Westafrica BusinessNews Tuesday, April 09, 2019

Zenith Bank gets new MD, Onyeagwu as Amangbo quits May

BY JULIUS ALAGBE

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enith Bank has appointed Ebenezer Onyeagwu as its new Managing Director and Chief Executive Officer. The bank disclosed this yesterday in a notice to the Nigerian Stock Exchange (NSE).

It, however, said the

appointment was subject to the approval of the Central Bank of Nigeria (CBN) and would be-come effective from June 1. In the notice, Onyeagwu will replace Peter Amangbo, whose tenure will expire on May 31, 2019.

Onyeagwu has been Zenith Bank’s Deputy Managing Director since

TUESDAY, APRIL 9, 2019

October 2016 and has spent 17 years working with the bank.

The bank said that the appointment was consistent with its tradition and succession strategy of grooming leaders from within.

Onyeagwu, who is a graduate of accounting from

Vol. 06 No. 320

Auchi Polytechnic, began his career at the defunct Financial Mer-chant Bank in 1991 and later held several management positions in the erstwhile Citizens International Bank Limited until 2002 when he joined Zenith Bank. He obtained a postgraduate diploma in Financial Strategy and a

certificate in Macroeconomics from the University of Oxford.

However, Amangbo has added significantly to the growth of the bank. In our recent review, we had reported that Zenith Bank Plc.’s assets by 86Pct in 54-Months. When Amangbo took over as the Group

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ISSN: 2408-6703

Four states owe $2.12bn of $4.23bn foreign debts

BY NIYI JACOBS

T

he latest statistics obtained from the Debt Management Office has shown that four states of the federation- Lagos, Edo, Kaduna and Cross River dominate the list of sub-national governments indebted to foreign bodies.

Analysis of the DMO data show that the four states have combined foreign debt of $2.12bn, out of the $4.23bn owed by the 36 states of the federation and the Federal Capital Territory Administration as of December 31, 2018.

This means that the four states hold more than half of

From left: Gov Godwin Obaseki of Edo State; Group CEO Oando Plc, Wale Tinubu; President Muhammadu Buhari; Gov Sani Bello of Niger State and Gov Abubakar Badaru of Jigawa State, at the Dubai Annual Investment Meeting on Monday

ANAMCO introduces two models of Dongfeng trucks

BY ENYI MOSES WITH AGENCY REPORT

I

n its efforts to promote local production of heavy duty vehicles in the country, the Anambra Motor Compny (ANAMCO) Enugu, has announced the introduction of two new models of Dongfeng trucks to

its fleet.

The company’s Sales Manager, Sanyaolu Olalekan who disclosed in Enugu yesterday said that the trucks were intro-duced at the ongoing 30th Enugu International Trade Fair.

He added that ANAMCO had been into commercial automobile production over

the years, adding that they assemble trucks and buses of all models.

He said that the company initially partnered with Mercedes Benz but discontinued after the partnership expired and was not renewed, adding that it was still in search of a good partner.

Olalekan said: “We now look toward China instead of Europe.

“Considering the high exchange rate, we decided to go for Chinese product.

“Though we did not just go for any product because we wanted a truck that would meet the standard that

Page 30

the foreign debt owed by the sub-national governments.

Precisely, the four states owed 50.08 per cent of the sub-national foreign debt.

Expectedly, Lagos is on top of the list with a foreign debt portfolio of $1.43bn which represents 33.81 per cent of the foreign sub-national debt portfolio.

Lagos is followed by Edo State with a foreign debt portfolio of $276.25m representing 6.53 per cent of the sub-national foreign debt portfolio.

Following Edo is Kaduna State with a foreign debt portfolio of $227.25m representing 5.37 per cent of

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NOSDRA fines company N260m for oil spillage Page 4

FG discovers high quality platinum in Niger Page 13 Robbers raid bank in Ondo, kill seven Page 30

Considering Fed new rules on foreign banks in U.S.

Backpage

TUESDAY, APRIL 9, 2019

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Minister urges investors to obey FG’s vacate-miningsites order

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L-R: Prof. Umar Garba Danbatta, Executive Vice Chairman (EVC), Nigerian Communications Commission (NCC); William Ijeh, of the International Telecommunications Union (ITU); Alhaji Baba Madugu, Nigerian Ambassador to Switzerland and Usman Malah, Chief of Staff to EVC at the opening ceremony of the World Summit on the Information Society (WSIS) Forum 2019 in Geneva, Switzerland yesterday.

Speaker, House of Representatives, Rt. Hon. Yakubu Dogara (middle), Clerk, National Assembly, Mohammed Sani Omolori (left), & Livinus Osuji (right) at the orientation for Members Elect of the 9th National Assembly in Abuja yes-terday. Picture: Speaker’s Media Office.

Lagos, Edo, Kaduna, Cross River owe 50% of foreign debts - DMO Continued from page 1

the country’s sub-national foreign debt as of December 31, 2018.

Cross River State completes the list of the top four on the foreign debt with a portfolio of $188.77m representing 4.46 per cent of

the sub-national foreign debt portfolio.

Other top debtors in the foreign debt category include Bauchi $133.93m; Enugu $126.18m; Anambra 107.04m; Ekiti $106.21m; Oyo $105m; Ogun $103.26m; Osun $99.08m;

Abia 98.58m and Adamawa $97.79m.

As of December 31, 2018, the country’s total external debt stood at $25.27bn. This means that the sub-national gov-ernments held 16.74 per cent of the country’s external debt.

This leaves the Federal Government with a total external debt portfolio of $21.04bn representing 83.26 per cent.

On the domestic scene, Lagos is also the most indebted state of the federation with a total domestic debt portfolio of N530.24bn.

NOSDRA fines company N260m for oil spillage

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ational Oil Spill Detection and Response Agency (NOSDRA) has sanctioned Python Engineering Company Limited of Enerhen Road, Warri, Delta, over an oil spill caused by MV Celine on April 19, 2018.

According to the letter obtained by journalists in Abuja, the company is to pay N260 million as sanction for oil spillage.

The company is accused of spilling Automotive Gas Oil (AGO) and lubricating oil in Escravos in April 2018.

In a letter to the company, NOSDRA stated as follows: “It has come to the attention of the National Oil

Spill Detection and Response Agency (NOSDRA) that your company is in violations of the NOSDRA enabling act with respect to the oil spillages caused by your vessel, MV Celine.

“The oil spills of estimated quantities of two hundred and fifty (250Nos) barrels of AGO and two (2Nos) drums of lubricating oil which occurred on April 19, 2018 by your vessel at 0615 hrs at Escravos break-water, Delta State, was not reported to the agency as required by Section 6 (2) of NOSDRA Act 2006.

“Joint Investigation Visit (JIV) was not carried out as required by Section 2(5) of the agency’s regulation SI

25 (oil spill recovery, cleanup, remediation and damage assessment regulation, 2011) The spills were not cleaned-up as required by section 6(3) of the NOSDRA act 2006.

Post-Spill Impact Assessment (PSIA) was not carried out as required by Section 19(1) (C) of the agency’s enabling act of 2006 Assessment of damage caused by the spill incident was not carried out as required by Section 19(1) (g) of the agency’s enabling act of 2006 In view of the forgoing, you are hereby directed as follows: . Pay to agency through

the TSA platform the sum of one hundred and thirty million (N130, 000, 000, 00) each for the AGO and lubricating oil releases, being sanctions against your company for violations of Section 6 (2) of the NOSDRA act of 2006 within twenty one (21Nos) days of receipt of this letter.

Logistic(s) should be provided within three (3Nos) days of receipt of this letter by your company for a JIV, PSIA and damage assessment as required by the relevant provisions of the NOSDRA enabling act of 2006 and regulation S.I 25 of 2011 as stated above.’’

inister of State, Mines and Steel Development, Abubakar Bwari, yesterday urged investors in Zamfara State to obey Federal Government’s directive to vacate mining sites in the state.

Bwari made the call while speaking on the sideline of the groundbreaking ceremony of AG Vision Min-ing site in Suleja, Niger.

The Federal Government announced the suspension of all mining activities in Zamfara State within 48 hours.

The Acting Inspector-General of Police, Muhammed Adamu, who gave the order on behalf of the government said the suspension was part of measures to check banditry in the state.

Adamu stated that the suspension of mining activities followed intelligence reports linking armed ban-ditry with illegal mining activities in the state.

Meanwhile, Bwari described the suspension as

a `necessary step towards curbing banditry in the state’ “The suspension is for the betterment of miners, our dear state and the country at large, security agents will soon find a lasting solution to the situation.

“It is unfortunate that mining activities had been distorted in the state, even legitimate mining inves-tors have stopped activities for the past two years ago due to banditry, he said.

The minister said the directive became necessary to protect the lives of the people, saying, “while pur-suing economic activities, we must also consider lives of the people” “We have communicated with miners to comply and shut down their mining activities within 48 hours as directed by the government.

“Although, we know the pains of shutting down mining activities within 48 hours, we are sure that it will not be long for the security agents to flush out bandits.

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WESTAFRICA BUSINESSNEWS

ECONOMY

TUESDAY, APRIL 9, 2019

Building investors’ confidence via government securities In a bid to address the possible increase in inflation and the weak exchange rates in Nigeria , financial expert have said that the apex bank may continue to use the sales of government securities to influence the trending issues . NIYI JACOBS writes

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recent global accounting body, Association of Chartered Certified Accountants (ACCA), in its latest study, said Nigeria faces its lowest economic confidence scores in a year, after a fall in the final quarter of 2018.

The study tagged: “Global Economic Conditions Survey (GECS)” by ACCA and Institute of Management Accountants (IMA), noted that given the poor near-term outlook, a fall in oil prices would weigh on exports and government revenues, saying that 82 Nigerian accountants polled affirmed it.

The Head of ACCA Nigeria, Thomas Isibor, said: “The report finds that despite an improvement in the non-oil economy, consumer demand is soft, restrained by a 23% unemployment rate.

“Overall GDP growth in 2019 is likely to be very modest at between two per cent and 2.5 per cent.

Presidential election in February increases uncertainty in the near term, but the outcome may result in more business-friendly policies.”

But the Head of Business Insights at ACCA, Narayanan Vaidyanathan, added: “Economic confidence over 2018 has been turbulent, with end of calendar year results downbeat, compared to the start of 2018.

“It’s been interesting to look back at the GECS from the start of 2018, when we recorded economic confidence at its highest since the first survey was issued, assessing first quarter of 2009. Last year was clearly a roller-coaster ride and the outlook for 2019 is also uncertain.”

The nation’s interest rate environment will remain hawkish, at least in the near term, meaning that expectations of reduced funding costs would prolong.

Two things will drive the apex bank’s persistent hold on the rates.

First is the potential of increased interest rates globally, followed by the country’s quest to attract foreign investments, as a foil to capital flow reversal induced by the interest rate hike in developed economies.

The U.S. Federal Reserve has already planned three interest rate hikes in 2019 to a range of three per cent-3.25 per cent, which will lead to capital flow reversal.

“The appropriate policy response to curtail capital flights is

Oscar Onyeama

to adopt a tight monetary policy stance in the form of an increase in the yields of government securities, not rate cut,” the Head of Research at FSDH Merchant Bank Limited, Ayodele Akinwunmi, said.

To address the ensuing risks to possible increase in inflation rate in Nigeria and the weak exchange rate, a research by FSDH Merchant Bank Limited noted that CBN will continue to use the sales of government securities to influence interest rates and yields.

Consequently, the possibility of yields on fixed income securities to increase marginally from the

current levels in coming weeks is high.So, interest rate cut in Nigeria is not in the cards soon and funds will remain costly.

Worrisome too is the fact that the increase in the interest rate in the international financial market may lead to higher interest expense than usual any time this year, when government wants new foreign borrowings.

With a gloomy outlook for the global economy in the shortterm, leading to uncertainty in the crude oil price, the nation’s quest for increased foreign exchange reserves and earnings to support

CBN should sustain its unconventional policies as a way to boost credit creation and support business expansion in the near absence of the fiscal side. They should also consider all the impending risks in the economy before taking a decision.

budget implementations is sure to get some setbacks.

Already, the nation’s oil production quota has been reduced to 1.6 million barrels per day, leaving a shortage of 700,000 barrels per day in the budget benchmark of 2.3 million barrels per day, while price is forecast to average $60 per barrel in 2019, lower than $71.7 per barrel in 2018.

A significant decline in crude oil price will have negative fiscal and monetary implications for the Nigerian economy. The global oil cartel’s production cut will reduce government’s revenue if crude oil price does not rise as much to compensate the output cut. This will increase fiscal deficit, also put pressure on exchange rate, inflation rate and interest rates.

Currently, the county’s crude oil grade offering, at the weekend, is $61.94 per barrel, just $1.94 above the 2019 budget proposal benchmark, but when multiplied by 700,000 barrels per day, which were cut off by the oil cartel, it means that Nigeria will be losing $43.4 million everyday.

Nigeria must implement policies that will diversify the Nigerian economy, create sustainable foreign exchange stability and assist in lifting aggregate demand in the domestic economy.

But it appears that discussions of this nature are more of lip service and paper work. Investment in critical infrastructure will grow the key sectors of the economy and allow for stronger buffers against

external shocks.

It is also important to invest in human capital, quality education and healthcare to increase productivity in the country. These are still at preliminary stages, at best.

A financial analyst had told westafricabusiness news that despite the fact that the economy is showing signs of recovery, there was also need for coordination of fiscal and monetary policies to achieve strong growth and reduce potential negative impacts.

Unfortunately, the fate of the 2019 budget, which proposal is currently in the “coolers”, given the political atmosphere that is highly charged, remain uncertain and will surely tell on the economy sooner.

The actual passage and implementations, as usual, has its own drama of absurd order. At the moment, the fiscal expectations from the budget can only be speculated.

Martins Uzor queried the continued fashion of not approving budgets early, saying the fiscal policy side has always lagged behind and delayed investments in critical infrastructure and human capital, which are necessary to jumpstart productivity and growth in non-oil sector of the economy.

“CBN should sustain its unconventional policies as a way to boost credit creation and support business expansion in the near absence of the fiscal side.

They should also consider all the impending risks in the economy before taking a decision,” he said.

BUSINESSNEWS 6 WESTAFRICA TUESDAY, APRIL 9, 2019

INSURANCE

Micro pension: Harnessing potential in informal sector for economic development

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inancial and economic analysts have described the very ambitious plan by the federal government to provide Nigeri-ans, especially those in the informal sector a new pension scheme as very good initiative.

President Muhammadu Buhari during the official launch of the Micro Pension Plan at the Presidential Villa in Abuja, last week, assured pensioners of his administration’s renewed commitment to pension payment despite the meagre resources within government’s disposal.

The president reportedly noted that the initiative is part of the government’s plans to ensure that hardworking Nigeri-ans live in dignity and retire in peace when due.

The President disclosed that the MPP is expected to mobilise about N3 trillion savings from the informal sector into the N8.6 trillion pension assets in the country. According to the National Pension Commission, its goal is to achieve pension coverage for 30 million people in the informal sector by 2024.

Nigeria’s informal sector constitutes an estimat-ed 69 million workforce, which represents an estimated 88 percent of the country’s workers that currently lack pen-sions for their old age.

Speaking in an interview with our correspondent on the modalities of the micro pension scheme, the Pencom boss, Aisha Dahir-Umar, said, “The National Pension Commission has issued a robust Guideline on Micro Pension Plan pur-suant to the provision of Section 2(3) of the Pension Reform Act 2014. The Guideline spelt out detailed legal, institu-tional and operational frameworks for the administration of the product by licensed pension operators from the point of enrolment to the point of accessing benefits from the pension account by participants.”

Micro Pension Plan targets the significant majority of Nigeria’s working population who, incidentally, operate in the informal sector. Participants are expected from various informal sector workers including market women, members of the National Union of Road Transport Workers (NURTW), members of Textile, Garment and Tailoring Associations, Keke Napep and Okada Riders Associations, Butchers Associations, workers in the Movie and Performing Art industry, mechanics and other workers in the automotive industry and single professionals like lawyers, accountants and many others.

Micro Pension Plan is designed to fit the peculiarities of these informal sector groups. The National Pension Commis-sion had extensively engaged all relevant stakeholders and obtained their inputs before the product was developed to suit their requirements.

Echoing similar sentiments, the Head of Corporate Communications of PenCom, Mr. Peter Aghahowa said, “The Micro Pension Plan (MPP) came to be as a result of amendment of the Pension Reform Act of 2014. Recall that when the

Financial analysts have said that the introduction of the micro pension scheme by the federal government to cater for workers in the informal sector will bode well for the economy, reports NIYI JACOBS

Contributory Pension Scheme (CPS) commenced, it commenced with the pension reform act of 2004, before it was revised in 2014. When it was revised in 2014, one of the provisions that was revised was an expansion of the scope, not just limiting it to the formal sector as the 2004 act is, but now the revised law expanded it and included the informal sector. It is an initiative from Nigeria that is derived from the Contributory Pension Scheme.”

According to the image-maker of PenCom when the micro pension scheme was formally introduced into the Pension law in 2014, ahead of its implementation, the Commission looked at other jurisdictions like Kenya, Ghana and India.

These are jurisdictions that are similar to our demography. These countries have had very vibrant pension schemes for the micro pension plan. These are countries where this kind of pension plan has been running for some time.”

On the likely challenges being envisaged, Aghahowa said the main challenge is the issue of enlightenment and educa-tion.

Financial literacy generally is low; how much more pension literacy which a subset of financial literacy.

Now that we are dealing with a sector that you might have quite a number of them not so educated, there is need for them to be enlightened.

That I believe is a challenge that can be strategically overcome.

Concerning the safety and protection of the funds of those hoping to key into the Micro Pension Scheme, he ex-plained that the Contributory Pension Scheme has run now since 2005; over thirteen years, and the commission has good stories from beneficiaries

because it is a funded scheme.

“A lot of things have been built into the pension industry, even the separation – the Pension Fund is not the adminis-trator that holds the funds, the Custodians have the funds. The administrator administers; so you can see that a lot of safeguards have been built into the system and I believe that is why it has been so successful. Safety of the funds is a key and principal objective of PenCom. I am assuring the public that there is no cause for alarm.”

Expectedly, some of the representative bodies at the informal sector have expressed excitement over the introduc-tion of the micro pension scheme.

Speaking with a cross-section of the bodies they said it was an idea whose time has come.

Firing the first salvo, the Public Relations Officer of the National Association of Nigerian Traders (NANTS), Ijeoma An-uforo said, the scheme no doubt gives operators in the informal sector the opportunity

to put a little money aside for contingency future plans.

