Westafrica BusinessNews Tuesday, June 11, 2019 by westafricabusinessnews

Buhari signs June 12 into law

•FG declares tomorrow holiday

P Buhari

resident Muhammadu Buhari yesterday at the Presidential Villa, signed the Public Holidays Act Amendment Bill into law. Sen. Ita Enang, Senior Special Assistant to the President on National Assembly

Matters (Senate) disclosed this to State House correspondents in Abuja. Enang said that the Act declared June 12 of every year as public holiday and Democracy Day in Nigeria. “It amends the Public

Vol. 06 No. 362

TUESDAY JUNE 11, 2019

Holidays Act which now removes May 29 of every year as a public holiday and now makes it June 12, democracy as a public holiday in Nigeria henceforth. “By this Act, May 29 is no more a public holiday,’’ he

said. Buhari had on June 6, 2018, declared June 12 to be the new Democracy Day in commemoration of the democratic election of MKO Abiola on June 12, 1993. The Federal Government had earlier on Monday declared June 12, as a public holiday, to commemorate the

nation’s National Democracy Day. Meanwhile, the Federal Government has declared tomorrow a public holiday, to commemorate the nation’s National Democracy Day. The Permanent Secretary, Ministry of Interior, Mrs Georgina Ehuriah, made the

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ISSN: 2408-6703

Foreign investors return to equities market, hold 51% stake By Niyi Jacobs

oreign portfolio investors increased the value of their buy orders for Nigerian

equities by 61.4 per cent at the onset of this quarter, halting a sell-off that had seen more outflows than inflows all through the first quarter of this year.

For the first time this year,equities recorded positive foreign portfolio transactions as inflows from foreign portfolio investors (FPIs) increased from N25.89 billion in

March to N41.78 billion in April. The latest report on foreign portfolio investments (FPIs), released by the Nigerian Stock Exchange (NSE), showed

that foreign portfolio inflows outpaced outflows by N6.64 billion in April, the first positive closing this year. Foreign inflows

stood at N41.78 billion as against outflows of N35.14 billion, indicating 37.1 per cent increase in total foreign transactions from N56.09 billion in

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Exploring various options in recapitalisation exercise Page 10 Naira stands strong as global price of oil declines Page 12

Osun gov orders LGAs chiefs to suspend Dubai trip for workshop

Page 19

Stop fuel subsidy, others to achieve growth — Ex-AMCON CEO

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L-R: Co-founder and Partner, Verod Capital Management Limited, Eric Idiahi; Chief Operations and Information Officer, Fidelity Bank Plc, Gbolahan Joshua; Managing Partner, Synergy Capital Managers, Dr. Akintoye Akindele, Managing Partner, Sefton Fross, Olayemi Anyanechi at the TechMoney Africa 2019 Conference held at the University of Lagos, yesterday.

AIB, Air Peace disagree over alleged concealment of accident BY NIYI JACOB

fresh crisis may be brewing in the aviation sector as the Accident Investigation Bureau (AIB) and Air Peace have

disagreed over alleged failure by the airline to report serious accidents or incidents involving it. But in a swift reaction, Air Peace has countered the AIB, stressing that it has

never failed to report any major accident to relevant authorities. The General Manager, Public Affairs, AIB, Tunji Oketunbi, said yesterday in a statement signed in La-

gos. that on Wednesday, the bureau received notification from a passenger onboard about a serious incident involving a Boeing 737-300 aircraft with Registration Marks 5N-BUK, belonging

to Air Peace. “It was reported that the said incident occurred on May 15, while the aircraft was on approach to the Murtala Muhammed International Airport, Lagos

Assessing performance of 8th Senate

from Port Harcourt. “The aircraft was said to have experienced a hard landing as it touched down on the runway (18R). “Upon receipt of the

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4 TUESDAY, JUNE 11, 2019

L-R :Managing Director, STEM CafĂŠ, Lekki, Ebere Nkoro; Head, Science & Curriculum, Education District IV, Lagos State, Adenekan Adekunle; Sales and Marketing Lead, Enyo Retail & Supply, Mr. Olabanjo Alimi and Corporate Communications Lead, Enyo Retail & Supply, Arinola Shobande, and students representing the five participating schools at the Enyo #InventionToEntrepreneurship competition in Lagos.

L R Prof. Francis Idachaba, Director Academics Planning, covenant University, Mr. Ephraim Nwokonneya Director Research and Development Nigerian Communications commission NCC, Mrs. Yetunde Akinloye, Director Legal and Regulatory Services NCC, Prof. Oluwole Familom, Deputy vice chancellor Academics and Research University of Lagos, Funke Opeke, Chief executive officer Mainone Nigeria Limited, Prof. Aderounmu Adesola, Dean Faculty of Technology Obafemi Awolowo university Ile-Ife, during the forum on Emerging Technologies Research and ICT Innovation Forum at the University of Lagos yesterday

PHOTOSPEAK

L-R: Brand Manager, Gulder NB Plc., Kolawole Akintimehin; Regional Business Manager, Onitsha, Ben Umeh,and Brand Manager Support, Gulder NB Plc., Freya Doessel at The Gulder Red Night Party In Onitsha.

R-l: Representative of the Wife of the President, Mrs. Dolapo Osinbajo the Keynote Speaker, Brig. Gen. Buba Marwa and other dignitaries arriving at the Exhibition grounds during the Secondary School Exhibition and Workshop as part of activities marking he June 12 Democracy Day at the International Conference Centre, Abuja.

R-l: President Buhari with Members Italian Parliament Senator V.R. Petrocelli, Senator Tony Iwobi and Senator Manuel Vescovi as he receives in audience a delegation of Italian Parliament in State House yesterday.

L-r: Group Managing Director of the NNPC, Dr Maikanti Baru; Gbenga, son of the late PENGASSAN president, Francis Johnson; the widow, Mrs Adesewa Johnson; and Funke, daughter, during a condolence visit by the management of the NNPC to Johnsonâ&#x20AC;&#x2122;s family in Abuja

L-R: Adeyinka Adekoya, managing director, Wapic Insurance Plc; Aigboje Aig-Imoukhuede, chairman, board of director, and Mary Agha, company secretary, during the 60th annual general meeting of Wapic Insurance Plc in Lagos yesterday.

L-R; Abiodun Ayodeji, Marketing Manager; with Anders Einarsson, Managing Director; Vincent Olayinka, Category Manager, Dairy and Beverages; and Olakunle Ayeni, National Sales Manager, all of Promasidor Nigeria Limited; during the launch of Cowbell Chocolate Get Up N Goal Promo in Lagos, yesterday. Photo; SUNDAY ADESANYA.

BUSINESSNEWS 6 WESTAFRICA TUESDAY, JUNE 11, 2019

FINANCIALS

Fintech: Need to close regulatory gaps, balance opportunities, risks - IMF BY BONNY AMADI

he International Monetary Fund (IMF) has spoken of the need to strike a balance between Fintech opportunities and risks, hence gaps in the regulatory framework of Fintech remains wide. IMF maintained that while Fintech offer wide-ranging opportunities, it also raises potential risks. “Fintech can support productivity and growth by strengthening financial development, inclusion, and efficiency, but may pose risks to con-sumers and investors and, more broadly, to financial stability and integrity” it noted. The fund lauded Africa that has become a leader in mobile money as a driver for greater financial inclusion, Asia which has made significant advances in nearly every aspect of fintech, and Europe’s recorded growth in Fintech which has been rapid, but unevenly distributed with Western Europe leading the way. “Europe is already among the most financially-developed and inclusive regions in the world. Therefore, unlike some other regions, fintech would mainly affect the intensive margin of the provision of financial services” pointed the fund. IMF Deputy Managing Director, Tao Zhang, in a remarks yesterday at Vilnius, Lithuania conference on Fintech, lauded the growth opportunities provided by Fintech, but maintained that such developmental opportunities should be han-dled with caution, taking into account, the risks side of Fintech. He called for greater international cooperation on cyber security and money laundering risks, on developing legal, reg-ulatory and supervisory frameworks, on domestic and cross-border payment and securities settlement systems. “We need to avoid the fragmentation that comes when countries develop isolated national approaches. The IMF has been playing a key role in fostering this international cooperation due to our unique position and universal member-ship. Including through the Bali Fintech Agenda I referred earlier in my remarks.” The IMF Deputy Managing Director said “Technological change has brought rapid advances in financial technology that are transforming the economic and financial landscape. Smartphones today have more processing power than “Deep Blue”—the supercomputer that beat chess legend Gary Kasparov in the late 1990s. Data that we now conveniently store on these smartphones would require at least a dozen cartons of floppy disks twenty years ago. Such technologi-cal changes have also brought about rapid changes in financial technology or fintech as we call it” According to him, “’Fintech

Christine Lagarde

offer wide-ranging opportunities but also raise potential risks. Fintech can support produc-tivity and growth by strengthening financial development, inclusion, and efficiency, but may pose risks to consumers and investors and, more broadly, to financial stability and integrity”

The IMF Deputy President, noted that Fintech is expected to promote competition in the financial sector particularly in payments clearing and settlement, and is helping to expand financial inclusion. However, there is a perception that Fintech brings risks too, and that monitoring is still limited

The growth of fintech has been rapid but unevenly distributed with Western Europe leading the way. Europe is already among the most financially-developed and inclusive regions in the world. Therefore, unlike some other regions, fintech would mainly affect the intensive margin of the provision of financial services.

and largely confined to activities and entities in the regulato-ry perimeter. “Gaps in the legal framework are widely acknowledged, as is the need to modernize data governance frameworks. There is a need for greater international cooperation, particularly on cyber security and AML/CFT risks, the develop-ment of legal, regulatory and supervisory frameworks, payment and securities settlement systems and cross-border payments” The IMF chief pointed that, recognizing opportunities provided by Fintech and potential challenges, the Fund and the World Bank launched the Bali Fintech Agenda last fall. The Agenda he stated, brings together and advances key issues for policymakers and the international community to consider as countries formulate their policy approaches. “In the coming days we will present the conclusions of a new study conducted to better understand how the countries in the world are dealing with these issues. This work clearly indicates a common concern about cybersecurity, money laun-dering and payment services and a need for greater international cooperation in fintech”” Tao Zhang said that there are important regional and national differences in fintech development, “For example, Afri-ca has become

a leader in mobile money as a driver for greater financial inclusion, while Asia has made significant ad-vances in nearly every aspect of fintech. And regarding Europe,” the growth of fintech has been rapid but unevenly distributed with Western Europe leading the way. Europe is already among the most financially-developed and inclusive regions in the world. Therefore, unlike some other regions, fintech would mainly affect the intensive margin of the provision of financial services” On how to balance opportunities and risks posed by Fintech, Zhang said that some countries in Europe have been en-couraging fintech innovation and exploring regulatory responses proactively. “Lithuania is a clear example of this ef-fort. The government and Bank of Lithuania have streamlined licensing procedures, offered regulatory sandboxes for testing financial innovation, accelerated the development of RegTech solutions, and built a platform for blockchain-based solutions. The Bank of Lithuania created CENTROlink, a payment system which provides direct access to the Sin-gle Euro Payments Area for institutions that do not have a banking license and is pushing forward with open banking. At the same time the Bank of Lithuania, Minister of Finance and other agencies involved in this area are aware of the challenges, are strengthening the AML/ CFT regime and have continued a proactive regulatory approach. He noted that such measure are not enough , hence “”Technology knows no borders, neither does financial miscon-duct , “’ There is a need for greater international cooperation on cyber security and money laundering risks, on devel-oping legal, regulatory and supervisory frameworks, on domestic and cross-border payment and securities settlement systems. We need to avoid the fragmentation that comes when countries develop isolated national approaches. The IMF has been playing a key role in fostering this international cooperation due to our unique position and universal member-ship. Including through the Bali Fintech Agenda I referred earlier in my remarks. He noted that the Lithuania Fintech conference provided an excellent opportunity to exchange views on how high-level considerations translate into the development of a vibrant fintech community and the policy framework to em-brace it.”’ I am sure the world can learn a lesson or two from Lithuania.” He lauded Lithuania for being at the forefront of fintech which could create some opportunities so that the talents nourished in the country could be deployed locally and contribute to a more prosperous future.

ECONOMY

TUESDAY, JUNE 11, 2019

Huawei’s U.S. ban: Warning to Nigeria Govt

uawei phones users in Nigeria and other parts of the world were recently thrown into a frenzy of sort when America tech giant, Google, announced that its popular Android operating system will no longer be available for Chinese device maker. Although this decision, a fall out of the ongoing trade war between U.S. and China does not affect existing Huawei’s devices in the market, it came as a huge blow to the Chinese company, which had recently climbed to the second position in global smartphones shipment. Following directives by the U.S government restricting business deals with Chinese companies, which are suspected of having close ties with Chinese Government, American tech giants, Google and Intel, separately announced a gradual termination of business with Huawei. Huawei, which is leading 5G infrastructure deployment globally was suspected by the U.S. to be installing spyware in networks they serve. The decision may be part of President Donald Trump’s project to protect American businesses, but which has publicly been marketed as protection against cyber invasion by foreign entities. With the new development, Google products such as Google Play, Gmail and Google Maps will not be available on new Huawei products, while older phones will not access new versions of Android. Google’s decision to sever its Android operating system ties with Huawei in the midst of a U.S trade war with China, means that Huawei users will start losing access to Google’s proprietary services such as Gmail and Maps and be shut out of future upgrades to Android on their phones. The move by the California Internet giant on the software front was compounded by news that U.S. chipmakers have stopped supplying Huawei, hitting the hardware of its phones. Huawei sold nearly 203 million phones last year, up from 150 million in 2017, according to data tracking firm Gartner, overtaking Apple to threaten Samsung atop the global charts. For the first quarter of 2019, before its recent run-in with President Donald Trump’s administration, Huawei sold 59 million handhelds, IDC calculated. Those users risk losing access to important upgrades to Android released by Google in future, although for now Huawei said it would continue to provide security updates. The Chinese company will only be able to access software patches and distribute them from Android’s open source project, not proprietary information retained by Google, meaning that apps on Huawei phones could become unusable. To get around the Google ban, Huawei would ultimately have to build its own operating system, as Apple has for its iPhones. Huawei Responds

As the world braces up for the evolving trade war between the U.S. and China, financial analysts in Nigeria have tasked the federal government to take a cue from the development especially in terms of attention to ICT infrastructure deployment. Niyi Jacobs reports

From Huawei’s response, it was obvious that the Google’s decision didn’t come to the Chinese company as a surprise. Chief executive Officer of the company, Richard Yu, had in an interview last year said that it has backup plan should it ever be cut off from the likes of Google and Microsoft. “We have prepared our own operating system should it ever happen that we can no longer use these systems, we would be prepared. That’s our plan B but of course, we prefer to work with the ecosystems of Google and Microsoft.” After the Trump administration placed Huawei on its “entity list” last week, Huawei exec-

utive Ren, Zhengfei reiterated this in comments to Japanese media. “We have already been preparing for this,” he said. Charge to Nigeria govt Taking cognisance of the impact the news would have on its business in Nigeria, where it is a major vendor for the telecom operators, Huawei Nigeria also issued a statement disclosing that the company was ready to engage with the US government to come up with effective measures to ensure product security. The statement read: “Huawei is the unparalleled leader in 5G. We are

Huawei will continue to provide security updates and after sales services to all existing Huawei and Honor smartphone and tablet products covering those have been sold or still in stock globally.

ready and willing to engage with the US government and come up with effective measures to ensure product security. Restricting Huawei from doing business in the U.S will not make the US more secure or stronger; instead, this will only serve to limit the US to inferior yet more expensive alternatives, leaving the US lagging behind in 5G deployment, and eventually harming the interests of US companies and consumers. In addition, unreasonable restrictions will infringe upon Huawei’s rights and raise other serious legal issues. “Huawei has made substantial contributions to the development and growth of Android around the world. As one of Android’s key global partners, we have worked closely with their opensource platform to develop an ecosystem that has benefitted both users and the industry. “Huawei will continue to provide security updates and after sales services to all existing Huawei and Honor smartphone and tablet products covering those have been sold or still in stock globally. “We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all users globally.” Good for Naira Generally, the on-going trade war between US and China may mean increase in China’s attention in Africa. However, according to the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, the trade war have led to higher crude

oil (Brent) prices, which is good for naira and Nigerian economy. The ABCON Chief said since the beginning of April this year, oil prices have remained above $70/barrel as the trade war rages. “The rising oil prices as a result of tension in the Persian Gulf and the increasing trade wars between two world economic giants-China and America-help to take naira to another next level of stability. I advise the Federal Government and the Central Bank of Nigeria (CBN) to take advantage of the two crisestrade tensions and rise in crude oil prices by introducing measures that will support growth and development opportunities,” he said. Beyond the implications for mobile users, stakeholders in Nigeria’s ICT sector are urging Nigerian government to take a cue from the U.S. government, by paying attention to technology infrastructure deployment. According to a former Minister of Communication, Dr Omobola Johnson, the ban of Huawei by the US demonstrated how the government valued IT infrastructure. “Aside the trade war, it showed that government is paying serious attention to IT infrastructure and is concerned about who is deploying it. If the U.S government had not been involved in the deployment of 5G infrastructures, it would not have been able to know who is doing what and the implications. It is a wake-up call to Nigerian government to see ICT infrastructure deployment as a priority. This is the only way to build a digital economy,” she said

FINANCIALS

TUESDAY, JUNE 11, 2019

Concerns as Only few Nigerians drive Cashless Policy Throughout 2018, volume of electronic transactions kept on growing, even during the recession while the value of transaction became smaller making the process clumsy. NIYI JACOBS therefore examines the recent performance of the Nigeria electronic payment system and how its has worked in the last few months.

espite the increase in the adoption of electronic payment system in Nigeria, the recent report from Nigeria Interbank Settlement System (NIBSS) has stated that only 12.7 million people drove the grow-ing volume and value of instant payment transactions, which hit N80.4 trillion in 2018, The instant payment channels for interbank transfers include mobile app, Unstructured Supplemen-tary Service Data (USSD) and Internet banking. Last year, N80.4 trillion changed hands through the NIP channel compared to N56.17 trillion that was transacted via the channel in 2017. Average daily transactions on the channel doubled from N1 million to N2 million in 2018. However, the Nigeria Interbank Settlement System (NIBSS) in a review of the instant payment trans-actions for 2018, said based on the statistics that 56 per cent of Nigeria’s total population of 186 million are aged 16 years and above, 91.4 million Nigerians are yet to key into the payment system. “With 12.7 million unique customers who initiated a transfer based on BVN, there is still market of 91.4 million people to be covered,” it stated. NIBSS expressed the hope that with increase in the number of subscribers for mobile services, instant payment, especially through the use of USSD would gain traction. It noted that in 2018, 79 per cent of total transfer transactions were carried out using a mobile phone/tablet. “With the total number of Mobile Phone user hitting 146 million as at January 2018, we expect the USSD to overtake the use of Mobile apps in the not too distant future,” NIBSS said in the review. The company observed that at the inception of interbank transfers, bank tellers were the most pre-ferred channel for transfers, but over the past few years, interbank transfers have mostly been car-ried out via the use of Mobile Apps. “Recently, we have observed that USSD has made the most gains with regards to channel ac-ceptance,” NIBSS said. “While mobile Apps still remain most preferred channel with 44 per cent of total transactions, USSD is closely catching up. This Channel has grown from 25 per cent usage in 2017 to 35 per cent in 2018, while the use of Mobile apps has grown by just 1 per cent when compared to 2017. The biggest losers were bank tellers and internet banking channels; losing five per cent respectively.” The review showed that the younger demog-

Emefiele

We observed an increase in adoption among customers aged between 15-24 years. 16 per cent of transactions were initiated by this cluster as compared to 12 per cent in 2017. Holistically, 80 per cent of transfer transactions in 2018 were initiated by customers between 1544 years. raphy continued to boost the adoption of the transfers. According to NIBSS, banks customers within the age bracket 25-34 years carried out 39 per cent of all interbank transfers in 2018. “However, we observed an increase in adoption among customers aged between 15-24 years. 16 per cent of transactions were initiated by this cluster as compared to 12 per cent in 2017. Holistically, 80 per cent of transfer transactions in 2018 were initiated by customers between 15-44 years.” On locations of the transactions, NIBSS noted that Lagos remained the hub for Instant payments yet again with 24 per cent of total transactions initiated by its inhabitants. The FCT, Rivers and Ogun State came in joint second with six per cent respectively of total transactions. Speaking on the electronic payments trend in the country in relation to bank accounts, the Manag-ing Director and Chief Executive Officer of NIBSS, Niyi Ajao, noted that while NIBSS records up to one million new accounts being opened in Nigerian banks on a monthly basis, majority of the new accounts are being opened by people who already have accounts.

