Westafrica BusinessNews Thursday, April 18, 2019

Presidential panel recovers unremitted $20m from bank

I

n a shocking discovery, the Special Presidential Investigation Panel for the Recovery of Public Property yesterday said it had recovered sum of 20 million dollars from one of the commercial banks in the country.

The panel’s Head, Media and Communication, Lucie-

Ann Laha, in a statement quoted its chairman ,Okoi Obono-Obla, as making the disclosure during a meeting with Prof. Muhammad AlAmin, the Managing Director of Federal Housing Authority (FHA).

The money is said to be part of the 232 million dollars unremitted to the Federal

Government’s Treasury Single Account (TSA) by an unnamed agency.

The chairman refrained from naming the bank to avert customer panic, and other negative effects on the bank as well as the nation’s economy.

He said that “While investigating illegal

Vol. 06 No. 327

THURSDAY, APRIL 18, 2019

charges and deductions by commercial banks from 2009 to 2015, the panel had inadvertently stumbled upon 232 million dollars deposited in a commercial bank by a government agency.

“The agency subsequently failed to transfer the money to the TSA Account in line with

government directives.”

Obono-Obla said that the bank in question had owned up to the impropriety and agreed to pay back the money in installments of 10 million dollars per month.

“The bank pleaded that bulk deduction would cripple it.”

He added that as

demonstration of good faith, the bank had paid an initial 20 million dollars to the Panel’s TSA Recovery Account domiciled with the Central Bank of Nigeria (CBN).

Meanwhile, the Chairman has promised that the panel would assist the

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N200

ISSN: 2408-6703

Banks personnel expenses rise by 5.1%, hit N478m

BY NIYI JACOBS

I

ndications have emerged that more than eight deposit money banks (DMBs) in the country spent a to-

tal sum of N477.58 billion on personnel costs last year compared with the N454.12 billion, which they reported for 2017 The full Year 2018 re-

sults of eight lenders, which include Zenith Bank, UBA, Access Bank, Guaranty Trust Bank, ETI, Fidelity Bank, Stanbic IBTC and Sterling Bank – for instance, shows

that they accumu-lated a total of N477.58 billion in personnel costs last year compared with the N454.12 billion, which they reported for 2017. furthermore, the results

indicates that of the eight banks, Ecobank Transnational Incorporated (ETI) spent the most on personnel expenses last year. The pan-African lender reported person-

nel expens-es of N159.31 billion in 2018 as against the N157.74 billion it declared for the previous year. United Bank for Africa (UBA) fol-

Page 29

‘Why equities market may improve in Q2’

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inancial experts remain optimistic that there would be uplifts in the capital market considering the global economy trend that would impact on the economy of Nigeria, like other emerging economies.

Despite the negative trend, that the Nigerian Stock Exchange (NSE) began the

second quarter with, and the not-so-good first quarter which was characterized by election jitters as well as profit taking, equities investors are still advised to maintain positive stance especially on stock with strong funda-mentals.

Last week, during the first seven days of the second

Page 8

Hadiza Usman: Taking the ports to the next level Page 13

Again, Senate passes petroleum industry bill, six others

Page 24

R-L: Managing Director TGI Distri Limited, Sunil Sawhney, Executive Director – Commercial, TGI Distri Limited, Dr. Onyekachi Onubogu, and Business Development & Strategy Manager, TGI Distri Limited, Tanvi Savara, at the launch of Terra Seasoning Cubes to the Nigerian Market in Lagos. PHOTO BY SUNDAY ADESANYA

Finance Minister dismisses report on fuel subsidy removal

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inister of Finance, Mrs Zainab Ahmed, yesterday refuted media reports that the Federal Govern-ment had agreed with the International Monetary Fund’s (IMF) advice on the removal of fuel subsidy.

The minister stated this when she fielded questions from State House correspondents after the meet-ing of the Federal Executive Council (FEC) which was chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

She said that the government could only remove subsidy on fuel after having enough buffers to cushion the negative effects of the removal on ordinary citizens.

“Let me say that last week when we had the IMF/World

Bank meeting, there was just one interactive session with Nigerian journalists.

“We didn’t have any session to discuss subsidy.

It was in an interview that someone raised a question based on the Article 4 Report

of the IMF. “What they asked was whether we were going to remove fuel subsidy and whether we agreed with the IMF’s conclusion on subsidy removal.

Facilitating growth of small and medium enterprises in Nigeria

Page 30 Backpage

2

WESTAFRICA BUSINESSNEWS

CLASSIFIED

THURSDAY, APRIL 18, 2019

PUBLIC NOTICE

PUBLIC NOTICE

SKEPTRON CHILD AND HUMANITY FOUNDATION

VICTORIOUS PRAYERS EVANGELICAL HEAVENLY FIRE MINISTRY WORLD WIDE

The General Public Is Hereby Notified That The Above Named Has Applied To The Corporate Affairs Commission For Registration Under Part “C” Of The Companies And Allied Matters Act. No 1 Of 1990.

The Trustees Are: 1. Martins Remilekun Olaitan 2. Muritala Oluwatoyin Moriam 3 Rufai Oladipupo Halidu Aims And Objectives: 1 Helping And Touching The Lives Of The Less Privileged, 2 Helping The Less Privileged By Providing Training In Different Crafts For Self Development And Sustenance Any Objection To The Registration Should Be Forwarded To The Registrar-General, Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja Within 28 Days Of This Publication.

Signed: Trustees

This is to inform the general public that the above named SOCIETY has applied for registration to Corporate Affairs Commission under Part C of the Companies and Allied Matters Act, 1990.

THE TRUSTEES ARE: 1. Abiodun David Idowu 2. Ajayi Oluwaseun Isaac 3. Olutayo Simisola Idowu 4. Oladejo Emmanuel 5. Salawu Rasheed Bamidele AIMS AND OBJECTIVES: 1. To preach the true word of God, the light and His life to the world.

Any Objection To This Registration Should Be Forwarded To The Registrar General, Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, P.M.B 198, Garki Abuja Within 28 Days Of This Publication.

PUBLIC NOTICE

PUBLIC NOTICE YOUNG WOMEN’S DEVELOPMENT INITIATIVE

The General Public Is Hereby Notified That The Above Named Has Applied To The Corporate Affairs Commission For Registration Under Part “C” Of The Companies And Allied Matters Act. No 1 Of 1990.

The general public is hereby notified the above named INITIATIVE has applied to the Corporate Affairs Commission for registration under the Companies and Allied Matters Act No. 1 of 1990 part C

Name of Trustees 1. Ajayi Kehinde Oluwafemi - President 2. Ighodalo Ituah Olajide 3. Akinoso Olukunle Adebayo 4. Ajayi Abigail Oluborode 5. Ogunmoyero Olatunbosun – Secretary

THE TRUSTEES ARE: 1. Emeka Adeyinka Adetoun - Chairman 2. Jenle Emeka - Secretary 3. Michael Adebanke Yetunde - Treasurer

Any Objection To The Registration Should Be Forwarded To The Registrar-General, Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja Within 28 Days Of This Publication.

Signed Secretary

This is to inform the general public that the above named SOCIETY has applied for registration to Corporate Affairs Commission under Part C of the Companies and Allied Matters Act, 1990.

The Trustees Are: 1. DR. ADEOLA OLUSOLA FANIRAN 2. MRS. FOLUKE ANTHONIA SAWYERR 3. MISS. ADEOLU OPEYEMI FANIRAN 4. MR. OLAOLU OLUSEGUN FANIRAN AIMS AND OBJECTIVES: 1. To enhance the development of children and young people with neuro-developmental disabilities, by connecting them and their families to evidence based comprehensive, holistic services.

2. To ensure and help with the early identification of children with developmental disorders.

Any objection to this registration should be forwarded to the Registrar General, Corporate Affairs Commission, P.M.B. 198. Garki, Abuja within 28days from the date of this publication.

SIGNED: TRUSTEES

‘GAIL SICKLE INITIATIVE

Objectives Uniting all Nigerian Sicklers in diaspora such that they can assist other sicklers back home To reduce the level of stigmatization all Nigerian sicklers face To empower fellow sicklers back in Nigeria in all ramifications possible.

PUBLIC NOTICE HEALTHY CHILD DEVELOPMENT NETWORK

THE AIMS AND OBJECTIVES To empower the girl child & young women in the society.

To provide moral, social & vocational development for the girl child & young women in the society.

Any objection should be forwarded to the RegistrarGeneral, Corporate Affairs Commission. Ndola Square, Zone 5, Wuse, Abuja, within 28 days of this publication.

Signed: ELDER J. K. NANA (J.P) CROWN KINGS CONSULTANCY CO. 08037769526

PUBLIC NOTICE

PUBLIC NOTICE

NEW- WORD MISSION & EMPOWERMENT FOUNDATION

INMATES RE-ORIENTATION & RESTORATION FOUNDATION

Signed: Secretary

PUBLIC NOTICE HAND OF GOD FASTING AND PRAYER MISSION The general public is hereby notified the above named MISSION has applied to the Corporate Affairs Commission for registration under the Companies and Allied Matters Act No. 1 of 1990 part C THE TRUSTEES ARE: 1. Evang Dr J.U Okoloko J 2. Itu Francis -Deaconess 3. Odhowho Benjamin

4. Okoloko Magret

-

Chairman Vice - Chairman Treasurer Secretary

THE AIMS AND OBJECTIVES To preach the gospel to all nations of the world in accordance with the word of our Lord Jesus Christ.

Raising a generation of Christians that will build a better church for the coming of our lord.

To preach and bring deliverance to those whose joy has been taken away by the enemies and restore hope to the hopeless, joy to the sorrowed and light to those in the dark.

To preach and train Christian to possess the good Christian virtues and shines as light in the world and salt of the earth Any objection should be forwarded to the Registrar-General, Corporate Affairs Commission. Ndola Square, Zone 5, Wuse, Abuja, within 28 days of this publication.

Signed: ELDER J. K. NANA (J.P) CROWN KINGS CONSULTANCY CO. 08037769526

PUBLIC NOTICE ONEBODY CHURCH

The General Public Is Hereby Notified That The Above Named Has Applied To The Corporate Affairs Commission For Registration Under Part “C” Of The Companies And Allied Matters Act. No 1 Of 1990.

The General Public Is Hereby Notified That The Above Named Has Applied To The Corporate Affairs Commission For Registration Under Part “C” Of The Companies And Allied Matters Act. No 1 Of 1990.

The General Public Is Hereby Notified That The Above Named Has Applied To The Corporate Affairs Commission For Registration Under Part “C” Of The Companies And Allied Matters Act. No 1 Of 1990.

Names Of Trustees: 1. Rev Dr Ekwerelam Stanley Nnamdi - President 2. Ekwebelam Miracle Nnoma - Secretary 3. Ekwebelam Faith - Members 4. Ekwebelam Benjamin Chizurum - Member 5. Oni Titus Adeniran - Member 6. Olugbode Joy Chimuanya - Member

The Trustees Are 1.Evang. Taylor Eric Adebayo - Chairman 2. Rev. Mrs Arlene Olawoyin - Secretary 3. Alhaji Ramon Lawal Biodun 4. Fafowora Olufemi Oluwole 5.Rev. Kingston S. Adeyemi 6.Kamiyo Yusuf Olalekan

TRUSTEES 1.Kehinde Oyemade 2.Olarewaju Omomeji 3.Taiwo Oyemade 4.Michelle Oyemade 5.Oluwatosin Oyemade:

Aim And Objectives: 1. To Assist The Less Privileged In The Society E.G Widow, Orphan And Prisoners 2. To Educate The Community About The Sustainable Development Goals And Lead Them To Pathways For Achieving Their Goals 3. To Provide Support To Enhance And Bring Out The Potentials In Our Members Increase Their Quality Of Lives Through Vocational Trainings Empowerment And Participation

Aims And Objectives: 1. To Improve The Well Being Of Inmates At Our Prisons.

2. To Re Integrate Them Into Society At The Completion Of Their Term 3. To Provide And Compliment Good Basic Health Facilities , Education (Both O’ Level And Tertiary) And Vocational Training (Skill Acquisition) 4. To Provide After Care Services For Ex-Inmates Where Is Neccessary.

Any Objection To The Registration Should Be Forwarded To The Registrar-General, Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja Within 28 Days Of This Publication.

Any Objection To The Registration Should Be Forwarded To The Registrar-General, Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja Within 28 Days Of This Publication.

Signed: Trustees

OLANIRAN TOLANI MARY

OKEREKE EJIKE JAMES

I, formerly known and addressed as OLANIRAN TEMILOLUWA MARY, now wish to be known and addressed as OLANIRAN TOLANI MARY. All former documents remain valid. General public, take note.

I, formerly known and addressed as EJIKE IKEJI, now wish to be known and addressed as OKEREKE EJIKE JAMES. All former documents remain valid. General public, take note.

xogbonna chukwuebuka Jeremiah

I, formerly known and addressed as Ogbonna chukwuebuka, now wish to be known and addressed as ogbonna chukwuebuka Jeremiah. That my correct date of birth is 24/04/1986. All former documents remain valid.

General public, take note.

x

AKPAN MERCY NDA

I, formerly known and addressed as WEST KEMI or KEMI WEST, now wish to be known and addressed as AKPAN MERCY NDA. All former documents remain valid. General public, take note.

AIMS AND OBJECTIVES 1.To create unity among members in Love for God and all men; in faith in Jesus; and in Hope of the glory we would receive at His appearance.

2.To propagate Jesus’ message of Gods kingdom through music, concerts, retreats, conferences, raising and empowering disciples of Jesus and commissioning them to live as light to the world.

Any Objection To The Registration Should Be Forwarded To The Registrar-General, Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja Within 28 Days Of This Publication.

Signed Secretary

Signed: Secretary

SEFIU SUNDAY ADEKOYA

I, formerly known and addressed as SEFIU SUNDAY AMBALE, now wish to be known and addressed as SEFIU SUNDAY ADEKOYA. All former documents remain valid. General public, take note.

xNWABUEZE TOCHUKWU CHRIST I, formerly known and addressed as CHRISTOPHER MIKE TOCHUKWU, now wish to be known and addressed as NWABUEZE TOCHUKWU CHRIST. All former documents remain valid. General public, take note.

PETER SUCCESS CHIDERA

I, formerly known and addressed as NWACHUKWU SUCCESS CHIDERA, now wish to be known and addressed as PETER SUCCESS CHIDERA. All former documents remain valid.

General public, take note.

KAREEM AFEEZ OLAITAN I, formerly known and addressed as ABDULAFEEZ ABDULKAREEM OLAITAN, now wish to be known and addressed as KAREEM AFEEZ OLAITAN. All former documents remain valid.