“Now we can plan towards retirement at the pace we want to maintain the kind of lifestyle we want when we retire. It is a massive pool of people and good business for the Pension Funds Administrators (PFAs). We are presently in talks with PenCom and PFAs. We are also going to have sensitisation programmes in every market where people are going to be signed up immediately.”

The President of the National Union of Road Transport Workers (NURTW), Comrade Najeem Usman Yasin, explained that “the pension plan is a timely innovation and the much needed intervention for the informal sector.

“Our drivers do not have pension at the time they are aged or retiring from driving. With this innovation from PenCom, our members can key into it such that by the time they are retiring they will have something to fall back on.”

The General Secretary of the

Now we can plan towards retirement at the pace we want to maintain the kind of lifestyle we want when we retire. It is a massive pool of people and good business for the Pension Funds Administrators (PFAs).

National Union of Textile, Garment and Tailoring Workers of Nigeria (NVTGTWN), Mr. Issa Obalowu Aremu, his union is super excited that PenCom has designed a special scheme for the large army of the informal sector workers.

He said that: “The informal sector has a workforce potentially close to 80 million Nigerians; this way we might be look-ing at multiple trillions of Naira.

“We started to be part of the Contributory Pension Scheme in 2004, and can bear witness that today that the workers in the formal sector are secured in terms of their pension after work. Don’t forget that there have been crisis of compensation in this country.

“Today, in terms of regularity of payment for workers who have contributed and are due for retirement, they get their dues as at when paid. It has been better managed, so I want to commend the National Pension Commission. The only way we can overcome income poverty is the social protection through pension schemes.”

The President of Pension Funds Operator Association of Nigeria (PenOp), Mrs. Aderonke Adedeji, “When the scheme started over 12 years ago, it was essentially for the organised private sector, public sector and the states. If you look at the demographics of the country, clearly the larger percentage were excluded from the scheme.

“This was not intentional, and I believe the way the scheme started was really the best way for it to start.

Structures, systems, processes had to be put in place, even the law was changed in 2014.

“For the industry, it is a Continued on page 8

INSURANCE

TUESDAY, APRIL 9, 2019

NAICOM underscores roles of stakeholders in adoption of IFRS 9

BY NIYI JACOBS

Insurers pay over N1.40bn claims on terrorism, flood

T

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he National Insurance Commission (NAICOM) has stated its roles and those of underwriters in the adoption of the International Financial Reporting Standards (IFRS) 9.

The Director, Inspectorate, NAICOM, Barineka Thompson, who listed the roles noted that insurance operators are to engage on awareness training for senior management and members of the board of their directors; develop road map for adoption and follow -up action; develop policies, procedures and governance structures for implementation and perform an impact assessment to determine the high level implications of applying the new C&M requirements, including potential accounting mismatches and resulting volatility of IFRS 9 and carry out predominance test and present result to the board of directors for decision on choice of option.

According to NAICOM, operators are also to engage on classification and measurement of financial as-sets, develop test, apply and validate new impairment model based on expected credit losses rather than incurred losses.

Operators are also to appraise new hedge accounting criteria, expected to be of limited interest to insurers; address organizational responsibilities aligning actuaries, risk and account-ing identity shared

Mohammed Kari

risk and actuarial data and conduct parallel testing and pilot phases for increased efficiency. They are to also consider interpretation of new requirements and assess implications of having to apply new impairment rules to all financial assets “Insurers should already have prepared themselves for IFRS 9 before 1 January 2018 against year end financial statements and if relevant, have performed and

concluded all testing and disclosure requirements.

“The tax impact of any accounting decisions, judgements and transitional adjustments arising from IFRS 9 will need to be understood and assessed alongside those arising from IFRS 17 to fully under-stand the overall impact, including on tax profile and volatility.“File relevant report with the regulator for review and

assessment,” he said.

On the roles of NAICOM, he said the regulator has to engage on sensitization workshop for key stake-holders; issuance of supervisory guidance to operators in the event of observed apathy; conduct train-ing of supervisory staff and have continuous interaction with operators for enhanced quality of financial reporting of IFRS 9.

nsurance operators paid over N1.40 billion claims on terrorism and flood in 2017 WestAfricabusiness-news can report.

The Data obtained from the Nigerian Insurers Association (NIA) revealed that Axa Manasard Insurance Plc and Continental Reinsurance Plc, paid over N217.83 million on terrorism, with Dangote Cement Plc, Ibese Plant, claiming N167.95 million.

NIA also revealed that the operators paid over N1.18 billion on flood, noting that Prestige Assurance Plc, made the largest claims of N55.48 million to D2H Services Limited & Associates.

The NIA said the industry recorded a gross premium of N364.69 billion and net premium of N258.06 billion in the year.

Chairman of the NIA, Tope Smart, said the industry has being responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.

The Director-General, Nigerian Insurers Association (NIA) Mrs Yetunde Ilori, urged the public to take advantage of conflict resolutions bodies set up by the industry to resolve all unpaid claims issues.

She noted that the NIA in a bid to ensure the public are not denied claims, set up a complaints bureau, adding that the National Insurance Commission (NAICOM) also has a bureau for settlement of claims disputes.

PFAs invest N5.03tn of N8.64tn pension funds in FGN securities

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ension Fund Administrators (PFAs) have invested N5.03 trillion out of the N8.64 trillion pension assets in Federal Government’s securities, as at the end of December, 2018, the National Pension Commis-sion (PenCom), has said.

Data obtained from PenCom stated that 73.09 per cent of the pension funds had been invested in the Federal Government of Nigeria’s securities.

Investments in FGN securities include: N4.53 trillion amounting to 52.49 per cent in Bonds; N1.67 trillion in Treasury Bills (19.37 per cent); N11.57 billion in Agency Bonds (NMRC & FMBN), (0.13 per cent); N86.54 billion in Sukku (1.00 per cent) and N7.23 billion in Green bonds, (0.08 per cent) PenCom noted that the number of Retirement Savings Accounts (RSAs) holders at the period was 8.41 million, which consist, 5.93 million males, 2.47 million females from the public and private sectors.

It stated that N606.19 billion, which is 7.02 per cent of the funds, was invested in domestic ordinary shares; while N55.86 billion, amounting to 0.65 per cent in foreign ordinary shares.

The pension industry regulator maintained that pension operators invested N138.71 billion (1.61 per cent) in State Government’s Securities; Corporate bonds got N461.16 billion (5.34 per cent);

Corporate Infrastructure bonds, received N7.52 billion, (0.09 per cent); Supra-National Bonds got N6.91 billion (0.08 per cent); commercial papers, N82.81 billion (0.96 per cent); Banks, N626.33

billion (7.25 per cent).

Others are, Reits, N15.54 billion, (0.18 per cent) Foreign Money Market Securities, N3.21 billion, (0.04 per cent); private equity fund, N31.35 billion, (0.36

per cent), Real Estate Properties, N229.71 billion, (2.66 per cent); infrastructure funds, N18.51 billion, (0.21 per cent) and cash & other assets, N32.32 billion, (0.37 per cent).

Micro pension: Harnessing potential in informal sector for economy development Continued from page 6

continuation of our mandate and an extension of the benefits of providing long term security for every Nigerian.

“As operators, our responsibility jointly with PenCom is enlightenment, which is the first and most important aspect of this plan.

“Second is the process of registration. It is our job to bring people onboard. The registration process has to be as seamless and simple as possible. It will largely be technology based because in order to reach the masses and give easy access, there will be a lot of reliance on technology.

“Next will be to begin to invest funds, administer the funds, and to keep people’s record to ensure that they are aware of their balances are. When it’s time for payment, we process payments as well. The fact that it is now available to everybody is a major relief to most people. But like anything that is new, we will

need time to build it up. I believe in another ten years when we look back we will realise that a lot of progress have been made.”

The Head of Communication of Abuja Markets Management Limited (AMML), Mr. Innocent Amaechina, the commis-sion needs to intensify in its strategy and rate of engagements and education of the participating public from the informal sector.

“I expect that people will readily accept the new initiative by the Commission because nobody wants to be left behind.

“Already, we hear that those in the informal sector complain about some things that the people in the public service are enjoying that they do not enjoy. The informal sector is the driver of the economy, but they sometimes feel ne-glected; so I expect that they will accept it with both hands.

“I expect PenCom to give us a product that will be tailor-made specifically for the informal sector;

they cannot expect to use the same criterial for the formal and public sector for us.”

On his part, Dr. Bond Nnnamani, who is the Chairman of Gudu Amalgamated Traders Association in Abuja said: “PenCom has contacted us concerning the Micro Pension Scheme, however, we have not concluded with them on the mo-dalities. It is a very good venture. It helps us to be better prepared and secured towards old age. The challenge with most business men and women is not that we don’t have money, but that our savings culture is very low because we normally plough back most of our profits into the business.

The scheme is surely a very good one from the Commis-sion.”

For the Chairman, Garki Market in Abuja, HRH Igwe Friday Ozochimereze, “the PenCom have not done enough to reach out to stakeholders in the informal sector especially in the areas of regular engagements and proper education

about the scheme.“I believe that the Micro Pension Scheme will be beneficial to my people. However, they (PenCom) need to do more to reach out to us,” he said.

More people continue to show their readiness to engage the scheme which will give to them upon demand the divi-dends of their investment when the need for it arises.

The Chairman of Zone 3 Neighbourhood Traders Association in FCT, Mr. Okonkwo Ifeanyi, who spoke with our corre-spondent, explained that some Pension Fund Administrators have approached his market but have not reverted to them on a full plan and modality for the scheme.

“We are greatly expecting the scheme to kickoff, but the PenCom needs to spend more time enlightening the people because a lot of us still have ill-feelings towards pension,” he said.

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INSURANCE

WESTAFRICA BUSINESSNEWS TUESDAY, APRIL 9, 2019

How insured’ ignorance fuels N

igeria is no longer immune to certain catastrophes including natural disasters, suicide bombings as well as highly or-ganised banditry and insurgency which used to be strange occurrences.

While the other side of the world is battling to curtail or contain the situation through constant initiatives, the gov-ernment of Nigeria and the citizens appear to have remained aloof to the situation or simply driving in reverse while accepting things as fate that had befallen the country.

From major and minor road accidents, fire disasters, to flooding, victims, especially those who die in the process, are easily forgotten, while those who survive lose everything but start from the scratch, as if nothing had happened.

Only recently, the country woke up to a major tragedy with the collapse of a three-storey building in the heart of La-gos State, leading to the death of school children.

The tragic experience highlighted another posture of Nigerian government’s lackadaisical attitude to the safety of citi-zens and proper compensation for victims of such avoidable misfortunes.

Barely 48 hours after the tragic experience, another building collapsed in Oyo State, trapping the occupants just as another being demolished in Lagos caved in.

The recent incidents are merely additions to other tragic experiences which had occurred in the past where the vic-tims and their families are always left on their own without appropriate compensation, which insurance should have taken care of.

Before now, recall that an accident involving about 54 vehicles had occurred on one of the bridges in Lagos, where it was discovered that only seven of those vehicles were properly insured, thereby, making it impossible for the other motorists to be compensated. This is besides the ones that happen almost on a daily basis.

According to a research by one of the lecturers in the Department of Building, University of Lagos, Dr. Abimbola Windapo, there were over 112 incidents of building collapse in Lagos alone between December 1978 and April 2008.

Mrs. Windapo also revealed an upward trend in reported cases of building collapse in Nigeria in 1985, 1995, 1999, 2005 and 2010.

However, she said the geographical spread suggested a high prevalence in the southern part of Nigeria with 81.6 per cent of reported case in Lagos only, 8.8 per cent in Abuja, 6.5 per cent in South-South, 5.5 per cent in the South-East and 4.4 per cent in both the North-West and North Central states.

Another survey showed that South-West zone of the country had the highest record of building collapses in the last eight years, with Lagos accounting for about 134 deaths and 159 injuries.

There is an average of five deaths recorded yearly in Nigeria as a result of building collapse.

A survey of building collapse in 2015 showed that an average of 27 buildings caved in 14 months. Out of these, 175 deaths occurred while 427 others were injured. In all of these calamities, no one family of the dead received any form of claims as the buildings were never insured.

Although figures had been churned out in the past to prove how

Ignorance on the part most insured Nigerians on the working of insurance sector such as mechanisms to cover their property , has culminated in victims of tragedies losing out entirely from being compensated via claims reports NIYI JACOBS

Emefiele

backward the country is as far as patronising insurance is, the recent ratio, as represented through the unfortunate carnage, is a practical example of what Nigerians lose by not insuring their lives and assets.

The time to face reality is now, unlike some years back when stories about wildfire in Australia, flooding and mine collapse in China, and suicide bombings in some parts of Middle East were alien to us.

More than anything now, the loss of lives and property amid the prevailing catastrophe coupled with growing unem-ployment and lacklustre gov-

ernment security apparatus now give a clearer picture that the days are no longer easy and the need to take insurance more seriously has become urgent.

Although no one is immune from disasters, the ordinary man, however, appears to be exposed more to all. While the rich keep their wards in highly sophisticated and secured environment, the poor are exposed to tragedies on a daily basis.

In one of the most celebrated building collapse cases in Lagos that appeared to have been swept under the carpet like others in the past, sev-

At a point in the state, anybody that operated a private school or hospital and attempted to renew his licence was required to present insurance cover on such premises. In the same vein, any business person, who had more than three people working for him renewing any document, was also expected to present his Group Life document for workers

eral artisans reportedly died as a result of the collapse of a five-storey building under construc-tion on Kushenla Road, Ikate-Elegushi, Lekki.

Ordinarily, and under the compulsory insurance law, such buildings are supposed to be insured to cover the workers.

All the government did, as usual, was to commiserate with the families of the victims, followed with the usual state government no longer tolerating the action of unscrupulous owners and builders who challenge its supervisory con-trol, thereby “endangering the lives of Lagosians”.

Till date, there has not been any report of compensation either from the state or the developer for the families of the victims. It would have been a different ball game if the building was properly insured with premium paid.

Whereas there is a law stipulating what victims of disasters should earn, according to provisions under the Compulsory Insurance policies, it is what the government, employers or those in charge of the situation decide should be handed to the victims as compensation, and which is usually far below what the law stipulates.

Over time, the ordinary citizen has remained the biggest loser in this regard as the law under the Insurance Act 2003, which is supposed to protect them, has been tactically undermined by government and become meaningless to Nige-rians.

Beyond collapsing buildings, employees are losing their lives on duty without being under any group life insurance cover, farmers are losing their crops to natural disasters such as

flooding and pest without being compensated while houses, vehicles and other form of assets are either being stolen or consumed in inferno without the owners getting them replaced as insurance would have done for them.

Although flooding, for instance, has been around for years, the dimension it has taken in the last three years calls for concern. These days, private and public buildings as well as farmlands are easily submerged with properties worth mil-lions of naira or even more lost.

Last year, farmers in some parts of the country lost major part of their crops to flooding, only for the President, Mu-hammadu Buhari, to make a promise of direct compensation to them since they failed to insure their farmlands.

The promise was, however, different from that of the Managing Director/Chief Executive, NAIC, Mrs. Folashade Jo-seph, who assured victims that NAIC would pay appropriate compensation to insured farmers, whose agricultural farmlands were ravaged across the country.

She said that the corporation was mindful of its corporate responsibility to provide relief and plough farmers back to prosperity through the prompt payment of appropriate compensations.

While encouraging farmers without any form of insurance for their farmlands to do so for future benefits, she said apart from insuring the risk of loss of crops from flood, NAIC also provides insurance against crop losses arising from fire, lightening, drought and pests.

INSURANCE

WESTAFRICA BUSINESSNEWS TUESDAY, APRIL 9, 2019

9

underwriters’ sharp practices

According to her, the risks of death of, or injury to livestock caused by accident, disease, fire, lightening, storm or flood are also insured by the corporation.

She added: “To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the corporation wishes to equally sympathise and encourage them to, in future, take advantage of the agricul-tural insurance solutions of the corporation, in accordance with the policies of government to offer protection to farmers who have answered the patriotic call to go back to agriculture.”

Whereas Compulsory Insurances have made it possible for huge losses to be compensated through claims, it is, how-ever, not taken seriously by government, individuals and institutions.

According to details of the act, six different insurance policies should be obtained and retained in Nigeria, not just to boost the industry’s gross premium but to give Nigerians hope in the event of suffering losses and a better standard of living.

The Act covers Statutory Group Life Insurance as stipulated in Section 9(3) of the reviewed Pension Reform Act 2014; Employees’ Compensation as stipulated in Section 33 of the Employees’ Compensation Act 2010; Occupiers’ Liability Insurance as required by Section 65 of the Insurance Act; Motor Third Party Insurance as stipulated in Section 68 of the Insurance Act 2003; Builder’s Liability Insurance as stipulated in Section 64 of the Insurance Act, and Health Care Pro-fessional Indemnity Insurance as required by Section 45 of the National Health Insurance Act 1999.

According to the details, the Group Life policy, for instance, simply entails that in addition to the statutory pension contributions that employers and employees must remit under the Pension Reform Act, it also requires all employers to make group life insurance premium payments in favour of the employee for a minimum of three times his annual total emolument.

Under the Employee’s Compensation Contribution, every employer is required, within the first two years of the commencement of the Employee’s Compensation Act, to make a minimum monthly contribution of one per cent of the employee’s monthly payroll to the Compensation Fund.

The fund is created to pay adequate compensation to employees or their dependents for any injury, disease or disability out of or in the course of employment.

The Occupier’s Liability insurance requires all public buildings to be insured against various hazards among which are building collapse, fire, earthquake, storm and flood.

Public buildings in this case refers to any tenement house, hostel, buildings occupied by a tenant, lodger or any build-ing used for the purpose of educational, medical or recreational services or for the transaction of any business.

Also, the Builder’s Liability insurance makes it mandatory that builders of real property that has more than two floors must compulsorily register and insure such a building against all construction risks resulting from the builder’s negli-gence or the negligence of the builder’s servants, agents or consultants, which negligence may result in bodily injury or loss of life or damage to the property.

Worried by the Nigerians’ lack of interest in these laws, the National Insurance Commission (NAICOM), on several oc-casions, had attempted to drum the benefits of the Acts into both the Federal Government that created the laws and the citizens to no avail.

A bold step was taken in 2011 when the commission fixed the first quarter of that year as cut-off date from when all compulsory insurances would be fully enforced and penalties applied on defaulters.

The cut-off date has long come and gone, but things still remain as they have always been with more catastrophes occurring everyday with nobody being compensated.

To further ensure Nigerians apply themselves to the benefits of the cover, NAICOM came up with the idea of a pro-gramme tagged: Market and Development Restructuring Initiative (MDRI), aimed at creating an engineered approach towards the development of insurance in the country. The focus was to ensure the full implementation of the Com-pulsory Insurance Act. However, unfolding developments over the years still point to the fact that the programme remains a hard sell due to gross apathy facing the insurance sector in the country.

