Westafrica BusinessNews December 17-21, 2018

FIRS targets N5.3Trn by year-end

BY RITA AZETA

E

xecutive Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler has taken stock of the agency’s revenue generation in the current year, saying that the Service has generated N5 trillion by the second week of December 2018, assuring

that the agency will hit N5.3 trillion at the end of the year.

If the FIRS pools N5.3 trillion revenue, that will be the highest revenue ever generated by FIRS in histo-ry. The highest in FIRS history is N5.07 trillion generated in 2012, he said.

Fowler’s generation of N5 trillion is significant as it was at a period

when oil prices oscillated between $50 and $70 per barrel. Oil price was at an average of $100 to $120 per barrel between 2010 and 2013.

Speaking at the induction of new members of the Joint Tax Board (JTB) on Wednesday in Abuja, Fowler said FIRS has been able to record significant achievements following maximum support

from the Presidency, Ministry of Finance, the JTB and other taxation stakeholders.

“This year, the FIRS, with the support of the Presidency, Ministry of Finance, the JTB and other stakeholders, has been able to generate up to N5 trillion. We believe that we should be able to close at least at N5.3 trillion which should be

the highest in the history of FIRS. And we believe that with that addi-tional revenue, the state and federal governments would be able to provide more services and more development to the people of Nigeria”, he said.

Fowler urged the new inductees to JTB to equip themselves with new

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www.wabusinessnewsng.com DECEMBER 17 - 21, 2018

Continental-Re shareholders allege share buyback fraud Page 14

Insurers pay N143bn claims in Q3 2018 Page 27

Vol. 05 No. 269

N200

ISSN: 2408-6703

Tier -1 Banks pay N362Bn to workers in nine months Contract staff take-over banking operations

BY NIYI JACOBS

Personnel expenses of five commercial banks, which are regarded as large Deposit Money Banks (DMBs) in the country have witnessed an increase of 4.23 percent, regardless of the

incessant sacking of bank workers.

The nine months January-Sept 2018 review of Zenith Bank; United Bank for Africa (UBA); Guaranty Trust Bank (GTBank); FBN Holdings Plc (First Bank of Nigeria Ltd); Access Bank and Ecobank Transna-tional Incorporated (ETI),

show that the five big lenders’ total personnel expenses increased by 4.23 per cent to N361. 92 billion from N347.23 billion in the corresponding period of 2017.

Further analysis of the results shows that Zenith Bank’s personnel costs rose by 12. 53 per

cent to N51.69 billion, in the first nine months of 2018, from N45.93 billion in the same period last year.

Also, UBA’s personnel costs went up to N53.25billion in the first nine months of this year from N51.30 billion in the corresponding

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Automobile G-class: Iconic Off-Roader now in Nigeria. Page 44

Gov. Emmanuel inaugurates rice mill in A’Ibom Page 2 IATA forecasts airline Lagos State Governor, Mr. Akinwunmi Ambode (2nd right); Commissioner for Information and Strate-gy, Mr Kehinde Bamigbetan (middle); his industry profit, counterpart for Works and Infrastructure, Engr. Ade Akinsanya (2nd left); Permanent Secretary, Ministry of Works and Infrastructure, Engr. Olujimi Hotonu (left) and his counterpart in Ministry of Transportation, Dr. Taiwo Salaam (right) during the Governor’s inspection of the Ilaje Waterfront Jetty, Bariga, recently. rebound in Page 38 2019 Agric input dealers advocate review of Anchor Borrowers scheme Yuletide: Union Charges FG, NNPC on Regular Supply of Fuel Page 45

BY GODWIN DUNIA

A

gricultural input dealers in Borno have called for the establishment of a task force to facilitate imple-mentation of the Federal Government’s

Anchor Borrowers programme being implemented by the Central Bank of Nigeria (CBN).

They also called for strict adherence to the guidelines set out by the CBN, to mobilize participation and ensure

sustainability of the programme.

Alhaji Abba Kale, one of the Private Anchors, made the call on Sunday in Maiduguri.

Kale, who is also the Manager of the Kalef Ventures, said the call was imperative

owing to the support services provided by the scheme.

He said such a task force would enhance farmer support services, accelerate paddy rice production and

Where’s CBN’s Anchor Borrowers’ Rice for Christmas?

Page 45

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NEWS

BUSINESSNEWS 2 WESTAFRICA DECEMBER 10 - 14, 2018

Gov. Emmanuel inaugurates rice mill in A’Ibom

G

ov. Udom Emmanuel of Akwa Ibom has inaugurated a rice mill in Ini Local Government Area of the state to boost food production.

Emmanuel while inaugurating the factory on Saturday said that it was the first rice mill in the state.

The governor said that the rice mill would give birth to several other factories in the area.

He said the establishment of the rice mill was part of his administration’s resolve to ensure that with time, 80 per cent of staple food consumed by Akwa Ibom people, was produced in the state.

“This is the first rice mill in the state. I also promise to inaugurate a

cocoa processing factory in this Federal Constituency of the state”, he said.

Emmanuel said that the project was a Public Private Partnership (PPP) initiative that would give birth to the establishment of more industries in the area.

He thanked the youths and members of the community for their support and cooperation for the scheme.

He said: “under the present economic realities in Nigeria, it is not an easy thing to put up an industry like this and it is really the grace of God that has made us achieve this.

“When you see some industries

in certain places, it is because the owners of the land willingly donated it without compensation and gave a Memorandum of Understanding (MoU) to the investors to build such industries.”

The governor urged all youths and stakeholders in the state to continue to maintain peace in their respective communities to enable more investments to thrive.

According to him, Ini, which for a very long time had no power supply, got its light restored in the first phase of his electricity project in the area.

Emmanuel said that the second phase of the power scheme would be

completed in the first quarter of 2019.

Aniekan Utuk, the Managing Director and Chief Executive Officer of Ibom Agricon Farms Limited, said the factory at its current capacity could produce two metric tonnes of rice per hour.

Utuk promised to ensure high quality and standard of the rice produced to meet the expectations of the people.

Also speaking, Emmanuel Ekpenyong, member representing Ini at the State House of Assembly, thanked the governor for prioritising the local government in siting projects.

Ekpenyong, who is also the

Chief Whip of the house, lauded the governor for his industrialisation strides and promised that the people would reciprocate with their votes during 2019 general elections.

On his part, Prof. Edet Udoh, the Chairman of the State Technical Committee on Agriculture and Food Sufficiency, said the rice mill was a further boost to the administration’s industrial development initia-tive.

Udoh said the type of rice produced in the factory was premium long grain rice bagged in all-weather proof laminated bags.

He further said that the product had passed through the modern processes devoid of dirt and contam-ination.

Highlight of the event was the purchase of 20,000 bags of the product

by Gov. Emmanuel as an off taker, for distribution to people during the yuletide.

Obiano pledges crime-free Christmas/New Year in Anambra

G

ov. Willie Obiano of Anambra has assured the people of the state of maximum security during the forthcoming Christmas and New Year festivities.

Obiano gave the assurance during the Anambra’s Christmas carol of nine lessons organised by the Ministry of Diaspora Affairs, Indigenous Artworks, Culture and Tourism.

The governor who was represented by Prof.

Solo Chukwulobelu said he had been holding meetings with heads of security agencies in the state to ensure that criminals had no breathing space in Anam-bra.

Chukwulobelu who took the ninth lesson during the event applauded the ministry for what he de-scribed as a well organised carol.

“On behalf of Gov. Obiano, a man with a good heart who ensures that every Anambra person is se-cure, I want to thank the ministry for organising this event. ” Our concern is to make the Christmas season crime-free and enjoyable and we can assure our dear people of Anambra that.

“I thank the two choirs for their performances and wish all a very merry Christmas,” he said.

In his message, a Catholic priest, Rev. Msgr.

Jerome Madueke, said the purpose of carol is to an-nounce Christmas to every nook and cranny of the society.

Madueke observed that carol was no longer serving the purpose of heralding the coming of Jesus Christ but had become occasions of entertainment to some people.

He said the whole story of Christ’s coming to the world was about the salvation of man including the unborn child.

Madueke said that was why he stayed inside the womb of the Blessed Virgin Mary for nine months before she gave birth to

him.

“Sadly, carol has degenerated into entertainment and leisure just as it is in the Western world.

“Gradually, the birth and message of Christ are no longer in the celebration of Christmas, rather it has become a time for rest and leisure. ” Jesus’s stay in the womb of his mother for nine months was to bless the womb and show that the unborn should be protected because they have lives to live ,” he said.

In her remarks, the Commissioner in charge of the ministry, Mrs Sally Mbanefo,

said Anambra people would be guaranteed the best hospitality during the period.

Mbanefo said her ministry would be organising the Festival of Home Coming during the season.

Anambra people in the Diaspora and friends of the state would be treated to a series of cultural events including tourism and arts exhibition.

She said the Anambra Diaspora Portal would be inaugurated as well as the descent steps into Ogbaukwu Cave and Water Falls in Owerre Ezukalla in Orumba South Local Council of the state.

Gov. Emmanuel

Herbal medicine potential foreign exchange earners -NAFDAC

T

he National Agency for Food and Drugs Administration and Control (NAFDAC) has said that sensitising herbal and traditional medicine practitioners on best practices would make the trade earn foreign ex-change for the country.

Anikoh Ibrahim, NAFDAC Coordinator in Niger disclosed this on Saturday in an interview with the News Agency of Nigeria in Minna.

Ibrahim said that clear-cut policies must be enacted for herbal and traditional medicine practitioners to adhere to international best practices in their trade. `Right now NAFDAC is collaborating with herbal and traditional medicine practitioners in Niger state to achieve the standardisation of herbal medicine products through workshops for the practitioners.

“The workshops will provide government with ideas to come up with policies that will bring our herbal and traditional medicines practices to better acceptance in international commerce as an alternative foreign exchange earner for the nation,’’ he said.

Ibrahim said that the agency has certified some of these herbal and traditional medicines brought for clinical trials, while many others were yet to get the mark of Nigerian Industrial Standards (NIS) owing to lukewarm attitude of the

Prof. Moji Adeyeye practitioners.

The coordinator said that the recent global increase in the use and acceptance of herbal and traditional medicines has raised a lot of issues.

“The fact that herbal medicines have a long history of use in many cultures in the world has given credence to the massive acceptance of various formulations and diverse presentations,’’ he said.

According to Ibrahim: “recent World Health Organisation survey reveals that over 70 per cent of the world’s population depends on herbal or traditional medicine’’.

He stressed the need to

investigate and understand what constitutes herbal medicine, its relevance in Nigeria and the agency’s role in its regulation.

The coordinator explained that prior to the advent of orthodox medicine in the country; lack of written records of formula, methods and practices of traditional medicine has set back its development.

He said this was in spite of the potential benefits inherent in its application especially in the area of primary healthcare delivery.

He said that several concerns on the safety status of herbal and traditional medicine have

emanated over the years making Federal Government to intervene by enacting various legislations to control its manufacture, advertisement, sale and use.

“The Federal Ministry of Health in 1994 mandated all states of the federation to establish Boards of Traditional Medicines in order to enhance the development of herbal and traditional medicine practic-es and facilitate its contribution to the National Health System,’’ he said.

Ibrahim noted that the regulation of these products was primarily focused on the label claims on finished products instead of clinical trials for its efficacy.

“The development of herbal and traditional medicine is encumbered by numerous challenges such as absence of good national policies in the country.

“It also included safety, effectiveness and quality, international diversity of traditional medicine prac-tices, spurious and unsubstantiated labelling and advertisement claims by practitioners on their prod-ucts,’’ he said.

NAN reports that NAFDAC was established in 1994 to regulate and control the manufacture, importation, exportation, distribution, advertisement, sale and use of foods, drugs, chemicals, cosmetics, medical devices and packaged water.

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

3

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WESTAFRICA BUSINESSNEWS

SPECIAL REPORT

DECEMBER 17 - 21, 2018

Crude Oil & Gas earnings account for

BY JULIUS ALAGBE, EDITOR, INTELLIGENCE UNIT

As macroeconomic headwinds continue to dragging the domestic economic performance, the Central Bank of Nigeria (CBN) in a report has notified that earnings from crude oil and gas accounted for 94.4% of the nation’s total export earnings in the third quarter of 2018.

According to the report, export earn-ings rose by 2.8 per cent to $16.21 billion in the third quarter of 2018 when compared with second quarter of the same year.

This also indicated an increase of about 35.3 per cent when compared to corresponding period of 2017. Earnings from crude oil and gas, which accounted for 94.4 per cent of total export earnings during the review period, increased by 9.5 per cent to $15.301 billion in the third quarter of 2018 when compared with the preceding quarter.

Earnings from non-oil and electricity exports decreased by 49.3 per cent to $909.04 million in the period when compared with the preceding quarter. Available data showed that payments for import of goods (fob) to the economy in the review period increased by 70.5 per cent to $14.085 billion above the level recorded in the preceding quarter.

This was largely as a result of 79.7 per cent increase in the imports of non-oil products.

The report on the nation’s balance of payment indicated that provisional Balance of Payments (BOP) estimates for third quarter of 2018 showed a significant turnaround in the country’s position as the overall balance of payments swung into a deficit of $4.542 billion compared to surpluses of $503.97 mil-lion and $2.787 billion recorded in the preceding quarter and corresponding period of 2017, respective-ly.

The current account balance (CAB) worsened from a surplus of $4.452 billion in second quarter of 2018 to a deficit of $3.105 billion in the third quarter of same year. The financial account balance indicated an increased net incurrence of financial liabilities of $10.724 billion in the review period as against $2.575 billion recorded in the preceding period.

Explaining what the deficit means for the nation, Consultants at LSintelligence said that the nation ex-pended more than she received as earnings from international trade. Though a negative sign but it is expected because what we have here is a petroleum powered economy which rely heavily on foreign receipt from crude export on one hand and imported goods on the other to satisfy general needs of the people.

On its review of inflation, trade and investment report for third quarter of 2018, Afrinvest said; “the trend we observed in these data were more discomforting,

Trend in macroeconomic data mostly discomforting - Afrinvest

Emefiele noting in particular data from external sector. The nation imported more goods and services which was far more than export-ed goods and service. This moderated the nation’s trade surplus, due to unfavourable balance of trade”.

In its monthly program title “what it means to be a Nigeria today”, LSintelligence Associates said that based on available public data, the value of capital imported into the economy went down by 31.1 per cent on annual comparison. It also noted that compare with previous quarter, capital imported was cutback by as much as 48.2% at the end of third quarter 2018.

“In layman language, what this means is that foreigners are on sideline for now. The market,

or perhaps the economy has nothing to offer investors to increase dollar flows into the economy. First impact is; external reserve will not be boosted.

Secondly, it implies that sentiment is weak. Money goes to where it is treated very well”; Analysts at LSintelligence meetings said.

In addition, Afrinvest, an investment banking firm remarked that; the trends we observed in these data were mostly discomforting, especially in the external sector due to unfavourable global and domestic conditions. The trade report for third quarter of 2018 showed a decline in the trade surplus, although this can mainly be attributed to a temporary surge in imports due to a largesized one-off capital goods item”.

The firm in its note is of the view that capital importation data for third quarter of 2018 confirmed its suspicions of intensifying capital outflows. At the end of the week, the inflation report released showed a quicker pace of price increases, after a surprising slowdown in October 2018.

In the report issued last week, total goods trade expanded by 48.8 per cent to N9.0 trillion, the fastest pace of increase since first quarter of 2017, due to a broadbased expansion in imports and exports. However, Afrinvest noted that as imports rose at a faster pace than exports, trade surplus moderated by 37.4 percent to settle at N681.3 billion which is its weakest level since the N1.1 trillion recorded in third quarter of 2017.

Headline inflation for November soared by 0.2 per cent from 11.26 per cent to 11.28 per cent according to data re-leased by the Nigerian Bureau of Statistics. Inflation moderately increased to 11.28 per cent year on year in November 2018, after the slowdown to 11.26 per cent in October which analysts believed would be short-lived.

The expansion in imports by 67.7 per cent to N4.2 trillion was the quickest quarterly expansion since first quarter of 2010 based on the Central Bank of Nigeria’s (CBN) trade data. However, this was largely due to the importation of a vessel which is suspected to be linked to the Egina FPSO expected to come online soon.

“Stripped of this one-off purchase, imports still showed a healthy growth of 19.0 per cent which is the fastest in six quarters.

This is perhaps a signal that consumer spending is gradually pick-ing up, consistent with the improvement in third quarter of 2018 trade gross domestic products (GDP)”, Afrinvest noted.

On the other hand, exports expanded 35.7 per cent year on year to N4.9 trillion which is at a slower pace compared with the previous two quarters. This was mainly driven by a 45.9 per cent year on year increase in average oil price to $75.5 per barrel as against third quarter 2017 at $51.7 per barrel, which offset a 4 per cent year on year contraction in oil production to 1.94 million barrel per day. However, on a quarter-on-quarter basis, exports growth of 7.8 per cent signals a recovery from the contraction recorded in the previous month.

Afrinvest said it attributes this almost entirely to higher oil production 1.94mb/d in third quar-ter as against 1.84mb/d in second quarter of 2018, as oil prices rose marginally by 1.3 per cent. Looking at the composition of exports and imports, we saw weak but positive trends. There

5

WESTAFRICA BUSINESSNEWS

SPECIAL REPORT

DECEMBER 17 - 21, 2018

94.4% of foreign receipts in Q3 – CBN

Baru was a strong growth of 36.6 per cent year on year in the value of petroleum products imported to N1 trillion, more than double what was recorded in the previous quarter.

Meanwhile, for non-oil imports, the importation of consumer goods and food & beverage consumed by households showed impressive growth. There was also a soft growth in the importation of intermediate inputs used in manufacturing. For exports, non-oil exports- which accounted for 3.4% of total exports - saw impressive growth of 34.1 per cent year on year to N163.3 billion in third quarter of 2018. However, this is very weak in comparison with historic highs and the value of non-oil exports in the first quarter, N577.6 billion, and second quarter of 2018, N218.6 billion.

According to data released by the Nigerian Bureau of Statistics, Foreign Portfolio Investment Slumps to 5-quarter Low Unsurprisingly, the total capital imported into Nigeria declined 31.1 per cent year on year to $2.9 billion in the third quarter of 2018, the weakest level in five quar-ters.

On a quarterly basis, there was a sharper decline of 48.2 per cent in total capital imported from $5.5 billion in second quarter of 2018.

This was majorly driven by a marked slowdown in portfolio investment which contracted by as much as 58.2 per cent and 37.7 per cent on quarter on quarter and year on year basis respec-tively to $1.7 billion

for second quarter of 2018 at $4.2 billion while third quarter of 2017 closed at $2.8 billion.

Afrinvest said; “As we had expected and hinted several times, there was a broad-based decline in portfolio investment in the third quarter of 2018. Foreign Portfolio Investment (FPI) in equity declined 58.2 per cent and 38.8 per cent on quarter on quarter and year on year basis respec-tively to $394 million — the weakest since first quarter of 2017. This can be attributed to lower foreign investor

participation due to political risks domestically and higher interest rates in ad-vanced economies”.

In the investment banking firm’s note; the firm said it observed a similar trend for both money market instruments and bonds where there was also a deep contraction despite an uptrend in yields. Total loans imported also contracted sharply to $561 million, 50 per cent and 41.3 per cent lower on quarter on quarter and year on year basis respectively.

We believe the decline in loans

imported also reflected the higher interest rate environment in advanced economies.

For the fourth consecutive quarter, money market instruments continued to be the largest des-tination of foreign capital with a share of 45.2 per cent of total capital imported.

Analysts be-lieve this is due to relatively attractive yields in the segment, compared with little movement in bond yields and a bearish run in the equities market.

It is also a sign that foreign

Stripped of this one-off purchase, imports still showed a healthy growth of 19.0 per cent which is the fastest in six quarters. This is perhaps a signal that consumer spending is gradually picking up, consistent with the improvement in third quarter of 2018 trade gross domestic products (GDP)

investors are more comfortable with local currency assets in the short-term, rather than the longterm potentials of the economy.

However, on a positive note, FDI more than doubled to $530.6 million in the third quarter of 2018 — the highest in three years — but this is barely 18.6 per cent of total capital imported.

Afrinvest posited that; “To achieve stronger growth and employment, there is a need for signif-icantly higher levels of FDI. We reiterate that both ease of doing business and industry specific reforms are required to unlock foreign capital”.

Overall, Afrinvest expects the decline in trade surplus and investment to have a deleterious impact on Nigeria’s current account surplus in the third quarter of 2018. We note that this was already reflected in the sharp moderation in external reserves in the period and afterwards.

Headline inflation for November soared by 0.2 per cent from 11.26 per cent to 11.28 per cent according to data released by the Nigerian Bureau of Statistics.

Inflation moderately increased to 11.28 per cent year on year in November 2018, after the slowdown to 11.26 per cent in October which analysts believed would be short-lived. The recent upsurge was mainly driven by a rise in month on month inflation to 0.8 percent in November from 0.7 per cent in the previous month.

Consistent with the trends observed for most of the year, headline inflation was pressured by a faster month on month increase in food inflation at 0.9 per cent as against 0.8 per cent in Oc-tober. In turn, headline inflation rose to 13.31 per cent year on year compare with 13.28 per cent in October, although still marginally lower than September levels of 13.3 per cent.

For core inflation, there was a moderation to 9.8 per cent on annual comparison, halting the brief spike in the previous month. This was prompted by slower increases in energy and trans-portation costs. As analysts at Afrinvest hinted in October inflation update, the gains from the harvest season is fading as another seasonal factor which is the festive period has a stronger impact.

“We believe the November inflation data will have no material impact on the direction of trading in the fixed income market.

CBN’s open market operation (OMO) auctions, which has been aggressive of recent, will continue to dictate the pace of activities.

Looking ahead, we expect a faster increase in inflation in December due to higher demand in the festive season. However, we note that the overall picture for 2018 is not completely gloomy as there have been im-provements.

Our revised estimate of monthly average inflation at 12.2% in 2018 is significantly better than 16.6% in 2017”, Afrinvest said.

BUSINESSNEWS 6 WESTAFRICA DECEMBER 17 - 21, 2018

STOCKS

Nigeria’s Equities Market: Will 2019 fare better?

BY BONNY AMADI

T

he near stagnation of the Nigerian equities primary market over the past years continues to generate concerns as more and more companies delist from the Nigerian Stock Exchange (NSE), voluntarily or regulatory induced.

The stagnation of activities of the initial primary Offer (IPO) segment of the Nigerian equities market in successive years , have raised concern on how the market would fare in 2019.

The segment which is currently experiencing one of its kinds in a decade, initial primary offer

by Skyway Aviation Han-dling Company Plc (SACHO),though a product of privatisation by the federal government, a trend that many posit, would open the flood gate of IPOs in 2019, including the long awaited MTNs offer.

But “would a drowsy secondary market lead to a robust primary market?, a seasoned stockbroker questioned Westafrica BusinessNews.

A worrisome trend on lacklustre of listed firms, demonstrates fear on Research shows that barely three weeks to the end of 2018 financial year, 20 companies were yet to deliver their third quarter 2018 result.

Some of the companies fall under the category that re expected to drive unlisted companies to strive to list, yet their post listing performances appeared not encouraging to unlisted firms Findings by Westafrica BusinessNews show that irrespective of spirited effort by the capital market regulators to re-kindle hope of investors in the Nigerian market, the spate of breaches of post listing rules by listed firms further con-firms the harsh operating environment and why the initial public offer (IPO) market of the Nigerian Stock Exchange (NSE) would remain desolate in the coming year.

Highlighting challenges faced by listed firms, the NSE X- compliance report revealed that may listed firms continue to struggle with the challenge of meeting the post listing requirements of the exchange, thus revealing why many prospective list able companies continue to shun away from the market and a preview of what the IPO segment would be in 2019.

Quoted companies on The Exchange are required to file their quarterly accounts within 30 days after the end of the quarter in accordance with Appendix iii of the Listing Rules Also, 22 companies listed on the Nigerian bourse were, as at the time of filling this report, yet to deliver their second quarter 2018 results, while 17 companies

Oscar Onyeama

It is a dual edged sword, when companies are voluntarily delisted by the Exchange, shareholders lose their investment value and when firm list on the bourse, investors pump in their funds, whichever way, it is the investors that lose. were yet to submit to the Nigerian stock Exchange, their first quarter 2018 financial statements.

Three companies with financial year end as MARCH, have been found to be unable to release their audited financial statement for the year, eight months after year end Just as the 2018 financial year is winding up, 11 companies were yet to file in their 2018 audited financial results, just as Fortis Microfinance Bank,

NPF Microfinance Bank, Staco Insurance, Cement Company of Northern Nigeria, and Smart Products Nigeria.

Some of the 18 companies that were yet to release their 2017 audited financial statements barely two years after, are, Nigerian German Chemical, Roads Nigeria, Afromedia, African Alliance Insurance , Fortis Microfinance Bank, Skye Bank, Staco Insurance, Anino International and Juli.

Others are Union Homes Savings & Loans, Goldlink Insurance, Unic Diversified Holdings, Evans Medical, and Interna-tional Energy Insurance and Omatek Ventures.

They also include, Aso Savings & Loans, Resort Savings & Loans and Multi-Trex Integrated Foods, the companies’ weak performances and bleak future, reinforces the fear of cross section of market experts that the equities primary would not become vibrant unless a clear supportive political will has been established by the government.

For the retail investors in the market, there seem to be no prospect of vibrant initial public offer market in the coming year, based on the challenges the secondary market has been facing. Cross section of the retail investors argued that, expecting a vibrant IPO market in 2018, would amount to trivialising the prevailing market challenges which has led to sustained flight to safety by foreign investors as well as more local investors.

A Lagos based stock broker, Dapo Adenle told Westafrica BusinessNews that he is not expecting much from the primary market in 2018 because of the challenged macroeconomic environment which has a resounding impact on the in-

vestment climate. “I am not expecting much until the macro economic environment picks up” Adenle said.

Chairman, Progressive shareholders Association of Nigeria (PSAN) Okezie Boniface, said while would there be upsurge in the primary market when the secondary market has remained epileptic and weighed down by political pronouncements from political party chiefs.

He said “until the elections hold and new president emerges, that is when we will be expecting a turnaround in the market and this will trickle down to the primary market” Okezie continued “I don’t think there will be any sound reversal from the near comatose nature of the primary market now or in the near future until there are meaningful assurances from the government which people would take as supportive of the market” However, Solomon Kugbe of Marriot Securities, speaking to Westafrica BusinessNews on his expectations of the primary market in 2019, said that the entire market would leverage on the goodwill of the government in conducting the forthcoming elections, as whatever transpires in the primary market takes cue from the secondary market segment.

Another investor who preferred anonymity said that reversal of the market, including the primary market would cer-tainly take long, even as he pointed regulation and investor protection as bane of investors in the market.

The investor fingered how listed companies delist soon after listing as one of the challenges that continue to baffle investors and even prospective companies from approaching the market.

He said that when companies want to mop up funds from inspecting investors, they would device every means to meet up with NSE’s listing and post listing rules, but when they have raised enough funds, paid dividend for few years, the company drivers would deliberately put their firm in loss position and start defaulting in post listing rules.

This is followed by sanctions and sanctions by the NSE of which the firms would fail to pay, giving excuse that they lack funds and subsequently, the NSE would place them on delisting watch and finally delisted, eroding investors’ funds.

“It is a dual edged sword, when companies are voluntarily delisted by the Exchange, shareholders lose their investment value and when firm list on the bourse, investors pump in their funds, whichever way, it is the investors that lose”

10

ECONOMY

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED 14TH DECEMBER, 2018

1

TAANA LIMITED

CANDLES

10/12/2018

315.50

8,440.00

95

MIKANO INT L LTD

60KVA CKD GENSET

12/12/2018

362.11

53,205.00

2

TAANA LIMITED

CHARCOAL IRON

10/12/2018

307.80

9,450.00

96

MULTICHEM INDUSTRIES

INDUSTRIAL RAW MATERIALS

12/12/2018

362.11

98,650.00

3

CBN

IMTSO

10/12/2018

357.00

38,542.06

97

PARDEE FOODS NIG. LIMITED

4,500MT OF DARK CHOCOLATE COMPOUND

12/12/2018

362.11

11,396.10

4

CBN

IMTSO

10/12/2018

357.00

106,601.32

98

RELCHEM LIMITED

TOLUENE DIISOCYANATE

12/12/2018

362.11

86,606.32

5

CBN

IMTSO

10/12/2018

357.00

69,724.18

99

RELCHEM LIMITED

POLYOL-PPG3601

12/12/2018

362.11

282,240.00

6

OKOROAFOR CHIDI AGODI

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

8,940.28

100

RELCHEM LIMITED

NORMAL BUTANOL

12/12/2018

362.11

104,448.00

7

ATIENE TSERUNDEDE

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

12,462.70

101

SANKIL PHARMACEUTIC

RAW MATERIALS FOR PHARMACEUTICALS

12/12/2018

362.11

20,375.00

8

BEKEFULA STEPHEN

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

245.00

102

SONNEX PACKAGING LTD

SARA (HONG KONG) LIMITED

12/12/2018

362.11

154,369.69

9

OSEJI KENNETH CHUKWUKA (GBP 3,027.00)

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

3,885.46

103

CKS INTERNATIONAL LTD

PRODUCT OF AGRICULTURE (MADE FROM CORN AND RICE ) MONOSODIUM GLUTAMATE

12/12/2018

362.11

60,000.00

10

AMADU BK SALISU (GBP 4,277.000)

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

5,489.96

104

CKS INTERNATIONAL LTD

PRODUCT OF AGRICULTURE (MADE FROM CORN AND RICE ) MONOSODIUM GLUTAMATE

12/12/2018

362.11

34,274.40

11

ESHILAMA DONALDSON ALOAYE (CAD 4,000.00)

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

3,029.39

105

DE UNITED FOOD INDUSTRIES LTD

FLAVOUR CHICKEN

12/12/2018

362.11

113,910.00

12

CAULCRICK ABOSEDE FOLUSO (CAD 8,050.00)

PAYMENT OF SCHOOL FEES

10/12/2018

359.00

6,096.64

106

UNILEVER NIG. LTD

SILICON DIOXIDE

12/12/2018

362.11

90,225.00

13

OMOLOLA CARDOSO

PER DIEM

10/12/2018

360.00

7,200.00

107

UNIQUE PHARMACEUTICAL LTD

LIQUID GLUCOSE

12/12/2018

362.11

160,200.00

14

TETEM FEYI-WABOSO

PER DIEM

10/12/2018

360.00

1,650.00

108

WANDEL INTERNATIONAL LTD

420 UNITS MOTORIZED TRICYCLES - SPARK IGNITION IN CKD-TVS BRAND

12/12/2018

362.11

374,069.15

15

ABIWO, OPEOLUWA ANUOLUWAPO

PER DIEM

10/12/2018

360.00

1,500.00

109

EXXON PHARMA NIGERIA

PHARMACEUTICAL PRODUCTS

12/12/2018

362.11

150,000.00

16

EKUNDAYO OLUFUNMILOLA OLUSOLA

PTA/BTA

10/12/2018

359.00

2,000.00

110

RELCHEM LIMITED

TOLUENE DIISOCYANATE

12/12/2018

362.11

500,000.00

17

EZIHE ONYINYECHUKWU MARY

PTA/BTA

10/12/2018

359.00

4,000.00

111

SPRINGFIELD AG LTD

NPK 15:15:15 FERTILIZER

12/12/2018

362.11

1,000,000.00

18

ISIKALU BUSOLA ELIZABETH

PTA/BTA

10/12/2018

359.00

4,000.00

112

NIGERIAN SPINNERS AND DYERS LTD

ABOUT 76,000 KILOS 3.3 DECITEX BRIGHT HIGH BULK DYED ACRYLIC LONG STAPLE SYNTHETIC FIBRE TOPS OF LONG STAPLE FIBRE OVER 75MM IN LENGTH 12/12/2018

362.11

120,000.00

19

OBIMUYIWA DOLAPO OLUWATOBI

PTA/BTA

10/12/2018

359.00

4,000.00

113

PENTAGON PLASTICS

RAW MATERIAL FOR INDUSTRY

12/12/2018

362.11

162,360.00

20

OBUTE PAMELA KWENEOJO

PTA/BTA

10/12/2018

359.00

4,000.00

114

NIGERIAN BREWERIES PLC (EUR 65,008.74)

MACHINERY SPARES

12/12/2018

362.11

74,344.00

21

OGUNBIYI MODUPE (GBP 3,100.00)

PTA/BTA

10/12/2018

359.00

3,979.16

115

NIGERIAN BREWERIES PLC (EUR 33,735.57)

AUXILIARY MATERIAL

12/12/2018

362.11

38,580.00

22

ONYEKE VALERIE ENEODO

PTA/BTA

10/12/2018

359.00

1,500.00

116

NIGERIAN BREWERIES PLC (EUR 41,065.06)

AUXILIARY MATERIAL

12/12/2018

362.11

46,962.00

23

OSUNDE IGHIWIYISI OLUABO

PTA/BTA

10/12/2018

359.00

4,000.00

117

NIGERIAN BREWERIES PLC (EUR 50,574.50)

MACHINERY SPARES

12/12/2018

362.11

57,837.00

24

SENBANJO RONKE DAMILOLA

PTA/BTA

10/12/2018

359.00

2,000.00

118

NIGERIAN BREWERIES PLC (EUR 57,340.85)

BREWERY EQUIP

12/12/2018

362.11

65,575.00

25

SUDEEP RAY

PTA/BTA

10/12/2018

359.00

3,100.00

119

NIGERIAN BREWERIES PLC (EUR 575.40)

CB BOTTLE WASHERS LINE 3 SPARE PARTS

12/12/2018

362.11

658.03

26

CELETUS ENTERPRISES

SME

10/12/2018

358.00

12,300.00

120

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT (VISCOSITY IMPROVER)

12/12/2018

362.11

94,397.85

27

CHIDOSPACO GLOBAL ENTERPRISE

SME

10/12/2018

358.00

7,168.00

121

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT (VISCOSITY IMPROVER)

12/12/2018

362.11

34,466.11

28

CINKOLO

SME

10/12/2018

358.00

20,000.00

122

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT (VISCOSITY IMPROVER)

12/12/2018

362.11

1,083.66

29

EJIBE CIO GLOBAL CONCEPT

SME

10/12/2018

358.00

20,000.00

123

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT

12/12/2018

362.11

24,132.17

30

OKWUY MODELINVESTMENT LTD

SME

10/12/2018

358.00

20,000.00

124

MIDDLE POINT NIGERIA LTD

AUTO MASKING TAPE

12/12/2018

362.11

74,018.00

31

RISON CONSULTING LTD

SME

10/12/2018

358.00

20,000.00

125

MIDDLE POINT NIGERIA LTD

ELITE LIGHT WEIGHT BODYFILLER

12/12/2018

362.11

335,913.60

32

TRICA AND MAX LTD

SME

10/12/2018

358.00

19,970.00

126

MIDDLE POINT NIGERIA LTD

ELITE LIGHT WEIGHT BODYFILLER

12/12/2018

362.11

377,902.80

33

VICKIYE DYNAMIC CONCEPT

SME

10/12/2018

358.00

10,000.00

127

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT

12/12/2018

362.11

24,574.15

34

CBN

IMTSO

11/12/2018

357.00

16,622.17

128

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT

12/12/2018

362.11

42,255.50

35

CBN

IMTSO

11/12/2018

357.00

145,343.11

129

MIDDLE POINT NIGERIA LTD

STAINLESS KOMBI PUTTY

12/12/2018

362.11

40,670.00

36

CBN

IMTSO

11/12/2018

357.00

145,739.17

130

MIDDLE POINT NIGERIA LTD

STAINLESS KOMBI PUTTY

12/12/2018

362.11

586.16

37

CBN

IMTSO

11/12/2018

357.00

5,450.00

131

MIDDLE POINT NIGERIA LTD

SUPER MASTIC LIGHT

12/12/2018

362.11

18,349.78

38

CBN

IMTSO

11/12/2018

357.00

6,259.58

132

MIDDLE POINT NIGERIA LTD

GALES BRAND AUTOMOTIVE BATTERIES

12/12/2018

362.11

2,288.90

39

CBN

IMTSO

11/12/2018

357.00

31,199.08

133

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT

12/12/2018

362.11

34,122.83

40

ABBA SANI ABUBAKAR

PTA/BTA

11/12/2018

359.00

3,000.00

134

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT (VISCOSITY IMPROVER)