He said that the over 30 million Bank Verification Number (BVN) holders have continued to make more transactions as the volume of electronic transactions grow. “It is clear that what we are experiencing is that it is the few banked people that are doing all the transactions,” he said. “Throughout 2018, volume of transactions kept on growing, instant payment, POS, bulk payment, even during the recession when the value of transaction became smaller; we were having more and more volume being done. “That again points out that we are winning the war gradually against cash. More people that would have done cash are now doing e-Payment. However, the few banked are the ones doing majority of the transactions.” Since the announcement of the reintroduction of the policy, various groups and individuals have been reacting with various views and opinions on how the way they transact businesses would be affected going forward. While some say the new policy would compel them to adjust their attitude towards cash transactions, others criticize the CBN for reintro-

ducing the policy, after it was suspended in the wake of cashless policy, until the necessary infrastructure was put in place. Mr. Fatokun said the CBN decided to direct all deposit money banks to review the charges on cash de-posits and withdrawals under the cashless policy to minimize the use of cash in transactions by individ-uals and corporate businesses. A senior official of the CBN who said when the individual and corporate businesses weigh the benefits of using the various cashless payment platforms against the high costs and risks associated with cash transactions, they would be compelled to adjust their attitude. “Think about the risk, in terms of security, a businessman faces moving huge cash from his business premises to the bank. Compare it to the convenience of transferring the same amount to his bank without any movement. Apart from saving time and cost, it saves the business security risks and en-sures accountability in the business,” the official explained. Regardless, a financial and management consultant, Uju Ogubunka, faulted the CBN for approving the new charges for deposit money banks, saying they were not set up to impose such charges on their customers. “Some of us feel strongly that it is not right for banks to charge their customers,” Mrs. Ogubunka, who is also the President, Bank Customers Association of Nigeria, BCAN, said. She added that it is wrong to charge bank customers on deposits or withdrawals, especially with CBN drive to achieve financial inclusion. Mrs. Ogubunka, a former Registrar, Chartered Institute of Bankers of Nigeria, CIBN, said charging cus-tomers for deposits or withdrawals would actually encourage more customers not to embrace the banking culture. “With multiple charges, bank customers would prefer to withdraw their money and keep at home for other activities,” he said.

FINANCIALS

TUESDAY, JUNE 11, 2019

Investors focus on low priced stocks as value reduces by N412bn BY BONNY AMADI

nvestors on the floor of the Nigerian Stock Exchange (NSE) yesterday increased focus on equities priced far below their book value, transacting a total of 247,392,557.00 million shares, valued N3, 484,295,490.65 trillion, transacted in total of 3,434.00 deals. Zenith bank clinched the most active stock slot yesterday, even as the equities market capitalisation closed lower at N13, 354,037,180,749.60 trillion, from N13, 402,458 trillion which opened trading for the day, reflecting N48.42 billion decline. The equities market closed down on Monday due to losses across all sectors. The NSE All Share-Index (ASI) closed lower at 30,322.19, against 30,432.13 that opened the week’s transaction. decline in equities market value yesterday marked the fifth successive trading days that closed negative and a loss by N412billion, However, the near market reversal trend reduced the loss margin to N48.42 billion, as some highly priced stocks that depressed in price last week, attracted higher bid yesterday. The Nigerian equities market opened the week on a negative note yesterday as NSE-ASI lost 0.36 per cent to close at 30,322.19pts. Similarly, market breadth index was negative with 20 losers against 15 gainers. Sector Performance showed that the NSE Oil & Gas Index: closed down by 0.21 per cent, driven by the loss recorded in OANDO by 3.75 per cent, which offset the gain in FO by 2.91 per cent. NSE Consumer Goods Index declined 0.62 per cent, following sell-offs in UNILEVER which declined 7.59 per cent, and DANGFLOUR by -2.44 per cent. NSE Banking Index also shed 0.10 per cent, due to the declines in UNITYBNK -10.00 per cent, ETI -2.00 per cent, ZENITHBANK -0.49 per cent and STERLNBANK -0.41 per cent. NSE Industrial Index depreciated by 2.35 per cent due to the losses in CCNN -10.00 per cent and CUTIX -8.75 per cent. Zenith bank emerged the most active stock on Monday with a total of 70,250,691million shares, worth N1,419,876,727.50 billion, followed by GUARANTY with 23,099,981 million shares , worth N706,054,328.05 million, while ETI placed third with 18,134,665 million shares worth N177,719,910.70 million. CUSTODIAN placed fourth on the most active stock table yesterday with 15,706,165 million shares, worth N95, 022,298.25 million, while FBNH closed the top five most active stock chart with 11,475,293 million shares, valued N80, 246,751.05 million. Top advancers chart on Monday was led by Forte Oil (FO) which appreciated by N0.75 or 2.91 per cent, closing trade at N26.5 per

share, followed by UAC-Prop with N0.15 or 10.00 per cent growth on its share price, to close trade at N1.65 per share, while Guaranty closed placed third on the gainers chart with N0.1 or 0.33 per cent growth, closing at N30.50 per share. UACN placed fourth on the gainers chart with N0.1 or 1.59 per cent growth, to close trade at N6.4per share, while Flourmill closed the top five gainers chart with N0.05 or 0.36 per cent growth on its share price, closing the day at N13.95 per share. To drive the decliners chart yesterday, Unilever’s share price dropped by N2.35 or 7.59 per cent, to close trade at N28.60 per share, followed by CCNN which depreciated by N1.5 or 10.00 per cent, to end the day’s trade at N13.50 per share, while MTNN as the third highest loser, dropped by N0.5 or 0.37 per cent, closing trade at N136 per share. DANGFLOUR placed fourth on the losers chart with N0.4 or 2.44 per cent share price decline, closing trade at n16 per share, while NAHCO closed the top five decliners chart at N3.06 per share, having lost N0.33 or 9.73 per cent. With a four successive days of equities trading ending negative closing the week ended Friday June 07, 2019 on depressed equities market capitalisation driven by losses in highly priced equities, the market sentiment favours early rebound this week. There were only three trading sessions (Monday, Thursday and Friday) in the outgone week. The market lost in all three trading sessions and consequently closed negative last week by 2.05 per cent, week-on-week to close at 30,432.13pts. Also, the market re-

corded loss on the last trading day of the week/Month of June, Friday 31, 2019. For the week, ended June 07, 2019, equities market capitalization decreased to N13.40 trillion from N13.68trillion in the previous week. For the four straight days of market decline commencing Friday 31, May 2019, to Friday June 07, 2019, the equities market value declined by N363.57billion, with the fifth trading day loss by N48.42 billion, total decline for the five straight days closed yesterday June 10, 2019, at N411.99 billion. Equites market value which opened the May 31, 2019 trading day at N13, 766.023 trillion, closed last Friday at N13, 402,458 trillion, reflecting N363.57 billion decline, it further closed down yesterday Monday June 10, 2019 at N13,

354,037 trillion. For the trading day Friday June 07, 2019, the Nigerian equities market closed negative as NSEASI lost 0.31 per cent to close at 30,432.13pts. Similarly, in the last trading day of the week, market breadth index was negative with 23 losers against 10 gainers. PZ with a decline by 9.82 per cent, emerged the top loser for the day, while NPFMCRFBK which appreciated by 6.67 per cent led the gainers’ chart. UBA with 0.81 per cent growth in equity piece, was the most actively traded stock with over 92million units of shares worth about N565million. Sector Performance on Friday, showed that the NSE Oil & Gas Index closed down by 1.37 per cent,

The NSE Consumer Goods Index declined by 0.73 per cent, following sell-offs in PZ which lost 9.82 per cent, HONYFLOUR’s -5.26 per cent, DANGSUGAR’s -4.17 per cent, FLOURMILL by -0.71 per cent and NESTLE decline by 0.68 per cent.

driven by the losses recorded in TOTAL by 7.41 per cent, CAVERTON -6.61 per cent, JAPAULOIL -3.85 per cent, and MOBIL by -2.86 per cent. The NSE Consumer Goods Index declined by 0.73 per cent, following sell-offs in PZ which lost 9.82 per cent, HONYFLOUR’s -5.26 per cent, DANGSUGAR’s -4.17 per cent, FLOURMILL by -0.71 per cent and NESTLE decline by 0.68 per cent. Also, the NSE Banking Index depreciated by 0.32 per cent, due to the decline in JAIZBANK by 2.17 per cent, GUARANTY by -0.98 per cent, FIDELITYBK by -0.58 per cent ETI -0.50 per cent and ZENITHBANK decline by 0.25 per cent. However, the NSE Industrial Index grew by 0.02 per cent, due to 6.67 per cent gains in CUTIX Westafrica BusinessNews recalls that the equities market capitalisation which opened May 31,2019 at N13,766,023,122,036.68 trillion, when the result Oando’s audit result was released, closed Thursday June 06,2019 at N13,444,270,479,938.81 trillion, indicating that for the three successive days of trading in equities, investment value of investors declined by N321.753billion. The N321.753 Billion loss recorded in three straight days of trading, reflects an average of N107.251 billion recorded on daily basis. Cross section of market stakeholders who spoke to Westafrica BusinessNews maintained that the development which is also being monitored by the global business community, could impact the transparency rating of the Nigerian market negatively, if not properly handled.

INSURANCE

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

Exploring various options in recapitalization exercise I

n an era where a single risk can wipe out the entire capital base of each underwriting firm, the current capital base is an insult to the financial system. The fact that the sector is losing a whooping N2.8trillion annually to foreign insurance companies due to low capacity of local insurers to absorb huge risks and some underwriting firms struggling to pay genuine claims, are indications that the sector really need to recapitalize to make the needed impact on the economy. However, in a bid to address this anomaly, the National Insurance Commission (NAICOM) recently announced a fresh recapitalization exercise, twelve years after the last exercise in insurance industry. Although, the decision seems late, but it is better late than leaving the suffocating insurance industry the way it is. With the current exercise, insurance companies with composite license will now need to upgrade their capital base from N5 billion to N18 billion to continue to underwrite life and non-life insurance businesses in the country. The new capitalization, which translates to about 350 percentage increase from the previous capital base, kick starts a fresh recapitalization exercise in insurance sector of the nation’s economy. Life insurance firms were required to increase their minimum capital requirement from N2 billion to N8 billion, amounting to 400 per cent increase in their capitalisation. Similarly, General insurance companies are to raise their capital base to N10 billion from N3 billion to continue to exist in insurance industry, even as Reinsurance Firms will now need N20 billion capital base to operate Reinsurance business in the country, unlike N10billion they were operating with, prior to now. Market observers believe it is now time for industry players to be realistic and shun away sentiments, stating that, a situation whereby insurers were still operating with the same capital base of 12 years ago, when the business dynamics have long changed, will help no stakeholder. The Recapitalization Exercise In a circular released on 20th of May, 2019 and signed by the Director, Policy and Regulation Directorate of the National Insurance Commission(NAICOM), Mr. Pius Agboola, existing insurance companies now have till June 30, 2020 to recapitalise, while a new insurance firm will need to meet up the new capitalization before it is issued a license to transact insurance business in the country. According to the circular, “In 2005/2007, insurance industry witnessed its last recapitalization and despite the astronomical increase in value of insured assets, consequent exposure to higher level of insured liabilities and operating cost of insurers, the same capital continued

Going by speculations the ongoing recapitalization exercise in insurance industry could be largely achieved through various options, including Mergers and Acquisitions (M&A), Foreign Direct Investments (FDI), private placements and rights issues NIYI JACOBS writes.

to rule in the insurance industry.” The minimum paid-up share capital requirement of insurance and reinsurance companies in Nigeria, NAICOM said, is now reviewed in the exercise of the power conferred on it by enabling laws. Stating that the circular only applies to insurance and reinsurance companies, with the exemption of takaful operators and micro insurance companies, it added that the new minimum paid-up share capital requirement shall take effect from May 20, 2019, for new application, while existing insurers and reinsurers shall be required to fully comply not later than June 30, 2020. “The provision in respect of requirement of statutory deposit as stipulated in Part III, Section 10 of the Insurance Act 2003 shall apply for effective date of commencement of this circular. All insurance and reinsurance companies are required to ensure strict compliance with this circular. The commencement date of this circular shall be May 20, 2019,” it pointed out. NAICOM had in July 2018 announced that the Tier-based recapitalisation exercise will fully take off on January 1st, 2019, a deadline

In 2005/2007, insurance industry witnessed its last recapitalization and despite the astronomical increase in value of insured assets, consequent exposure to higher level of insured liabilities and operat-ing cost of insurers, the same capital continued to rule in the insurance industry. that insurance operators, investors, shareholders and other stakeholders were furious with, thereby, pleading for more time, And later, the regulatory body shifted backward the recapitalisation deadline date from January 1st, 2019 to October 1st, 2018, citing reinsurance treaties which is usually done in November and December as the major reason for changing the deadline backward. And in October, the commission announced suspension of the policy because of the court case, before it finally canceled it. Shareholders Protest Insurance share-

holders are opposing the move of NAICOM to recapitalise the insurance industry, after the commission, had, recently, issued a circular to all insurance and reinsurance firms in the country, mandating them to jack up their capital base. The Cordinator Emeritus, Independent Shareholders Association of Nigeria(ISAN), Sir Sunny Nwosu, who spoke on behalf of shareholders in Lagos, said, the recapitalisation exercise announced by the regulator will only further heightened the tension in the insurance sector, as public shareholders are skeptical of investing their money in insurance

companies under the current regulatory atmosphere. He stated that the commission is only making the business operating environment very difficult for insurers, adding that, there is no where in the world where recapitalisation exercise is done under one year, as planned by NAICOM. With the previous investment of retail shareholders in insurance companies across the country not yielding good returns, he said, it would be very difficult for shareholders to further reinvest in the Industry. He charged insurance operators to rise up, as a unit, to oppose the move, noting that, most underwriting firms are not in a good financial position to pay dividend, and now, the regulator wants them to recapitalise. The minimum capital required to scale through this new recapitalisation exercise, is far higher and that it will take years to convince investors to invest in those companies. According to him, “It is suspicious to increase capital of insurance companies like NAICOM did and insurance operators must rise up to it because it affects their respective companies. Any where in the world, 18 months is the most recognised timeframe for recapitalisation exercise.” Insurers Move Over the weekend, it was reported by a national NEWSPAPER that Chief executives of insurance companies have held an emergency meeting over some requirements in the new recapitalisation circular issued to the underwriters by the National Insurance Commission. The report also said that underwriters had also decided to send a delegation to NAICOM to give some considerations in implementing the recapitalisation of the sector. The three major decisions they decided to bring before the regulator, according to the newspaper report. are that: NAICOM should extend the recapitalisation deadline to between two and three years, considers shareholders’ capital in its requirements, and reduce the capital base. At the meeting, it was stated that the operators agreed that there was a need for the industry to beef up its capital to enable it underwrite bigger risks and fulfil its obligations to the insuring public. But they were also disturbed by requirements which they felt would be unachievable by most of the companies. The underwriters noted that global convention standard for such recapitalisation was 18 months, of which they were given just a year to comply. They also noted that the capitals, which were more than tripled in some instance, would be a very high hurdle for most of the underwriters to scale. Earlier, the Managing Director/CEO, Consolidated Hallmark Insurance Plc,. Eddie

INSURANCE

TUESDAY, JUNE 11, 2019

Mohammed Kari Continued from page 10

Efekoha, had said, he believes the regulator came up with the exercise because it has the interest of the insurance industry at heart, stating that, operators are already engaging the regulatory body to find a common ground that will benefit all relevant stakeholders in insurance Industry. “We cannot fight the regulator, but we will engage them to see things from own point of view. I believe they have the interest of the Industry at heart. It is a new development and discussion will continue, to reach a common ground,” he pointed out. Exploring M&A, FDI Options In the opinion of Senior Financial Institutions Analyst, Agusto & Co, Ada Ufomadu, recapitalisation will be largely achieved through various options which include Mergers and Acquisitions(M&A), Foreign Direct Investments (FDI), private placements and rights issues. Ufomadu said, stakeholders remain cautiously optimistic about foreign direct investments, given persistent weak investor sentiments on account of political and economic uncertainties, stressing that, NAICOM’s intention is largely aimed at consolidating the highly fragmented industry through M&As, hence, many insurance companies would need to raise additional capital as a prerequisite for a probable M&A. The consolidation involved major mergers comprising up to five insurance companies to form new companies with stronger capital. To ease the financial burden of the recapitalisation exercise,