General public, take note.

—President —Vice-President —Secretar —Treasurer – Financial Secretary

OGUNJIMI FEMI SAMUEL

I, formerly known and addressed as OGUNJIMI FEMI OPAYEMI, now wish to be known and addressed as OGUNJIMI FEMI SAMUEL. All former documents remain valid. General public, take note.

x

Omeh Gabriel Idoko

I, formerly known and addressed as Omeh Uchenna Idoko and Omeh Uchenna, now wish to be known and addressed as Omeh Gabriel Idoko. All former documents remain valid. General public, take note.

HANNAH OMOYEMI ALUKO

I, formerly known and addressed as HANNAH OMOYEMI OMOYAYI, now wish to be known and addressed as HANNAH OMOYEMI ALUKO. All former documents remain valid.

General public, take note.

UTHMAN IBRAHIM OGERE

I, formerly known and addressed as DAVID OGERE, now wish to be known and addressed as UTHMAN IBRAHIM OGERE. All former documents remain valid. General public, take note.

WESTAFRICA BUSINESSNEWS

CLASSIFIED Mrs Ogbonna Chinomso Joy

ADEBIYI DEBOLA OLOYEJOBI

THURSDAY, APRIL 18, 2019

Mrs Adebowale Falilat Temitope

Mrs Agu Alero Maye

CORRECTION OF NAME

3

I, formerly known as Miss Ebere Chinomso Joy, now wish to be known and addressed as Mrs Ogbonna Chinomso Joy. All documents bearing my former name remain valid.Banks, NYSC, general public please take note.

I, formerly known as AKINWALE DEBOLA OLOYEJOBI, now wish to be known and addressed as ADEBIYI DEBOLA OLOYEJOBI. All documents bearing my former name remain valid.Banks, general public please take note.

I Formerly known and addressed as Miss Lawal Falilat Temitope now wish to be known as Mrs Adebowale Falilat Temitope. All former documents remain valid Banks and general public take note.

I Formerly known and addressed as Miss Amiwero-Hector Alero Maye now wish to be known as Mrs Agu Alero Maye. All former documents remain valid Banks and general public take note.

I, Peter Gift Eleojo was wrongly captured as Peter Gift Ajogwu in my BVN. Henceforth, I wish to be addressed as Peter Gift Eleojo.All former documents remain valid Banks and general public take note.

Chinenye Uche-Ohakah I formerly known and addressed as Chinenye Sandra Ogbonnia, now wish to be known and addressed as Chinenye Uche-Ohakah. All former documents remain valid. The General Public, Banks and Concerned Authorities should please take note.

Mrs NWANKWO LOLA TESSY

ALLIOWE BASIRAT OLUWAKEMI

I, formerly known as ALOME OLUWAKEMI BASIRAT, now wish to be known and addressed as ALLIOWE BASIRAT OLUWAKEMI. All documents bearing my former name remain valid.Banks, general public please take note.

CHIDIMMA GERALDINE OBIENYEM I, formerly known as OLUEBUBE ESTHER OBIENYEM, now wish to be known and addressed as CHIDIMMA GERALDINE OBIENYEM. All documents bearing my former name remain valid.

Banks, general public please take note.

EFOSA GODSPOWER AKIN

UFERE WISDOM CHIMAOBI

I, formerly known as Miss FANIYI LOLA TESSY, now wish to be known and addressed as Mrs NWANKWO LOLA TESSY. All documents bearing my former name remain valid.Banks, general public please take note.

MARTINS CHIBUOGWU ANAGOR I, formerly known as MARTINS CHIBUOGWU NWAJANA, now wish to be known and addressed as MARTINS CHIBUOGWU ANAGOR. All documents bearing my former name remain valid.

Banks, general public please take note.

CELESTINE VICTORIA OZIOMA

ALEX BENADINE UCHECHI

MRS. NMADILOBI CHIGBONKPAM VERA I Formerly known and addressed as NNAWULEZI CHIGBONKPAM VERONICA, Now wish to be known and addressed as MRS. NMADILOBI CHIGBONKPAM VERA. All former documents remain valid. General public take note.

OLAYEMI PETER SUNDAY

I Formerly known and addressed as UMENDUBISI OZIOMA VICTORIA, Now wish to be known and addressed as CELESTINE VICTORIA OZIOMA. All former documents remain valid. General public take note.

I Formerly known and addressed as DURU BENADINE UCHECHI, Now wish to be known and addressed as ALEX BENADINE UCHECHI. All former documents remain valid. General public take note.

ILIYAS NANA HAWA

Isonguyoh-umanah Nsima Christopher I Formerly known and addressed as Nsima Christopher Isonguyoh, Now wish to be known and addressed as Isonguyoh-umanah Nsima Christopher.

All former documents remain valid. General public take note.

CORRECTION OF NAME

AJAYIOJORA FARUK ORIYOMI I formerly known and addressed as OJORA FARUK ORIYOMI, now wish to be known and addressed as AJAYIOJORA FARUK ORIYOMI. All former documents remain valid.

Bank and general public should take note.

CONFIRMATION OF NAME I Am The Same Person Bearing Adaramola Idowu Isaac And Adaramola Idowu Adeola, And Now Wish To Be Known And Addressed As Adaramola Idowu Isaac. All former documents remain valid.

General public take note.

UBA CHIUGO FAITH

I Formerly known and addressed as SIYAKA NANA HAWA, Now wish to be known and addressed as ILIYAS NANA HAWA. All former documents remain valid. General public take note.

MRS OLANIRAN TOMORI

I Formerly known and addressed as MRS FUMILAYO ESTHER OLANIRAN, Now wish to be known and addressed as MRS OLANIRAN TOMORI. All former documents remain valid. General public take note.

On my Bank Documents my name wrongly written as, adedi monou friday. Henceforth, I wish to be addressed as ADEDI FRIDAY PETER.All former documents remain valid Banks and general public take note.

I Formerly known and addressed as Daniel Favour Uwko, Now wish to be known and addressed as Daniel Imabong Effiong.

All former documents remain valid. General public take note.

AGUCHUKWU UZOAMAKA ANULIKA I formerly known and addressed as CHUKWU UZOAMAKA ANULIKA, now wish to be known and addressed as AGUCHUKWU UZOAMAKA ANULIKA. All former documents remain valid. Bank and general public should take note.

Benson, Wasilat Oluwakemi

Folarin Modupe

Mrs adeniran mujida olatunbosun

I Was Formerly Known And Addressed As Akingbehin, Wasilat Oluwakemi But Now Wish To Be Known And Addressed As Benson, Wasilat Oluwakemi.

All Former Documents Bearing My Former Names Remain Valid.

General Public Should Please Take Note.

I Was Formerly Known And Addressed As Aluko-Olokun Modupe But Now Wish To Be Known And Addressed As Folarin Modupe. All Former Documents Bearing My Former Names Remain Valid. General Public Should Please Take Note.

I Was Formerly Known And Addressed As miss popoola mujida olatunbosun But Now Wish To Be Known And Addressed As Mrs adeniran mujida olatunbosun. All Former Documents Bearing My Former Names Remain Valid. General Public Should Please Take Note.

KAKANFO RUKAYAT OLUWASEYI

ADEGBOYE AMINAT TEMITOPE I formerly known and addressed as AWOLOLAIJAOBA AMINAT TEMITOPE now wish to be known and addressed as ADEGBOYE AMINAT TEMITOPE. All former documents remain valid.

General public to please take note.

Daniel Imabong Effiong

I Formerly SANNI RUKAYAT OLUWASEYI but now KAKANFO RUKAYAT OLUWASEYI. Former documents remains valid. General public note.

I formerly known and addressed as NNADILI CHIUGO FAITH, now wish to be known and addressed as UBA CHIUGO FAITH. All former documents remain valid. Bank and general public should take note.

JOSEPH ADESOLA ADENIKE

I formerly known and addressed as FATI ADESOLA ADENIKE now wish to be known and addressed as JOSEPH ADESOLA ADENIKE. All former documents remain valid. General public to please take note.

I Formerly known and addressed as MICHEAL JAMES AKIN, Now wish to be known and addressed as EFOSA GODSPOWER AKIN. All former documents remain valid. General public take note.

YEKINI ABDULAHI ADESHINA

I Formerly known and addressed as CHIMA WISDOM JUNIOR, Now wish to be known and addressed as UFERE WISDOM CHIMAOBI. All former documents remain valid. General public take note.

AGU LOUIS IKECHUKWU

Formerly known and addressed as YEKINI ABUDULAI ADESHINA, Now wish to be known and addressed as YEKINI ABDULAHI ADESHINA. All former documents remain valid. General public take note.

I Formerly known and addressed as OZOUWU LOUIS IKECHUKWU, Now wish to be known and addressed as AGU LOUIS IKECHUKWU. That I was born on the 5th of February, 1972.

All former documents remain valid. General public take note.

xCHRISTOPHER JUDITH

NDOMBARHI ARTHUR BISENGO

I FORMERLY AKPOFURE OCHUKO JUDITH now to be addressed as CHRISTOPHER JUDITH OCHUKO. REASON: DUE TO MARRIAGE. Former documents remains valid. General public note.

I FORMERLY MASONGA JOSEPH MPUKUTA now to be addressed as NDOMBARHI ARTHUR BISENGO. Former documents remains valid. General public note.

ABDUL, WASIU-RUKAYAT OMODASOLA I formerly known and addressed as SHOWAMI BILIKIS OLUWABUKUNOLA, now wish to be known and addressed as ABDUL, WASIU-RUKAYAT OMODASOLA. All former documents remain valid.

Bank and general public should take note.

x change of name/

IJEOMA JOYCE SAMUEL I, formerly known and addressed as IJEOMA NNENNA NWACHUKWU, now wish to be known and addressed as IJEOMA JOYCE SAMUEL. All former documents remain valid. General public and Authorities Concerned should please take note

MRS MERCY DUMEBI EKWUEME I formerly known and addressed as MISS MERCY DUMEBI SOLIGBO now wish to be known and addressed as MRS MERCY DUMEBI EKWUEME. All former documents remain valid.

Bank and general public should take note.

x MRS OKOGUN MELODY

FOLORUNSHO OLUWASEGUN ISAIAH I formerly known and addressed as FOLORUNSHO OLUWASEGUN now wish to be known and addressed as FOLORUNSHO OLUWASEGUN ISAIAH. All former documents remain valid. Bank and general public should take note.

I, formerly known as PETER SUNDAY, now wish to be known and addressed as OLAYEMI PETER SUNDAY. All documents bearing my former name remain valid.Banks, general public please take note.

FRANCIS VICTORIA ANUOLUWAPO I Formerly known and addressed as SALAMI ANU VICTOR, Now wish to be known and addressed as FRANCIS VICTORIA ANUOLUWAPO. All former documents remain valid. General public take note.

FAMUYIWA Latifat Oluwakemi I formerly known as SHOLANKE Latifat Oluwakemi now wish to be known and addressed as FAMUYIWA Latifat Oluwakemi. All former documents remain valid.

Authorities concerned and general public take note.

CHUKWUDI EBERE IJEOMA

I formerly known and addressed as IANIAYA EBELE now wish to be known and addressed as CHUKWUDI EBERE IJEOMA. I was born on 12/08/1985. All former documents remain valid. General public to please take note.

OCHUKO

date of birth I Formerly known and addressed as KWANDE NAANDEM, Now wish to be known and addressed as KWANDE POLYCARP DASHE. That I was born on 1st, January, 1989 and not 1st August, 1992. All former documents remain valid.

General public take note.

OSAZE I formerly known and addressed as MELODY OKOGUN OSAZE now wish to be known and addressed as MRS OKOGUN MELODY OSAZE. All former documents remain valid.

Bank and general public should take note.

OKPE JOHN FRANCA

I formerly known as JOHN FRANCA now wish to add OKPE to my name. That my full name is OKPE JOHN FRANCA. All former documents remain valid. Authorities concerned and general public take note.

x OJERINDE ATINUKE

NAFISAT I, formerly known and addressed as OJERINDE ATINUKE GBEMISOLA, now wish to be known and addressed as OJERINDE ATINUKE NAFISAT. All former documents remain valid.

General public, take note.

whensu christianah titilayo I formerly known as micheal christianah titilayo now wish to be known and addressed as whensu christianah titilayo. All former documents remain valid.

Authorities concerned and general public take note.

BLESSING EZEDIE

I, formerly known and addressed as BLESSING IWUCHUKWU, now wish to be known and addressed as BLESSING EZEDIE. All former documents remain valid. General public, take note.

NEWS

THURSDAY, APRIL 18, 2019

4

25,000 underage Nigerians use tobacco products daily – Group N

o fewer than 25,000 underage Nigerians use tobacco products daily, Nigerian activists under the aegis of the Tobacco Free Nigeria campaign says. , A campaign specialist at Gatefield, Ebiuwa Uwagboe disclosed this in a statement in Abuja yesterday . called on gov-ernment to enforce the law banning the sale of tobacco products to the underage to check such smokers in the coun-try.

“Every day, a whopping 25,000 children in Nigeria between the ages of 10 and 14

years use tobacco products.

“This equates to 17 children smoking every one minute.

“This is a result of the relative ease of their access to cigarettes and other tobacco related products, which are sold to them by vendors,” she said.

Uwagboe added that smoking among teenagers had devastating consequences including health related ones such as respiratory and cardiovascular diseases as well as reduced mental development.

“Children must be protected as they lack capacity and are

often unwitting targets of the tobacco industry,” she said.

She noted that a recent survey released by Gatefield discovered that one out of every four vendors sold cigarettes to kids in the country.

She added that the Nigerian Tobacco act of 2015 prohibits the sale of tobacco products to minors under the age of 18 but that the law was not being implemented or enforced.

“While it is important to have the right laws, it is not enough.

We need to enforce them now and ensure that the Na-tional

Assembly passes the tobacco control regulations.

“This is what our campaign aims to do,” she added.

She further said that the #DontWaitRegulate campaign also released two public service advertisements to create awareness about the existing law and pressure government to properly enforce it with the passage of the regulations by the national assembly.

She said that a campaign

Building Collapse: Council urges better implementation of relevant laws

W

L-R: Deputy British High Commissioner to Nigeria, Laure Beaufils; Lagos state Governor-elect, Mr. Babajide Sanwo-Olu; British High Commissioner to Nigeria, Catriona Laing; Ogun State Governor-elect, Prince Dapo Abiodun and his Deputy Governor-elect, Mrs. Noimot Salako-Oyedele, at a reception hosted by British High Commission in Nigeria, in Lagos.