12/12/2018

362.11

89,317.44

41

ABUBAKAR YAHAYA

PTA/BTA

11/12/2018

359.00

3,000.00

135

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT

12/12/2018

362.11

10,400.40

42

ADELOKUN SHERIF ALABI

PTA/BTA

11/12/2018

359.00

1,000.00

136

MIDDLE POINT NIGERIA LTD

CONTACT ADHENSIVE NP-734

12/12/2018

362.11

17,347.74

43

AGI NDUBUEZE EZEKIEL

PTA/BTA

11/12/2018

359.00

3,300.00

137

MIDDLE POINT NIGERIA LTD

STOP OIL TREATMENT (VISCOSITY IMPROVER)

12/12/2018

362.11

16,098.60

44

ERHIRHIE FELICIA ONOME

PTA/BTA

11/12/2018

359.00

3,000.00

138

MIDDLE POINT NIGERIA LTD

ELITE LIGHT WEIGHT BODYFILLER

12/12/2018

362.11

9,622.94

45

ILONUBA KELECHI LAWRENCE

PTA/BTA

11/12/2018

359.00

4,000.00

139

MIDDLE POINT NIGERIA LTD

NAN PAO CONTACT ADHENSIVE

12/12/2018

362.11

1,995.48

46

NASIRU AJANAH

PTA/BTA

11/12/2018

359.00

2,200.00

140

MIDDLE POINT NIGERIA LTD

STAINLESS LIGHT BODYFILLER

12/12/2018

362.11

455.89

47

PATIENCE CHIGOZIE OGBONNA

PTA/BTA

11/12/2018

359.00

4,000.00

141

MIDDLE POINT NIGERIA LTD

JUST ENERGY AUTOMOTIVE BATTERY

12/12/2018

362.11

725,653.96

48

PROSPER IKECHUKWU OGBONNA

PTA/BTA

11/12/2018

359.00

4,000.00

142

MIDDLE POINT NIGERIA LTD

STAINLESS KOMBI PUTTY

12/12/2018

362.11

24,346.04

49

UGWU MICHAEL

PTA/BTA

11/12/2018

359.00

2,200.00

143

ODA FOODS DISTRIBUTION LIMITED

AMI CHICKEN 12X144 CUBES 5G

12/12/2018

362.11

17,640.00

50

UMEH EMMANUEL

PTA/BTA

11/12/2018

359.00

4,000.00

144

CBN

UNUTILISED INVISIBLES 0312

12/12/2018

357.00

823,581.18

51

EMEKA OKONKWO

PER DIEM

11/12/2018

360.00

4,000.00

145

CBN

IMTSO

13/12/2018

357.00

41,911.49

52

AGBESE JOYCE

PAYMENT OF SCHOOL FEES

11/12/2018

359.00

1,500.00

146

CBN

IMTSO

13/12/2018

357.00

5,800.00

53

TOBBY ANICHEBE AND SON

SME

11/12/2018

358.00

18,500.00

147

CBN

IMTSO

13/12/2018

357.00

70,823.70

54

PURITER SOLUTIONS LTD

SME

11/12/2018

358.00

20,000.00

148

CBN

IMTSO

13/12/2018

357.00

113,292.68

55

EASY MANGAS INTERNATIONAL NIG LTD

SME

11/12/2018

358.00

20,000.00

149

ADEWALE IYABODE ADEJOKE (GBP 1,000.00)

PTA/BTA

13/12/2018

359.00

1,272.80

56

CBN

IMTSO

12/12/2018

357.00

51,944.52

150

AGBATO JOSEPH ELVIS

PTA/BTA

13/12/2018

359.00

500.00

57

CBN

IMTSO

12/12/2018

357.00

144,442.67

151

AGBO CHIDIKE PRINCE

PTA/BTA

13/12/2018

359.00

2,000.00

58

CBN

IMTSO

12/12/2018

357.00

74,962.55

152

AISHA BWARI BAWA

PTA/BTA

13/12/2018

359.00

4,000.00

59

AWODERU CHRISTOPHER EBUN OLUWASIJIBOMO

PTA/BTA

12/12/2018

359.00

4,000.00

153

ALUTA EVELYN OMOLARA

PTA/BTA

13/12/2018

359.00

2,500.00

60

DR. MRS DESALU IBIRONKE

PTA/BTA

12/12/2018

359.00

4,000.00

154

IGUDIA SANDRA

PTA/BTA

13/12/2018

359.00

3,000.00

61

OLUYEMI OLUGBENGA ABAYOMI

PTA/BTA

12/12/2018

359.00

4,000.00

155

IKOKWU ERIC ADINDU

PTA/BTA

13/12/2018

359.00

4,000.00

62

UMEZURUIKE ANTHONY C

PTA/BTA

12/12/2018

359.00

4,000.00

156

OGUN OLUFEMI OLADIRAN

PTA/BTA

13/12/2018

359.00

4,000.00

63

UNION BANK OF NIG PLC

LICENSE AGREEMENT

12/12/2018

362.11

69,507.06

157

ONYEMAUWA EKE SAMUEL

PTA/BTA

13/12/2018

359.00

4,000.00

64

UNION BANK OF NIG PLC

LICENSE AGREEMENT

12/12/2018

362.11

1,750,000.00

158

SOLARIN ABOSEDE TEJUMADE

PTA/BTA

13/12/2018

359.00

2,000.00

65

UNION BANK OF NIG PLC

LICENSE AGREEMENT

12/12/2018

362.11

71,442.84

159

OLADIPO MARK OMOTOLA AFOLAYAN (GBP 105.00)

MEMBERSHIP FEES

13/12/2018

359.00

132.69

66

GEORGE AMA (GBP 6,519.00)

PAYMENT OF SCHOOL FEES

12/12/2018

359.00

8,215.24

160

AGHAGBA ADURA HELEN

PAYMENT OF SCHOOL FEES

13/12/2018

359.00

1,490.00

67

OYAFEMI RISIKAT FOLAKE (GBP 3,027.00)

PAYMENT OF SCHOOL FEES

12/12/2018

359.00

3,814.63

161

OKUNUGA OLUTAYO GBOLAHAN (GBP 7,027.00)

PAYMENT OF SCHOOL FEES

13/12/2018

359.00

8,943.97

68

CHIMA PAULINUS AGU (GBP 9,433.00)

PAYMENT OF SCHOOL FEES

12/12/2018

359.00

11,887.47

162

ADEGBOYEGA EKUNBANJO AKUNBOYEJO

PAYMENT OF SCHOOL FEES

13/12/2018

359.00

1,145.00

69

DILIP SHAH

PERSONAL HOME REMITTANCE

12/12/2018

362.11

23,000.00

163

AMAEWHULE CYRIL (GBP 6,377.00)

PAYMENT OF SCHOOL FEES

13/12/2018

359.00

8,116.65

70

GAVIN JAMES STEWART

PERSONAL HOME REMITTANCE

12/12/2018

362.11

23,000.00

164

ODUNJO OLABODE ALAO (EUR 12,550.00)

PAYMENT OF SCHOOL FEES

13/12/2018

359.00

14,402.38

71

RICHARD JOHNSON

PERSONAL HOME REMITTANCE

12/12/2018

362.11

23,000.00

165

ARJI CNN GLOBAL LINK LTD

SME

13/12/2018

358.00

12,000.00

72

SANJEEV RAJ KAPOOR

PERSONAL HOME REMITTANCE

12/12/2018

362.11

23,000.00

166

BESURE BILLS CONCEPT

SME

13/12/2018

358.00

20,000.00

73

RAKESH RASTOGI

PERSONAL HOME REMITTANCE

12/12/2018

362.11

9,560.00

167

BIMRAJ NIGERIA LTD

SME

13/12/2018

358.00

20,000.00

74

CARLOS WANDERLEY

PERSONAL HOME REMITTANCE

12/12/2018

362.11

7,490.10

168

EZISI INVESTMENT LTD

SME

13/12/2018

358.00

20,000.00

75

UNION BANK OF NIG PLC (EUR 1,000.000

UBUK CHARGES

12/12/2018

360.00

1,137.20

169

HONOURED EAGLE NIG ENT

SME

13/12/2018

358.00

20,000.00

76

BAAL -PERAZIM GLOBAL LINKS

SME

12/12/2018

358.00

10,000.00

170

KC FRANK INDUSTRIES LTD

SME

13/12/2018

358.00

20,000.00

77

BEST SUNRISE INT'L LTD

SME

12/12/2018

358.00

10,000.00

171

OBIOGBOLU GLOBAL CO LTD

SME

13/12/2018

358.00

20,000.00

78

GACIA ELECTRICAL APP NIG LTD

SME

12/12/2018

358.00

20,000.00

172

TOP-HERO GLOBAL COMPANY LTD

SME

13/12/2018

358.00

20,000.00

79

HUJ ENTERPRISES AUTOMOBILE NIG

SME

12/12/2018

358.00

8,000.00

173

TOTAL ADJUSTERS AND REVOVERIES LTD

SME

13/12/2018

358.00

10,000.00

80

RUBTIC SOLAR CO LTD

SME

12/12/2018

358.00

20,000.00

174

MANUCHAR TRADING HOUSE INTL LIMITED

2000 MT SODIUM SULPHATE

13/12/2018

362.11

200,000.00

81

AFRICA CONTINENTAL GBF TRADING NIG LIMITED

BAMA MAYONNAISE

12/12/2018

362.11

32,580.06

175

RELCHEM LIMITED

100 METRIC TONS OF TOLUENE DIISOCYANATE - TDI 80/20 IN 250 KG NET DRUMS. TOTAL OF 400 DRUMS AS PER PFI# EPFI8221S/18 DATED 3 AUGUST 2018 13/12/2018

362.11

200,000.00

82

AFRICA CONTINENTAL GBF TRADING NIG LIMITED

BAMA MAYONNAISE

12/12/2018

362.11

92,774.58

176

KNEIPE NIGERIA LIMITED (EUR 28,477.84)

5,616 BAGS OF GOOD MORNING WHITE OATS IN 25KG BULK FOR PRODUCTION USE ONLY

13/12/2018

362.11

32,322.35

83

CABASHORE ENERGY SERVICES

GASOIL

12/12/2018

362.11

534,829.15

177

CHINA UNITY MANUFACTURING LTD

2,085 SET/CTNS OF BUTTERFLY BRAND INDUSTRIAL SEWING MACHINE WITH COMPLETE SET AS PER PROFORMA INVOICE NO. 18 SDN 1818 OF 23 AUGUST 2018. 13/12/2018

363.55

21,588.90

84

CHINA UNITY MANUFACTURING LTD

SEWING MACHINE

12/12/2018

362.11

22,922.64

178

CHINA UNITY MANUFACTURING LTD

2,085 SET/CTNS OF BUTTERFLY BRAND INDUSTRIAL SEWING MACHINE WITH COMPLETE SET AS PER PROFORMA INVOICE NO. 18 SDN 1818 OF 23 AUGUST 2018. 13/12/2018

362.11

21,200.00

85

CLARION MEDICALS LTD

PHARMACEUTICAL PACKAGING

12/12/2018

362.11

6,423.75

179

HAQQBARR GLOBAL LTD

UNCOATED WOODFREE PAPER

13/12/2018

362.11

100,596.98

86

DARAJU INDUSTRIES

ESSENTIAL RAW MATERIALS

12/12/2018

362.11

87,201.13

180

HAQQBARR GLOBAL LTD

UNCOATED WOODFREE PAPER

13/12/2018

362.11

99,236.37

87

EUROCHEMCO VENTURES

PVC

12/12/2018

362.11

100,700.00

181

HAQQBARR GLOBAL LTD

120MT OF UNCOATED WOODFREE PAPER - RAW MATERIAL FOR EXERCISE BOOK PRODUCTION 13/12/2018

362.11

166.65

88

EUROCHEMCO VENTURES

PVC

12/12/2018

362.11

164,700.00

182

CABASHORE ENERGY SERVICES

GAS OIL

13/12/2018

362.11

500,000.00

89

EUROCHEMCO VENTURES

HIGH DENSITY POLYEHTLENE

12/12/2018

362.11

73,840.00

183

DANGOTE SUGAR PLC (EUR 481.94)

SPARE PARTS FOR ITEM

13/12/2018

340.35

547.00

90

FEMINA HYGIENICAL NIGERIA LIMITED

CELLULOSE FLUFF PULP

12/12/2018

362.11

133,725.00

184

DANGOTE SUGAR PLC (EUR 925.19)

MASSECUITE PUMP SPARES

13/12/2018

340.35

1,050.09

91

FEMINA HYGIENICAL NIGERIA LIMITED

TISSUE IN JUMBO ROLLS COVERING TISSUE

12/12/2018

362.11

60,957.00

185

DANGOTE SUGAR PLC (EUR 1,551.13)

MASSECUITE PUMP SPARES

13/12/2018

340.35

1,760.53

92

FINE CHEMICALS NIG LTD

RAW MATERIALS FOR INDUSTRIAL USE

12/12/2018

362.11

89,472.00

186

NIGERIAN BREWERIES PLC (EUR 4,580.18)

AUXILIARY MATERIAL

13/12/2018

362.11

5,198.50

93

LIFECARE VENTURES

1 U OF GE JENBACHER(RECONDITIONED) JS320 GAS ENGINE WITH ALTERNATOR A

12/12/2018

362.11

750.00

187

MIDDLE POINT NIGERIA LTD (GBP 4,004.68)

P38 SUPER MASTIC LIGHT

13/12/2018

362.11

5,060.71

94

LORNA NIGERIA LTD

ARTIFICIAL FILAMENT TOW

12/12/2018

362.11

100,000.00

188

JMG LIMITED (GBP 34,604.80)

GENERATING SET IN CKD FORM

13/12/2018

340.35

43,730.09

11

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED 14TH DECEMBER, 2018

189

JMG LIMITED (GBP 34,604.80)

GENERATING SETS IN CKD FORM -9 UNITS 1506A-E88TAG3 PERKINS ENGINE FOR 275KVA- P275-3, 9 UNITS MJB250LB4 MARELLI ALTERNATOR 13/12/2018

340.35

43,730.09

32

OTHER SOURCES 32

10/12/2018

363.67

1,563.45

190

JMG LIMITED (GBP 37,750.69)

GENERATING SETS IN CKD FORM

13/12/2018

340.35

47,705.55

33

OTHER SOURCES 33

10/12/2018

357.00

100.08

191

JMG LIMITED (GBP 13,370.04)

GENERATING SETS IN CKD FORM

13/12/2018

340.35

16,895.72

34

OTHER SOURCES 34

10/12/2018

357.00

1,000.00

192

JMG LIMITED (GBP 49,547.78)

GENERATING SETS IN CKD

13/12/2018

340.35

62,613.53

35

OTHER SOURCES 35

10/12/2018

357.00

2,000.00

193

JMG LIMITED (GBP 33,818.32)

GENERATING SETS IN CKD FORM

13/12/2018

340.35

42,736.21

36

OTHER SOURCES 36

10/12/2018

357.00

252.00

194

J UDEAGBALA & SONS NIG LTD

SELF ADHESIVE, SHEET FILMS, FOIL

13/12/2018

307.35

10,000.00

37

OTHER SOURCES 37 (GBP 167.00)

10/12/2018

357.00

210.92

195

J UDEAGBALA & SONS NIG LTD

SELF ADHESIVE, SHEET FILMS, FOIL

13/12/2018

307.35

10,000.00

38

OTHER SOURCES 38

11/12/2018

365.00

1,216,651.29

196

J UDEAGBALA & SONS NIG LTD

SELF ADHESIVE, SHEET FILMS, FOIL

13/12/2018

307.40

30,000.00

39

OTHER SOURCES 39

11/12/2018

306.90

30,000.00

197

J UDEAGBALA & SONS NIG LTD

SELF ADHESIVE, SHEET FILMS, FOIL

13/12/2018

307.40

10,000.00

40

OTHER SOURCES 40

11/12/2018

355.00

145,739.17

198

CBN

IMTSO

14/12/2018

357.00

33,878.01

41

OTHER SOURCES 41

11/12/2018

355.00

31,199.08

199

CBN

IMTSO

14/12/2018

357.00

77,235.47

42

OTHER SOURCES 42

11/12/2018

355.00

6,259.58

200

CBN

IMTSO

14/12/2018

357.00

87,522.90

43

OTHER SOURCES 43

11/12/2018

355.00

145,343.11

201

AUTA HALIMA GYOBE (CAD 3,480.00)

PAYMENT OF SCHOOL FEES

14/12/2018

359.00

2,619.50

44

OTHER SOURCES 44

11/12/2018

355.00

16,622.17

202

ENENE MARRCUS EDWIN

PAYMENT OF SCHOOL FEES

14/12/2018

359.00

10,295.00

45

OTHER SOURCES 45

11/12/2018

355.00

5,450.00

203

OSUALA SAMUEL

PER DIEM

14/12/2018

360.00

1,600.00

46

OTHER SOURCES 46 (GBP 336.00)

11/12/2018

355.00

421.92

204

EJIKE OBIALO EMEKALAM

PER DIEM

14/12/2018

360.00

1,400.00

47

OTHER SOURCES 47

11/12/2018

364.57

5,123.82

205

CHARLES ARABOME

PER DIEM

14/12/2018

360.00

1,320.00

48

OTHER SOURCES 48

11/12/2018

357.00

15,000.00

206

THEOPHILUS OLUMUYIWA

PER DIEM

14/12/2018

360.00

1,400.00

49

OTHER SOURCES 49

12/12/2018

306.90

10,000.00

207

OMOLOLA CARDOSO

PER DIEM

14/12/2018

360.00

1,600.00

50

OTHER SOURCES 50

12/12/2018

355.00

144,442.67

208

AJOSE TITILAYO

STUDENT UPKEEP

14/12/2018

359.00

3,000.00

51

OTHER SOURCES 51

12/12/2018

355.00

74,962.55

209

CHANNELS INCORPORATED LTD (GBP 76,243.10)

SUBSCRIPTION PAYMENT

14/12/2018

359.00

95,662.22

52

OTHER SOURCES 52

12/12/2018

355.00

51,944.52

210

DIAMOND BANK NIG

INTERBANK

14/12/2018

365.50

575,859.27

53

OTHER SOURCES 53 (EUR 500.00)

12/12/2018

355.00

568.60

211

AISHA SHEKONYADU BWARI BAWA

PTA/BTA

14/12/2018

359.00

2,000.00

54

OTHER SOURCES 54 (EUR 150.00)

12/12/2018

355.00

170.58

212

ANYAKORA NGOZI IKECHUKWU

PTA/BTA

14/12/2018

359.00

4,000.00

55

OTHER SOURCES 55 (EUR 900.00)

12/12/2018

355.00

1,023.48

213

DANIEL OSAYI

PTA/BTA

14/12/2018

359.00

4,000.00

56

OTHER SOURCES 56 (GBP 75.00)

12/12/2018

355.00

94.82

214

ELUMEZE PATIENCE ONWA

PTA/BTA

14/12/2018

359.00

2,700.00

57

OTHER SOURCES 57

12/12/2018

355.00

1,000.00

215

IWAENI OYINLOLA YEWANDE

PTA/BTA

14/12/2018

359.00

2,000.00

58

OTHER SOURCES 58

12/12/2018

355.00

98.12

216

LASEBIKAN ABIOLA (GBP 1,300.00)

PTA/BTA

14/12/2018

359.00

1,631.11

59

OTHER SOURCES 59

12/12/2018

355.00

3,980.00

217

NWANI CONSTANCE OTASOWIE

PTA/BTA

14/12/2018

359.00

4,000.00

60

OTHER SOURCES 60

12/12/2018

355.00

2,837.04

218

OLI EMEKA MATTHEW

PTA/BTA

14/12/2018

359.00

4,000.00

61

OTHER SOURCES 61

12/12/2018

355.00

3,300.00

219

ONUH NESTOR CLETUS

PTA/BTA

14/12/2018

359.00

1,500.00

62

OTHER SOURCES 62

12/12/2018

355.00

3,600.00

220

ONUH NNENNA JANE

PTA/BTA

14/12/2018

359.00

1,500.00

63

OTHER SOURCES 63

12/12/2018

355.00

213.00

221

SULAIMON AMINAT OPEOLUWA

PTA/BTA

14/12/2018

359.00

4,000.00

64

OTHER SOURCES 64

12/12/2018

355.00

120.00

222

SULAIMON IDRIS ONAOLAPO

PTA/BTA

14/12/2018

359.00

4,000.00

65

OTHER SOURCES 65

12/12/2018

355.00

196.00

223

AUTO AKABROS GENERAL SUPPLY COMPANY

SME

14/12/2018

358.00

5,300.00

66

OTHER SOURCES 66

12/12/2018

355.00

4,373.00

224

BANEVAL INT'L CO NIG LTD

SME

14/12/2018

358.00

20,000.00

67

OTHER SOURCES 67

12/12/2018

355.00

1,280.00

225

BEAUTIFUL FARMS LTD

SME

14/12/2018

358.00

20,000.00

68

OTHER SOURCES 68

12/12/2018

355.00

27.00

226

C.DUBEX VENTURES NIG

SME

14/12/2018

358.00

20,000.00

69

OTHER SOURCES 69

12/12/2018

355.00

425.00

227

CAM-ROCK PIL SERVICES LTD

SME

14/12/2018

358.00

20,000.00

70

OTHER SOURCES 70

12/12/2018

355.00

1,047.00

228

CLETUS ENTERPRISES

SME

14/12/2018

358.00

7,650.00

71

OTHER SOURCES 71

12/12/2018

355.00

130.00

229

COLLS ORIENT INVESTMENTS LTD

SME

14/12/2018

358.00

20,000.00

72

OTHER SOURCES 72

12/12/2018

355.00

3,900.00

230

DIMNESTO NIG LTD

SME

14/12/2018

358.00

20,000.00

73

OTHER SOURCES 73

12/12/2018

355.00

1,815.00

231

EBERECHUKWU ONYEKSON GLOBAL LTD

SME

14/12/2018

358.00

10,000.00

74

OTHER SOURCES 74

12/12/2018

355.00

2,855.00

232

F.I AGODI AND SON NIGERIA

SME

14/12/2018

358.00

20,000.00

75

OTHER SOURCES 75

12/12/2018

355.00

2,800.00

233

GODSON AND HANSON LTD

SME

14/12/2018

358.00

4,178.39

76

OTHER SOURCES 76

12/12/2018

355.00

385.00

234

GOZAK-MO ENTERPRISES

SME

14/12/2018

358.00

20,000.00

77

OTHER SOURCES 77

12/12/2018

355.00

575.00

235

IBETEX MULTI INVESTMENT RESOURCES LTD

SME

14/12/2018

358.00

20,000.00

78

OTHER SOURCES 78

12/12/2018

355.00

32.00

236

JENELNCHO & SON ENTERPRISES

SME

14/12/2018

358.00

20,000.00

79

OTHER SOURCES 79

12/12/2018

355.00

330.00

237

KENECHI FRANCIS ENT

SME

14/12/2018

358.00

20,000.00

80

OTHER SOURCES 80

12/12/2018

355.00

5,000.00

238

NSI-BEST GLOBAL VENTURES

SME

14/12/2018

358.00

20,000.00

81

OTHER SOURCES 81

12/12/2018

364.70

187.04

239

PETER UWAB ENTERPRISES

SME

14/12/2018

358.00

20,000.00

82

OTHER SOURCES 82

12/12/2018

364.29

4,928.78

240

POWER BARZOON INTERBIZ

SME

14/12/2018

358.00

14,000.00

83

OTHER SOURCES 83

12/12/2018

357.00

333.00

241

SABAMA MOTORS

SME

14/12/2018

358.00

20,000.00

84

OTHER SOURCES 84

12/12/2018

357.00

5,000.00

242

TIMOSALES INT'L LTD

SME

14/12/2018

358.00

20,000.00

85

CBN

12/12/2018

357.00

1,000,000.00

243

MTN NIG COMMUNICATIONS LTD

TELECOMMUNICATIONS EQUIPMENT

14/12/2018

365.50

238,047.35

86

CBN

12/12/2018

357.00

1,000,000.00

244

D2H SERVICES LTD

AGRICULTURAL GRINDING MILLS

14/12/2018

362.11

20,524.00

87

CBN

12/12/2018

361.61

5,000,000.00

245

DAG INDUSTRIES LIMITED

BAJAJ BOXER -BM100CC MOTORCYCLE IN

14/12/2018

362.11

17,476.00

88

CBN

12/12/2018

361.61

5,000,000.00

246

JULIUS BERGER NIG PLC (EUR 208,953.91)

FIRE PROTECTION SYSTEM

14/12/2018

362.11

238,207.46

89

OTHER SOURCES 85

13/12/2018

306.90

100,000.00

247

JULIUS BERGER NIG PLC (EUR 38,596.49)

FIRE PROTECTION SYSTEM

14/12/2018

347.75

44,000.00

90

OTHER SOURCES 86

13/12/2018

355.00

70,823.70

248

JMG LIMITED (GBP 261.99)

GENERATING SET IN CKD FORM

14/12/2018

340.50

330.11

91

OTHER SOURCES 87

13/12/2018

355.00

5,800.00

249

DE UNITED FOOD INDUSTRIES LTD (EUR 17,039.98)

MONOSODIUM GLUTAMATE FINE

14/12/2018

362.11

19,377.86

92

OTHER SOURCES 88

13/12/2018

355.00

113,292.68

93

OTHER SOURCES 89

13/12/2018

355.00

41,911.49

94

OTHER SOURCES 90

13/12/2018

364.44

6,953.39

95

OTHER SOURCES 91

13/12/2018

357.00

224.00

UBN FX SOURCE REPORT FOR 10TH-14TH DECEMBER, 2018 1

OTHER SOURCES 1

10/12/2018

355.00

38,542.06

96

OTHER SOURCES 92

13/12/2018

357.00

1,100.00

2

OTHER SOURCES 2

10/12/2018

355.00

106,601.32

97

OTHER SOURCES 93

13/12/2018

357.00

200.00

3

OTHER SOURCES 3

10/12/2018

355.00

69,724.18

98

OTHER SOURCES 94

13/12/2018

357.00

200.00

4

OTHER SOURCES 4 (EUR 300.00)

10/12/2018

355.00

342.33

99

OTHER SOURCES 95

14/12/2018

364.50

1,000,000.00

5

OTHER SOURCES 5 (EUR 180.00)

10/12/2018

355.00

205.40

100

OTHER SOURCES 96

14/12/2018

6

OTHER SOURCES 6 (EUR 3,926.25)

10/12/2018

355.00

4,480.24

363.65

576,796.31

101

7

OTHER SOURCES 97

OTHER SOURCES 7 (GBP 450.00)

10/12/2018

355.00

568.35

14/12/2018

355.00

33,878.01

8

OTHER SOURCES 8 (GBP 97.18)

10/12/2018

355.00

122.74

102

OTHER SOURCES 98

14/12/2018

355.00

87,522.90

9

OTHER SOURCES 9 (GBP 200.00)

10/12/2018

355.00

252.60

103

OTHER SOURCES 99

14/12/2018

355.00

77,235.47

10

OTHER SOURCES 10 (GBP 134.00)

10/12/2018

355.00

169.24

104

OTHER SOURCES 100

14/12/2018

355.00

300.00

11

OTHER SOURCES 11 (GBP 40.11)

10/12/2018

355.00

50.66

105

OTHER SOURCES 101

14/12/2018

355.00

753.49

12

OTHER SOURCES 12

10/12/2018

355.00

658.50

106

OTHER SOURCES 102

14/12/2018

355.00

475.00

13

OTHER SOURCES 13

10/12/2018

355.00

100.00

107

OTHER SOURCES 103

14/12/2018

355.00

800.00

14

OTHER SOURCES 14

10/12/2018

355.00

725.00

108

OTHER SOURCES 104

14/12/2018

355.00

1,650.00

15

OTHER SOURCES 15

10/12/2018

355.00

3,000.00

109

OTHER SOURCES 105

14/12/2018

355.00

600.00

16

OTHER SOURCES 16

10/12/2018

355.00

15.00

110

OTHER SOURCES 106

14/12/2018

355.00

280.00

17

OTHER SOURCES 17

10/12/2018

355.00

120.33

111

OTHER SOURCES 107

14/12/2018

355.00

1,500.00

18

OTHER SOURCES 18

10/12/2018

355.00

50.00

112

OTHER SOURCES 108

14/12/2018

355.00

100.00

19

OTHER SOURCES 19

10/12/2018

355.00

479.26

113

OTHER SOURCES 109

14/12/2018

355.00

300.00

20

OTHER SOURCES 20

10/12/2018

355.00

1,150.00

114

OTHER SOURCES 110

14/12/2018

355.00

82.01

21

OTHER SOURCES 21

10/12/2018

355.00

2,700.00

115

OTHER SOURCES 111

14/12/2018

355.00

702.20

22

OTHER SOURCES 22

10/12/2018

355.00

575.00

116

OTHER SOURCES 112

14/12/2018

355.00

1,131.51

23

OTHER SOURCES 23

10/12/2018

355.00

1,100.00

117

OTHER SOURCES 113 (EUR 240.00)

14/12/2018

355.00

270.84

24

OTHER SOURCES 24

10/12/2018

355.00

590.00

118

OTHER SOURCES 114 (EUR 188.00)

14/12/2018

355.00

212.16

25

OTHER SOURCES 25

10/12/2018

355.00

605.00

119

OTHER SOURCES 115

14/12/2018

355.00

679.53

26

OTHER SOURCES 26

10/12/2018

355.00

480.00

120

OTHER SOURCES 116

14/12/2018

355.00

447.00

27

OTHER SOURCES 27

10/12/2018

355.00

271.93

121

OTHER SOURCES 117

14/12/2018

364.30

3,484.69

28

OTHER SOURCES 28

10/12/2018

355.00

200.00

122

OTHER SOURCES 118

14/12/2018

364.30

1,787.97

29

OTHER SOURCES 29

10/12/2018

364.15

3,022.09

123

OTHER SOURCES 119

14/12/2018

364.63

3,951.45

30

OTHER SOURCES 30

10/12/2018

364.57

4,939.01

124

OTHER SOURCES 120

14/12/2018

363.50

200,000.00

31

OTHER SOURCES 31

10/12/2018

364.33

2,924.36

125

OTHER SOURCES 121

14/12/2018

306.90

20,000.00

12

WESTAFRICA BUSINESSNEWS

SME ADVISORY

DECEMBER 17 - 21, 2018

How to achieve Minimum Acceptable Business Performance Target

BY JULIUS ALAGBE, EDITOR, INTELLIGENCE UNIT

E

xcessive emphasis lay on cost often prevent managers from seeing other areas where values can be hacked in business. The rule is simple, increase sales and lower your cost of production in order to strengthen bottom line. However, a business worst case scenario is meeting minimum perfor-mance target.

Inability to achieve this has always been key driver of various corporate demise. To survive, a business must break even. Speaking on breaking even, there is always a point where profit will be most desired.

Statistically, numbers of business that have gone down the drain is far more than numbers of business you are seeing on the streets.

So many ideas, just like business have been laid to rest without honour.

Many businesses that have gone down were not lucky enough to trace their problems. Run-down-to grave, is a language entrepreneurs don’t like to hear. Many business issues are often beyond business owners’ con-trols. It is not uncommon to hear people saying business environment is too tough. Making refer-ence to things like high interest rate, multiple taxes and other related issues.

They are right about all that, though. While those issues are there, still there are businesses that are surviving the tide, recording strong profit performance and scaling up geometrically. The dif-ference has always been the leaders’ quality of strategies, experiences and perhaps other re-sources available.

Policy may adversely affect business environment.

As an entrepreneur, you must be ready to move along with the flow. Check yourself that you are hands up with certain leadership skills, man-agement orientation and resources. Above all, understand your human capital arsenal. Employees’ happiness is key to your business success. In fact, it defines the future of your business.

Do you understand your employees? How you see your employees? Do you really understand their needs? You must know that their ability to meet their needs drives their productivity which then impact on your business. You want them to perform? Motivate them; and they will stick their necks for you. Take them for granted, they take your business for granted. Then, expect rotational nonperformance across the spectrum.

Some business owners are known for nursing certain erroneous impression about people working for them. That often result to brain drain as many businesses are in short supply of productive thinking, understanding that can helping in scaling up, hacking growth and sustaining business per-formance. If you prefer quantity over quality, you can engage as much as I don’t care employees that will assist you burying your company. The company’s demise will be quick; and sweet.

If your strategies, leadership input or your view about motivation are not align with other things that matters, it is unlikely that you will be able to build successful businesses. Businesses succeed on certain principles. For example; Taking money from your business purse for personal use is an error.

Like I did note in the last se-ries, business owners ought to be receiving monthly pay. Why? Someone

ones asked. Your busi-ness needs attention, when you provide it, you should get pay for it. Businesses need expertise of some people to survive.

When you provide it, you should be motivated with some financial gratifications. This did not make sense to Omosalewa Isale Eko, MD at the Eko Business Venture. She is deep into taking cash for whatever purpose she needed the money for. Then, the business could not survive the drain.

It went down without proper burial.

Just as Seun Oladokun, MD of Garbrovic Investment Limited, a boutiques shop for imported accessories, would not listen. Mr Oladokun loves red wine, and some crispy chips.

As an islanders, rock-ing life has been his forte. To Seun, life is too short to follow rules. As a client, he was advised not to be receiving personal cash into the business accounts.

It is a grave error for any owners own business to be doing so. He listened but did not agree. With several presentations and case analysis, Seun remained adamant until tax authorities knocked at the door.

Garbrovic Investment limited was subjected to tax audit. Of course, the narrative on his bank statements was unable able to convince tax authority that those cash that flew into the business accounts were not sales. The argument went front and back, and

the tax audit team asked Gargantuan limited to support their claim with verifiable document. Doing this became herculean task and Garbrovic limited was slam with additional tax as it had previously understated its income plus pen-alties, interest. What that means is financial term is simple.

Gargantuan limited was asked to pay tax on loans collected from friends.

Kemi Donald, MD of ValliumViva Limited, failed to maintained proper business/accounting infor-mation. This is in spite of the fact that ValliumViva annual sales runs in millions of Naira.

To Kemi, it is not a necessary evil. “I am just starting this business. There is no one that should encourage me with that for now. When the business grows, it is understandable.

Or won’t I pay the account of-ficer?”

After four years in the business, ValliumViva cannot present record of its transactions as demand by a bank.

ValliumViva has grown such that its working capital has become so large.

The MD ap-proach her banks, and she was asked to submit financial records and the company’s statement of accounts. The end, no bank is willing to extend credits to ValliumViva just as at the time the busi-ness needs some financial help to hack growth.