NAICOM obtained palliatives and concessions from other related authorities such as the Corporate Affairs Commission (CAC), Securities Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) on application processing fees on M&As and other associated activities. However, it took the Industry up to two years to adopt the new capital standards. Although the recapitalisation exercise in 2005/2007 strengthened the Insurance Industry’s underwriting capacity, there were major notable hitches during the process. Due to uncertainties that surrounded identities of the recertified insur-

ance companies, brokers withheld premiums paid by clients as against transferring same to the underwriting firms. The resultant effect was a decline in premiums available for investments. A similar trend was observed in 2018 following the introduction of the Tier Based Minimum Solvency Capital(TBMSC) where a number of players were adversely impacted by large corporates (particularly in the oil & gas sector) demanding immediate payment of outstanding claims due to uncertainties on the insurers that qualified as Tier 1 insurance companies. Going by available 2018 financials of 12 insurance companies, only WAPIC Insurance Plc

It took the Industry up to two years to adopt the new capital standards. Although the recapitalisation exercise in 2005/2007 strengthened the Insurance Industry’s underwriting capacity, there were major notable hitches during the process.

meets the new minimum capital requirements with its current structure. However, some insurers such as Linkage Assurance Plc and NEM Insurance Plc have strong accumulated retained earnings that can potentially be converted to share capital through bonus issuances. On the other hand, a number of insurers meet the minimum paid up share capital, but have huge accumulated retained losses that have substantially or completely eroded capital. Therefore, substance over form, these companies do not have sufficient capital. This is worthy of consideration by the regulator. Overall, a significant percentage of underwriters would need to raise capital in the short term, leveraging shareholders support, brand equity and internally generated revenues. Ufomadu recognised that compared to the 2005/2007 recapitalisation where there was a booming capital market and banks were allowed to invest or outrightly acquire controlling interests in insurance companies, underwriters now have limited avenues to raise capital. Therefore, recapitalisation will be largely achieved through mergers & acquisitions, foreign direct investments (FDI), private placements and rights issues. She said the industry remains cautiously optimistic about foreign direct investments, given persistent weak investor sentiments on account of political and economic uncertainties. Although, NAICOM’s intention is to consolidate the highly fragmented industry through M&As, many insurance companies would

need to raise additional capital as a prerequisite for a probable M&A. This, according to her, would ultimately improve their position in merger negotiations and possibly reduce the number of insurance companies that would be required in a merger. Agusto &Co expects a successful recapitalisation to redistribute market share among players. The Insurance industry is presently dominated by few players with top 5 operators accounting for 43 per cent of gross premium income (GPI), 42 per cent of total assets and 61 per cent of profits. The Future Market observers believe stronger underwriters will emerge after this recapitalisation exercise which will increase the capacity of the insurance industry to absorb large risks, thereby, avoiding premium flight in which foreign insurers dominate the big ticket risks because of their huge capitalisation. Moreover, they expect the recapitalised insurance firms to have enough financial buffer to pay genuine claims when they arise, while giving good returns on investment to their respective shareholders. In the end, market observers believe the premium income of the industry will rise sporadically, generates more revenue to the government as well as enhance economic growth and development. On her part, Ufomadu believes that a consolidation will bring about the much-needed stronger and better capitalised industry, equipped to improve insurance penetration in Nigeria through technology and underwriting capacity.

NEWS

TUESDAY, JUNE 11, 2019

Naira stands strong as global price of oil declines

BY JULIUS ALAGBE

Last week, the CBN continued its interventions, with FX sales of US$294.7 million in the retail second-ary market and CNY31.43 million in the spot and short tenor forwards segment of the inter-bank foreign exchange market. Accordingly, there was exchange rate stability in all segments of the FX market. Although the external reserves are currently unchanged from previous week at US$45.1 billion , the prospect of further ac-cretion through oil exports is weak given that oil price at US$62.3/ barrel per liter has moderated 16.6% from the year to date (YTD ) high of US$74.7 barrel per liter as at midMay 2019. The CBN spot rate traded flat all week to close at N306.95/US$1.00. Similarly, at the parallel market, rate opened at similar levels N361.00/US$1.00 and traded flat all week. At the Investors’ & Exporters’ (I&E) FX Window, the NAFEX rate opened the week

at N360.18/US$1.00 but depreciated by 57 kobo to close at N360.75/US$1.00 on Friday. Activity level in the investors and exporters (I&E) window improved as total turnover advanced by 46.7% to US$728.4 million from US$496.5 million in the previous week despite the two days holiday. At the FMDQ OTC futures market, the total value of open contracts of the Naira settled at US$8.9 bil-lion, US$256.2 million higher than US$8.7 billion in the prior week. The MAY 2020 instrument at contract price of N362.28 received the most buying interest in the week with additional subscription of US$85.7 million which took total value to US$419.2 million. On the other hand, the MAR 2020 instrument at contract price of N361.98 was the least subscribed with a total value of US$598.12 million. As the CBN Governor, Mr. Godwin Emefiele, assumed duty for a second term. “We expect the CBN to sustain its support for the currency going forward. Thus, we expect the naira to trade within similar bands in the coming this week”, Afrinvest said

local cur-rency as CBN struggles to build external reserves. According to the latest trade balance, oil production dropped in the first quarter of 2019 in addition to decline oil price would mean that Federal Govern-ment revenue aggregate has been drastically affected.

Market Index drops as investors lose N48.4 billion

Low income countries need $2.7t investment to meet development - World Bank

he stock market index recorded 0.4% decline yesterday as investors’ fortunes declined N48.4 billion. Profit taking in some bellwether stocks pushed both market index and capitalisation down at the end of trading session. The local bourse opened the week lower to settle at 30,322.19 points whilst year to date (YTD) loss worsened to -3.5%. This was driven by losses in UNILEVER (-7.6%), ETI (-2.0%) and ZENITH (-0.5%). Similarly, market capitalisation dipped N48.4 billion to close at N13.4 trillion. Activity level weakened as volume and value traded slid 11.7% and 10.6% to 247.3m units and N3.5 billion respectively. The top traded stocks by volume were ZENITH (70.3 million units), GUARANTY (23.1 million units) and ETI (18.1 million units) while the top traded stocks by value were ZENITH (N1.4 bil-lion), GUARANTY (N706.1 million) and MTNN (N244.2 million). Performance across sectors was largely bearish as all indices trended southward, save the Insurance index which rose 2 basis points on account of gains in SOVRENIN (+8.7%) and CHIPLC (+10.0%). The Industrial Goods index (-2.3%), which was dragged by CCNN (-10.0%) and CUTIX (-8.8%), emerged the top loser. Similarly, the Consumer Goods index shed 0.6% on the back of losses in UNILEVER (-7.6%) and DANGFLOUR (-2.4%) while the Afrinvest ICT index lost 0.4% due to price depreciation in MTNN (-0.4%). The Oil & Gas and Banking indices declined 0.2% and 0.1% respectively following sell-offs in OANDO (-3.8%), ETI (-2.0%) and ZENITH (-0.5%). Investor sentiment as measured by market breadth (advancers/decliners ratio) strengthened to 0.8x from 0.4x recorded in the previous trading session as 15 stocks advanced against 20 stocks that de-clined. At the summit of the gainers’ chart were CHIPLC (+10.0%), UAC-PROP (+10.0%) and SOVRENINS (+8.7%) while CCNN (-10.0%), UNITY (-10.0%) and NAHCO

BY NIYI JACOBS

he drop in global price of oil failed to shake Naira in the foreign exchange market last week. However, market analysts have predicted that sustain drop in the oil price may not augur well for the

he World Bank at the weekend said low–medium income countries will need between $640 billion and $2.7 trillion investment yearly to meet development goals by 2030. It said prudent government spending could help a country avoid economic downturn. The bank in a statement explained that rising debt levels is a concern as many emerging and developing economies have borrowed heavily while reductions of public debt before the global financial crisis have eroded. It disclosed that emerging and developing economy debt increased by an average of 15 percentage points to 51 per cent of gross domestic product (GDP) last year. The bank, however, argued that debt accumulation can be justified because of the need for growth-enhancing pro-jects, such as investments in infrastructure, health and education. It said: “The needs are massive: World Bank analysis finds that low- and middle-income countries will need in the range of $640 billion to $2.7 trillion in investment a year to meet development goals by 2030. In addition, prudent gov-ernment spending can help a country ride out an economic downturn. But excessive debt carries serious risks. Even in an environment of low interest rates, debt can accumulate to unsustainable levels.” It maintained that government spending large amounts to service debt is allocating less on other important activities. It cautioned that high debt may force governments to raise taxes to rein in deficits, chilling business and consumer spending while in extreme cases, elevated debt can lead to defaults and bailouts. On how much debt can be said to be too much, the bank said every government needed to strike the right balance. “Those with sound balance sheets may find that borrowing to boost growth is appropriate. Economies in shakier fiscal shape may

need to be more cautious and find ways to enhance revenues first,” it stated. It advised that those that borrow would benefit from better debt management and greater debt transparency. Debt should be contracted with a view to maintaining stability and preserving resilience. “It is urgent that countries make significant structural reforms that improve the business climate and attract invest-ment. They also need to make debt management

Jim Yong Kim,

and transparency a high priority so that new debt adds to growth and investment,” it advised. The global bank urged countries to make significant structural reforms that will improve the business climate and at-tract investment. It also advised on the need to make debt management and transparency a high priority so that new debt adds to growth and investment

FINANCIALS

TUESDAY, JUNE 11, 2019

SEC triggers ex-parte order to halts OANDO’s AGM today BY BONNY AMADI

he Securities and Exchange Commission (SEC) yesterday gave an order suspending the scheduled Annual General Meeting (AGM) of Oando Plc, slated for today June 11, 2019 at the Eko Hotels and Suits Lagos. The commission in a statement on the suspension of the annual general meeting of Oando Plc, made available to Westafrica BusinessNews, said that the suspension was sequel to the motion filed against the Commission by Oando’s Group Chief Executive officer and Deputy Group Chief Executive Officer. The apex capital market regulator said “The Securities & Exchange Commission hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in SUIT NO: FHC/L/CS/910/19 IN MR. JUBRIL ADEWALE TINUBU & ANOR V SECURITIES & EXCHANGE COMMISSION & ANOR, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges)scheduled to hold at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice” Accordingly, the Commission directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo. The Commission assured to continually update relevant stakeholders and the public on the outcome of the ongoing litigation. Westafrica BusinessNews recalls that On Friday, May 31, SEC released forensic audit on Oando’s financials, following the petition against Oando board and management team. The petition by two of Oando’s shareholders triggered SEC’s investigation of the oil firm. The two petitioners are Dahiru Mangal and Italian businessman, Gabriel Volpi. Both petitioners, filed about four lawsuits against Oando following a corporate governance flaws identified when the firm acquired oil infrastructures from CONOCO Phillips in Nigeria. The questionable deal cost Oando $1.5 billion. Volpi allegedly gave Oando’s Group CEO, Wale Tinubu the sum of $900 million to effect the deal. In addition, Mangal reportedly con-

Ms Mary Uduk

tributed $250 million while former Vice President Atiku Abubakar contributed $50 million to the purchase which proved a disastrous investment for Oando. The businessmen in the petition, alleged mismanagement and ownership fraud on the part of the company’s operators. Subsequently, on May 31,2019, the On Monday June 03, 2019 morning, men of the Nigerian Police Force sealed the corporate headquarters of Oando Plc on Ozumba Mbadiwe Street in Victoria Island (The Wings), Lagos.

The action was in line with the directives of the Security and Exchange Commission (SEC) on the constitution of an Interim Management Team, headed by former managing director of Shell Petroleum, Mutiu Olaniyi Adio Sunmonu, pending the constitution of a substantive management for the indigenous oil company. Sunmonu is to oversee the affairs of Oando Plc and conduct an Extra Ordinary General Meeting on or before July 1, 2019, to appoint new Directors to the Board of the Company, who would subsequently select a Management

Team for Oando. SEC’s action preceded release of its forensic audit on Oando, following petitions of alleged corporate governance breaches by Volpi, one of the investors in the Nigerian oil firm. Further to the release of the petition and subsequent sanction by the SEC, Oando Plc obtained an Ex-parte Order of the Federal High Court, Ikoyi Lagos in SUIT NO: FHC/L/ CS/910/19 IN MR. JUBRIL ADEWALE TINUBU & ANOR V SECURITIES & EXCHANGE COMMISSION & ANOR.

Open up power sector, attract $30bn investment in three years - Chike-Obi

he Executive Vice Chairman, Alpha African Advisory, Mustafa Chike-Obi has assured that liberalization of the power sector will make it profitable, enable Nigerians have cheap electricity supply on the long run and attract over $30 billion of investment in the next three years in that sector The pioneer Managing Director of the Assets Management Corporation of Nigeria (AMCON) said since it is believed that everyone deserves electricity much as everyone deserves to have telephone or nice car, the only way to lift the society to that point is to charge the people who need electricity the most, the market price. At the monthly capacity building forum of the Finance Correspondents Association of Nigeria (FICAN), Chike-Obi threw a challenge that if the power business is made profitable, whereby tariff on electricity is removed and power companies allowed to sell to any person they wish to sell to, at market determined price, he can guarantee

Nigeria a $30 billion worth of power sector investment in three years. He explained that in some places in Ikoyi Lagos, residents get about 90 percent of power supply and they are paying roughly N50 or N60 per kilowatt hour, for instance. He said a power generating set costs about N160 per kilowatt hour with its attendant inconveniences. According to him, “Most people who have generating set will be happier to pay N160 per kilowatt hour of electricity, but government said no. We can only charge Nigerians N60 per kilowatt hour, yet nobody has it. Nobody is looking for it and nobody is interested in more investment into it to create more power.” “But if you allow these power companies to sell at N160 per kilowatt hour, they will make so much money from the rich people at the beginning, that they will start creating more power. Look at what happened with the telephone. At the beginning, SIM card was N70, 000 and only a few rich people

could afford it and the companies made so much money. Today, almost everyone has two phones because SIM cards are free,” he stated. To Chike-Obi, when every area of the power sector is losing money because government which owns them wants power to be supplied at N60 per kilowatt hour, it is not a good business. According to him, all of the companies involved in power supply, owe money and will remain insolvent, even as power supply remains below expectation. “So, you won’t get power until you realize that power is a capital good and should be priced accordingly,” the global investment expert said. He further suggested that the major problem Nigeria has is the three subsidy regimes that are killing the economy. They are: Foreign Exchange subsidy, Fuel subsidy and Electricity subsidy. According to him, those who believed that the fuel subsidy is for the benefit of

the poor are wrong because the poor man who pays transport to work gets little or no subsidy. The average rich person in Ikoyi he said, is getting approximately a hundred times more fuel subsidy than the poor man in Somolu for instance, should subject citizens’ earnings to income test

Mustafa Chike Obi

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

STOCK TABLE

TUESDAY, JUNE 11, 2019

NIPOST Reform Bills T

THE TEAM Publisher Westafrican Business Newspapers Ltd. EXECUTIVE EDITOR Enyi Moses, Esq NEWS EDITOR Bonny Amadi EDITOR, SPECIAL REPORTS Julius Alagbe AG. BUSINESS EDITOR Niyi Jacobs CORRESPONDENTS David Ayodeji Goddy Obinwa Clifford Agbajor Amanda Mella, Abuja DEPUTY ADVERT MANAGER Tope Adesiyan, arpa DEPUTY ADVERT MANAGER Monday Itodo ADVERTS Oniovosa Diejomaoh Rita Azita PRODUCTION EDITOR Emmanuel Nwagbo PRODUCTION Akintunde Akinsanmi Henry Enegede HEAD, IT Chinonye Moses PHOTO EDITOR Sunday Adesanya CIRCULATION MANAGER Chidi Ephraim LOGISTICS Akan Ekwere SALES Victoria Nnake

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wo of the bills that continue to gather dust in the shelf of the National Assembly are the Nigerian Postal Service (NIPOST) Reform Bill and the Courier Services Regulatory Bill. Both bills seek to unbundle NIPOST, reform it, make it selfaccounting, commercially viable and open it for competition. NIPOST reform bill principally is to create independent profitdriven subsidiaries such as NIPOST Transport and Logistics Ltd (Courier), NIPOST Merchandising Ltd, NIPOST General Services Support Ltd, NIPOST Digital Financial Services Ltd (PostBank) and NIPOST Property & Development Company Ltd. The Courier Regulatory Bill seeks to divest the courier regulatory functions from the postal authority. Presently, NIPOST is both a regulator of courier services in the country as well as an operator. This bill is conceived to end the era of NIPOST being a judge in its own cause. In the past twenty years, the postal service provider has continued to strive to break-even and become commercially viable but has not achieved that due to inherent anomalies in the conception of the organisation in 1984 as a welfarist organisation. Successive NIPOST administrations from the eighties have struggled to make the organisation operate as a profit-making entity, all to no avail. The clamour to make different sections of the organisation commercially viable entities had never materialised. That is why the current effort by the present Minister of Communications, Barrister Adebayo Shittu is being applauded by stakeholders in the industry including both local and foreign courier and logistics firms in the country.

Adegbuyi

The current effort spearheaded by the Ministry to pass both the NIPOST Reform Bill and the Courier Regulatory Bill is part of the effort that began by late Postmaster General of the Federation, Nathaniel Zome in the late eighties to reposition the organisation in line with other postal administrations. It is vitally important that these bills be passed if Nigeria must attain the Universal Postal Union

(UPU) standard of one postal facility per 1000 inhabitants must be attained. Even the target of 48 hours for the delivery of every postal package is still a tall dream for NIPOST. That the organization lags behind in every material statistics ranging from rickety operational vehicles to dilapidated postal structures coupled with poorly remunerated staff with very low morale is a notorious fact. There

Even the target of 48 hours for the delivery of every postal package is still a tall dream for NIPOST. That the organization lags behind in every material statistics ranging from rickety operational vehicles to dilapidated postal structures coupled with poorly remunerated staff with very low morale is a notorious fact.

are still rampart cases of mails broaching recorded daily across post offices in the country. There is no way Nigeria will attain these world’s standards without a thorough overhaul of the Nation’s postal system. We enjoin the National Assembly to expedite action in turning these bills into laws. With President Mohammadu Buhari administration’s avowed commitment to create jobs for the teeming unemployed youths, unbundling NIPOST will go a long way in creating the desired jobs. If the courier industry must be let loose to contribute to national development, there’s no way the present status of NIPOST as a regulator as well as operator can be sustained. Government should do to the postal sub sector what it did to telecommunications sixteen years ago. Government should engender competition in the sub sector, dismantle state monopoly and allow investments for the interest of the society.