Director of Oyo State Teaching Service Commission, Mr Mustapha Taiwo; Oyo State Head of Service, Mrs Hannah Ogunesan; and Permanent Secretary on Service Matters, Oyo State, Mrs Adejoke Eyitayo, during the presentation of cheques to recipients of the 2018 'Most Efficient Workers' award at Oyo State Governor's Office in Ibadan.

petition page http://www.regulate.tobaccofree.ng was created while the campaign was pre-sent on Twitter, Facebook and Instagram via @Tobaccofreeng,” she said.

She said the advertisement featured individuals including Fakhuus Hashim, #ArewaMeToo founder; Ogor Ben-Iweagwu, a public hospital doctor; Anna Usman, a mother and entrepreneur; and Providence Anaro, a teenage freshman at the University of Abuja.

orried by the spate of building collapses in Lagos and Oyo States, the Nigerian Council of Registered Insurance Brokers (NCRIB), has urged the three tiers of government to be proactive in the implementation of building laws.

The President of the council, Shola Tinubu, made the call on Tuesday at the quarterly media parley in Lagos.

The two states witness building collapse in March.

A building, which housed a school, collapsed at Massey Street, Ita-Faji, on Lagos Island, with no fewer than 20 deaths recorded.

Barely 72 hours after that tragic incident, another building collapsed in Ibadan.

According to Tinubu, the council is well touched by the incessant collapsed of buildings.

He called on the governments to give more impetus to the enforcement of compulsory building insurance as en-shrined in Section 64 and Section 65 of

Shola Tinubu

Insurance Act 2003.

Tinubu said the council believed that the unfortunate incidences were actually accentuated by the lax of regulatory enforcement agency in the construction environment.

He urged governments to continually engage the stakeholders in the construction environment, while related institu-tions should elicit their inputs for a long lasting solution to the malaise.

The council president, while commiserating with the victims of the building collapses, advised Nigerians, on their own, to insure their personal assets.

“The insurance will mitigate the losses when losses of this dimension do occur.

“Every individual should ideally live up to his responsibility of care by protecting whatever is valuable to him or her, both life and property “Our slogan has been: “Whatever is Worth Having, is Worth Insuring,” he said.

5

WESTAFRICA BUSINESSNEWS

ECONOMY

THURSDAY, APRIL 18, 2019

IMF concerns over Nigeria’s high rising debt profile T

he Federal Government has always argues that Nigeria’s Debt-to-Gross Domestic Product (GDP) ratio, which was projected to reach 25 per cent at full year 2018, is still healthy and allows it to borrow to finance projects critical to economic growth and development, critics warn that the country’s level of borrowing is unsustainable and could see the nation slipping back into the debt trap it escaped from in 2006.

Meanwhile, Nigeria’s total debt increased by about 90 per cent in almost three years from about N12.6 trillion in December 2015 to about N22.71 trillion as at March 2018, debate over the sustainability of the country’s debts has never been too far from the front burner in recent years. it would be recalled that at its first meeting of last January, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) cautioned the Federal Government against the country’s rising debt profile. CBN Governor, Mr. Godwin Emefiele, who was addressing journalists after the meeting, said that the committee noted the rising debt profile and called for caution.

“On external borrowing, the committee noted the increase in debt level advising for caution, noting that it could fast be approaching the pre-2005 Paris Club level,” he said.

Also baring her mind on the subject, former Vice-President (Africa) of the World Bank, Mrs. Oby Ezekwesili, late last year, said that the Federal Government was spending 69 per cent of its revenue on servicing both local and international debts.

She advised that borrowing more was not a sustainable step as the country was not generating much revenue to cater for its critical development needs.

The former top official of the World Bank was quoted at the time by news agencies as saying: “The Federal Government is digging in instead of digging out. Already, the debt service to revenue is so high.

Today it is 69 per cent. Sixty-nine per cent of revenue is used to service our debts.

“That is not a sustainable situation. I see government quote all the time `Debt to GDP ratio’, but that is like a blunt instrument in an environment where your GDP is not reflective of your productivity.

“We measure your productivity by the revenue the GDP generates in the form of revenue of government that comes as a result of the GDP. Your debt to GDP is three per cent and you think that gives you the legroom to borrow and borrow.

No, that is not your instrument.

Your instrument is your debt service tool, which is the revenue.”

Similarly, speaking at the presentation of the International Monetary Fund’s (IMF) Regional Economic Outlook for sub-Saharan

The Federal Government has repeated assured Nigerians that there is no cause for alarm over the Nigeria debt issue, but has not douse concerns over the country’s rising debt profile by experts and the international analysts, NIYI JACOBS writes

Patience Oniha

Africa in Abuja last November, the Fund’s Senior Resident Representative and Mission Chief for Nigeria, African Department, Mr. Amine Mati, cautioned that Nigeria was spending more than 50 per cent of its revenues on servicing debts, a situation, he noted, left government with little resources for other vital expenses.

Mati said that although Nige-

ria’s debt to GDP remained low at between 20 and 25 per cent, the country spent a high proportion of its revenue on debt servicing as a result of low revenue generation.

He noted that Nigeria’s debt servicing to revenue ratio was more than 50 per cent compared with 10 per cent for sub-Saharan Africa.

The IMF official said : “Debt to GDP ratio is increasing in the past

Debt to GDP ratio is increasing in the past five years. Public debt is diverting more resources towards debt servicing.

The interest rate has gone up to where they used to be around the year 2000 before the debt relief. The adjustment has relied on spending compression rather than revenues mobilisation.

five years. Public debt is diverting more resources towards debt servicing. The interest rate has gone up to where they used to be around the year 2000 before the debt relief. The adjustment has relied on spending compression rather than revenues mobilisation. Meeting the Sustainable Development Goals will require stronger growth and more financing.”

However, also speaking at the event, the Director General of the Debt Management Office (DMO), Patience Oniha, contended that it was important for the government to borrow due to the nation’s low revenue generating capacity.

She pointed out that with inadequate revenue coupled with the recession that the country faced in 2016 and the early part of 2017, the government had no option than to borrow to spend its way out of recession.

The DMO boss said at the time: “We are borrowing to be able to increase forex availability. The government needed to borrow in order to spend the country out of recession.”

Equally, when asked last January if Nigerians should worry about the country’s debt status, the Vice-President, Yemi Osinbajo, insisted that the country was not in any form of danger.

In his words : “Every country in

the world that wants to make progress borrows money and our debt to GDP is one of the lowest in the world. What we are spending on is infrastructure. We took the borrowings that are for infrastructure. We are not in any kind of danger because we are borrowing for the right thing.”

Given the foregoing, it was perhaps to be expected that the DMO’s release of the Public Debt Data for December 2018, a few days ago, would reignite concern in some quarters about the sustainability of the country’s debts.

According to the DMO report, Nigeria’s total public debt stood at N24.387 trillion or $79.437billion as at December 31, 2018, representing a growth of 12.25per cent compared with the figure as at the same period in the previous year.

However, the DMO also noted that the report showed more progress was made towards achieving its target Debt Stock mix of 60per cent (domestic) and 40per cent (external).

“The share of domestic debt dropped to 68.18per cent from 73.36per cent as at December 31, 2017 thereby achieving a mix of 68.18per cent and 31.82per cent in the Debt Stock,” the DMO stated.

The agency further explained in Continues on page 9

BUSINESSNEWS 6 WESTAFRICA THURSDAY, APRIL 18, 2019

FINANCIALS

Investors recoup N179bn in two days bullish trade BONNY AMADI

T

he Nigerian equities market closed positive yesterday as NSE-ASI gained 0.76 per cent to close at 29,970.86pts. The market closed up following the gains in Consumer names.

The two consecutive days of positive trades this week, Tuesday and Wednesday, investors’ portfolio value in the market has grown by N179 billion, combination of N94.03bn growth Tuesday and N84.83 appreciation yesterday.

Equities market capitalisation closed higher at N11, 257,282,793,093.64 trillion, from N11, 172,913,393,038.20 trillion that opened trade for the day, reflecting increase by N84.93 billion.

Investors on Wednesday transacted a total of 216,012,863.00 million shares worth N3, 227,709,025.25 billion, which was exchanged in 4,025.00 deals.

This was against 321,357,743.00 million shares worth N4, 657,186,639.16 billion transacted in 2,979.00 deals by investors on Tuesday, thus reflecting decline in turnover, value and turnover respectively.

However, market breadth index was somewhat flat with 16 gainers against 17 losers.

Also, the NSE All Share Index which opened the day at 29,746.24, closed midweek higher at 29,970.86, reflecting growth by 224.62 points.

Nestle Nigeria which led the advancers chart on Tuesday with N48.1 or 3.31 per cent, continued the lead the gainers yesterday with addition growth in its equity pricing by N79.7or 5.31 per cent, closing trade at N1580 per share, followed by DANGCEM with N2 or 1.08 per cent, closing at N188 per share, while NB placed third on the gainers chart with N0.85or 1.33 per cent, closing trade at N64.85 per share.

ACCESS placed fourth on the top gainers chart yesterday with N0.6 or 9.92 per cent growth on its equity price, closing trade at N6.65 per share, while DANGFLOUR which also featured among the top five gainers on Tuesday, yesterday closed the top five gainers table at N10.4 per share, having gained N0.3 or 2.97 per cent of its share piece.

However, to lead the decliners chart, SEPLAT lost N20 or 3.39 per cent, to close trade at N570 per share, followed by GUARANTY which declined

by N0.85 or 2.39 per cent, to close trade at N34.75 per share, while CCNN placed third on the

top losers group with N0.6 or 3.55 per cent, closing trade at N16.3 per share.

AFRIPRUD clinched the top four loser with decline by N0.18 or 4.31 per cent, closing trade at N4 per share, while UAC-PROP closed the top five loser chart at N1.5 per share, having lost N0.16 or 9.64 per cent of its share value.

Midweek’s sector Performance was mixed ,a s the NSE Consumer Goods Index rose by 2.75 per cent, largely due to the gains in NESTLE by 5.31 per cent, DANGFLOUR by +2.97 per cent , NB by +1.33 per cent and DANGSUGAR by +0.36 per cent.

NSE Oil & Gas Index dropped by 1.40 per cent, on the back of the loss in SEPLAT which declined by 3.39 per cent. NSE Industrial Index closed down by 0.37 per cent, following the declines in CCNN -3.55 per cent and CUTIX by -0.64 per cent.

NSE Banking Index also declined 0.25 per cent, majorly driven by the selloff in WEMABANK which dropped by -5.56 per cent, GUARANTY by -2.39 per cent and FIDELITYBK by -2.08 per cent which offset 9.92 per cent gain in ACCESS. Meanwhile, review of transactions on Tuesday, showed that, the equities market closed

positive as NSE-ASI gained 0.85 per cent to close at 29,746.24pts, market capitalisation also advanced by N94.03 billion, to counter the N24 billion decline suffered on Monday.

The equities market closed up Tuesday following the gains in Banking and Consumer names.

Market breadth index was positive with 21 gainers against 10 losers, as investors on Tuesday, transacted a total of 321,357,743.00 million shares, worth N4, 657,186,639.16, exchanged in 2,979.00 deals.

This was against a total number of 223,777,641.00 million shares valued N1,785,292,311.66

The decliners chart on Tuesday, was led by Interbrew with N0.5 or 2.13 per cent drop on its share price, closing the day at N23 per share, followed by MAYBAKER with N0.15 or 5.26 per cent drop in share price, as it closed at N2.7 per share, while JOHNHOLT placed third on the losers chart with de-cline

by N0.05 or 9.62 per cent, and closing price of N0.47 per share.

billion and exchanged by investors on Monday at 3,175.00 deals.

Trend showed that aggressive demand for rewarding stocks pitched demand against supply, leading to massive gain across sectors and subsequent reversal of depressive returns, as turnover increased by 97,680,102 million shares, while value of transacted stocks which closed at N4,657,186,639 billion ,grew by N2.862 billion.

Huge turnover and market reversal recorded yesterday, followed a bearish trade Monday with investors loss by N24 billion.

Nestle Nigeria led the gainers with N48.1 or 3.31 per cent, closing trade at N1500.3 per share, followed by DANGFLOUR with N0.9 or 9.78 per cent gain in equity price , closing trade at N10.1 per share, while GUARANTY placed third on the gainers chart with N0.5 or 1.42 per cent, closing at N35.6 per share.

Zenith Bank placed fourth on the gainers chart with N0.4 or 1.95 per cent, to close trade at N20.9 per share, while AFRIPRUD closed the top five gainers chart at N4.18 per share, having gained N0.31 or 8.01 per cent of its share value.

The decliners chart on Tuesday, was led by Interbrew with N0.5 or 2.13 per cent drop on its share price, closing the day at N23 per share, followed by MAYBAKER with N0.15 or 5.26 per cent drop in share price, as it closed at N2.7 per share, while JOHNHOLT placed third on the losers chart with decline

by N0.05 or 9.62 per cent, and closing price of N0.47 per share.

UBN placed fourth on the losers chart with N0.05 or 0.73 per cent depreciation on its share price, to close at N6.8 per share, while OANDO closed the day’s top five losers’ chart at N4.8per share, following decline by N0.05 or 1.03 per cent.

Sector Performance Tuesday showed that the NSE Banking Index gained 1.66 per cent, majorly driven by the buy interest in STERLNBANK by +5.38 per cent, UBA +4.84 per cent, FCMB +2.76 per cent, and FBNH by +2.76 per cent.

The NSE Consumer Goods index rose by 1.56 per cent, largely due to the gains in DANGFLOUR +9.78 per cent, NESTLE +3.31 per cent and DANGSUGAR +1.45 per cent.

NSE Industrial Index closed up by 0.01 per cent, following the increase in BERGER +2.21 per cent. The NSE Oil & Gas Index declined 0.13 per cent, on the back of the loss in OANDO -1.03 per cent.

FINANCIALS

THURSDAY, APRIL 18, 2019

FEC gives nod to Lagos $20m transportation scheme

The Federal Executive Council (FEC) has recently approved the $20 million foreign loan of for Lagos state strategic transportation plan. NIYI JACOBS therefore writes on the need rationale behind this federal approval.

A

s part the total $247 million loan approval granted at the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari yesterday the $20 million foreign loan was approved by federal government for lagos state strategic Transport plan.

The other $227 million loan is for rural electrification and West Africa Power projects.

The minister of Finance, Zainab Ahmed, who announced the loan approval, said the Lagos transportation project when completed will benefit 1.8 million people in the state. She said Lagos state she said has the capacity to repay the loan.

She briefed State House Correspondents alongside with Minister of Transportation, Rotimi Amaechi, FCT Minister, Bello Mohammed and Senior Special Assistant to the President, Garba Shehu. She explained that the country’s borrowing is still within limit.