To survive competition, companies irrespective of size must be ready to provide leadership sup-port to their employees. Motivation is important as

people, workforce wants to know how they are doing on the job. And they want to be paid for their contributions and efforts. Many Managers don’t worry about not paying salary as at when due. In what looks like I don’t care attitude, they hardly communicate reason –genuine or not – why their employees’ salaries are delayed.

Mathew Jamar, Managing Director and Chief Executive Officer at J-Concepts Limited, a retail company with interest in fast moving consumers’ goods learned his lesson, albeit in hard way. The company used to see its employees from a wrong perspective. “There is no job in the market, un-employment rate is high and our employees should understand”, Jamar said to me.

Many owners owned businesses, especially Newspapers platform are guilty of this. Later, Jamar observed some sharp practices in his business.

Some items that were not sold were missing and there is no one taking responsibilities. Sometimes, cash were under declared just as customers were complaining that customers care are not as friendly. Sales began to nosedive and inventories began to rise. J-Concepts Limited started experiencing difficulties.

“What caught my attention was that; my employees were less concerned. In fact, they were not

complaining about non-payment of their salaries again”; Jamar said.

Then, I knew something was wrong.

Teeming lading, or any form of employees collision to defraud a business is not that easy to discov-er.

They often understand processes and procedures more than the business owners at times. This always make it difficult to discover when fraud is going on. Especially for small businesses.

Jamar called management meetings and asked all members of staff to say what is wrong and agree on the way forward. It didn’t work.

The staff knew it is too risk to have open conversation on such sensitive matter. Then, need to consult arose.

Employee opened up their grievances and ask for their salaries to be paid on time, and as agreed with the management in their employment contracts. A year after, J-concepts was returned to profitability and is currently doing well. For Jamar, employees should be treated just as businesses treat their customers.

“Though, I learned this in a very hard way, but I learned anyway.

Looking into the future, I think I will do better managing more people than I have now. If there will be delay in salary payment for any reason, members of staff want to hear it. I have identified that adequate communication is just as important”, Jamar said.

NAFDAC de-centralises registration processes to boost MSMEs

T

he National Agency For Food and Drug Administration and Control (NAFDAC) says it has de-centralised its regulatory and registrstion functions.

Dr Abubakar Jimoh, NAFDAC Director of Public Affairs and Special Duties said at the weekend in Abuja that the decentralisation would help to boost businesses of Micro, Small and Medium Scale Enterpris-es (MSMEs).

Jimoh said that, MSMEs, being integral part of any economy, required the support and cooperation of public and private institutions to thrive.

“In the past, registration process for new businesses was centralised in Lagos, but under our new leadership the process has been de-centralised to the six geopolitical zones and the FCT. “This is to create ease of doing business for certain categories of small businesses and help them to thrive.

“MSME is the heartbeat of economies all over the world, that is the reason the Nigerian government gives more attention to small businesses, and NAFDAC is also contributing to the economy by helping them,’’ he said.

He, however, said that, while

the zonal directorates of NAFDAC had the mandate to register and regu-late small businesses, the major operations of the agency were still taking place in Lagos.

“The zonal offices only have the mandate to register small businesses like sachet water, snacks, chips and other edibles, the core regulation of medicines still takes place in Lagos,’’ he said.

The director thanked the NAFDAC council for approving a new condition of service for staff of the agency and urged relevant government agencies to follow suit to boost staff morale.

“It is a fact that we are poorly paid when compared with the risks we take, and it is encouraging that council recently approved a new condition of service for staff.

“We only hope that the Salaries and Wages Commission will follow through with the approval so that our staff can be increasingly motivated to continue tackling the drug counterfeiters,’’ he said.

Jimoh assured that the agency was poised to do better in the discharge of its duties in 2019 and warned drug counterfeiters to desist from the illicit trade in their own interest.

DECEMBER 17 - 21, 2018

14

FINANCIAL STOCKS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Continental-Re shareholders allege share buyback fraud

BY BONNY AMADI

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s, yet another company plans eventual delisting from the Nigerian stock Exchange (NSE) following proposed Extra ordinary General Meeting Scheduled for December 21, cross section of shareholders have raised alarm to end unrelenting alleged fraud commented against retail shareholders.

Cross section of shareholders of Continental Re, have cried out to regulators to demonstrate that the equities market was not established to defraud poor retail investors against the traditional purpose of wealth creation.

While the company is mobilising for a court ordered meeting to seek for shareholders mandate to sur-render their shares to them at the price of 2.14 kobo, retail shareholders are also mobilising to take them to court, should the capital market regulators fails to protect their interest in the market.

Continental Reinsurance has a market capitalisation of N19, 189,576,977.20 and outstanding shares of 10,372,744,312. As at December 14th 2018, the company closed trade at N1.85 per share, having rec-orded a turnover 467,345 shares.

The week’s closing price showed a remarkable growth on the firm’s equity price compared with the price at the beginning of the week December 6th 2018 when it closed at N1.75, with turnover of 86,000 shares.

Market data available to Westafrica BusinessNews showed that the company has attained 52 weeks high of N2.00, 52 week’s low of N1.30 per share and a 5.11 per cent year to date gain. The whole equity holding would soon be taken by a new investor, following agreement with the board.

Meanwhile, shareholders who spoke in turns to Westafrica BusinessNews alleged that the Reinsur-ance Company has concluded plans to strip them of their shares and value in the company with its scheduled forthcoming court ordered meeting, of which the board has perfected plans to secure a yes vote.

“This would not be allowed, because the SEC rule does not allow for pool vote and voting at EGM by concerned majority shareholders” a shareholders who spoke on condition of anonymity said.

Some of the shareholders who recalled the sordid tales of recent delisting from the Nigerian Stock Exchange (NSE) by Seven Up Bottling

Ms Mary Uduk

company Plc and also delisting

by Nigerian Bottling company Plc, makers of Coca Cola, said that Nigerian retail shareholders have suffered losses in some of the compa-nies that lists on the bourse only to raise funds repeatedly and eventually start posting losses in their annual results and then they will delist from the exchange.

According to Shehu Mallam Mikhail, national coordinator of Constance shareholders Association of Nigeria, the buyout offer price being dangled by the company is provocative and rape on retail share-holders’ funds.

He said that the retails shareholders are positioned to drag the firm to court if it goes ahead to stick to its guns or probably obtains yes vote at the proposed meeting.

The shareholders who have threatened to head to court to challenge the 2kobo proposed buyout shareholders

by Continental-Re, shares which were bought at 50 kobo per value and in some cases double the price, could not be written off with the guise of underperformance or acquisition by an-other investor who preferred to run the firm as a private company.

“We are not comfortable with the buyout price offer of N2.04 per share, they are buying out the shareholders and need to come up with reasonable offer for the retail investors otherwise, the proposed meeting would not end as expected “Mikhail said.

Onyeama

According to Shehu Mallam Mikhail, national coordinator of Constance shareholders Association of Ni-geria, the buyout offer price being dangled by the company is provocative and rape on retail share-holders’ funds.

He said that the retails shareholders are positioned to drag the firm to court if it goes ahead to stick to its guns or probably obtains yes vote at the proposed meeting.

He said that considering what the Nigerian retail investors put into the growth of the firm with the hope of reaping good dividend and share appreciation in future, the company’s board’s intention of such meagre proposal is to delist the firm from the Nigerian Stock Exchange, “which we have continu-ously resisted. We are not going to be part of this exercise and we will make our case known before the planned court ordered meeting” next week.

Shehu Mallam Mikhail, speaking on behalf of members of Constance shareholders Association of Ni-geria said, “We are not happy with the

plan by the Board of the company to buyout the retail inves-tors. We have been with this company for several years and if the performance of the company is dwindling then other options rather than buyout should be considered.

Why must retail investor bear the brunt of mismanagement? I think the regulators should look into this issue and intervene to pro-tect the retail investors.

Westafrica BusinessNews recalls that in November 2018, Continental Reinsurance announced that its board of directors has received an offer from CRe African Investments to acquire all its outstanding and issued shares.

Continental Reinsurance, Secretary, Abimbola Falana, in a statement, said the company was making the offer in order to initiate a much-needed restructuring exercise with a view to consolidating its operations and repositioning it for enhanced competitiveness in the global insurance market.

The acquisition, according to the company was intended to be executed through a Scheme of Ar-rangement, under Section 539 of the Companies and Allied Matters Act, Cap C20 Laws of the Federa-tion of Nigeria 2004 and other applicable rules and regulations.

It said the company was offering N2.04 per share for the 10,372,744,314 ordinary shares of 50 kobo each or one ordinary share of $1 each in its capital investments for every 176 ordinary share of 50 kobo each.

The statement added that the proposed scheme consideration represented a 46.76 per cent premium to the last traded share price of the company on October 5, 2018, being the last business day prior to the date the proposal was received.

The statement read in part, “The Company has received the Securities and Exchange Commission’s ‘No objection to the scheme’. The scheme is also subject to the approval of the shareholders at a courtordered meeting as well as the sanction of the Federal High Court.

FINANCIAL STOCKS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

15

UBA Academy Gets CIBN Accreditation for Excellence in Capacity Building

BY ENYI MOSES n recognition of its high standard, quality of human resources development, training and capacity building, the Chartered Institute of Bankers of Nigeria(CIBN) has certified and awarded UBA Academy the certificate of accreditation in line with the Central Bank of Nigeria’s Competency Framework for the banking industry .

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UBA Academy, the dedicated learning and development centre of the Pan African financial institution, United Bank for Africa (UBA) Plc, was accorded the new recognition of excellence at a ceremony presided over by the President/ Chairman of Council of the institute, Dr. Uche Olowu in Lagos.

According to the president of the institute, UBA Academy was

conferred with the new status having met the rigorous standards set for the delivery of their suites of programmes by the Institute.

The certification follows rigorous assessment exercise carried out by the institute’s Capacity Building Committee, the accreditation agency under the competency framework for the country’s banking and finance industry instituted

by the Central Bank of Nigeria.

“This Accreditation is an affirmation that UBA Academy has adopted and complied with the minimum assessment standards for programmes run by the organisation, which have gained a label of recognition and distinction,” Olowu said.

According to him the accreditation of UBA Academy

l-r: Head UBA Academy, Akin Morakinyo; Group Head, HR Operations & Shared Services, United Bank for Africa(UBA) Plc, Bayo Odeyale; 1st Vice President, Chartered Institute of Bankers of Nigeria( CIBN), Bayo Olugbemi; Presi-dent/Chairman of Council, CIBN, Uche Olowu; Group Head Human Resources, UBA Plc, Patricia Aderibigbe; 2nd Vice President, CIBN, Ken Opara; Registrar/CE, CIBN; Seye Awojobi; National Treasurer, CIBN, Deji Olanrewaju; and Chair-man, Capacity Building Committee, CIBN, Abdulraham Yinusa , during the presentation of certificate of accreditation to UBA Academy by the Institute in Lagos.

would enable its graduates to be eligible for exemptions from various subjects in the banking professional examinations thereby facilitating their completion of the Chartered Banker examination.

“This will not only enable them comply with the provisions of the Competency Framework for the banking industry, it will go a long way in the strengthening of the intellectual resources and capabilities available in their institutions,” he concluded.

Speaking at the ceremony, the Bank’s Group Head Human Resources, Mrs Patricia Aderibigbe, while appreciating the recognition conferred on the UBA Academy, said the academy has already embarked on training for the future with digitisation of its training programmes and modules.

“With Ignite, UBA has taken training into the future as we believe that the only way to get the best results and continually stay ahead of the curve is to continually sharpen our most important asset – our people, using mobile technology,” Aderibigbe said.

Aderibigbe promised that UBA Academy will continuously seek improvement in ensuring that it serves the needs of industry in a changing banking industry.

CSCS secures GLEIF Qualification to execute all LOU services

BY BONNY AMADI he Central Securities Clearing System (CSCS) Plc has been accredited by the Global Legal Entity Identi-fier Foundation (GLEIF) to perform all Local Operating Unit (LOU) services in Nigeria.

CSCS is licensed by the Securities and Exchange Commission (SEC) as a central depository, clearing, and settlement agency for transactions in the Nigerian Capital Market. It operates a computerized system for transactions in securities in the market.

The accreditation, CSCS disclosed, followed an inspection visit by a team of GLEIF representatives.

The letter dated 26 November 2018 addressed to the company, signed by Stephan Wolf, the Chief Ex-ecutive Officer of GLEIF, partly read “please be advised that CSCS Nigeria is being granted authoriza-tion to perform all LOU services as defined in the Master Agreement and its Appendices.

“As previously stated, please be assured that the entire GLEIF organization is here to assist and sup-port your efforts and bringing continuous improvement to the entire GLEIS system by facilitating a dedication to “best of breed” practices and methodologies in service and operations”.

The Central Securities Clearing System Plc (CSCS Plc) was incorporated in 1992 as a Financial Market Infrastructure (FMI) for the Nigerian Capital Market. It was commissioned in April, 1997, and started operations in the same month. In May, 2012, CSCS became a Public Liability.

Haruna Jalo-Waziri, Managing Director/Chief Executive Officer, CSCS Plc, said “we are delighted at this accreditation by GLEIF. CSCS is the only entity in Nigeria

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that can perform this function.

The Legal Entity Identifier (LEI) would enable firms to strengthen the accuracy, integrity, and aggrega-tion of data across entities and subsidiaries and thus improve counterparty risk data and management, as well as supporting enhanced data modeling and analysis”.

Jalo-Waziri added that “LEI system will allow precise and accurate regulatory reporting, as well as sup-port the production of

data for recovery and resolution planning. This will inherently lead to opera-tional efficiency that would allow for easy reconciliation of data.

I encourage all business entities and organizations to acquire the LEI code or apply to CSCS for renewal if they have already registered”.

Owing to its effectiveness in other jurisdictions, the LEI code is a mandatory global requirement that enables market operators to perform capital market functions;

this will further deepen the Nigerian capital market and provide veritable identification of organizations, therefore compliance with this re-quirement.

A Legal Entity Identifier is a 20-character identifier that identifies distinct legal entities that engage in financial transactions. It is defined

by ISO 17442. Natural persons are not required to have an LEI; they are eligible to have one issued, however, but only if they act in an

independent business capacity.

The CSCS facilitates the delivery and settlement of securities transactions consummated on approved Nigerian Exchanges. It enables securities to be processed in electronic book-entry form, speeding up the transaction period.

It also provides ancillary services such as the Electronic Document Management Services, collateral management amongst others.

Heirs Holdings Signs $600m Facility with Afrexim Bank

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s a further demonstration of the African ExportImport Bank’s (“Afrexim”) mandate to facilitate the growth of intra-Africa trade and support the development of African businesses, Afrexim today, signed financing facilities totalling US$600 million with the Heirs Holdings Group, a pan-African proprietary investment holding company. Heirs Holdings has significant investments across Africa, in the financial services, resources, real estate and hospitality and power sectors. The facilities will further support the Group’s power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources. The signing ceremony took place at the Afrexim Intra-Africa Trade Conference taking place in Cairo, Egypt.

The proceeds of the facilities will assist the Heirs Holdings Group vision of creating a dynamic resource based division, focused on ensuring value creation occurs on the African continent and that value chains are developed, that directly benefit the broader African economy and consumer.

Commenting at the ceremony,

Dr. Benedict Oramah, President of Afrexim who signed on behalf of the Bank, stated that the investment

by Heirs Holdings would play a key role in addressing some of the fundamental challenges that have affected the power and energy sectors in Africa. He stated that “A world class energy sector is fundamental to

the sustainable growth of businesses in Africa. If we do not deal with these basic matters, growth of trade and exports will always be limited”.

Mr. Tony Elumelu, the Chairman of Heirs Holdings, commented that “We are delighted to be partnering with Afrexim. The Bank continues to play a critical role in the economic and

social development of the continent.

Together, we illustrate that Africa can create world class institutions, which are capable of successfully making the long-term investments necessary for Africa’s economic transformation and catalyse the enabling environment that will unleash Africa’s potential”.

Political uncertainty sheds Capital importation by 48.21% in Q3 As FPI drops by 58.17 % q/q to $1.72bn 62.37% in equity , 90.63% in bonds,51.66% drop in money market inflows

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mpact of political and policy uncertainty has gradually crept into Nigeria’s capital import into the coun-try as global investors fund owners continue to take cursory look on the political direction of the coun-try.

Expectedly, capital importation into Nigeria declined by 48.21 per cent quarter on quarter in the third quarter ended September 30 2018, capital importation declined on year and year (Y/Y) basis, as con-tained in the latest National Bureau of Statics report.

The period also recorded a 62.37 per cent decline in equity capital 90.63 per cent decline in bond capital imported and 51.66 per

cent in Money market instruments funds on a quarterly basis.

This was made possible as foreign portfolio investors (FPI), which usually contributes the most to capi-tal importation and as at Q3 2018 contributed 60.35 per cent, shed 58.17 per cent q/q and 37.74 per cent y/y to US$1.72billion.

According to data from the National Bureau of Statistics, Capital Importation declined for the second consecutive quarter in Q3 2018 by 48.21% q/q to US$2.85billion, following an uninterrupted rise in capi-tal imported into the nation from Q2 2017 to Q1 2018.

In the same vein, imported

capital declined by 31.12 per cent y/y owing to a combination of interna-tional and local factors.

Cross section of experts however opined that y/y growth in capital importation in H2 2018 may be slower than as recorded H1 2018, as the benefit of the IEFX window introduced in April 2017 started to wane off in Q3 2018.

Capital Importation lessened in Q3 2018 majorly on account of the decline in Foreign Portfolio Investment (FPI) and Other Investment.

FPI, which usually contributes the most to capital importation (60.35% in Q3 2018), shed 58.17% q/q and 37.74% y/y to US$1.72billion.

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WESTAFRICA BUSINESSNEWS

BUSINESS IN EKO

DECEMBER 17 - 21, 2018

Scarcity of LAKE Rice hits Lagos markets Scarcity of the LagosKebbi States collaboration brand of local rice, popularly known as `LAKE Rice’, has hit the Lagos markets, the News Agency of Nigeria reports.

NAN correspondents’ visits to some of the major markets and distribution outlets within the state showed that there were no LAKE Rice on display or in stock for sale to consumers.

Some retail traders at major markets and distributors of the product told NAN that they had yet to restock after exhausting the stocks they had since September and October.

One of the distributors, Mrs Augustina Nwanze, said she was still expecting new stocks which she had ordered for since October.

“I paid for new stocks of the product but unfortunately they had yet to be delivered.

“Once l receive a phone call from Alausa to come and pick the products, l will go and pick them.

“The delivery is usually on first come first serve, so l am waiting for my turn,” Nwanze said.

Another distributor, Mrs Bimbo Ogun, said she ran out of stocks since early November.

“Since then, l have been waiting for new supplies from the state secretariat.

“The product (LAKE Rice) is not readily available like the foreign rice.

“The state government is still fine-tuning ways to flood the market with the product.

“I have been telling my customers to be patience as the product will soon be available, especially since it is festive season, “ she said.

Ogun explained that she sold the rice along with the other goods, saying that now that the product was not available, other goods had been sustaining her.

A senior member of staff in the state Ministry of Agriculture who pleaded anonymity, told NAN that the product was not available now for sale to the public.

“There has been some logistics challenge which accounted for the delay and scarcity of the rice.

“However, the ministry is working hard to make sure that the product is available especially during the festive season.

“For now, we are appealing to the distributors and customers to bear with us. ‘’A 50kg bag of LAKE Rice sells for N12, 000; 25 kg at N6,000; and 10kg goes for N3,000,’’ he said.

Lagos gridlock: Truckers decry brutalisation, extortion by security operatives, area boys

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ruckers have continued to decry traumatic experiences from the lingering gridlock on Lagos ports access roads.

Truckers, a vital component of the logistics supply chain, on Saturday appealed to the Federal and La-gos State Governments to address the situation to save their lives and their means of livelihood.

The haulage operators under the aegis of Containerised Truck Owners (CTO) said in Lagos that they were being extorted by security agencies while truck drivers were subjected to inhuman conditions.

They said that long queues encountered by truck drivers negatively affected their health and their ve-hicles.

CTO is a nascent amalgam of the Association of Maritime Truck Owners (AMATO) and the Container Truck Owners Association of Nigeria (COTOAN).

NAN reports that chieftains of the association have been holding meetings over the gridlock which keeps trucks about a month on port access roads.

The latest of such meetings was on Friday.

In a communique they issued after the meeting, CTO said: “We are hereby using this platform to beg the Federal and Lagos State Governments to urgently look into our plight, which has resulted in the following. “ Untimely death of truck drivers while in queues of parked haulage vehicles and inability of the drivers on those

parked truck queues to bathe, eat, sleep and rest adequately.

“Exposure of truck drivers in queues to regular harassment by street urchins, commonly known as ar-ea boys.

“Subjection of truckers to wanton extortion by countless security agencies at alarming rates ranging from N80,000 to N120,000 on every truck, depending on the particular operator’s power of negotia-tion. “ Exposure of trucks in queues to vandals who constantly damage the vehicles and steal critical parts, which replacements further drain the lean purses of the operators. `’Subjection of the drivers to serial brutalisation and dehumanisation by security operatives,” the group said.

The communique dated Dec. 15, 2018, was signed by Chief Remi Ogungbemi and Alhaji Wasiu Olo-runtoyin, representing AMATO and COTOAN, respectively.

According to CTO, although increased delivery of imports and congestion at Nigerian ports characterise Christmas season, increased security challenges caused by criminal elements have added to the prob-lems of truckers.

“Ideally, Christmas season spells good tidings and joy, but, in the current situation our members are contending with on Lagos ports access roads, it is sorrow, tears and blood for us except the Federal and Lagos State Governments hearken to our cries and save our lives and means of livelihoods.

Nigeria Waterways

Lagos waterways safest, under-utilised – Operators S ome marine operators have called on the government and Nigerians to tap into the abundant oppor-tunities of water transportation, describing it as a gold mine for the nation.

The operators made the call at the Lagos All-Sail Championships, holding at the BICS Jetty, Lekki, Lagos. over 400 participants gathered to feature in the maiden edition of the boat show and convention.

The boat race took off at the BICS Club, Wole Olateju Crescent, Lekki Phase 1, through Bonny Camp to Carter Bridge up, up to Diamond Island, and then through Banana Island to end at Lekki.

The operators unanimously said water transportation remained the most underutilised, saying this could be at the detriment of the economy and people’s lifestyle.

Olugbenga Odusanya, the Offshore Manager, Multimodal Transport Tech, (Yamaha), said waterways

transportation was yet to fully contribute its full potentials to the economy of the country.

“In some other countries, such as Dubai and the U.S., they have their boat races and shows, but unfor-tunately in the Sub-Saharan region, we are yet to have such.

“Meanwhile, we have 45 per cent of the area as water.

It is rather unfortunate that we have under-utilised it.

“In Dubai, they have to dredge their waters to fill up some land. That is how they appreciate water transportation.

“Also, the issue of traffic on our road can be reduced if our waterways are effectively harnessed.

“Waterways remain the most effective and viable alternatives to roads but we are not making use of them, we are losing some revenue.

“The economic loss as a result of our jam packed roads should have been a lead to us, looking else-where for a viable alternative which is the waterways,” he said.

Odusanya said that the Lagos All-Sail Championships, would provide new opportunities in the marine sector, adding that waterways provide dual benefits in the areas of transportation and pleasure.

“This programme is a good innovation that can open up new opportunities as it creates more aware-ness about the great potentials in the marine sector.

“Waterways business has been a privately funded business in Nigeria, with little government pres-ence.

“It does need government presence just like the airways.

There is need to have all the stakeholders together.

“Waterways transportation provides or serves dual purpose of pleasure and transportation, because water is a gift of life. It saves time and it is free of hassle.

“For instance, a journey on water from Victoria Island to Ikorodu is 45 minutes, whereas it will take like six hours on land in traffic. We need to have a change of orientation on our

transport system,” he said.

Another operator, Seyi Adesina, the Technical Sales Executive, Marine and Land Logistics Ltd., reiterat-ed the need for government to help open up the potentials in the marine sector.

“We really need government intervention in the marine sector; it is what we need because it can gen-erate multi-billion naira revenue.

“Furthermore, if there is increase in the movement on the waterways, our roads will be free.

“The man-hour loss we experience in traffic can be greatly reduced if waterways are made use of and more than that it can increase revenue for the government.

“We need a change of orientation as far as waterways are concerned.

People should take to water transportation because it is an untapped gold mine in Nigeria and Africa,” he said.

There is nothing negative about Ogboni Fraternity–Meshioye

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he Reformed Ogboni Fraternity (ROF) says its ultimate objective is to promote good values, discipline and justice in the society.

The leader of the fraternity, Chief Francis Meshioye, said this at a news conference in Lagos on Friday.

The news conference was to flag off the Founder’s Day celebration of the fraternity.

Meshioye expressed regrets that the fraternity had been misunderstood by some members of the public as a secret society.

He pointed out that there was nothing secret or negative about the fraternity, saying the group was set up for the good of society.

Meshioye added that the group was actually founded in 1914 by a Christian, Deacon Jacobson Ogunbiyi, to promote Christianity and the fear of God among people.

He said the group was later expanded to accommodate people of different faiths, explaining that this was responsible for the change in

name from Ogboni Fraternity to Reformed Ogboni Fraternity.

Meshioye emphasised that the fraternity was strictly for positive values, saying some respected Nigerians were members of the fraternity.

“The objective of Ogbonism is to elevate the whole man by inculcating in all members the constant practice of virtue and the Golden Rule to do unto others (members or non-members) as one would wish them to do unto him.

“This provision invokes the intellectual, moral and physical capabilities of members. It is the summary of the teachings of the greatest commandment that Jesus Christ gave his apostles. “ Strictly adhered to, we would not have the evils that plague our society today. On the other hand, there would have been peace, harmony, love and unity among the nations of the world.

“If a good Ogboni is not sober, honest, industrious, benevolent, charitable, a good husband, a good housewife,

a kind father, a kind mother, a loyal and virtuous citizen, it is because he has not understood the principles inculcated through various stages of his or her elevation processes.

“The many other positive impacts of ROF on the generality of society include good citizenship, moral discipline and personal discipline.

“The fraternity teaches its members to practise universal brotherhood of man because the ROF dissociates itself from tribalism and nepotism.

“The ROF embraces all its members as uterine brothers

who are faithful, honest and sincere to one another,” he said.

Meshioye, who said it was important for people to truly understand what the group stood for, called on Nigerians to embrace the fraternity’s virtues.

The group leader also urged Nigerians to join the fraternity and be part of the movement to make the society better for all.

Meshioye said the celebration of ROF’s Founder’s Day was to promote the ideals of the group and to show the world the “ right light.’’

NEWS

DECEMBER 17 - 21, 2018

FIRS targets N5.3Trn by year-end

BY RITA AZETA

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xecutive Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler has taken stock of the agency’s revenue generation in the current year, saying that the Service has generated N5 trillion by the second week of December 2018, assuring that the agency will hit N5.3 trillion at the end of the year.

If the FIRS pools N5.3 trillion revenue, that will be the highest revenue ever generated by FIRS in histo-ry. The highest in FIRS history is N5.07 trillion generated in 2012, he said.

Fowler’s generation of N5 trillion is significant as it was at a period when oil prices oscillated between $50 and $70 per barrel. Oil price was at an average of $100 to $120 per barrel between 2010 and 2013.

African airlines to lose $300m in 2019 – IATA

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he International Air Transport Association (IATA) says African carriers are expected to report a $300 million net loss in 2019.

The Geneva-based apex aviation body said this was a slight improvement from the $400 million net loss recorded by airlines in the region in 2018.

IATA made the projection in a statement issued by its Director General, Alexandre de Juniac, which was obtained on Wednesday in Lagos.

“The expected net loss per passenger is $3.51 (-2.1 per cent net margin). This makes Africa the weakest region, as it has been over the past four years.

“Performance is improving, but only slowly. Losses are expected to be cut in 2019 as fuel prices decrease. The region benefits from higher-than-average yields and lower operating costs in some categories.

“However, few airlines in the region are able to achieve adequate load factors to generate profits,” de Juniac said.

According to him, IATA forecasts the global airline industry net profit to be $35.5 billion in 2019, slightly ahead of the $32.3 billion expected net profit in 2018.

The IATA boss said all regions, except Africa, are expected to report profits in 2018 and 2019.

He said: “North American carriers are expected to deliver the strongest financial performance in 2019 with a $16.6 billion net profit (up from $14.7 billion in 2018).

“European carriers are expected to report a $7.4 billion net profit in 2019 (down slightly from $7.5 billion in 2018) while Asia-Pacific carriers are expected to report a $10.4 billion net profit in 2019 (up from $9.6 billion in 2018).

“Middle Eastern carriers are expected to report an $800 million net profit in 2019 (up from a weaker $600 million in 2018) and Latin American carriers are expected to report a $700 million net profit in 2019 (up from $400 million in 2018).”

Speaking at the induction of new members of the Joint Tax Board (JTB) on Wednesday in Abuja, Fowler said FIRS has been able to record significant achievements following maximum support from the Presidency, Ministry of Finance, the JTB and other taxation stakeholders.

“This year, the FIRS, with the support of the Presidency, Ministry of Finance, the JTB and other stake-holders, has been able to generate up to N5 trillion. We believe that we should be able to close at least at N5.3 trillion which should be the highest in the history of FIRS. And we believe that with that addi-tional revenue, the state and federal governments would be able to provide more services and more development to the people of Nigeria”, he said.

Fowler urged the new inductees to JTB to equip themselves with new ideas and embrace the Infor-mation and Communication Technology (ICT) to be able to face the reality of revenue collection in the everchanging society.

“I see it as a privilege to be addressing this class of inductees today as history has chosen you at this critical point in time in our nations development to steer the ship of sustainable revenue generation.

“While preparing for this occasion, I came across an observation by the American inventor and author Ray Kurzweil where he noted that the rate of scientific and technological change is exponential rather than linear.

This observation presupposes that the better part of applied wisdom requires that in our journey of life we are capable of identifying the most apt moment to know at what point to adapt to the ever-tumultuous sea that modern existence represents.

“It also indicates that we should be able to develop the ability to accept and embrace positive change, maybe due to the fact that change is inevitable, but more significantly that oftentimes, change pre-sents us with the rare breaks that we can exploit to advance individual and collective goals and objec-tives”, he said.

The FIRS boss also stated that as global society continues to transform in structure and process, espe-cially

Fowler with new technologies and ways of doing things, the role that has been presented before tax administrators in an emerging economy such as Nigeria are quite enormous.

He said rather than being overwhelmed by the rapid changes of the 21st century, taxmen should re-main undaunted and see the opportunities that are possible to us as a people in general and as tax administrators in particular.

“I believe that history has placed this responsibility on each and every one of us here today to be the critical success factors in our quest towards ensuring sustainable revenue generation for our various jurisdictions and for our country as well.

Developments in global politics and economics indicate a trend towards increased deemphasis on pro-ceeds from oil and other commodity exports.

Huge investments are being made everyday by more advanced economies towards seeking alternative energy sources; and sooner rather than later, oil as a mainstay of the nation’s economy will indeed no longer be sustainable, it is just a matter of time”, he added.

He further charged the JTB members: “This address is not an all doom and gloom affair, far from

it. Ra-ther, it is a clarion call to us all, especially you, our esteemed inductees, that though the path before you may seem strewn with sticks and stones, further down the road is a path paved with gold. To nav-igate to that path, we will need to have courage, a courage borne of our innate convictions towards being the tool for positive change in a time of economic uncertainty.

The JTB presents a unique platform for you to be that change.

Your positive actions as the drivers of revenue generation are capable of achieving much impact. They are capable of providing the much needed funds that will provide the care that saves the life of that infant who is born in the remotest parts of Birnin Magaji in Zamfara State. They can provide the funds that ensures that a disadvantaged little child can have access to free quality education in a government funded public school in Ijesa-Isu in Ekiti State. Your actions as drivers of sustainable revenue generation in your respective jurisdictions beyond the bigger picture can achieve the little things that bring about great outcomes in the life of a nation.

“It is in the light of this that I charge you, even as you speak the words of your Membership affirma-tion, that you look beyond

the immediate and see the deeper significance of your roles and your re-sponsibilities as members of the JTB. “The modest achievements that we have been able to accomplish in terms of internal revenue growth in recent time only point to the fact of the immense possibilities before us. We are encouraged that the results of the 9-month period in 2018 indicates that we shall be breaking new boundaries by full year. However, we can only strive to improve on our efforts and not rest on our oars. We can only become better at what we do, and we can only do that by embracing the positive trends in tax administration. Trends in automation, professionalism, autonomy, serviceoriented approach to the taxpayer and all the positive trends that conform with international best practice.

“We are confident that by the end of this exercise and after listening to the various presentations, we shall all be better equipped for the task ahead of us”, he said. Former Secretaries of JTB, Femi Edgar, Mohammed Lawal Abubakar and the incumbent, Oseni Salawe Elamah made presentations on the history and journey of the Board to the new inductees.

PR Specialists urged to be ‘ideapreneurs’ Inventive, Professional

P

ublic Relations professionals in the country have been urged to be awakening to innovative ideas that could resolve issues relating to the profession and their clients in order to attain the needed growth required as well as respectable position among their counterparts.

This was the submission of the Chief Consultant of TPT International, Adetokunbo Modupe, who was guest speaker at the December 2018 edition of the Lagos PR Clinic of the state chapter of the Nigerian Institute of Public Relations (NIPR) under the theme: Ideapreneurship: The Nature of Our Trade.

Modupe postulated that PR practitioners are ideapreneurs who should be driven by intellectual ideas that are well tailored towards clients’ needs and their target publics for desired results, and not be in-undated with business gains in the manner of entrepreneurs.

The TPT CEO, a Harvardtrained ideapreneur with over two decades experience in PR, affirmed that since the profession is dynamic, practitioners should reexamine their business modules as ideapre-neurs, think and develop ideas that would invariably translate to income generation.

“Don’t let the world drive you, drive the world with your ideas.

This keeps us in a more respectable position before our clients who should not think that we are in the business just to make money. We should not see ourselves as entrepreneurs but there is nothing wrong in thinking about wealth” he explained.

He described ideapreneurs as deep thinkers who creates jobs, have a mind of their own; explore alternatives to the norms by fostering ideas and are not motivated by pedestrian or temporary success but enduring legacies.

He further stated that PR is

about thinking and managing thought processes for the benefit of other people’s reputation, and likened it to innovation pentathlon, a structured process that removes the risk of failure as ideas progress.

According to him, great men like Steve Jobs, co-founder of Apple; Elon Musk, Chief Executive Officer of Tesla Motors; and Jeff Bezos, founder of Amazon who have all made global impact in their various endeavours were driven by creative ideas.

“It is time we sit down and say to ourselves, what do we really do? If you do not know you are an ideapreneur, you will let yourself down. So let’s change the way we do our business, as we need to conquer our fears,” Modupe challenges his fellow practitioners.

Modupe noted that the PR industry is hardly recognised, and it is partly responsible for the way clients rate practitioners.

One of the reasons he identified as responsible for this is the proliferation of quacks, which is fallout of the porous entry barrier into the profession.

“This has earned the profession a depressing image,” he added.

The TPT boss however called on the NIPR to take bold steps in checkmating the activities of these quacks in order to attain development in the industry.

Modupe is also an alumnus of Lagos Business School and that of St. John University in the United King-dom, among other world-renowned institutions.

He is the Founder of TPT International, a reputable PR organisation which footprints in all the sectors of the economy. The agency has been recognised with awards by professional and other bodies within and outside Nigeria.