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

Anambra residents lament high cost of foodstuff, want price control A

s the rainy season sets in and farmers going to farm, cost of food items is on the rise in Anambra State and environs, even as residents call on governments at all levels to intervene. Yesterday in Awka buyers and sellers were all feeling the negative impact of the rise in price for food items. At Eke Awka market, a 50kg bag of local rice sells for N15,000 from its previous amount of N14,000, a 50kg bag of Beans sells for N28,000 from its former price of N27,000. A Big bag of Semovita that goes for N2,500 now sells for N2,800, a 10 liter gallon of vegetable oil sells for N3,500 from its previous rate of N3,000. Also, a big basket of fresh tomatoes now sells for between N16,000 and N19,000 depending on the species as against N10,000 and N12,000 sold in May.

Frank Anigbogu, a resident attributed the high costs of food stuff to the planting season as farmers were just beginning to plant crops. “Every year, when farming season starts, already harvested crops are being sold at higher rate so it is not new until government wades in through price control,” he said. Mrs Grace Onwuka, a trader on her part said that cost of transporting their goods from the Northern part of the country is high. “It is transportation that is our greatest concern, for at times, we pay more than expected in transporting our goods,” she said. A farmer, Chukwudi Nnakife, complained that activities of herders in the farms had also discouraged many farmers from planting adding that it had posed serious problems to food security. Mrs Ify Ndubueze, a businesswoman called on

governments at all levels to do all within their power in alleviating their plight. “Government at all level

should build us roads, provide amenities that will help farmers, market women and men. “Our farmers need irrigation

facilities, sellers aneed affordable market stores built by government for our people to be happy,” she said.

NYSC D-G decries poor state of orientation camps

ewly appointed DirectorGeneral of the National Youth Service Corps (NYSC), Brig.- Gen. Shuaibu Ibrahim yesterday decried the poor condition of orientation camps in some states and inadequate facilities in others across the country. Ibrahim said at the ongoing 2019 Batch ‘B’ Pre-Orientation Workshop in Lagos that the camps had become dilapidated, with inadequate facilities.

He said that the NYSC Act placed the responsibility of construction and maintenance of camp facilities on state governments. He appealed to state governments to provide permanent camps and upgrade facilities for corps members in the affected states as the scheme did not have the mandate to build and rehabilitate camps. “Permit me to use this forum to remind stakeholders that the

NYSC Act puts the responsibility of provision and maintenance of orientation camps on the state governments. “The NYSC does not have the mandate to construct orientation camps. “This reminder has become necessary in view of the current dilapidated condition of many orientation camps and the inadequate facilities across the country. “Therefore, I wish to renew our appeal to the state governments to

Ondo sets up task force to curb car snatching

he Ondo State Government has set up a task force to check the spate of car snatching in Akure and other parts of the state. Alhaji Jimoh Dojumo, Senior Special Assistant to the Ondo State Governor on Security matters, made the disclosure while speaking with Government House correspondents in Akure yesterday . He said that Governor Akeredolu had directed that the task force be supervised by Dr Adedoyin Odebowale, Senior Special Assistant to the Governor on Special Duties. “The task force will intercept

all vehicles with covered plate numbers, all tinted vehicles without police permit, and other private vehicles with Ondo State Government plate numbers,” he said. Also, Dr Adedoyin Odebowale, SSA on Special Duties, said the task force would move out immediately to enforce the ban on covered plate numbers. He explained that only two public officers, namely the governor and his deputy, were exempted from the ban on covered plate numbers. “All vehicles bearing Ondo State Government plate numbers which,do not belong

to us, will be confiscated. ‘‘Go and get a permit to tint your glass or go and remove the tint now. “We are equally going to extend this to Okada riders immediately; nobody will be permitted to ride any unregistered commercial motorcycle. “Any Okada rider, who is unknown to us or is without any form of identification, will not be permitted. “We are also using this medium to appeal to the public to let us know, cooperate with us to give information on nefarious people with dark designs for the state,” he said.

rise to the occasion by providing permanent camps and upgrading facilities as necessary,” he said. The 36 state coordinators and

the Federal Capital Territory, Abuja are currently participating in the technical session of the workshop.

NAWOJ lauds Edo over payment of journalist’s medical bill

he Edo State Chapter of the Nigeria Association of Women Journalists (NAWOJ), has lauded the Deputy Governor of Edo State, Philip Shaibu, for sponsoring the surgical operation of a NAWOJ member, Mrs Ijeoma Umeh. The Chairperson of NAWOJ, Ms Floral Bossey, gave the commendation while speaking in an interview with the reporters yesterday in Benin- City. Umeh, who underwent a thyroid operation recently, is a staff of the Nigerian Observer. “We thank the deputy governor for paying the medical bill of one of our members, whose thyroid was removed in a successful operation,” Bossey said. She expressed gratitude to Shaibu and prayed for God’s guidance for the present administration in Edo. The chairperson said that the gesture had brought succour to the journalist, noting that Edo State

government had been paying medical bills of journalists, who had to undergo one form of surgical procedure or the other. “l sincerely appreciate the deputy governor’s effort towards making life more meaningful to journalists and the people of the state in general. “l want to also thank the deputy governor for sponsoring the training of all female journalists on how to report human trafficking, ” she said. Governor Godwin Obaseki, had also paid the medical bill of Gabriel Enogholase, the state correspondent of the Vanguard Newspaper. A chieftain of the APC, Charles Idahosa, had earlier announced that the Edo government had designated some doctors to visit hospitals and identify patients, who could not pay hospital bills. The said that the gesture was part of efforts to make life worth living for residents of Edo State .

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

Osun gov orders LGAs chiefs to suspend Dubai trip for workshop G

overnor Gboyega Oyetola of Osun State has ordered council chairmen in the state to suspend their planned foreign trip to Dubai for a workshop. The directive is contained in

a statement issued yesterday in Osogbo by Adeniyi Adeshina,the Chief Press Secretary to the governor. According to Oyetola, although the trip was approved in

2018, embarking on same this time is not auspicious. The governor said though it was desirable to continue to expose government officials to capacity building, the financial situ-

New emirates not meant to despise Kano Emirate, any person – Committee

he restoration of Gaya, Rano and Karaye emirates in Kano State was not meant to despise Kano Emirate or any personality as perceived by some narrow-minded elements in the society. Haruna Isa-Dederi, a member-elect representing Karaye/Rano Federal Constituency and member, Committee for the restoration of the three Emirates, stated this at a news conference in Kano on Monday. “We should like to make it unequivocally clear that the restoration of these emirates has been the aspiration of the vast majority of people of the affected areas. “The agitation for the restoration of Gaya, Rano and Karaye emirates was originally started by a committee of concerned indigenes of these emirates about 10 years ago. “For logistic and operational reasons, the efforts by that committee slowed down. For about two years now, in its revival effort, this committee under the patriotic and able leadership of

Alhaji Jazuli Muhammad Gaya, reignited the agitations. “The upgrade and creation is not something new. The promotion of village Heads to District Heads or District Heads to Emirs has been a continuous affair right from the Fulani Jihad to the present day,” he explained. The lawmaker said the restoration of our hitherto existing emirates as well as the upgrading of Districts to Emirates should not be viewed with negative political connotations. He said that rather than giving it negative connotations, it should be seen as a deliberate and conscious government’s effort to restore and preserve traditional political autonomy to its historic place. “On account of a credible historical source, Gaya even preceded Kano itself. For it was blacksmiths from Gaya who first settled around the famous Dutsen Dala in search of ironstone, giving rise to some clustered ancient settlements of sedentary communities, which later became Kano,” he said.

He commended Governor Abdullahi Ganduje for creating the emirates and called on the people of the areas to support the government.

ation in the state at present did not permit such. Oyetola, however, assured pubic officers in the state that they would continue to be given the benefit of training at the appropriate time as the financial situation of the state permits. It was learnt that 68 Local Government Areas and Local Council Development Areas were billed to travel to United Arab Emirates for a 10-day workshop. It was also gathered preparations for the foreign trip started during the administration of former Gov. Rauf Aregbesola, but was delayed till now due to lack of funds. Meanwhile, some Local Government workers in the state have commended the governor for sus-

pending the foreign trip. A senior Local Government staff in one of the Local Government Areas who spoke on the condition of anonymity, said the directive of the governor suspending the trip, was commendable. He said the Local Government Chairmen were only interested in using the trip to enrich their pockets and not for any serious workshop. “I wonder why they have to travel to Dubai for a workshop when the same workshop can be organized here. ” I personally commended the governor for giving the directive and I hope the money for the trip will be used to do something meaningful,” he said.

Ganduje

Ebonyi NLC crisis: Nkah’s faction threatens legal action against Wabba

eonard Nkah-led executive of the Nigeria Labour Congress (NLC) Ebonyi State chapter, has threatened to sue the national leadership of NLC if it fails to recognise them as duly elected during the April 25, 2019 delegates’ conference. The members, through their lawyer, Roy Nwaeze, faulted the national leadership of NLC for recognising the factional leadership produced in the delegates’ conference. In a letter to the NLC President, Ayuba Wabba, Nwaeze decried the action of the national leadership of NLC in recognising Ikechukwu Nwafor-led faction, rather than resolving the crisis between the two groups.

He said that his clients would go to court if Wabba does not restrain Ikechukwu Nwafor from continuing to function in office in spite of being suspended. “Members of executive committee of Ebonyi NLC suspended Ikechukwu Nwafor as the Chairperson for refusing to render accounts to them, but you took side with him and refused to recognise the suspension. “The National Industrial Court held on November 15, 2017 in Suit No. NICN/ABK/01/2017 that the balance of convenience was in favour of Leo Nkah continuing to hold office as Acting Chairperson of Ebonyi NLC. “We wish to appeal to you to allow peace and labour harmony

to reign in Ebonyi by recognising our clients who were duly elected into various positions during the April 25 2019 elections in Ebonyi. “Except you allow reason and the rule of law to reign, our clients will be compelled to have resort to the court,’’ Nwaeze said. Others in Nkah’s executive are: Mbam Emmanuel, Vice Chairman, Ngele Thomson Vice Chairman, Elom David, Treasurer and Chukwuma Onwe, Auditor. “Others are: Nnaji Joel, Auditor, Okoro Christiana, ExOfficio and Osim Veronica ExOfficio.’’ Wabba had in his letter to Ebonyi State Governor, David Umahi, dated May 2, forwarded names of officers elected

during the April 25 delegates’ conference. He listed them as: Ikechukwu Nwafor, Chairman, Emmanuel Item, Vice Chairperson, Charles Aneke, Vice Chairperson and Amiara Tobias, Auditor. Others are Kelechi Nwanchor, Auditor, and Anthony Egwu, Treasurer. But the governor in his letter accused the NLC national leadership of turning blind eye to the squabble which culminated into factional leadership in the NLC, Ebonyi State chapter. It would be recalled that two congresses took place in the state on April 25, 2019 in which Leonard Nkah emerged winner in one of the factions.

Wabba

Agric Bus

WESTAFRICA BUSINESSNEWS

TUESDAY, JUNE 11, 2019

Traders seek Lagos, Ogun partnership on crops cultivation D

etermined to become partners in the agricultural sector , the Mile 12 Perishable Food Traders Association yesterday urged the Lagos and Ogun State Governments to partner with it to boost food production in Nigeria. Femi Odusanya, spokesman of the association, made this appeal in an interview with reporters in Lagos. Odusanya said the traders were seeking partnerships with the states on acquiring large expanse of land for various crops cultivation. He said that the association already had farms in Kano, Kat-

sina and Plateau, and had been using the farms to stabilise the price of goods in the market. The spokesman said that the market was exploring the option of joint partnerships with the state governments to address the high cost of food, which had been a recurring concern to consumers. “We have large numbers of experienced farmers working with us, especially in tomatoes and vegetable cultivation. “If we have access to land in these states, it will assist us to produce tomatoes in the SouthWest when the tomatoes from the Northern part are unavail-

able due to seasonal effects. “We will also be nearer to the market, thereby reducing the cost of transportation and invariably reducing the cost of food in those states,’’ he said. Odusanya said that strategically locating the market’s farm in these states would also improve the wellbeing of citizens, boost employment and the country’s Gross Domestic Product (GDP). Association decries governors refusal to support wheat production Alhaji Salim Mohammed, the National President of Wheat Farmers Association of Nigeria

Agency educates Ebonyi farmers on financial literacy

he International Fund for Agricultural Development (IFAD) assisted Value Chain Development Programme (VCDP) has urged Ebonyi State farmers to be financial literate, to improve their businesses. Musa Talang, Rural Institution Gender and Youth Development Officer (RIGYMO) of IFAD-VCDP, gave the advice yesterday at Ikwo Local Government Area of Ebonyi State at a day training for farmers on financial literacy. Talang noted that IFAD-VCDP organised the training in realisation of the importance of finance in farmers’ activities, and the need for literacy in their transactions. “Farmers should know when they are making profits or losses in their businesses right from land preparation to production, processing and marketing stages. “Farmers should know how to engage financial institutions in accessing credits and how to calculate interest rates, in order not to be cheated,” he said. He urged farmers to always be aware that their equipment and facilities would depreciate and should start planning early on how to maintain or replace them. “IFAD-VCDP realises that the programme’s lifespan will end one day, and we strive to develop the farmers’ capacities to sustain their business without our interventions,” he said. Sunday Ituma, the IFADVCDP State Programme Coordinator (SPC), encouraged farmers to obtain insurance policies to check unforeseen events in their farming activities. “The earlier farmers see this step as a necessary investment for their cropping activities, the better for them. “When a farmer applies two or three per cent of his loan package, the insurance company will offset the cost of damages in case of eventualities,” he said. Ituma noted that IFAD-VCDP had demonstrated this asser-

tion with its involvement with the Nigerian Agricultural Insurance Corporation (NAIC), which settled costs of damages incurred by farmers over floods on their farmlands. “Those who are living in flood-prone areas and experience flooding during farming seasons would have the insurance companies take care of their worries,” he said. Michael Marx, an International Consultant with IFADVCDP and resource person at the training, urged farmers to stop accepting flat rates from banks when accessing loans for their farming activities. “Flat rates are mostly charged by micro finance institutions, irrespective of amounts already repaid by the borrower. “It increases per unit rate for farmers, leads to higher interest rates, as farmers should insist on calculation of rates on declining balance,” he said. Mrs Fransisca Anya, the IFAD-VCDP RIGMO Officer in Ebonyi State noted that the training

was for lead farmers, who would in turn train other farmers in their localities. Mrs Chika Unah, a participant at the training, thanked IFAD— VCDP for the training, and pledged to effectively utilise the knowledge garnered.

(WFAN) has expressed concern over the refusal of most governors to support wheat production in the country. He disclosed this at a oneday sensitisation workshop on Communication strategy organised for Journalists and other stakeholders in Kano yesterday. The event was organised by the Agro-processing, Productivity Enhancement and Livelihood Improvement Support Project (APPEALS), a World Bank Assisted Project, in collaboration with Kano State Government. Mohammed noted that the nonchalant attitude of the governors to wheat production had discouraged many farmers who hitherto had embraced wheat production especially in the Northern parts of the country. “I am not afraid to tell you that most state governors don’t want to support wheat production. It is only Kebbi and Kano state governments that support wheat production in the country. “Governors must prioritise wheat production if farmers are to be encouraged to go into massive production of the commodity, “ he said.

The wheat association president said there was need for state governments in the country to give priority attention to the production of the commodity in order to drastically reduce importation. Mohammed added that the effort would encourage more people to engage in the production of the commodity for self-reliance and economic independence. He, however, called on the Federal Government to come up with a guaranteed minimum price for the commodity to check the illegal activities of middlemen who buy it at cheaper rate to the detriment of the farmers. The National President also called on the Federal Government to give more support to wheat farmers in the country to enable them produce the commodity in commercial quantity for export to other countries. The workshop with the theme “Changing Farmers Attitudes Towards the Objectives of APPEALS Project on Wheat, Rice and Tomato Value Chain in Kano” was attended by various stakeholders from the state.

Edo community lauds Okomu oil company over donated projects

lders of Oke-Irua community in Uhunmwode Local Government Area (LGA) in Edo State yesterday , said crisis in a community had negative impacts on socio-economic development in the area. Pa Shaka Irabor, acting Odionwere (the oldest elder) in Oke, said this at the inauguration of a town hall and a borehole constructed by Okomu Oil Palm Plc yesterday in Oke. Oke is one of the 10 communities that make up Extension 2, situated in Uhumwode and Ovia South-West LGAs, where Okomu Oil company presently cultivates about 9,000 hectares of palm oil. Irabor said the internal crisis that rocked the agrarian commu-

nity robbed the area of several opportunities to attract developmental projects both from government and multinational companies. He, however, said that since the resolution of the crisis, the community had continued to experience growth with special projects being constructed there. ” This town hall and borehole projects inaugurated today make it about seven projects sponsored by Okomu Oil Palm company. ” We remain grateful for this gesture and are asking the company to also consider employment opportunities for our young graduates. “The elders of this community are also using this forum to remind the local Government council au-

thority to rise up to its responsibility of providing basic amenities, such that Okomu oil has provided for us. “These amenities have brought new lease of life to our people. We are particularly grateful for the renovated secondary school and potable water provided by Okomu,” he said. Irabor assured the company of the community’s continued cooperation and support for a conducive environment for its operations. Earlier, the Managing Director of Okomu Oil Palm company, Dr Hefer Graham, said the company would continue to provide such amenities for the comfort the host community. Graham, represented by the company’s community liaison of-

ficer, Dr Wilson Aletor, thanked the elders and people of the community for resolving their internal crisis, which enabled the company to carry out its corporate social responsibility. He assured the community that they would continue to enjoy such gesture from the company. “As the company grows, our host community and stakeholders should also naturally prosper too. ” We are also happy that the quality of the work delivered, contracted to indigenous contractors, are of high quality and meet prescribed standard. “We sue for the sustenance of the existing peace and harmony among the people of the community,” he said.