She said: “The third loan approval is $20 million, for the Lagos State Strategic Transport Master Plan, this facility is from the French Development Agency.

OBJECTIVE OF THE PROJECT “The objective of the project is to improve the living conditions of the inhabitants of Lagos urban area and to promote urban development sitting by efficient and effective transport system.

“The project has two major components, first is to rehabilitate urban roads and the creation of minimum of eight equality bus corridors and the creation of two multi-model inter-changes at Marina and Mile 2. The second objective is to provide technical support for implementation and management.

“When completed, the project is expected to impact 1.8 million inhabitants of Lagos State and accumulative 1.5 million users per day for inter-model inter-changes without about 620,000 boarding at Mile 2 and 480,000 boarding at Marina. Another estimated 630,000 boarding at QBS. “The project is being undertaken by Lagos State agency, LAMATA under its own strategy.

“So the federal government is borrowing to unlearn to Lagos following the same terms and conditions that we signed.“Our assessment is that Lagos state has the capacity to repay the loan.”

The Council also approved $150 million loan facility from African development bank and $50 million loan from African Grow Together Fund to finance the Nigeria electrification project.

Governor Ambode

The project, the Minister said “is a nationwide initiative to be implemented by the rural electrification agency. The project aligns with the strategy of federal government on electrifying rural community. ” The project, She revealed has four components, first is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for off-grid communities and the third is energising education while the fourth component is

institutional capacity building.

“The impact of the project when fully implemented, about 500,000 people will be able to have access to electricity for about 105,000 households.

“The maximum power that will be generated will be 76.5 megawatts installed generating capacity part of which is 68,000 megawatts of solar.

“Eight universities will benefit from this scheme and about 20,000 small, micro, medium enterprises across different communities in the

In the cost of each of the vehicles, he said the unit price for each of the buses is N27.5 million and they are two. And don’t forget that there is nothing we do that does not go through due process. So they would have checked the actual prices in the market.

nation,” she added.

The other foreign loan approval of 27.3million is for the West Africa regional power project.

The post project aims to connect Nigeria, Niger, Benin Republic, Togo, Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade amongst participants.

She said: “The second approval the North Core Dorsal regional transmission project. This is a project that is part of the pipeline for the pipeline for the West Africa power pull priority projects. The intention is for the creation of regional power pull in the region of west Africa. The post project aims to connect Nigeria, Niger, Benin Republic, Togo, Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade amongst participants.

“The project is in the total sum of $640 million out of which each of the four countries involved has a component. Nigeria has the smallest component in this pact which is a total loan of $27.3 million IADE facility, it is a concessionary loan. This is a loan that the four countries are taking together, the other three countries have concluded theirs, so this is one of the final stages for Nigeria to conclude its process.”FEC also approved contract in the sum of N3.86 billion for projects in FCT. Briefing newsmen on the approval, FCT Minister, Hello

Mohammed said: “The first is the approval for the rehabilitation of 12.6 kilometer of road from the junction Gwagwalada in the abuja Lokoja A1 express way. It will pass through Gwagwalada specialist hospital upto Bello village at the cost of N1.3 billion, with a completion period of eight months.

“Council also approved the award of contract for the provision of cultural zone at the cost of N1.3 billion with a completion period of nine months.

“Council also approved the award of contract for the reconstruction of access road leading the lower usuma dam, which provides portable water to the residents of abuja and environs.

This is line with this administration’s stance of twin contract development of the city and satellite towns to make it easier for residence to stay in either satellite towns or city. The contract sum is N1.26 billion with a completion period of six months .”

Also, the two memos presented by the Ministry of Transportation, got the approval of council, Amaechi said .

The sum of $8.7 million was approved for the rail projects spanning Ibadan-Kano-OshogboMinna-Abuja With the approval yesterday, the project will now include Oshogbo-Ekiti. He said “There was an approval for $8.7 billion for Ibadan to Kano to Oshogbo, to Minna to Abuja. Minna to Kaduna, Kaduna to Kano. What we sought for was the variation because the financing authority wanted to find just $5.7 billion. We needed approval to negotiate the remender as a commercial loan.

“Again the President also approved that we add Oshogbo to Ekiti as part of the construction. It was not there earlier. That will cost us a total of $500 million.

“The next one was approval for N474.4 million for the purchase of 22 number operational vehicles for the Nigeria Civil Aviation Authority.

There will be two Hiace vehicle and 21 others In the cost of each of the vehicles, he said the unit price for each of the buses is N27.5 million and they are two. And don’t forget that there is nothing we do that does not go through due process.

So they would have checked the actual prices in the market. And the other ones are N28.5 million multiple by 21 vehicles.

“Also, FEC approved the bill for the establishment of a Nigeria Army University in Biu, Borno state.

You will recall the council in April 2018 approved the establishment of the university. The bill will be forwarded to the National Assembly for legislation.”

FINANCIALS

THURSDAY, APRIL 18, 2019

Why equities market may improve in Q2 —Expert

F

inancial experts remain optimistic that there would be uplifts in the capital market considering the global economy trend that would impact on the economy of Nigeria, like other emerging economies.

Despite the negative trend, that the Nigerian Stock Exchange (NSE) began the second quarter with, and the not-so-good first quarter which was characterized by election jitters as well as profit taking, equities investors are still advised to maintain positive stance especially on stock with strong funda-mentals.

Last week, during the first seven days of the second quarter, trading was bearish with the benchmark index shedding 4.6 per cent, the highest single week loss since September 2018, as the market record-ed loss through the week aside for Friday.

Looking into the prospects of the second quarter, however, Lukman Otunuga, FXTM Research Analyst, believed the global trend would be a major determinant on what to expect, even as there are indica-tions that this quarter would yield positive returns considering the local trend as the general elections have come and gone, and as investors await positive inclination from the Federal Government as local investors needed a stimulus to boost their confidence.

At the end of last week, analysing the US-China deal, a major global deal that would impact emerging economy, Otunuga noted that investor risk appetite towards stock markets is edging cautiously higher on further optimism that the US and China are closer to agreeing a “very monumental” trade deal.

“The reason the deal is important is not only because Nigeria and China have Naira-Yuan swap deal, but China and Nigeria have a very intricate trade relationship, that is quite symbiotic.

“Nigeria imports a lot of things from China; and China imports some things from Nigeria. So, there is a saying that if China sneezes, Nigeria would catch cold.

“With US President Donald Trump stating that negotiations are ‘rounding the turn’ and Chinese Vice Premier Liu He hailing the ‘new consensus’ achieved recently, confidence is reaching new levels that a trade deal will eventually be signed after many months of protracted negotiations,” he said.

He noted that it was becoming increasingly more concrete and clear that both sides want to secure a deal, given the positive rhetoric from the respective governments, hence optimism is advancing that the outcome of a signed trade deal is moving towards a matter of “when” and not “if”.

This rhetoric, he believed, was highly encouraging for investors and fueling their appetite for riskier assets, which means good news for global stocks, emerging markets and potentially Oil as a conse-quence of improved risk appetite.

Another global trend to impact on the local economy is Brexit.

Otunuga noted at an interactive session with the Nigerian Tribune that if looked at things from the surface, Brexit looks like it may not have impact on Nigeria but when you look deeper into the matter, you will realise that some Foreign Direct Investments (FDIs) from UK actually come to Nigeria. “So if UK ends up crashing out of the European Union (EU), this naturally will negatively impact FDIs from the UK to Nigeria.

This is another thing to look out for,” he said.

It is pertinent to note that goepolitical risk factors are major happenings across the globe which has been feeding back into the Nigerian market.

President Buhari

BudgIT charges Buhari on transparency on dispose of recovered assets

BY NIYI JACOBS

B

udgIT tasks President Buhari to carry out the disposal of recovered assets in a transparent manner, in line with Nigeria’s Open Government Partnership National Action Plan.

The news on the sale of recovered assets which the President has directed the Ministry of Finance to carry out within six (6) months was received with mixed feelings due to the non-disclosure of infor-mation on assets recovered. With this develop-

ment, BudgIT wants to remind the Federal Government on its commitment to Open Government partnership, which relates to asset recovery to strengthen Nigeria’s asset recovery legislation including non-conviction based confiscation powers and the intro-duction of unexplained wealth orders.

A favourable framework would have been the enactment of the Proceeds of Crime Act (POCA), which has been passed by the Senate but awaiting passage by the House of Representatives. If the bill was

GTBank post 1.2% growth in PBT

G

uaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges.

The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ₦110.3billion from ₦109.0billion posted in March 2018. Profit before tax improved to ₦57.0billion from ₦52.6billion recorded in the corresponding period of March 2018, representing a growth of 8.3%. Customers’ deposits also rose by 6.0% to ₦2.410trillion in March 2019 from ₦2.274trillion in December 2018, whilst the Bank’s Loan book grew by 1.6% from ₦1.262trillion as at December 2018 to ₦1.282trillion in March 2019.

Balance sheet remained strong with the Bank closing the quarter

ended March 31, 2019 with Total As-sets of ₦3.556trillion and Shareholders’ Funds of ₦627.2Billion. In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018 respective-ly. In addition, coverage for NPL stood at 90.12% while Full Impact Capital adequacy ratio remained very strong, closing at 22.25%. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79% and 5.76% respectively.

These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.

Commenting on the first quarter results, the Managing Director/ CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew that it would be a challenging year, but our

strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

He further stated that; “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and ac-

cess to the markets that they need to grow.”

GTBank has continued to be best in class in terms of Profitability, Efficiency and Capital among Peers and other Financial Institutions in Nigeria. This is evidenced by its Earnings per Share of ₦1.74, Return on Equity (ROAE) of 32.79%, Cost to Income Ratio of 38.64% and Capital Adequacy of 22.25%. These metrics are a testament to the efficient management of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of the Bank’s recent awards include 2018 Bank of the Year - Nigeria from the Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine.

passed, it would have provided for an effective legal and institutional framework for the recovery and management of the proceeds of crime or benefits derived from unlawful activities. We have not seen increased interest in the Nigerian government to institutionalize the process of disposing of assets re-covered as proceeds of crime.

We also notice that the monthly publication of reports of the recovered assets and utilization, as pro-vided by the OGP secretariat, stated that an audit committee set up by the President is verifying all recovered assets.

However, we are yet to see the report of the committee. Government’s commit-ment to Open Government means that information should be disclosed proactively, yet, vital infor-mation of recovered assets is not accessible to citizens. The Federal Ministry of Justice has been tasked to develop guidelines for transparent management of recovered assets pending the enact-ment of the law but assets recovered should not be sold without a transparent management frame-work.

With this in mind, BudgIT calls on President/Federal Government to develop the guidelines for the management of assets recovered. Likewise, we encourage the House of Representatives to pass the POCA bill into law. We also encourage the federal government to be transparent on sales and man-agement of recovered assets so as not to create a scenario where looted funds are used to repur-chase public assets.

We strongly believe that these recommendations, if implemented, will go a long way in enhancing good governance and help in institutionalizing asset management in the country.

NEWS

THURSDAY, APRIL 18, 2019

Jaiz Bank’s N3bn facility from BOI triggers positive sentiment

BY BONNY AMADI

T

he N3 billion fresh funds injection into Jaiz Bank Nigeria Plc, yesterday reflected in positive market sentiments, as the bank

posted highest turnover in shares.

The bank’s hitherto highest turnover of 2,646,752 million shares, for the week recorded on April 12th 2019, was doubled yesterday, following the N3billion fresh

fund from BoI. Over the past one week, the bank’s equity pricing has oscillated between N0.50 and N0.48 with highest turnover of 5,486,367 shares was transacted yesterday,

Hassan Usman

Nigeria’s high debt profile worries IMF Continued from page 5

a press release that the strategy of using relatively cheaper and longer tenored external funds was achieving the expected objectives such as creating more space for other borrowers in the domestic market, extending the average tenor of the debt stock in order to reduce refinancing risk and increasing the external reserves.

Interestingly, DMO disclosed in the statement that that some of its major plans in 2019 “are to undertake more of project-tied borrowing and access more external borrowing from concessional sources.”

Specifically, it announced plans to issue 30-year Federal Government of Nigeria Bonds (FGN Bonds) for the first time, stating: “The issuance of the Bond will meet the needs of annuity funds and other long term investors while also developing the domestic capital market and reducing the re-financing risk of the FGN.” IMF Concern But the DMO’s statement clearly did not douse concerns over the country’s rising debt profile. Commenting on the issue in Washington D.C., where it was jointly holding its annual meetings with the World Bank, the IMF warned that although Nigeria’s Debt-to-GDP ratio was still healthy, it was risky and cannot be guaranteed going forward.

The Financial Counsellor & Director of Monetary & Capital Markets Development at the IMF, Tobias Adrian, said: “Nigeria has been borrowing in international markets but we worry. So, on the one hand, that is very good because it allows Nigeria to invest more; but on the other hand, we do worry about rollover risks going forward.

“At the moment, funding conditions in economies such as Nigeria and other sub-Saharan African countries are very favourable but that might change at some point.

And there is a risk of rollovers and there is the risk of whether these needs for refinancing can be met in the future.”

Also, while releasing ‘Africa’s Pulse,’ a biennial analysis of African economies in the United States last week, three World Bank’s chiefs-the bank’s Chief Economist (Africa), Albert Zeufack, Lead Economist (Africa), Punam Chuhan-Pole and Research Manager, Michael Tomanstated that whereas the African continent had been showing positive growth, its debt profile had continued to rise at a high rate.

Commenting on Nigeria, Chuhan-Pole noted that whereas Nigeria’s debt is low when compared to its GDP ratio, the interest the country pays on the debt has been very high and hence, the need to exercise restraint.

But commenting on worries over the nation’s rising debt while

speaking with State House correspondents after the Federal Executive Council (FEC) meeting last week, the Minister of Budget and National Planning, Udo Udoma, played down fears over the issue.

He was quoted by news agencies as saying: “With regards to our debts, our debts are sustainable.

We do have a revenue challenge and we are focusing on that. Once the revenues come up, it will be obvious that we don’t have a debt problem at all. We are working on a number of initiatives to increase our revenues.

Besides, he said: “We are looking at initiatives to widening the tax base. We are looking at initiatives to increase efficiency in collections.

We are looking at a single window, which will help to increase efficiency in Customs collections. We are looking at many different ways to improve revenues. The debts are sustainable; every nation borrows.

We are working on increasing our revenues.”

However, the consensus in financial circles last weekend was that while the Federal Government might have little choice than to continue to borrow, especially given that it would take some time before revenue mobilization can be significantly improved within the country, government must ensure it effectively invests the borrowed funds before the next oil slump and the attendant naira devaluation.

following sentiments that the fund injection into the bank by BoI would enhance earnings.

