Noise 28, Extol 30, Inane 31, Iron 32, Grit.

How to Play Sudoku

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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