18

INVESTMENTS & BANKS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Ecobank appoints MFS Africa Ltd as Digital payment partner

BY BONNY AMADI

T

he Pan-African bank announced has announced the appointment of MFS Africa as Digital payment partner enabling cross-platform payment services for Ecobank account holders.

The partnership, the bank disclosed, allows Ecobank customers to send and receive money to and from over 170 million mobile money users through an integration with MFS Africa that covers all Telcos in the MFS Africa Hub. The service is both domestic and crossborder intra-Africa transfers leveraging Rapidtransfer, a proprietary instant remittance product of Ecobank.

A statement released

by Apo group to our correspondent on behalf of the bank, revealed that, In line with the bank’s digital strategy, the partnership with MFS Africa Hub creates the first major initiative of interoperability between bank account and mobile money customers.

This brings greater value for mobile money customers as they can now send money directly to any bank account in Ecobank with-out infrastructural hinderances; conversely Ecobank customers can do the same.

Westafrica BusinessNews recalls that Ecobank operates in 33 African countries, serving over twenty million customers and the new deal provides that customers of Ecobank, the Pan-African Banking Group in 33 African countries, can now transact with over 170 million mobile wallets across the conti-nent.

MFS Africa operates the largest mobile payments hub network in sub-Saharan Africa, connecting over 170 million mobile wallets, and a wide network of money transfer

E

arlier speculations that inflation would continue to soar as elections draws closer in Nigeria , bacame manifest in November as inflation rate climed marginally, a trend which many experts posit would con-tinue till second quarter next year, when new new political direction would have been established.

The Nigerian Consumer Price Index (CPI) or inflation rate , increased marginally by 0.02 percent to 11.28 percent (year-on-year) in November 2018, from 11.26 percent recorded in October.

The November 2018 CPI Report released Friday, December 14, 2018, by the National Bureau of Statistic (NBS) showed that on monthon-month basis, the headline index increased by 0.80 percent in No-vember 2018, up by 0.006 percent points

operators and merchants.

Through partnerships with mobile network operators including MTN, Orange, Airtel, Moov, Econet, Tigo, Sa-faricom and Vodafone, MFS Africa allows mobile financial services to scale across borders, currencies and networks with a Pan African Bank like Ecobank.

“The partnership between Ecobank and MFS Africa represents a significant step in building pan-African linkages between mobile money services and traditional banking channels”, says Ade Ayeyemi, CEO of Ecobank Group.

“Typically, banks and other financial service providers seeking to integrate to mobile wallet systems are confined to domestic markets with almost no interoperability among networks in a

single country, let alone across borders, severely inhibiting utility, efficiency, and customer experience.

The collabora-tion between Ecobank Banking Group and MFS Africa eliminates this hurdle and accelerates the eco-system, driving financial inclusion and offering a greater range of options to Africans” While conventional wisdom pits banks and mobile money services against each other as incumbents threatened by disruptors, the reality is quite different.

Interoperable crossplatform services expand the pie of financial possibilities, bringing more choice and value to consumers using bank accounts or mobile wallets, and leveraging the strengths of both types of players.

Speaking on the partnership, Dare Okoudjou,

founder and CEO of MFS Africa says that the region’s financial inclusion landscape offers exciting opportunities for innovation and collaboration between Banks, other financial institutions, Mobile Money Operators and Fintech.

“We’re proud to offer seamless payments across networks and borders into the next frontier of finan-cial inclusion – mobile wallets – to Ecobank customers.

Historically, the relationship between banks and fintech has been competitive but Ecobank has demonstrated a win-win approach to partnership that takes care of every stakeholder in the value chain. Ecobank is the first financial institution that shares the MFS Africa vision to make financial services more seamless, convenient, and interoperable across Africa”.

Akinwuntan

Yuletide: Ecobank Rapidtransfer Eases Homebound Remittances MD Akinwuntan who

BY ENYI MOSES

M

anaging Director, E c o b a n k Nigeria, Patrick Akinwuntan has called on Nigerians living abroad who wish to send money to their loved ones in the country particularly this yuletide season to do so through the Bank’s Rapidtransfer app.

Ecobank charges zero fees for all transfers done through the Rapidtransfer app up until 31st January, 2019. “The Rapidtransfer removes all the bottlenecks, burden and inefficiencies usually associated with remittances.

The app provides simple and secure digital onboarding where users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each trans-action”, he stated.

Further, the bank managing director says : “I wish to encourage our brothers and sisters living abroad who wish to send money to their relatives this season to do so through our Rapidtransfer app.

This is a game changer in the way Nigerians can send money to their loved ones. They do not have to physically visit an agent. Rapidtransfer removes all of these issues and its standout affordability as we do not charge any fee for now. I wish to encourage them to sign up on this app and enjoy our seamless and cheap remittance service.”

was speaking in Lagos urged Nigerians to pass the message across to their relatives abroad to take advantage of the new and innovative means of remitting hard earned monies home, noting that the service is open to Ecobank and non-Ecobank customers.

The Rapidtransfer app is regarded as a game changer for remittances to Africa as it is designed to en-hance remittances to Africa by drastically reducing cost, while also tackling the long, burdensome and inefficient processes Africans abroad face when sending money to their home countries.

Through the app users are able to Send money instantly to and across 33 African countries. For Nigeri-ans in diaspora the app will enable them easily and instantly send money to any bank account in Nige-ria; receivers also have the option of picking up cash at any Ecobank branch.

The exchange rates are very attractive. The features of the app include easy navigation and multi-lingual capabilities.

It is available in English, French, Spanish and Portuguese languages.

Users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign ex-change rates prior to each transaction.

The Rapidtransfer mobile app can be downloaded from the Play Store and App Store.

Nigeria’s inflation rate rises by 0.02% to 11.28% from the rate recorded in October 2018 (0.74) percent.

The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.

The report indicated that the urban inflation rate increased by 11.61 percent (year-on-year) in No-vember 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from 10.93 percent in October 2018.

The Composite Food Index rose by 13.30

Yemi Kale

percent in November 2018 compared to 13.28 percent in Oc-tober 2018, which the report attributed to increases in prices of bread and cereals, milk, cheese and egg, fish, vegetables,

fruits, oil and fats, potatoes, yam and other tubers.

The NBS stated that in November 2018, all items inflation on year on year basis was highest in Rivers (13.09%), Taraba (12.99%)

and Ekiti(12.70%), while Ogun (9.52%), Kwara (8.74%) and Cross River (8.72%) recorded the slowest rise in headline Year on Year inflation.

“On month on month

basis however, November 2018 all items inflation was highest in Edo (2.18%), Nasarawa (1.46%), and Kwara (1.39%), while Yobe (0.29%), Abia(0.28%) and Jigawa (0.02%) had the least with Kogi recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.”

The CPI increased to the highest level at 11.28 percent in September 2018, from the previous high in May 2018. The rate was 11.23 percent in June, 11.14 percent in July, the lowest in over 2 years and 0.09 percent points less than the June rate

INVESTMENTS & BANKS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Fidelity Bank MD, Nnamdi Okonkwo Not On The Run – Bank

BY ENYI MOSES

F

idelity Bank Plc has clarified that Nnamdi Okonkwo, its’ managing director/chief executive officer, has not jumped bail, saying that he was on a sick leave.

The bank in a statement expressed shock that an online media report, stressing that it was a “respon-sible corporate citizen and staff members, including the MD/ CEO, conduct their operations in line with the laws of the Federation”.

The statement read: “Our attention has been drawn to recent online media re¬ports that Fidelity Bank MD/CEO has jumped bail. The reports are completely

untrue and the facts of the matter are hereby presented as follows; “The MD/CEO has been away on medical leave, which was duly approved by the Board, since Decem-ber 4, 2018.

“The Bank informed the CBN Governor of this development as the MD/CEO was unable to attend the annual Bankers Committee retreat held between December 8 & 9, 2018, on ac¬count of this. An Executive Director represented the bank.

“The Bank received a letter from the EFCC about 48 hours ago, requesting for the attention of the MD/CEO. The Bank responded to the EFCC immediately that the MD/ CEO was on medical vacation

19

Abuja Airport’s new terminal to process 15m passengers annually - FAAN

and gave an indicative date that he will report to the Commission.

“The Bank also attached the following documents to the response; the leave approval by the Board Chair¬man and the letter sent to the CBN Governor on the inability of the MD/CEO to attend the Bankers Committee retreat”.

The bank continued: “We are therefore shocked by the misleading reports in the online media and have provided the above clarifications to set the records straight.

“Fidelity Bank is a responsible corporate citizen and staff members, including the MD/CEO, conduct their operations in line with the laws of the Federation”, it concluded Saleh Dunoma

T

he Federal Airports Authority of Nigeria (FAAN) says the newly completed terminal building at the Nnamdi Azikiwe International Airport, Abuja, will process 15 million passengers annually when it begins operations.

Saleh Dunoma, the Managing Director of FAAN said on Sunday in Abuja that the terminal building was designed essentially to transport passengers.

He said the terminal building would be inaugurated on Dec. 20 to enhance the operational capacity of the airport.

The FAAN boss disclosed that the current carrying capacity of the airport was 7.5 million passengers per annum.

He said that the inauguration of the new terminal would bring about expansion to the airport.

He said that passengers would begin to enjoy comfort and efficient services, saying the terminal was built and equipped with modern facilities such as modern check-in, baggage handling and security facil-ities.

“Currently, Abuja is doing like 7.5 million passengers annually in the old terminal, both domestic and international.

He said that the nation now had a terminal that can process 15 million passengers which he described as a great departure from what it had

Nnamdi Okonkwo

I’m touched by infrastructure deficit in Rivers — Tonye Cole

T

he All Progressives Congress (APC) gubernatorial candidate in Rivers, Mr Tonye Cole, says he is deeply touched by the high poverty level and infrastructure deficit in Rivers communities, pledgeing to tackle the problem if elected.

Cole made the assertion in Ikuru town, Andoni Local Government Area (LGA) of Rivers on Sunday while speaking while on his findings after his ward-to-ward consultation/voter sensitisation tour on Saturday.

He said that having toured some local government areas in the state alongside the 11 wards in Andoni LGA, he was deeply touched by the sufferings of the people.

The governorship candidate said that Andoni communities had yet to have basic social amenities like electricity, water, equipped hospitals, good roads and standard schools.

“I’m worried about the poverty

level in Rivers communities, I know poverty is a huge challenge, especially among third world nations, but I think most of these adjudged high poverty indices we should have been able at least to achieve electricity.

“No dout, lack of electricity which happened to be a veritable tool for small and medium enterprises and mainstay of every economy has left the people of Andoni to struggle with high poverty rate.

“A tour of this area showed that there is no cottage hospital and the risk of maternal and infant mortality should expectedly be high around here.

“Indeed, we need to effectively harness available economic potential in our communities to fight poverty and create employment for our youths,” he said.

The governorship candidate therefore, charged traditional leaders to take advantage of

the 2019 generals elections to enthrone credible leaders that would alleviate the plight of rural dwellers. “l’m here with my team to receive a father’s blessing from the throne and also to seek support from your domain.

“It’s time our traditional leaders begin to use their stool to attract development to our communities,” he said.

Responding, the Paramount ruler, King Aaron Ikuru, thanked the governorship candidate for recognising the traditional stool and assured him corporation from his domain.

He said that as part of efforts to support a peaceful electoral process in his domain, he had issued an instruction against arms proliferation, adding that peace was key to achieving credible elections.

“It’s true that the communities and the world is in great need of good leaders, the world has

indeed beamed its searchlight on our election but the truth is that, there can’t be any smooth process without the rural communities.

“In fact, they are the fulcrum of every decent democratic process.

“Permit me to say that my domain is delighted to identify with your aspiration, especially as you have our son, Chief Davies Ikanya as the National Assembly candidate on your political slate.

“God willing, the forthcoming dispensation may offer an indigene of Ikuru town an opportunity to represent our constituency at the National Assembly.

In the same vein, Maxwell Atabirien, Chairman of the ward also assured him of the support of the party faithful in his ward, saying the ward was ready to ensure a peaceful electoral process.

“We look forward to good governance, youth employment and infrastructure in this region, and that’s why we will not relent on our support for the APC,” he said.

before.

“It is essentially designed for passengers, it is not the kind of terminal where you have several offices and aviances, it is just designed for passenger purposes and duty offices only.

“So, most of the offices are going to remain in the old facility and then we will provide posts for the agencies that will participate in the processing of passengers.

“All the passenger-handling facilities like the modern security equipment that are important for securi-ty are available in the new terminal.

“We have modern check-in facility, we have modern baggage handling facility, and we have modern security surveillance gadget in the terminal.

“It is a lot of departure from what we had in the existing facility and the arrangement is for the pas-sengerflow to be more efficient than what we had in the old terminal building,’’ he said.

Dunoma said that there were plans to make sure that the old and new terminals work together to ensure connectivity.

According to him, the authority will change its modalities of operations by providing free trolleys and WiFi services for all passengers in the new terminal.

He added that the new terminal would attract more passengers and patronage from more interna-tional airlines.

He said that there had been applications for additional frequencies into Abuja by some airlines.

The FAAN boss said that authority had decided to delay granting such approvals because of the lim-ited capacity and in order not to create congestions pending when the new facility would become operational.

The Abuja Airport is one of the four new terminals being constructed at the cost of $600 million by the China Civil Engineering and Construction Company (CCECC) under the Export-Import Bank of China loan.

The others are in Lagos, Port Harcourt and Kano and are being financed from the $500 million loan from China-Exim bank and $100 million counterpart funding from the Federal Government.

President Muhammadu Buhari had in October inaugurated the one in Port Harcourt while the remaining two are expected to be opened for operations in 2019.

DECEMBER 17 - 21, 2018

‘Election without Card Reader The refusal of President Muhammadu Buhari to sign the New Electoral Bill has generated furore among civil societies, political class and even the ruling APC party, because the decision of the president is very unpopular premised on the fact that assenting the bill would have assured of free and fair election. GODWIN DUNIA, spoke to lawyers and other groups in this report.

S

peaking on this line, a former Chairman of the Lagos Branch of the Nigerian Bar Association (NBA), Abiodun N. Dabiri, is of the opinion that since the President has finally declined to assent the bill after four consecutive times, we can still move ahead by mounting pressure on the National Assembly to do the needful.

Dabiri said if we can put party politics aside and the National Assembly members are able to secure a two-third vote, then the President veto can be override. The President is the head of the Executive and they are the legislators.

“The only step will can take as a democratic country is to put pressure on our National Assembly mem-bers probably to override the veto of Mr

President with the two third majority to leave partisan poli-tics aside. Because he has played his part as the head of the Executive and rejected the bill four con-secutive times.

“So the legislators should put partisan politics aside and make sure our democracy thrive. To me, I don’t see anything bad in the bill, rather it aimed at given a level playing field to everybody such that we can have a free and fair 2019 election”.

On the issue of if the Senators are ready to take this step to override the veto of the President and now that the elections are closer, the former NBA Chairman said: “There is no time limit to override the veto of the President. He has been using delay tactics all along and there is nothing in

the constitu-tion that says we cannot make laws just because elections are coming soon”.

Dabiri also waved aside one of the reason given by the President that if he sign the bill, it would have ran against Article 2 of the ECOWAS Protocol. “The President concern is to sign the bill and if any indi-vidual

or organisation felt aggrieved, then they can go to court.

The president cannot assum the function of the judiciary. If it contravenes ECOWAS Protocol, then someone would have challenged it. The court are there to interpret it, not the president. He cannot perform the functions of

If ECOWAS treaty or protocol must be obey by countries of the sub-region, it would also be bidding on them to obey the order of its court as regards fundamental rights and others as it affect the people of the sub-region

Prof Yakubu (INEC chairman)

an executive then as legislative and judiciary”.

Dabiri also perceived the recent pronouncement of INEC that it will use the Card Readers Machine in the coming 2019 Elections as a mere statement that does not hold water because it lacks the backing of the law.

His words: “The unfortunate thing in this country is that, the INEC are supposed to be independent but the Executive will always interfere in all these agencies, for instance, the ICPC, EFCC and so on. INEC is at the thumb of the President and he direct them on what to do at any point in time. But if it is passed into law and the Card Reader was not used, it can be challenged in the court of law and that election can be set aside. But for the INEC to be assuring us that the Card Reader will be used is a mere statement that may not be fulfilled at the end of the day, because it is just a statement, the use of the Card Reader Machine is not backed by the law”.

Dabiri also said the setting up of Commission on the Autonomy of the State Legislature and Judiciary is inconsequential as the constitution has taken care and enumerated out how

Christmas: 201 FRSC mobile courts begin sitting Monday – Corps Marshal

T

he 201 mobile courts set up by the Federal Road Safety Commission (FRSC), nationwide to prosecute traffic offenders during the yuletide season, will begin sitting Monday December 17.

Dr Boboye Oyeyemi, Corps Marshal of the FRSC, was on a nationwide tour , disclosed this on Saturday in Ibadan during his visit to Oyo State, in an effort to ensure free flow of traffic nationwide during the yuletide season.

The Corps Marshal said all his personnel would be mobilized to ensure motorist obey traffic rules and urged road users to comply with traffic regulations so as not to spend their Christmas and New Year in prison custody.

He called for maximum punishment for any motorists that assault any of his personnel, saying 71 of his officers were assaulted

by motorists from January till date as a result of malicious behaviour of some road users.

Oyeyemi advised motorists to cooperate with FRSC personnel as we move towards the end of year 2018.

He said the commission has been able to bring down the number of road traffic crashes to single digit in 2018 compared to 2017, saying this was an indication that an appreciable achievement had been achieved.

Oyeyemi said the FRSC was embarking on critical assessment of key federal roads nationwide in which Lagos-Ibadan Express way tour-gate, Iwo road express way were among in order to ensure free flow of traffic during yuletide period.

“I am satisfied with the level of operation so far and we are complying with the directive of President Muhammadu Buhari

to ensure free flow of traffic and reduce road crashes. `I have set down full enforcements to ensure removal of obstruction from high ways, proper manning of all diversion areas so that we don’t experience gridlock and rescue team fully activated among oth-ers,’’ Oyeyemi said.

Oyeyemi urged road users to plan their journey and not to be in haste to complete the journey of four hours in two hours, saying most federal roads were now undergoing repair and motorist may not spend the normal time they spent when traffic was light.

He promised prompt response of the commission whenever there was traffic obstruction or road crashes and appealed to motorists to cooperate adequately.

Oyeyemi also urged the FRSC personnel conduct themselves in a professional manner.

Boboye

DECEMBER 17 - 21, 2018

Machines Can’t be Challenged in Court’ these arms of government should operate.

“There is no need for all these, separation of power is already in the constitution. All the government needs is to put them into operation and not to waste our money again to set up Commissions to do what had been done already. The independent of these arms of government are all in the constitu-tion. The State have taken over the functions of the Local Council and the money supposed to be giv-en to them are channelled through the states. And they don’t want the LGC to be financially inde-pendent. There must be financial autonomy and check and balances in accordance to the constitu-tion”.

Also reacting, Executive Director of Socio-Economic Rights and Accountability Project (SERAP), Adetokunbo Mumuni said, based on facts on ground so far, he feels the President ought to do what should be in the interest of the people.

“Now that the President has decided not to assent the bill, it is now left for us to put pressure on the National Assembly to do all that needs to be done to override his veto. The people don’t have any op-tion than mounting pressure on the senators to do what is in the best interest of the masses”.

But Mumuni is of the opinion that as an important country in the sub-region and member of ECOWAS,

The president cannot assume the function of the judiciary.

If it contravenes ECOWAS Protocol, then someone would have challenged it. The court are there to interpret it, not the president. He cannot perform the functions of an executive then as legislative and judiciary we are obliged to respect its protocol. “So if Nigeria is saying she took the decision because of a sub-regional organisation, then it has set a standard for others to follow.

I don’t think by so doing it amount to surrendering our sovereignty as a country”.

When further asked that how come that the same President Buhari, who failed to obey ECOWAS court order has suddenly turned around to see its protocol as more important than what would have guar-antee and impressed on Nigeria that the 2019 election will be free and fair?

Mumuni said: “If ECOWAS treaty or protocol must be obey by countries of the sub-region, it would also be bidding on them to obey the order of its court as regards fundamental rights and others as it affect

the people of the sub-region”.

The SERAP Executive also advised politicians on how to handle the political issues in the country in a way that would guarantee peaceful co-existence. And unlike majority of Nigerians who are pessimistic about the coming elections, he is of the opinion that the election will be free and fair, even with the unsigned bill.

“I think politicians should get around issues in a positive manner. I believe our votes in the 2019 general election will count”.

He also reacted to the question on the Commission on the Autonomy of the state legislature and judi-ciary thus: “What should happen is that every arm of government must control its own vote/ finance and they should be

accountable and responsible for it. And if that is the intention of the President Buhari for setting up the commission then it is a good and welcome development and that too is in line with the constitution”.

Also calling on the Senate to overruled and override the President veto is an International Lawyer based in Lagos, Patrick Eva. He said the furore of the refusal has caused a lots of dissagrement among the civil societies, politicians and even among the ruling party APC, with the impression that the 2019 Elections may not free and fair.

“It is most likely that the both Houses might overruled the veto by passing a two-third majority in the House in order to make the bill effective. I see this playing out within a couple of weeks. Even if the bill had been presented to the President earlier than it was assumed now, the attitude of the President would not have been different”.

Eva also reacted to the reason of ECOWAS Protocol given by the President as reason for the refusal to sign the bill: “It is not possible for ECOWAS Protocol and UN convention to override our constitution. They can only be effective based on the extent we surrendered to them”.

On INEC statement that the Card Reader Machine will be used throughout the coming election, he said: “The contention is that the machines did not function

properly during the last election in 2015, especially in the North and an election that the card readers were not used cannot be validated or question in the court of law.

“So, there must be legal backing for the Card Reader because it is the only potent weapon to forestall electoral malpractices or rigging.

What the INEC has said is just showmanship, the law must compelled them to use the Card Reader Machines. Not based on their feelings because if they failed it would not rendered the election inva-lid”.

Eva also said: “Any commission that has nothing to do with total restructuring of the country is of no consequence, it is window dressing. The government cannot grant autonomy to the local government legislature and judiciary in the states alone, what about the national level, are they free or independ-ent? Remember, the EFCC had sometime gone to the houses of judges and burgled in to arrest them for alleged corruption or misconduct, do you now call that independent judiciary?

“This country must be restructured for her to move forward and this has been one of the key agitation of some region in the country, especially the Niger-Delta region so that we can move on as a country without any infringement on rights of our existence as a people”.

Vice-Presidential Candidates’ Debate: Adegboruwa urges government to strengthen Law Enforcement Agencies, Judiciary

A

Lagos-based lawyer and rights activist, Ebun-Olu Adegboruwa, has urged the present administration of Muhammadu Buhari, to strengthen the law enforcement agencies and the judiciary as an alternative way to fight corruption.

He said the government should go back to the drawing table and restrategize because of the love of majority of Nigerians for the Buhari/ Osinbajo administration, which is based on their character and integrity.

Adegboruwa stated this while reacting in a message titled: ‘Lesson of the Vice Presidential Candidates Debate’ to the Friday’s Vice Presidential Debate. He said: “Peter Obi is correct and a million times correct that a war against corruption need not lead to poverty of the people.

America, Britain, Germany, etc, are fighting corruption, but not at the expense of eco-nomic growth.

“Take it or leave it, the way and manner of the war against corruption

of this present administration has virtually rippled our economy”.

He also said: “Professor Yemi Osinbajo is correct and ten million times right that no economy can flourish in the hands of looters; it just can’t work, as the end result will be mass poverty and a clique of aris-tocrats, as happened in these past years.

“No matter the level of prosperity of a nation, if the leadership cannot face corruption squarely in the face and tackle it squarely and meaningfully, whatever gains the economy may record will be frittered away by the wicked kleptomaniacs. “ So the lesson from both submissions is to find the appropriate means of fighting corruption by strengthening the institutions involved, namely the law enforcement agencies and the judiciary. Then gather a sound economic team to face the task of nation building, move away from deploying anti-corruption war to fight political battles and entrench sound professionalism in that regard.

“These valid statements, in my mind, summarize the true state of the Nigerian situation, from which all our leaders should pick some valuable lessons,” he said.

Adegboruwa further stated that, genuine investors and manufacturers are scared stiff, as all it takes is just for an opponent or competitor to rub you with the mud of corruption and you’re finished.

“Let the government go back to the drawing board and fine tune and restrategize, in this area. Nigerians love the Buhari administration for its stance against corruption, Nigerians love Muhammadu Buhari and Yemi Osinbajo, for their unblemished character and sterling leadership qualities, but they need to work on the economy.

“Let the leadership face the task of governance squarely, and guide the professionals to fight the war against corruption purely in a professional style” he concluded..

Ebun-Olu Adegboruwa

22

OPINION

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Helping Africa’s farmers to adapt to harsher conditions will enable agribusinesses to grow. It will also help meet the demand for affordable food in the region which will increase as the population soars in coming decades.

Africa’s farmers at a climate crossroads

BY GORDON CONWAY

A

frica is at a crossroads.

How the continent chooses - and is supported - in efforts to address the im-pacts of climate change will decide if its millions of smallholder farmers are able to progress.

By extension, this will determine whether the region’s economies can flourish as well.

Africa’s financ-ing gap for climate adaptation and mitigation urgently needs to be addressed.

The adoption of the Sustainable Development Goals last week has set the course for the next fifteen years of development, as will the upcoming United Nation climate change negotiations - or COP 21 - in Paris in December.

Major investment in climate adaptation and mitigation is required for Africa’s farmers to be able to overcome the challenges that climate change will throw their way.

Between 2010 and 2050, the costs for adaptation to climate change in Africa could cost up to $50 billion each year, yet the levels of financing actually reaching African countries is nowhere near the amount required.

Only $2.3 billion was disbursed between 2003 and 2013 through various climate funds – despite almost 15 times that amount having been pledged.

This is shortsighted. We know that for every $1 spent pre-paring for

disasters, $7 is saved in the cost of post-disaster recovery efforts.

Increasing resilience The African continent will be disproportionately affected by the gap in climate funding.

Mean temper-atures in Africa are expected to rise more quickly than the global average.

Food prices are expected to rise, and agricultural losses could consume up to 7 percent of GDP by the turn of the next century.

Tens of millions of people will be displaced due to the sudden onset of cli-mate-related disasters.

African farmers are among the most underprepared to cope with such climate stresses and shocks.

Food insecurity, malnutrition, poverty and conflict keep them from building the resilience required to overcome these new, unpredictable and complex challenges.

According to some projections, extreme poverty could be largely eliminated from every region around the world by 2030, except sub-Saharan Africa. To think of “poverty” becoming synonymous with “Afri-ca” is outdated, and it is completely avoidable.

A new report by the Montpellier Panel of experts in agriculture and development outlines a series of recommendations for donor and government action to change course and prevent a climate catastro-phe.

Many tools and technologies are already out there to help

farmers adapt to climate change.

More knowledge is needed in order to make them appropriate for Africa’s farmers. Investing in better weather monitoring is going to be key, as is research to understand the responses of different crops and livestock breeds to drought, floods and heat stress.

Building markets Helping Africa’s farmers to adapt to harsher conditions will enable agribusinesses to grow. It will also help meet the demand for affordable food in the region which will increase as the population soars in coming decades.

Climate change currently stands in the way of a strong urban and regional food market within Africa. The right adaptation techniques could catalyse one, and generate a lot of wealth for agribusiness en-trepreneurs.

Smallholder farmers can also drive sustainable agricultural development that builds resilience and re-duces greenhouse gas (GHG) emissions. Sequestering carbon into the soil, which recaptures excess carbon in the atmosphere, is known to have a lot of potential. Better land management could capture around three gigatonnes of carbon per year.

Collectively this has the potential to offset between 5 per and 15 per cent of global greenhouse gas emissions. It could also increase annual grain

production in developing countries by 24 to 32 million tonnes, leading to improved food security for many farmers and their families.

However, farmers need to be provided with the right incentives to take on these actions. This includes paying them to protect their environments and giving them secure land rights to inspire better protec-tion and care of their own fields.

In Niger, government policies that strengthen local farmer rights for planting trees coupled with train-ing from aid agencies to improve land management and agroforestry resulted in the revitalization of more than 5 million hectares. Today, smallholders in Niger benefit from enriched soils and increased crop yields.

These efforts must be supported through adequate and correctly targeted climate finance mecha-nisms so that African governments can better access funding that significantly benefits smallhold-ers. Currently, funding is fragmented and insufficient.

With the UN climate talks fast approaching, donor governments must prioritise action on climate change. If they fail to do so, hard won gains in ending hunger and poverty in regions like subSaharan Africa will become irrelevant. .Professor Sir Gordon Conway is director of Agriculture for Impact and chair of the Montpellier Panel

Gaining Competitive Advantage In Today’s Business With over 1,000 organisations in Nigeria and West Africa as subscribers, TAMS, a time managment focused cloud biometric solution is a robust HR system designed to meet those needs, thus giving users the control they want without any of the technicalities impeding speed, user interface or the overall user experience.

BY ROLU ADEGBOLA

T

he value of an organization is no longer judged solely by tangible assets. Investors and shareholders all over the world now recognize the importance of intangible assets to a firm’s strategic goals and profitability in today’s global marketplace.

Market leaders now recognize HR as a critical part of their overall business strategy because the work-place of the digital age has evolved tremendously.

Technology is changing everything so fast that traditional human resources (HR) tools have become increasingly inad-equate to manage the new demands for organizational performance.

The old model based merely on hiring, compen-sation and benefit simply does not work anymore for a company that wants to gain the competitive advantage in a fierce - and increasingly unpredictable business environment.

Bercause people are important, intangible assets such as skills, knowledge, competencies, mentalities and attitudes that business managers and employees alike bring to the workplace count for much more than making the numbers. Any company that still sees its HR department as a cost centre is far behind the curve and risks going out of business or

becoming a target for a takeover.

The new business paradigm for competitiveness is built on speed, agility, innovation, short product life cycles, quality, and customer experience.

To remain on the cutting edge, an organization requires not only a workforce that is engaged, but also a workplace that provides great employee experience in order to deliver on the brand promise to customers and thus increase shareholder value.

Employees need to be both capable and committed.

Furthermore, they require a digital ecosystem that fosters a cul-ture of engagement and high performance.

The Nigerian business landscape is not isolated from the impact of globalization.

However, the human resource value chain, which has been identified as critical to corporate competitiveness, has not been fully developed, managed and utilized.

The level of productivity in many organizations in both the private and public sectors as well as in profit and non-profit organizations is comparatively low. A lot of time is lost to inefficiencies due to poor HR management prac-tices.

Analysts and commentators have argued that a good number of Nigerian organizations are yet to fully embracedhu-man capital as a strategic competitive asset. Hence,

the widespread sloppiness in the way firms hire talents, develop essential employee competencies or create training systems that help employees learn faster than the competition.

Human resource management basics like performance-based compensation, cost per hire, employee turnover and employee appraisal are mostly haphazardly done. Such practices have a negative impact not only on the level of or-ganizational productivity, but also customer satisfaction, profitability and shareholder value.

The implication of the foregoing HR problems in the Nigerian situation is that companies that adopt a different HR ap-proach - one that is driven by the latest HR technologies - have a greater chance of gaining competitive advantage, es-pecially when such technologies are aligned to the overall corporate strategy.

Today, the trend in HR management leans towards a focus on employee experience, digitalization of HR functions, people analytics, and what is known as the “Gig Economy” or on-demand hiring, which allows for freelancing or short-term work as opposed to full-time employment. To support these new workplace developments, there are several HR applications which can help companies make

the transition from legacy HR processes to Digital HR, which is the future of work.

However, concerns among decision makers in organizations on the issue of biometrics and data protection are quite real.

A recent research shows that companies and decision makers want to have sole control of their data/information without any third-party interference. In other words, companies require HR solutions that give them full control of their data, while at the same time, minimize security risks, minimize cost, avoid disruption of internet connection and improve operational efficiency.

With over 1,000 organisations in Nigeria and West Africa as subscribers, TAMS, a time managment focused cloud biometric solution is a robust HR system designed to meet those needs, thus giving users the control they want without any of the technicalities impeding speed, user interface or the overall user experience.

Rolu Adegbola is MD and Chief Customer Experience Officer of CFS West Africa Limited, Nigeria’s leading Customer Experience Service Provider. He can be reached for consultation through his email rolu.adebola@cfsworld. com

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WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

23

Safety on Wheels throughout the Yuletide Season

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he end of every year especially t o w a r d s Christmas and the beginning of the New Year is usually a beehive of activities in the country.

A lot of people, especially transporters and even commuters are usually in a hurry to get to their destinations.

Nigerians across the country during this period also embark on travels, crisis-crossing different parts of the country.

The aim is usually to unite with friends and relations during the Yuletide. These tours usually keep the roads busy with its attendant skyrocketing transport fares during this time.

The sad part of it is that the country records high road accidents at this period when peoples are ex-pected to be merry. Some mishaps are caused by rickety vehicles with worn out tyres. Drivers also share in the blame for high rate of accidents.

In some cases, drivers are in a hurry to make many returns per day in order to make money. Some even bow to the prodding of passengers to speed and even dangerously violate traffic law. They overwork the vehicles and in the process make fatal mistakes and miscalculations.

Sometimes, the drivers even doze off on wheels and this results in fatal accidents. The craze to make more money makes them to over speed causing road accidents.

It is against this backdrop, that the latest intervention

Oyeyemi

by the Federal Road Safety Commission (FRSC) to introduce mobile courts to checkmate rising road accidents deserve commendation.

The organization says it’s seriously gearing up to curb road accidents during this festive season.

The Corps Marshal of the FRSC, Boboye Oyeyemi says the Commission will this week setup mobile courts numbering about 201 nationwide to prosecute traffic

offenders during this Yuletide.

Through this, the Commission is pushing for free flow of traffic and to ensure that road users observe safety driving measures such as avoiding over speeding, overloading, driving with worn out tyres and violating road traffic laws.

We urge motorists to cooperate with FRSC officials throughout the Yuletide, especially as they intro-duce the mobile courts to ensure free flow of traffic to

reduce road carnage. It is important that road accidents are reduced to the barest minimum this festive period. The journey of traveling to unite with friends and relations this period must not turn sour for families.

We move that the mobile courts must observe the rule of law. Alleged traffic offenders are entitled to defence counsel.

The aim must not be to clamp people into detentions and impose heavy fines on them to make money for government or FRSC, but to ensure that motorists learn lessons not to drive recklessly and obey traffic rules.

The FRSC must also abhor overzealousness on the part of their officials. They must behave as trained officials and avoid losing their tempers at the slightest provocation.

We suggest that the FRSC must involve trained health officials properly equipped with necessary medical facilities in their quest to reduce deaths on the roads. The time lost before medical AIDS are administered when accidents occur also contributes to number of deaths recorded on the roads.

We move that the mobile courts must observe the rule of law. Alleged traffic offenders are entitled to defence counsel. The aim must not be to clamp people into detentions and impose heavy fines on them to make money for government or FRSC, but to ensure that motorists learn lessons not to drive recklessly and obey traffic rules.

24

WESTAFRICA BUSINESSNEWS

ENERGY, OIL & GAS

DECEMBER 17 - 21, 2018

PENGASSAN urges NASS to pass PIB to build investors’ confidence

T

he Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Na-tional Assembly to pass the Petroleum Industry Bill (PIB) to build investors’ confidence in the industry.

The association made the call in Lagos in a sevenpoint communiqué issued at the end of its meeting on the state of the economy and issues affecting the oil and gas industry.