In the course of investigation, New Telegraph gathered that only two states out of 36 across the country actually took the initiative to key into the building insurance with Lagos, incidentally, being among the two. The other is Imo. Speaking on the failure to drive building insurance properly, a developer, Mr. Deola Sowunmi, said the issue of insur-ance of public building hardly bothered tenants due to the desperation involved at the stage of searching for accom-modation.

He argued that most of the policies in compulsory insurances were mere paper work or laws that can hardly be im-plemented because of peculiar Nigerian environment.

“The insurance of public buildings is not new. It is meant to protect

Last year, farmers in some parts of the country lost major part of their crops to flooding, only for the President, Mu-hammadu Buhari, to make a promise of direct compensation to them since they failed to insure their farmlands. the occupier of the property, but tell me, if you desperately need an accommodation and by stroke of luck you find one with good terms, would you start bothering to find out if your landlord insured the building or not. If you do not move in, another tenant will take it.

“Government too is not helping matters; it has failed to provide facilities for people and under the same failure, it is creating more burdens for those who make such facilities available. If I need an office, and I know government has made one available for me, then I have the option of finding out if a landlord had insured his own property before I move in assuming I prefer the one he is offering to that of government,” Sowunmi said.

He further established that insurance would remain a difficult commodity to sell in the country because of the prevail-ing economic environment, adding that those in charge of the sector should do more to create the needed aware-ness.

“One of the major problems with insurance in the country is lack of adequate awareness. This is besides lack of enough disposable income. Those in the sector have been trying to create awareness but I believe they still have to do more. May be they should design new strategies if the old ways are failing,” he added.

A source at NAICOM told New Telegraph that in Imo State, government achieved almost 100 per cent success in im-plementing the building insurance policy.

“At a point in the state, anybody that operated a private school or hospital and attempted to renew his licence was required to present insurance cover on such premises. In the same vein, any business person, who had more than three people working for him renewing any document, was also expected to present his Group Life document for workers,” the source said.

Although Lagos had attempted to do same, it has never been as effective as developers still go about building houses without the necessary insurance cover.

The source added: “Although it is already law, we also want the states to incorporate it into theirs. You know so many policies meant to benefit the poor are sometime politicised. That is part of the problem we are facing now.

We know some of the state governors are interested but they don’t want to be seen as putting more burdens on their subjects, so they overlook it.

“Another thing people need to understand is that if you are insuring a public building, it is in the interest of the third party, who is the tenant. So the policy is not covering the building

but the tenant. The benefits in compulsory insur-ance are not directly for the owner of the property but the occupier. It is just to ensure that if any occupier dies or suf-fers injury, the law will ensure the family is adequately compensated. So the compensation does not go to the owner of the property.

“What most people don’t know is that Compulsory Insurance is meant to protect the vulnerable. If you are a tenant in a public building, the law is meant to protect you and your property in the event of loss, but here in Nigeria, nobody cares. Either out of ignorance or sentiments, you see those whom the law is supposed to protect would be the ones sympathising with the landlords or owners of such property, who failed to cover the risks. We have a long way to go in this country.

“The truth is that if the tenant takes such a landlord to court, he (the tenant) would recover all that he had lost. That is the reason behind compulsory insurance. At least, it will teach the landlords and others a lesson. A wise landlord should be able to transfer such risks to an insurer, but here everybody feels insurance is not their business.

On the benefit of the Third Party vehicle policy, he equally lamented the losses suffered by people due to ignorance.

According to him, imagine if there is an accident and the driver is taken before a judge whose relative was initially killed by a hit and run driver, and out of anger he awards N100 million against the person, how would he pay that? This is what N5,000 would have taken care of. But there is a law that is supposed to protect the person but he allows him-self to be cheated.

While this is common knowledge to over 80 per cent of motorists, the benefit does not, however, end there as the same policy is capable of footing hospital bills in the event of the accident victim being hospitalised and in most cases take care of whatever he has been deprived of during the period he is incapacitated.

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ECONOMY

TUESDAY, APRIL 9, 2019

Buhari’s Administration committed Niger Delta development – Osinbajo

BY BONNY AMADI

T

he federal government’s commitment to development of Niger Delta, has once again, been reiterated, by the vice president, Professor Yemi Osinbanjo.

Re-emphasising this recently in Delta state, Osinbanjo stated that, the Nigeria Maritime University, Okerenkoko, Delta State, remains a vital proof of the unwavering commitment of the Buhari Administration to the development and progress of the Niger Delta.

The Vice President, Yemi Osinbajo, revealed , during the University's maiden Matriculation ceremony, which held on Saturday, April 6, at its take-off campus in Kurutie, Warri South-West Local Government Area of Delta State, that the institution is poised to become centre of professional excellence.

Osinbajo, represented at the event by. Edobor Iyamu, Senior Special Assistant to the President, on Economic matters, Office of the Vice President, noted that President Muhammadu Buhari "is a man of his words and he has made that clear over and over again with regards to the Niger Delta, in the last four years."

The Vice President highlighted the determination of the Buhari administration to change the narrative of a region that had been neglected in the past.

He said, "The seriousness with which we view the Niger Delta informed the series of unprecedented engagements that resulted in the comprehensive development Plan known as the New Vision for the Niger Delta; with the goal of ensuring that the huge resources of the Delta are put to work for the good of the people of the region.

"That New Vision has guided us every step of the way, and is what has helped propel the Ogoni Clean Up to fruition, and helped birth this University in which we are gathered today."

Congratulating the management and staff of the University in his speech, Vice President then urged students of the institution to become excellent ambassadors of this University.

"I congratulate you all on the commemoration of this milestone occasion, the inaugural matriculation ceremony. Congratulations also to all of the matriculating students. As the pioneer set of students of this landmark institution, you are all standing on the threshold of history, and we rejoice with you," he noted.

"We have a vision that the Maritime University will come to be known around the world as a Centre of Excellence in Maritime matters, and a repository of expertise and knowledge on the Niger Delta," he added.

Westafrica BusinessNews recalls that take-off of the Maritime University was actualized under the Buhari administration following the commencement of its operations in

Prof Yemi Osinbajo

2017.

Hence, the take-off of the Maritime University is in fulfilment of the Buhari administration’s commitment to develop the Niger Delta in line with its New Vision for the region.

The Vice President further noted that the Federal Government is focused on developing the human capital of the Niger Delta in different sectors, noting that in the near future, the region would not only be known for its oil and gas potential, but also in the quality of its human capital resources.

"These and more are examples of how we are walking the talk in the Niger Delta region, which we view not in terms of its past, but

in terms of its potential. And this is a potential that is not limited to oil and gas, but is actually focused more on the development of human capital. We are confident that the Niger Delta will sooner than later come to be defined, not by crude oil, but by the quality of its human resource, the abundance of its agriculture, its rich cultural potential, and so on," he added.

He also noted the ongoing Ogoni Clean-up/remediation efforts, the establishment of modular refineries in the Niger Delta and the Presidential Amnesty programme that has helped to maintain the peace and stability on the region, and the Gas Flare Commercialisation Programme, aimed at ending gas-flar-

The Amnesty Programme has continued to receive funding and support from the Buhari Administra-tion, because we understand just how important it is for the young people of the region. We will con-tinue to ensure that it delivers on its mandate and responds fully to the needs and yearnings of the beneficiaries.

ing in the region.

"And while the remediation is ongoing, there are also a lot of efforts aimed at ensuring that affected communities enjoy basic amenities like clean water, and that jobs and training opportunities are extended to them.

"Our Modular Refinery Programme is another important cornerstone of the New Vision for the Niger Delta. There are currently four modular refineries at different levels of completion, across the region.

"The Amnesty Programme has continued to receive funding and support from the Buhari Administration, because we understand just how important it is for the young people of the region. We will continue to ensure that it delivers on its mandate and responds fully to the needs and yearnings of the beneficiaries.

Prof. Osinbajo noted that the long-term impact of the administration's Gas Flare Commercialisation Programme, would not just improve health and the environment, but also increase economic opportunities as it would "create jobs and wealth for citizens and communities in the region."

The Nigeria Maritime University commenced full academic activities for the 2017/2018 academic year in April, 2018, with a total of 370 students spread across 13 undergraduate programmes in three Faculties,

namely: Transport, Engineering and Environmental Management.

Earlier, in her address, the Vice Chancellor of the institution, Prof.

Ongoebi Maureen Etebu, described the occasion as an epoch-making moment, praising the President Muhammadu Buhari-led administration for providing the fertile environment for the institution to come into being.

Etebu said the university is a ship set to sail, as the school now boost of three vibrant faculties.

The matriculation ceremony was held for all in-takes from the 2017/2018 and 2018/2019 academic sessions.

The occasion was attended by the Acting Governor of Delta State, Barr. Kingsley Otuaro; representative of the Hon. Minister of Education; the Pro-Chancellor/Chairman of the Governing Counciil, Nigeria Maritime University, Chief Timipre Sylva, Director-General/CEO, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, top government officials, traditional rulers from Gbaramatu Kingdom, amongst others.

Another highlight of the well-attended ceremony was the presentation of cash awards to some high-flying students, who have excelled in their respective course of studies, since the inception of the institution, with CGPA of 4.5 and above.

ECONOMY

TUESDAY, APRIL 9, 2019

CBN to release guideline on consumers’ protection framework soon

BY BONNY AMADI

T

he Central bank of Nigeria (CBN) has sustained commitment to protection of depositors in Nigerian financial institu-tions, as its recently released monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2018/2019, has spelt.

The apex monetary policy circular NO 42,”CBN’s monetary, credit, foreign trade and exchange policy guidelines for fis-cal years 2018/2019” released to the public last week on its web site, remained committed said that operational framework on depositors protection would be released soon.

The apex bank regulator in the report recalled that consumer Protection Framework was issued to the industry in No-vember, 2016 to provide policy direction for protection of customers of financial institutions under the regulatory pur-view of the CBN. Implementation guidelines shall be issued to operationalize the framework.

According to the report, the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2017 and other rele-vant regulations issued by the Bank shall guide the operations of CBN-regulated financial institutions in consumer pro-tection matters.

Under subsection 5.3 titled, Consumer Complaints Resolution and Procedure, the CBN circular 42 , reiterated that, complaints relating to excess charges and loans shall be treated within 30 days as provided in circular number FPR / DIR / CIR / GEN / 04 / 009 of July 2, 2014.

Complaints, according to the circular, shall only be treated if lodged within a period of six years from the date of trans-action, except complaints relating to fraud cases, complaints already lodged with the financial institutions or the CBN, or complaints relating to international electronic payment transactions as specified in the circular referenced FPR / DIR / GEN / CIR /05 /011 of August 21, 2015.

Customers dissatisfied with the financial institution’s decision or resolution process may escalate their complaints to the CBN via

email to cpd@cbn.gov.ng or write to the Director, Consumer Protection Department, Central Bank of Ni-geria, Corporate Headquarters, Central Business District, P.M.B. 0187, Garki, Abuja. Also, complaints can be lodged at any of the 37 Branches of the CBN nationwide.

Furthermore, the Nigerian apex bank regulator remain committed to eliminating all forms of financial fraud and fraud lent finance management firms.

Thus, on curbing Activities of illegal Fund Managers, CBN disclosed that the bank will continue to take measures to-wards curbing the activities of Illegal Fund Managers (IFMs) in the Nigerian financial system.

The measures, according to the bank would include public enlightenment and collaboration with law

enforcement agencies in effecting closure of the IFMs. In order to curtail the activities of Ponzi Schemes in Nigeria, CBN disclosed that “the FSRCC at its 58th meeting resolved that the Dedicated Police Unit of the Securities and Exchange Commission (SEC) should be used to conduct further investigations, and prosecute identified operators of the Ponzi Schemes in the country” The section three of the report, stated that BDCs shall continue to observe a maximum direct foreign exchange cash sales limit of USD5, 000.00 per approved transaction.

Section, XXII. Stated that pooling of funds purchased from the CBN with those acquired from other sources is allowed provided the origin is duly identified and reported. “Consequently, Authorised Dealers shall continue to render

On government ownership of Micro Finance Banks (MFBs) the apex bank, stated under section three of the report, that, it shall continue to encourage State and Local Government’s equity participation in MFBs as allowed under the revised guidelines to facilitate financial inclusion.

appro-priate statutory returns on sources and utilization of funds to the CBN” The report pointed that foreign exchanges brought into the country by oil and oil services companies to meet their local expenses shall continue to be sold to any bank of their choice including the CBN. Monthly returns via e-FASS by both the oil companies and the banks on such sales and purchases shall be rendered to the CBN, using the approved format And that all applications ‘valid’ or ‘not-valid’ for foreign exchange, shall continue to be approved by banks, subject to stipulated documentation requirements before the remittance of funds.

On Mortgage Refinancing Companies, the circular, stipulates that, the Mortgage Refinancing Companies (MRCs) shall support mortgage originators such as PMBs and commercial banks to increase mortgage lending by refinancing their mortgage loan portfolios.

However, it shall also act as an intermediary between originators of mortgage loans and capital market investors who typically are looking for long-dated high quality securities.

The MRCs shall also, not grant consumer or commercial loans, originate primary mortgage loans, accept demand, sav-ings and time deposits, or any type of deposits.

Also, it shall not finance real estate construction, undertake estate agency or facilities management or all other businesses NOT permitted

in the Revised Guidelines.

Minimum Capital Requirement for establishing an MRC is pegged at N5.00 billion.

On government ownership of Micro Finance Banks (MFBs) the apex bank, stated under section three of the report, that, it shall continue to encourage State and Local Government’s equity participation in MFBs as allowed under the revised guidelines to facilitate financial inclusion. However, all such investments must be gradually divested to private-sector investors within a maximum of five years from the date of initial investment.

On lending Limits of MFBs, the report clarified that the loan portfolio of MFBs shall, at all times, comprise a minimum of 80.00 per cent micro-loans.

“The maximum loan by a MFB to any individual borrower, director or related borrower shall not exceed 1.00 per cent of the shareholders’ funds unimpaired by losses, while a maximum of 5.00 per cent is prescribed for group borrowers” As part of promoting effective credit risk management and corporate governance, aggregate insider-related loans shall not exceed 5.00 per Foreign Exchange Sales to BDCs Operators in this segment of the market, it was further disclosed, would, therefore, source their foreign exchange from autonomous sources. CBN shall, however, continue to monitor the activities of the BDCs to ensure that no operator is in violation of the anti-money laundering laws www.cbn.gov.ng.

OFIs’ Collaboration with Credit Bureaux To deepen the quality of credit information available for objective and data based credit decisions, the CBN shall, in the 2018/2019 fiscal years, integrate FCs and MFBs into the Credit Reporting System.

Inclusion of OFIs in the Guide to Bank Charges The provisions of guide to bank charges has been expanded to cover other financial institutions, resulting in the issuance of the Guide to Charges by Banks and Other Financial Institutions 2017.

However, on charging of penalty by Non-Interest Financial Institutions, the report disclosed that the CBN’s Financial Regulation Advisory Council of Experts (FRACE) resolved that charging of penalty is only permissible when the custom-er wilfully delays payment that is due. However, any income derived from the imposition of such penalty must be giv-en to charity.

It warned that under no circumstance shall the bank, its shareholders or staff benefit therefrom. The apex bank re-called that, it had earlier released guidelines/circulars for Non-Interest Financial Institutions operating in Nigeria which include:! Guidelines for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nige-ria

NEWS

TUESDAY, APRIL 9, 2019

Nigeria Signs $523,823 TA Agreement Grant With Islamic Devt Bank N igeria has signed a $523,823 (N185, 957,165 million) Technical Assistant Agreement grant with the Is-lamic Development Bank (ISDB) Group in Marrakesh, Morocco.

The Minister of Finance, Mrs

Zainab Ahmed, disclosed this on Sunday in a statement by her Special Adviser on Media and Communications, Mr Paul Abechi.

According to the statement, the minister signed the agreement on behalf of the Nigerian Govern-

ment while and President of the ISDB Group, Dr Bandar Hajjar, signed on behalf of the group.

The signing took place during the 44th ISDB Group Annual Meeting held in Marrakesh, with the theme, ‘Transformation In A

Fast-Changing World: The Road To SDGs’.

Mrs Ahmed explained that the TA agreement grants would be used to address capacity building and equipment, as well as logistics upgrade in the Hajj Commission.

She added that it was also aimed at the improvement of cotton, textile and garment value chain in the Federal Ministry of Industry, Trade and Investment.

The minister revealed that the National Hajj Commission of Nigeria (NAHCON) would get $243,823.0, while the Federal Ministry of Industry, Trade and Investment would receive $280,000.

“The Technical Assistant Agreement Grant of $243,823.0

to the National Hajj Commission of Nigeria is for capacity building/ equipment and logistics upgrade,” she said.

“TA grant of $280,000 to the Federal Ministry of Industry Trade and Investment is for the improvement of cotton, textile and garment value chain.”

Mrs Ahmed told participants at the conference that the governments at the state level in Nigeria were doing their best to boost agriculture and food production.

She said, “State governments in Nigeria are adopting cluster farming which has eased access to funds by farmers, increased growth and allows access to facilities without collateral.”

Stamp duty collections: RMAFC to probe 22 banks

T

he Revenue Mobilisation Allocation and Fiscal Commission say it is set to probe 22 commercial banks over stamp duty collections.

In a statement issued by the commission’s spokesman, Mr Ibrahim Mohammed, in Abuja, RMAFC said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks from 2000 to 2018.

Mohammed said that RMAFC was the only constitutional body

Mrs Zainab Ahmed,

SMEs Operators worry over CBN’s AGSMEIS under performances

BY NIYI JACOBS

T

here are indications that the Central Bank of Nigeria midwifed Bankers Committee programme, Agri-Business Small and Medium En-terprises Investment Scheme (AGSMEIS), is in a shambles, which has left several agro-SMEs operators stranded.

WestraAfricabusinessNews situation has left several small business operators in the agriculture value chain decrying what they see as a very slow process of loan disbursement under the AGSMEIS, despite funds accretion estimated at about N90 billion by December 2018.

Although initiated in 2017, it did not kick off until a year ago when CBN governor, Godwin Emefiele, in Abuja began the disbursement of what the public was told would be some N26 billion to this category of business owners However only the N133 million photo-ops disbursement made at the ceremony to 358 beneficiaries ever took place.

Emefiele said last year that the

objective of making such funds available was to ensure access to affordable funding for Micro, Small and Medium Enterprises (MSMEs), especially for people operating in the informal sector of the economy.