COMPANIES & BRANDS

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

FG to reward best performing MSMEs nationwide — Presidency I n its effort to promote the growth of Micro, Small and Medium Enterprises (MSMEs), the Federal Government plans to reward industrialists, who have distinguished themselves in the sector. The Vice Chairman, MSMEs Awards, Monday Ewans, who made the plan known at a news conference in Abuja on Monday, said that the awards would hold on Aug. 1, 2019. Ewans added that the awards, which will hold in Abuja, would be cash-backed. According to him, the awards will be in 12 categories namely: MSME of the Year; Young MSME of the Year; Most Friendly MSME State; Creative Arts; as well as Agriculture and Manufacturing, Others are Excellence in Technology Innovation; Fashion and Style; Leather Works; Furniture and Wood Works; Beauty; Wellness and Cosmetics; as well as Non-Profit Service to Humanity. He listed the criteria for the awards to include: Outstanding Business Concept,; Locally Produced Goods; Use of Local Technology; and Tax Compliance. “The MSME of the Year will attract a cash price of N2 million and a brand new SUV, while the awardees in the other categories will get N1 million and laptops each.

“The National MSMEs Award is an offshoot of the MSMEs Clinic, which has been held in at least 17 states across the country and the FCT. “The MSME Clinic is a project of the Office of the Vice President, which brings together key government agencies to remove those factors hindering MSME growth and productivity in the country. “The Clinic is in collaboration with the Bank of Industry, Bank of Agriculture, Standard Organisation of Nigeria, Corporate Affairs Commission, Nigeria Export-Import Bank, and the National Agency for Food, Drug Administration and Control,’’ he said.

Buhari

Late PENGASSAN President’s children to get NNPC scholarship —Baru

he Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has assured that two children of the late Union Leader, Francis Johnson will get full scholarship to study at any level of their choice. Baru disclosed this when he paid a condolence visit to the family with other members of the NNPC management team in Abuja, yesterday . Johnson before his death was

the President of the Petroleum and Natural Gas Senior Staff Associations of Nigeria (PENGASSAN). He died in the wee hours of May 31st after a brief illness in Abuja. “Beyond what we have as NNPC corporate policy for supporting deceased families, we want to do more. “NNPC will be supporting the children to whatever level of education they want to aspire. “We have policy we follow and

which we have been doing for our deceased staff families but this time, we have to do more for late Johnson for the children he left behind. “Even if they want to get to doctorate degree, we will give them full scholarship to any level of their education, “he said. Commenting on deceased’s leadership skills, he said that Johnson was exceptional in carrying out his duties as a leader and unionist.

NDE trains 600 Taraba youths, women in skills

he National Directorate of Employment (NDE) yesterday began the training of 600 youths and women in various skills through its National Open Apprenticeship Scheme (NOAS) in Taraba State. Dr Nasir Argungu, the Director General of NDE, disclosed at the occasion in Jalingo that the move was a deliberate attempt by President Muhammadu Buhari led- administration to em-

power youths and women with skills for self -reliance. Argungu urged the trainers in various skills, including computer, tailoring, beauty and cosmetics among others to be committed in imparting the needed skills into the trainees to enable them create wealth after graduation. “I want to urge you the trainers to show commitment to the exercise for greater success for the benefit of the society.

“Do not approach any NDE officer in the state over your payment because, it will always come directly from the head office in Abuja,” he said. Represented by Ibrahim Musa, National Vocational Training Officer 1 of the directorate, Argungu urged the youths and women to take the opportunity seriously in order to turn around their fortunes. Alhaji Aderemi Adebishi, the

Taraba Director of NDE, said the directorate since its establishment in 1986 was saddled with the herculean task of designing and implementing programmes to combat mass unemployment. He explained that the NDE had assembled tested master craftsmen with requisite workshops, patience and techniques in training people of complex characters to undertake the training. “Today’s event is the orientation of 600 unemployed women and youths recruited to undergo a three month Basic National Apprenticeship Scheme (B-NOAS) 550 of them and Advanced National Open Apprenticeship Scheme (A-NOAS) with 50 persons,” he said. Adebisi explained that B-NOAS was for persons who have not undergone any form of training previously, while A-NOAS is for those who had passed through B-NOAS before and would be trained at higher level of their skills. Alhaji Nasir Boboji, the Caretaker Chairman of Jalingo Local Government Area of Taraba commended the NDE for massively training women and youths to become employers of labour.

He said that he created a high level union that was appreciated by the entire industry and was able to bring everybody together in the industry for greater achievement. “Through his tact and innovation we were able to understand more where workers’ interest lie and by so doing achieve positive results. “We praise him for how he has set the way unionism should be in Nigeria, for us in the oil and gas sector, we appreciate him because he brought a lot of harmony among the workers, management and industry operations, “he said. He prayed God to comfort and console the family that he left behind. Isa Inuwa, NNPC Chief Operating Officer, Corporate service said that Johnson would be missed for his commitment and humility. “My Friendship with him goes back to when I joined NNPC in 2005 when he was a junior unionist. “We fought many battles together from Chevron, to Mobil, to Total and in all of these, Johnson would always be outstanding with sense of commitment. “He will always come out visibly because of his humility. He was a humble person and was loyal to his boss. “He understood his role as a leader, not just for the union but for the betterment of Nigeria. “Johnson is my personal friend and ally; may his soul rest in peace,” he added Mrs Ladipo Oyeyemi, Group General Manager, Group Human Resources said that the department had lost a colleague that would be difficult to forget. “We must confess that we have lost a brother, friend and colleague. He was loyal to a fault, he cared for his fellow comrades. “We will miss him but you have us as a family, please be consoled, “she said.

BUSINESSNEWS 22 WESTAFRICA TUESDAY, JUNE 11, 2019

COMPANIES & BRANDS

Buhari’s wife asks parents to tackle drug abuse among children P resident Muhammadu Buhari’s wife , Hajiya Aisha, has called on parents to intensify the moral upbringing and education of their children in order to curb drug abuse in the country. She made the call while speaking at first lady’s activities to commemorate the June 12 Democracy Day with the theme ”Drug abuse among children: Addressing the challenges”. The wife of the President, who was represented by the wife of the Vice President, Mrs Dolapo Osinbajo, assured the children of her determination to make them realise their full potential including the fight against drug abuse. ”We are determined to address drug abuse which portend a threat towards achieving your full potential,” she said. Buhari, therefore enjoined the parents to encourage their children to concentrate on education at all level, especially the girl-child education. The wife of the President also enjoined members of the media to be involved in the fight against drug abuse among women and children in Nigeria.

The Chairman, Presidential advisory committee on the elimination of Drug Abuse in Nigeria, Retired Brig,-Gen. Buba Marwa, also expressed the need for parents to take bold steps towards identifying and dealing with drug abuse among their children. According to him, the committee has made provisions on its recommendations for federal and state governments to collaborate towards checking and dealing with drug related abuses in primary and secondary schools across Nigeria. Marwa advised government to do more in the areas of counselling, rehabilitation and skills acquisition programmes for victims of drug abuse. “Parents must be good role models for their children. Parents must seek medical support for the drug addicted children before things get worse. ”During the course of our assignment, we find out that about 15 million persons engage in drug abuse. So out of this figure about 160 million people have not engaged in drug abuse. ”So, we must put strategy in place to track the production and supply line as well as punish sup-

pliers of these illicit drugs. ”As you know, Tramadol is scarce because government bans its production and sale,” he said. Marwa said the lack of parental care was one of the major reasons children engage in drug abuse. He added that the country witnessed a drastic decline in the pro-

liferation of illicit drugs due to the efforts by the drug law enforcement agencies and the committee to ensure its elimination. The members of Nigeria Children Parliament have unanimously agreed to the fact that the way forward was for government to create more awareness

and establish more rehabilitation centres especially in the rural areas for proper counselling of drug abuse victims. The children advocated against stigmatisation of the victims and called for synergy between the teachers and the children.

Aisha

Catholic Foundation trains 350 on financial management

he Catholic Diocese of Nnewi in Anambra State has commenced a three day empowerment training on financial management for 350 entrepreneurs and small scale business holders in the state. Rev. Fr Daniel Ileka, Chairman of the Board of Trustees of the foundation said it was geared towards improving the economic condition of the people within the diocese. Ileka said the training was in collaboration with the Assumption Foundations for Diocesan Empowerment, also aimed at instilling the right business attitude in the people. The board chairman said the decision for the exercise was informed by the increased number of job losses and closure of small businesses across, which has huge toll on household He said the diocese was partnering with financial institutions who would give loans to the beneficiaries with very low interest rate. “The diocese has observed the hardship among the people because of the general economic condition and we want to empower the people with the right attitude to tackling the situation. “The 350 people will be trained on financial management, funding for businesses and sources of these funds. “We are partnering with commercial and development banks that will work our micro finance scheme to finance their businesses,” he said.

Mrs Theodora Nwaenyi, Coordinator of the programme said contemporary businesses need the right empowerment, financial training and updated ideas to survive, hence the training was apt. Nwaenyi commended the Catholic Diocese for being proactive and equipping the faithful with modern methods of doing business especially financial knowledge.

She urged participants to be attentive as the training remained one way that would enable them succeed in their various businesses. “This proactive step taking by the diocese is good because people need to know how to go about their businesses in this competitive era. “Major challenge of businesses

is high cost of finance, so participants will learn about available sources of cheap funds and how to access the funds. “They will also know on the need to have the right mentality to managing finance,” she said. In a lecture, Mrs Lizzy Osunde, an expert in business finance said success entrepreneurs must plan their business and be systematic in

managing it. Osunde said people who obtained loans for their businesses ended up being debtors to their lenders and warned against borrowing without proper feasibility study. She urged people to make proper use of resources they have and be internet inclined to update themselves on currents business development.

NDE empowers 1,000 Bauchi youths on entrepreneurial skills

o reduce unemployment, the National Directorate of Employment (NDE) in Bauchi State has commenced a three-month training for 1,000 unemployed youths in the state on different entrepreneurial skills. Speaking at the orientation programme for the participants in Bauchi yesterday, Dr. Nasir Argungu, the Director-General (DG), NDE, said the exercise was part of the Federal Government’s resolve to tackle unemployment. He said that the NDE programme was meant to provide employment opportunities for the teeming youths in the country. Argungu, represented by Sani Lawal, Asst. Director, Vocational Skills Development Department, NDE Headquarters, said the orientation was necessary as it informed the participants about the rules and regulations guiding the training. The director-general added that the orientation was to inculcate the participants with spirit

of seriousness and comportment throughout the exercise. “The aim of this orientation is to inform the participants about the dos and don’ts of the training, the importance of the training and the rules guiding the training. “It is meant to inculcate the participants with spirit of comportment and seriousness throughout the period of the training,” said the D-G. Some of the skills to be acquired during the training include fashion designing and tailoring, catering, knitting, dress making, brick and bloc making. Others are hairdressing and pedicure, pipe fitting and plumbing as well as dress making, among others. Argungu said the participants should consider themselves lucky, adding that there were a lot of people who wanted to participate in the programme but could not. “My advice for the partici-

pants is to consider themselves as the fortunate ones because there are so many people who wanted this but were not able to get it. “They should conduct themselves in a mature manner and if anyone misbehaves or is found wanting, he/she will face the consequences,” he warned. A participant, Usman Yaya, on

Bala Mohammed

behalf others, appreciated NDE for initiating the programme, saying that the training would go a long way in reducing the over-dependency of youths on white collar jo The directorate, in collaboration with the World Bank, had previously graduated 538 trainees in various entrepreneurial skills in the state.

POLITICS

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

June 12: NADECO urges Buhari to convene ethnic nationalities confab C hieftains of the National Democratic Coalition (NADECO) yesterday urged President Muhammadu Buhari to convene an ethnic nationalities conference on the way forward for Nigeria. The chieftains, including former governor of Lagos State, Chief Ndubuisi Kanu, Chief Amos Akingba and Chief Ayo Opadokun, made the call while addressing newsmen in Lagos. Opadokun, who read the text of the briefing, entitled: ” NADECO, June 12 and the State of the Nation” said such

assembly should be made up of leaders of ethnic groups elected through their cultural modalities of choosing representation, and not government nominees. “The Nigerian state should accept that Nigeria’s prospect to genuine unity, growth and development can only be a reality if it respects the popular will being expressed by majority of Nigerians that our country should return to Federal constitutional arrangement. “This demand is proven by the fact that until the unfortunate military insurrection against

democratic government on January 15, 1966, federal and the regional governments were relatively productive and responding creditably to the genuine wishes and aspirations of their peoples. “Restoration to federalism should not be based on partisan predilection. “Centralisation of the vital public sectors by various decrees and the appropriations to the central government of all the regional major means of raising resources have crippled the component units since then.

Enugu constituents urge quality representation from lawmakers

onstituency members in Enugu State yesterday demanded quality representation from the newly inaugurated Enugu State House of Assembly. The 7th Assembly was inaugurated yesterday with Chief Edward Ubosi representing Enugu East Urban retained as the new Speaker. Some of the constituency members who spoke to NAN after the inauguration called for human empowerment and social amenities. Ikechukwu Okoronkwo said that the structure of the 7th assembly showed that they would do well. “The House has been doing well but they needed to do more in the area of human empowerment through sports, agriculture and others,” he said. He called on the lawmakers to look into construction of roads at the rural areas to help the farmer transport their farm produce to the town. “We are looking forward to seeing bills that will enhance the state development and that will put smiles on the faces of the people,” Okoronkwo said. Okoronkwo, who was an exNigeria Boxing International, expressed confidence that the emergence of Ubosi as the speaker would help to come up with good bills that would put into consideration the constituencies needs. He called on whoever that would emerge as the House Committee Chairman on Sports to take sport to another level in the state. Mrs Pauline Ogueze from Enugu East constituency urged their representative, Ubosi and Hillary Ugwu, representing Enugu East 11, to take development to the hinterland of the constituency. She commended the lawmakers for job done so far but

needed to look inwards to remote areas of the constituency. “Those dwelling at the remote areas of our constituency needed much attention to eradicate their suffering to a minimum level. “So that life in the rural area will be comfortable for the dwellers as they needed human development and social amenities like those in the urban,” she said. Kenechukwu Ozor from Awgu South constituency said that the constituency had problem of electricity and water supply. He urged the representative Johnson Chukwu to attract steady power supply and pipeborne water to help the residents businesses to grow. “There are business people in the area and they need electricity power to boast their profit and to excel in their business,” he said. He also called on the lawmakers to take human capital development seriously to eliminate poverty in the area. Ozo noted that the constituency had been in darkness for two months now and called on their representative to look toward restoring the power supply. In his view, Pastor Mezie IzigaNwonu from Udenu Constituency thanked God for successful inauguration of the house members which he said, was the first step for new dispensation. He prayed God to guide

the entire house members and their representative, Ikechukwu Ezeugwu well, so that they would always come up with human oriented bills. “We have to pray for them so that our expectations would come to reality because what we need is total representation,” he said.

“Most states now depend on the monthly allocations to run their over bloated bureaucracies. “Nigeria should stop living a lie by calling itself a federation when it is in fact governed centrally under unitarism,” he said. Opadokun said that the 1960 Independence Constitution, upon which Nigeria secured its independence based on several negotiations, should be the working paper for the consideration, discussion and resolution of the representative assembly, mainly of ethnic nationalities which are the building blocks upon which Nigeria is constructed. He said NADECO believed that by restoring the concurrent list of items of the 1960 independence constitution back to the states along with the concomitant resources to execute those responsibilities, genuine development could be better pursued throughout Nigeria. The NADECO chieftain also called on the government to halt the spate of kidnapping, cattle rustling and herders/farmers conflicts in the country. Opadokun urged the Nigerian state to formally inaugurate

posthumously, Bashorun MKO Abiola as a President of Nigeria and name a National Monument of Consequence after him. “We reject any attempt to falsely presenting him as a regional hero or icon like by naming the University of Lagos after him or even presenting his matter as if it is mainly of a regional interest. “In the same vein, Alhaja Kudirat Abiola, the heroine of the June 12 struggle must be given national honour for her martyrdom in the quest for revalidating her husband’s popular mandate and for restoration of democratic governance to Nigeria,” he said. From this year, June 12 is now the nation’s Democracy Day, replacing May 29. This follows the enactment into law of June 12 as Democracy Day annually in Nigeria. June 12 is significant in the nation’s history because of the June 12, 1993 election, presumed to have been won by the Late Chief MKO Abiola. It was adjudged to be Nigeria’s freest and fairest election, but was, however, cancelled by the Gen. Ibrahim Babangida regime.

Ugwuanyi

Group makes case for S’ East in NASS leadership

n advocacy group, South East Equity Alliance (SEA) has said that people from the geo-political zone deserve to be in leadership positions in the 9th National Assembly. Amaechi Nwoha, SEA’s Director, Contact and Mobilization made the assertion in an interview with newsmen in Abuja yesterday. He said it would be grossly un-

fair for the South-Eastern part of the country not to hold a prominent position in any of the three arms of government. “It will be unconscionable to exclude the South-East from the leadership of the executive, judiciary and legislative arms of government,” he said. Nwoha urged national assembly members-elect to be guided

by their conscience and the spirit of national unity in selecting their leadership. “As you choose your leadership tomorrow, the South-East demands either, the Senate President, Deputy Senate President, Speaker or the Deputy Speaker of the House of representatives,” he said. The SEA’s director said that

the South-East ought to be included into the emerging leadership in the country in the spirit of equity. “Doing so will be a good reflection of President Buhari’s vision of an all-inclusive government,” he said. The National Assembly tagged the 9th Assembly would be inaugurated today .

POLITICS

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

INEC urges stakeholders to abide by electoral rules T he Independent National Electoral Commission (INEC) has urged stakeholders, especially politicians, to abide by electoral rules and regulations to engender free, fair and credible election and for the advancement of democracy. The INEC Resident Electoral Commissioner (REC), Enugu State, Dr Emeka Ononamadu made the call yesterday in Enugu during a one-day workshop tagged “INEC Review of the 2019 General Elections in Enugu State.’’ Ononamadu said that not abiding by electoral rules had led to lack of internal democracy in political parties. ‘’The resultant effect is the current high pre-election litigation, over 800, in various courts across the country’’. “Another fallout of this is also the high violence witness in some states, Enugu State not included, but we as the commission staff feel the impact of the violence, especially those directed to us, as INEC staff and

electorate as well.’’ According to him, any person or group that endangers the lives of electorate and INEC staff, through violence, threat and intimidation should not be allowed to benefit from his or her illegality. “If we allow this, it will endanger our democracy and the entire democratic processes and tenets; since there is an organic link between free, fair and credible election and good governance. “As a commission, we are prepared to ensure that our staff are given the maximum protection as they carry out their election duties, henceforth. “INEC is prepared to always give Nigerians the best election; but we want Nigerians to give the commission maximum cooperation so that collectively, we advance democracy and good governance,’’ he said. On the workshop, Ononamadu said that the post-election review would strengthen the role of electoral officers, improve the electoral process and

broaden the capacity of electoral officers to deliver on their mandates. “The commission will soon start rewarding staff that worked effectively and efficiently, for it

to achieve its election mandate; while reprimanding staff that failed the commission in the course of discharging their election duties.’’ The workshop, attended by

more than 120 INEC staff and ad-hoc staff in the state, was for Collation Officers, Presiding Officers and Returning Officers during the 2019 General Elections.