The communiqué, signed

by PENGASSAN President Olabode Johnson, said the PIB, which started as the Oil and Gas Sector Reform Implementation Committee (OGIC) report in April 2000, had gone through various stages with the Petroleum Industry Governance Bill (PIGB) now at the forefront.

“We urge the government, both the Executive and Legislative arms, to ensure that this Bill is passed before expiration of the tenure of this administration in order to restore investors’ confidence in our industry,’’ it said.

It said that the PIB would also increase the country’s revenue base, while protecting the national economy from the vagaries of global crude oil price fluctuations.

The association, nonetheless, commended the government’s efforts to rehabilitate all the oil depots across the country

but advised it to further develop, in concrete terms, the utilisation of gas for do-mestic use and export.

On workforce casualisation, PENGASSAN decried the continuous employment of workers in the sec-tor as casual, contract or outsource staff.

It stressed that the development was a menace to the growth of the oil and gas industry and vowed that it would continue to resist it until it was resolved.

Foundation inaugurates N 241m projects in Chevron’s host communities

BY GODWIN OSAGHAE

K

EFFES Rural Development Foundation (RDF) on Saturday inaugurated 20 projects in eight communities, hosting the operations of Chevron Nigeria Limited in Bayelsa, at a total cost of N241.43 million.

The 20 projects were implemented in the last two years. KEFFES, is an acronym for eight Chevron

host communities in Bayelsa comprising Koluama 1 2, Ezetu 1 2, Foropa, Fish Town, Ekeni and Sangana lo-cated along the Atlantic coastline within Bayelsa.

Speaking at the inauguration ceremony at Koluama I, in Southern Ijaw Local Government Area (LGA), Mathew SeleEpri, Chairman of KEFFES RDF said that the projects were financed by Chevron.

Jeff Ewing

According to him, the oil firm had ensured prompt release of funds to the RDF under the Global Memorandum of Understanding (GMoU) between Chevron and its host communities in Southern Ijaw and Brass LGAs in Bayelsa. ”As you may know, KEFFES RDF is saddled with the responsibility of developing the KEFFES communi-ties and it is furtherance of this mandate that we are gathered here. ”The KEFFES RDF embarked on some 20 capital projects years back and we are here today to commis-sion these projects so they can be put to use for the benefit of the members of the KEFFES communi-ties. ”These projects range from Educational interventions in building of teachers’ quarters to accommo-date teachers and youth corps members, roads, power, bridges among others. ”These projects were executed with funds from FEFFES/NNPC/Chevron GMoU, our commitment to development of our communities was a major drive towards to prudent management of limited

funds accruing to FEFFES RDF,” Sele-Eprie said.

Christmas Brass who represented the Bayelsa Commissioner for Mineral Resources, Markson Fefegha cut the tape to inaugurate the projects in Koluama I. The projects are, two 100 meters by 4m – concerete walkways and teachers quarters to symbolise in-auguration of other projects sited across the eight communities.

Brass applauded the management of Chevron for meeting its social obligations to Bayelsa communities under the GMoU supervised by the Bayelsa Ministry of Mineral Resources.

Speaking on behalf of the benefiting communities, Chief Marcus Gorley, appealed to Bayelsa Government to compliment the efforts of Chevron and other oil firms by extending development to rural oil communities.

He said that the development intervention by oil firms was appreciated but grossly inadequate given the development challenges in the Niger Delta and urged the state to channel part of its 13 per cent derivation funds to oil communities.

NCDMB develops five-year vessel demand profile for oil, gas

T

he Nigerian Content Development and Monitoring Board (NCDMB) in partnership with key stake-holders have developed a five-year vessel demand profile for oil and gas operations in the country.

The profile was based on data received from the Nigerian National Petroleum Corporation (NNPC) and the National Petroleum Investment Management Services in October 2018.

Simbi Wabote, the Executive Secretary of NCDMB who disclosed this to newsmen said that the Nigeri-an maritime industry was galvanising stakeholders’ engagement for sustainable growth.

Wabote said the NCDMB had equally identified the types of vessels that local operators in the shipping business should purchase that could guarantee good businesses and returns on investments.

According to him, analyses carried out using types of vessel categories showed that the top five ves-sels in projected demand between 2019 and 2023 would be tugboats, security patrol vessels, jargon barges and crew boats, among others.

“These ships account for 66 per cent of marine vessel requirements. Crew boats, security vessels, guiding support vessels account

for 49 per cent of vessels that will be in demand over the period 2019 to 2023.

“Accommodation vessels, supply vessels, anchor handling truck vessels, tug boats, barges, will account for 23 per cent of the demand in the oil and gas industry.

“In the next five years, industry’s spend on tugboats and other vessels is projected to be $1.6bn or 51 per

cent of total spend, and the annual spend is projected to be $641m over 519 marine contracts in Nigeria between 2019 and 2023,” he said.

He said that from the outlook, the vessels listed should occupied the focus of Nigerians who aspired to own vessels in the coming years.

Wabote listed other areas of intervention of the board to include the $200m Maritime

Intervention Fund launched in partnership with the Bank of Industry to provide a singledigit interest loan to Nigeri-an oil and gas service providers.

“Based on the feedback from our stakeholders, we recently secured approval to increase the limit of loans for refinancing to $10m from the initial $2m. We hope that it would free up some of the highly leveraged

assets of the industry.

“We understand our kind of business moves with the oil price.

“As at the end of October 2018, $21m had been given out as loans to beneficiaries, but there is still sig-nificant head room for disbursement to interested applicants.” he said.

He said that a committee had also been set up between

NCDMB and the Nigerian Maritime Admin-istration and Safety Agency to harmonise standards for categorisation of marine vessels.

“Such vessel harmonisation has been concluded to agree on the definitions of various nomenclatures of marine categorisation,” he said.

Oil communities must benefit from 13% derivation - Buhari

P

resident Muhammadu Buhari says his administration will do everything within the ambit of the law to ensure that oil and gas resources producing communities receive the 13 per cent derivation fund.

The president made the pledge when he received the Board of Trustees of the Host Communities of Nigeria producing Oil and Gas (HOSCON) led by its Chairman, King Alfred Diete-Spiff, at the Presidential Villa, Abuja.

Buhari said that his administration would ensure that the 13 per cent derivation fund being enjoyed by the states in the Niger Delta Region was judiciously utilized.

According to him, the derivation fund is constitutionally enshrined and hence all

affected oil communities must partake in it.

“The relevant constitutional laws regarding the 13 per cent derivation fund must be duly observed by the affected state governments in the Niger Delta region,’’ he said.

The president however, urged leaders in the region to continue to educate the youths in their respec-tive domains on the need to shun any act capable of disrupting peace and stability in the area.

Earlier in his remarks, Diete-Spiff, who is also the Amayanabo of Twon-Brass, announced that HOSCON was negotiating with foreign investors/partners on mechanized agriculture, modular refineries, ferti-lizer plant and gas utility plant/ electricity generating project.

Diete-Spiff, who was also the first military governor of old Rivers State,

presented HOSCON’s top prior-ity demands to the federal government.

The demands included the release of accrued gas flare penalty money amounting to N98 billion to the host communities.

“Agitation for the payment of gas flare penalty fund to HOSCON is ongoing and has secured the listen-ing ears of the Vice President and hopefully that of President himself.

“We wish to state unequivocally with full assurance that if these requests of the host communities are granted, HOSCON will ensure that the funds are judiciously utilized,’’ he said.

The HOSCON leader said the gesture would economically uplift and empower the Niger Delta people, stop crude theft, youth militancy, pipeline vandalism and illegal refineries.

President Buhari

PROPERTY & ENVIRONMENT

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

25

NGO, Forestry Research Institute sign MoU on afforestation A

n NGO, The Rural E n v i r o n m e n t a l Empowerment (TREE) Initiative has signed a Memorandum of Un-derstanding(MoU) with the Forestry Research Institute of Nigeria(FRIN) on the conservation of the forest.

The MoU was signed at the institution by Dr. Shola Adepoju, the FRIN Director-General and the TREE Initiative founders.

Dr Oladapo Akinyemi, FRIN Research Coordinator told NAN that it was imperative for the institute to sign such MoU aimed at afforestation, agroforestry and re-vegetation.

“This is a welcome development from TREE Initiative. As a reputable institution vested with a mandate of conserving the forest, we will always partner organisations or groups with similar objectives,” he said.

Akinyemi, who said the MoU was in line with the institute’s mandate, stated that the implementation of the MoU takes immediate effect.

Sola Kolawole and Mr Ropo Egbeleke, the Co-Founders of TREE Initiative appreciated the management of FRIN for considering the collaboration as important and strategic.

Kolawole, Executive Director, TREE Initiative told NAN that the NGO had since establishment advocat-ed tree planting to mitigate the negative consequences of climate change occasioned by massive de-forestation and desertification.

“The Goal 17 of the SDGs is ‘Partnership for the Goals.’

As we approach the 2030 date, it is important that we all come together to save our planet for future generations.

“For countries in the Tropics, it is collaborations like this between sincere Community Based Initiatives and State Actors that can help solve the climate change debacle and facilitate the achievement of the 2030 Agenda,” he said.

He said that deforestation was at the front burner of any climate change conversation or gathering, saying the World Bank at COP24

in Katowice, Poland has made a commitment to protect additional 120 million hectares of forests.

Kolawole urged Nigerian banks and organised private sector to support foremost institutions like FRIN and dedicated civil society initiatives working hard to restore depleted forests.

According to him, “the collaboration with FRIN will boost our advocacy in our core thematic areas such as Tree Planting, Food Security and Sustainable Livelihood.

“It will also enable the Nigerian public, particularly communities facing direct impact of these challeng-es to know that Federal

Harmattan: Enugu Govt. cautions residents against bush burning

T Dr. Shola Adepoju, Director-General, Forestry Research Institute of Nigeria(FRIN) handing over the signed Memoran-dum of Understanding to the Co-Founders of The Rural Environmental Empowerment (TREE) Initiative, Sola Kolawole (2nd Left) and Ropo Egbeleke(Left) at the institute in Ibadan.

‘Short-mortgage-tenure impedes housing delivery’

F

ormer Chairman, Nigerian Institute of Estate Surveyors and Valuers (NIESV), Lagos Chapter, Samuel Ukpong has attributed the short-mortgage-tenure practice as the bane of positive housing delivery in the country.

Ukpong said in Lagos that only a few primary mortgage institutions in the country practised mortgage tenure beyond 10 years.

He said that financial institutions

in the country were only offering loans and not mortgages.

According to him, the mortgage tenure as practised in many other countries is beyond a minimum of 20 years, adding that such practice can be adopted in the country.

“In other countries, the mortgage is given out at low interest rates to enable affordability and profitability but in Nigeria, mortgage is being given on short-term tenure

Paramount ruler urges FG to make progress in Ogoni clean-up

T

he Paramount Ruler in Khana Local Government Area in Rivers, King Baridam Suanu, has urged the Federal Government to make visible progress in implementing the Ogoni clean-up project.

Suanu who made the call in Port Harcourt, however commended the present administration for having the political will to launch the Ogoni clean-up project.

According to him, this has unveiled continued government commitment to the project since the launch.

He, therefore, urged the Federal Government to do the needful by contracting the project as well as monitoring its funding and disbursements to achieve success in the exercise.

He said that so far, the amount of money released to the Hydrocarbon Pollution Remediation

Government through agencies like FRIN is making remarkable progress in the fight against deforestation and desertification.”

Egbeleke told NAN that the initiative was aimed towards planting and nurturing no fewer than 10 mil-lion trees by 2025 through a mix of afforestation programs and

farmer-owned agroforestry projects.

He said the aim was to address the combined global challenges of deforestation, hunger and rural poverty.

Egbeleke said that the organisation has launched ‘One Student One Tree Project’ through a partner-ship with Ladoke Akintola University of Technology(LAUTECH), O g b o m o s o .

“This is one avenue of achieving this medium term goal. We intend to carry the One Student One Tree Project advocacy to all tertiary institutions located in rural environments across the Nigeria over the next few years.

“We are also coming up with a Shea Tree Restoration Advocacy Program, an agroforestry propagation project in partnership with farmers, especially smallholder women farmers across the country.

“It is an initiative to save the Shea Butter Tree which supports the livelihood of about 500,000 women in Nigeria from extinction,” he said.

Project (HYPREP) board and the ingenuity of companies shortlisted for the exercise showed some insincerity in its implementation.

“I heard that monies have been released to the HYPREP board, we were also told that 20 companies have already been shortlisted for the clean-up and as I speak these companies are yet to be seen on site.

“Though, I have my reservation about some of the companies shortlisted because I don’t think most of them even applied officially for the contract.

“Basically, I think there is a form of political situation going on at the seat of power.

“People just award contracts, my fear is that most of these companies that have been awarded the clean-up contracts may end up subletting them and that is not going to be very good for the exercise.

“For me, I think that the Federal Government is not yet keen at addressing Ogoni clean-up, whenever they are ready to achieve success in that regard, we will know,’’ he said.

Suanu said that apart from an indigenous company known as Geo-Services Company among the shortlisted contractors others had remained secretive in their operations.

“For now, I’ve not actually seen any of the companies being mobilised on site but I know from the re-port available to me, there may be one indigenous company, Geo-Services among them.

“Others are unpopular companies that my instinct tells me may not have the technical knowhow to deliver on the clean-up project.

“Apart from a company like Geo-Services whose directorate and operations are known in this region others are new to me,” he said.

with high interest rates,” he said.

Ukpong said that the substantial reliance on short-term credit to fund projects like housing with long gestation periods had made it difficult for low and middle-income earners to own houses of theirs.

“In the United States and United Kingdom where the mortgage scheme is vibrant, low-income earn-ers own houses because repayment is spread over 20 years at single-digit-interest rates,” he said.

According to him, housing is a long-term investment and should be financed with longterm loans to enable investors recoup their investments.

The NIESV’s ex-chairman noted that for the mortgage scheme to be cheap and affordable, its funds should be sourced from the capital market.

“But in Nigeria, majority of housing corporations, mortgage institutions and agencies source their funds from commercial banks at high interest rates.

“The consequence of this is the high cost of housing currently being suffered in the country,” he said.

Ukpong said that financing the housing sector should be central to the nation’s economic develop-ment.

He said that lack of proper attention by government, however, would hamper access to housing de-velopment and reduce the sector’s contributions to the national Gross Domestic Product (GDP).

“Currently, Nigeria’s mortgage banks charge between 19 per cent and 25 per cent.

he Enugu State Government has cautioned residents of the state against bush burning while hunting for “bush meat’’, to guard against wild fires this harmattan season.

“Our people should stop bush burning while chasing wild animals such as bush rats this season to avoid fire disasters and their attendant consequences.

“I have seen careless fires set up by these wild animal hunters completely raze down an entire village.

“The bushfire destroyed homes, market, farmlands and stalls in the village totally,’’ the state’s Com-missioner for Rural Development, Gab Onuzuluike said in Enugu on Saturday.

Onuzuluike said that the state government, through the law enforcement agencies, would arrest and prosecute any individual or group engaged in indiscriminate bush burning this season.

“We have informed and engaged the police command and traditional leaders in the state.

“We want to take pro-active steps to ensure no individual or group brings hardship on any village or community in the state due to carelessness,’’ he said.

The commissioner said that the state government had made security and safety its top priority by put-ting its seven fire stations on alert to attend to any emergency.

DECEMBER 17 - 21, 2018

Boosting Agric development via insurance business

Nigeria’s agricultural sector losses about N20 billion annually, as a result of failure of insurance companies to cover farmers. However, the resurgent flood destroying many farmlands has added to the renewed calls for insuring this sector. NIYI JACOBS reports.

T

here are opinions that many farmers operating in the Nigerian agricultural sector are not keen or even belief in getting insurance covers for their farms.

Insensibility to insurance policy in the country’s agriculture have resulted to severe loss in agric produce running into an estimated N20 billion annually.

Dr. Kolade Adebayo, Executive Director, Zynosism Nigeria Limited, recently charged the insurance sector to create products that capture small farmers.

Adebayo who revealed this at an event in Lagos noted that: “The absence of insurance products for small farmers is costing the agricultural sector over N20 billion annually. We need insurance products that will aggregate small farmers cooperatively and provide cover for them. As such, insurance compa-nies need to deal with poultry associations, rice farmers association and so on so that agricultural pro-duce can be enhanced.

“Risk is an integral element of the farming industry, but the challenge we are having is that we don’t have the insurance partnership to cover most of our risks. The association of livestock farmers usually organize annual agric forums where we come together to discuss issues. For years we have always in-vited stakeholders from other sectors to rob minds together on ways of moving agric business for-ward.

For over 10 years that we have been having this forum, while we have had many representa-tives from other sectors, we only see one person from the whole of the insurance industry. This is not good for the insurance sector.”

Also speaking at the event, Biodun Oladapo, Chairman, Small and Medium scale Enterprises Trade Group of the Lagos Chamber of Commerce and Industry, LCCI, said that the livestock business is still stunted in Nigeria because over the years, there has not been insurance support to give it a boost.

Oladapo said, “We have seen little growth in livestock business in the country because we have not had adequate insurance support.

Any farmer that has any insurance cover today got it because they wanted bank loans. Unfortunately, no bank in Nigeria will give any farmer loan without insurance cov-er.

“For the farmers that have insurance, when cows enter a

Muhammed Kati

rice farm and eat up the rice, the insurance companies will tell you that ‘cow eating rice’ was not covered. At the end of the day, no claim will be paid and the farmer is abandoned to his fate. Such incidents have contributed in impoverishing many farmers and the experience is causing apathy between us and insurers. So there is need for the insur-ance sector to introduce products that will cover all our risks.

Responding to the concerns raised, President of the Nigerian Insurers Association, NIA, Tope Smart, said that the insurance industry need to partner with the agricultural sector going forward as part of measures to survive and thrive.

Smart stated: “The insurance sector is under threat of survival, as such, it should re-strategize and in-novate to continue to exist.”

The main concept of insurance

is that of spreading risks.

Insurance facilitates investment by reducing the amount of capital that businesses and individuals need to keep at hand to protect themselves from uncertain events.

Particularly, insurance is a barometer of economic activity in a country and thus, protects the success of emerging economies.

Insurance in Nigeria can be traced back to the 20th century when Nigeria’s economy was solely de-pendent on agriculture.

Then, there was a need for merchants to transport their cash crops to Europe and also reducing the risk of such transportation.

This majorly contributed to the dominance of marine insurance in Nigeria at that time.

Despite its importance for economic development, the gross premium collected by insurance companies in Nigeria is about $2 billion compared to the $4.8

billion collected in South Africa.

In the United Kingdom, the insurance industry contributes about 20 per cent of the total Gross Domes-tic Product (GDP) of the country. In South Africa, the insurance industry contributes 17 per cent of the total GDP and in Kenya, the insurance industry contributes 3.4 per cent of its nation’s GDP. However, despite the astronomical growth of the Insurance companies from just one agency in 1918 – Royal Ex-change Assurance Agency to the present number of 56 insurance companies as stated on National In-surance Commission (“NAICOM’s”) website, the Nigerian Insurance industry contributes a meagre 0.7 per cent of the total GDP of Nigeria.

Consequently, it will be right to say that the performance of Nige-rian insurance industry is sub-optimal.

In fact, the adverse effects

For the farmers that have insurance, when cows enter a rice farm and eat up the rice, the insurance companies will tell you that ‘cow eating rice’ was not covered. At the end of the day, no claim will be paid and the farmer is abandoned to his fate. Such incidents have contributed in impoverishing many farmers.

of flood on many farms across the country have reiterated the need for Nigerian farmers to get insurance cover to protect the risk in agriculture in order to survive the severe damages to their farmlands amid the consistent rainfalls.

Recently, it was reported that the N50 billion Sunti Golden Sugar Estate built by giant food and agro-allied company, Flour Mills of Nigeria Plc in Mokwa, Niger State, commissioned early this year by Presi-dent Muhammadu Buhari was ravaged by massive flood, resulting in the suspension of the sugar crushing exercise originally billed to commence production last month-October.

In fact, the massive flood threatening the coming on-stream of the FMN multi-billion sugar project is expected to impede the realization of the proposed one million tonnes of sugarcane production pro-jection.

In addition, other tales of woes in terms of flooding experiences have trailed the state of Nigeria’s ag-riculture following several losses of farm produce, livelihood, properties and farmlands, which have caused looming famine in some states amid the inability to harvest crops for consumption.

Hence, the need for Nigeria’s farmers to get insurance cover for their produce has become more compelling than ever.

As agric stakeholders continue to clamour for insurance cover for farm investments, there is also a need for insurance companies to become more innovative by churning out attractive products that endear them to farmers.

INSURANCE & PENSIONS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Insurers pay N143bn claims in Q3 2018 STORIES BY NIYI JACOBS

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nsurance companies have paid N143 billion as claims to policyholders who suffered losses as at the end of the third quarter of 2018, the Commissioner for Insurance, Mohammed Kari, has said.

Kari, who revealed this at the National Association of Insurance and Pension Correspondents (NAIPCO) workshop, with the theme, ‘End of Year Sector Review/ Projection 2019: SIP in Perspective’ in Lagos noted that the Gross premium for the insurance industry as at the third quarter, 2018 stood at N315 billion, a 22 per cent increase over the N258 billion for 2017 in the same period.

The NAICOM commissioner who was represented by the Deputy Commissioner for Insurance, Tech-nical, Sunday Thomas, said the paid claims was a 30 per cent increase from N110 billion reported for the same period in 2017, anticipating that the figure could be higher than N143 billion when the claims paid in the last quarter of the year is added.

He noted that though, this is a good sign that underwriting firms have improved in claims payment, the industry still have pockets of operators that are defaulting in claims, urging underwriters to improve in this regards.

He noted that the Gross premium for the insurance industry as at the third quarter, 2018 stood at N315 billion, a 22 per cent increase over the N258 billion for 2017 in the same period.

He added that The Gross claim figure for third quarter 2018 was N143 billion, a 30% increase over the N110 billion reported for the same period in 2017. We anticipate the final figures for 2018 to be signifi-cant indeed.

“The outlook may not be as rosy as we all would have liked but NAICOM sees the silver lining and is fully committed to making the most of it. We have set for ourselves a clear, unambiguous task: to improve the aggregate numbers by enabling

individual operators to optimally serve a much larger cus-tomer pool with a more varied basket of products. The end game for us is to increase the insurance uptake ratio among the Nigerian populace and we have a number of initiatives in place towards achieving this.

“Financial inclusion is one of the tools we envisage to help us improve market penetration. The initia-tive is premised on the fact that getting the mass of the financially excluded to embrace insurance in one form or another will have a positive impact.

Accordingly, insurance companies are being encour-aged to have a buying into our micro insurance initiatives for the Nigerian market.

The Takaful market is still grossly under accessed by the public; there is therefore the need for aggressive promotion in aid of financial inclusion.

“In addition, efforts are being made to expand the distribution channels for insurance products because the traditional channels are becoming too restrictive and suboptimal. Whereas Bancassurance has received the most attention, there are other initiatives to reach out to

the public.

“The Commission has developed a guideline for the creation of State Insurance Producers (SIP).

It is expected that State Governments participation in enforcement of compulsory classes of insurance will enhance compliance and Deeping of the market. States will in the process creat employment and enhance their internally generated revenue,” he said.

He stated further that NAICOM fully appreciates the necessity of having insurers that can safely carry the risks they underwrite; As such Risk-Based Supervision is being adopted as a regulatory tool be-cause it is proactive and addresses the key issues of corporate governance, risk management, capital adequacy and others.

“We are also exploring ways to ensure that insurance companies are adequately capitalized to en-hance their risk-bearing capacities. This was the thinking behind the capital initiative of the Commis-sion.

“Achievements of the goal that we have set for ourselves is predicated on the market’s ability to attract business and customers need

to have confidence in operators. To this end, NAICOM has champi-oned an industry-wide rebranding project to burnish our reputation, but we cannot do it alone. The support of the media especially those of you here, under the aegis of the National Association of In-surance and Pension Correspondents (NAIPCO), are crucial.”He however urged the media to help de-veloped the Industry.

“How can the media help us going forward? The agenda-setting role of the media makes it a formida-ble ally to have for any social engineering effort to succeed. We therefore urge you ladies and gentle-men to partner NAICOM to clear the cobwebs of misconception about insurance among the populace and propagate the necessity and usefulness of insurance in life and in business. Insurance, like any other business needs a positive image. As the regulator, NAICOM issues policy directives and guide-lines from time to time; we need all the publicity you can give us on all our initiatives.

We appreciate the role of the press as society’s watchdog and we value feedback from you.

Eddie Efekoha

Sovereign Trust Insurance surpasses 2018 target of N10.1bn

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he quest for greater performance and sustainable profitability in 2019 has formed the basis of the just concluded Management Retreat/ Budget Session of one of the very proactive insurance compa-nies in the country, Sovereign Trust Insurance Plc. The retreat session which was held in Lagos brought together all top Management staff and Heads of revenue generating units of the company across the country for a two-day intensive discourse on the way forward for the organization in the coming year.

The performance and challenges faced by the organization in 2018 formed part of the highlights of the Session which was also used in celebrating the company’s feat of meeting and surpassing the 2018 tar-get of N10.1b in the history of the Underwriting Firm. A feat considered by many as very unprece-dented in a year that was characterized by so many operational uncertainties.

The Managing Director/Chief Executive Officer, Olaotan Soyinka urged his colleagues in Management to bring to bear an unrelenting commitment and dedication like

never in ensuring that the target set for 2019 is met and surpassed exceedingly.

His plea cantered on accomplishment as the watchword for the organization’s operations in the com-ing year. He enjoined them not to relent in their quest of wanting to make the STI brand one of the most preferred and patronized brands in the insurance industry in Nigeria.

He further said that the company’s Management is committed to providing an enabling environment conditioned to bringing out the best in each member of staff.

In his words, “we are undoubtedly reso-lute in our quest to attracting the best hands in the industry through competitive remunera-tion/ welfare packages. I require your full support and co-operation in bringing this dream to a reality as we forge ahead in the coming year and the years to come”.

The theme of the 2019 Budget Session/Management Retreat was tagged Budget of Sustainability which espoused on the need to consolidate on the gains of the outgoing year while also restrategizing on how to make the

business more profitable and providing customer-focused solutions to the insur-ing public.

The charge at the end of the two-day session was that there must be an unwavering mindset of inno-vation, professionalism, integrity and institutionalizing of the company’s core values in ensuring that the ultimate objective of the organization is achieved for the betterment of every stakeholder.

Insurance brokers and

Olaotan Soyinka

Transparent Protection Ltd./ Gte (TPL) a Non-Governmental Organisation (NGO) working for the promotion of insurance culture in Nigeria, have resolved to challenge the Na-tional Insurance Commission (NAICOM) on its proposed State Insurance Producer(SIP) policy.

The brokers, under the umbrella of the Nigerian Council of Registered Insurance Brokers (NCRIB), and the NGO have served the commission a 30-day pre-action notice while the brokers have engaged the service of a legal firm to fight this course.

President, NCRIB, Shola Tinubu, while speaking at bodies December Members’ Evening in Yaba, Lagos, the said SIP is a massive threat to broking business, especially, as 70 per cent of brokers businesses come from government, an aspect that SIP is intended to serve.

According to him, “in view of this, we have appointed a Legal firm consisting of three Senior Advocates of Nigeria(SAN) and would be engaging NAICOM on our behalf.

Our lawyers have already served NAICOM, and in view of this notice, we can have dialogue. This is to protect the interest and business-es of insurance brokers.”

27

Experts underscore essence of insurance, pension in election year

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nsurance and pension have been identified as reliable instruments to mitigate risks that stem from elections.

Experts, who gathered today at the Peninscope Public Lecture, Awards 2018, in Lagos, stated this, add-ing that election year is often characterised with risks such, as job lost, damage of properties, deaths, low investments and more. They therefore, urged the public to leverage insurance and pension to se-cure their lives; businesses and properties.

The Managing Director, Sterling Assurance Limited, Fatai Lawal, who was the Lead Speaker at the event, implored the public to secure their lives and properties with the various arrays of products be-ing paraded by insurance companies. According to him, insurance remains the best tool to mitigates risks associated with elections.

Director Inspectorate, National Insurance Commission, Barineka Thompson, said insurance has contin-ued to help mitigate risks suffered by individuals who have policies, stressing that in this year, insur-ance companies have paid over N138 billion as claims to policyholders who suffered losses.

He urged the public to embrace insurance, adding that the industry regulator – NAICOM – will contin-ue to ensure policyholders are adequately protected.

Acting Director-General, National Pension Commission (PenCom) Mrs Aisha Dahir Umar, urged the public to embrace the Contributory Pension Scheme (CPS) which within a short period of existence has accumulated assets worth N8.3 trillion.

She said the CPS has impacted the economy in many ways, stressing that it serves as a form of social security; helped deepened the nation’s financial market; provided jobs and employments; stimulates real estate development amongst other things.

She also used the avenue to drum the need for people in the informal sector to subscribe to the micro pension scheme which will commence next year. According to her, micro pension will help expand coverage of pension contributors to 20 million in 2019 and 30 million by 2024.

Umar noted that PenCom is presently working on the information technology infrastructure that will support the launch of micro pension scheme. She added that with the implementation of the scheme, people under the informal sector could save in an account and receive the benefits when the money is invested and protected under a legislation instead of putting money under the mattresses.

Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, called on NAICOM and PenCom to embark on aggressive awareness campaign this time, to educate the public on risks associated with elections.

According to her, the aftermaths of the elections may impact people negatively, stressing that there may be job loss, death, damage of properties due to the election, adding that the public needs to be educated on how they can handle these risks with insurance and pension.

She urged employers to at this time ensure their employees are covered under the contributory pen-sion scheme, which provides a secure future for workers, adding that employees who may lose their jobs due to the election can fall back on pension to continue their lives.

Onanuga implored regulators not to go to sleep, but should leverage all available media platforms and avenues to educate the public on risks before them and how they can mitigate them.

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WESTAFRICA BUSINESSNEWS

ICT

DECEMBER 17 - 21, 2018

NIGCOMSAT expresses concern over inability to achieve 30% broadband penetration

Prof Danbatta

NCC says Nigeria Loses N60Bn annually to Call Masking

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he Nigerian Communications Commission (NCC), has said the nation’s telecom industry loses about $60 billion dollars annually to call masking.

Call masking is a process where international calls are termi-nated as local calls.

This NCC said has posed serious threat to the telecom industry but noted that the Commission has proffered solution to the problem.

Prof Umar Danbatta, executive vice chairman of NCC, dropped the hint at the 86th Edition of Telecom Consumer Parliament (TCP), entitled: “Overcoming Challenges of Call Masking/ Refiling: Task Ahead for the Telecom Industry in Abuja.

Danbatta, who spoke through the Executive Commissioner Stakeholders management, Sunday Dare, noted that globally $54-$60 is lost to call masking but added that the Commission is taking proactive measures to curb the menace.

He said: “We don’t have the exact figures for Nigeria but globally $54-$60 is lost to call masking. This shows that it is a global menace which is not specific to Nigeria and it is possible because of innovative technology that is available.

“We talk about the VIOP which is Voice Over Internet Protocol, we talk about the OTT; Over The Top platforms where you do WhatsApp and all other video calls.

These are innovations and technologies that allows for some of this to happen.”

“But we are happy to say for the last eight months, the NCC took very proactive measures, through investigations, we worked with our taskforce to have been able to reduce the incidence of sim boxing

in this country by 34%.

“When you look at the roadmap so far, 2016, it started, in 2017, we started investigations. We moved from reducing it to 24% to 34%. I think the most critical point is; we have tried to look for a technologi-cal solution to solve what is a slight technical problem. ” As I speak, we have found a solution after the prove of concept. That solution has been tried in Lagos South West and about nine people

have been arrested in the basement of a house and a few cars in which you have the boxes in their booths.

“We have tried that concept, it is working and we hope to launch it in January. If it is launched in Janu-ary; I can assure Nigerians that before the end of 2019, we would have had 80% reduction in call mask-ing,” he explained.

The EVC then called on the public not to hesitate to report cases of call masking

to NCC, promising that appropriate measures would be taken against such persons.

Earlier in her welcome address, the Director Consumer Affairs Bureau, Mrs Felicia Onwuegbuchulam, stated that the forum allows for face to face encounter with the public and Stakeholders in the tele-com industry and the theme is aimed at ensuring national security and a level playing ground for all telecom licensees.

Minister launches mobile radio frequency

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he Minister of Communications, Dr Adebayo Shittu, on Friday in Abuja, launched five mobile radio frequency monitoring equipment and national spectrum management system for effective monitoring of frequency bands used to provide radio communication services in the country.

The minister, who said that the equipment was worth nine million dollars, added that it would guarantee effective spectrum management in the country.

He said that the project would not only stem irregular and illegal use of radio frequency but would en-sure that users complied with the guiding laws and regulations.

According to Shittu, the project will ensure that radio frequencies are protected and used according to the guiding laws.

He added that “the project was embarked upon to enable the ministry to stem irregular and illegal use of the scarce radio frequency spectrum resource for judicious, efficient and equitable utilisation by competing radio communication services.”

He promised that the ministry would do its best to utilise the equipment to improve spectrum monitoring activities and frequency management functions to minimise incidences of harmful interfer-ences.

He said that “with these facilities in place, the ministry has the capacity and capability to detect, identi-fy and locate the source of transmission and is therefore able to determine if a frequency user is duly licenced or not.”

Shittu added that radio spectrum needed to be managed well for its efficient, judicious and equitable use by radio communication services to drive socio-economic development of the country.

“The services include aeronautical, broadcasting, maritime, mobile communication, radio navigation, satellite and space research.

“The radio frequency spectrum has diverse applications in agriculture, artificial intelligence, education, health, banking, commerce, manufacturing, robotics and many other human endeavours, ‘ the minis-ter noted.

Radio frequency monitoring is a means of investigating the use of the radio frequency spectrum. It is also used in detecting and identifying the direction and source of electromagnetic emissions and pos-sible location of a radio communication station and equipment.

The minister, therefore, explained that the national spectrum management system would be used to create database of all licensed users and platform for carrying

out spectrum management functions which included engineering analysis and monitoring control activities.

He said that the project also included two Denial of Service (DOS) equipment to serve as one of the enforcement tools that may be applied to deny services to non-compliant users of the frequency spectrum.

Shittu urged Ministries, Departments and Agencies, as well as private individuals and organisations that use the frequency spectrum to enhance communication and transmission of data within their or-ganisation.

He advised them to ensure they first obtain the requisite authorisation from the ministry to use the radio frequency spectrum before they procure and operate any radio communication equipment.

In addition, those presently using the frequency spectrum without due authorisation should formalise their status of operation or face sanctions, he advised.

Rep. Onawo Ogoshi, the Chairman, House of Representatives Committee on Information Communica-tion Technology (ICT), said that the importance of the project cannot be overemphasised.

He commended the ministry for achieving the feat and urged the minister to ensure that the project was put to best use.

Nigerian Communication Satellite Ltd. (NIGCOMSAT) has expressed concern over inability to achieve its earlier intended 30 per cent broadband penetration to ease internet access in the country.

Muhammad Jiya, the satellite company’s Senior Manager in the Department of Innovation and Development, expressed concern in Abuja.

It would be recalled that the Minister of Communications, Adebayo Shittu in 2016 said that the country would achieve 30 per cent national broadband penetration by the end of 2018 as projected in the country’s National Broadband Plan.

Shittu then said that the country had so far achieved between 18 to 20 per cent penetration as a result of private sector initiatives.