The AGSMEIS is an initiative of the Central Bank of Nigeria (CBN) and the Bankers’ Committee in a bid to support and complement the Federal Governments’ efforts at promoting Agri-businesses/ Small and Medium Enterprises as a vehicle for sustainable economic de-velopment and employment generation.

The initiative requires all Deposit Money Banks (DMBs) to set aside five percent of their annual profit after tax (PAT) and put in a pool of fund which would be disbursed to beneficiaries under three broad categories: direct, indirect and developmental components.

Under the direct component of the AGSMEIS, the beneficiaries could access loans to a limit of N10 million at an interest rate of five per cent per annum and a maximum tenor of up to seven years.

In addition, there was also a

moratorium period of 18 months on principal and six months on interest element, depending on the na-ture of the business.

Under the indirect component of the scheme, the beneficiaries could access equity and quasi-equity investments of up to ten years with an initial lock-up period of three years before divestment, while the developmental component of the scheme would be used for capacity building and technical assistance to support beneficiaries.

When Emefiele announced the beginning of disbursement of the funds in April 2018, it was hoped that the N26 billion available at the time would be disbursed to those who had met the criteria outlined for access to the funds.

But since then no further disbursement has been made despite that many have completed the necessary training and documentation requirement for the loan.

Chibugo Okafor, an agri-business operator involved in bee keeping and honey production value chain said she completed her training since October 2018

and is yet to receive any feedback on when the loan would be disbursed.

“Sterling Bank has EDC training with SMEDAN. I completed the training since last October and I was assured that all necessary re-quirements were met. I haven’t heard back from them and even when I enquired from the people who trained after me, the re-quirements have increased,” she said.

She further disclosed to business a.m. that additional requirements such evidence of insurance policy with correspondence from accredited insurance institution, evidence of registration with NAFDAC and SON are now needed from potential beneficiaries.

“I have a business already so it might be easier for me. But for a start-up these are not easy requirements and they would cost money,” she said.

An official of SMEDAN who did not want her name in print told business a.m. that so many people have completed their training and documentation and are awaiting disbursement; yet more people are being trained on regular basis.

vested with the powers to monitor all revenue accruals into the federation account.

RMAFC had recently secured the approval of the National Economic Council to probe accruals to the Federation Account through stamp duty following dissatisfaction with what the banks had been remit-ted into the Stamp Duty Account warehoused at the Central Bank of Nigeria.

Mohammed said, “The commercial banks have been deducting the sum of N50 on every deposit with a value of N1, 000 and above since January 2000.

“At the moment, the total sum of N33bn had been realised through the collection of stamp duties which falls far below the expectation of stakeholders. It is expected that at the end of the exercise, over N100bn will be recovered.

“The commission has concluded arrangement to engage the services of reputable forensic audit firms to carry out the probe of the banks.

The probe will be comprehensive as it will cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.”

RMAFC said that NIPOST, which is the operator of the Stamp Duty Act, if properly repositioned through appropriate legal and regulatory framework and the introduction of appropriate technology, could generate over N500bn per annum.

The commission, therefore, appealed to the National Assembly and the Federal Government to initi-ate measures for the amendment of the NIPOST Act to enable the postal organisation to expand the economy and attract more revenue to the federation.

In a similar development, RMAFC said that it had also embarked on the reconciliation of signature bo-nuses and other miscellaneous revenues from the oil and gas industry to enable the commission en-gage other stakeholders with a view to reducing revenue leakages and enhance remittance into the Federation Account.

NEWS

TUESDAY, APRIL 9, 2019

FG discovers high quality platinum in Niger

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n yet another landmark achievement, the Federal Government has said it has discovered high quality of platinum group elements in a village in Niger State.

Minister of State, Mines and Steel Development, Bubakar Bwari announced this yesterday at the groundbreaking ceremony of AG Vision Mining Site in Suleja Local Government Area of the state.

Bwari said that the large mineral deposit was discovered at Kuchiko village in Suleja.

He added that the quality of the discovery was higher than that of South Africa, regarded as the high-est deposit of the mineral in the world.

“A preliminary report by the company shows high deposit of minerals we are looking for.

“From what we have seen, the results are quite encouraging. The

platinum group they have seen so far, the quality we have is higher than that of South Africa. And they are world largest producer of plat-inum group metal.

“That goes to show that Nigeria is highly endowed with this mineral. But what we are looking for now is the commercial viability of the mineral,’’ he said.

He said that the discovery was made by AG Vision Mining, awarded the exploration project in 2018.

He said that the Federal Government had earmarked N15 billion for exploration of minerals to gener-ate detailed geoscience data of quality and quantity of available minerals in the country.

He said the project aimed at addressing one of the key challenges in the development of the solid minerals sector, which was

the absence of bankable mineral data.

“No investor will take us seriously if we are unable to provide the kind of accurate, verifiable data that speaks to both the quality of mineral we have in Nigeria.

“This project is the biggest exploration activity of its kind ever embarked upon by the ministry,” he said.

According to him, the project is domiciled in the Nigerian Geological Survey Agency (NGSA) and it is being supervised by the MMSD, it is also funded through the Natural Resources Fund.

The N15 billion was drawn from the Natural Resource Development Fund to the ministry as interven-tion fund to focus on exploration which is the heart of mining.

He said that the project was

designed to be executed and funded in phases, from the desktop studies, geological mapping among others.

The state minister said that all exploration companies and consultants handling exploration projects should provide reports at the end of each project phase.

“The objective of the project is not limited to the generation of detailed geoscience information like ore reserves, mineral occurrences, discovery and reporting of new minerals, quality and grade of ore and minerals.

“The objective is to also improve the geological knowledge of the locality, generate wealth and em-ployment along value chain; the outcome of the project will be used for policy and research purpose’’ The Permanent Secretary of the ministry, Dr Abubakar Mua’zu,

said that the project was timely as it would attract more mining investors into the country.

The Director-General, Nigeria Geological Survey Agency (NGSA),Dr Abdulrazak Garba, said the project was initiated to bridge the gap between exploration data and mining development.

Garba said the project was also designed to know locations of minerals such as gold, lead and zinc, sil-ver, copper, tantalite among others in Nigeria.

The Managing-Director, AG Vision Mining, Fadi Ghazale said the event was another landmark in the roadmap towards development of Nigeria’s solid minerals industry.

According to Ghazale, AG vision mining is currently exploring in many states, such as Niger, Ogun and Oyo .

Stock market Opens the week negative as ASI Down 1.5%

BY JULIUS ALAGBE

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he Nigerians stock exchange opened the week negative as the market index dropped 1.5%. The do-mestic equities market traded on a bearish note in yesterday’s trading session shedding 1.5% to settle at 29,162.24 points following losses in bellwether stocks - DANGCEM(-1.9%), STANBIC (-6.6%) and GUARANTY (-2.9%).

As a result, market capitalisation shed N170.6 billion to settle at N11 trillion while year to date (YTD) loss worsened to -7.2%.

However, activity level strengthened as volume and value traded rose 13.4% and 50.6% to 454.7 million units and N5.3 billion respectively.

STERLING (93.4 million units), GUARANTY (78.3 million units) and TRIPPLEG (60.0million units) were the top trades by volume while GUARANTY (N2.7 billion), ZENITH (N540.7 million) and MOBIL (N327.0 mil-lion) led the top trades by value.

Analysts at Afrinvest said that the Performance across sectors was mixed albeit negatively skewed as 3 of 5 indices under our coverage trended southwards. The Banking and Industrial Goods indices led de-cliners, shedding 2.5% and 0.9% respectively, following sell offs in STANBIC (-6.6%), GUARANTY(-2.9%), DANGCEM (-1.9%) and FIRSTALUM (-3.0%) while the Consumer Goods index depreciated by 0.4% following sell pressure in GUINNESS (-3.9%) and DANGSUGAR (-1.1%).

On the flip side, the Insurance index advanced 0.2% due to gains recorded in MBENEFIT (+10.0%) and NIGERINS

(+5.0%) while the Oil & Gas index rose by 0.1% following bargain hunting in ETERNA (+6.3%) and MOBIL (+1.0%).

Investor sentiment as measured by market breadth (advance/decline ratio) softened to 0.4x from 1.2x recorded last Friday as 13 stocks advanced against 30 decliners. Top performers were MBENEFIT (+10.0%), NEIMETH (+9.8%) and LEARNAFRICA (+8.9%) whileFIDSON (-10.0%), TRIPPLEG (-9.1%) and NPFMCRFB (-8.7%) declined the most.

“In the near term, we expect to see bargain hunting activities due to the attractive entry prices of sev-eral fundamentally sound stocks in the market, although this may be short-lived in the absence of the much needed economic reforms to attract investors”, Afrinvest remarked.

Abubakar Bawa Bwari

Banks urged to guide against insider, abuse of whistle blowing, PND order

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igerian banks have been urged to guide against their employees who effortlessly abuse the whistle blowing policy of the federal government, as well as post no debit (PND) order of the finance sector.

The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, made the admonition recently during a meeting with Chief Compliance Officers of Banks in Lagos.

He decried the exploitation of the Post No Debit, PND order by certain dubious individuals in the con-nivance with “unscrupulous bank officials” to achieve some set goals.

He however called on officials in the financial institutions in the country to be wary of “dubious indi-viduals or groups

within and outside their establishments”, who abuse both the whistle-blowing policy of the Federal Government as well as the Post No Debit, PND, Order in the sector.

The EFCC boss said that there were strong indications that some banks officials divulge information on high-net-worth accounts to their accomplices, who in turn obtain a purported PND order to fleece un-suspecting customers.

He expressed concern that the Post No Debit, PND, order was being abused by certain individuals in connivance with “unscrupulous bank officials” to achieve some set goals.

According to him, “These individuals demand bogus five percent commission on the isolated high-net-worth accounts of the

bank customers, thereby making a mockery of the whistle-blowing policy of the Federal Government and subversion of ethical practice of the banks, which emphasises confidentiality of their customers.

“We must stop the unfolding connivance against high-networth accounts in the banks.

Some of these accounts might not necessarily be under investigation.

“They might be inheritance or proceeds from genuine investments.”

Magu further sought the cooperation of the group to sanitise the banking industry, adding that Nige-ria’s banking sector ought to be at par with that of developed countries.

One of the bankers, whose names were not disclosed, commended Magu for engaging and

interfac-ing with them regularly on various issues affecting the industry.

He assured Magu that “we would go back and look inward for people who might be involved in such untoward acts of giving out information on their customers’ bank accounts.”

He described the practice of divulging information as a breach of the fundamental principles of the banking industry, which must be seriously addressed.

“I want to urge you to always pass any intelligence or information that needs the attention of the banks for us to proactively address it.

“We will continue to partner with the Commission to ensure that the banking industry is sanitized,” he further stated.

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WESTAFRICA BUSINESSNEWS TUESDAY, APRIL 9, 2019

STOCK TABLE

STOCK TABLE

WESTAFRICA BUSINESSNEWS TUESDAY, APRIL 9, 2019

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Mitigating Farmers Losses through Insurance Policies

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s dry season begins to set in, all the woes and cries experienced by farmers, whose farmlands were destroyed by floods this year across the country, will begin to pale into insignificance.

Like a vicious cycle, the floods will return next year and farmers go through, again the excruciating pains of losing all the fruits of their labour to rampaging floods.

This year was no exception, Adamawa chapter of Rice Farmers Association of Nigeria (RIFAN) will not forget in a hurry how rice farms in 18 out of 21 local governments in the state, were submerged. Their cries revolved around how to repay bank loans which financed the operations.

Okpotuwari and Ondewari communities in Southern Ijaw local council areas of Bayelsa state are still counting their losses after 500 rice farms were submerged and washed away. The agonies resonate from all parts of the country.

Shanga and Yauri communities of Kebbi state are yet to get over the pains of 2,100 rice farmlands destroyed by floods in 2018. From Kano state, RIFAN says flood destroyed over 5,000 hectares of rice farm in ten local governments of the state.

In the same vein, seven communities in Etsako Central Local Government areas of the Edo state were overran by rampaging flood from River Niger submerging hundreds of houses and

Yearly, insurance post dismal performance due to their inability to be creative in coming up with prod-ucts fitted for farmers. There is a silver lining behind every challenge. Companies exist to offer prod-ucts and services. farmlands.

The story is the same in Calabar, Uyo, Imo, Delta, Ebonyi. In Ananmbra communities of Ogbaru, Umuleri, Aguleri, Nan-do their tears are yet to dry from devastations arising from floods were River Niger overflowed its banks. It's the same storyline from Oguta people and Ebonyi people whose rice farms were washed away from floods.

Experts estimate the nation's agricultural loses at about N20 billion annually. These

loses could have been mitigated had insurance companies come up with policies to cover farmers.

Yearly, insurance post dismal performance due to their inability to be creative in coming up with products fitted for farmers.

There is a silver lining behind every challenge.

Companies exist to offer products and services.

If the insurance companies in the country are able to cover farmers the economy will be better for it. Most insur-

ance companies in the country are not doing well due to their inability to seize the gaps in the economy. We urge insurance companies to deal with poultry associations, rice farmers' associations, cocoa farmers, palm tree farmers and many of such groups and come up with policies to protect them.

Farmers on the other hand, need to aggregate themselves into groups and form cooperatives to enable insurance companies capture them easily.

The federal ministry of agriculture as well as state ministries of agriculture should be interested in organizing farmers into clusters for easy identification.

With cluster groups, it becomes easy for govern-ment at all levels to reach out to farmers for easy distribution of fertilizers and farm tools.

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WESTAFRICA BUSINESSNEWS TUESDAY, APRIL 9, 2019

Unions want Buhari to sign Ajaokuta Steel Company Completion Fund Bill

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ognisant of its importance, the two unions in the iron and steel industry have said that completion and functioning of the Ajaokuta Steel Company Ltd. will reduce unemployment and improve the economy.

The unions, Steel and Engineering Workers Union of Nigeria (SEWUN) and Iron and Steel Senior Staff Association of Nigeria (ISSSAN), also said that presidential assent to the Ajaokuta Steel Company Completion Fund Bill, 2018, would impact much on the company and the industry.

The leaders of the unions, Kasemu Kadiri, General Secretary of SEWUN and ISSSAN President, Bello Itopa made the call yesterday in Abuja.

The union leaders were reacting to President Muhammadu Buhari’s decline to assent to the bill.

President Buhari on April 2 declined assent to the bill, saying that the nation could not afford to commit $1 billion to the rehabilitation of the company because of other priorities.

According to the president, appropriating $1 billion from the Excess Crude Account is not the best strategic option for Nigeria at this time of budgetary constraints.

In 1971, the Federal Government established the Nigeria Steel Development Authority (NSDA) in order to advance development of the steel industry.

On September 18, 1979, the company was estab-

lished and it became the successor of NSDA which was dissolved through decree No. 60 of the same year.

Kadiri told journalists that the president and lawmakers should close any loopholes and ensure that the company would begin operations.

According to Kadiri, the project was envisaged to generate socio-economic benefits and increase the production capacity of the nation through linkages to other industrial sectors.

The union scribe said that if the steel company would be allowed to operate well, it would create more employments, earn foreign exchange and increase revenue generation.

He said that rehabilitation of the steel mill was stalled over the years because the Seventh National Assembly cancelled a contract between the Federal Government and Global Infrastructure Holding Ltd. (later Nig. Ltd). ”The concession agreement was cancelled because of outstripping of assets. The government discovered that Global Infrastructure was taking away important machinery, and the matter was taken to court. ”Both parties later agreed to settle out of court through the intervention of former President Goodluck Jonathan,” Kadiri said.

He noted that the steel company was built by Tyanjpromexport (TPE) of Russia and later Global Infrastructure, an India firm that took over the management.

He said that the money needed to complete the steel

President Buhari

company was huge though the project was less than five per cent completed.

Kadiri said that when fully revived, the company would have over 30,000 persons in its workforce.

Itopa, ISSSAN President also appealed to Buhari not to delay in resolving the financial issue in the bill and ensure commencement of operations.

According to Itopa, out of the 43 component units of the company, the primary units to be completed for the steel company to function optimally are coke oven, black furnace, steel making shop and power plant.

Ogun advertising agency generates N41m in three months

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he Ogun Signage and Advertisement Agency, yesterday said that it generated over N41 million for the government between January and March.

General Manager of the agency, Akin Bandele, disclosed this while presenting the first quarter report of the agency before the State Assembly Committee on Finance and Appropriation led by Victor Fasanya, at the Assembly Complex, Abeokuta.

The General Manager explained that the agency

generated over N22.6 million on signages, over N4 million on mobile advertisement, N4.2 million on billboards and N10 million on street light poles.

“We have built a culture of transparency, integrity and professionalism through prudent management of resources and revenue drive.

“We have improved enlightenment campaigns to sensitise the public and we have also commenced declustering of un-serviceable billboards along Lagos / Ibadan expressway, ” he said.

Bandele added that the agency should be resourced with adequate investments in capital projects that would enhanced revenue drive.

In his submission, Fasanya explained that it was important to assess the performance of Ministries, Departments and Agencies(MDAs) for the first quarter of the year, as the present state administration was winding up.

Ogun State Television (OGTV) and Ogun Broadcasting Corporation (OGBC), also presented their first quarter report before the House.

FRSC decries low patronage of speed limit device in Adamawa that some motorists had

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he Adamawa Command of the Federal Road Safety Commission (FRSC) has expressed concern over the low patronage of the speed limit device by motorists in the state.

The State Sector Commander, Hussaini Muhammed, told journalists yesterday in Yola that the development was affecting the effective usage of the device.

“The patronage level of using speed limit device in Adamawa by motorists is very low and discouraging.

“Also, we are finding it very difficult to enforce the use of the device due to unavailability caused by shortage in supply.

“Most of the vendors supplying the device are not residents of Adamawa, they usually come from Abuja, ” Muhammed said.

The commander said

refused to purchase the device due to what they described as “high cost.’’

He appealed to the people of the state, who may be interested in venturing into sales of the device, to assist in making it available.

Muhammed also identified reckless riding by some tricycle operators, especially on some major roads, as one of the biggest challenges facing the command.

er sister agencies for effective disaster management in Imo and Abia.

He attributed the inefficiency of some disaster outfits to poor funding, while also encouraging authorities of such agencies to ensure the affected outfits were well funded.

According to Ugoh, the communication network will enable stakeholders to coordinate disaster activities effectively, in case of any emergency.

Giving the appraisal of the activities of the agency in 2018, Ugoh said NEMA intervened in various disaster outbreaks in Imo and

Abia and also provided relief materials for flood victims in Ohaji-Egbema Local Government of Imo. The Sector Commander, Federal Road Safety Corps (FRSC) in Imo, Mr Joseph Aremu called for stronger synergy between NEMA and sister agencies.