Experts believe that the bank’s equity pricing would react positively on the new funds, with further positive sentiment that earnings would grow and shareholders given higher returns.

Scale of the bank’s week’s turnover, reflects that, 825,800 shares was recorded on April, 15, followed with 616.640 shares traded on April 11, and 583,910 shares transacted on April 10, 2019.

Meanwhile, Jaiz Bank Plc has secured a N3 billion financial facility from the Bank of Industry (BOI), in order to enhance its loan book to the Micro, Small and Medium Enterprises (MSMEs) sector of the Nigerian economy.

Receiving the cheque from the BoI, Jaiz Bank’s Managing Director, Hassan Usman, assured that the fund would be disbursed to the targeted beneficiaries.

Jaiz bank Plc listed in the main board of the NSE under the banking subsector of the financial sector, closed trade on Wednesday April 17, 2019, at N0.48 per share and have market capitalisation of N14, 142,839,664.00 billion and 29,464,249,300 billion shares outstanding.

The bank’s share value yesterday dropped by N0.01 to close at N0.48 per share, with total turnover of 5,486,363 million shares worth N2, 629,456.31 million and exchanged by investors in 21 deals.

Jaiz Bank Plc is one of Nigeria’s ethical financial institution that is sharia compliant, a national bank, owned by over 26,000 shareholders across Nigeria’s six geopolitical zones.

The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion. The bank’s customer base has also grown to over 230,000.

Jaiz bank has attained 52 week’s high equity pricing of N0.92 and 52 week’s low pricing of N0.38 per share.

Meanwhile, Hassan Usman, the bank’s CEO, receiving the N3billion grant from BoI, revealed that, the fund would be given as loans to small business operators to grow their businesses and create wealth for the country’s economy.

According to him, essential to vision and mission of jaiz bank is to create wealth for MSMES. i want to assure you that maximum benefits will be to the stakeholders.

“We have already started pilot financial inclusion drive. We are also going to use agency banking to reach those people in places where we are not physically present. We are also intervening to provide finance to women group.”

BoI’s Executive Director, Shekarau Omar, said part of the reasons for providing the facility to Jaiz Bank is because of BOI’s conviction that the funds would be disbursed to the target group.

Omar added that, BoI understands the importance of MSMEs to the development of the economy.

That is what ignited the drive to provide the sector with the much-needed funding.

“We are ready to partner with institutions that are ready to support and develop areas that needed support. “We are comfortable this N3bn will help Nigeria grow, execute it and come for more.” Omar charged.

GTB Q1 2019 posts 10.1% growth in PAT, as total liabilities drops by 1.4%

G

uaranty Trust Bank Plc has demonstrated commitment to sustain growth trajectory in its first quarter 2019 unaudited financial statement released to the capital market community yesterday by the Nigerian Stock Exchange (NSE).

The result which showed growth in all performance measuring indices, reflected that profit after tax (PAT) rose by 10.4 per cent to N49.3 billion for the period ended 30th March 2019, against N44.7 billion recorded in the comparable period of 2018.

Gross revenue however grew by 1.3 per cent to N110.3 billion, from N109 billion recorded in Q1 period of 2018, profit before tax (PBT0 grew by 8.3 per cent to N57.0 billion, from N52.6 billion in the same period of 2018, while total liabilities dropped by 1.4 per cent to N2,928.7 trillion, against N2,971.7 posted in 2018 Q1.

The result further showed that total assets rose by 1.4 per cent to N3, 555.9 trillion, against N3,

506.8 trillion in the first quarter 2018. While total equity grew by 17.2 per cent to N627.2 billion, from N535.1 billion recorded in 2018 first quarter.

The bank’s earnings per share rose by 10.1 per cent, to N 1.7 from N1.6 in the corresponding quarter of 2018, even as management of the bank have assured investors of commitment to growth and sound returns to shareholders.

According to the Q1 result, absolute performance of the bank’s shares over one month period stood at -0.7 per cent, three months at 7.8 per cent, 6months at -4.1 per cent , 12 months at -20.0 per cent and ytd at 2.0 per cent.

However, the share’s relative performance over a one month period stood at 4.2 per cent, three months period at 10.6 per cent, six months at 5.4 per cent, 12 months at 7.7 per cent and ytd at 7.8 per cent.

10

WESTAFRICA BUSINESSNEWS THURSDAY, APRIL 18, 2019

FG begins restructuring, recapitalisation of BOA

BY BONNY AMADI

T

he Nigerian government says it has begun the process of restructuring and recapitalising the Bank of Agriculture.

Audu Ogbeh, the minister of agriculture and rural development, led other key players in the sector to the Kick-off meeting of the Financial Advisory Service for Restructuring and Capitalisation Project of the Bank of Agriculture (BOA).

The meeting was called to deliberate on how BOA can become a strong instrument that will strengthen the Nigerian agricultural sector.

The bank was established in 1972 to provide small credit to farmers.

Ogbeh said if the restructuring project is successful, farmers will become co-members of the BOA and have easy access to loans.

“We want to create a bank for farmers and they will become co-members and this will be an opportunity to make the BOA the largest bank in the future. It will be like the ones in China and the Netherlands,” he said.

Speaking at the event, the Director Public Enterprise (BPE), Alex Okoh, said the BOA performed poorly in the past due to inadequate funding, poor risk management strategy, and non-performance of credit facilities, amongst others.

He said there is a need to recapitalise the bank to give it a new face and make it attractive for investment.

Mr Okoh said the bank will provide basic financial services to farmers in both rural and urban areas and also create employment opportunities for the people.

He said the restructuring will take place over a period of 90 days beginning from Tuesday, April 16.

“The Federal Government will retain only a minority share of the bank, while farmers and cooperatives will be the majority stakehold-

ers. It will be a farmers’ bank,” he said.

Mr Ogbeh said poor management on the part of BOA has contributed to the failure in the agriculture sector.

He also decried the failure of high profile farmers to repay loans.

He said this has become a major problem in the Nigerian agricultural sector.

“It is because they lack agro-

ECONOMY

nomic skills that will enable them to have a high yield of products after harvest,” Mr Ogbeh said about the difficulties of the farmers to operate profitably.

NAN reported last year BOA saying farmers take loans and refuse to pay. As at the time of this report, it had an outstanding loan of N60 billion.

“The failure of agriculture has been because farmers fail to do

certain things before going into agriculture,” the minister said. “For example, a farmer in Nigeria plants maize one metre apart, but another farmer in Europe will plant six inches apart and will end up producing higher than the Nigerian farmer,” he said.

The minister said the federal government was working hard to ensure that good agronomic practices are observed by farmers to produce quality outputs.

“We are ensuring that there is an improvement in seed supply, soil testing and also a new agricultural extension programme in all local government areas of Nigeria,” he said.

“We will also ensure the security of farmers and their farms so that farmer will work safely on their farms,” he said.

Audu Ogbeh

‘AfCFTA execution’ll curb trade volatility’

T

he World Bank has urged the ratification and effective implementation the African Continental Free Trade Agreement (AfCFTA) as part of efforts to reduce trade volatility and spur African economic growth.

The Chief Economist for Africa at the World Bank, Albert Zeufack, who stated this, said effective implementation of the free trade policy would strengthen regional value chain for enhanced development.

He noted that the AfCFTA will create a single continental market for goods and services, with free movement of business persons and investments also paving way for the acceleration and establishment of the Continental Customs Union.

According to the African Union Commission, the AfCFTA aims to increase intra-African trade by 52.3 percent by the year 2020, remove tariffs on 90 percent of goods, liberalise services and tackle other barriers of inter-African trade, such as long delays at border posts.

The AfCFTA was originally billed to be the largest free trade zone in the world, but the slow pace of ratification now puts this

in doubt, at least for now. However, ratification of the treaty by The Gambia a few days ago has brought the number of ratifications to 33, which makes for the threshold required for it to come into force about one year after agreement to create the free trade area was first reached by African Heads

of State.

To boost the policy initiative among member states, the European Union (EU), has committed €4 million, out of the estimated €50 million, needed to fund the establishment of the AU Trade Observatory, a key pillar of the implementation of AfCFTA. Jim Yong Kim

Nigeria make history first female signature

A

ccording to the report, , has been confirmed, substantive director of the apex

bank.

The report stated that Eleje is the first female director of currency in the history of the CBN and her signature has been appended on the naira.

Eleje, according to was confirmed on August 30, 2018, and currencies printed afterwards would carry her signature.

Until now, every naira note— save the N20 note — has had the face, name, and signature of a man. Ladi Kwali, Nigeria’s foremost potter is the only woman on the naira, taking a spot at the back

of the N20 note.

The CBN Governor, Mr. Godwin Emefiele, recently said that the banking watchdog has made remarkable progress in closing the gender gap in the institution.

Speaking at the 2019 CBN Commemoration of the International Women’s Day (IWD), he said: “It is heartening that today, women represent 29.0 per cent of CBN staff and 29.0 percent of directors are women.

Eight departmental directors and one Director General of WAMZ as against 26.0 per cent of staff and 25.0 percent of directors in 2014. Similarly, three out of 11 board members are women (27

percent).” It would be recalled that former Deputy Governor of the CBN, Sarah Alade, was appointed Acting Governor of the Bank following the suspension of the then

Eleje

Governor, Lamido Sanusi, by former President Goodluck Jonathan. She served in that capacity from February 20, 2014 to June 2014.

FINANCIALS

THURSDAY, APRIL 18, 2019

Bullish run pushs market index up 76 basis points

BY JULIUS ALAGBE

I

nvestors’ fortune strengthened on Wednesday on the back of bullish run that push market index up 76 basis points. Yesterday’s trading session posted another bullish performance as the NSE All Share Index (ASI) advanced 76 bps to settle at 29,970.86 points following continued price appreciation in NESTLE (+5.3%) as well

as bargain hunting on DANGECM (+1.2%) and ACCESS (+9.9%).

The uptick trend in the bourse resulted to increased value as market capitalisation inched to N11.3 trillion with investors’ wealth increased by N84.4 billion. Nevertheless, activity level weakened as volume and value traded declined 32.8% and 30.7% to 216.0 million units and N3.2 billion respectively.

The top traded stocks by vol-

ume were ACCESS (39.2 million units), UBA (24.2 million units) and LASACO (20.8 million units) while the top traded stocks by value were NESTLE (N1.5 billion), ZENITH (N342.5 million) and GUARANTY (N311.6 million).

Afrinvest said; “The sector performance was mixed albeit negatively skewed as 3 out of 5 indices under our coverage declined. The

Oil & Gas index shed the most, down 1.4% due to sell-offs on SEPLAT (-3.4%)”.

In the same vein, the Industrial Goods and Banking indices dipped 0.4% and 0.2% respectively due to losses on CCNN (-3.6%), GUARANTY (-2.4%) and WEMA(-5.6%).

On the flip side, the Consumer Goods index was the best performer, up 2.7% on the back of buying interest in NESTLE (+5.3%) while the Insurance index closed flat marginally gaining 3 bps.

Investor sentiment as measured by market breadth (advance/decline

ratio) took a negative turn to 0.9x from 2.1x in the prior session as 16 stocks gained against 17 losers. The best performing stocks were ACCESS (+9.9%), CHAMS (+9.1%) and FIRSTALUM (+8.6%) while the laggards were led by TRANSEXPR (-9.8%), UACPROP (-9.6%) and ABCTRANS (-8.3%).

“The relatively weak investor sentiment portends that the last trading session of the week may be dominated by profit taking activities especially in bellwethers that had recorded gains in previous sessions”, Afrinvest said.

USD/NGN loses 0.05% to N360.42 in IEFX window

T

he USD/NGN on Wednesday depreciated by 0.05 per cent to N360.42 in the Investment and Export Foreign Exchange (i&E FX) window, the Naira however closed flat at N360.00 at the parallel market.

Total turnover in the IEW increased significantly by 261.18 per cent to USD403.78 million, with trades consummated within the NGN356.00-NGN362.00/USD band. Meanwhile, on Tuesday, the apex bank injected USD210 million into the FX market, allocating USD100 million to the wholesale window, and USD55 million apiece to the SMEs and invisibles segments.

In the Money and fixed income market yesterday, the overnight lending rate moderated by 86 bps to 16.57 per cent in the absence of any significant outflows.

Activities in the treasury bills market were mixed midweek as average yield closed flat at 13.40 per cent. Yields at the short segment recorded 2 bps and mid segment +4 bps expansion, driven by selloffs of the 50DTM bill which grew by 31 bps and 106DTM bill by +41bps, respectively.

On the flip side, demand for the 351DTM bill which depressed by 19 bps, led to yield contraction at the long end of the curve by -4 bps.

Meanwhile, at Wednesday’s primary action, the CBN fully allotted N52.64 billion value of bills, representing N5.84 billion of the 91DTM, N3.50 billion of the 182DTM, and N49.14 billion of the 364DTM bills, at respective stop rates of 10.1499 per cent from previously 10.29 per cent, 12.50 per cent form 12.60 per cent previously, and 12.74 per cent, previously 12.85 per cent.

Stop rates decline by an average of 12 bps amidst stronger demand, with auction recording a bid-cover of 3.82x (vs. 2.06x previously).

Trading in the bond market was mixed, as average yield also closed flat at 14.17 per cent. Selloffs were evident at the mid which grew 4 bps and long segment by +4 bps, with respective yields on the JAN-2026 bond expanding by 13 bps and MAR-2036 +12 bps.

Conversely, demand for the FEB-2020 (-19 bps) bond led to yield contraction at the short (-4 bps) end of the curve.

Oscar Onyeama

Access Bank boosts Q1 2019 PAT by 86% y/y

BY BONNY AMADI

A

ccess Bank Plc, fresh from merger with Diamond bank has reflected commitment to enhancing earnings, to reward shareholders adequately.

The bank in its first quarter un-

Herbert Wigwe

audited report released recently by the Nigerian Stock Exchange (NSE) grew profit after tax by 86 per cent year on year to N41,148 billion, also achieving 28.3 per cent growth quarter on quarter (q/q).

The result further showed that profit before tax (PBT) also grew by

64.4 per cent y/y to N45, 101 billion, reflecting 37 per cent growth q/q.

Net Interest Income grew 27.3 per cent y/y to N56,838 billion, reflecting 12.3 per cent growth q/q.

Profit before provisions closed the period at N103,625 billion, a 19.9 per cent growth y/y and 17.1 per cent q/q.

Non-interest income closed at N46, 786 billion, achieving 11.9 per cent y/y growth and 23.7 per cent q/q.

Interest Income closed at N110, 777 billion in Q1 2019, recording 15.9 per cent growth y/y and 4.1 per cent advancement q/q.