Jiya identified that internet accessibility and connectivity was a huge challenge to many citizens, especially in remote areas.

According to him, the higher broadband will ensure that those remote areas without access can be reached.

He added that “not being able to achieve the 30 per cent broadband penetration is a source of concern to us because we need data for the economy and what drives data is connectivity.

“If we cannot achieve 30 per cent broadband penetration, it is a big challenge but we at least need to get closer to that.

“If we cannot move closer to that, we hope that government will put more emphasis in ensuring that we go beyond the 30 per cent, which will help us a great deal.”

However, the Nigerian Communication Commission (NCC) saddled with working toward the attainment of the broadband in November said the country could not achieve the 30 per cent broadband.

The NCC said that the country’s broadband penetration was presently 23 per cent and was stalled with high Right of Way (RoW) charges and multiple taxation from some institutions and state governments, among other challenges.

Survival of telecom industry lies with enabling environment – ALTON

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resident, Association of Licensed Te l e c o m m u n i c a t i o n s Operators of Nigeria (ALTON), Gbenga Adebayo says availability of enabling environment is crucial to the survival of telecom operators in the country.

Adebayo said this at the Nigeria Information Technology Reporters Association (NITRA) 4th Quarterly Forum in Lagos at the weekend with the theme: ”Achieving LastMile Connectivity Through Affordable Broadband.”

Adebayo, who is represented by Olajide Aremu, the Technical Committee Chairman, ALTON, noted that states were not moving forward and not generating revenue because they did not adopt tech-nology in what they did.

“Technology is an enabler and so for state governments to achieve much, they need to adopt technol-ogy in their activities.

“The level of telecom infrastructure is low, companies that make better profit uses technology and so the need to make technology work effectively cannot be over emphasised,“ he said.

Adebayo, who noted that telecom operators faced enormous challenges leading to a number of them going down, called for continuous support from government and private sector for the operators to stay afloat.

According to him, sanctions and multiple taxes are not helping the industry.

“What we have achieved in the industry will be eroded if care is not taken.We are going to the next level where the enabler technology will help the industry and so the need to tackle problems facing states.

“The country is talking about migration from 4G to 5G, what have we achieved

with 4G and what is its penetration in the country.

“Creating an enabling environment for telecom to grow, especially in some states, should be the main focus of the country.“ Earlier, the Chairman of NITRA, Emma Okonji, said that Nigerians were yearning for ubiquitous and affordable broadband to further drive internet connectivity at the speed of light.

According to him, the country has achieved 30.9 per cent broadband target due to the broadband in-frastructure development by the Executive Vice Chairman of Nigeria Communications Commission, Prof.Umar Danbatta.

He said that the forum would give stakeholders the opportunity to discuss issues raised regarding achieving last-mile connectivity through affordable broadband.

Okonji said: “NITRA is the umbrella body of all practicing Information and Communications Technology journalists in Nigeria.

“It cuts across the print, broadcast and online media with the vision to drive ICT development and en-sure accurate and robust ICT reportage.

“Former President Goodluck Jonathan, on Sept. 20, 2012, inaugurated the presidential committee for a national broadband strategy and roadmap.

“This is mindful of the importance of broadband infrastructure as an enabler for economic and social growth in the digital economy.

“With the resumption of Danbatta as the Executive Vice Chairman of Nigerian Communications Com-mission (NCC), he released an 8-point Agenda with broadband as key driver while his passion for broadband development has deepened penetration

ECOWAS Ghana lifts ban on small-scale mining

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he Ghanaian Government has lifted the ban on small-scale mining, effective from Dec. 17, Kwabena Frimpong-Boateng, Minister of Environment, Science, Technology and Innovation said on Friday.

The announcement follows the successful development of a comprehensive policy framework to reg-ularise small-scale mining across the country.

So far, some 1,350 miners have been successfully vetted with over 900 out of the figure being granted licenses to operate.

According to the minister, the lifting of the ban would allow only successfully vetted miners to work within the regularised and reformed framework.

As part of the reforms, all mining companies are expected to have at least one person trained in sus-tainable mining at the University of Mines and Technology.

The government has also put in place measures to keep the mining sector under surveillance using drones.

The Ghanaian government placed a ban on small-scale mining in the first quarter of 2017 to study and deal with activities of small-scale miners, who had been accused of degrading the environment and polluting water bodies.

The lifting of the ban would come as good news to small-scale miners. who have expressed their dis-pleasure with the government’s decision to stop them from mining which they said was affecting their livelihoods.

Ghana is Africa’s second largest gold producer after South Africa exporting more than three million ounces of gold annually.

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

29

Free movement: ECOWAS calls for implementation of protocols

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COWAS has called on member states to domesticate and effectively implement the protocol on the free movement of goods and persons to achieve full integration in the sub-region.

Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama, made the call at the opening of the 81stOrdinary Session of the Council of Ministers in Abuja.

Onyeama said it was the collective responsibility of member states to address unauthorised practices that impeded free movement.

“The path to full integration of our region is still marked by some obstacles that need to be addressed.

“The free movement of people and goods is challenged with several unauthorised practices.

“It is therefore our collective responsibility to ensure that at national level, relevant regional protocols are domesticated and effectively implemented.”

The minister further said the session would review the report of the Task Force on the implementa-tion of the free trade protocol with emphasis on the corrective actions recommended.

In his address, the ECOWAS Commission President, Mr Jean-Claude Brou, said the Commission was focused on strengthening and accelerating the implementation of community projects in different ar-eas.

Brou said that he would present the annual Community Report and the session would also consider the report of the Administration and

Finance Committee on the 2019 community budget.

“This session is essentially a budget session. In accordance with the usual practice, the Administration and Finance Committee will present the draft budget for the year 2019.

“I will have the opportunity to give you an overview of the evolution of the main political, social, eco-nomic and human indicators of the region.

“Emphasis will be placed on questions concerning our pattern of trade liberalisation, the foundation of our common market.”

He added that the recommendations of the session would be presented to the Summit of the Authority of the Heads of State and Government expected to hold on December 22, 2018.

Actionaid tasks ECOWAS Parliament on increased investment

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he Actionaid Nigeria, an NGO, has urged the ECOWAS Parliament to ensure that head of states with-in ECOWAS invest more in agriculture to ensure food security in the sub-region.

Mrs Constance Okeke, the Project Manager, Public Financing in Agriculture, Actionaid Nigeria, stated this in Abuja at the maiden edition of the ECOWAS People’s Agriculture Budget Summit.

According to her, in spite of the Malabo Declaration as a result of which African Head of States and Governments agreed to commit 10 per cent of their budgetary allocation to agriculture, most of the states are still allocating below six per cent.

She said that the ECOWAS commission should lobby the head of states to commit a reasona-ble amount of resources to developing infrastructure in the rural areas that would promote produc-tion and improve farmers’ livelihood.

“National government within ECOWAS to invest in food security, inputs, extension services, irrigation schemes and adoptable modern farming technologies that involve more youths and women in order to achieve food security.

“We also request that the ECOWAS Parliament commit to making the engagement process

more peo-ple driven and participatory by institutionalising the people’s agriculture budget summit.

“This can be done by ensuring that event is held annually during the ordinary session of the ECOWAS Parliament to bring about participation on what they do, ‘’ she said.

Dr Olawole Olaide, the Action-

aid Consultant, during a presentation titled:“The Sate of Public Financing in ECOWAS Member States’’, said that an investigation was conducted to know why most countries were not doing well in agriculture.

“Our findings suggest that we are not in need of new policies in ECOWAS. We are not in want of poli-cies

in agriculture because ECOWAS has dedicated agricultural policies.

“We discovered that ECOWAS signed the Malabo declaration that is driving the process of agriculture policy in ECOWAS and Africa.

“We find out that most countries in ECOWAS are not implementing the declaration.

On the average, we have 6.7 per cent instead of 10 per cent.

“We discovered that the countries that are implementing this 10 per cent are the countries that are on track of the Malabo Declaration and improving in the agricultural development,’’ he said.

Olaide explained that countries like Burkina Faso, Togo and Mali were doing well in this process which had transformed the lives of their citizens.

He added that if countries failed to implement this declaration, it was unlikely poverty would be eradi-cated, hunger would disappear, women would be empowered and youths would engage themselves in agriculture.

Kopeg Dabugat, a non-state actor, who spoke on behalf of the Civil Society Organisations, thanked Ac-tionaid, OXFAM and Trust Africa for the event.

“This agriculture budget summit is the first of its kind in West Africa and this is the beginning of con-structive and sustainable partnership between citizens and parliamentarians in the delivery of the ob-jective of agriculture transformation in Africa.

“This is one of the pillars of ECOWAS Vision 2020 and African agenda for 2063. We look forward to your commitment in driving agriculture policies across Africa.’’

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WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

KNSG empowers over 5,000 Youths, Women in Dala LGA

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he Kano State Government has empowered over 5,000 youths and women to reduce poverty in Dala local government area.

Those empowered were Waina (local delicacy) sellers, tea vendors, roundabout and traffic points hawkers, motor park petty traders and GSM technicians selected under the Ganduje administration youth empowerment initiated programme “Matasa Madogara’’.

This was announced in a statement signed by the Public Relations Officer of the Dala Local Government, Alhaji Haruna Gunduwawa, in Kano on Wednesday.

The statement said the Chairman of the Dala local government council, Alhaji Ibrahim Ali, disclosed this while distributing working tools worth N36, 000 and N10, 000 cash to each of 431 GSM technicians in the area.

It said that Ali applauded the initiative, which he described as a giant stride towards poverty reduction among the teeming youths in the state.

He advised the youths to be committed and to live up to their responsibilities, in order to become productive in the society.

Earlier, the Senior Special Assistant to the Governor on the “Three Cities Housing Projects,’’ Auwalu Inuwa, charged the beneficiaries to reciprocate the gesture by remaining lawabiding and contributing to responsible governance in the state.

Kano c’ttee to conduct 3,000 mass weddings for widows, divorcees, spinsters STORIES BY NIYI JACOBS

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he Kano State Government has set up a 23-member committee on state-sponsored wedding of 3,000 widows, divorcees and spinsters in the state.

This was contained in a statement by the state Commissioner for Information, Malam Mohammed Garba in Kano.

He said the state governor, Dr Abdullahi Ganduje approved the setting up of the

committee with im-mediate effect.

He said the 23-man committee had been mandated to select and screen eligible beneficiaries from the 44 local government areas of the state.

“The committee is shouldered with the responsibilities of selecting and screening eligible beneficiaries across the 44 LGAs in the state, organizing and conducting befitting mass wedding ceremony among others,“ the commissioner said.

According to Garba, members of the committee included Prof.

Sani Zahraddeen, Chief Imam, Kano Central Mosque as chairman.

Other members of the committee are: Ustaz Ali Baba Muhammad, Special Adviser to the Governor on Religious Affairs, co-chairman and Alhaji Murtala SuleGaro, Commissioner for Local Government and Chieftaincy Affairs.

The committee also has

Kaduna state disburses N20m to women entrepreneurs

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aduna State Governments has disbursed N20 million soft loan to women entrepreneurs in Kaduna Central Senatorial District.

The Commissioner for Women Affairs and Social Development, Hajiya Hafsat Baba said during the disbursement of the soft loan that 504 women benefited from the initiative in the zone.

According to her, the effort was part of the state government social investment program to lift women out of poverty and encourage self reliance.

She said that the beneficiaries received between N250, 000 and N100, 000 after thorough screening to ensure that the women are running small scale businesses.

Baba said: “if you empower women economically you are empowering the nation and we don’t want to see our women begging, we need to empower our people, “We don’t want to actually share the money as PDP used to do, we want to build on their capital to strengthen their businesses,” she said.

The wife of state governor, Hadiza El-Rufa’i urged the women to make judicious use of the money.

Also, the running mate of Gov. Nasiru El-Rufa’i in the 2019 elections, Dr Hadiza Abubakar urged the beneficiaries to repay the loan on time.

Meanwhile, the Emir of Zazzau Dr Shehu Idris commended the state government for the initiative

to support women in the state.

The Emir, who was represented by the District Head of Kawo, Alhaji Jibril, encouraged the beneficiaries to utilise the loan to boost their businesses.

The state government plans to disburse N200 million to women running small scale businesses across the state to enhance local economy.

Sheikh Qaribullah Sheikh Nasiru Karaba, Chairman, Shura Council, Sheikh Yusuf Gambari, Sheikh Tijjani Zangon-Barebari, Chairman, Shari’ah Commission, Malam Sani Abdullahi Tofa, DirectorGeneral, Shari’ah Commission and Sheikh Ibrahim Shehu Mai Hula, Chairman, Hisbah Board as members.

Other are Sheikh Aminu Ibrahim Daurawa, Commander-General, Hisbah Board, Malam Abdurrahman Abba Sufi, Director-General, Hisbah Board, Sheikh Dr Abdullahi Saleh Pakistan and Dr Malama Zahra’u Muhammad, Deputy Commander-General (Women), Hisbah Board.

Also appointed members of the committee are Malama Fatima Muhammad Fagge, Malam Usman Yusuf Makwarari, Chairman, Zakkah and Hubsi Commission, Malam Safiyanu Ibrahim Gwagwarwa, Di-rector-General, Zakkah and Hubsi Commission, Mustapha Hamza Buhari, Special Adviser to the Gover-nor on Political Affairs.

Other members are Dr Tahir Adam Baba Impossible, Dr Aminu Ibrahim, Hajiya Bilkisu Saleh, Dr Maryam Sulaiman, Dr Hauwa Muhammad, Dr Ashiru Rajab, SACA, Kano, Abdullahi Balarabe, DAGS, Contributory Healthcare Agency, Secretary.

We stand by Kayode Alabi as Kwara deputy governorship candidate- Group

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ome concerned All Progressive Congress House of Assembly candidates in Kwara have called on the party leadership not to substitute the name of Kayode Alabi as the deputy governorship candidate.

The candidates from Kwara South Senatorial District made the call in a statement jointly signed in Omu-Aran.

They include: Adetiba Raphael (Oke Ero), Yusuf Musa- Odo Ogun, A.G.F SalaudeenOmupo, Ojo OlayiwolaOkeOgun, Abolarin GabrielEkiti, Yusuf GbengaEesa/Shawo/Igboidun.

Others are Taiwo AwodijiIrepodun, Awolola OlumideIsin and Saheed Popoola, currently represent-ing Ojomu/Balogun Constituency in the state assembly.

According to them, if Kayode Alabi’s name is removed as the party’s deputy gubernatorial candidate, it will in no small way undermine the chances of the party in the 2019 general elections.

They also called on President Muhammadu

Buhari and the party’s National Leader, Bola Ahmed Tinubu, to intervene in ensuring that Alabi remains the party’s running mate in the governorship elec-tion.

“APC in Kwara should not make the mistake of

replacing Alabi’s name with another as being alleged.

“Kayode Alabi, a Christian, as the party’s deputy gubernatorial candidate in the list submitted to the Independent National Electoral Commission

(INEC), is well tutored.

“Ifelodun Local Government Area of the state, where he hails from, constitutes the largest voting bloc in Kwara South Senatorial District,” the statement said.

They described Alabi as

Gombe IDPs to share N708m under FG’s youth support scheme – Ag.Coordinator

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he Youths Employment and Social Support Operation (YESSO) has begun the disbursement of over N708 million to 3,534 Internally Displaced Persons (IDPs) in Gombe.

The Acting National Coordinator of YESSO, Mrs Hajara Sami, made this known to newsmen in Gombe, during the disbursement.

Sami explained every household was entitled to N200, 000, which would be paid in tranches, and that the first tranche was underway.

According to the coordinator, the distribution was through an Electronic

wallet (E-wallet) card.

“YESSO is distributing over N708 million which has been approved for Gombe IDPs. The distribution is done through E-wallet card based on the documentation of the IDPs through host community based identification.

“The grant is coming at a time that the IDPs needed it the most in view of the festivities. It will help the IDPs in reducing their hardships,” Sami said.

According to him, many of the IDPs have complained of buying water and renting houses in host com-munities and the high cost of living.

“Every household will

be given N200, 000 which will be disbursed in tranches.

This is the first tranche of the grant which is N30, 000. The next tranche will be given in three months’ time.

“The total number of IDPs that will be assisted in Gombe is 3,534 and the duration of the disbursement per tranche is three month,’’ she said.

The News Agency of Nigeria reports that YESSO is a Federal Government initiative in collabora-tion with the World Bank to reduce the hardship of the IDPs in the North- East.

The programme is called Target Grant Transfer (TGT).

an entrepreneur who was always in the fore-front of the struggle for “the lib-eration of Kwara from the grip of those who had turned its affairs into a family business.

“Retaining his candidacy means that the wish of those genuinely struggling for the freedom of Kwara has become successful and respected,” the statement said.

The concerned candidates further pledged their unrelenting determination to ensure electoral victory of the party’s governorship candidate in the coming general elections in the state.

Commenting, Femi David, the spokesperson to Rep. Raheem Olawuyi, representing Eki-ti/Irepodun/Isin/OkeEro Federal Constituency, said the issue raised by the candidates was presently receiving the attention of party leaders in the state.

David urged party members to remain dedicated and loyal, saying that every member’s interest would be accorded top priority and respect.

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

2018 Igbo Day: Ohaneze calls for unity among socio-cultural organisations

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he Igbo apex sociocultural organisation, Ohaneze Ndigbo has called for unity of purpose among sociocultural organisations in the country.

The organisation also said it had worked so hard to build bridges of unity with other cultural units with a view to fostering peaceful co-existence.

The Deputy National Publicity Secretary of the organisation, Chuks Ibegbu, said this in Enugu while briefing newsmen on the activities marking the 2018 Igbo Day celebration.

Ibegbu said the organisation had used previous editions of the event to raise the consciousness of the people of the region on the need to live in harmony with others.

He also said the event had helped in improving the cultural heritage of the people.

The deputy national publicity secretary, however, said it was sad that the 2017 edition could not hold due to certain exigencies that bordered on the security challenges in the region then.

“The 2018 event is to be attended by Ndigbo all over the country and beyond as well as our friends.

“We have also extended invitations to fraternal organisations and ethnic nationalities such as AFENIFERE, AREWA Consultative Forum, PANDEF, Middle-Belt Forum and other groups,” he said.

Ibegbu said the current leadership of the organisation had done well in building cohesive and all-inclusive bridges among the peoples of Southern Nigeria.

“People are beginning to understand the need for us to be united and speak with one voice,” Ibegbu said.

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70 year-old Igbo ancestry museum gets face-lift in Anambra

BY AFAM AMINU, ONITSHA

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he Odinani Museum in Nri kingdom, Anambra built in 1948 has received boost after years of dilapidation.

Nri is the historical ancestral kingdom and cradle of Igbo civilisation while the Odinani Museum is the collection house for valued cultural antiquities that depict the origin and history of the Igbo nation.

Chief Tony Akunne, the curator of the museum told newsmen that the monument was officially inaugurated on March 18, 1972 by the Sole Administrator of the defunct East Central State, Chief Ukpabi Asika.

Effort to rebuild the museum was courtesy of Chief Charles Tabansi, an illustrious son of the kingdom who single handedly built an ultra-modern edifice for the museum at an estimated cost of N50 million.

Akunne said the museum contained more than 10,000 artifacts which included 17th century wooden door, sacred python, pre-colonial legal tenders, a wooden gong called ‘Ekwe Ikolo’ which was used by Eze-Nri Enwenetem in 1616 AD. He said Nri had existed 900AD and endowed with its preservative nature of legacies bequeathed by the

ancestors and had attracted foreign archaeologists and anthropologists for academic exercise.

The curator said the museum suffered dilapidation since 2010 after the brains

behind it, late Prof. Kenneth Dike, a foremost historian and Prof. Michael Onwuejiogwu, an Anthropologist stopped giving attention to it.

“The building started collapsing, the staffs were not

being paid and even some of the artifacts molded with red earth like ‘Egbo and Abadaba’ which are usually erected during new yam festivals were destroyed because of rain,” he said.

Akunne thanked Tabansi

Gov Obiano

for bringing back the pride of the community by building the ultra modern house for the custody of the numerous antiquities.

He said that Tabansi had given the place a face lift by bringing professionals from National Museum and Monument, Enugu, to arrange the artifacts in the museum.

On his part, Tabansi said he moved to rebuild the museum having watched the antiquity reduce to rubble and in fulfillment of the wish of his late father who was regent of the kingdom.

Tabansi said he was expecting the Vice President, Yemi Osinbajo on Dec.28, at the official unveiling of the rebuilt museum adding that he was happy that the old glory was coming back.

“Those artifacts displayed in the museum have shown that Ndigbo can produce what they need despite its crude nature.

“Particularly, Nri people have been technologically informed right from the 13th century when we started creating instruments from iron.

“The new museum would be officially opened by the Vice President, Yemi Osinbajo in December and we shall honour Onwuejiogwu for his contributions to the kingdom on his literal works about Nri hegemony,” he said.

Imo state pays N2.1Bn compensation to land owners – Okorocha

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ov. Rochas Okorocha of Imo state says his administration has paid N2.111 billion as compensation to owners of lands acquired by the administration for developmental purposes.

The disclosure was made in a statement by the Chief Press Secretary to the Governor, Sam Onwuemeodo in Owerri.

Okorocha disclosed this while presenting the 2019 Budget to the Imo House of Assembly in Owerri.

The governor said the payments made to owners of lands acquired at Irete, Orji, Avu, New Arugo, among others, included traditional rites and compensatory plots.

According to the

governor, N233.3 million has also been set aside to pay other land owners for various land acquisitions in the state by the government.

He added that arrangements had been completed for the establishment of an Industrial Park at Ohaji Egbema and an Industrial Estate at Ngor Okpala, assuring that all the projects would be completed in 2019.

Okorocha also said that his administration acquired 215 hectares of land at Ngor Okpala for the establishment of Air Force Base and 50 hectares at Uborji Okuku in Owerri West Local Government Area for the establishment of a mega city.

He said that 700 hectares were re-acquired from land

owners of Avu, Nekede, Obinze and Ihiagwa for the development of Imo Centenary City on PortHarcourt Road, Owerri.

The governor disclosed that the government also re-acquired land for the relocation of the Police Headquarters to PortHarcourt Road and another land at Avu for the relocation of mechanics in Owerri.

He added that the projects had reached advanced stages.

He said all the lands were acquired for various developmental purposes to boost the state’s economy and enable the government to implement the Rescue Mission Urban and Regional Development policy.

Gov Okorocha

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WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Oyo State inaugurates digital literacy centres

BY NIYI JACOBS

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n a bid to ensure residents get unfettered access to digital education, Oyo State Government has inaugurated two digital literacy centres in Ibadan.

One of the centres is located beside Holy Trinity School, Old Ife Road, while the other is at Moore Service Station, Odo-Ona Elewe in Ibadan.

The donation of the centres by American Tower Company (ATC) Nigeria was facilitated by the state government through the Oyo State Model Education System Intervention(OYOMESI).

Dr Bisi Akin-Alabi, Special Adviser to Gov.

Abiola Ajimobi on Education, Science and Technology, said no fewer than 5,000 residents were expected to benefit from the project before May 2019.

Akin-Alabi said the state government’s collaboration on the project was to ensure residents of the state had knowledge of digital equipment and became digitally literate.

The chairmen the of Ibadan North East Local Government and Ibadan West LCDA, Lekan Afuye and Mr Yomi Adefusi respectively, noted that residents had shown interest in the programme.

The duo, who are chairmen of the benefitting

My husband will restore values of Ekiti people – Mrs Fayemi

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he wife of the Ekiti State Governor, Chief Bisi Fayemi, says her husband’s administration will restore long held values of the Ekiti people, in addition to fighting poverty and moral decadence.

The governor’s wife gave the assurance in AdoEkiti while delivering a lecture entitled: ‘Reclaiming our Land, Restoring our Values: Beyond Slogan’.

The lecture was organised as part of activities marking the 2018 Press Week of the Nigeria Union of Journalists (NUJ), Ekitit State Council.

Fayemi expressed optimism that the present administration in the state would introduce policies and programmes that would combat poverty and all forms of social ills.

According to her, many of such challenges crept into Ekiti through the actions of compromising politi-cians.

In his remarks, NUJ Chairman in the state, Rotimi Ojomoyela, lauded the governor’s wife for the lec-ture.

He said it would go a long way in repositioning the lives of youths in the state.

The chairman assured that the members of the pen profession in the state would work assiduously to ensure that the present administration realises its set objectives.

The forum afforded Journalists in the state the opportunity to interact on mind boggling issues, especially on coming up with ways to restore the core values of the state beyond slogan.

local governments, assured that the centres would be efficiently deployed to improve the digital literacy of their constituents.

They prayed that more digital literacy centres be built across the 33 local government areas of the state.

Remi Akerele, a community leader, also assured that the project would be secured and maintained to serve its expected purpose.

Earlier, Mrs Gloria Eyieyien, representative of ATC Nigeria, said the project was aimed at educating residents, both young and old, with required digital skills to function in today’s world.

Eyieyien, however, expreesed displeasure that the utilisation of digital literacy centres was usually low.

He said the curriculum for learning at the centres was targeted at literate, illiterate and semi-literate, for them to learn and be digitally equipped.

Each centre is equipped with computers, scanners, printers and other digital facilities.

Gov Ajimobi

Mrs Fayemi

Ogun state to expend N9.50 Bn on completion of model schools

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he Ogun Govt. says it plans to spend over N9.50 billion for the completion of model schools across the three senatorial districts in the state.

The state also said that part of the fund was for the rehabilitation of 228 blocks of four classrooms each, across the 20 local government areas in the state.

The Permanent Secretary, Ministry of Education, Science and Technology, Sefiu Rasheed, said this while defending the 2019 budget proposal of the Ministry before members of the Ogun Assembly Committee on Finance and Appropriation in Abeokuta.

The permanent secretary said on Friday that the state government was committed to consolidating on the successes of its free and qualitative education programmes in the state.

He noted that the ministry had proposed a total budget of N16.15 billion out of which N14.50 billion would take care of capital projects and the remaining N1.65 billion set aside for recurrent expenditure, with N2 billion being proposed as revenue target for 2019.

He noted that the ministry during the outgoing

Gov Amosun

year generated over N914m representing 73 per cent of its revenue, promising to redouble its effort at providing equitable, qualitative and affordable edu-cation in the state.

Rasheed assured that government would continue to chart a revolutionary course in the education sector for the provision of social services as a

foundation for the economic, industrial and social rejuvenation of the State Economic Empowerment and Development Strategies (SEEDS).

In a related development, the Chairman, State Universal Basic Education Board (SUBEB), Alhaji Olatunde Okewole, said the agency proposed a sum of N5.1 billion to construct

new classrooms in the public primary schools in 2019.

He explained that the board would provide a more conducive environment for the acquisition of for-mal education with a view to increasing pupil enrollment, thereby eliminating illiteracy in the society.

Okewole stated that more developmental policies would be evolved to ensure easy access to formal basic education towards capturing all children of school age in full observation of the Universal Basic Education (UBE) Law. In view of the foregoing, the chairman proposed a budget size of N18.14 billion, out of which N17.5 billion was earmarked for capital projects, while the remaining N645 million was set aside for salaries and allowances with expected revenue of N21.48 million.

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

33

Wike pledges conducive environment for business in Rivers

2019: Umai Ukpai predicts peaceful polls in A’Ibom

The Rivers Governor, Chief Nyesom Wike, has pledged his administration’s commitment to continue to provide enabling environment for business to thrive in the state.

The governor made the pledge on Friday in Port Harcourt when the National Association of Hotel op-erators paid him a courtesy visit.

He said that plans were underway to transform Rivers into a business haven, in a bid to boost the economy of the state.

Wike, however, said that there was need for government to inter face with the hotel operators as a way of checkmating the security situation in the state.

The governor noted that most criminals had found hotels in the area as safe haven for hideouts for their criminal activities.

He urged the hotel operators to be more security conscious and circumspect, so that criminals to dis-courage criminals from using their premises.

Wike advised hotel operators to pay their taxes, as at when due, to help the government develop the state and boost its economy.

Earlier, the National President of the Association, Mr Larry Awuseyin, said that members of the body visited the governor to express their appreciation for his assistance to the association.

He noted that the members were also in Port Harcourt to solicit the cooperation of the state govern-ment to enable them thrive in their business.

Awuseyin assured the governor of the support and cooperation of the association in the economic development of Rivers as well as contributing to the security of the state.

BY CHRIS OKON, UYO

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ontrary to public perceptions that the 2019 general elections in Akwa Ibom state would be bloody, the founder of Umai Ukapai Evangelistic Association, Dr Umai Ukpai has predicted peaceful elections devoid of violence and bloodbath in the state.

He said despite the tension created by the ruling People’s Democratic Party(PDP) and the major opposition All Progressives Congress(APC) and the fear in the minds of the people the election would be held in the most peaceful atmosphere.

Speaking with journalists in his office in Uyo, the state capital, the servant of God said he was not worried about the political crisis in the state.

“I don’t see crisis anywhere, and I don’t think I will escalates to anywhere.

The two factions are made of Christians who have respect for human lives and who also believes in prayers and we believe where the bible say love your neighbour as you love yourself “ It is our duty and

responsibility to love even our worse enemies, I cannot de-scribe the situation in Akwa Ibom state as crisis situation because as far as there is opposition there will always be crisis. But then I want to remind them that you can’t kill and expect to rule over dead men.”

He advised politicians to eschew violence during and after the election and not to take the laws into

their hands adding that the blood of Nigerians should not be spilled because of the ambition of somebody.

On continued killing of innocent Nigerians by herdsmen Ukpai maintained that only prayers by Christians in the country would address the situation adding that such prayers had kept the crisis from escalating.

He however regretted

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he Cross River State Governor, Senator Professor Ben Ayade has solicited for positive media reports from media practitioners in the state to enable the multibillion Tinapa business and leisure resort to be converted to be Export Processing Zone for income generation.

Speaking during the first ever media interaction with journalist after three years of neglect, the State Chief Executive lamented that

and that there is a future for Nigeria, despite our problems something can still be salvaged from Nigeria.

The blood of Nigerians that has been shed cannot just go like that.” He said.

He said that in line with his tradition of using prayers to address the problems of the country and individuals his association would this month organize a prayer and healing summit in Uyo as part of activities to round up its events for the year.

Lanre Gbajabiamila, Director General of National Lottery Regulatory Commission (middle) during the commissioning and handing over of medical facilities to healthcare centre in Boki local government area of Cross River state.

Police seek media collaboration for a peaceful poll in Bayelsa in 2019

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he Police Command in Bayelsa state says it plans to collaborate with the media towards a peaceful general election in the state in 2019.

Joseph Mukan, the state Commissioner of

Police, stated this when the leadership of Federated Corre-spondents’ chapel (FCC), Nigeria Union of Journalists (NUJ), paid him a courtesy visit in Yenagoa.

“The 2019 election will be peaceful, and devoid of

violence that characterised the 2015 governorship election in the state.

“There must be media and other stakeholders’ collaborations; because it is the media that can proper-ly educate the

Upgrade Tinapa for Export Processing - Ayade BY: EDEM ARCHIBONG, CALABAR

that the Federal Government is yet to bring to an end the menace by the herdsmen calling on President Muhammadu Buhari to do some-thing urgent to stop the shedding of innocent blood especially in the North East-ern part of the country.

He said that he still believe in the future of Nigeria even as he added that in the midst of ethnic and political tensions something good could still be salvaged from the country.

“I still believe in the unity

the income generation for government in the state is still very low compared with the huge amount of money spent in government funded projects such as the Tinapa Resort.

Governor Ayade reiterated that his philosophical ideas of projects crystallization in politics cannot be compromised as he aim with all amount of rigor to industrialize the state for added economic value.

Aside from being blessed with abundance natural resources in the area of the Agriculture sub-sector to ensure food security and

for export, Governor Ayade added that his proposed deep seaport and the super highway is capable of attracting global attention into the state to boast the economy.

On the attraction of investors into the state, the digital boss further explained that this will depend largely on the fact of the world investors seeing the dire need to troop into the state for business and tourism drive which will definitely attract development in other sub-sector of the economy and this will also in turn reduce poverty while employment opportunities

will be on the increase.

From the background of a successful business man, Senator Ayade affirmed that great wealth poten-tials abound in the state which can boost the economy and sustain the people if properly harnessed. This therefore informed his decision as a visionary leader to place industrialization of the state on the front burner to ensure that the economy is moved from recession of salary earner to a global villa where poverty is zero percent.

electorate, especially youths.

“The media can sensitise youths against the dangers of thuggery and violence during election and they in return will not yield to the temptations to get involve in violent activities,” he said.

Mukan urged politicians to play politics by the rule, noting that seeing politics as a do or die affair is not good for the nation’s political system.

“Hiring of thugs is responsible for the wave of violence during election. I am advising the political class to see politics as a contest between brothers and kinsmen.

“When things are done properly, we will get it right one day.

“If the Independent National Electoral Commission (INEC) gets it right, if the security agents get it right, if the political class gets it right, and the media

gives objective reportage also we will get it right.

“We have been talking with the political gladiators on why there should be peaceful and transparent election.

“The political class should be held responsible for violence, if they see election as a do or die affair, they should never forget that the contest is between themselves and not with foreigners,” he said.

Earlier, Chairman of FCC, Osaro Okhomina commended the commissioner for the successes recorded in stemming the rate of crime in the state.

He pledged the resolve of the media to partner with the police to achieve the objectives of the force.

On the FCC 5th Public Annual Lecture, Okhomina used the opportunity to invite the commissioner for the programme.

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WESTAFRICA BUSINESSNEWS

POLITICS

DECEMBER 17 - 21, 2018

INEC tasks traditional, religious leaders on PVCs collection

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he Independent National Electoral Commission (INEC) has urged traditional and religious leaders to assist the commission in appealing to their subjects to collect their Permanent Voter Cards (PVCs).

“We also need you to educate your people on their civil right in participating actively in the electoral process,’’ INEC’s Resident Electoral Commissioner (REC) in Enugu State, Dr Emeka Ononamadu, said on in Enugu.

Ononamadu made the appeal during a forum for traditional and religious leaders in Enugu State with the Theme: “Ways to Achieve Credible Elections in 2019 General Elections’’.

“We are beckoning on you again to discharge your traditional roles of facilitating peace participation and justice by ensuring that people participate in the general elections in a peaceful and orderly man-ner.

“First is to pick up PVCs and then come out to vote.

“As INEC continues to promise Nigerians credible 2019 elections, I am promising Ndi Enugu credible, free and fair

elections devoid of violence.

“Remember that whatever happens (whether peace or violence) you will naturally take the burden of entrenching peace or cleaning up effects of violence in your communities.

“We will rely on you to give us early warning signs of violence or plan of actions of infractions that are likely to affect our elections.

We will not fail to respond appropriately to them,’’ he said.

Earlier, Nkechinyere Igwe, Executive Director of South Sahara Social Development Organisation (SSSDO), said that the forum was meant for INEC to feel the pulse of the leaders in various communi-ties in the state.

Igwe noted that synergy was necessary as INEC alone could not ensure a peaceful and credible 2019 polls without the support and inputs of stakeholders, especially critical ones like the traditional and religious leaders.

“We also want the leaders to help us to get down to the grassroots and educate our people there not to engage in negative election practices such as vote selling and buying;

thuggery; violence and other forms of election irregularities,’’ she said.

Responding, Igwe Lawrence Agubuzu, Chairman of Enugu State Traditional Rulers’ Council, assured INEC of cooperation of the traditional and religious leaders at all times to keep peace in their domains.