He warned against use of worn out vehicle tyres, saying that some of the road crashes recorded on Nigerian highways was caused majorly by usage of worn out tyres.

Director of Water Services in Imo, Mrs Nnenna Nwaugo, disclosed government’s plans to seal off boreholes, which, she said, were below acceptable standards.

NEMA begins roadmap to check disasters

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n line with mandate, the National Emergency Management Agency (NEMA) has said it has began a new road map on disaster management to mitigate the recurrence of disasters in the country.

The Head, NEMA Imo/ Abia Operations Office, Evans Ugoh, disclosed this at a stakeholders’ workshop in Owerri, with the theme; “Appraisal of Disaster Management, Next Level Road Map’’.

Ugoh said that as part of the new road map, a high frequency communication network had been designed between the agency and oth-

WESTAFRICA BUSINESSNEWS TUESDAY, APRIL 9, 2019

Katsina distributes N5,000 to 1,400 women as empowerment A s part of its efforts to empower women and youths in the state, the Katsina State Government has started disbursing N5,000 each to 1,400 women.

The state Commissioner for Women Affairs, Dr Badiyyah Mashi, disclosed this in Daura yesterday when she launched the fourth batch of the cash disbursement to beneficiaries.

She said the beneficiaries were carefully selected across seven local governments of Daura, Dutsi, Mashi, Baure, Sandamu,

Maiadua and Zango.

“We selected 200 beneficiaries per local government area.”

She said thousands of women from these local governments received similar amount during the previous disbursements as the current exercise was the fourth and the gesture would continue.

Mashi called on beneficiaries to make judicious use of the amount, especially in setting up of small scale businesses that would add value to their lives and make them to achieve eco-

Onion farmers in Yobe task Institutes on storage facilities

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nion farmers and marketers in Yobe State have challenged universities and agriculture research institutes in the country to develop reliable onion storage facilities to check the waste and loss suffered by farmers.

The farmers who, who the call yesterday in an interview with said the problem of lack of storage facilities was a serious impediment to mass production of the commodity.

“We are at the peak of the harvest, but our biggest challenge is the storage facility.

“Farmers are forced to dispose the produce at giveaway prices, but if we have adequate storage facilities, we won’t rush into selling them,’’ said Malam Kyari Usman, an onion farmer in Geidam Danladi Mai-Lambu, another farmer, said, “we have to dispose them early after the harvests to avoid decay and loss.

“The farmers do not have the space for the traditional storage of spreading the onions in a room, to accommodate all the harvests.

“Government institutions and establishments should come to our aid,” he pleaded.

A marketer, Ali Mustapha said the onions were now sold between N3, 000 and N4, 000 per bag, and would attract over N25, 000 per bag later in the year if

there were storage facilities.

“The biggest challenge has been storage; onions are so fragile; a whole harvest could get spoilt within hours.

“You must have adequate space to spread the onions and do a routine check daily to remove the bad ones so as not to affect the good ones. ‘’Farmers do not have the required space and are forced to sell off the produce at cheaper rates to avoid losing them completely,” he said.

Another marketer, Haruna Bakura said with adequate storage facilities, farmers could meet the nation’s needs and even export some to other parts of the world.

Vehicle Inspection Officers

Market women displaying their wares

nomic sustainability.

She said that the money was not a loan, but a gift from the government to make women dependent.

She said that 140 women each from these local government areas also received equal amount of money during the previous

disbursements.

“We have now expanded the scope to accommodate more beneficiaries and achieve wider coverage.”

The commissioner said the state government, had in the last four years, committed huge expenditure to youth empowerment

through vocational training, provision of seed capital and issuance of soft loans to members of the state traders association.

One of the beneficiaries, Habiba Mohammed, lauded the efforts of the state government for the gesture, assuring that she would

make judicious use of the amount in establishing a small business to complement her income.

The Kaduna State Government has established many skills acquisition centres across the state aimed at promoting vocational skills and education.

Umar Kuki, made the call in an interview with reporters yesterday in Minna.

“We need more vehicles to carry out our mandate in the 25 local government areas of the state. Our duties involve lots of moni-

toring. We cannot monitor traffic defaulters effectively if we do not move widely,” he said.

Kuki said that Suleja area alone had a high influx of traffic owing to its peculiarity, and suggested that it be given a minimum of five operational vehicles to combat traffic irregularities.

“Traffic challenges in Suleja are higher than any other place in the state because of its proximity to the Federal Capital Territory (FCT); that highway is also a gateway to the southern part of the country.

“Niger state is a hub for many motorists coming from the Northwest and Northeast. They all traverse through Suleja town on daily basis.

“Other areas requiring urgent attention include Sabon-Wuse, Kontagora, Bida, Mokwa, New Bussa

and Kagara. These offices equally need more vehicles to check traffic defaulters,” she said.

He said that good vehicles were veritable tools in effective traffic monitoring, saying that VIOs without good vehicles were like soldiers without arms.

“Traffic defaulters look at our logistics and take advantage of that short coming.

“The moment they know this short coming, they defy our order and flee and there is nothing we can do. It is difficult to enforce the law when we do not have vehicles,” he said.

Kuki said that because of the challenges facing the VIO office, motorists hardly adhere to traffic rules, adding that some ignore traffic lights which had caused so many accidents and deaths.

Niger vehicles inspection office seeks more facilities to handle task

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he Vehicle Inspection Office (VIO), in Niger State , has called for more vehicles from the state government to enable it carry out its mandate.

The Office Director,

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WESTAFRICA BUSINESSNEWS

NEWS

TUESDAY, APRIL 9, 2019

Oil theft: Navy hands over eight suspects, one vessel to EFCC

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n a major crackdown, the Nigerian Navy Ship (NNS) Delta State yesterday in Warri handed over eight suspected oil thieves and a vessel to the officials of the Economic and Financial Crimes Commission (EFCC).

The vessel was laden with about 100,000 litres of Automotive Gasoline Oil (AGO) which was believed to have been illegally acquired by the suspects.

The Commander, NNS DELTA, Commodore Ibrahim Dewu, said while handing over the vessel, MV Mama Elizabeth 1 to the commission that the suspects were apprehended on March 15 within the Escravos axis.

Dewu represented by the Executive Officer (XO) of the NNS DELTA, Navy Capt. Adeyemi Adewuyi, warned those engaged in illegal businesses in the maritime domain to desist from the act.

He said that those indulging in the unwholesome business would be made to face the full wrath of the law when caught.

“The vessel, MV Mama Elizabeth 1 was apprehended on March 15, 2019, around Escravos for carrying AGO of about 100,000 liters without valid naval approval.

“It may interest you to note that MV Mama Elizabeth 1 was apprehended because it failed to obtain naval approval before carrying the product.

“After our investigations, the naval headquarters directed this morning that the MV Mama Elizabeth 1 and the suspects be handed over to the EFCC for further investigations and possible prosecution.

“At the time of their arrest, there were eight suspects on board. They were all crew members. They are all going to be handed over to the EFCC along with the vessel.

“My warning is for those people that are committing maritime crimes to desist because the Nigerian navy will not relent in her efforts to apprehend the perpetrators of the crime,”Adewuyi warned.

Responding after the handover, the Principal Detective Superintendent with EFCC, Benin zonal office, Richard Ogberaga, said the commission would conduct thorough investigation into the matter.

He added that those found culpable would be punished accordingly.

“We are going to carry out thorough investigation.

“First, we will look at the source of the product and the quality of the product. These are the things we are going to look at. If there’s any culpability of anyone, we are going to prosecute them.

“We have started with the taking of the samples,” he said.

2023: Stakeholders parley over smooth polls, task INEC preparations for elections. on readiness adequate “For us to have credible and suc-

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olitical stakeholders in Plateau State have advised the Independent Electoral Commission (INEC) to ensure timely preparation towards more credible general elections in 2023.

The stakeholders gave the advice yesterday at a Post-Election Community Dialogue, organised by the Centre for Advocacy of Justice and Rights (CAJR) in Jos, in conjunction with other international agencies.

Some of the stakeholders identified poor preparation on the part of INEC, failure of smart card readers, vote buying, under-age voting, as some of the major challenges faced during the just concluded general polls.

They, therefore, called for a total overhaul of the electoral system.

A public affairs analyst, Steve Aluko called on INEC to begin building a more sustainable synergy with relevant organisations and engage critical stakeholders at all levels to ensure free, fair and credible polls come 2023.

Aluko also called for a total reform of the electoral law in order to address some loopholes that often hindered a smooth electoral process in the country.

The analyst, who frowned at the late preparations by the electoral umpire, called for timely approval and release of budgetary allocation to the commission to enable it make

cessful elections in 2023, there must be total overhaul of the entire electoral system in Nigeria.

“INEC as the electoral umpire, must begin to build and sustain strong synergy with organisations, both government and private, and critical stakeholders at different levels to ensure peaceful and successful polls.

“Government must ensure timely approval and release of the commission’s budgetary allocation to enable it prepare adequately for the task of conducting free, fair and credible elections in the country “So, the right time for INEC to prepare for 2023 elections is now, not three months to the conduct of the polls,’’ Aluko advised.

On his part, Bulus Shanding, Programme Officer, Plateau Chapter of the Joint National Association of Persons with Disabilities (JNAPWDs) called for the inclusion of the persons with disabilities in the electoral process.

Shanding commended INEC for modalities put in place to ensure the PWDs participated in the just concluded polls, but noted however, that the arrangements were inadequate.

“No doubt INEC did well in giving the PWDs first class attention during the just concluded general elections compared to previous ones, but it was not enough as most of our members were disenfranchised.

.L-R: General Manager, Finance & Investment, Odua Investment Company Limited, Mrs Yinka Tunji –Ojo; Ekiti State Governor, Dr kayode Fayemi; Group Managing Director/CEO, Odua Investment Company Limited, Mr Adewale Raji; Head, Corporate Affairs, Mr Victor Ayetoro; and Project Evaluation Manager, Engr Soji Sangobiyi; during a visit by the company’s management team to the Governor in Ado-Ekiti.

Photo; SUNDAY ADESANYA

Experts call for enhanced collaboration to boost intraregional trade

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takeholders from the organised private sectors in the region have advocated the need for enhanced co-operation among chambers of commerce in West Africa to promote intraregional trade.

They also called for enhanced relations between the public and private sectors in the region.

Intraregional trade in ECOWAS is low, largely informal, poorly documented with member states still grappling with trade and official records reportedly showing no more than 12 per cent.

In an interview with journalists in Abuja, President, Abuja Chamber of Commerce (ACCI), Adetokunbo Kayode noted that trade among West African countries was mostly informal.

Kayode spoke on the side-line of the visit of a business delegation from Secondi-Takoradi Chamber of Commerce (STCCI) in Ghana.

“We need to expand that sector and more importantly, we need to begin to formalise the trade business.

“This can be done with better cooperation among the organised private sectors, among the chambers of commerce of the various countries in West Africa,” he said.

Also, while holding discussions with the delegation, the ACCI president remarked that West African borders were porous and was a reality that “did not tally with what was on paper”.

He added that the reality affected the outcome of trade in the region.

“The borders are porous and there is a lot of trading going on: yams, grains, cattle, among other

things. Who is going to stop them, because the traders have been plying that route for a while.

“How many people fly in and out; how many people come by road; how many bush paths do you know? So we are just being unrealistic here.

“This is the reality we have on ground and that reality does not tally with what is on paper and we can see the reflection on our trade.

He called for enhanced relations between the public and private sectors in the region to ensure that there was proper sensitisation and exchange of ideas regarding policies that affected the organised private sector.

“Government ministries of trade do not trade, they just make policies on trade. We (the private business sector) are the ones that do trade all the time.

“Recently I was talking to a top official in our ministry and I asked what the trade policy was for country X and he said “you mean you do not know?”

“I replied that I did not know that was why I asked and I had written a letter and there was no response.

“He said they were about reviewing the trade policy and I said the private sector ought to have serious input even before they begin the review.

“No such sensitisation, and this is part of the responsibility we are hoping the private sector alliance in every country should have.”

The Chairmen, STCCI, Ato Van-Ess, said the private sector played a significant role in holding the society together.

“We want to be able to touch

some of the policies and understand them.

“How do we understand the relevant ones that help us? Because we are not just holding the private sector as a business; we are holding society, talking about social protection, gender equality, discrimination, among other issues.”

Van-Ess also called for other chambers of commerce in the region to ensure they set up policy advocacy centres to advocate the right policies for members.

He also pledged to assist the ACCI with a course already being developed on chambers of commerce education.

“Our main take is ACCI is coming up with the course to make sure that chambers are well educated with what chamber is all about.

“We have supported that decision and we want to be facilitators and designers of the course.

“This is not only for members; we believe that other stakeholders do not understand how chambers operate; there is the need for us to launch that course for all stakeholders.”

The Executive Director, Nigeria Private Sector Alliance, Legborsi Nwiabu, also said that it was important to remove the barriers to trade to encourage more trade in the region.

“The only way we can encourage trade more in West Africa is to relax some of the barriers we create and operationalise some of the ECOWAS protocols we have signed on to in terms of regional integration, economic relations within the region.”

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TUESDAY, APRIL 9, 2019

Union wants monthly subvention in Kwara tertiary institutions restored

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ffirming its urgency, the Committee of Unions in Tertiary Institutions (CUTI) in Kwara State,yesterday urged the state government to immediately restore the suspended monthly subvention to state-owned tertiary institutions.

The union made the call in a statement issued at the end of its emergency meeting in Ilorin jointly signed by its Chairman, Imam Abdulkadir and Secretary, Lawal Tajudeen.

The CUTI comprises College of Education Academic Staff Union (COEASU), Non-Academic Staff Union (NASU) and Senior Staff Union in Colleges of Education in Nigeria (SSUCOEN), among others.

It said the restoration of the monthly subvention would promote improvement in the capacity of the institutions toward enhanced academic performance, infrastructure development, manpower training and development.

The statement decried the current non-existent intervention model being adopted by the state government, saying that most of the colleges were being owed intervention funds from October 2018 till date.

The union also urged the state government to commence the immediate implementation of the 100 per cent of the ap-

proved Consolidated Tertiary Educational Institutions Salary Structure (CONTEDDISS).

They also called for implementation of the Consolidated Polytechnic and Colleges of Education Academic Salary Structure (CONPCASS) payment profile as against the current 70 per cent being paid to workers.

The statement also called on the state government to direct the management of tertiary institutions to monetise and commence payment of promotion arrears and annual increment to affected staff.

Other points in their petition included; the immediate release of fund for the payment of July 2017 salary arrears of staff of the College of Education, Technical, Lafiaji.

The union also sought approval for the proposed 65 years retirement age for non-teaching staff in the colleges.

The workers congratulated the people of the state on the successful conduct of the justconcluded general elections and felicitated with the Governorelect, Abdulrahman Abdulrazaq, on his victory.

They urged the incoming government to accord the execution of capital projects and the welfare of staff across the stateowned tertiary institutions topmost priority.

.L-R: Group Human Resources Director, Chanrai Summit Group, Mr. Victor Adebayo; Lagos State Governor-elect, Mr. Babajide Sanwo-Olu and Founder/Convener, 2019 HREA summit, Mrs. Erefa Coker, during the 2019 summit on HR Expo Art of Employees Engagement, in Lagos, Photo; SUNDAY ADESANYA

FIRS partners NLRC on VAT automation to boost revenue

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o boost the nation’s revenue generation, the Federal Inland Revenue Service (FIRS),has said it is partnering the National Lottery Regulatory Commission (NLRC) on Value Added Tax (VAT) payment automation for the lottery and gaming sector.

The Executive Chairman of FIRS, Dr Babatunde Fowler, said yesterday that the agency would deploy technology to make tax payment all inclusive and transparent.

VAT is a consumption tax placed on products whenever value is added at each stage of the supply chain, from production to the point of sale.

He noted that payment of VAT of five per cent had been in Nigeria’s books for decades but was not properly implemented.

Speaking at the stakeholders’ engagement on VAT automation of the lottery and gaming sector organised by FIRS and NLRC in Lagos, Fowler said that payment of

120 IDPs benefit from ‘My Food Bank’ programme in FCT

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o fewer than 120 Internally Displaced Persons (IDPs) in the Federal Capital Territory (FCT) yesterday benefited from ‘My Food Bank’ (MFB) programme, an initiative to curb hunger, especially among ordinary Nigerians.

Women and children at the Karon-Majiji IDP Camp received donations of food-accessing smart cards from My Food Bank Nigeria team.

The President of Africa Food Bank Farm, initiators of My Food Bank Nigeria, who handed the cards to the beneficiaries, Aliyu Maina,

IDP camp at Abuja

said that the gesture was to alleviate their plight, especially hunger being experienced by the IDPs. “In line with our vision of creating avenues for millions of people to have access to affordable and free food in any part of the country, we decided to reach out to the IDPs as a priority.

“People are hungry in the country, and we have developed a system whereby they can be fed by other people who are willing to help the needy.

“The cards we are activating today are paid for by people of goodwill, who want every Nigerian to stay

out of hunger.

“We want every Nigerian to have access to food irrespective of their locations and social standing, to eliminate hunger because when you end hunger, you have solved many other problems,’’ Maina said.

Mr Hilary Okolobia, the Technical Director (ICT) of MFB, who activated the smart cards, explained that a holder of the card could access free and cheap meal from ‘Food Managers’ or vendors captured under the programme.

“This smart card does not have chips like the ATM card, it is smart because it has a pin which can be accessed anywhere with the use of USSD code.

“The moment it is activated, it becomes an account with the name, location and data of the owner, and the owner or donors can deposit money in it.

“This makes for a smart and more transparent medium to send food to people in need across Nigeria because you don’t need the internet but just your phone to use it,” he said.

Okolobia said that there were donors from within and outside the country, who understood the food

needs of the displaced and less privileged Nigerians.

He said that a holder of the card could access meal from the designated vendors for as cheap as N200, as long as there was money in the account.

He therefore appealed to Nigerians of goodwill both home and abroad to support the initiative to alleviate hunger in the land.

“A holder of this card just needs to enter a Food Manager shop in this camp and request for food.

“The moment you received alert on your phone, you have food in your account, and you visit any of our designated food managers around the camp to eat.

“The vendor will dial a USSD code to check your balance, and if you have money, you will be given food as cheap as N200 and deduct it from your account,” he explained.

A beneficiary and mother of 10, Mrs Fatima Abubakar expressed appreciation to MFB Nigeria on behalf of other women.

Abubakar, who said she lost her husband to activities of the insurgency in the Northeast, said the gesture was a major respite to her and other IDPs.

tax should be an inclusive thing.

“This is part of the move to make sure that everybody is accountable and everybody is inclusive.