Mahmood Yakubu

Group confident of Lawan’s emergence as Senate President

ith barely 24 hours to the convening of the 9th National Assembly, the Lawan Campaign Group has expressed confidence that Senator Ahmad Lawan will emerge President of the Senate. The Chairman of the group, Senator Yahaya Abdullahi, expressed the confidence in Abuja yesterday . He said he was sure of Lawan’s victory because his team began making the necessary contact with members-elect, even before endorsement from President Muhammadu Buhari and the All Progressives Con-

gress (APC). “We are quite certain that we will succeed, by the grace of God. “We have worked hard. We started immediately after the election to campaign for Sen. Ahmad Lawan. “We started before we knew we were going to get the blessing of the party and President Muhammadu Buhari. “In spite of the endorsement we felt it was necessary to reach out to our colleagues in the APC and the opposition parties because the major opposition, PDP has 44 senators-elect which is not a small number out of 109 mem-

bers expected to make the 9th assembly. “We also met with them on one on one basis. We met with them as a caucus in Sen. Ike Ekweremadu’s house and we were well received. “In fact Ekweremadu said it was the first meeting of the senate because everybody was there exchanging banters,” he said. Abdullahi said that the PDP was aware of Lawan’s capacity to deliver on the job and to do

“We have cooperated on many other platforms. Besides, Ndume has the right to contest and he is exercising his inalienable right.” The chairman said that while it was necessary to contest for positions in the national assembly, the most important thing to note was that at the end of the day they would all become the senators of the Federal Republic of Nigeria to represent Nigerians.

Boroffice withdraws from Deputy Senate President race

Lawan

justice to all and so its members would vote for him. On Sen. Ali Ndume, who is the only other contestant for the senate presidency, Abdullahi said he wished him well, adding that they were friends and not foes. He said: “In fact I was exchanging banters with him when I went for accreditation this morning. “We have been friends in spite of our political struggles and positions in the senate.

enator Ajayi Boroffice (APC-Ondo),has revealed that he has withdrawn from the race for Deputy Senate President of the 9th National Assembly in deference to President Muhammadu Buhari. Kayode Fakuyi, Borrofice’s Press Secretary, made this known in a statement yesterday in Akure. Other contenders for the position are- Ovie OmoAgege, (Delta Central),Francis Alimikhena, (Edo North) and Orji Kali, (Abia North). “Some weeks ago, distinguished Senator Ajayi Boroffice, declared his intention, to seek the office of Deputy Senate President. “The intention to contest was anchored on the deep conviction that with his excellent public service record, rich legislative experience and personality, he has the best credentials for the

position. “Consequently, he embarked on extensive consultations with party leaders, senators-elect and political groups. Indeed, everybody that was consulted agreed that he is eminently qualified to seek the office. “Instructively, majority of senators-elect have assured Boroffice of their support and the prospect of victory is high,”he said. Fakuyi, however, said that due to respect accorded to Buhari and the All Progressives Congress (APC), Boroffice has decided to withdraw from the race. According him, the senator is humbled by the warm embrace and great display of camaraderie from his supporters. “We appreciate the people of Ondo North Senatorial District and our friends across the country for the prayers, support

and goodwill messages. “We also appreciate the support and solidarity given to Boroffice and he is grateful to all,” he said.

Boroffice

WESTAFRICA BUSINESSNEWS

NEWS

TUESDAY, JUNE 11, 2019

10 percent of Oyo budget for education, says Makinde G

overnor Seyi Makinde of Oyo State yesterday said that 10 per cent of the state’s annual budget would be devoted to the education sector. Makinde said this in his address at the inauguration of the Oyo State 9th House of Assembly. He said: ” This was a promise

I made during the campaign and I believe it’s a worthy one and I must fulfil it. “The state’s education system has been struggling for a while and this must be addressed. “We need money for infrastructure and teachers training. I pray when I pass the

budget to the assembly it will be passed quickly.” Makinde told the legislators that he would soon send two bills to the house which would be of great importance to his administration. “The Oyo State Investment Promotion Bill and Oyo State Financial Crimes Commission

Bills are among the first bills to be addressed. “These bills are also in line with my campaign promises,’’he said. The governor added that irrespective of party affiliations, he would be glad to see all 32

Kogi Guber polls : Concerned APC members calls for direct primaries

he Concerned Members of All Progressives Congress (APC) in Kogi State has urged the party’s national leadership to ensure a level playing ground for all aspirants for the governorship election by organising direct primaries. Jubril Yusuf, Coordinator of the group made the call on Monday in Abuja when he led some protesters to the party’s national secretariat. He said directed primaries would give the party’s stakeholders in Kogi the opportunity to choose who would pick its ticket in the state election slated for November. Yusuf said that the protesters were at the party’s national secretariat to place before the public the plight of the people of Kogi since the assumption of the incumbent governor in office, in February 2016. “The protest is also to call on men of conscience to put pressure on the party’s leadership to provide a level playing ground for all aspirants for the state governorship election. “The living condition in the state is worrisome. Since February 2015, payment of salaries and pensions of Civil Servants had become optional and not a priority. “Workers and pensioners in the state are currently being owed many months of unpaid salaries and pensions. “It is only when workers are paid that other citizens in the state will be able to sell their goods and services.

“Consequently, the economy of the state is reeling on the ground, many businesses have folded and potential investors have been avoiding the state like a plague. Virtually all the indices about the state are negative,” Yusuf said. According to him, most of the state’s Civil Servants now borrow money to pay school fees of their children, pay medical bills when necessary, and pay for their house rents. He also said that most Civil Servants in the state, had withdrew their children from private schools, adding that the state of public schools in the state was nothing to write home about. “It is common place in the state to see school pupils playing around school premises while their teachers sit down in groups bemoaning their fate for nonpayment of salaries,” he said. Yusuf alleged that the present administration in the state has not been able to commence and complete one project for over three years. He noted that the deplorable situation of the state would have been a different narrative if the problem was due to lack of funds. He maintained that from the bailout fund, Paris refund to statutory allocations from the Federal Government, and its internally generated revenue, the state government was expected to do better to impact the lives of the people. “As at the end of February this

year, that is after 38 months in office, the state government has received at least N344 billion. “This covered statutory allocations, internally generated revenue, allocation to Local Government, bailout, Paris club funds as well as refunds on road construction by the previous government,” he said. He added that it was unfortunate that in spite the nonperformance of the state governor, he wanted to seek a second term

in office, saying that this should not be allowed to happen. “The primary purpose of a government and any government for that matter, is the welfare of the people, Governor Yahaya Bello’s government has abandoned its primary purpose. “It has defeated itself and has no reason being in power, he should be voted out and replaced with a purposeful and people oriented government,” Yusuf said.

members of the Assembly working together. “I can see that everyone has become one. The legislature is the backbone of any society which has all its members duly elected by the people. “I hope to build up on existing cordiality between the legislative and executive arms for things to be well. “Both arms will work together to move Oyo State forward. I will use everything within my power to see that things work well among the various arms. “We will follow the separation of powers as contained in the constitution, ’’he said. Makinde, however, enjoined the lawmakers to endeavor to put the interest of the people who voted for them first at all times. He added that the state had set a new pace with the youthfulness of the Assembly’s Speaker. “Our Speaker is a very young man and that has set a standard, Oyo State is a front runner, we set the tune at all times,” he said.

Bello

18 states to benefit from World Bank rural projects in 2020 — Coordinator

o fewer than 18 states in Nigeria will benefit from the Rural Access And Mobility Project (RAMP), a Word Bank Programme in Nigeria by 2020. Ubandoma Ularamu, National Coordinator of the programme made the disclosure yesterday at the Bid Opening of Second Phase of RAMP-2 held in Yola. Ularamu said that the third phase of the programme (RAMP3) would involve agriculture value chain to add value to agricultural produce as well as boosting food production in

Nigeria. He said that the selected 18 states with high potential in agricultural production cut across the six geo-political zones in the country. The coordinator urged contractors who would not make it in the bidding process not to be discouraged as more jobs would be available in the third phase of the programme. The national coordinator advised the potential winners to comply with job specification for the benefit of the rural communities. He assured all the applicants

of a transparent process as the World Bank would verify all contractors and apply due diligence before the contracts are awarded. Ularamu also advised likely successful contractors to ensure speedy completion of the project, adding that the second phase would end in October 2020. He also said that the funds were available for the execution of the work , emphasising that the quicker it was completed the faster the payment. The coordinator said that 49 contractors bid for the seven lots which covered 289 kilometres in

the state. Earlier, Aliyu Tarfa, Permanent Secretary, Ministry of Rural Infrastructure and Community Development, said that the bidding process would be free from state government interference. Tarfa, who is also the Chairman of State Project Implementation Unit (SPIU), gave assurance that the state would fulfill its counterpart contribution obligation, adding that the impact of the programme in the state was tremendous. In his remark, Musa Tete, State Coordinator of RAMP-2

said that all road projects in the first phase were near completion. Tete said that the programme had already completed 260 kilometres of roads in the state. He said that the impact of the programme was felt by all and sundry, pointing out why the bidding process was stiff and competitive. The first phase of the RAMP started in Nigeria with Kaduna and Cross Rivers States while Adamawa, Enugu, Niger, Osun and Imo benefited from RAMP-2. All members of the Adamawa State Project Monitoring Committee were in attendance.

WESTAFRICA BUSINESSNEWS

NEWS

TUESDAY, JUNE 11, 2019

NBS to publish corruption survey findings in Sept – Official A

n official of National Bureau of Statistics (NBS), Dr Isiaka Olarewaju has disclosed that the bureau will publish the findings of the ongoing survey on corruption in September. The survey is the second National Household Survey on Quality and Integrity of Public Services in Nigeria, 2019. Olarewaju, a Project Director of the Survey, represented the Statistician-General, Dr Yemi Kale, disclosed this while fielding questions from newsmen at a news conference on the Survey yesterday in Abuja. The Director in Charge of Real Sector and Household Statistics, said that field workers had been deployed and the survey would be completed by the end of June. “The planning of the survey started since 2018; before we disclosed this while fielding questions from newsmen at a news conference on the Survey yesterday in Abuja. .“This survey is a large one. We have since moved away from analogue to electronic, as we talk to you, we are monitoring those on field. “We monitor the location of enumerators from the digital address of sample households. “As soon as the data collection is finished, it will be available within one week, but we need to do data reliability test before releasing the result. “On or before September, the result will be made public by the Statistician-General,”he said. The director said a total of 20 field personnel had been deployed in each state, including the FCT; four teams constituted in each state and a team comprised of one supervisor and four enumerators. Olarewaju said the survey would allow government and citizens to examine level of progress within the last two years particularly given that the current gov-

ernment has big anti-corruption stance. “The survey will be vital in providing the necessary indicators for the monitoring and tracking of anti-corruption activities, ”he said. According to him, the objective of the survey will be to collect evidence based information on forms of corruption affecting the daily life of Nigerian citizens, determine corruption prevalence and prevailing typologies. The director said it would provide trend analysis of the indicators that could be used to inform relevant policies and track future progress. “It will ensure international comparability with surveys of similar nature carried out in other countries. “The survey will also provide data for measuring some relevant Sustainable Development Goals (SDGs) indicators, ”he said. Olarewaju said the bureau had formed Technical and Steering Committees to support the coor-

dination of the implementation of the survey. He said the National Steering Committee was set up to take ownership of the result of the survey and to give directions. “The committee members

comprise officers from the Anticorruption agencies, law enforcement agencies, relevant ministries, Code of Conduct Bureau and Departments and Civil Society groups (National Extractive Industries Transparency Initia-

tive), among others, ”the director said. The survey is carried out in collaboration with the UN Office on Drugs and Crime and funded by the UK Department for International Development.

Kale

Foundation donates computers to Education Trust Fund in Bayelsa

he Reuben Okoya (ROK) Foundation has donated 15 desktop computers to Bayelsa State Education Development Trust Fund (EDTF) to support the state government initiatives towards improving its educational system. Reuben Okoya, the founder of the foundation made the presentation of the items yesterday in Yenagoa. He said that the donation was to redeem the pledge made during the launching of the Bayelsa Education Trust Fund, on May 24. Okoya Foundation is a nongovernmental and non-profit organisation that focuses on

meeting the various needs of the people in Nigeria including Bayelsa. The Trust Fund, which was signed into law on March 2017, made it compulsory for different categories of workers, including contractors and civil servants in Bayelsa to pay education levies. “I am here today to donate the computers to EDTF, because the board is saddled with generating funds for education in Bayelsa State. “This board will make the transmission to the state Ministry of Education for disbursement in general. “So, I am here to redeem

my pledge today, these are tools which students use for learning on a daily basis. “I have confidence that the board will distribute these computers to the areas where they are needed most and to ensure that the students utilise them for learning. “The importance of education can never be over-stated in any society that is why I am particularly glad today that Bayelsa state has started a revolution already. “This revolution has been carried on by Governor Seriake Dickson. “I urge our people, no matter how little the amount maybe to

do something, it could be N5, 000 or N10, 000, no amount is small. “I hope it will go a long way to better the state education system. “If we do not raise our children right, if we do not educate them properly, the society is doomed,” Okoya stated. In his remark, Mrs Alice Atuwo, Executive Secretary, Bayelsa State Education Development Trust Fund Board said the gesture was a welcome development. “It is very heart-warming that after the launch, we have received quick response from those who pledge and today is another occasion.’’ Atuwo said.

Ekiti vows to end imposition of monarchs on communities

oised to ensure enduring peace, the Ekiti State Deputy Governor, Bisi Egbeyemi, yesterday assured the people of the state that the era of imposing traditional rulers on communities was gone for good. Egbeyemi made this remark at a meeting with kingmakers, stakeholders and contestants for the vacant stool of Oluloro of Iloro Ekiti in Ijero-Ekiti Local Government Area in his office in Ado-Ekiti. He stressed that the Kayode Fayemi administration would always follow due process and extant law guiding the nomination,

selection and enthronement of monarchs to ensure that peace reigns in communities in the state. Egbeyemi said that the present administration would not impose Obas on communities in a bid to guarantee peace that would engender development. The deputy governor, who urged the people of the town to allow peace to reign on the choice of the next monarch, advised the kingmakers to be guided by the fear of God in performing their duties. He stressed the importance of peace and development of all communities to the state govern-

ment, even as he assured that the government would not meddle in choosing their king. Egbeyemi said that the Fayemi administration would not engage in unwholesome practices of imposing any candidate on kingmakers and circumventing the rule of law and due process. The deputy governor wondered why the process to fill the vacant Oluloro stool had taken so long after the demise of the last occupant on May 5, 2015. “Although, the state government will not choose an Oba for the community, the kingmakers must fear God in performing their

role”. The town is being ruled by Regent Olusola Alofe, pending the selection of a substantive monarch. The meeting was attended by four out of the six kingmakers in the town. The three ruling houses are Orubuloye, Arojojoye and Arowolo. Earlier, the Permanent Secretary, Bureau of Chieftaincy Affairs, Adeniyi Familoni, had briefed Egbeyemi on the Iloro kingship matter and produced documents submitted by the various interest groups.

Egbeyemi

NEWS

TUESDAY, JUNE 11, 2019

Tight security in NASS as inauguration holds today

ecurity has been beefed up at the National Assembly as members-elect continue accreditation ahead of inauguration of the 9th National Assembly today . All staff and visitors to the National Assembly were critically checked before being allowed entry into the premises. Those who could not identify themselves properly were turned back. Meanwhile, there is presence of security operatives at strategic areas, while movement around designated areas for accreditation were limited. Speaking to newsmen after his accreditation, Senator Emmanuel Bwacha from Taraba State, said the process was going on smoothly. On why PDP is keeping quiet on who to endorse for senate presidency, he said, “there is

dignity in silence and mischief in noise making” Sen. Kabiru Gaya (APCKano) also said the accreditation

was going on without hindrance. Gaya, who is in the race for the position of Deputy President of the Senate, denied stepping

down as insinuated in some quarters. The National Assembly is a beehive of activities as prepara-

tions for the inauguration were on top gear. Activities ranging from erecting of tent, renovation of structures and decoration are going on in mapped out areas to make the occasion colourful. There is however, heightened tension as people are seen in clusters discussing their expectations of the day. While some believe that it might not be much of a drama as witnessed in 2015, others say there could be surprises following Senator Ali Ndume’s insistence to continue in the race and the long silence from the major opposition Peoples Democratic Party (PDP). From the list released by Independent National Electoral Commission (INEC), there are 62 APC senators-elect, 44 PDP-senatorselect and one Young Progressives Party(YPP) senator-elect, while two senatorial seats in Imo State are still outstanding.

Consultant doctors resume work at Anambra varsity threaten total shutdown

embers of the Medical and Dental Consultants Association of Nigeria (MDCAN), Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Amaku, Awka branch, have returned to their duty posts after one week warning strike. The association announced the resumption of duty in a notice signed by Dr Chukwudi Okani and Dr Obiora Ejiofor, its chairman and secretary respectively. The consultant doctors entered the warning strike three weeks after the Association of Resident Doctors (ARD) in the teaching hospital embarked on an indefinite strike. The notice directed all members to resume work in the hospital effective from 8 a.m yesterday . MDCAN said it was standing solidly behind the Resident Doctors and their demands, adding that their members could not work effectively without the complementary roles they play in the healthcare value chain. The consultants threatened to go on full blown industrial shut down after reviewing the situation before the end of the month if nothing was done by Gov. Willie Obiano to address their demands too. “MDCAN COOUTH Awka hereby suspends the strike and all members shall forthwith resume work. “We strongly condemn the seeming unresponsiveness of the government at creating the enabling environment for amicable resolution of the impasse which is having heavy effect on our patients.