Interest Expense closed at N53,939 billion, recording -3.3 per cent q/q and 5.9 per cent y/y. However, net Interest Income closed Q1 2019 at N56, 838 billion, achieving 12.3 per cent q/q and 27.3 per cent y/y.

GMD/CEO Access Bank Plc, Herbert Wigwe, in a statement following the result release, said, “The group delivered solid earnings underscoring the value potentials of the newly expanded business model. Gross earnings showed a 16% increase to ₦160.1bn from the prior year, comprising strong earnings on Interest income and noninterest income of 69% and 31% respectively,

whilst Profit before Tax (PBT) grew by 66% to ₦45.1bn” Wigwe, said that, the bank’s capital and liquidity position remained above regulatory levels, with CAR at 19.5% and liquidity ratio of 47.6% further demonstrating the capacity of the enlarged balance sheet to cope with possible negative shocks.

He disclosed that following the successful completion of the merger with Diamond Bank in March 2019, Access bank is now fully positioned in the retail market with a view to bringing the power of banking to the doorsteps of millions. “We are providing a broader platform to facilitate payments services in Nigeria and across Africa, by harnessing our significantly enhanced digital technology capabilities.

We have made solid progress throughout the first quarter of 2019 in line with our 2018-2022 five year strategy, and we remain committed to the achievement of our strategic imperatives going forward; as we continue to invest in our people, technology and most importantly, our product offerings to customers” Herbert Wigwe said “Our focus is to become the world’s most respected African Bank by leveraging on the strength of our retail and wholesale business to provide unrivalled value to our customers”

NEWS

THURSDAY, APRIL 18, 2019

Nigeria not prepared for gas revolution - Stakeholders T

hey spoke on Tuesday at the 2019 Business Forum and the 20th Annual General Meeting of the Nigerian Gas Association (NGA) in Lagos. In his presentation, Paul McGrath, Chairman, Oil Producers Trade Section (OPTS), said the forum was timely and critical toward highlighting measures that enable capturing of the potential benefits of the gas industry.

McGrath said that implementation of these measures would require deliberate and extensive collaborative efforts among the governments and key stakeholders.

He said Nigeria was endowed with vast natural gas resources, which could play a leading role in diversifying the economy by stimulating the development of various sectors.

According to him, gas can be used for electricity generation, to provide feedstock for value-adding manufacturing, and to increase government’s revenue from Liquefied Natural Gas (LNG) sold in international markets.

McGrath, who is also, the Managing Director, Exxonmobil, said that the country gas provides a unique opportunity to provide steady, widely-available, cost-effective and generally affordable power to everyone.

He added that a shift to gas-fueled power generation would represent significant saving opportunities over sources such as diesel, which was multiple times more expensive than gas at the current price of 2.5 million dollars British thermal unit mmbtu.

McGrath said that this saving could be redeployed by power consumers (individuals and businesses) to other goods and services and to new investments.

“Additional opportunity exists in leveraging gas to develop industries that use gas as feedstock to produce methanol and ammonia used in fertilizer production.

“The Nigerian agricultural sector, the largest GDP contributor to our economy, will benefit immensely from greater availability of fertilizer.

“Considering the low nitrate concentration in our soil and gas being the key feedstock for nitrate-based fertilizer, developing the gas industry can contribute to enhancing food security,’’ he said.

He further analysed that the Nigeria Liquefied Natural Gas LNG (NLNG) maintains 70-80 thousand jobs in the economy and contributes 1.3 billion dollars each year in revenue to government.

The OPTS chairman said that NLNG also provided the much needed revenue for the government to deploy for the benefit of Nigeria, such as development of infrastructure and diversifying the economy.

Speaking on challenges and solutions to unlock Nigeria’s gas potential, he said that to realise the full benefits of gas as a catalyst for economic growth and diversification, several challenges across the entire gas value chain needed to be resolved.

He listed the challenges to include inadequate infrastructure along the value chain; regulated low prices; legacy debts related to gas and power supply, and the challenging business environment.

“It is no longer news that infrastructure along the gas and power value chain remains inadequate.

“Nigeria lacks sufficient pipelines to deliver gas from the fields where it is produced to the current and potential off-takers (e.g. power plants, manufacturers).

“In addition, the transmission and distribution systems lack the capacity to deliver the generated electricity to businesses and other consumers.

“Building infrastructure requires a sustained joint effort of the stakeholders led by government.

“Active government support will

Kachikwu

help to enable a stable investment climate, acceptable commercial terms and contractual risks.“The above elements will help in attracting the required private investments which would strengthen existing off-takers and ultimately lead to emergence of new buyers and suppliers” McGrath advised.

In her submission, Mrs Maryam

Shehu, the Deputy General Manager, Gas Commercial, Total Exploration and Production, said that gas has good credentials as clean energy. According to Shehu, government has not positively responded to dealing with critical issues inhibiting investment in the sector.

She also described gas pricing regime as a major factor discour-

aging private investment in the midstream sector. Also, Emeka Okwuosa, the Managing Director of OilServe, said that infrastructure gap was limiting impact of gas as enabler to industrialisation. Okwuosa said efforts should be made to push volume of gas to support power generation to spur industrial growth and development.

Jiji buys OLX business in African countries

J

iji.ng – the largest classifieds marketplace in Nigeria – has reached an agreement to redirect OLX users in Nigeria to Jiji and to acquire OLX businesses in four other countries, building a leading pan-African classifieds business.

Jiji and OLX announced that both companies have reached an agreement under which Jiji will acquire OLX businesses in Ghana, Kenya, Tanzania, and Uganda, pending certain regulatory approvals, and OLX users in Nigeria will be redirected to Jiji.

Joining Jiji’s family will allow OLX users in these countries to benefit from Jiji’s market-leading products and services. OLX reach, combined with Jiji’s own proprietary search and delivery algorithms, will create a benefi-

cial combination, giving users a radically streamlined experience and making the buying and selling process more convenient.

Anton Volyansky, CEO and co-founder of Jiji commented: “Users will always come first for us. We warmly welcome OLX’s customers to the Jiji family and we look forward to our new customers joining Jiji on its journey to empower the lives of its customers by providing a safer, more secure and enjoyable online shopping experience”.

Yuliy Shenfeld, Jiji Nigeria’s country manager, said “This acquisition is the next step to fulfill our promise in making the Nigerian economy thrive by helping each and every Nigerian take their business online. So far, thanks to Jiji, more than 300,000

businesses have increased their sales and improved their family fortunes. This was made possible by millions of customers who placed their trust in Jiji for the best prices and the widest range of products and services. In the wake of this transaction, the Jiji team of more than 500 people is excited to build a truly Pan-African classifieds empire with Nigeria being the epicenter.”

Sjoerd Nikkelen, General Manager of OLX in Africa, Middle East and Asia comments “We are proud of our achievements in Africa, including the sustainable businesses we have built in Nigeria, Ghana, Kenya, Tanzania, and Uganda. We continually evaluate our portfolio of classifieds businesses to ensure a disciplined approach to how and where we

allocate capital and management time. With our focus on accelerating the growth of other markets, now is an opportune time to sell our interests in these markets. We are pleased that Jiji will continue to provide the exceptional quality of products and services that the customers in these countries have come to know and enjoy from OLX.” Following closing of the transaction (which is expected to occur once certain regulatory approvals have been obtained), all users of the sell-and-buy classifieds websites of OLX Nigeria, OLX Ghana, OLX Kenya, OLX Tanzania, and OLX Uganda will be redirected to Jiji. The Jiji team will strive to make the transfer seamless and to provide a high-quality user experience across all geographies.

Yuliy Shenfeld

NEWS FEATURES

THURSDAY, APRIL 18, 2019

Hadiza Usman: Taking the ports to the next level

BY GODWIN OBI

L

ess than three years after the appointment of Hadiza Bala-Usman as the Managing Director of the Nigerian Ports Authority

by President Muhammadu Buhari, a new face of port administration has been opened. Against the pessimistic views of some shipping practitioners who had thought that both age and experience were not on her side, the enormous development projects initiated and delivered by the then termed green horn in shipping affairs, is by all parameters taking the Nigerian ports to the next level of vibrant port administration in the comity of maritime nations.

The pessimism expressed on her appointment is simply because unlike in most maritime nations where income from port operations represents an enormous revenue line, successive administrations in Nigeria had treated the NPA as a cash-cow, milking revenue that accrues to the agency and sharing lucrative port contracts to their cronies as a reward for political loyalty and support.

Surprisingly, emerging facts revealed that it was until the appointment in July 2016 of a reputable activ-ist and alumnus of University of Leeds Bala-Usman that a new chapter was glaringly opened in Nigeria’s port development. This perhaps explains why even though 75 percent of exports and imports pass through Nigeria’s seaports, the NPA had grossly under-performed over the years in terms of rev-enue generated as quota contributed to the Nigerian economy. It hasn’t, however, taken the focused Managing Director long before reversing the retrogressive trend at the NPA and turning the fortunes of the agency around.

From the moment her appointment was announced, Hadiza did not waste any time in kick-starting a chain of reforms geared towards blocking all the existing avenues for revenue leakages at the NPA, including the implementation of the Treasury Single Account of the Federal Government as well as the adoption of an automated revenue and invoice management system.

These reform policies imple-mented

by Usman have already started bearing fruits as the NPA for two years declared impressive revenue for the 2017 and 2018 fiscal years.

Effectively, within 24 months of Hadiza Bala-Usman’s leadership at the NPA, the agency has witnessed a magnificent turnaround, from being a hotbed of corruption and monumental fraud, to becoming one of the highest revenue generating agencies under the Buhari administration and a pillar for the diversi-fication of Nigeria’s economy to break the overreliance on oil.

A key element of this remarkable success story is the revenue and invoice management system which was put in place as part of Hadiza Bala-Usman’s efforts to further strengthen transparency in revenue

Hadiza Bala-Usman, MD of NPA

collection and remittance, and to make doing business at Nigeria’s seaports easier for all stakeholders, the Nigerian Ports Authority. The revenue and invoice management system is a web-based billing and revenue collection application which has fully automated the entire billing cycle of the NPA from in-voice generation, payments, and maintenance of books. This has proved to be a hugely successful mechanism for keeping the proverbial yams from the goat as far as corruption and revenue leakages are concerned at the NPA. The revenue and invoice management system have made it possible for NPA customers to view their account details and balance on the portal while viewing their bill/invoice status as they are generated and approved by the NPA. Customers are also able to apply for sailing clearance online and download their Sailing Clearance Certificate on approval by the NPA. The implementation of this revenue and invoice management system has considerably reduced the cost of doing business with the NPA and increased the efficiency of the agency especially in the area of revenue collection.

As a result of this visionary move by Hadiza Bala-Usman and her team, the billions of Naira that used to get lost in translation during the revenue collection process that was previously in place at the NPA are now being remitted directly to the right accounts. This move follows the full implementation of the Treasury Single Account policy by the NPA which has uncovered how companies backed erstwhile strong

political forces were pocketing revenues collected on behalf of the Nigerian government and diverting same into their own purses.

One of such companies has been collecting revenue from shippers on behalf of the NPA for several years, keeping the bulk of all the funds and remitting to the agency a tiny percentage as it pleases. This was the order of the day until Hadiza Bala-Usman stepping into the picture.

Another testament to the strategic revenue generation policy instituted by Hadiza Bala-Usman at the NPA is the acquisition of four new 60-tonne buller-pull tugboats with state-of-the-art equipment and fully computerised en-gines at the cost of $30 million.

This forms part of efforts to boost marine operation and service delivery in the Lagos Pilotage District and to improve NPA’s towage services and thus enhance the nation’s revenue as bigger vessels can now call at the ports. Hadiza Usman has also enforced quick payment of concession dues by all termi-nal operators and sanctioning of defaulters, ending the era of carefree attitude that results in govern-ment revenue being kept away in private pockets. So thorough has Hadiza Bala-Usman being in her pursuit of transparency and full accountability in NPA’s revenue drive that it took less than one month after she assumed office to uncover about N11.23 billion belonging to the agency and that

The funds were collected as revenue for NPA through some commercial banks, but through collusion between the bank officials and some officials of the maritime agency, the funds never made it into NPA’s Treasury Single Account with the Central Bank of Nigeria.

should have been transmitted into the TSA but was kept in certain commercial banks.

According to sources familiar with the fraud investigation, the funds were collected as revenue for NPA through some commercial banks, but through collusion between the bank officials and some offi-cials of the maritime agency, the funds never made it into NPA’s Treasury Single Account with the Cen-tral Bank of Nigeria. The former management of the agency also failed to disclose the funds in the handover note passed to Hadiza Bala-Usman during the handing over process. Strategic efforts have since been put in place to recover these unremitted funds.

These far-reaching reforms have definitely unsettled a lot of vested interests who were beneficiaries of the status quo that existed at the NPA before July 2016, but Hadiza Bala-Usman, who was listed by Financial Times amongst the most influential women of 2014, has remained undeterred in her resolve to put the NPA on a pedestal where it can stand shoulder to shoulder with its peers in more advanced economies.

Therein lies the good news for Nigerians whose lives are being touched through projects that are funded by the revenue that the NPA transmits into our commonwealth.

According to Usman, the NPA has been so modernized, automated and repositioned to compete favourably before the international community, adding that the agency has been accorded recognition by the International Organisation for Standardization due to the positive steps it took in moving the sector forward.

Usman who spoke recently on the sideline of the workshop on ‘Data & Investigative Journalism Train-ing organized recently for Maritime Journalists said a lot of progress have been made in the areas of safety, environmental protection, operational efficiency and improved service delivery. She identified the commissioning of the Command and Control Communication and intelligence centre for NPA which will serve as surveillance of all activities and as an information network centre for security agen-cies in the ports as among the achievements of the authority.

Others include acquisition and commissioning of four new tub boats to improve on operational effi-ciency, upgrade of 25 years port development master plan and transformation of NPA’s manpower development practices to improve the skill, knowledge and capacity of employees.

She also identified the reconstruction of the port access road and commissioning of a simulator centre for the training of pilots as among the achievements recorded by the organisation.

She added that the management was determined to reposition the ports to continue to enjoy opera-tional diligence as part of the efforts to take the NPA to the next desired level.

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WESTAFRICA BUSINESSNEWS THURSDAY, APRIL 18, 2019

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THURSDAY, APRIL 18, 2019

THURSDAY, APRIL 18, 2019

IMF’s worrisome scorecard on Nigeria’s economy T

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

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he International Monetary Fund’s (IMF) scorecard on the economies of Nigeria, South Africa and Angola as holding down growth prospects in Africa due to poor economic development in the three countries is indeed a worrisome de-velopment.