“This is an inclusive government and it also means you should be inclusive when it comes to tax payment,’’ Fowler said.

He said that the agency was deploying technology not only in the gaming sector for tax collection but in taxable sectors of the economy such as aviation, manufacturing and hotels among others.

Fowler said that deployment of technology would make tax payment more convenient and transparent.

He lamented that the tax to revenue to the Gross Domestic Products ratio was still between six to seven per cent, among the lowest in the world.

On concerns that though the initiative would be huge on operators, Fowler said that the VAT payment would be paid by people who patronised lottery and gaming services.

“If somebody comes to bet N100, it becomes N105. I can assure you that it will not make them change their minds.

“We have some major operators now who have been paying this VAT on behalf of some of their agents already.

“But it is now time to make people understand that these laws have been in our books for over a decade, it is now time for them to give back to the society.

“I think based on the understanding we have with the stakeholders, we are on the right direction.

“The payment of tax will be more convenient, more transparent and more accountable to all Nigerians and of course that will empower especially the state governments who gets 85 per cent of the VAT to do more for you and I,’’ Fowler said.

He said that the automation would kick-off once all the stakeholders were in agreement.

COMPANIES

WESTAFRICA BUSINESSNEWS

TUESDAY, APRIL 9, 2019

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500,000 Nigerians involved in artisanal small scale mining —official

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he Department of Artisanal and Small Scale Mining of the Federal Ministry of Mines and Steel Development, has said that over 500,000 Nigerians were directly involved in Small Scale Mining operations across the country.

Director of the Artisanal and Small Scale Mining of the ministry, Patrick Ojeka, disclosed this yesterday in Calabar at a five-day training for 150 registered and performing mining co-operatives and quarry associations in the South South and South East regions.

Ojeka said that the number was on the increase in view of the federal government strategy in harnessing the potential of mining to address poverty in rural mining communities.

Ojeka, who was represented

by Etido Umoakpan, the Extension Service Team Lead of the training, said that Artisanal and Small Scale Mining activities could result in negative environmental impacts and other vices within the area of operation.

He maintained that inspite of the inherent challenges, Artisanal and Small Scale Mining is a livelihood strategy adopted primarily

to alleviate poverty in rural areas in most countries.

According to him, it is in recognition of the importance of mining cooperatives that the ministry adopted a strategy termed `formalisation’, through `corporatisation’ to address the artisanal mining issue, while using it as an instrument to alleviate poverty.

“The miners will be trained on introduction of health and safety procedures in the mines and provision of water and health facilities to large mining camps.

“Other areas are, assist small scale miners on mine design and planning suitable for the deposit, provide mineral testing standard and determination of mineral grades among others,’’ he said.

Speaking, Cross River Commissioner for Solid Minerals, George O’Ben-Etchi, said that the artisanal and small scale miners are focal to the development of the mining sector in the two regions.

He said the regions, like many others in the country are richly blessed with numerous mineral reserves, a virtually untapped rich geological potential capable of supporting a healthy mining sector for generations to come.

FG acquires automatic aircraft fire simulator for NCAT

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inister of State for Aviation, Hadi Sirika and other top aviation officials during the pre-shipment inspection and test of the Simulator in London, United Kingdom.

The Federal Government has acquired a modern multi-functional aircraft fire fighting simulator to be installed soon at the Nigerian College of Aviation Technology (NCAT), Zaria.

Minister of State for Aviation, Hadi Sirika and other top aviation officials on Monday carried out a pre-shipment inspection and test of the Simulator in London.

The Rector of NCAT, Capt. Mohammed Abdulsalam, had earlier in January told newsmen that the simulator was being installed at NCAT to provide training for fire officers which was hitherto done in Cameroun and other countries.

“We have another simulator that is being installed in Zaria for

this year. The simulator is for firemen. It is automatic fire simulator.

“As you may be aware, we have never had fire simulator in Nigeria in spite of the number of firemen that we have in this country, all these years, we have been sending our firemen to Cameroon for training.

“So, this administration felt it is more economical for us to have our own simulator here in Nigeria and this decision was taken to house it here because we have the land. The simulator is being built in the United Kingdom,” he said.

According to him, the Federal Airports Authority of Nigeria (FAAN) has firemen attached to all airports in the country that require periodic training and retraining.

Abdulsalam said it would therefore save the country a huge amount of money as these trainings would now be conducted at NCAT.

Godwin Emefiele, CBN Governor

Ondo lauds CBN for approving N200bn loan to cash crops farmers

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ndo State Government has commended the Central Bank of Nigeria (CBN) for approving N200billion facility to farmers of five major cash crops at a single digit interest rate in the state.

The Head of Information, Ministry of Agriculture and Rural Development, Bolu Ajijo quoted the Commissioner for Agriculture, Adegboyega Adefarati as saying this in a statement.

The cash crops are Cocoa, Cashew, Oil Palm, Shea Butter and Sesame Seeds.

According to Adefarati, the loan is one of the outcomes of the Bankers Committee’s meeting with the apex bank held last week.

Adefarati said that the development was a singular opportunity cash crops farmers in the state had been yearning for ages to

take their trade to the world stage.

He expressed appreciation on the tenure of this present government and recounted efforts put in place by Governor Rotimi Akeredolu, who took the battle to the highest level, the National Economic Council.

“The contention of Ondo State, a leading producers of cocoa and major producers of oil palm in the country is to convince CBN to advance the facility to cocoa and oil palm sector as it did to rice farmers and it blossomed.’’

The commissioner said that with a single digit interest rate facility, cocoa, oil palm and cashew farmers in the state would be able to get the necessary inputs to up their games and improve their production.

While commending the National Economic Council which Akeredolu took the campaign to and the Bankers’ Committee for

approving the facility for cash crop farmers, Adefarati enjoined cocoa, oil palm and cashew farmers to take advantage of this long awaited opportunity by approaching their banks to access the much needed loan.

He, therefore, called on the Federal Government to set up a Presidential Committee on Cocoa Production like it did for some other sectors to ensure the Cocoa Rebirth Revolution.

According to the commissioner, this is the surest way to maximise the country’s comparative advantages in cocoa production.

“One of the high points of this development is that the facility is also extended to companies processing any of these cash crops at a single digit interest rate for up to 10 years tenor.

“The whole essence of this facility apart from reducing poverty among the farmers is to also improve their capacity to produce and to export,’’ Adefarati said.

Nigeria sets up emergency centre for maternal, Health and Nutrition (RMNCAH+N) newborn mortality service gap.

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o frontally address public health concern on maternal, newborn and child deaths across the country, the Federal Government has established the National Emergency Maternal and Child Health Intervention Centre (NEMCHIC. The Executive Director of National Primary Health Care Development Agency (NPHCDA), Dr Faisal Shuaib, disclosed this while presenting the agency’s strategic approach towards rapid reduction of maternal, newborn and infant motility at PHC. He said the strategic approach was in line with the national strategic and health plan 2018-2022, adding that the centre was established to re-

verse the trend.

Shuaib said the centre would work with the National Polio Emergency Operation Centre (EOC) and transit polio resources towards Reproductive, Maternal, Newborn Child, Adolescent Health and Nutrition (RMNCAH+N) interventions.

The executive director said the centre would improve awareness and promote community involvement in interventions to reduce maternal and child mortality.

He added it would also increase data visibility and quality aside improving detection and responsiveness in the resolution of Reproductive, Maternal, Newborn Child, Adolescent

He added that there would also be a seamless transition in the states where EOC exist, stressing that where the centre didn’t exist the agency will work with state Primary Health Care Board to establish state SEMCHIC “ We commit to urgently take action to provide leadership to rapidly reverse maternal, newborn and child deaths by half by 2021 through interventions that target the PHC and community levels.

“This is based on the evidence that a minimum target of 53 per cent in maternal mortality rate every five years is required to reach SDG 2030 target of less than 70 deaths per 100,000 live births.

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TUESDAY, APRIL 9, 2019

Judiciary asks court to nullify Kogi’s Assembly resolution to remove CJ

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issatisfied with the decision, the Kogi Judiciary yesterday approached the State High Court sitting in Koton-Karfe seeking nullification of the April 2,2019 resolution of Kogi House of Assembly recommending the removal of the Chief Judge, Justice Nasir Ajanah.

The motion was filed by Adegboyega Awomolo, SAN, leading 11 other lawyers including five Senior Advocates of Nigeria on behalf of the claimants/applicants, Justice Ajanah and Chief Registrar of the state High Court, Yahaya Adamu.

Awomolo said the Motion Notice (Motion NO. HC/KK02M/201) was brought pursuant to Order 11, Rules 1 and 2 of Kogi State High Court (Civil Procedure) Rules, 2006 to counter the action of the Assembly in defying the court order in the impasse between the Legislature and the Executive arms.

The motion has Kogi House of Assembly; Speaker of the House; Bello Abdullahi, chairman of the Ad Hoc Committee; Governor Yahaya Bello and the AttorneyGeneral of Kogi.

The claimants/applicants in the motion contended that the House of Assembly defied the pendency of Suit NO. HC/KK/11CV/2018 and the interim injunctive Orders of the Court to have sat and issued a resolution in respect of the matter.

They prayed for an order of the court nullifying and setting aside the resolution purportedly passed by the House at its plenary sitting of 2nd April, 2019 in defiance of the pendency of the suit.

The action of the Legislative Assembly also defied the interim injunctive Orders of Court by acting upon a report submitted to it

by its Public Accounts Committee and resolving that: “The Chief Judge of Kogi State (the 1st Claimant/Applicant herein) be removed for alleged gross misconduct, and ii) That the Chief Registrar of Kogi State High Court (2nd Claimant/Applicant herein) should be referred to the Kogi State Judicial Service Commission for disciplinary action for misconduct.”

The motion was on the grounds that the purported resolution of the 1st-3rd defendants was made during the pendency of this suit and a subsisting order of this Court restraining the defendants from taking any steps In respect of the substantive matter.

The motion also held that orders of court were meant to be obeyed by parties adding that the said resolution of the 1st – 3rd defendants violated the said Order of the court and amounted therefore, “to self help which is deprecated by the law.”

It also argued that the said resolution having been mede during the pendency of the suit and a subsisting order of the Court, was a nullity under the Law and ought to be set aside.

The High Court presided over

by Justice Alaba Omolaye-Ajileye, adjourned the matter until April 12.

The motion was supported with a 15-paragraph affidavit deposed to by Alhaji Yahaya Adamu, the Chief Registrar and also one of the claimants/applicants.

Adamu noted that the court had on December, 12, 2018, restrained the defendants themselves, their agents or privies from acting or threatening to act or interfere in any way detrimental to the claimants in the discharge of their duties as Chief Judge and Chief Registrar respectively.

Justice Nasir Ajanah

Adamawa election tribunal warns against any attempt to influence members

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he Adamawa Election Petition Tribunal, yesterday held its inaugural sitting in Yola with a warning against any attempt by anyone or group to compromise the tribunal.

Speaking at the inaugural sitting in Yola, Chairman of the tribunal, Justice Suleiman Akanbi, said the tribunal was committed to justice and fairness to all concerned.

Akanbi said the tribunal has

no agents and anyone who approach the public in the name of the tribunal was on his own.

“We don’t entertain phone calls, no text messages; we are here to do justice, we have our names to protect,” Akanbi said.

He urged for support of the public, members of the bar and media towards ensuring fairness, Justice and expeditious trial.

“It is a common knowledge

Ajayi said.

He alleged that the election was marred with voter intimidation, vote-buying and multiple voting.

“Multiple voting was done by APC, using PVCs of other registered voters. The sources of most of the PVCs are those that are not collected, stolen or non available.

“Many PVCs were cloned by the ruling party, APC, and such cards were used to vote ahead of the genuine PVC card holders, contrary to the electoral laws.

“The materials released by the CBN to the INEC Lagos in the presence of other parties’ agents were incomplete before the commencement of the election.

“The incomplete materials, which include ballot papers and results sheets, were released to the ruling party, APC, outside the normal distribution system.”

Ajayi added that there was none use of card readers in many polling units, alleging that APC, in

collusion with INEC, claimed card readers were broken down.

This, he said, denied votes for other parties, particularly AD, but allowed votes for APC. He said the party had gathered overwhelming evidence of the electoral fraud and had decided to take legal action through the tribunal.

Also, Awamaridi, of the LP, said he had approached the tribunal, seeking for the outright cancellation of the election.

He said the election was marred with fraudulent practices and irregularities.

“The Labour Party and the AD right now are in the tribunal with petitions in various forms and we have decided to announce to the world that the electoral process in Lagos State is still subsisting and we are on.

“In most of the polling units, our agents were not given result sheets,” he claimed.

AD, Labour Party head for tribunal over Lagos Gov polls

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lleging irregularities, the Lagos State governorship candidate of the Alliance for Democracy (AD), Owolabi Salis, has approached the state Election Petitions Tribunal to challenge the victory of Babajide Sanwo-olu of the APC. The AD Chairman, Kolawole Ajayi, disclosed this in Lagos yesterday at a joint news conference with the governorship candidate of the Labour Party (LP), Fagbemi

Babajide Sanwo-Olu

Awamaridi.

Ajayi, while making the position of the party known on the March 9 governorship election, said the summary prayer before the tribunal was that Sanwo-Olu was not fit and proper to contest the 2019 governorship election.

“A declaration that the pronouncement of Babajide SanwoOlu of APC as the winner of the Governorship election is null and void and such pronouncement be set aside, because of the gross electoral fraud and/or gross electoral misconduct.

“A declaration that the lawabiding winner of the 2019 Lagos Governorship election is Owolabi Salis of the AD and should be sworn in immediately.

“The court shall make further order and or declaration as it deems just and proper to promote legality of elections, justice and advance the political and social economic interests of the people,”

that election petitions are Sui generis, that is, unique procedure of its own, to this end, we expect some amount of decorum, cooperation from all and sundry particularly, the Bar as unnecessary adjournments and undue technicalities should as much as possible be avoided in order to ensure fair and speedy dispensation of Justice.

“We will also solicit the support of the media in giving fair and accurate reporting of proceedings.

“We assure you of our support and cooperation in ensuring that Justice is not only done but manifestly seen to be done.

“We will not condone undue interference, undue influence and consideration of any form.

We shall do our duties without fear or favour, affection or ill will,” Akanbi said.

In his remarks, the Chairman of Yola NBA, Aji Kamale, assured the tribunal of lawyers support and commitment for speedy dispensation of justice.

In his remarks on behalf of security agencies, Adamawa Commissioner of Police, Mr Mohammed Sani, said the police was committed to providing adequate security during the tribunal sittings.

The tribunal had received 19 cases comprising two for Senate, seven for House of Representatives, and 10 for House of Assembly.

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TUESDAY, APRIL 9, 2019

Senate Presidency: Lawan enjoys popular support, says Group

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ustainable Democracy Agenda (SUDA), a political group, says the anointed candidate of the All Progressives Congress (APC) for the position of President of the 9th Senate, Sen. Ahmed Lawan enjoys the support of majority of voters in the country.

The Convener of SUDA, Ibrahim Usman, stated this in a statement made available to newsmen on Monday in Abuja.

Usman said a simple survey conducted by the group all over the country, showed that Lawan got the support of the majority of Nigerians to occupy the exalted seat.

He said the survey which also adopted simple random sampling technique, asked respondents of voting age who among the three notable contestants for the position would they have supported.

According to him, result of the survey conducted by the SUDA, indicated that 75 per cent of voters are for Sen. Lawan.

He further disclosed that 12.5 per cent supported Sen. Goje, 9.8 per cent said they supported Ndume, while the remaining 2.5 per cent of the respondents remained undecided.

Usman listed the candidates as Sen. Lawan, Sen. Mohammed Danjuma Goje and Sen Mohammed Ali Ndume.

The convener said the survey had shown that the choice of Lawan was not a mere ‘imposition’ by the leadership of the APC as claimed by those against the decision.

According to him, it is ”a resolution that enjoys the popular support of majority of Nigerians. ”By the result of our survey, we believe the action of the Adams Oshiomhole-led APC is in line with the expectation of most voters. ”We, therefore, call on Senators-elect to unanimously adopt Sen. Lawan as President of the 9th Senate in line with their role as true representatives of the people,“ he said.

He also advised the leadership of APC not to relent in engendering a viable and responsible leadership for the 9th National Assembly.

“The ruling party should ignore antics aimed at distracting it from doing the right thing.”

He called on the opposition parties in the National Assembly to concentrate on playing the role of a vibrant opposition.

Senator Ahmed Lawan

Imo Transition panel calls for memoranda that the government when fully for incoming administration soformed would have a course.

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he Transition Technical Committee (TTC) set up by the Imo Governor-elect, Mr Emeka Ihedioha, has called for

Rivers APC primaries: Supreme Court strikes out Abe’s case

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he Supreme Court on Monday in Abuja, struck out an appeal filed by Sen. Magnus Abe, challenging the primary election conducted by the All Progressives Congress(APC) in Rivers state.

Senator Magnus Abe

Abe had prayed the court to make a pronouncement on the direct and indirect primary elections conducted by the APC for the nomination of its candidates for the 2019 general elections.

The apex court struck out

the appeal on the grounds that the notice of appeal filed by the Senator was defective and not in compliance with the order of the court.

The acting Chief Justice, Ibrahim Muhammad held that the notice of appeal offended section 285 of the 1999 constitution.

Muhammad said amendment cannot be done to the notice of appeal in view of the fact that the 14 days required by the law to file the appeal had expired.

Abe had approached the court asking it to make clarification on which of the two primary elections was authentic in the eyes of the law.

However, the APC through its counsel, Jibrin Okutekpa (SAN) objected to hearing of the appeal arguing that names of persons affected by the suit were not listed on the notice of the appeal.

Okutekpa said this made the appeal incompetent and incurably defective.

The court rejected the plea

by Abe’s counsel, Henry Bello that the omission he erroneously made should not be visited on his client.

He added that the notice of appeal could not be refilled because the 14 days allowed b y

memoranda from the general public on ways to develop the state.

Mr Chinedu Oparaeke, Secretary of the Committee, said in a statement on Monday in Owerri that the memorandum should contain information, ideas, and solutions relevant to the development of a “robust plan” for the state.

Oparaeke said that the governor-elect believed that by submitting their memoranda, the people would help shape the agenda for the new government.

He said that it would also empower the people to be agents of the good governance Ihedioha promised.

“The memorandum should be organised to include specific matter of interest, details on the issues, recommendations and proposed solutions,’’ the secretary said.

He disclosed that the TTC would also advise on the appropriate implementation framework to adopt and set the agenda and targets for the short and long terms,

The committee had been charged to focus on assisting in the articulation of strategic plans for the incoming administration, drawing directly from Ihedioha’s manifesto and campaign agenda.