“We resolve that as long as the Resident Doctors are continuing with their strike which commenced in May 13, our operations as consultants are geared towards being undermined without these young doctors playing the very much needed complementary roles,” it said. The consultants also called

for 100 per cent implementation of Consolidated Medical Salary Scale for all doctors in COOUTH with all accrued arrears and release of Conditions of Service for which staff of the hospital had not got promotion. They called on Obiano to provide the minimum standard acceptable in the healthcare

sector to enable doctors and other staff function optimally. “We can no longer cope with the current situation where the least qualified medical doctor (House Officer) in federal institutions in Nigeria earn better than the most qualified medical doctors (Consultants/Professors) in the employ of CO-

OUTH. “Medical doctors in COOUTH can no more tolerate the present status quo whereby the entire workers are stagnated without any form of promotion since the inception of the teaching hospital in 2012 owing to the absence of operational Condition of Service,” they said.

Okowa seeks Delta lawmakers co-operation for stronger state

overnor Ifeanyi Okowa of Delta State has called for adequate co-operation from the newly inaugurated 7th Delta House of Assembly to forge the state. Okowa in a statement yesterday in Asaba, noted that adequate collaboration between the state legislature and the executive would go a long way in helping to achieve a stronger Delta. The governor, while congratulating Sheriff Oborevwori (PDPOkpe) and Christopher Ochor (PDP-Ukwuani) for emerging Speaker and Deputy Speaker of the house respectively, said the lawmakers made good choices. He noted that the duo would bring their wealth of experience to bear on the discharge of their duties. Oborevwori served as speaker in the 6th Delta assembly and Ochor was also a member. Okowa also congratulated other members of the house on their victory at the 2019 polls and urged them to bring their

extensive knowledge and understanding of law-making to the service of the state. “As governor of our dear state, I promise to give my total support to the house and

Okowa

anything that will be required to ensure that you discharge your responsibilities fully without any inconveniences,” he said. He said the lawmakers should be proud of emerging representa-

tives of their various constituencies from the teeming population and were duty bound to work for the overall interest of the state. “Our people have entrusted us with this special mandate with a resounding victory in the last elections. “The least we can do for them is to ensure that we make good laws for the good governance, security of lives and property and ensure service to the people for a stronger Delta. “We need to understand that as representatives of the people, we must always consult with our constituents who sent us to the House and as messengers that we are. “It is expected that we return home often to brief them on our representation. “On behalf of the Government and people of Delta State, I congratulate you all on your success at the polls. “I wish you God’s help in yet another phase of your continuing service to the good people of Delta,” the governor stated.

SPORTS

WESTAFRICA BUSINESSNEWS TUESDAY, JUNE 11, 2019

Ekpo tasks Iheanacho on regaining self confidence F

ollowing Kelechi Iheanacho’s exclusion from the Super Eagles team list for the 2019 AFCON in Egypt, an ex- international, Friday Ekpo, has urged the player to redouble efforts to regain his playing ability. Iheanacho and Semi Ajayi failed to make coach Gernot Rohr’s team for the Africa Cup of Nations competition scheduled to commence on June 21. Iheanacho, a member of the 2013 Nigeria U-17 FIFA World Cup winning team, struggled for regular playing time in English Premier League in his club, Leicester City, during the 2018/2019 season. Ekpo told NAN yesterday

in Lagos that the player should move to a club where he would enjoy more player time to enhance his game and regain his confidence. “Iheanacho is a fantastic player who still has more years ahead of him in football; he should evaluate himself and what the problem is. “He needs to exit his current club and seek an alternative where he will have more playing time to up his game as a player. “Missing the Nations cup is not the end of the world; he is still young and could play in subsequent AFCON and even the World Cup if he puts his house in order. “Nigerians should please

support and encourage him at this period in time; enough of these negative words. What he needs most is our encouragement to get back better,” he

said. Nigeria is in Group B alongside Madagascar, Guinea and Burundi. Nigeria won her last Nations

Cup in 2013 which was hosted by South Africa, making the country a three-time winner of the competition since its inception in 1957.

Army begins inter formation sports competition

he 81 Division of the Nigerian Army has commenced its annual sports competition for officers and soldiers, aimed at improving their physical and mental fitness. Maj.-Gen. Sanni Yusuf, the General Officer Commanding (GOC) 81 Division, Nigerian Army, inaugurated the six-day exercise at the 9 Brigade Command in Ikeja. Yusuf said the competition was organised with the primary goal of not only encouraging comradeship, but also directed at assessing physical and mental fitness of the troops. “To maintain a professionally responsive army in the discharge of its constitutional roles, requires that personnel are trained to improve their quality and professionalism. “It will also offer opportunity to identify new talents that will strengthen the Division’s Team for future army sports championship,” he said. The GOC said that for this

El Ghazi

year’s competition, the formations and units under 81 Division have been grouped into eight to ensure maximum participation. “The events to be competed for are: football, volley ball, table tennis, squash, badminton and combat race. “This competition was particularly selected to ensure discipline, physical and mental fitness, as well as combat efficiency of the officers, individuals and formations as a whole,’’ he said. He thanked the Chief of Army Staff, Lt.- Gen. Tukur Buratai, for providing an enabling environment, as well as necessary support for the competition. Earlier, the Commander of 9 Brigade, Brig.-Gen. Nasiru Jega, urged participants to imbibe the spirit of sportsmanship, advising them to try their best in all the sporting activities. He said that the competition would serve as an opportunity to promote mutual cooperation and comradeship among the participants.

Iheanacho

Soccer: Aston Villa sign winger El Ghazi on permanent deal from Lille

occer: Aston Villa sign winger El Ghazi on permanent deal from Lille Aston Villa have announced the signing of winger Anwar El Ghazi from Lille on a four-year deal after his successful loan spell at Villa Park last season, the newly-promoted Premier League club said yesterday . Netherlands international El Ghazi scored Villa’s opening goal in their 2-1 victory over Derby County in the Championship playoff final last month. The 24-year-old, who will join the Midlands club for an undisclosed fee, finished the campaign with six goals in 37 appearances in all competitions.

“Anwar proved to everybody at Wembley how good a player he can be for Aston Villa “He’s ready for the step up to the Premier League and he’s a young player who has an awful lot of potential. “It’s now my job and the job of

the coaching staff and Anwar himself, to fulfil the potential that he undoubtedly has,” Villa manager, Dean Smith, said in a statement. El Ghazi is Villa’s second signing of the close season, following last week’s addition of Birmingham City forward Jota.

Edo Dep Gov. lauds level of work at Ogbemudia Stadium

he Edo Deputy Governor, Philip Shaibu, yesterday said that he was satisfied with the level of reconstruction at the Samuel Ogbemudia Stadium, Benin. Shaibu expressed his satisfaction after he was conducted round the stadium by Femi James, Project Manager, Peculiar Ultimate Concerns Ltd., the contractors handling the work. According to him, the government is satisfied with the level of work done so far, the contractor is maintaining the deadline for the completion of the work. “I came to check if they are still maintaining the quality of work we gave to them, but in terms of quality of job done so far, I am impressed. “The pace of work is commendable too, because they are going according to plans. “The main bowl has a deadline of first week of July, they should get the pitch ready for a small football match to test the ground. “But for the entire complex, which includes the swimming pool, table tennis court, indoor

sports hall and other facilities within the stadium will be ready at the end of September,” he said. Reacting, James assured the government and the people of Edo that work on the main bowl would be ready in July, adding that other aspects of the stadium would be delivered on schedule. He said the quality of work at the stadium, after completion, would have the conventional guarantee of 50 years.

Shaibu

NEWS

TUESDAY, JUNE 11, 2019

AIB, Air Peace disagree over concealing of incidents, accidents Continued from page 1

notification, AIB visited the airline office and confirmed the said occurrence. The Bureau further conducted a damage assessment on the aircraft, which revealed that the aircraft made contact on the runway with the starboard engine cowling, as obvious from various scrapes. “Others are the scratches and dents, an evidence of tyre scouring on the sidewalls of the No. 4 tyre, as well as bottoming of the main landing gear oleo struts. There was also visible damage to the right-hand engine compressor blades,’’ he said. Oketunbi noted that the aircraft had since been on ground, awaiting implementation of the hard landing inspections recommended by the aircraft manufacturer, the Boeing Company. According to him, this includes an inspection of the right-hand engine pylons and the wing root, due to the heavy impact concerns. He said further discussions with the airline’s Maintenance Personnel revealed that CFM International, the engine manufacturer, had also been contacted with regard to necessary inspections, to ascertain the serviceability of the starboard engine. Oketunbi said the nature of the damage suggests that there was a high probability of an accident, as captured in the definition of Serious Incidents in the bureau’s Civil Aviation (Investigation of Air Accidents and Incidents) Regulations, 2016. According to him, an incident involving circumstances indicating that there was a high probability of an accident, and is associated with the operation of an aircraft. He said of utmost concern was the fact that till date, the bureau had not received any notification of the incident: three weeks after the date of occurrence, contrary to the International Civil Aviation Organisation (ICAO) Annex 13 which guides the operations of aircraft accident investigation procedures. Oketunbi said: “Rather, AIB further to the occurrence, received a submission of a Mandatory Occurrence Report (MOR) subsequently filed at the Nigerian Civil Aviation Authority (NCAA) on Friday, which filing was as a direct result of the bureau’s visit to the airline’s office on Thursday. “An MOR is a Mandatory Occurrence Report that an Operator files after an occurrence to NCAA and it is not a notification to AIB as required by its Regulations. “Similarly, and in recent times, an aircraft belong-

ing to Air Peace was also involved in a serious incident and the airline willfully failed to comply with the provisions of the bureau’s regulations which provide that: “Subject to paragraph (2) below and regulation 14 where an accident or a serious incident which results in the withdrawal from service of an aircraft occurs in or over Nigeria. “No person, other than an authorised person, shall have access to the aircraft involved and neither the aircraft nor its contents shall, except under the authority of the AIB Commissioner, be removed or otherwise interfered with. “Where it is necessary to move aircraft wreckage, mail or cargo, sketches, descriptive notes, and photographs shall be made if possible, of the original positions and condition of the wreckage and any significant impact marks.’’ He noted that precisely, on Dec. 14, 2018, a Boeing 737-300 belonging to the airline, with registration marks 5N-BUO, enroute Akanu Ibiam International Airport, Enugu from Lagos was involved in a serious incident at about 10:44hrs, saying that the information only got to AIB through the social media. Oketunbi said the airline’s Accountable Manager and Chief Pilot at the material time, were duly warned by the Bureau for non-compliance with the Regulations. The general manager said based on all the foregoing, it was obvious that Air Peace Management lacks the full understanding of the statutory mandates, functions and procedures of the bureau. Oketunbi noted that air accidents and serious incidents’ investigations were

carried out in accordance with the relevant Laws and Regulations in force, in the interest of safety and with the aim of forestalling similar occurrences in the future. “Section 29 of the Civil Aviation Act 2006, which is the Act establishing the bureau, confers the prerogative to determine the classification of an accident or serious incidents on AIB. “All airlines are therefore

enjoined to report these occurrences at all times,’’ he said. But reacting to the allegation, the Chairman of Air Peace, Allen Onyema, said that when the incident happened, the airline reported to the regulatory agency, NCAA and also wrote to Boeing and the manufacturer of the aircraft’s engine, CPM International. “When the incident occurred, we reported it to

NCAA. We followed the aircraft manual, which guided us on what to do when such incidents occurred. “We wrote to Boeing, the aircraft manufacturer and also wrote to the engine manufacturer, CPM International. We also grounded the aircraft. “We always report any incident to the NCAA and sometimes, you may not know what to report to AIB because the NCAA is the

regulatory authority and the Bureau is in charge of accident investigation. “So when incidents like hard landing happen and you inform NCAA, we feel we have followed the procedure. “Boeing has written back to us and told us what to do. According to the procedure, some inspection is currently being carried out on the aircraft,” Onyema said.

Nestle Nigeria volunteers at the beach clean up, organised by the company on World Oceans Day 2019 in Lagos at the weekend

Six Imo lawmakers decamp to PDP as House gets acting clerk

ix members of the Imo State House of Assembly yesterday dumped their parties for the People’s Democratic Party (PDP). The members made the disclosure during the valedictory session of the eighth Imo State Assembly in Owerri. The decamped lawmakers include Chiji Collins of the All Progressives Grand Alliance (APGA) Isiala Mbano while Mike Iheanetu (Aboh Mbaise), Ukoha Broho (Ezinihitte Mbaise), Victor On-

yewuchi (Owerri West), Ken Agbim (Ahaizu Mbaise) and Lloyd Chukwuemeka (Owerri North) were from Action Alliance (AA). The members officially submitted a letter expressing their concerted desire to incumbent Speaker, Chinedu Offor noting that they were decamping in the overall interest of the state. “The movement is in good faith and in our efforts to move the state forward. We thank our numerous constitu-

ents for their continuous support,” the letter read. In a related development, the Speaker, Offor sworn in Mrs Chinelo Emehara, a lawyer, as acting Clerk of the Imo State Assembly and charged her to discharge her duties in the overall interest of the state. It will be recalled that erstwhile Clerk of the House, Christian Duru was suspended on June 3 for allegations of misconduct. Offor, however, seized the valedictory session to

thank House members for their hard work and patriotism since the inauguration of the Assembly on June 11, 2015. The speaker wished the incoming assembly success while mentioning the achievements of the outgoing assembly to include the presentation of 204 bills. He further thanked the governor, Emeka Ihedioha for his unbiased support since assuming office on May 29.

Buhari passes vote of confidence on law enforcement agencies

resident Muhammadu Buhari has assured Nigerians that the security and law enforcement agencies are capable of safeguarding the country, its people and property. The president gave the assurance when he responded to concerns raised by a delegation of Zamfara Advocacy Group during an audience at the State House, Abuja, yesterday. According to him, the military and the police have been taking drastic measures to check the activities of some local elements threatening the peace of the communities, including preventing farmers from going to their farms. “I assure you, I get daily reports from people in the field and traditional rulers. I also meet regularly with the leadership of the security agencies, and they have

been directed to deploy their personnel to secure the society,” President Buhari said. He described as “unfortunate” the failure of local leadership in intelligencegathering. The President enjoined community and traditional leaders to monitor closely the activities of people in their domain with a view to assisting law enforcement agencies to secure the communities. While commending the new governor of Zamfara State , Bello Matawalle, for being proactive in addressing the security challenges, the President urged royal fathers to go back to their cultural roles. Speaking on behalf of the delegation, Usman Balarabe, who congratulated President Buhari on his re-election, said the “situation in Zamfara

remains dire,” citing increased attacks, deaths, injuries and displacements. He said: “We are here because we believe Mr President and his administration can put in place solid measures to bring about peace and security,

and also mitigate the endemic poverty that has made this region one of the poorest in the world…” The delegation called for greater collaboration among stakeholders; securing the borders; and permanently situating a major military

presence in the State, among other suggestions. Members of the Zamfara Advocacy Group included the wife of the governor of Kaduna State, Asia Mohammed Ahmed, and renowned journalist, Kadaria Ahmed.

FG declare tomorrow holiday Continued from page 1

declaration on behalf of the Federal Government in a statement signed by Mohammed Manga, Director Press & Public Relations, of the ministry, on Monday in Abuja. The Federal Government’s decision followed the enactment into law of June 12 as Democracy Day annually in Nigeria.

Ehuriah congratulated all Nigerians at home and abroad for the entrenchment of democratic rule in the country. The permanent secretary called on Nigerians to continue to cherish the sacrifice made by heroes of democracy in the country. She emphasised that those who lost their lives in the struggle for the actualisation of Democratic Governance in Nigeria in order to make the

country a better place for all, must not be forgotten. Ehuriah further called for the collaboration and cooperation of all Nigerians with President Muhammadu Buhari’s Administration towards achieving the nation’s collective aspiration for unity, peace and socio-economic development. She wished all Nigerians, at home and abroad, a happy democracy day celebration. (NAN)

NEWS

TUESDAY, JUNE 11, 2019

Stop fuel subsidy, others to achieve growth — Ex-AMCON CEO M ustafa Chike-Obi, the Executive ViceChairman, Alpha African Advisory, has advised the Federal Government to remove subsidies on fuel, foreign exchange and electricity for the nation’s economy to achieve double -digit growth. Chike-Obi gave the advice at a bi-monthly forum organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos yesterday with the theme, “Reposition the Nigerian Economy for Sustainable Growth.” He said the various forms of subsidies were hindering other sectors that needed urgent attention. Chike-Obi, a former Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), said that rich Nigerians were benefiting more from fuel subsidy, therefore, calling for its removal. According to him, removing electricity subsidy will also attract significant investments to the power sector and unlock other opportunities. Chike-Obie said, “The most challenge to our economy is the three subsidies that is added up

to our total revenue.” On fuel subsidy, he said: “The nation’s economy is losing about N1.2 trillion per year. “There is hidden figure in that fuel subsidy they do not allow you to see. They allow them to buy foreign exchange at N325/dollar. “Who gets the fuel subsidy? The rich people with six cars are those benefiting from fuel subsidy. “The average rich person in Ikoyi is getting approximately 100 times a year fuel subsidy than person in Shomolu in Lagos. “Everybody deserves to have electricity but you charge electricity based on those who need it the most at the market price. Most people that uses generator pay N160/Kwh and pays comfortably. “If you tell these power companies that they can sell power at N160/kwh, they will make sure that more power will be generated.” He also expressed concern about Nigeria’s rising debt service ratio which, according to him, could be about 70 per cent. “It is almost a guarantee that Nigeria is going to be talking

Igbo students okay Kalu for Dep. Senate Presidency

ith less than 24hours to the inauguration of the Ninth National Assembly. a group of Southwest Igbo Students has endorsed Abia-North Senator (elect)Orji Uzo Kalu for the deputy senate president slot. The group rising from its monthly congress which was held on Sunday at the Obafemi Awolowo University Ile-Ife , described Kalu as an exemplary individual ordained by God. According to a statement issued by the group coordinator, Chineke Justus, Kalu was capable of running all inclusive system of senate leadership irrespective of the different party affiliations in the chamber and therefore called on other senators to supportKalu’s victory. ‘In anticipation of the incoming 9th Assembly inauguration ,the progressive outh west federation of Igbo students(PSW-FIS) has deemed it fit to throw her weight behind the Senator elect representing Abia north senatorial zone, Dr. Orji Uzo Kalu for the office of the deputy senate president of federal republic of Nigeria in the 9th assembly’, it stated. The group further noted that Kalu coming into the hallowed chamber at this point in time could be described as timely and Godly ordained. Adding that It is a time when Nigeria is in dire

about debt rescheduling soon and we need to start putting our house in order ahead of that,” he added. Chike-Obi stressed the need for coherent and forwardlooking policies to address the myriad of problems confronting Nigeria. “There is need for coherent monetary and fiscal policies. For me, the position of a Central Bank of Nigeria (CBN) Governor should be a cabinet position. “The CBN Governor should always be meeting with the Minister of Finance and the Minister of Budget and Planning every two weeks,” the financial expert said. According to the former AMCON CEO, revenue mobilisation is Nigeria’s biggest problem. In addition, he proposed the creation of a Ministry of Infrastructure to address the nation’s infrastructure challenge. Osun not under siege by criminals, says Govt An assurance came yesterday from the Osun State Government ,promising adequate security in the State. Adelani Baderinwa, the Supervisor of the Osun Ministry of Information and Strategy, gave the assurance in a statement in Osogbo.