Recently, the Breton Woods Institution at the Annual General Meetings of IMF/World Bank in Bali, Indonesia blamed the three largest economies in the continent for holding down economic development in the continent due to their poor growth rate.

The institution also revised downwards, growth prospects for Nigeria in 2018 from 2.1 percent to 1.9 per cent. In the true sense of it, IMF did not say anything new that is not already known to discerning minds. The only difference is that when such ratings are issued by credible institutions such as the IMF, the World Bank and the like, the Nigerian authorities find it difficult to dismiss them as the handiwork of political opponents.

Nigeria’s economy has been performing very poorly. It is a notorious fact that even those in government can attest to. In 2017, the economy fell into recession. Even when it exited recession in 2018, not many Nigerians believed because the harsh economic environment continued to prevail.

Only recently, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, raised alarm that the exit from recession could be under threat. He cited the second quarter 2018 Gross Domestic Product (GDP) by the National Bureau of Sta-tistics which showed a decline by 45 basis point.

Instead of adopting

President Buhari

Government should consider enhancing access to credit, enshrining low tax regime and investment on Micro, Small and Medium Enterprises (MSMEs) to boost their capacity taking into account that agricul-ture and export will change the present narrative on the nation’s economy. economic policy measures that can grow the economy such as reduction in tax rate, enhancing ease of doing business, Government has done the opposite. The tax regime in the country is adjudged one of the highest in the continent.

Little wonder, some manufacturers are relocating to more investment friendly countries such as Ghana where taxation is reportedly very friendly, while ease of doing business remains welcoming.

The nation’s export earnings on agricultural produce are very low because the nation exports raw materials and has not exploited agricultural produce value chains.

Nigeria exports raw cassava, raw cocoa, Shea Butter, Cashew Nuts, hides and skin and import finished goods such as chocolate, biscuits, shoes, belts etc.

These are goods produced from raw materials exported from Nigeria. Economists insist that the solution to raw mate-rials export lies on bringing experts from different parts of the globe to teach Nigerians how to convert cassava to in-dustrial starch, cocoa to chocolate, donkey and cow skin to shoes and belts.

Why would the country continue to export raw materials and import finished products made from the same nation’s

raw materials even at exorbitant prices? Why would Nigeria continue to import fruits, apples, kiwi, peach, pomegran-ate, grape, and Dates pears, from South Africa through Shoprite and other Foreign Retail outlets in the country, when all local farmers can grow these fruits with little encouragement?

The IMF worrisome report on Nigeria can only change when we increase agricultural produce and export and extract value from agricultural produce value chain. Smuggled rice continues to dominate the Nigerian market simply because locally produced rice are not easily found in the market. The price of locally produced rice may not be the determinant factor but the availability.

Government should consider enhancing access to credit, enshrining low tax regime and investment on Micro, Small and Medium Enterprises (MSMEs) to boost their capacity taking into account that agriculture and export will change the present narrative on the nation’s economy.

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WESTAFRICA BUSINESSNEWS THURSDAY, APRIL 18, 2019

Kogi agency, firm sign N378m contract for gully erosion sites T he Nigeria Erosion and Watershed Management Project (NEWMAP) in Kogi State has sealed a multi-million naira contract with Loraj Consortium for Engineering Design of five gully erosion sites and supervision of eight sites across the state.

The Project Coordinator, Kogi NEWMAP, Mrs Ladi Ahmed at the signing of the contract with the Consultant in Lokoja, said the event was an indication of Governor Yahaya Bello’s commitment to tackling ecological challenges in the State.

She named the five gully erosion sites for engineering design as: Township Erosion site in Ankpa, Ogane-Aji in Dekina, Ugwolawo in Ofu, Etahi in Okene, and Omigbo River Channelisation in Kabba/Bunu LGAs. Also the eight sites for supervision are: Adum Road in Olamaboro, Agassa in Okene, Ozuri in Adavi, Ankpa, Ogane Aji, Ugwolawo, Etahi and Omigbo River Channelization sites.

She said that the projects were being funded by the Kogi Government in collaboration with the World Bank through counterpart fund which had already been paid by the governor.

The cost for the designs is N217, 765, 595, while that of supervisions is N160, 280, 579, making a total sum of N378, 470, 174 for both contracts. ”After a rigorous, competitive and transparent evaluation, Loraj Consor-

tium emerged as the firm with the most responsive bid out of a total of 40 Expression of Interests (Eols) received. ”After all processes of evaluation were concluded, reports were sent to the World Bank for its review, following which a ‘No Objection’ was issued. ”We express our gratitude to our environmental friendly governor for providing the enabling environment and for paying the state’s counterpart fund for us to get to this stage,” she said.

The Commissioner for Environment and Natural Resources and Chairman, Kogi NEWMAP State Steering Committee, Sanusi Yahaya urged the consultant to complete the designs within the agreed period of one year. ”As we speak, quite a number of communities are about to lose their houses while some had already lost theirs. ”We believe the consultant knows our pains and the urgency of this matter; so, we urge the organsation to be on the same page with the state and keep to the timeline,” Yahaya said.

On his part, Leo Anuforo, the Managing Director/ CEO of Loraj Consortium, assured the government that the company would deliver the Engineering designs within the time frame of one year. ”We will not disappoint Kogi. ”There are two compo-

Gully Erosion

nents: design and supervision, already we have had three designs on ground for Agasa in Okene, Adumu in Olamaboro and Ozuri in Adavi. ”So, as soon as the contractor is boarded using the World Bank procurement process, work will commence on those sites in earnest. ”We are starting the raking work on the designs tomorrow, because the people are being threatened by the menace of gully erosions and other environmental related issues,” Anuforo said.

Nasarawa killings: Council boss urges people to eschew provocative statement

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he Chairman of Akwanga Local Government Area of Nasarawa state, Samuel Meshi has advised the people of the area to avoid provocative statements capable of igniting crisis.

Meshi, who made the call on Wednesday in an interview with News Agency of Nigeria (NAN) in Akwanga, also urged them to live in peace, in their interest and the state.

On April 14, suspected gunmen attacked and killed 16 people in Numa community of the area.

The council boss ex-

pressed sadness over the killings, adding that no community could achieve any meaningful development in an atmosphere of rancour.

He said: “God has reason why he creates people with different background and tribes and put them together in same place, hence the need for the people to embrace peace and live together as one.

“Peace is priceless and non-negotiable, that is why, I sue for peace among my people, especially between them and Fulani herdsmen in the area so that all of us

can enjoy the fruit of our labour, he said.

The council boss restated the council’s continued commitment to initiate policies and programmes that would promote peace in the area and the state at large.

On Monday, April 15, Mohammed Akira, Deputy Commissioner of Police in charge of Criminal investigation Department (CID), who confirmed the incident in Numa community.

He said the command had mobilised its men and officers to the area to forestall further breakdown of law and order.

Edo assures miners of inclusion into state security programme

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he Edo Government has assured members of the state chapter of Miners Association of Nigeria (MAN), of provision of adequate security to enable them carry out their operations.

The Commissioner for Minerals, Oil and Gas, Joseph Oghioke, made the promise yesterday in Benin, at the end of a quarterly meeting held with MAN’s members.

Oghioke said the decision reached at the meeting was to include the association into the Edo Security Architecture.

He said that “Operation Wabaizigan” was yielding positive results in Benin.

“There are issues of kidnapping and robbery in some parts of the state and this is affecting mining activities particularly in Edo North.

“We will ensure that within the next two weeks, all mine workers will have a database that the government security can key into.

“The intention of government is to extend the

Operation Wabaizigan to other parts of the state,’’ hesaid.

Chairman of MAN, Michael Okhumode, decried insecurity in the state which, he said, was a major challenge affecting

Governor Godwin Obaseki

members’ activities.

Okhumode said members of the association had laid their complaints to the state government and the commissioner agreed to include them in the state security architecture.

WESTAFRICA BUSINESSNEWS THURSDAY, APRIL 18, 2019

Customs seizes drugs, cars, others worth N2bn

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n a major breakthrough, the Federal Operations Unit (FOU) Zone ‘A’ of the Nigeria Customs Service (NCS) has intercepted various smuggled items with a Duty Paid Value (DPV) of N2 billion between February . 6 and April 16, 2019.

The Controller of the unit, Comptroller Aliyu Mohammed, made this known in an interview with reporters yesterday in Lagos .

Mohammed said the items were seized within nine weeks.

According to him, the smuggled items include 113 units of vehicles, some of which were bullet-proof cars of 2019 model, all with a DPV of N1.33 billion.

“The command intercepted 13,810 bags of 50kg of 25 trailers of parboiled rice and 200 cartons of frozen poultry products.

“The intercepted goods also include 1,000 sachets of Tramadol capsules, 600 cartons of codeine syrup and 12 parcels of Indian hemp.

“Others are 157 bags of used clothing, 180 kegs of 25 litres of vegetable oil, 265 pieces of used tyres, 24 pieces of compressors, 43 sacks of used shoes, 280 pieces of machetes and 62 cartons of tomato paste.

“The seizures include 398 cartons of Really Extral (Doclofenac), 1,056 cartons of Chest and Lung tablets and 47 cartons of Paracetamol injection,’’ he said.

The controller said that no suspect was arrested in connection with the 254 seizures recorded between Feb. 6 and April 16.

He advised intending car buyers to verify the authenticity of the import and clearance documents with the appropriate Customs Area Controllers (CACs) at various ports in the country, saying that buyers should avoid buying smuggled vehicles.

The FOU Zone ‘A’ boss said: “Nigerian rice is abundant for consumption and that is why I am appealing to us to patronise our Madein-Nigeria rice because is healthy for consumption.

“Imagine thousands of 50kg parboiled foreign rice was intercepted inside a cement silo truck and after smuggling it, they will re-bag them for human consumption.

“I am also using this medium to appeal to those whose vehicle were intercepted to come and claim them if they have genuine documents to back them.’’

Mohammed, however, commended the efforts of the Comptroller-General of Customs, retired Col. Hameed Ali, and his management team for providing the unit with necessary incentives and logistics.

He also called on the public, including the media, to join the service in the fight against smuggling, considering its economic consequences to the nation and the society at large.

Customs siezure

MDAs must account for money released to them –Ogun Assembly T he Ogun Assembly Committee on Finance and Appropriation yesterday gave an assurance that the assembly would ensure that Ministries , Departments and Agencies (MDAs) account for monies released to them by government.

Victor Fasanya, the Chairman of the committee, said this in Abeokuta at the first quarter report presentations by MDAs to the committee.

Ogun House of Assembly

The lawmaker said that the committee had invited the MDAs to assess their level of performance in the first quarter of the year, adding that it would present its final report to the assembly at plenary.

Fasanya said that the assembly would also ensure that money was released to the MDAs to enable them execute projects which would be of great benefit to the citizens.

“We will ensure that

MDAs are accountable for money released to them. It is not about witch-hunting but to ensure that things are done rightly,’’ he said.

The lawmaker added that House Committees on Education, Works and Infrastructure among others would still embark on on-the-spot assessment of projects.

The assessment, Fasanya said, was to ensure that the monies appropriated for such projects were judiciously spent.

Anambra Dep. Gov. urges adequate use of data to hasten nation’s growth

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nambra State Deputy Governor, Dr Nkem Okeke, has called for adequate use of data collation, analysis and documentation to produce a sound blueprint that would hasten the development of the country.

Okeke said this when a delegation of Data Science Premium Solution, led by Mrs Obioma Onukwube, visited her yesterday in Awka.

According to Okeke, if we develop interest in data science using artificial and machine learning, the society will be a sound place to live in because it will boost the country’s development blueprint and create jobs.

He advised Nigerians to develop interest in the latest data science related research and application in a number of domains and connect with others in their fields.

Earlier, Onukwube said

the team came to show appreciation to the deputy governor who declared the Data Science Premium Solution’s conference opened on April 13 in Awka.

Onukwube said the conference which had been held in about 150 locations worldwide was to encourage women to go into data science application for improved data usage in the country.

She said the number of

women in the field of data science had been sliding downward and urged the state government to encourage women by giving then incentives to go into the field.

“I appeal to the state government to consider introducing data science application to girls secondary schools in the state so as to inculcate the values early in their subconscious mind,’’ she said.

She said the aim of the conference was to enable students hear about the latest data science-related research in a number of domains, learn how leadingedge companies were using data science for success, and connect with potential members in the field.

She urged students that attended the conference to imbibe the teachings of the conference irrespective of their course of study.

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PROPERTY/ENVIRONMENT

THURSDAY, APRIL 18, 2019

FG tasks Abuja residents on erosion control

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Vice President Yemi Osinbajo

Fruit vendors count losses, as extreme hot weather persists

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ome fruit vendors in Kaduna metropolis yesterday lamented that the severe hot weather condition in the state capital had caused them to incur losses in their businesses.

They stated their lamentations in Kaduna during separate interviews with reporters They expressed regret that the extreme weather condition had impacted negatively on their businesses.

One of the vendors, Abubakar Salisu, said that fruits like apple, pineapple, banana got spoilt quickly due to the acute heat.

“I make as much as N5, 000 profit every day, but I am currently recording more than N5, 000 loss since the hot weather began.

“My daily sales have not declined but the problem is that a reasonable number of the fruits get spoilt within a day or two,’’ he said Similarly, Aliyu Umar, another fruit vendor, said lack of stable electricity equally has compound-

ed the problem. ‘‘I usually store fruits like cucumber, grapes and apple in the refrigerator during hot weather like this, because it helps preserve them for some days. ‘‘But now the weather is hot and there is no stable electricity.

We are now left at the mercy of the weather.

“Sometimes I throw away N5, 000 to N7,000 worth of fruits that have spoilt due to the extreme hot weather,” Umar said.

Also, Hussain Musa, a mobile vegetable vendor, said he was still in the business because he does not have any other job.

“I incur huge losses but had to continue because I do not have any other source of income. The little I make from it is better than doing nothing,” Musa said.

Meanwhile, while fruits and vegetable vendors were counting their losses, cold drinks and sachet water vendors are making brisk businesses.

One of them, Amina Sunday

said, “For me this weather is a blessing because my daily sales have increased from N4,000 to N12,000 since the hot weather began.

“You know people buy more drinks during hot weather to quench their thirst and keep them hydrated. ‘‘Although the weather is affecting me too, but I thank God all the same because my profit margin has increased, and so is my savings.”

The story was the same for Mansur Adamu, another cold drink seller, who said his customers has increased from 15 persons a day during cold weather to about 50 persons in recent time.

Adamu, however, complained that lack of stable electricity supply was affecting his business, adding that he was spending a reasonable part of his profit on ice block to cool the drinks.

“The projects are among the Federal Government’s ecological intervention projects for the 4th quarter of 2017 and the 2nd quarter of 2018 as approved by President Muhammadu Buhari.