According to the release, the committee was inaugurated in keeping with the campaign promise of ‘establishing a transparent and accountable government responsive to the needs of the citizens of the state.

The key focus areas of the Transition Technical Committee include Education and human capital development, healthcare, finance, integrated infrastructure development, good governance and projects and contracts review.

Others include agriculture, commerce and industries development, wealth and job creation, youth development and empowerment, tourism and hospitality development, talent and opportunities, security, Owerri master plan and diaspora initiatives.

Nasarawa Governor-elect pledges massive investment on education

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asarawa State Governorelect, Abdullahi Sule, has promised to invest `massively’ in the education sector when he is sworn in on May 29, 2019.

Sule made the pledge yesterday in Lafia, in a statement signed by Sanusi Aliyu, his media aide, saying that education would receive maximum attention because of its crucial role in the growth of any society.

He further said that sustained investment would reduce the illiteracy rate in the state and put it on the path of steady growth.

“Apart from these benefits, we are aware that education plays

a crucial role in producing world leaders and innovative minds.

“We want Nasarawa State to be in the forefront in producing future great personalities that will take Nigeria to greater heights,” the statement further quoted Sule as saying.

The statement, however, noted that government alone would not be able to meet the funding needs of its tertiary institutions, hinting that avenues would be explored to source more funds to augment state resources.

It said that efforts would be made to cater for the educational needs of the physically challenged so as to give them equal opportunities to compete.

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TUESDAY, APRIL 9, 2019

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Fashola suspends work at FCT housing project

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Landslide in Bayelsa

Landslide destroys houses in Bayelsa community A

major landslide has destroyed 10 houses in Odi community, KolokumaOpokuma Area Council of Bayelsa State, according to News Agency of Nigeria (NAN) .

It was gathered yesterday that the incident which occurred near the bank of the River Nun, on Sunday, caused panic in the com-

munity.

James Dounana, a resident in Odi attributed the landslide to marine erosion, saying it might have been triggered by indiscriminate sand dredging from the River.

“It was God’s doing that the incident happened during the day and not night.

“It is one of the many challeng-

es faced by riverine communities.

It started at about 7: 00 a.m. as earth tremor; and two hours later, the ground gave way causing the houses to collapse.

“Thank God no life was lost,’’ Dounana said.

Meanwhile, Tonye Isenah, Chief Whip of Bayelsa State House of Assembly and member-

elect for Kolokuma/Opokuma constituency I, and an indigene of Odi, visited the affected community on Monday.

Isenah expressed concern over the level of destruction caused by the river erosion.

He called on the relevant authorities to come to the aid of the victims.

Buhari’s economic plan geared towards aggressive recovery, says Ngige

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inister of Labour and Employment, Chris Ngige, has disclosed that President Muhammadu Buhari’s economic agenda is tailored towards aggressive recovery of the economy.

The minister was quoted as saying this in a statement signed

by Mrs Rhoda iliya, an Assistant Director, yesterday in Abuja.

Ngige said this while addressing the 3rd Session of the Specialised Technical Committee on Social Development, Labour and Employment of the African Union, which took place in Addis Ababa, Ethiopia.

The theme of the conference: “Poverty Eradication Through Strategic Investments at National and Regional Levels Towards Social Development, Labour and Employment in Africa”, subject aligned to the “Africa Agenda 2063 for Prosperity,” Ngige was a lead discussant in a paper entitled: “The Efforts of the Nigerian Government Towards the Eradication of Poverty.’’

He said that the economic development agenda of the Presi-

dent Buhari’s administration was tailored towards a concurrent growth of the three-tier federal structures of national, states and local governments in line with the diversity of the nation’s economy.

“The present administration met a battered economy in 2015, which slipped into recession in the first and second quarters of 2016, prompting an aggressive economic recovery plan with big emphasis on agriculture and food security.

“The effects were dramatic.

We boosted agriculture and raised the capacity of the nation to feed her-self, to the extent that importation of rice for example, dropped by 95 per cent.

“The same goes for sorghum.

This decisive inward look was pivoted on the elastic efforts of government, which the Central Bank of Nigeria piloted through the Anchor Borrowers Programme in agriculture, ‘’ he said.

Ngige said on the issue of social investments, that there were the Home Grown School Feeding Programme, which had been complementing the free education

policy at the primary and junior secondary school levels; He added that this had stemmed the incidence of school dropouts, which he identified as precursor to child labour.

The minister said that the programme had captured about N10 million school children in 25 states of the federation.

He also explained that the present administration had other social investment programmes, such as the N-Power under which the Federal Government had employed 500,000 graduates, the N-Build where 50,000 were engaged.

He listed other programmes to include the N-Agro, N-Knowledge, N-Health, and N-Build where hundreds of thousands were also employed.

Ngige added that government Enterprises and Empowerment Programmes also made interestfree loans available to small businesses as well as the National Cash Transfer programme (Conditional and Unconditional) to over 1million vulnerable and poor Nigerians.

The minister noted that this was besides the thousands already benefitting from similar

programmes by the National Directorate of Employment(NDE).

He therefore, said that the Economic Recovery and Growth Plan(ERGP) would not have been impossible without the anticorruption measures such as the Treasury Single Account(TSA) and the whistle blowing policy which government put in place.

According to him, this programme has shut down leakages and ease the recovery of stolen funds as well as the efforts of the anti-corruption agencies primed for zero-corruption agenda of the government.

Ngige further said that government’s efforts in the last four years had charted a new course for Nigeria with the results of the giant strides made manifest in core sectors of agriculture, anti-corruption , employment generation, infrastructural development and war on insurgency.

He added that Africa would remain the hewers of wood and fetchers of water, (quoting late Emperor Hallie Selassie of Ethiopia) if drastic measures were not taken by the leaders to fiercely tackle myriads of teething underdevelopment scourge assailing the continent.

iting the need to resolve certain lingering issues, the Minister of Power, Works and Housing, Babatunde Fashola has ordered the immediate suspension of work at the Abuja National Housing project in Gwagwalada, Federal Capital Territory (FCT. Fashola gave the order yesterday during the inspection of the ongoing Abuja Mass Housing project in Gwagwalada.

The Federal Capital Development Authority (FCDA) had written “Stop Work Inscriptions’’ on buildings at the construction site.

He said the suspension became necessary in order to settle any development control issues with the ministry and FCDA through due process.

“As you can see, there are Development Control inscriptions on the buildings and it means there are development issues by the FCDA. “My staff tell me that the issue has been resolved, but I also respect the law that says every development control restriction inscriptions must be complied with. “‘So I am not going into that building; and I have ordered the head of unit here to stop work immediately until these inscriptions are removed and I see documents to that effect.

“This is one of the many ways that we can begin to take our laws seriously because this is a government development project and we need to respect the laws we make,’’ Fashola said.

The minister said that the construction of the mass housing project was ongoing in 33 states across the country where lands had been made available.

He stated that aside from artisans involved in the project, contractors were engaged in the pilot scheme to deliver quality work.

“The last time I was here, I was satisfied with the quality of work and I saw carpenters that were seriously engaged in the construction work.

“That is what the Federal Government wants to achieve; to use housing schemes to stimulate employment in the country.

“The Federal Mortgage site is a different concept entirely, they do not only lend money, but help you to build for people who want to pay rent,’’ Fashola added.

Babatunde Raji Fashola

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NEWS

TUESDAY, APRIL 9, 2019

GenCos release 3,522 megawatts of power into national grid

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lectricity Generation Companies (GenCos) have disclosed that it released 3,522 megawatts of electricity into the national grid on April 7.

GenCos made his known in its daily energy report released on Monday in Abuja.

It said that the electricity relased by the GenCos, comprising gas-fired and hydro stations, was down by 657.07 megawatts from the figure released on Saturday.

It said that 202.70 megawatts was not generated due to high frequency resulting from unavailability of distribution infrastructure while 1,771 megawatts was not generated due to unavailability of

gas.

GenCos said 100 megawatts was dropped due to unavailability of transmission infrastructure while 2,369.30 megawatts were dropped due to high frequency resulting from unavailability of distribution infrastructure.

The report said 150 megawatts was recorded as losses due to water management procedures.

The report revealed that the power sector lost an estimated N2.1 billion on Sunday due to insufficient gas supply, distribution and transmission infrastructure.

The report, however, showed that the peak generation attained on the day was 4,190 megawatts.

Kaduna begins polio immunisation April 13 -Official

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he Kaduna State Primary Healthcare Development Agency (SPHCDA) yesterday disclosed that it would commence second round of polio immunisation across the state on April 16.

The Agency’s Deputy Director, Hamza Ibrahim-Hamza, told reporters in Kaduna that the vaccination would run from April 13 to April 16 in the state’s 23 local government areas.

He said that the state hoped to achieve 85 percent in polio immunization, which is the national level.

“Our routine immunisation is low but efforts by the local governments and the state has reached 73 percent by a survey carried out in 2013.

Ibrahim-Hamza said that the agency had intensified efforts to

Governor Nasir El-Rufai

involve traditional and religious leaders to track children that are under one year.

He said that at least two health workers would be sent to hard-toreach areas for proper coverage.

“We have mapped out all the communities for outreach services where we will give them incentives to encourage them,’’ the SPHCDA official said.

He appealed to parents, guardians and caregivers to ensure they made their children available for immunisation during the campaign, and for routine immunisation in nearby health centres or hospital “The vaccination will include house to house, and in hospitals, and we will supervise 1,168 health facilities so that all communities will benefit especially children less than one year.

.L-R: Imo State Governor, Owelle Rochas Okorocha, his Bayelsa State counterpart, Hon. Seriake Dickson, former Governor of Imo State, Chief Achike Udenwa, former Governor of Anambra State, Dr. Peter Obi, and the Governor-elect of Imo State, Rt. Hon. Emeka Ihedioha, during the funeral service of a former Chief Whip of the Federal House of Representatives and former President, Pan-African Parliament (PAP), from Imo State, Hon. Bethel Nnaemeka Amadi, at Amiakpo, Ikeduru L.G.A, Imo State.

Spare parts dealers petition Compliant Commission over election crisis

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o forestall future crisis, the Board of Trustees and Patrons of Agbo-Edo Motor Spare Parts Dealers Association (AMSPDA), Nnewi in Anambra State has implored the Public Complaints Commission (PCC) to intervene in its election.

The call for intervention was over the brewing crisis in the protracted market election.

The petition submitted to the commission in Awka yesterday was signed by its Chairman, Chief A.U. Ohazulike, the Secretary, Emma Agba and eight others.

The market stakeholders were protesting the date and conditions set by the Anambra Ministry of Trade, Market and Wealth Creation, which they claimed violated the market internal democracy.

They said the ministry should be made to abide by the resolutions reached at the PCC after it intervened on the matter on October31, 2018.

The petitioners contended that elective positions which the markets had zoned to Nnewi must be shared according to the zoning formula involving four Nnewi villages.

They said the principle was not respected by the state government as one of the chairmanship candidates was from Umudim village against Otolo village whose turn it was to produce the chairman.

The petitioners urged the

PCC to stop the government from setting bad precedence in the conduct of elections in the market as the situation could create chaos in Nnewi as a whole.

“We hereby solicit that you use your good office to direct the State commissioner to ensure compliance with your directive that one of the chairmanship candidates, Dennis Ikegwuonu from Umudim should not contest.

“Because this is in violation of our constitution on sharing formular which states that non-indigenes and indigenes of Nnewi in the market shall share executive positions on 50/50 basis (See Art.7 paragraph 1-3 AMSPDA constitution).

“Going by our micro constitution on sharing in AMSPDA, elective positions must rotate within the four quarters, starting from Otolo, Uruagu, Umudim and Nnewi Ichi (see Art. 7, pg7 Nnewi Progressive Forum constitution).

“We are also contending that the April 12 date as instructed by the state commissioner is not feasible for the electoral committee to reorganise elections of offices in the market.

“We need at least 30 days notice to enable us prepare for the election,” he said.

On their part, the Nnewi Progressive Forum, Agba Edo said the Nnewi rotational principle which had operated for over 25

years should not be violated in the interest of harmony among Nnewi people.

The group cited the recent Nnewi North Constituency election where all political parties fielded candidates from NnewiIchi.

The forum said Otolo, Uruagu and Umudim refused to nominate candidate for any political party in the just concluded general elections because it was the turn of Nnew-Ichi to produce a House of Assembly member for the constituency in accordance with the sharing principle.

The Federal Commissioner in charge of PCC in Anambra Samben Nwosu, acknowledged receipt of the petition and promised to give it the attention it deserved.

The Ministry, in a letter signed by the Commissioner, Dr Christian Madubuko, had directed that AMSPDA election should hold on April 12 at Anedo Social Club Hall, Nnewi.

According to Madubuko, following the expiration of the executive of AMSPDA, it, therefore, becomes necessary that an election is conducted to avail the opportunity to elect their new sets of leadership.

“The election must follow the guideline spelt out in your constitution, you must be aware that it is the state government policy that elections in all markets be conducted under peaceful atmosphere,” he stated.

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TUESDAY, APRIL 9, 2019

N29bn alleged fraud: Court admits more documents in evidence against Nyako T he Federal High Court Abuja yesterday admitted in evidence, documents tendered by the prosecution, through the 20th prosecution witness, Chris Odofin, in the N29 billion fraud trial filed against a former governor of Adamawa, Murtala Nyako.

Nyako is being prosecuted alongside his sons, Abdul-Aziz Nyako, Abubakar Aliyu and Zulkifikk Abba on a 37-count charge of criminal conspiracy, stealing, abuse of office and money laundering.

Some of the documents admitted in evidence include a certified true copy of a document captured ‘Blue Opal Nigeria Limited and Blue Opal sales details.’

The charge was preferred against them by the Economic and Financial Crimes Commission, (EFCC).

Five companies, Blue Opal Limited, Sebore Farms & Extension Limited, Pagoda Fortunes Limited, Tower Assets Management Limited and Crust Energy Limited, were equally charged

before the court as the 5th to 9th defendants.

The witness was led in evidence by the prosecuting counsel, Rotimi Jacobs, a Senior Advocate of Nigeria (SAN).

Odofin told the court that in the course of investigating the case, Mohammed Maji-Iro and Abdulmalik Dalhatu were invited by the commission to give statements, but that they both died before the matter was charged to court.

He also told the court that Kobis Ari-Thumnu, former Secretary to the State Government of Adamawa and Mahmud Nyako also made statements to the EFCC, but when the matter was charged to court, all efforts to reach them were futile.

The defence counsel in court led by Mr Ibrahim Isiaku (SAN) prayed the court to adjourn the matter to enable them prepare to cross examine the witness.

The trial judge, Justice Okon Abang adjourned the matter until tomorrow for the defence to cross-examine Odofin.

Onu hinges Africa’s economic development on Investment in science, technology

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inister of Science and Technology, Dr Ogbonnaya Onu, has stressed the need for increased investment in science, technology and innovation for Africa’s economic development and social progress.

The minister made the call yesterday when, the Country Operations Manager of African Development Bank (ADB) group Lawson Zankli visited him in his office in Abuja.

Onu, who identified science, technology and innovation as the bedrock of any developed nation, expressed worry that Africa had not utilised the potential in the sector to transform its enormous resources.

He, therefore, called for concerted efforts in the fight against poverty and disease on the continent through adoption of emerging technologies and innovations.

He said “we have recorded a lot of development and improvements in some African countries but generally, we feel very disturbed that if you want to show the face of hunger, poverty and disease, it is the African face.

“As Africans, we are very disturbed about this and we do not want this to continue.

“We believe that this will change and all of us must work hard to ensure that we don’t allow this to continue.”

The minister also said that Africa could leverage on science and technology to not only to create jobs, but stem the movement of youths to developed continents in search of better opportunities.

He added that “we are aware of the problems Africans pass through in their effort to move away from the continent in search of better life and at times, in search of good job oppor-

tunities.

“We have seen how many young Africans die while trying to cross the Mediterranean; this is very disturbing.

“We are determined as Africans to make sure we take our destiny in our own hands and build a new future for Africa.

“A continent that will be more peaceful, more developed and above all, that will be able to utilise the enormous resources that God has endowed us with.

“There is no part of the world that has developed without using resources from Africa, so why can’t Africans use the same resources that other people from other continents come to use to develop Africa?’’ Onu asked.

Onu pointed out that successful implementation of Federal Government’s Economic Recovery and Growth Plan (ERGP) 2017 to 2020 would be facilitated by recognising science, technology and innovation as the centre of all economic activities.

He said “our interest is to make sure that we provide job opportunities for Nigerians and Africans and also defeat extreme poverty and the best way to achieve this is to ensure that you can give skills to people.”

Zankli said that the visit was part of consultations in Nigeria toward developing a document that would guide the interventions of ADB Group in Nigeria from 2020 to 2024.

He said that the group would be looking at the previous strategy it had, the achievements it made during the implementation of the strategy, as well as lessons that could be drawn from the implementation and how to build in the lessons to develop a new strategy.

.Lagos State Governor, Mr. Akinwunmi Ambode (middle), being presented with a souvenir by the Chairman, Longrich Group, Mr. Xu Zhi Wei (right) during the pre-launching of the Longrich manufacturing plant in Lekki Free Zone, Lagos, With them is a top official of the company, Mr. Alex Jia (left)

Heatwave: Expert cautions against overcrowding

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medical practitioner in Umuahia, the Abia State capital, Dr. Chigozie Ubani has warned Nigerians to avoid overcrowding in view of the current heatwave being experienced in some parts of the country.

Ubani gave the advice in an interview with journalists in Umuahia yesterday , saying that the measure would help to reduce the risk of the spread of communicable diseases, among other infections.

The physician, who works in the Abia Government House Clinic, Umuahia, urged people to

take measures to ensure adequate ventilation at home and public buildings by making sure that windows and doors were kept open.

He said, “In this period of heat, we should allow free flow of air in our environment so as to reduce the risk of contraction of diseases and other infections associated with overcrowding.”

Ubani also called for proper waste disposal and desilting of the drains to ensure free flow of water as the rains begin to set in.

“We are now in April and the rainy season is gradually setting in. There are also diseases that are prevalent during the rainy sea-

son,” he said.

He said that the vectors, especially mosquitoes, bred and thrive in stagnant water, in gutters and potholes.

“So you find out that during this period there is also a prevalence of malaria due to the increase in the number of anopheles mosquitoes,” Ubani said.

He further warned against indiscriminate dumping of refuse around residential areas to check the breeding of infectious parasites.

He advised people to maintain good hygiene in order to avoid possible outbreak of epidemic.

FRSC urges motorists to slow down near bridges

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oised to reduce carnage on the nation’s roads, the Ogun Command of the Federal Road Safety Corps (FRSC) yesterday advised motorists to always slow down while approaching bridges .