“The government of Osun State , under the leadership of Governor Gboyega Oyetola, wishes to inform residents, indigenes of the state, within and outside the country, event followers and the general public at large that Osun is safe, peaceful and lively. “It is imperative to state that the state is not under the siege of kidnappers, bandits or other criminals of any ethnic group as being falsely circulated by mischief makers. “The social media reports on the security issues in the state are not only over hyped but full of lies by the disgruntled elements to instill fears in the mind of the people and rubbish the Oyetola administration. “We acknowledge the little challenges of kidnapping that had happened three times from late last year and now on our highways, but those incidences are not in any way sufficient to address Osun as unsafe and under the siege of kidnappers as some bad elements amplified. “It should be on record that Osun has been awarded safest state in Nigeria in 2017 and 2018, and it will remain the most peaceful state in Nigeria. “Our security apparatus and system are improving and the Oyetola’s administration is

doing everything to sustain the security pace. “The governor understands the fact that the primary responsibility of a government is security of lives and property. “He has not in any way taken the security matters with levity,” the statement said in part. It recalled the rescue of one Bewaji Oladipo who was kidnapped in Lagos and rescued in Osun by security agents. “We need to commend these security officers for their activeness and desist from discouraging them by spreading falsehood on security operations. “The government assures the people of the state of adequate security, safety of lives and properties. “We reiterate that the reports on the social media on the security mishap in Osun are over-bloated with lies and cooked-up stories. “Our people should remain calm and vigilant and they should provide information to security agents on strange movements and events in their various areas. “Provision of adequate security is our collective efforts, we all have role to play in ensuring that our state is free from criminals,” it said

need of a leader of his exemplified self. The group of South West Federation of Igbo Students(PSWFIS) comprising of Southeastern Students drawn from various Southwest tertiary institution,s further mentioned that the present day Nigeria does not need anything less than a man who is a democrat and who would uphold with sacro sanctity the mandate vested on him by the masses and discharges his constitutional responsibilities without any fear or favour. Nigeria, at this time needs a man who is capable of running all inclusive system of senate leadership irrespective of the different party affiliations in the chamber’ its said Kalu

Foreign investors raise stake in equities market Continued from page 1

March 2019 to N76.92 billion in April 2019. With more activities by foreign investors, who dominate transactions at the market, total transactions at the market consequently increased from N110.11 billion in March to N148.9 billion in April. Foreign investors accounted for 51.66 per cent of total transactions in April as against 48.34 per cent by domestic investors, sustaining a familiar trend of

foreign dominance. The FPI report, coordinated by the NSE, aggregates transactions from major custodians and capital market operators and it is widely regarded as a credible measure of the FPI trend. The report uses two key indicators-inflow and outflow, to gauge foreign investors’ mood and participation in the stock market as a barometer for the economy.

Foreign portfolio outflow includes sales transactions or liquidation of equity portfolio investments through the stock market while inflow includes purchase transactions on the NSE. Segmental analysis delineates the proportion of foreign to local participation, institutional to retail investors as well as the momentum of activities among others. The country had suffered a

net deficit of N26.6 billion in foreign portfolio transactions in the first quarter of this year amidst fears of political and macro-economic uncertainties. It recorded a negative balance of N26.6 billion in inflow and outflow transactions by foreign portfolio investors in first quarter 2019 compared with a positive balance of N30.88 billion recorded in comparable period of 2018.

NEWS

TUESDAY, JUNE 11, 2019

Analysts tackle CBN, FG on FX, Fuel Subsidy, Others BY NIYI JACOBS

or the Nigerian economy to achieve double digit growth, the Executive Vice Chairman, Alpha African Advisory, Mr. Mustafa Chike-Obi, has said the Central Bank of Nigeria (CBN) must reduce the rate between the official and parallel Forex market He also mentioned that that the federal government must do

away with certain subsidies and pay greater attention to security and infrastructure. According to him, the three subsidies are fuel, foreign exchange and electricity subsidies. Speaking at an agenda-setting forum for the Buhari's second term organised by members of the Finance Correspond-ents Association of Nigeria (FICAN) in Lagos yesterday, he said the various forms of subsidies were hin-

dering other sectors that needs urgent attention, disclosing that the nation economy. Chike-Obi, who is a former CEO of the Asset Management Corporation of Nigeria (AMCON), disclosed that rich Nigeri-ans benefit more from fuel subsidy, maintaining that removing electricity subsidy would attract significant invest-ments to the power sector and unlock other opportunities. Speaking on theme, “Reposi-

tioning the Nigerian Economy for sustainable growth”, Chike-Obi explained: “that the best problem to our economy is the three subsidies that is added up to our total revenue. On fuel subsidy, he said, "the nation economy is losing N1.2 trillion per year. There is hidden figure in that fuel subsidy they do not allow you to see. They allow to buy foreign exchange at N325/ dollar. Who gets the fuel subsidy? The rich people with six cars are those benefitting from fuel subsidy. “The average rich person in Ikoyi is getting approximately 100 times a year fuel subsidy than person in Shomolu in Lagos.” He added that, “everybody deserves to have electricity but you charge electricity based on those who needed it the most in the market price. Most people that uses generator pay N160/ Kwh and pays comfortable. “If you tell these power company that they can sale power at

N160/kwh, they will make sure much money that more power will be generated.” He also expressed concern about Nigeria's rising debt service ratio, which according to him could be about 70 per cent. "It is almost a guarantee that Nigeria is going to be talking about debt rescheduling soon and we need to start putting our house in order ahead of that," he said. Chike-Obi stressed the need for coherent and forward-looking policies to address the myriad of problems confronting Nigeria. "We are badly in need of good leadership; we need a leader that would map out the strategy and roadmap for eco-nomic growth in this country," he said. "There is need for coherent monetary and fiscal policies. For me, the position of a CBN Governor should be a cabinet position and the CBN Governor should always be meeting with the Minister of Finance and the Minister of Budget and Planning every two weeks," he added. According to the former AMCON CEO, revenue mobilisation is Nigeria's biggest problem.

FGN's 28th Savings bond offer to close Friday May 14 BY BONNY AMADI Emefiele

ICAO, IATA move to tackle unruly passengers

he International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA) have formal-ly unveiled the new ICAO legal guidance on the management of unruly and disruptive passengers. Anthony Philbin, Chief of Communications, ICAO, said yesterday in Lagos that the document was unveiled by the Sec-retary-General of ICAO, Dr Fang Liu, and the Director General of IATA, Alexandre de Juniac in Montreal, Canada. He said the new ICAO Manual on the Legal Aspects of Unruly and Disruptive Passengers (Doc 10117) is a key result emerging from the adoption of the Protocol to Amend the Convention on Offences and Certain Other Acts Committed on Board Aircraft (Montréal Protocol of 2014). According to him, its chief aim is to assist national governments in legislating appropriate and better harmonised legal measures to prevent and deal with unruly and disruptive passenger incidents on

international flights. Commenting on the development, Liu said unruly and disruptive passenger conduct can pose distinct threats to the safety and security of aircraft, flight crew and passengers “It can also generate costly disruptions to airlines and passengers alike in situations when aircraft must be diverted to manage these incidents,” she said in a statement by Philbin. Also, de Juniac said enhancing safety was the shared goal for

governments and airlines, and deterring unruly and dis-ruptive behaviour on flights was key to this. He said: “IATA welcomes today’s new ICAO guidance, which is intended to help governments address unruly passen-gers under their own national law. “It covers many practical measures for consideration by policymakers, including ‘on the spot fines to boost enforce-ment action.”

he federal government of Nigeria (FGN) 28th Savings bond which opened Monday June 10, 2019 is billed to close Friday June 14th. Yesterday, the Twenty- eight (28th) series of the FGN savings bond offer opened, for all the distribu-tion agents (DA) for the bond, to begin receiving applications from the investing public starting from the 10th of June 2019. The Federal Government of Nigeria, through the Debt Management Office (DMO), had on the 13th of March 2017 issued the first series of the monthly 2 year and 3year tenured savings bond. The Twenty-eight (28th) series of the FGN savings bonds is at the following rates, according to the Debt Manage-ment Office (DMO) have the following components. The 2-Year FGN Savings Bond due June 19, 2021, is offered at 11.418 per cent rat, while the 3-Year FGN Savings Bond due June 19, 2022, attracts 12.418 per cent. The bond is schedule to be listed on the floor of the NSE for the benefit of those who may want to trade theirs before maturity. The FGN Savings bonds are debt instruments offered by gov-

ernment with the aim of mobilizing re-sources from the general public. The rationale behind the issuance of the savings bond by the FGN is to deepen the national savings culture, to diversify funding sources for the government and establish benchmark for other issuers. For prospective investors, the bonds ‘brochure stipulates a minimum subscription Amount of N5, 000.00, additional investments in multiples of N1, 000.00, and maximum of N50, 000,000.00. The product since inception, is issued monthly in tenors of 2 and 3 years, with quarterly interest pay-ment. The bonds attracts several benefits, which include, guaranteed return and encourage financial inclu-sion among low income household, Income from investment are exempted from tax, while Invest-ment can be used as collateral for loan. Other benefits, include attractive coupon above average bank savings rate, as well as steady means of Income as coupon is paid quarterly. It is expected that prospective investors send their applications to their Distribution agents (DA) latest by noon on Friday the 14th of June 2019.

TUESDAY, JUNE 11, 2019 Vol. 06 No. 362

MARKET WATCH

Assessing performance of 8th Senate A news analysis by Cecilia Ijuo and Taiye Agbaje, News Agency of Nigeria (NAN).

s the 109 senators of the 8th Senate bowed out on June 6 after four years of legislative activities, political analysts have commended their performance in spite the tumultuous beginning of the session in 2015. They observe that although the session was characterised by some challenges, most bills passed by the lawmakers have direct impact on the economy. According to the 8th senate bill progression chart, over 200 bills were passed. Some of the bills passed by the 8th senate are: Discrimination Against Persons with Disabilities (Prohibition) Bill 2015, North East Development Commission (NEDC) (Est, etc) Bill 2015, Counterfeit and Fake Drugs and Unwholesome Processed Foods (Miscellaneous Provision) Amendment Bill 2015, Petroleum Industry Governance Bill 2016, Sexual Harassment in Tertiary Educational Institution Bill 2016, Not-Too-Young-To-Run Bill, among others. The senate also adopted bills passed by the House of Representatives. Some of them are: Federal Capital Territory Hospitals Management Board (Establishment, etc.) Bill, 2016, Senior Citizen Centre Bill, 2016, and Compulsory Treatment and Care of Victims of Gunshots, Bill 2016. The Executive Director, Youth Initiative for Advocacy Growth and Advancement (YIAGAAFRICA), Samson Itodo, commended the senate for passing the Not-Too-Young-ToRun Bill, which has been signed into law by President Muhammadu Buhari. Itodo, a co-convener of the Not-TooYoung-To-Run Movement, said though the 8th assembly had challenges, they performed creditably. On his part, Chief Mike Ozhekhome (SAN), said the 8th National Assembly was the best in the legislative history of the country. He said it performed creditably in terms of productivity and insistence on being independent. He said: “In the entire legislative history of Nigeria, the 8th national assembly passed the largest number of pro-masses motions, resolutions and bills than any legislature before it. “Future national assembly should and must take a cue from the 8th national assembly, that the assembly is an independent arm of government, specifically created by Section 4 of the 1999 Constitution. “They should make laws for the peace, order and good governance of Nigeria. “Though expected to cooperate with the executive, it must not do so at the expense of its own independence as an arm of government that participates in the inbuilt constitutional checks and balances. “It is not a rubber stamp to executive desires. Any national assembly worthy of its name, must rise up and use its oversight powers under Sections 88 and 89 of the 1999 Constitution, to check the excesses of the judicial and executive arms of government,” he said.. In the same vein, Executive Director, Foundation for Persons Living with Disabilities, Mrs Pat John-Oseh, hailed the legislators for passing the Disability Bill. Dr Abiola Akiyode-Afolabi, the Chairperson, Transition Monitoring Group (TMG), said the 8th senate passed vital bills that contributed to the country’s development. “Examples of those bills are the Not-TooYoung-To-Run Bill and the Disability Bill, which have been signed into law. “Those two bills came out very clearly as bills that have contributed to Nigeria’s growth and development. Also, the Minimum Wage Bill signed into law is another one.”

Saraki

Ekweremadu

Over 200 bills were passed by the senate and that is commendable, and it shows we were committed to contributing our quota to nation building Akiyode-Afolabi, however, rated the senate low in terms of other legislative activities, noting that though the senate passed a number of bills that were beneficial, it failed in other areas. She said the lawmakers did not fully address issues bothering on the petroleum sector, the electoral system, among others. “The senate did not do much to push for passage of the Gender and Equal Opportunity Bill which has to do with women. “In the last election, women suffered a lot of violence, they suffered a lot of discrimination and you can see that the seven per cent of women in the national assembly is reducing to five per cent in terms of the number of women representation. “A critical law of that nature is what the national assembly should have taken cognisance of,” she said. The TMG chairperson noted that delay in budget passage also characterised the 8th national assembly. “Year in, year out, they refused to pass budget at the time when it will be right to address the yearnings and aspirations of the Nigerian people. “So there were lots of politicking that they actually left those things they were supposed to do as members of the national assembly “So in terms of that, I will rate them very low because they had all the opportunity to help better the lives of Nigerian people, but they did not, “she said. On their part, some lawmakers, who appraised their performance within the period, lamented declined assent to some bills that would have impacted positively on the country. Sen. Foster Ogola (PDP-Bayelsa), said the 8th senate performed creditably in all its ramifications. ”This 8th senate has performed beyond expectation. We have passed more bills than all the previous senates put together. ”Even in terms of public discourse, we have done more because the Ethics and Privileges Committee has the highest record of public complaints they have handled,” he said. Ogola pointed out that ” just recently,

the bill I sponsored for the Federal College of Education Agoro, Bayelsa, went through third reading. ”Also, five tertiary institutions bill received third reading, including mine,’’ he said. The lawmaker commended the senate for passing the redrafted Petroleum Industry Governance (PIG) Bill, which President Buhari earlier declined assent to. He said in spite of the fact that it was one of the critical bills that were transmitted but not assented to, the senate deemed it necessary to pass it through third reading, a second time, with the hope that it would be assented to. ”Most importantly, we finalised the Petroleum Industry Governance Bill, though we could not pass the other tranches,” he said. Sen. Solomon Adeola(APC-Lagos), said there was no doubt that the 8th senate started on a rancorous note. According to him, the seeming frosty relationship between the leadership of the senate and the executive affected the performance of the senate in some aspects. He said: “The instability of the senate lingered for about a year and a half, slowing down legislative activities within the period. “Within the period, there was also change of leader of the senate, causing another round of distraction. “However, we were able to contribute our quota as lawmakers because we believe that Nigeria is bigger than anyone. “With that in mind, we were able to bury our differences to focus on the project Nigeria. “Over 200 bills were passed by the senate and that is commendable, and it shows we were committed to contributing our quota to nation building,” he said. Adeola said his expectation for the 9th senate was to see a senate that would be acceptable to all Nigerians and a leader that would carry everybody along. He noted that for the policies of government to be properly implemented, there was a need for collaboration between the legislature and executive. “We will be coming to the 9th senate to

pursue the agenda of the APC for national development,” he said. Sen. Matthew Urghoghide (PDP-Edo), said all senators of the 8th senate worked hard to ensure what was expected of them statutorily was achieved. According to him, the 8th senate has set a standard that subsequent sessions will work hard to achieve. Urghoghide noted that “in a bid to ensure that the workload is cleared, we revisited even bills that were declined assent to and passed them through third reading a second time. “We expect that the 9th senate would do better.” He advised the 9th senate leadership to ensure checks and balances for a robust and sustainable democratic rule. Senate President Bukola Saraki, in his farewell speech to mark the end of the 8th senate, thanked his colleagues for demonstrating patriotism by protecting the sanctity of the legislature. He said although some of them had to pay dearly for daring to defend the Constitution of the Federal Republic of Nigeria, it was worth it. He said he was bowing out a fulfilled man, knowing that in spite of the hiccups experienced in the life of the senate, the achievements recorded could not be matched. “Distinguished colleagues, as we come to the final plenary and the last few days of the 8th senate, it is a victory in itself that we are seeing the journey to its momentous end. “That I am here today, that you are here today, is a victory for democracy. It is a testament to what people can do when they come together for the greater good. “This is also one of those occasions when the Supreme Creator reminds us, once again, that power does not reside in any one person. “Let me thank each and every one of you for your contributions toward making this the historic senate that it is. “When I think of the many trials and tribulations we have faced as an institution, and my own personal travails particularly at the Code of Conduct Tribunal, I am humbled. “This is because none of our achievements would have been possible without the support and cooperation of the entire members of this chamber. “The invasion of the national assembly by armed security operatives in August 2018 will live in infamy. He noted that the legislations passed in areas affecting the daily lives of citizens, the economy, education, security, anti-corruption, health and many more, would remain a benchmark. According to him, working together, they achieved many “firsts” in the 8th assembly saying, “we should rightly be proud of these, especially as they are imperishable legacies we are leaving for the people. “Our many firsts include the National Assembly Joint Public Hearing on the Budget, which we started with the 2016 Appropriation Bill. “The engagement of the private sector and other stakeholders in crafting the economic legislative agenda was a watershed. “For the first time, there were meetings and interactions with members of the public which were not previously the norm. “One such interaction was the Public Senate, which gave the youth the opportunity to spend a day with me as President of the Senate. “I have pleasant memories of my reading to an audience of small children inside my office, where, in the true spirit of Children’s Day, the kids themselves were the dignitaries. With the curtain drawn on the 8th national assembly, the senate particularly will be remembered among many intriguing moments, for the drama that characterised emergence of its principal officers in 2015, where a deputy senate president emerged from a minority party, without any accord.

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