Agubuzu, who spoke on behalf of the traditional and religious leaders, noted that it was evident that the existing partnership between INEC and the leaders had yielded much fruits in mobilisation for CVR registration and PVCs collection.

“We are assuring you of continuous cooperation; while we are going to advocate to our subjects to embrace peace and shun all tendencies capable of brewing trouble in our various communities.

“One thing we cherish in this state is the existing peace and security; and we will do everything possible to ensure it is maintained and even improved upon,’’ he assured.

The meeting was attended by traditional rulers from 17 council areas in the state as well as top officials of Christian Association of Nigeria.

The forum was organised by INEC in collaboration with the SSSDO.

Duke to appeal judgment removing him as SDP presidential candidate

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onald Duke, the Presidential Candidate of the Social Democratic Party (SDP), says he will appeal the judgment removing him as the party’s presidential flag bearer.

A Federal High Court sitting in Abuja on Friday declared Prof.

Jerry Gana, a former Nigerian Minister of Information, as the presidential candidate of the SDP. Duke had been declared as the presidential candidate of the party after the primary election held in October 2018 in which Gana was also an aspirant.

However, Gana had instituted a case against the result in court, basing his case on the zoning and rota-tion formula of the party.

Giving his ruling, Justice Hussein Baba-Yusuf said: “In this instance, the party’s Chairman, Chief Olu Falae, is from the South and Duke is from the South too; the law is clear; there is nothing to write in-between.

“The law has crystallised that political parties should abide by the regulations which they have made by themselves.

“The claimant laid sufficient evidence to have the judgment in his favour; it is a clear violation of the party’s constitution; the court cannot wave right over illegality.”

“Duke’s votes were declared null and void and the judge declared that Gana was the winner of the election.

“The SDP was also ordered to forward Gana’s name to the Independent National Electoral Commission, (INEC) as its candidate for the 2019 general election.

Duke told Newsmen in Lagos that: “While we await a copy of the judgement for a detailed review, it is imperative we reiterate our constitutionally backed belief. ”Every Nigerian who meets the legal requirement is entitled to contest for the

office of the Presi-dent.” “ Any Law that seeks to curtail or subvert that right under any guise is unconstitutional, null and void and of no effect.

“The delegates of our great party at its Convention in October, overwhelmingly elected me as

their presidential Flag-bearer “Any attempt to subvert their wishes through the instrumentality of the courts will be challenged.

“As a Law abiding citizen, I urge my supporters and members to remain calm as we are confident that the decision of the

Court will be upturned on appeal.

“We are optimistic that the Appellate Court will reach a decision that reinforces the essential tenets of the Constitution of the Federal Republic of Nigeria.”

He said his optimism was in line with the wishes of members

APC’s foreign policy will still remain economy, security -Osinbajo

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he Vice President, Prof.Yemi Osinbajo has stated that the foreign policy of the All Progressives Par-ty(APC) would remain the economy and security.

Osinbajo, at the Vice Presidential candidates debates in Abuja, said that the government was working on improving the trade process of the nation.

He said that a lot of agreements had been entered into between Nigeria and other nations to better the economy of the nation.

“We just set up a trade office and this accounts for some of the work we have been doing .

“Also, some economic partnerships are being entered into with the European Union and we are look-ing at policies that will benefit Nigeria.

“This is because we are looking at the economic interest of Nigeria in the partnership.”

Osinbajo said that one of the points was that the government would cooperate with Nigeria’s neigh-bours and that was currently going on to secure the ntion’s borders.

He said that a multinational joint task force was in place with the nation’s neighbours to combat

insur-gency, to allow for free trade and other beneficial activities.

Mr Peter Obi, Vice Presidential candidate of the Peoples Democratic Party (PDP), said that Nigeria had a lot to offer Africa, thus the party would create a policy to achieve that.

Obi said that the party would enter into an international relationship that would be beneficial to the nation and add value to its economy.

He said that this would in turn boost the nation’s economy and create jobs .

“So a policy that will be a win win situation for Nigeria where we

Prof Osibajo

will stop borrowing but go and learn about how other countries do it so we can replicate it.”

Mrs Khadijah Abdullahi-Iya ,Vice Presidential candidate of the Alliance for New Nigeria (ANN), prom-ised to secure nigeria’s borders.

Abdullahi-Iya said that this was imperative to know ” who comes and goes out of the nation for securi-ty purposes”.

Ganiyu Galadima,Vice presidential candidate, Allied Congress of Nigeria (ACPN), said that Nigeria would partner other nations to leaverage on thier

expertise on security.

Galadima said that the party would combat terrorism and create a secured nation where commerce would thrive.

Mrs Umma Getso ,vice presidential candidate of Young Progressives Party (YPP), said that the party would boost the economy and make it attractive to investors.

Getso said that the investors would key into the party’s local content policy to boost local industries.

She said that way, jobs would be created for the youth.

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WESTAFRICA BUSINESSNEWS

CONSUMERS

DECEMBER 17 - 21, 2018

Police uncover fake drugs factory, arrest 4 in Lagos

BY AMARACHI OGBONNA

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he Inspector-General of Police Intelligence Response Team (IRT) has arrested four persons operating an illegal fake drug production factory in Lagos.

The Force Public Relations Officer, Ag. DCP Jimoh Moshood, told newsmen in Lagos that the suspects operated the factory from a four-bedroom building located at No. 2 Okunnenye Street, Ikotun

EKEDC tasks consumers in Badagry

Egbe area of the state.

Parading the suspects at the factory premises, Moshood said the IRT operatives raided the secret fac-tory on Thursday, following a tip off.

According to him, large quantities of suspected fake drugs were seized during the raid.

“Recovered from the scene were cartons of different fake drugs, large quantities of unprocessed chemical substances used in manufacturing drugs, several machines fabricated for processing, manu-facturing and packaging of the fake drugs.

“Also recovered are forged pharmaceutical papers, plastic buckets of different types suspected to be fake.

The premises has also been sealed and remains sealed till the determination of the matter by a court.

“The I-GP has advised members of the public to be weary of where they procure food, drugs and drinks as many of them are fake and may cause outright death or physical and mental disability,” Mo-shood said.

The Force spokesman said I-G Ibrahim Idris commended the IRT and the Lagos State Police Command for bursting illegal manufacturing factories, especially where food, drugs and drinks were produced.

The principal suspect later told journalists that he owned the factory, stressing that he learnt the trade from a friend who died four years ago. “ Although I am not a pharmacist or a chemist, but the medications are not totally fake as I use quality chemicals to produce them. “ My market is at Onitsha Anambra State, I don’t supply in Lagos. I distribute only in Onitsha and they in turn know where they distribute to. I have not really made too much money but at least, I have made little money.

“I am the owner of the place.

I do take the drug and give to my wife and children because it is not to-tally fake to treat malaria. I try to be genuine.

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he management of Eko Electricity Distribution Company (EKEDC) has appealed to its consumers in Badagry to cultivate the habit of switching off all their electrical appliances whenever they are not in use.

Godwin Idemudia, the General Manager, Corporate Communications Unit, EKEDC, made the plea in a statement in Lagos on Friday, saying that it would help in conserving energy supply in the area.

Idemudia said that it had been observed that consumers in the area usually left their electrical appli-ances on in the morning hours, even as they leave their homes for their daily activities.

“It has been observed that majority of our customers in Badagry always put on their electricity supply in the morning hours, even when they are not using their appliances.

“Electricity supply in many homes in the area is usually left on from morning till the evening hours in many houses, shops and stalls, even when nobody is in there. This is very bad.

“Badagry residents should now begin to learn to manage the little energy available at their disposal.

“This will help EKEDC to be able to conserve electricity for their use in days of scarcity,’’ he said.

Idemudia, therefore, urged residents to adjust to energy saving bulbs, so as to reduce their monthly electricity bills from the company.

The general manager advised the consumers on prompt payment of their electricity bills, to encourage EKEDC to serve them better.

He warned residents against attacking officials of the company who were carrying out their legal du-ties.

Idemudia said that any residents caught attacking the company staff would face the wrath of the law.

President Buhari

Inmates of Nasarawa prisons eat up N818, 550 food daily – NPS

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he Nigeria Prison Service (NPS) has clarified that it spends N818,550 daily to feed the 1,819 inmates across the six prisons in the state.

Patrick Dalyop, State Controller of Prisons, disclosed in Lafia, while addressing a summit on criminal jus-tice reforms and human rights in Nasarawa State.

Dalyop, represented by ACP Rabiu Ibrahim, decried the level of congestion in prisons across the state.

He disclosed that the state’s six prisons had a carrying capacity of only 908 inmates, but currently housed 1,819 inmates.

According to the controller, each inmate is fed with N450 daily.

He identified inadequate health personnel as a major challenge facing the prisons, and called for gov-ernment intervention in that direction.

“None of the prison formations in the state can

boast of a single doctor as we have to refer ailing in-mates to hospitals for treatment,’’ he said.

Dalyop stressed the need for stakeholders to increase free legal services as part of efforts to decongest the prison, saying that most inmates awaiting trial in the state could not afford legal services.

He commended Gov. Umaru Al-Makura’s recent intervention in securing the freedom of over 60 in-mates by paying their fines.

The controller appealed to magistrates and judges in the state to consider options such as fines, un-conditional bail, community service, parole and suspended sentences as alternative to remand orders and imprisonment to decongest the prisons.

He harped on the need for criminal justice reforms that would decriminalise certain offences that are not very serious, but often resulted in remand and imprisonment.

“The state ministry of justice should consider proactive sentencing, guidelines for judges and magis-trates.

“The state government should also support the Legal Aid Council with logistics in order to assist indi-gent offenders languishing in the various prisons in the state,’’ Dalyop said.

Mr Nor Chia-Shaku, Nasarawa State Coordinator, National Human Rights Commission (NHRC), urged stakeholders to embrace alternative conflict resolution mechanism.

Chia-Shaku said that alternative conflict resolution mechanism was an integral aspect of the criminal justice reform.

Also, the Chief Judge of the state, Justice Suleiman Dikko, said the judiciary in the state had taken far-reaching measures towards speedy dispensation of justice aimed at decongesting the prisons.

Buhari pledges support to ‘My Food Bank’

BY NIYI JACOBS

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resident Muhammadu Buhari, has pledged to support My Food Bank programme, an initiative of young Nigerians to address the problem of food security in the country.

Buhari made the pledge during the official launch of the programme and activation of the first one million food bank smart cards and Farm City Project, in Abuja.

Represented by the Senior Special Assistant to the President on Legal Matters, Prof. Adamu Usman, Buhari said that hunger and poverty was the major challenges the nation was facing.

According to him, there is urgent need to address the problem of hunger and poverty in the country and that is why we have encouraged everybody to go back to farm.

“We are aware of this and the government is committed to supporting this programme because it is noble,” he said.

The National Chairman, My Food Bank Programme, Dr Adamu Biu, said the idea behind the pro-gramme was to assist the government in its effort to fight corruption, insecurity and poverty.

Biu said the programme was aimed at creating avenue for millions of Nigerians to have access to af-fordable and free food in any part of the country.

He said the programme would also create employment for young Nigerians and local farmers through its Food City Project.

According to him, the first one million my food bank smart cards have been released for people to use for accessing cheap and affordable food.

“We are getting support from both the national government and international donors who are funding the programme as well as well meaning Nigerians.

“It is a response to the call by Mr President that we need to address the problem of poverty and hunger.

“It is our desire that every Nigerian have access to food irrespective of their location and social stand-ing in order to eliminate hunger because when you end hunger you have solved the problem,” he said.

Also, the National Coordinator of the Food City Project, Mr Daniel Orogun, said the organisation has commenced serious mobilisation in the 774 local governments in the country to appoint Food city mayors who would manage the project.

Orogun said the idea behind the project was to have farms in all the locations to enable them reach to every part of the country.

He said the project would on the long run lead to elimination of hunger and creation of jobs.

“We have been able to raise 500 mayors from many states of the country, especially the south west states down to the middle belt and north east,” he said.

A number of Tricycle riders, youth corps members, market women and widows were present at the event.

AGRIBUSINESS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Oyo, RMRDC, research institute move to encourage cassava peel utilisation

BY JULIUS ALAGBE

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he Oyo State Government in collaboration with the International Livestock Research Institute (ILRI) and Raw Materials Research and Development Council (RMRDC) are sensitising farmers to wealth creation through cassava peels utilisation.

The Office of the Oyo State Governor’s Special Adviser on Intervention Funds and Development Partners organised the sensitisation workshop in collaboration with ILRI and RMRDC in Ibadan.

The programme had the theme: “Waste to Wealth: Cassava Peels Utilisation’’.

Dr Adebukola Adebusuyi, Special Adviser to Oyo State Governor on Intervention Funds, said that the workshop was to promote transformation of cassava peels into valuable feed for livestock.

Adebusuyi said that the transformation would create employment opportunities and additional sources of income for processors, as well as increase cultivation of cassava through availability of off-takers to buy back the produce.

She added that it would curb rural-urban drift, improve self-worth, harmonise initiatives and bring sanity to the environment by reducing heaped cassava peel dumps.

The governor’s aide urged that more people should engage in agriculture and agribusinesses.

“We need to make agriculture very attractive

for the youth as Africa is estimated to be the second largest continent to enjoy high growth rate of 4.3 per cent by 2020.

“But our population growth is more than our socio-economic growth which speaks of entrenched poverty.

“By 2034, Africa is expected to have the world’s largest working age population of 1.1 billion and it is imperative to prepare to have adequate resources to meet their teeming needs,” Adebusuyi said.

The ILRI Country Representative, Dr Tunde Amole, noted that during processing, enormous quantity of cassava peels was generated as waste.

Amole said that only an

insignificant proportion of the peels was fed to livestock such as goats.

He said that the peels and other wastes such as chaff were considered as inconveniencing rather than potential resources in West Africa.

The ILRI official said that lack of capacity to salvage and reuse such materials economically resulted in unnecessary waste and depletion of natural resources.

He said that the waste could be used in production of biogas, mushrooms and improved animal feed.

Amole called for scaling of High Quality Cassava Peel (HQCP) mash technology, and creation of an enabling environment for its off-take in Oyo State.

“The workshop will focus on making meaningful and attainable suggestions in promoting HQCP, making policies that will promote production and inclusion of HQCP in livestock and aquaculture feed in Oyo State.

“It focuses on adoption of HQCP as a safe livestock and aquaculture feed ingredient.

“This workshop will also facilitate availability of funds in terms of grants and single digit loans for acquisition of facilities for production of HQCP, among others,’’ Amole added.

Earlier, the RMRDC Director-General, Dr Hussan Ibrahim, said that the workshop came at a period when the Federal Government made efforts to economically

empower Nigerians through investment in agriculture.

Ibrahim, represented by the Coordinator of RMRDC in Oyo State, Mrs Olufolake Ishola, said that the programme sought to promote exploitation of cassava peels to the fullest as an innovation in production of high quality animal feed.

“It will enable thousands of trained household processors to add value to the waste peels and turn the peels to a sustainable agri-business.

“This sensitisation will go down as another garland in the annals of the Oyo State Government’s empowerment programme if the recommendations are diligently implemented,” Ibrahim said.

Foundation pledges collaboration to produce high quality of rice

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frican Agricultural Technology Foundations (AATF) has pledged to collaborate with other agencies to produce variety of high quality rice in Nigeria.

The Foundation’s Regional Director, Dr Issoutou Abdurhamane, made the pledge when he led his team on a courtesy visit to the Managing Director of News Agency of Nigeria, Bayo Onanuga, in Abuja.

NAN reports that AATF, a non-profit organisation, based in Nairobi Kenya, is designed to facilitate and promote public, private partnerships for access and delivery of appropriate agricultural technologies for use by resource-poor smallholder farmers in subSaharan Africa.

Abdurhamane said that development of variety of rice could boost food security and the economy of the country, saying that this could be achieved through biotechnology.

According to him, biotech development is a revolution in basic biological processes which are applica-ble in crops, animals production and other living organisms, stressing that scientifically, it could be used to boost agriculture.

He said the foundation had applied the biotechnology to develop cow pea which could

achieve re-markable result in the boosting of the commodity in other African countries.

“Our major focus in Nigeria is in variety of rice production, though we are also working in southern part of the country to mechanise cassava within the region,” he said.

The AATF director, however, expressed dismay that Africa as whole lacked basic knowledge of a Genetically Modified Organism (GMO) and its usefulness in agricultural development.

While seeking collaboration

with NAN for the proper dissemination of information about GMO, the AATF official assured Nigerians that biotechnology products “are safe for human consumption’’.

“We did a lot of research and we did a lot of work in Nigeria in collaboration with the National Biotechnology Development Agency, Agricultural Research Council of Nigeria and National Agency for Food Drug Administration and Control and (NAFDAC) and all these agencies have been very supportive,” he said.

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Tunisia Trains first set of Drone pilots for agricultural use

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ight pilots have successfully passed their drone flight training in Tunisia following a two-week intensive training period organized by the Ministry of Agriculture of Tunisia, the African Development Bank and Busan Techno Park.

The training which focused on handling, maintenance and the security aspects of flying drones, took place in Tunis from 19-30 November 2018. The eight were the first batch out of 40 candidates selected for the exercise, which envisages training a total of 400 young Tunisians by 2021.

The project will also see the setting up of a training center equipped with training drones as well as computer simulation tools for drone control. This center is expected to be upgraded to a center of excellence in drone technology. The training also focused on promoting drone-centered activities in Tunisia in view of promoting efficiency and effectiveness.

“It is very good training. I want to share my experience. I would like to participate in this project and contribute for the development of Unmanned Aerial Vehicles (UAVs) in my country Tunisia and my region, Africa,” said Lazhar Meskine, an air traffic management engineer, who was among the trainees.

After accumulating 20 hours of flight time and passing the practical flight, they obtained a “Drone Pilot Certificate” recognised by the Tunisian government.

The four best trainees from this first batch will undergo further training for eight weeks to accumulate 100 hours of flight time. This will make them eligible to take the certification examination and qualify as drone pilot trainers.

We provide seeds adaptable to Nigerian climate, soil – Agric firm

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n Agriculture and seed company, Agritropic Ltd., says it provides local farmers seeds that are suitable for Nigerian climate and soil.

Spokesperson for the company, Mrs Nonye Igbo said that, “Getting the right crop or vegetable seed that suits both soil and climate conditions has also been an issue for local farmers, hence the introduc-tion of climatefriendly seeds.

“We sell tropical seeds, suitable for the Nigerian climate. The seeds are

packaged in such a way that it fits into the Nigerian climate and suitable for our soil.

“Some local farmers complain of seeds sourced from foreign climes and how they do not sprout or geminate because the seeds are not adaptable to our climate or soil.

“It only points that such seeds were not produced or packaged putting into consideration our tropical weather.

“The seeds we provide for local farmers are ready-to-use and are easily adaptable to the

soil and cli-mate in Nigeria, Ghana etc.

“If farmers and even nonfarmers apply the seeds the way they are taught, there will be no complaint concerning our seeds.’’

She also highlighted the contributions of the firm in boosting productivity in the seeds sector and the company’s responsibility in training local farmers on proper application of the seeds.

“Mile 12 market in Lagos state is a proof of the impact we have made in the Nigerian

seed industry; with the truckloads of tomatoes coming from the North, East and West.

“Our seeds are naturallypackaged and are not genetically modified. We have both hybrid and open pollinated seeds as well.

“We have various types of seeds both for farmers and non-farmers.

“We organise trainings for local farmers across the country on how to adequately plant both crops and vegetable crops and get the desired yields.

“We have workshops and seminars where we train local farmers on cropping, farming and the fumiga-tion aspect of cultivating healthy crop and vegetables.

“We also provide technical assistance to local farmers, to make farming easier for them.

Most local farmers are not conversant with how to plant packaged seeds and the entire process involved,’’ Igbo said.

According to her, it is not just about buying seeds; it is not about making money but to groom farmers on modern best practices in agriculture.

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WESTAFRICA BUSINESSNEWS

COMPANIES & BRANDS

DECEMBER 17 - 21, 2018

IATA forecasts airline industry profit, rebound in 2019

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lobal airlines will see rising profit growth and record carbon dioxide emissions next year as strong demand offsets cost pressures, the International Air Transport Association (IATA) has said.

The cost pressures trimmed profitability in 2018, IATA said.

Industry profits were expected to rise to 35.5 billion dollars in 2019 from 32.3 billion dollars in 2018, it said.

“The aviation industry is on a

Air Peace apologises to passengers over flight disruptions

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ir Peace has apologised to its customers over the disruption of their flights on different routes on Fri-day.

A statement issued by the airline’s Corporate Communications Manager, Chris Iwarah said some of the carrier’s scheduled flights were disrupted due to a depressurisation challenge on its Lagos-Enugu flight.

Iwarah said this compelled the airline to declare the aircraft unserviceable in line with its uncompro-mising stance on matters of safety.

According to him, the airline regrets the resultant delay of flights on several routes due to the devel-opment.

He said “on Dec. 14, our LagosEnugu flight had a depressurisation challenge, compelling us to declare it unserviceable upon safely landing at destination in line with our strict safety standards.

“Although depressurisation is a common occurrence in aviation, we sincerely regret that the incident led to the disruption of our EnuguLagos service and other flights the aircraft was scheduled to oper-ate.

“We are indeed sorry for the resultant inconvenience caused our esteemed customers.

“We have, however, made alternative arrangements to ensure the operation of the Enugu-Lagos and other services the aircraft was scheduled to do, while our team of engineers conduct proper checks on the aircraft, which has since been ferried to our base.’’

Iwarah assured members of the flying public that Air Peace would continue to accord their safety a prime place in its operations and always act in their best interest.

“We urge our valued customers to continue to trust us to deliver the best flight experience to them.

“We quite understand the expectations of our esteemed customers, especially during the Yuletide and we wish to assure them that we will neither disappoint nor take their patronage and loyalty to our brand for granted.’’

more solid financial footing than at any time in its history,” IATA director general and CEO Alexandre de Juniac told reporters at IATA’s annual media day in Geneva.

IATA chief economist Brian Pearce said IATA did not expect a recession ahead.

However, there was a lot to worry about, with trade protectionism and uncertainty around Brexit, Pearce said.

Even the most chaotic outcome of Britain’s exit from the European Union was expected merely to slow, not stop, long-term growth.

“The tariff wars are a worry for us.

“It’s actually the latter stages of a decade of protectionism. ”Since the global financial crisis we’ve seen cross border trade growing at a much slower pace than we saw in the years of globalisation.

“We’ve seen a lot of governments effectively restricting cross border trade by soft protectionism. ”We’re now seeing it more explicitly with tariff wars. We would certainly hope that governments will see sense, that it’s a zero-sum game, that it doesn’t benefit anybody to restrict global trade,” Pearce said.

Margins would continue to be under pressure from wage pressures and non-oil costs, although fuel prices had fallen, and airlines around the world had seen dollardenominated costs rising, he said.

Investors’ return on capital was expected to stabilise at 8.6 per cent this year and next.

Although that will be the lowest since 2014 yet it would be above the cost of capital – the returns that investors can earn by putting their money elsewhere.

Governments needed to do better and support competitiveness and business-

friendly policies, de Juniac said.

The industry was approaching an infrastructure crisis and recovering from “a European air traffic management mess of epic proportions’’.

Carbon dioxide emissions, which were consistently below 700

million tonnes until 2013, will hit 895 million tonnes in 2018 and 927 million tonnes in 2018, IATA said.

The U.N. says relentless rises in carbon dioxide emissions are the most important factors in causing catastrophic climate change.

IATA originally forecast 2018 profits of more than 38 billion dollars but cut that back to 33.8 billion dollars in June.

Alexandre de Junia

We are consulting on ACFT - Osinbajo

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ice President Prof Yemi Osinbanjo and running mate of the All Progressives Congress (APC) presiden-tial candidate said that the APC led federal government was consulting with key stakeholders before signing the Africa Continental Free Trade Agreement.

Osinbajo stated this in Abuja while answering questions at the 2019 Presidential election debate or-ganised by the Nigerian Election Debates Group (NEDG) and the Broadcasting Organisation of Nigeria (BON) for the vice president.

He said what the APC government was doing was to ensure that all loopholes that would make the agreement have negative impacts on the country were blocked before signing it.

Osinbajo said that though the agreement was important, the chief fear about it was the Possibility of transhipment, saying for example China can ship its goods to Benin Republic and import to Nigeria un-der a free trade agreement.

“So we can have a situation where local industry is killed just by the mere fact that we signed on to this without ensuring that all of the loopholes have been blocked. So we are in the process of ensuring

that all of the loopholes are blocked.

Osinbajo said that the key stakeholders in the private sector including Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and other business bodies were against the agreement but government was consulting with them.

“We are a private sector driven economy. We cannot say because we are involved in the process, we should just go ahead and sign it.

“It is our duty as a responsible government to make sure that we take into account all of the different issues that are involved before we sign. “ There is no need for hurrying into signing the agreement .

We must make sure we cover all our basis before we sign. ‘’ On his part, the Peoples Democratic Party Presidential (PDP) Candidate running mate, Mr Peter Obi said there was nothing to fear about signing the policy if necessary things had been put in place.

Obi said it was going to be win-win for Nigeria if the agreement is signed, saying there is no way the country could be part of preparing the policy and back out at the signing stage.

He said that Nigeria has the market, the population and everything it takes to benefit from the trade agreement and not just depending on oil for foreign exchange earnings.

“If we sign it today it is going to be a win-win for us. Other countries that don’t have oil, are deriving their foreign exchange earnings from manufacturing.

“You have to look into the agreement fix those things we are not doing well here, put them in place and sign that agreement because it is going to be a win-win for us.’’

He was of the view that consultation should not be now but when the agreement was being formu-lated.

However, Osinbajo reminded Obi that negotiations for the trade agreement began in the PDP era and they also ought to have done a lot of consultation.

The Vice Presidential Candidate of the Alliance for New Nigerian (ANN), Kadijat Abdullahi-Iya, agreed that the country must study the impact of the trade agreement on the Nigerian economy be-fore signing.

“We have to look at how the agreement affects the common man on the streets, how many employ-ment it creates.

“We have to look at how it

will boost the industries, we are looking at diversification, how will it affect our Gross Domestic Products (GDP). These are the things we must look into.

The Allied Congress Party of Nigeria (ACPN) Ganiyu Galadima, commended the Federal Government for not signing the agreement because many thing were not working well in the Nigerian economy.

“Any agreement that we sign that will turn Nigeria into dumping ground for goods from other coun-tries and cripple our local industries will not be in the interest of the country.’’

“I think the proper thing for the government is to put signing of the agreement on hold until the economy of the country improved and manufacturing industry is revived’’ The Vice Presidential Candidate of the Young Progressives Party (YPP) , Umma Getso also said that signing the agreement with the current situation of the country would not be a wise decision.

Getso said the trade agreement would be favourable to Nigeria when the country was strong in terms of production and not when it was importing goods.

COMPANIES & BRANDS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

Afreximbank inaugurates $1Bn to promote Nigeria’s Intra-African Trade

BY ENYI MOSES

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he African Export-Import Bank (Afreximbank) has inaugurated a one billion dollars Nigeria-Africa Trade and Investment Promotion Programme (NATIPP) to promote and expand trade and investments between Nigeria and the rest of Africa.

Prof.

Benedict Oramah, Afreximbank’s President said this in a statement in Abuja.

Oramah inaugurated the programme as part of agreement made by the bank, the Nigerian Export Promotion Council (NEPC) and the Nigerian ExportImport Bank (NEXIM).

Afreximbank also signed a Memorandum of Understanding (MoU) with the Nigerian Ministry of Industry, Trade and Investment to jointly develop industrial parks and special economic zones in Nigeria worth 1.235 billion dollars.

The signing which took place during the Nigeria Day at the ongoing inaugural Intra-African Trade Fair (IATF) in Cairo, was witnessed by Nigerian Vice President Yemi Osinbajo.

According to Oramah, Afreximbank will work with NEPC and NEXIM to identify, prepare and appraise trade transactions and projects in the country.

He said the organisations would explore co-financing and risk-sharing opportunities, as well as share knowledge with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.

According to Oramah, the programmes by the bank are

being implemented in pursuance of Afreximbank’s strategy, Impact 2021: Africa Transformed, which prioritises intra-African trade, industrialisation and export manufacturing.

The IATF, which held recently is organised by Afreximbank, in collaboration with the African Union, and hosted by the

Government of Egypt.

It will end on Dec. 17 and is expected to attract about 70,000 visitors.

Transactions worth about 25 billion dollars are expected to be concluded at the IATF which has almost 1,100 registered exhibitors from 42 countries.

Dr. Benedict Oramah

Nigeria Exceeds 30% Broadband Penetration Target - Prof Danbatta

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he Nigerian Communications Commission has said that Nigeria exceeded the 30% broadband target and has recorded 30.9% penetration target so far.

The Commission made this known in Abuja at a media parley with the Executive Vice Chairman of the NCC, Prof.

Umar Danbatta in Abuja.

It would be recalled that federal government in 2012 set a 30% broadband penetration target from 2013-2018.

The figure had been hovering between 20-21% from 2017-2018. Speaking through the Executive Commissioner Stakeholders management Sunday Dare, the EVC said it has exceeded the target set by National Broadband plan to achieve 30% Broadband from 2013-2018.

The NCC boss also said it had recorded internet subscriber base of 109 million adding that broadband service subscribers is now at 59 million people.

Danbatta assured Nigerians and other users in the telecom industry that henceforth the NCC reports on broadband penetration would be on a monthly basis from 2019 and that all information and progress on mobile, internet and

data usage penetration would be sustained to provide the necessary requirements for increased investments and effective regulation of the telecom sector in Nigeria.

The NCC boss said based on the first to third quarter reports, the ICT contributions to Growth Domes-tic Products had reached N5trillion.

According to him, active voice subscriber base grew

from 165,239,443 in October 2018 to 169,104,830 in November 2018 adding that Internet Subscription grew from 107,547,723 in October, 2018 to 108,897,679 in November 2018 and that Total Active Broadband Subscription on 3G and 4G platforms as at November 2018 is 58,965,478.

He said contributions of telecommunications and information services to GDP

from Q1 – Q3 2018 was N4.7 trillion according to figures released by the National Bureau of Statistics.

In the last quarter (Q3, 2018), the amount stood at N1.5 trillion according to Q3 figures reported by the NBS and that telecommunications and information Services Sector grew by 14.7% from Q1, 2017 – Q3, 2018.

Elephant Group maps out strategies for paddy rice in 2019

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he Elephant Group Plc., one of Nigeria’s food and agricultural companies has explained that it had mapped out strategies to ensure self-sufficiency in paddy rice production in 2019.

The Group’s Head, Media and Communication, Babatunde Ajibola, said in a statement that the company was leveraging on the Federal Government’s support in the diversification of the nation’s economy from oil to agriculture.

“Nigerian consumers demand for rice stands at 5.8 million metric tonnes per annum which makes it the continent’s leading consumer of rice.

“At the same time, Nigeria has all it takes to become a giant in rice production.

“That is why Elephant Group buys large quantities of paddy from major farmers from one harvest to the other for processing.

“This has encouraged the local rice growers to cultivate more rice through the out-growers scheme, thereby expanding the agricultural value chain.

“The aim is to bridge the demand/ supply gap for rice in line with the Federal Government’s economic diversification mission and therefore boost the nation’s self-sufficiency in rice production,’’ Ajibola said.

He said that to expand its processing facilities, the company acquired the Elele Alimini Rice Processing Mill in Rivers from the Niger Delta Development Commission (NDDC).

The spokesman said that the mill alone had the capacity to process 210 metric tonnes of rice paddy per day.

Ajibola said that the group was making effective use of all its mills and currently producing its own brand of local rice known as Elephant Pride.

According to him, Elephant Pride rice is available in the open market and available all over the country.

He said that it got supply of paddy rice for the mills from farmers across the country, especially from the surrounding local communities where the mills were located.

Ajibola stressed that producing rice locally had positive impact on the Nigeria’s economy with the creation of direct and indirect jobs and contribution to Gross Domestic Product (GDP).

He said that it would guarantee food security and also support the Federal Government’s efforts to ensure agricultural sustenance and food sufficiency.

Ajibola said that the group and major stakeholders were taking steps to forestall the U.S. Department of Agriculture report which projected that Nigeria would emerge the world’s second-biggest rice importer after China in 2019.

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P+ Measurement extends partnership with Global Communications Agency

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edia monitoring and evaluation agency, P+ Measurement Services has announced an extension of its media monitoring and evaluation partnership with global communications firm, Burness Communications for 2019. The extension will enable P+ to continue providing print, online, TV and radio monitoring and evaluation services to Burness in the Ghana market.

In a bid to continue the successful rollout of the partnership signed in 2017, P+ will continue to handle Burness Communications client public relations monitoring and evaluation activity while supporting their organizations objectives. Burness Communications specializes in advocacy campaigns, media relations, public policy engagement and event planning and P+ will help the brand maximize its communications objectives by providing real-time, high-quality media monitoring and evaluation services.

Speaking about the partnership extension, Lead Consultant P+ measurement services Nigeria, Philip Odiakose said. “We are delighted to extend what has been an excellent partnership with Burness Communications to improve the availability of reliable, costeffective media monitoring services across Africa. The media monitoring and evaluation market is a growing market and with the right frameworks and experts in place we believe we are on the right path to redefining the market with quantitative and qualitative analysis that adds value to marketing communications.“ “As we said at the start of this partnership, it remains true that the media monitoring and analytics market offers huge potentials to stakeholders. With the right partners providing support in the areas of media planning, analytics and reporting we believe we can help our clients make a difference in their business”. He continued.

Nigeria’s fast-growing media intelligence agency P+ Measurement Services continues to spur a PR measurement and evaluation literacy campaign for brands and government agencies in a bid to standardize a procedure that enables stakeholders to understand that implementing the right measurement and evaluation program will help companies get a clearer understanding of consumer habits and sentiment toward brand products and services.

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

2019: I will recover all Abia stolen money says Otti

BY GOSPEL ADIELE, UMUAHIA

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he Governorship Candidate of All Progressive Grand Alliance (APGA) in Abia State, DrAlex Otti has declared that his administration will recover all the stolen funds from previous administrations if elected into office in 2019.

Otti who made the declaration on Wednesday while kickking off his campaign in Umuahiaurged the Peoples Democratic Party (PDP) led Government in Abia to start preparing its hand over note as his administration will compel the present administration to account for every fund spent inthe four years administration.

The APGA Governorship Candidate regretted that since inception of Dr Okezie

Ikpeazu’s administration, Abia has remained the least developed State in Nigeria citing deplorable road condition, health, education unemployment among other sectors that have failed.

According to him, the major activities in

government house in the State is night Clubbing, erection of bill boards and running of government of propaganda, I will recover all the money they have stolen, they must bring back our money.

His words: “What we have come to do, is to serve Abia people, and I do not need any thing from the State treasury because God has blessed me with all I need. We are going to use Abia money for Abia people and you are lucky to have

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pointing out that the era of god fattherism, Mamacracy, Adaukwu and others in the State will be a thing of the past, saying that he has come fully prepared and that the 2019 election will not be rigged any more.

The rally which witnessed mammoth crowd attracted the presence of APGA members and supporter drown from the 17 Local Government of Abia State as well as APGA representative from

Motorist told to avoid alcohol drinks while driving

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Alex Otti

I’m Authentic PDP Chairman in Abia Says Onuigbo gainst the fallout of suspension issued by the members of the State Executives and the zonal leaders of the party representing Abia North, Central and South Senatorial Districts, the embattled state chairman Chief Johnson Onuigbo has declared that he remains the authentic chairman of the party in the state.