The State Sector Commander of FRSC, Mr Clement Oladele gave the

FRSC Officers

advice in an interview with reporters in Ota, Ogun State.

Oladele spoke against the backdrop of an accident on Sunday, where a Lexus Jeep vehicle plunged into a river on the Ijebu-Ode/Benin Expressway, killing a woman and injuring her daughter.

The incident which occurred

around 2.30 p. m. was reportedly caused by over speeding.

The sector commander said that the advice became necessary so as to avoid unnecessary loss of lives and property.

“We implore motorists to slow down while approaching bridges as the bridges might have weakened or have gaps between them that could lead to mishap, ’’ he said.

Oladele also urged motorists to ensure they were in good state of mind before driving to avoid running into emergency.

He warned motorists to be patient as well as desist from acts that would distract them while driving.

According to him, motorists should adhere to average speed limit while approaching bridges.

Oladele, however, condoled with the family of the deceased woman and prayed that the Lord will grant them the fortitude to bear the loss.

WESTAFRICA BUSINESSNEWS

SPORTS

TUESDAY, APRIL 9, 2019

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Coach tasks handball federation on standards

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ead Coach of the male and female Federal Road Safety Corps Handball teams, Mohammed Bala has advised the Federation of Nigeria (HFN) to improve the standards of the Prudent Energy Handball Premier League.

Bala told yesterday in Lagos that the league matches should be played indoors as obtainable in some other countries.

He said that the 2018 HFN second phase of the Prudent Energy Handball Premier League which took place in courts of Row Park Sports, Yaba, Lagos, was not easy for players.

“Matches should be indoors this year because it was not a palatable situation in Lagos last year, the surface in the open court was not friendly at all.

“The HFN needs to improve by bringing coaching and officiating skills up to date,’’ he said.

He said that the league was a standard competition, urging that the federation should ensure a favourable playing environment.

He noted that the players were professionals in standard clubs.

Bala said that the revived league had gone a long way to promote the development of the sport and bring clubs in the country together.

“A good number of the players in the participating clubs are world-class and have participated in continental and intercontinental games; so they should be provided with a similar environment,’’ he urged.

The second edition of the first phase of the 2019 annual HFN-organised Prudent Energy Handball Premier League will hold in Abuja from May 6 to May 19.

Nigeria Rugby Football Federation to change name NPFL/La Liga U15 tournament: in June Nigerian Handball Team

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resident, Nigeria Rugby Football Federation (NRFF), Kelechukwu Mbagwu, said that the federation would soon change its name to Nigeria Rugby Football Union (NRFU).

Mbagwu told the News Agency of Nigeria (NAN) yesterday in Lagos that the new name would be effective from June.

He explained that the decision was reached at the Annual General Meeting (AGM) of the federation held in Lagos over the weekend.

“In line with the international body’s instruction, NRFF is changing its name to Nigeria Rugby Football Union. “ The AGM, which is the first after our constitution was approved by the Sports Ministry and the NOC, sat in Lagos at the weekend to approve the new name.

“We took the decision to comply with the international body’s directive but it will be effective from June,’’ Mbagwu said.

The NRRF president said that the federation also directed all state affiliates to conduct election into their boards by December.

“Other far-reaching decisions were also taken at the AGM. “All the state affiliates are expected to conduct elections into their boards on or before December.

“Those states that are ready to have their elections should contact the federation to send delegates to monitor their elections.

“However, the states must ensure that all stakeholders are carried along in the process of the election.

“A three-member committee was set up to come up with guidelines within three months for the elections,’’ Mbagwu said.

He further said that the meeting deliberated on the successes recorded so far on the development of rugby in various states.

“The AGM also deliberate on National Council on Sports approval of rugby as one of optional sports for the next National Sports Festival, scheduled to hold in Benin, in 2020,’’ he said.

Mbagwu said that AGM had approved Nigeria hosting of the Africa Silver Cup. “ At the level of the board, we accepted to host the Africa Silver Cup tournament.

Similarly, the AGM, which is the highest organ, has also endorsed the hosting.

“The tournament will take place in Lagos in June from June 7 to June 17.

“Although we are the host but we are hosting to win because we have what it takes to win,’’ he said.

Rugby Africa Cup 2019 Pool A tournament would see Nigeria play host to Madagascar, Botswana and Ghana.

The competition would be an opportunity for the country to increase rugby’s awareness.

Cote d’Ivoire would also play host Senegal, Mauritius and Rwanda in Pool B from June 15 to June 23.

Kano Pillars defeat defending champions ABS FC 3-1

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ano Pillars’ under-15 team yesterday defeated their ABS FC of Ilorin counterparts 3-1 in the opening match of the NPFL/La Liga U15 Promises Tournament in Abuja.

The tournament which kicked off yesterday at the FIFA Goal Project astro-turf pitch of the Abuja National Stadium will end on Friday.

Kano Pillars began on the front foot, opening scoring through Ibrahim Haliru barely three minutes into the encounter.

However, ABS FC gradually came into the game and got the equaliser six minutes later through team captain Aliyu Abdullahi from the penalty kick spot after an infringement.

The second half began just as the first, with Kano Pillars dominating possession and mounting pressure on the defence of their

Alhaji Mohammed, Kano Pillars vs. Philip Auta, Enyimba

opponents.

The Kano-based team were clearly the better side as they added two more goals through Khalid Mohammed, to put the game beyond the reach of the defending champions.

Suleiman Ibrahim, the coach of Kano Pillars U15, said his players performed according to instructions, in spite of some momentary loss of concentration.

Laaro Ajadi, the coach of ABS FC U15, said his wards played well, but complained that the Kano boys were much bigger.

He went on to suggest that the Kano boys may be above the age limit.

In other matches also played on Monday, Lobi Stars U15 pipped Gombe United U15 1-0, while Katsina United U15 walked over Wikki Tourists U15.

A total of 20 teams are taking

part in the five-day tournament holding at four zones across the country.

4th FCT Golf Classic begins with qualifying round The fourth edition of the FCT Golf Classic Tournament got underway yesterday at the IBB International Golf and Country Club in Abuja with the competition’s Qualifying Round.

The round present prospective players the opportunity to join in the game and stand a chance of winning.

The tournament will however be missing the defending champion, Zimbabwean Visitor Mapwanya who won the third edition of the FCT Classic in 2018.

He would not be present in the tournament to defend his title.

Nevertheless, the 2018 runner-up Ghanaian Vincent Torgah who currently has won the first two events of the 2019 season will be looking forward to extend his winnings to three.

According to Harris Okatta, a tournament official, this edition of the competition features about 40 players from different countries around the continent.

“The countries include Ghana, Cameroon, Nigeria, Equatorial Guinea and Gabon.

“From these countries, we will have strong players such as Ghanaian Emos Korblah, Nigerian Sunday Olapade, Gift Willy and Christopher Frances Ambe,’’ he said in a statement.

The FCT Classic is a 72-hole stroke play event contested over four days with a cut being made after 36 holes.

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NEWS

TUESDAY, APRIL 9, 2019

Zenith Bank names Onyeagwu as new MD Continued from page 1

Managing Director/Chief Ex-ecutive Officer (GMD/CEO) Zenith group in mid-year of 2014, the bank’s total assets was valued at N3.2 trillion and shareholders’ funds was N492.38 billion.

However, 54-month after, the bank`s total assets now “kissing” N6 trillion mark, as it closed the year at N5.955 trillion. It has been estimated that if the growth tempo is sustained, Zenith Bank Plc could beat N10 trillion estimates in the next 5-Year. In just about five years, Amangbo added N2.7 trillion to the size. On the average, Zenith grew

total assets at 13.2% annually, or 1.16% each month till date.

In its just released audited statement for 2018, revenue slipped 15.4% against 2017 result but compensated for in terms of profitability. In other words, the bank earned less from its portfolio of interest earnings assets, did N440.1 billion, that is a 7.3% drop as against N474.6 billion in 2017..

In a similar situation, the bank expended far less on payment made to providers of funds on bulk of its interest asset, interest expense went down by 33.3%. It therefore implies that for every N100 earned from interest earning assets, Zenith spent

Oil climbs to 5-month high amid OPEC cuts, U.S. sanctions, Libya fighting

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il prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.

International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 per cent from their last clos U.S. West Texas Intermediate (WTI) crude was up 30 cents, or 0.5 per cent, at $63.39 per barrel.

Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel respectively early on Monday. To prop up prices, the Organisation of the Petroleum Exporting Countries (OPEC) and nonaffiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.

“OPEC’s ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year,’’ said Hussein Sayed, Chief Market Strategist at futures brokerage FXTM. “However, the latest boost was received from an escalation of fighting in Libya, which is threatening further supply disruption.’’Strong U.S. jobs data on Friday also still supported markets on Monday.

“Oil bulls are drawing heart from the strong employment data in the U.S.,’’ said Sukrit Vijayakar, Director of Energy Consultancy, Trifecta.

Despite the host of price drivers, there remain factors that could bring oil down later this year.

Russia is a reluctant participant in its agreement with OPEC to withhold output and it may increase production if the deal is not extended before it expires on July 1, Energy Minister, Alexander Novak, said on Friday.Russian oil output reached a national record high of 11.16 million bpd last year.In the

U.S. crude production reached a global record 12.2 million bpd in late March.

U.S. crude exports have also risen, breaking through three million bpd for the first time earlier this year.

“With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in U.S. exports,’’ said energy consultancy, FGE in a note.

There also remain concerns about the health of the global economy, especially should China and the U.S. fail to resolve their trade dispute soon.

“Global demand has weakened and existing tariffs on Chinese goods shipments to the U.S. are providing an additional drag,’’ rating agency Moody’s said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

about N33 in 2018 as against N46 in 2017. This means it operated with a lower cost of funds.

Overall, as the bank scorecard shows, Zenith Plc expended N46.4 on every N100 income it generated in 2018. This means that the bank operating cost expanded; last year it only cost the bank N42.3 on the same amount of in-come. Compare with loans size, Zenith bank closed financial year 2018 with N2.497 trillion in total loans and advances.

This means that year on year, the bank cut back on lending by about 4% from N2.596 trillion. The bank however rec-orded an increase in non-performing loans, the same period when industry’s average receded. Non-Performing Loans jerked up to 4.98% from 4.7% in 2017. For Zenith, it means that about 5% of its earnings assets have a doubtful recov-erable value.

Its bearish stance on booking more loans seems to have paid off; given the fact that banks in the same class did gun for cleaner

book, better assets quality in 2018 as primary focus. The massive scale at which Zenith was able to reduce impairment charge on credits, from whooping N98.2 billion to N18.4 billion in 2018 is quite exciting and impressive, some analysts commended.

Then, operating expenses N225.5 billion stayed within same region as last year; up marginally but below rate of movement in general prices of goods and service, as average inflation closed the year at about 12%. Also, the bank profit before tax ramped up 16.2% to N231.7 billion from N199.3 billion.

But a 49.4% uptick in tax expense rocked down profit to N193.4 billion after tax, leaving the bank earnings per share at N6.2 in 2018.

Words on the street have been that the bank is developing bull-eyes for the retail segment. The question some ob-servers are raising is that perhaps the corporate banking economy cannot satisfy the bank growth ambition, again. Perhaps,

drive for lower funding cost is the driving factor. Ether ways, Zenith is diversifying its culture from predominantly dealing in high tickets deals to conforming self in the retail end.

The race has begun, anyway.

Shareholding According to data from Market Screener, The Chairman, Jim Ovia holds 9.4% of the bank shares; follow by 3.08% by FIL investment advisors, a UK base company.

Schroder Investment Management ltd, 2%, Fidelity Management and Re-search Company 1.94% and Invesco Advisers ltd 1.61% and others with less than 1% shareholdings.

In 2017, Zenith Bank earnings per share rose to N5.66 kobo out of which N2.77 was paid as dividend.

This translated to 49.32% payout ratio. However, in 2016 EPS closed the year at N4.12 out of which N2.02 was paid, therefore translated to a payout ratio of 49.03%. On EPS of N6.2, the bank has offered to pay N2.50 in 2018.

Jim Ovia

ANAMCO begins production of Dongfeng trucks Continued from page 1

ANAMCO had already set in the automobile industry.

“We were able to partner with Dongfeng, which had been in the automobile industry for 50 year, having begun pro-duction in 1969.

He said that the company was rated the number one automobile in China and 38 in the world.

“So, that is why we are happy to partner with them and present their product to Nigerians in this fair’’, he said.

Olalekan said that ANAMCO which was commissioned in 1980, started production in 198 in its facilities in Emene, Enu-gu.

He said that the factory then could produce 7,500 trucks and 1000 buses per annum.

He said that in the early 1980s, the company had already got to the level of achieving its target.

He, however, regretted that the company had faced serious challenges since its contract with Mercedes Benz elapsed.

“If you produce without people requesting for it, usually it is a big challenge.

“Dongfeng has its spare parts

department in ANAMCO you can imagine when you assemble a vehicle, you generate employment for people.

“And you can imagine the kind of employment an automobile company can generate for a state both direct and indi-rect.

“It is a big employment opportunity to the people of the state and the country at large,’’

Olalekan said.

He said that they now had two models of trucks, including 1619 and 3438 models, assembled in Enugu, with their spare parts department also in Enugu.

He opined that with the availability of the spare parts guaranteed, the trucks would always be on the road.

According to him, the vehicles

have one year warrantee of 100,000 kilometers.

He expressed happiness that the company took part in this year’s trade fair, having been unable to take part for al long time.

Olalekan expressed gratitude to the Federal Government for it’s Auto Mobile Policy, saying that it had given the com-pany a lot of boost to do better.

Robbers raid bank in Ondo, kill seven

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are devil bandits yesterday killed seven persons in IdoAni, Ose local government area of Ondo state as they raided the only commercial bank at Isewa quarters in the community.

The r operation was said to have started around 2.00 pm and lasted for about one hour without any resistance.

At the end of the attack, five bank officials, a Vice Principal who was a customer and a police man re-portedly fell to the bullets of the hoodlums who carted away undisclosed huge amount

of money.

The robbers, it was learnt, drove a Sports Utility Vehicle to the bank and went straight to the banking hall after using dynamites to blew off the security doors.

Sources said attempts were made to alert soldiers at Isua Akoko military check point and police men from the area, but the robbers carried out their operation successfully before their arrival.

Also, it was learnt that a victim allegedly shot on the stomach was rushed to the Federal Medical Cen-tre (FMC) Owo.

Akeredolu

NEWS

WESTAFRICA BUSINESSNEWS

TUESDAY, APRIL 9, 2019

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Dangote’s firm distributes tomato baskets to farmers in Kano

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o ensure proper handling of the commodity, Dangote Tomato Processing Company, Kadawa in Kano State has distributed 20,000 plastic baskets to tomato farmers.

The Managing Director of the company, Abdulkarim Kaita disclosed this yesterday in a chat with journalists in Kano .

He said that the gesture was borne out of the company’s effort and commitment to support the tomato growers, especially in the area where the company is located to enable them transport the commodity with ease.

He said that the company, which resumed operation after about two years of closure due to inadequate fresh tomato for processing, would continue to support tomato farmers in the state and beyond to enable them remain in business.

He said that the farmers were expected to use the plastic baskets or crates to transport the commodity to the company for processing.

Kaita said the company would continue to provide the plastic baskets to the

Baskets of tomatoes in Kano market farmers to enable them transport the commodity in good condition before disposal.

He urged the beneficiaries to take good care of the items to enable them last long and serve the purpose for which they were provided.

He said that since the plant resumed operation about one month ago, it had been processing no fewer than 100 tonnes of fresh tomatoes daily.

“We are happy that the company has resumed operation and it is our hope that as time goes on, the

quantity of the raw material being processed daily will increase,” he said.

According to him, the company is buying the commodity based on the current market prices to encourage farmers to produce the commodity at a large scale.

Association urges local production of computer screen readers

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call was yesterday made by the National President, Nigeria Association for the Blind, Ishiyaku Adamu to the Federal Government to engage local software programmers in massive production of computer screen readers.

Adamu told reporters in Lagos that most members of the blind association could not afford to get screen readers on their computer systems because of its expensive nature.

Adamu said the screen readers were expensive because they were not produced in the country but usually imported with high import duty.

According to him, members of the association needed the screen readers to educate themselves and compete favorably with their colleagues in other parts of the world.

“This has been a serious challenge over the years and we want government to wade into this problem speedily.

“We need these screen readers to be able to read on

our computer systems but they are very expensive in Nigeria. Each screen reader costs N350,000, more expensive than our computer systems.

“We want government to engage our software programmers to manufacture them massively in Nigeria so that we can get them at cheaper rate.

“There are intelligent programmers in the country who are capable of manufacturing them and they will have the raw materials at their disposal,” he said.

Adamu said that the software programmers could produce the screen readers in different Nigerian languages to encourage learning in the mother tongue for the blind.

“Having them in different Nigerian indigenous languages will encourage the blind to learn more,” he said.

The president urged federal government to subsidise the cost of the screen readers for the time being, to meet the immediate needs of the members across the federation.

He said getting software programmers to manufacture the screen readers would take a long time but pending when that is done, there could be duty waver for such item.

“We want government to subsidise these screen readers for the blind or wave import duty on it to enable my people access it at a cheaper

Imo Airport on fire

rate,” Adamu said.

Computer screen readers are software that assist the blind in using computers by either reading the text that shows up on the screen or by presenting them on a braille display.

It serves as a platform for the visually impaired to communicate with their computers.

Fire guts Imo airport, VIP lounge damaged

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ome parts of the Sam Mbakwe Airport in Owerri, Imo State capital was yesterday gutted by fire which was reported to have started by 2:00pm .

The Director of the State Fire Service, Japheth Okoroafor, when contacted, told journalists that the fire started as a result of electrical problems.

He lamented that the fire service which reported at the scene would have had more success barring their lack of equipment.

Okoroafor said that the VIP lounge was badly damaged before the fire could be controlled.

“We have only one fire truck servicing the entire state; this operation would have been more successful if we had the necessary equipment.

“We want to use this opportunity to call on the government to equip us as we are in serious need of upgrading because such incidents can happen at any time,” he said.

The Head of Imo, Abia operations office of the National Emergency Management Agency (NEMA), Evans Ugo when contacted said he could not comment as the Agency were yet to visit the site.

Meanwhile, , General Manager, Corporate Affairs, Federal Airports Authority of Nigeria (FAAN), Mrs Henrietta Yakubu confirmed the incident in a statement in Lagos.

Yakubu said the fire started at about 2.00p.m but was however, curtailed swiftly by officers of the Aerodrome Rescue and Fire Fighting Services Department of FAAN.