Speaking with newsmen shortly after a crucial meeting of all the State Executives Council Members and their Zonal Leaders of the party at the party state secretariat, the party chairman said that it is common in any family to have misunderstanding adding that after rain comes the sun, maintaining that the party has resolved their differences because Satan is always there to put asunder in any relationship that has prospects.

According to him “Abia PDP has been a very peaceful party in the country and was adjudged the most organized PDP state in Nigeria but wondered why Devil will take advantage to disrupt the party especially now that election is around the corner.

“He added that during our party primaries, we had a transparent, free, fair and credible state primary, that was why those who lost in the primaries embraced their winners and still remained the members of the party after losing” he concluded.

It will be recalled that

people like us that sworn to reclaim our state from these hawks”, he declared.

He said his declaration marked a signal to PDP government whom he tagged as a failed government noting that the present leadership has nothing to offer the people of the State and that Enough is Enough.

According to him, his venturing into politics was to save Abia people from the hands of misrules

on Friday last week some members of the state executive council members of Abia PDP and their zonal leaders signed a communique and passed vote of no confident on Hon. Johnson Onuigbo’s led administration and mandated the deputy chairman of the party Hon P.C. Onyegbu to take over the leadership of the party pending the intervention of the governor Okezie

Ikpeazu a few days ago.

In his remarks on behalf of other state executive members and zonal leaders of the party, the zonal chairman of Abia north Hon. Matthew Ibe told newsmen that their party is in tandem under the leadership of Hon. Johnson Onuigbo adding that they have resolved all their differences and promise to work with Hon. Onuigbo’s led administration.

Onuigbo

he Abia Line Network Company Chief Driver Mr. Moses Udochinyere has called on drivers to shun intake of alcoholic beverages while driving mostly as Christmas is around the corner.

Chief Udochinyere who made the call to motorist advised drivers of the company to avoid all sorts of intake of drugs and alcoholic beverages to ensure the safety of the passengers as well as their wellbeing during this festive period.

The Abia Line Network Chief Driver who made this known to newsmen during the official handover ceremony held at Abia Line Corporate Office Umuokenyi Afara-Ukwu, Umuahia, Abia State, said no driver can give his best while drunk.

He added that his administration is determine to rid the company all forms of abnormal activities and

reiterated his administration commitment to leave no stone unturned in other to return its status as the most reliable transport company in the state.

In his handover note the out gone chief driver Mr. Vincent Kanu said that the major weapon for any driver to succeed is to imbibe the spirit of sportsmanship and team work.

He pointed out that no driver who apply the road more especially high ways without seeking the presence of God in all their undertaking would succeed and called on Abia Line Network Drivers to be prayerful and shun fetish activities while serving the public, noting that is the only way they can achieve perfect driving.

He further thanked the management and staff of the company for given them the chance to serve and pray God to guide them.

Abia NUP laments over none payment of pensions No funds to bury our dead members

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he Umuahia branch of the Nigeria Union of Pensioners, NUP, has lamented that some of the members who died have remained in the mortuary for more than one year, as there was no fund to buy coffins for burial.

The State Chairman of NUP Chief Nwosu Chukwudike who made this revelation at the pensioners hall, subtreasury, Umuahia, Abia State during the end of year/award ceremony, said if pensions were paid as at when due, most dead pensioners would not have been buried like beggars.

“As a result of this unfortunate situation, pensioners are subjected to ingenious trauma. Majority of pensioners are on routine drugs. Those lucky to be conveyed to the hospital cannot pay their bills, due to paucity of fund. Death

is reported daily. Deceased families leave corpse for more than a year for lack of fund to buy coffin for burial.

“Our members are laid to rest like chicken, when they should be buried as heroes. What a sympathetic and piteous situation”, he lamented.

He said, “the plight and predicament of pensioners in Abia State is not only topical but trending in all print and electronic media in the state. The pensioners pass through harrowing experience from the date of receipt of retirement slip to death”, he lamented.

He said, “it is against the backdrop of this pernicious and excruciating situation, that we inaugurated a welfare scheme”.

The scheme which is a part of the pensioners welfare policy, according to the branch chairman,

would cover life and death benefit as palliative.

Chief Chukwudike commended the welfare planning committee for a good job done so far, adding, “at the moment we commence with death and to extend to life benefit as funds increase”.

In his speech, the NUP State Secretary, Elder O.C Arungwa lauded the branch for its welfare scheme and enjoined others to emulate and replicate same in their various branches.

The Chairman of the occasion, Chief Dan Ibekwe charged members who are yet to cue into the welfare scheme to do so as it is binding to all members of the branch.

He lamented that when pensioners who during their active years of service contributed to the progress of the state, die, as a result of none payment of pensions,

Gov Ikpeazu

the families would bury them like a child, adding, “since January 2018, none of us have received our monthly pensions and the arrears of 2017 is still hanging”.

In their respective speeches, the deputy chief of staff, office of the Abia state governor, Chief Ukpai Agwu Ukpai, GM ASPIMSS, Dr. Anthony C.B. Agbazuere, Commissioner

of transport, Chief Kingsley Imaga and Chief Acho Ojukwu a representative of Abia House of Assembly majority leader, Hon. Chinedum Orji counseled the pensioners to be patient and always pray for the success of governor Okezie Ikpeazu’s administration as he is working assiduously to put smiles on their faces.

SOCIAL DIARY

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feyinwa will lead the team in scaling the impact of the Foundation which is globally recognised for pioneering a new approach to philanthropy with its USD$100 million commitment to empowering African entrepreneurs. The Founda-tion’s mission is rooted in Africapitalism, which positions the private sector as the key enabler of economic and social wealth creation in Africa.

Ifeyinwa served as Director of Partnerships of the Tony Elumelu Foundation since November 2017 and suc-ceeds Parminder Vir, OBE, who has been elevated to the Advisory Board of the Foundation. In her new role as CEO, Ifeyinwa will leverage her expertise, experience and network to provide strategic leadership in realising the Foundation’s goal of transforming Africa through entrepreneurship.

Speaking on the appointments, Tony O. Elumelu, CON, Founder, the Tony Elumelu Foundation stated: “As Director of Partnerships, Ifeyinwa demonstrated strong leadership and strategic thinking in delivering the Foundation’s mission to transform Africa, securing major partnerships that scale the impact of the Foundation beyond its targeted 10,000 en-trepreneurs.

She is

the perfect candidate to build on Parminder’s immense contribution.”

“On behalf of the Board, I also commend Parminder, fondly known as the mother of African entrepreneurs, for her notable achievements, significant sacrifice and commitment to building and empowering the next generation of Afri-can business leaders. I warmly welcome her to the Board,” Mr. Elumelu concluded.

In response, Parminder said: “In the last five years, we have empowered a generation of young Africans with the training, tools and opportunities to launch the continent into prosperity. As CEO, it has been my profound joy to sup-port thousands of young people whose ideas are transforming Africa. I am therefore honoured to join the Tony Elumelu Foundation Advisory Board to contribute to the many more success stories that will emerge out of Africa.”

Accepting her appointment, Ifeyinwa said: “In my former role within the Foundation, I witnessed first-hand the potential of entrepreneurship in tackling Africa’s key challenges - unemployment and poverty. Our recently launched TEFConnect, the digital networking platform connecting African

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

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Elumelu Foundation Appoints Ifeyinwa Ugochukwu CEO entrepreneurs, investors and mentors for business success will further achieve our Founder’s goal of democratising luck across the continent and fostering business be-yond physical borders.” “I am honoured by the opportunity to build on Parminder’s legacy and launch the Tony Elumelu Foundation into its next phase of growth.”

Prior to joining the Tony Elumelu Foundation, Ifeyinwa served as a management consultant for the Enterprise Devel-opment Centre at the Pan-Atlantic University. She sat on the Board of Women Empowerment and Children Relief in Africa, a Cape Townbased non-profit focused on enhancing the economic welfare of women. Ifeyinwa holds a Bache-lor of Law degree from the University of Wales, and a Post Graduate Degree in Business and Executive Coaching from the Integral Africa Institute, Cape Town. She is an associate of the Chartered Institute of Arbitrators, Nigeria.

Ifeyinwa Ugochukwu

NANS felicitates with Buhari @ 76, calls for cabinet reshuffle

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he National Association of Nigerian Students (NANS) has joined Nigerians and the rest of the world to felicitate with President Muhammadu Buhari as he celebrates his 76th birthday.

NANS’ National Public Relations Officer, Bestman Okereafor stated this in a message sent to the News Agency of Nigeria in Enugu on Sunday.

Okereafor said that Buhari, who is also the Chairman of Economic Community of West Africa States (ECOWAS), had displayed great commitment in repositioning Africa for growth and economic sustaina-bility.

“The national secretariat of NANS joins the World, ECOWAS and Progressive minded Nigerians in wish-ing our beloved President and ECOWAS Chairman, Muhammadu Buhari, a happy 76th birthday.

“Mr President, no doubt, has consistently displayed an unrivaled commitment to a better Africa and Nigeria.

“Nigerian students both home and in Diaspora are sincerely praying that God upholds, strengthen and

preserve you, Mr President.

“We also pray that God help you lead this country in the right direction of progress, peace and prosperity for all,’’ he said.

Okereafor, however, said that NANS was also calling on Buhari to consider a cabinet reshuffle.

“There is a need to bring on board young, fresh and capable hands into your cabinet to man critical and growing areas especially in some sectors of the nation’s economy,’’ he added.

L-R: The Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, the Chairman, NPA Board of Directors, Emmanuel Olajide Adesoye and Retired Board Member, NPA, Juliet Uche-Okoro during a send forth party in her honor in Lagos yesterday.

Ebere Ijere, Heaven’s Kitchen for the Needy Fetes Pacelli School for the Blind Founder, Heaven’s Kitchen for the needy Charity Organization, Evangelist Kingsley Joe, who led both his organisation and Members of Ebere Ijere Foundation said that his organisation’s plan for next year is go round African continent and eradicate poverty from the face of Africa and the world at large.

All I am asking God for is for financial blessing and also to connect us with men who are ready and will-ing to go all length and see that the vision is carried judiciously, because “Evangelist Kingsley Joe and Mrs. Ebere Gomwalk Ijere are determined to see the poor and less privileged happy and live among others without having any feeling of poverty.

“Personally my dreams is to have the largest motherless orphanage city in the whole world and break the record of Charles Mulley of Kenya and by

God’s grace, I will accomplish it before join my heavenly Father”.

He concluded.

Lauding Ebere Ijere for her concern for the needy, he said “ I pray that Ebere Ijere Foundation and Heaven’s Kitchen for the Needy Charity for a divine financially blessing because the plans we have are numerous like building academies for orphans and motherless children. Build health centers for elderly ones in the remote village and homes where many who don’t have helping hands can obtain help. We also want to be involve in agriculture to provide food for the entire nation, including remote villages to win souls for the Kingdom of Jesus Christ I pray for everyone that have been contributing in one way or the other to make this a success, especially the market women and

Heavens Kitchen for the needy and Ebere Ijere foundation recently feted pupils of Pachelli School for the blind and partially sighted with gifts of various food items in the mood of forth coming Christmas

men in all the Market we have been going for one help or the other for the needy/ Such Market are Arena in Oshodi, Isolo Market and host of others, we say, Thank you, according to Psalms 41:1-3, In

their lives. Their generation will never beg nor borrow to eat.

Their pockets will never go dry.

Lack and want will be far from them. Sickness will not take their money, as we entering next year all of them will walk

in Dominion in Jesus name.

Increase and multiplication will be their portion and let God restore to them all have lost Joel 2:25.wherever they have suffered shame, may God make them a praise and a fame in Jesus name Amen

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WESTAFRICA BUSINESSNEWS

ANAMBRA BUSINESSNEWS

DECEMBER 17 - 21, 2018

Leaders Move to Sustain Peace at Onitsha Drug market

BY AFAM AMINU CHIMEZIE, ONITSHA

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n a desperate move to restore a lasting peace in the crisis-ridden Onitsha Bridge-Head market, otherwise known as ‘‘Ogbogwu’’, the new Caretaker Committee leadership of the market led by its Chairman, Hon. Anthony Ezioba has commenced reaching- out to various stakeholders in the market.

In an interactive session with traders after their appointment by the Anambra State Government about a month ago, the event afforded traders the opportunity to air their views on various issues bothering the market.

The interaction which was reported to be rare in the history of the market was also used by the

new leadership to give the entire traders a sense of belonging in which various opinions were gathered by its leadership on how best to move the drug market forward.

Speakers commended their leaders for organizing such event which they described as ‘‘timely’’ since after the expiration of the tenure of the immediate past administration led by Mr. Uche Eze whom most of the traders described as a “monumental waste.’’ Some of the traders had accused the former Chairman and his executives of running a non-transparent administration and also not consulting various stakeholders of the market before embarking on very important decisions bothering on the market.

While appreciating the

traders’ contributions at the meeting, the Caretaker Committee Chairman of the market, Hon. Anthony Ezioba disclosed that even though his administration was appointed by the State Government, he would carry all the traders along in decision making in order to give them a sense of belonging.

He said as partners in progress his administration would not look down on any trader no matter his status and called on them to always feel free to contribute their quota towards the sustenance of peace and progress of the market.

In a speech, the Public Relations Officer of the market, Mr. Mary- Chaplet Igboamaeze who prayed for the peace and progress of the market solicited for God’s

intervention in the volatile drug market in order to expose evil people whom he accused of working to ignite crisis in the area through rumour mongering. He, however,

assured that the market and the present leaders were now under God’s protection.

Personalities that attended the event were some patrons of the

market, Chief Jasper Okpalafuluaku and Chief S.A Anyanwu who watched with interest throughout the deliberations.

Yuletide: Union Charges FG, NNPC on Regular Supply of Fuel

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o avoid a repeat of 2017 Christmas and new year petroleum scarcity where motorists and passengers experienced difficult times trying to get to their destinations due to scarcity of fuel and other petroleum products, commercial drivers’ union, Onitsha/Nkwelle Drivers Welfare Association (ONDWAAS) has called on the Federal Government to urgently direct the Nigerian National Petroleum Corporation (NNPC) to monitor the supply and

distribution of fuel and other petroleum products to ensure that the products get to consumers against the previous ugly incidence of scarcity that characterized Christmas and New Year celebrations in the country.

The call was made by the chairman of the union, Chief Chukwujekwu Oligbo at Nkwelle Ezunaka, Oyi Local Government of the State, while interacting with the press yesterday.

According to the drivers’ boss, “it has become a regular occurrence to

Gov Obiano

experience scarcity of fuel during Christmas period in Nigeria. This has been a deliberate attempt to inflict hardship on Nigerians who wish to travel to their various communities and villages during the festive period, all in the name of doing business”.

“We all know that when a product is scarce, there’s tendency in price increment and it is the masses that bear the brunt”. He, however, charged the NNPC to ensure that Nigerians do not experience unnecessary scarcity and hike in prices of petroleum products during the forthcoming Christmas and New Year celebrations.

While urging members of his union to observe safe driving on the road, Chief Oligbo disclosed that his union frowns heavily on commercial bus drivers who drink while on duty, adding that adequate penalty awaits defaulters.

He advised commercial drivers to ensure that their vehicles are in order, especially the tyres, adding that a task force has been put in place to dictate and impound members’ vehicles plying the road with faulty tyres, which he noted greatly contribute to chances of road accidents.

Anambra vows to destroy illegal speed breakers- Commissioner

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he Anambra State Government says it is set to destroy the illegal and indiscriminate speed breakers across the state to ensure safety of road users.

Marcel Ifejiofor, Commissioner for Works in the state said this in Awka.

Ifejiofor said government would also destroy speed breakers built by individuals or communities that had no approval from the appropriate authority.

He said the speed breakers were unprofessionally built and constituted grave danger to road users.

The commissioner, who acknowledged that the decline in the number of road accidents in Awka was due to speed breakers built on strategic road, urged motorists to drive carefully and observe traffic rules.

“There are a number of speed breakers on the highways in Anambra, motorists in the state and those coming in are advised to observe them.

“We have them at Army Barracks, Amawbia, Regina Ceali, Government House and other strategic are-as in the state.

“But we have noticed the construction of bumps on most roads in Anambra, these speed breakers are not approved, they are unprofessionally executed with steep gradients.

“These illegal speed breakers are damaging vehicles and will no longer be tolerated.

“Very soon, we shall start removing them, we have specification for speed breakers, if you want to install; write to this ministry

and we will supervise it,” he said.

Ifejiofor also said the ministry was embarking on massive repairs of all roads in the state with 10 con-tractors working concurrently in the three senatorial zones.

He said while the Anambra Road Maintenance Agency (ARMA) was patching the potholes, the con-tractors would be working on the roads severely damaged by erosion; as well as open up new ones.

Some of the roads he listed include: AguleriAdani Road in Anyamelum, Ukwulu-Enugu-Agidi-Nawgu in Awka, 14.2 km MbutuUmunankwo road in Ogbaru, Osamala –Oguikpele road also in Ogbaru, Oraifite and Azia roads.

According to him, the state is working on getting

approval from the Federal Ministry of Works for the repairs of federal roads in the state.

“ARMA is only mandated to patch roads, but because of the damage, Gov. Willie Obiano directed the ministry to inter-vene; so we have appointed over 10 contractors to fix these roads.

“The Governor directed that we intervene because Anambra is a gateway state, so we are talking with the Controller of Works in Anambra.

“But we are working while waiting for the outcome of our discussions.”

Ifejiofor assured the public that the quality of the projects to be executed would stand the test of time.

“I am a field person, my promise to Anambra is high quality roads.”

Marcel Ifejiofor

SPORTS

WESTAFRICA BUSINESSNEWS DECEMBER 17 - 21, 2018

‘A better person, a better man’ - Koscienly says

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19th NSF, Delta continues dominance with 256 medals

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he centre-back made his return to action for the Gunners against Qarabag in the Europa League on Thursday following a six month absence Arsenal’s club captain Laurent Koscielny claims he is “a better person” and mentally stronger after coming back from a six-month injury lay-off.

The defender ruptured his Achilles tendon during last season’s Europa League semi-final against Atletico Madrid in May, causing him to miss France’s 2018 Wolrd Cup win in Russia.

Koscielny admitted he struggled to come to terms with missing out on the tournament, and even The 33-year-old finally returned to the pitch on Thursday, starting Arsenal’s Europa League win over Qarabag at centre-back, and said his “season starts now” when speaking to reporters after the game.

When asked about his spell on the sidelines, Koscielny told the Gunners’ official website: “It makes you a better person, a better man.

“I talked to a lot of people who had been injured like me, or in their knees, so it’s like six months [out], and they told me that you miss football a lot and when you come back you are so hungry.

You want to eat everything and grow on the pitch and just enjoy and be happy with what you can do on the pitch.

“These are real things that I have in me. I’m hungry to play football again and to play with my team-mates, so I don’t think people will say ‘you have been injured and will be less stronger than before’. I think you are mentally stronger than any people who didn’t have

an injury like you’ve had.”

Koscielny is expected to feature against Southampton in the Premier League on Sunday as Arsenal are without Sokratis and Shkrodan Mustafi through suspension, while Rob Holding is injured.

A return to league action will mean a lot to the Frenchman, who admitted he missed spending time with his team-mates while absent.

Koscielny won his first cap for France in 2011 against the USA, having initially considered an offer to represent Poland for whom he also qualified.

He made 51 appearances for Les Bleus across his career and scored once, in a 3-0 friendly victory over Scotland in 2016.

He has however been unable to force his way back into contention since the start of the new season, with Crystal Palace’s Mamadou Sakho instead earning a recall and Everton’s Kurt Zouma preferred at the back.

And Koscielny pulled no punches in his criticism of Deschamps and the coaching staff, who master-minded their country’s success 20 years on from lifting the trophy as captain in 1998 on home soil.

“Deschamps called me once [since the World Cup], during my birthday in September,” Koscielny said.

“Lot of people disappointed me, and there are lots of other coaches. It feels like a slap on the face.”

“I think I gave what I could give to the French team.The national team has a very good generation with great players.

“My injury has not changed my decision: for the Blues it’s over for me.

But I remain a supporter of the French team.”

efending champions, Delta, have continued to show dominance on the 19th National Sports Festival (NSF) with 256 medals.

The News Agency of Nigeria reports that medal table release on Saturday in Abuja shows Delta top-ping with 132 gold, 57 silver and 67 bronze.

Rivers placed second with 149 medals which consist of 54 gold, 46 silver and 49 bronze, while Edo came third with 97 medals, comprising 30 gold, 29 silver and 38 bronze.

Akwa Ibom moved to the fourth position from fifth with 23 gold, 19 silver and 25 bronze while Lagos came fifth with 20 gold, 26 silver and 54 bronze.

Bayelsa is sixth with 19 gold, 45 silver and 34 bronze, and Kano seventh with 18 gold, 22 silver and 20 bronze,.while the host, FCT, is on rhe eight position with 14 gold, six silver and 16 bronze.

Oyo followed with 12 gold, 27 silver and 31 bronze, and Abia trailing with nine gold, six silver and 24 bronze.

The 19th NSF which began on Dec. 6 would end on Sunday. (NAN

CAF confirm S/Africa and Egypt bid to host 2019 Africa Cup of Nations

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outh Africa are hoping to stage the prestigious tournament for the third time The Confederation of African Football (Caf) has confirmed that South Africa and Egypt have submitted their bids to host the 2019 Africa Cup of Nations (Afcon) finals.

One of the two countries will take over the hosting of the continent tournament from 15 June - 13 July 2019.

This is after Caf stripped

Cameroon of the right to host the tournament because of concerns about the country’s security and infrastructure.

South Africa has hosted the Afcon finals twice (in 1996 and 2013), while the 1959, 1974, 1986 and 2006 tournaments were staged in Egypt.

Caf confirmed that South Africa and Egypt have officially submitted their bids in the following state-ment: Following the statement issued on 6 December 2018 concerning the

process to agree on a new host country of the Total Africa Cup of Nations 2019 (AFCON), the Confédération Africaine de Football (CAF) today confirms that: · Formal applications have been received from the Egyptian and South African football associations to host the AFCON 2019; · The international consulting firm Roland Berger will now review the bids and seek additional materials and conduct inspection

Who Man Utd draw in the CL doesn’t matter- Mourinho

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he Red Devils boss is relaxed about who his side will face when the knock-out stages begin next year Jose Mourinho says he isn’t concerned about who his Manchester United side will draw in the Champions League last 16.

The Red Devils qualified for the knock-out stages by finishing second in Group H behind Juventus, missing the chance to win the group after losing 2-1 at Valencia in midweek.

That, in theory, means United should face a tougher draw as they will play one of the group winners.

Mourinho isn’t concerned however, saying he doesn’t really care who his side will play when the tournament resumes next year.

“You look forward to Monday, I don’t,” Mourinho told MUTV. “Really it’s not something that keeps me with an eye on the television. We know that the last 16 has lots of good teams, even the teams that finished first are not relaxed. they can get a very difficult opponent that finished second in their group. There will be a big match at Old Trafford to start, it doesn’t matter which opponent it is [against], so

I’m relaxed and more focused on Liverpool and then Cardiff than on the draw.” e triumph with Porto – one of United’s potential opponents in Monday’s draw.

The Portuguese side famously knocked out Man United on their way to the final, with Mourinho reacting to their late winning goal by darting down the Old Trafford touchline to celebrate with his players.

Mourinho, though, isn’t thinking about an emotional reunion with his old side while also dismissing suggestions that the Portuguese champions would represent a kind draw.

“I don’t [think about it],” added Mourinho, when asked about the possibility of facing Porto. “I think, probably, people look at them in the middle of Real Madrid, Bayern Munich, Barcelona and Borussia Dortmund and think they are a good one to get [drawn against]. I don’t think so at all.

“I think that was the feeling 15 years ago that Manchester United had and Manchester United, full of stars, were knocked out and Porto were in the next round. I really don’t look forward to playing against them because I know they are a very good team.”

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WESTAFRICA BUSINESSNEWS

AUTOMOBILE

DECEMBER 17 - 21, 2018

The new G-class: Iconic Off-Roader now in Nigeria.

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fter its production officially kicked off in Graz in May, the new G-Class has become one of the most in demand passenger cars of 2018. This new model has been hailed as the “biggest transformation” in the G’s 39 yearsold history, as it raises the bar higher in all relevant areas while maintaining familiar and popular features from its design icon.

Weststar Associates Limited, the authorized general distrib-utor of Mercedes-Benz in Nigeria is proud to welcome the new “G” to customers and enthusiast of Mercedes-Benz in Nigeria.

According to Mr. Mirko Plath, Managing Director/CEO Weststar Associates Limited; “MercedesBenz lovers and off-road enthusiast in Nigeria can now enjoy the revolutionary attributes of the new G-Class model. This is a product that speaks for itself as its design is considerably more robust and suitable for off road operations in its segment. This means an SUV that is capable of handling any type of road condition.”

The exterior of the new G-Class pays tribute to classic features like the distinctive door handle and the characteristic closing sound, the robust exterior protective strip, the exposed spare wheel on the rear door and the prominent indicator lights. While the exterior maintains the iconic classic look, the interior of the G-Class has undergone a fundamental modern redesign which reinterprets the genes of the classic vehicle to reflect the exterior.

Getting in the G-Class reveals that numerous design features from the exterior have been transposed into the interior. The shape of the round headlamps, for instance, which is reflected in the side air vents or the design of the iconic indicators,

is found again in the shape of the loudspeakers. Hallmarks of the G Class include the grab handle in front of the front passenger and the chrome-highlighted switches for the three differential locks. Both have been meticulously optimized and retained as char-acteristic features.

Another highlight is an instrument cluster in the form of a large display showing virtual instruments in the driver’s direct field of vision and a central display above the center console available as an option. In this case the two 12.3-inch displays blend visually into a Widescreen Cockpit beneath a shared glass cover. Drivers can choose between three different styles for the displays – “Classic”, “Sport” and “Pro-gressive” and also select relevant information and views according to their individual needs. The seats in the G Class are equipped as standard with

numerous convenience functions and are ergonomically designed to provide enhanced seating comfort and lateral support.

The new G-Class performs even better off-road, while on the road it is significantly more agile, dynam-ic and comfortable than its predecessor. This new suspension emerged from the collaboration be-tween Mercedes-Benz G GmbH and Mercedes-AMG GmbH. The result is an independent suspension with double-wishbone front axle in combination with a rigid rear axle.

As part of their work, the engineers had the task of fighting for every millimeter, because off-road capability not least, also means maximum ground clearance.

The raising of the axles makes a decisive contribution in this respect, while requiring a strut tower brace in the engine compartment to achieve the ruggedness objectives. The

specification for the G-Class not only included solidness and superiority in terrain, but also greater driving dynamics and com-fort on paved roads. Thanks to the new front axle design, the on-road performance of the G-Class has therefore been enhanced at the same time. On the road, the “G” is as agile as it is comfortable and provides the driver with a better steering feel. The offroader stays on track more solidly, and is agile and effortless when driving off-road.

In the new G 500 a highperformance 4.0-litre V8 petrol engine ensures powerful propulsion.

The new biturbo produces an output of 310 kW (422 hp) and a maximum torque of 610 Nm at 2000 to 4750 rpm. For the transfer of power, the 9G TRONIC automatic transmission with torque converter was specifi-cally adapted to meet the needs of the off-road icon. The

developers have managed to reduce the shift and response times of the 9-speed transmission by means of a dedicated software application.

The wide transmission ratio not only makes driving quieter and more comfortable especially at low en-gine speeds, it simultaneously also contributes to reducing fuel consumption.

The new Mercedes-Benz G-Class presents itself in the upmost standard. Whether on or off the road and whatever the operating conditions, the off-road vehicle impresses with its performance, cutting-edge assistance systems, outstanding handling, and safety.

Weststar Associates Limited, the Author-ized General Distributor of Mercedes-Benz in Nigeria has announced the new G-Class is now avaliable at authorized MercedesBenz dealerships in Nigeria.

WESTAFRICA BUSINESSNEWS

Tier -1 Banks pay N362Bn to workers in nine months

>Continued from Page 1

period of 2017.

Similarly, GTBank’s personnel expenses jumped by 14.18 per cent to N28.12 billion in the first nine-months of 2018 from N24.63 billion in the same period of last year.

Equally, FBN Holdings’ personnel costs rose by 10.58 per cent to N69.73 billion between January and September this year from N63.06 billion in the equivalent period of 2017.

However, Access Bank was the nation’s only Tier 1 lender that reported a drop in its personnel and rent expenses during the review period, as the bank’s said its staff costs went down by 2.83 per cent to N44.73 billion from N46.01 billion in the corresponding period of last year.

Likewise, PanAfrican lender, Ecobank Transnational Incorporated (ETI) said its personnel costs fell by 1.62 per cent to N114.42 billion in the first nine months of 2018, from N116. 30 billion, in the same peri-od of last year.

It will be recalled that as part of their efforts to stay profitable amid an increasingly harsh business en-vironment, DMBs in the country had in the last few years, especially between 2015 and 2016, em-barked on a mass sack of workers, with over 10,000 staff losing their jobs during the period.

In fact, in an attempt to stop the lay-offs, the Minister of Labour and Employment, Dr Chris Ngige, had in 2016, lenders not to fire workers without adequate consultation with the government. His directive was, however, largely ignored by the banks, which devised more subtle ways of letting their workers go.

However, in a recent report, the National Bureau of Statistics (NBS) had stated that while banks sacked 789 junior workers between January and June 2018, the number of contract staff hired by the lenders rose by 11,596 during the same period, that is, from 32,359 as at the end of Q4 2017 to 43,955 as at the end of June this year.

Further analysis of the NBS report, also indicates that the number of junior staff employed by DMBs increased to 40,549 at the end of the second quarter of this year from 40,444 in Q1 2018.

Similarly, the study shows that the number of senior staff employed by DMBs increased from 16,568 as at the end of Q4 last year

Emefiele

to 17,144 at the end of the second quarter of 2018, translating to 576 additions.

In addition, the NBS data indicates that the number of banks’ executive staff (Directors) went up from 161 at the end of the second quarter of 2017 to 210 at the end of June this year. According to the report, the total staff strength of DMBs in the country stood at 101,861 as at the end of the second quar-ter of this year compared with 75,607 in the corresponding period of 2017.

“As at Q2 2018, total

number of banks’ staff, increased by 13.67 per cent QoQ from 89,608 in Q1 2018 to 101,861,” the report added. It stated that of the 101,861 total staff strength of the banking industry as at the end of the second quarter of this year, commercial banks, merchant banks and Non-interest banks employed 100,590, 515 and 756 staff respectively.”

Commenting on the increase in the number of staff employed by banks despite the drastic cut cutting measures implemented by the lenders in recent

years, a management staff with a new generation bank, who did not want to be named, attributed it to customers’ slow embrace of lenders’ digital channels as well as inflation.

He said: “Banks would prefer a situation where they no longer have to open new branches and cus-tomers will do most of their transactions online or with their mobile phones. But the reality is that most customers are still reluctant to embrace digital banking. Besides, a lot of customers still prefer banks with large branch networks.”

DECEMBER 17 - 21, 2018

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Agric input dealers advocate review of Anchor Borrowers scheme >Continued from Page 1

ensure sustainability of the programme.

Kale claimed that the cumbersome processes of the Nigeria Agricultural Insurance Corporation (NAIC) delayed the implementation of the programme during the 2018 dry season farming.

He blamed the delay in the implementation of the programme on the inability of the NAIC, to settle losses recorded by farmers during the 2016 and 2017 cropping seasons.

The manager explained that his company had provided support to 1,980 registered farmers in Borno, in line with the CBN’s guidelines.

He said each of registered farmers cultivated one hectare of land at Maiduguri, Jere and Mafa local government areas of the state.

He, however, lamented that the plantations were ravaged by flood and quilea birds resulting to loss of their investments and inability to repay the loans.

According to him, N256,840 is provided as budget per hecter to each of the benefiting farmers, adding that each of them received fertilizers, seeds, chemicals, tools and money for farm labour activities.

Kale noted that fertilisers and inputs were not distributed to farmers at the right time, stressing that the delay affected the production and resulted to colossal damage to the crops

due to natural disaster.

He said: “the creation of Project Monitoring Unit (PMT), to coordinate the programme, starting from the procurement of input to the loan recovery process is not sufficient.

“Compliance with the guidelines set out by the CBN is necessary to ensure successful implementation of the programme.

“Anchor Borrower scheme assisted farmers, provided job opportunities to teaming unemployed youth. Any act capable of derailment of the scheme negatively affects the nation’s economy and food security programme.”

He, therefore, called for the establishment of a task force committee to coordinate implementation processes and loan recovery to ensure sustainability of the programme.

The programme aims at enhancing farmers’ access to fertilisers, seeds, inputs, value addition and cre-ate market for the produce.

Anchor Borrower is a critical component of the Federal Government’s agriculture transformation agenda designed to encourage rice production and processing to achieve self sufficiency.

It is being implemented by the CBN in partnership with Bank of Agriculture (BOA), and designated agri-cultural input dealers otherwise called “private anchors”.

Strive Masiyiwa, Brandfit PR commend Edubrainics Africa

I

nternational businessman, Dr Strive Masiyiwa has commended Edubrainics Africa, an educational or-ganization that uses technology to spread education across Africa.The founder of EconetWireless was impressed with the activities of Edubrainics in Africa so much that he reached outto commend the team for the innovation.“This is an awesome venture! So proud of you guys. Well done.” He said.

DrStrive Mesiyiwa was pleased with the marketing communications and other lectures delivered to tertiary and secondary school students across Africa. He encouraged the team to continue on its part to grow Africa by building the minds of the continentsfuture leaders, especially throughtuitions by professionals.Also commending Edubrainics was the Senior Consultant of Brandfit PR & Events, a market-ing communications company, Anthony Elikene ANIPR, who delivered a lecture on PR and brand com-munications.

The lecture, titled:“Spin-

Masiyiwa

Doctoring, a Prerequisite or Parasite to the PR Profession”. After the lecture, there was an interactive session with questions being asked by participants from various African coun-tries.

Elikene explained that Spin-Doctoring is a strategic process not restricted to politics as popularly de-fined by some sources.He said the strategy has been used to turn around negative situations for brands and save them from demise. He blamed

the negative perception of PR practitioners as merely Spin-Doctors to the influx of nonprofessionals in Public Relations with many bereft of strategicsolution thereby replacing facts with lies.

According to the Senior Consultant of Brandfit, “The father of modern PR, Ivy Ledbetter Lee, made the distinction between PR and other related professions such as Advertising and Journalism, especially when everyone wanted to practice

PR leading to wrong practice hence the phrase SpinDoctors. Today we have many practitioners who are not professionals in PR and the negative connotation of SpinDoctoring is back.” He said.

He further said: “The denotative meaning of SpinDoctoring in the dictionary has no negativity at-tached to it because it is a process that enables professionals innovatively generate solutions using verifiable facts and information and your

client benefits from the crisis rather than suffer from it.”

“Take for instance when there was a negative news about Indomie being poisonous, it took great SpinDoctoring by professionals to turn things around and change the narrative by taking the CEO of the company to the mass-market where he ateuncooked Indomie straight from the pack. TV, print reporters,andphotojournalists covered the event and ended therumour died.

The problem is when you apply this strategy to politics it is over sensationalized by vested interest and a lot of negativity and character assassination takes over.” Elikene concluded.

The regulatory body overseeing the practice of Public Relations in the country, Nigerian Institute of Public Relations (NIPR) has also warned against quacks practising PR and is starting a campaign to weeds out practising nonprofessionals.