He said that the execution of ecological intervention projects across the country had demonstrated the sincerity of purpose of President Buhari’s administration in its efforts to promote justice, equity and fair play in the country.

“The project will address and control some of the challenges of flooding and erosion facing the people of the area.

“The Federal Government’s intervention projects are, therefore, intended to bring relief to the community, while reducing danger to lives and property, associated with erosion and persistent flooding,’’ he said.

He said the project underscored the Federal Government’s concerted efforts and sincerity in tackling environmental problems and making life more meaningful for the people.

The Federal Government also established an integrated solid waste management facility including auxilliary works in the area.

Maj. Gen. Mahe Bashir, the Chief Executive Officer of Post Service Housing Development Ltd said that because of the projects, the estate has begun to witness an influx of tenants.

The District Head of Kurudu, Ezra Gomna, prayed to God to bless the present administration for coming to the rescue of the community.

“I really thank God for allowing the completion of this project and we appreciate the Federal Government’s efforts because this is what we have been hoping will come to fruition for a long time now.”

He prayed to God to bless the present administration for coming to the rescue of the community.

“I really thank God for allowing the completion of this project and we appreciate the Federal Government’s efforts because this is what we have been hoping will come to fruition for a long time now.”

Obiano’s aide urges communities to protect government’s property

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Fruit Vendors

he Federal Government has urged the residents of Kurudu,(Phase 1, in Abuja Municipal Area Council (AMAC) of the Federal Capital Territory (FCT) to ensure maintenance and sustainability of the evacuation and reclamation of gully erosion ravaged sites.

The Permanent Secretary of the Ecological Funds Office (EFO), Dr Habiba Lawal, gave the charge during the inauguration of the project after its completion yesterday in Abuja.

According to her, the projects are initiated in response to requests for urgent intervention forwarded to the EFO by the Chairman of AMAC and the Army Post Service Housing Residents Association.

“The projects will arrest the continuous erosion menace, improve the access road as well as remove the eyesore caused by heaps of solid waste and also to avoid further environmental pollution.

“The hand over will enable the estate take over and exercise ownership of the projects to ensure its maintenance and sustainability.”

Lawal urged the residents to ensure that the resources which the Federal Government has committed to the projects were sustained.

“We are using this opportunity to request that the cleared dump sites be used for development activities and not left vacant to avoid further indiscriminate dumping of waste,” she said.

While handing over the project executed by the Ecological Funds Office (EFO) to the people of the community, the Minister of Communications, Adebayo Shittu, also inaugurated the Gully Erosion Control and Road Improvement Works at the Post Service Estate, Phase 5 Road, also at Kurudu.

Adebayo said that the projects were expected to check flooding, gully erosion menace and improve environmental hygiene and wellbeing of the people of the estate and its environs.

hief Ambrose Egwuonwu, Senior Special Assistant on Community Liaison to Anambra Governor, Willie Obiano, has appealed to communities to protect government facilities located in their areas.

Egwuonwu made the appeal yesterday in Awka, in an interview with journalists He said community leaders and relevant government authorities in-charge of such facilities should be more effective in enlightening the people on how to safeguard public facilities.

He decried the high rate of

destruction of public facilities across the state, adding that government was not happy with the development.

“I am surprised that people will take pleasure in destroying what was provided with their own money for the benefit of the common people , am amazed at such action,’’ he said.

Egwuonwu urged the residents to take full ownership of all public facilities in their communities and not to relent in sensitising people with lesser understanding of the need to protect public facility around them.

He appealed to the community leaders in all the 179 communities of the state to join in the fight against vandalism of public facilities.

Egwuonwu said that Obiano has implemented important programmes for the people and provided amenities, stressing that the facilities should be protected and not vandalized.

He called on the youths to embrace the agricultural programmes of the Obiano`s administration to ensure food security in addition to being selfreliant.

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COMPANIES & BRANDS

THURSDAY, APRIL 18, 2019

DPR vows to stop petrol diversion, cautions against panic buying

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s a regulator, the Department of Petroleum Resources (DPR) in Sokoto State, has restated its commitment to checkmate hoarding, diversion and selling of petroleum products above the control price. , The Zonal Operation Controller in-charge of Sokoto and Kebbi States, Muhammad Makera made the pledge yesterday Makera said the department would continue to intensify its surveillance on illegal petroleum activities.

He said that he had led officials on a monitoring exercise to fuel stations in Sokoto and Kebbi States, noting that from Sunday, no fewer than six petrol stations were sealed off for various offences.

The controller said that no fewer than 20 trucks were supplied to Sokoto State out of which 12 were for Sokoto metropolis.

“There is no need of panic buying which may have resulted in the queues noticed in some petrol stations.

“We noticed that there ought not to be scarcity, especially with the quantity of products being pushed out, so we have

Petrol queue at a filling station intensified surveillance.

The controller added that the DPR would ensure that petroleum products distributed to fuel stations were sold to the

Debts hindering Arik Air from international operations –MD

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he Managing Director, Arik Air Capt. Roy Ilegbodu, said the huge debts incurred by the airline’s former management was one of the major factors hindering its return to international operations.

Ilegbodu disclosed this while receiving the 54th President of the Institute of Chartered Accountants of Nigeria (ICAN), Razak Jaiyeola, who paid a courtesy visit to Arik Air Headquarters in Lagos.

The Asset Management Company of Nigeria (AMCON) had in February 2017 took over the airline due to its huge indebtedness.

Ilegbodu noted that the airline had suspended its flights to New York, London and Johannesburg as part of its reorganisation plans.

He said “Arik Air was established in 2006 as the largest airline in Nigeria. We have had our ups and downs but we have been able to stabilise the airline.

“At the moment, we are consolidating and in the near future you will see an airline that you will be very proud of.’’

According to him, the management of the airline is aware of the importance of playing on the international stage but is also

aware of the challenges ahead.

“The process is quite tedious and it will take between 12 to 18 months to be able to get back on that stage but I cannot guarantee you that it will happen very soon.

“The previous management left a lot of international debts and we need to address the issue before we can restart our flight operations on these routes,’’ Ilegbodu said.

Also speaking, Mrs Comfort Eyitayo, Coordinator, Ikeja District Society Institute of Chartered Accountants of Nigeria (IDSICAN) maintained that good corporate governance was key to sustaining airline business.

Eyitayo also urged Nigerian airlines to establish sustainable route expansion models which would enable them to deliver on-time flight services and attract more customers.

Also speaking, ICAN President Jaiyeola lauded the cooperation between ICAN and Arik Air and sued for its sustenance.

“We are very glad to identify with the giant strides that Arik Air has achieved in the aviation industry.

“We also appreciate that you are now consolidating on restoring the airline to its previous glory.’’

public.

He noted that any station found wanting is being sanctioned, adding that each pump machine sealed would attract N100, 000 fine as penalty beside other punishments.

“Apart from ensuring that hoarding does not work, we shall ensure that sharp practices such as pump adjustment is

stamped out,” he said.

There were queues in some fuel stations in Sokoto metropolis, as consumers spent some time before obtaining the products while some stations were locked.

Mallam Abdulrahman Muhammad, the manager of Total fuel station at Fodio road in Sokoto, who spoke with re-

porters said the product, which was available in his station, was being sold to customers accordingly.

Muhammad said the interruption in the supply, which was unusual to marketers, might have been the reason for some stations not getting the products as at when due, as well as reasons for queues in some places.

Senate tasks govt on secured cyberspace

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enator Foster Ogola, the Vice Chairman, Senate Committee on ICT/Cybercrime, have said Nigeria should adopt a secured cyberspace which is critical to the prosperity of the country.

Ogola made this known at the Securex West Africa Exhibitions and Conference in Lagos yesterday.

Securex West Africa is an exhibition and conference encompassing fire and rescue, commercial, Homeland and cyber security, organised by Afrocet Montgomery.

Ogola, who was represented

by Patrick Essien, the Clerk, Senate Committee on ICT/Cybercrime, described cyberspace as one of the biggest things in the 21st century.

He noted that it had changed the way we do business and connect without distance as possible barriers.

Ogola said that virtually every segment of the global economy relied on this super speed highway (the internet) so much that an individual or institution without any

form of digital presence was considered primordial.

“Our digital infrastructure is a strategic national asset, protecting it while safeguarding privacy and civil liberties is a national security priority and an economic necessity.

“By addressing threats in our environment, we will help individuals (and institutions) protect themselves in cyberspace and enable both the private sector and government to offer more services online.

“The present administration should set up a national strategy to include governments at all levels, regulatory agencies and ministries by defining proper conduct in the use of the internet.

“Also charting a course for the public and private sectors to collaborate to raise the levels of trust associated with the identities of individuals, organisations, networks, services and devices involved in online transactions would go a long way,’’ he said.

Ogola said that internet had brought a lot of positive changes that had followed the rise of online activities like making online purchases and transacting bank-

ing activities.

He said that the internet also had a place for online fraud, kidnapping, identity theft and human trafficking.

Ogola noted that these crimes cost families and the nation billions of naira yearly.

“With more and more devices and individuals connected to the internet on daily basis, the need to well authenticate these devices and individuals has become very imperative.

“Specifically, achieving optimal identification and authentication of connected components to cyberspace will likely reduce the occurrence of anti-social vices linked to anonymous.

“The responsibility to curb cyber threats rests on the private sector in concrete collaboration with the Federal Government alongside relevant agencies in the implementation of a strategy to solve these issues.” he said.

Ogola said that because we use the internet to increase our productivity as a platform for innovation and as an avenue to create new businesses, it was paramount to take necessary security steps to protect it from hackers.

COMPANIES & BRANDS

WESTAFRICA BUSINESSNEWS

THURSDAY, APRIL 18, 2019

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Customs distributes seized items to orphanages, IDPs T o cushion their pains, the Nigeria Customs Service (NCS) has started distributing all edible and perishable seized items kept at the government warehouses all over the country, to the orphans and Internally Displaced Persons (IDPs).

The Deputy Comptroller of NCS, Joseph Attah, who was represented by Kadiri Angulu, disclosed this in Ilorin yesterday He said that the distribution was in accordance with the directives from the presidency to distribute seized items to the needy, in order to reduce the suffering of the less privileged.

“Nigeria Custom Service got presidential approval to distribute perishable items like rice, sugar, vegetable oil, spaghetti, shoes, new and used cloths, to alleviate the suffering of the masses.

“We are asked to ensure smooth distribution to recognised and registered orphanages as well as IDPs. “The exercise started from Lagos, which comprises other South West states of Ogun, Oyo

Rice farmers

and Ekiti states.

“Then the North West states of Kaduna, Sokoto, Katsina, Kano, Minna, Zamfara, Kebbi and Jigawa states.

“After we leave Kwara, we will go to Zone C, compromising South South and South East states.

Those who collected items in Kwara include the Orphan Support Centre, owned by Kwara Government, through the Ministry of Women and Social Development; Hope Foundation in Odofian; and Association of Disabled People in Kwara.

Others are the Association of Physically Challenged People, Kogi Association of Spinal Chord Injury, Niger State Flood Victims from Zungeru Local Government Area of Niger; and IDPs in Kagara, Suleja, in Niger.

The Federation of Muslim Women Association of Nigeria (FOMWAN) Osun and Kwara chapters also benefited from the distribution.

The NSC said the exercise will continue till all the seized items in the warehouse are exhausted.

Kano destroys expired products worth N5m FCT Fire Service begins campaign against indiscriminate bush burning

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o safeguard lives and property, the Federal Capital Territory (FCT) Fire Service yesterday commenced a dry season campaign on indiscriminate bush burning in the city.

Opetunsin Julius, Assistant Controller General (ACG), FCT Fire Service, said this at the beginning of the campaign which took place at the Etsu Garki Palace in Abuja.

Julius said that the season was a period when farming activities were of essence to those in the agricultural sector.

“Fire outbreaks are still one of the leading disaster Nigerians face and the fire service cannot stop creating awareness on the dangers associated with fire.

“Destruction from fire outbreaks on farms and other properties are always colossal, therefore all hands must be on deck to curtail its occurrences.’’

He called on all farming communities, traditional rulers and their subjects to apply control measures, if bush burning must be adopted.

“Controlled bush burning will help protect your property and that of your neighbours,’’ the fire service chief said.

He advised that if bush burning must be adopted, the surrounding environment must be cleared to avoid spread of fire.

Julius added that officers of the service were yet to embark on area council visits to relay the fire

safety campaign to the grassroot In his remarks, Umar Shuaibu, Coordinator, Abuja Metropolitan Management Council (AMMC), said that the council was dedicated to ensuring the safety of lives and properties in the FCT. Shuaibu reiterated Mohammed Bello, the FCT Minister’s directives that some areas in the territory were banned from farming activities.

“The essence of that directive is not to deny residents of their rightful means of livelihood but to pursue the master plan of making Abuja a dream city.

“We should be mindful of those restricted areas where farming activities are banned.

“FCT residents are reminded not to burn bush for the benefit of games or clearing activities.

“Bush burning does not only have an effect on our property but also on the eco-system as it gradually builds into the atmosphere leading to climate change,” he said.

Responding, Usman Ngakupyi, Sakpyi Garki, said that the fire sensitisation had impacted knowledge on how to better prevent and control fire outbreaks within and around their community.

Represented by Jacob Garki, Ngakupyi said, “some of my people don’t know how to prevent or control fire but today we have been adequately sensitised.’’

he Kano State Government yesterday destroyed assorted expired products worth over N5 million confiscated from traders.

The Senior Special Assistant, Sanitation Vanguards, Jafaru Ahmed-Gwarzo supervised the burning of the expired items conducted along Gezawa road.

He said that the items comprised soft drinks, cosmetics, beverages and other essential commodities confiscated from Singer market and some super markets in Kano.

He said some of the suspects

Fake products set ablaze

had since been convicted and now serving jail terms in various prisons in the state.

“Section 14 of the Kano State Public Health Edict mandates sanitary health workers to seize expired items and report the suspects for prosecution.

“We destroyed the expired items on the directive of the court that convicted the suspects, “ Ahmed-Gwarzo said.

He urged members of the public to always look for the expiry date of any product they want to buy to avoid consuming fake and unwholesome products.

The official said the government would not allow unpatriotic traders to continue selling expired goods to unsuspecting individuals, assuring that necessary steps are being taken to check the ugly trend.

“The state government found it necessary to take measures to check the illegal activities of some of the traders to safeguard the health of the people,”he said.

Ahmed-Gwarzo urged people of the state to report such unpatriotic traders to appropriate law enforcement agency for necessary action against them.

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THURSDAY, APRIL 18, 2019

Leave us out of your crisis, APC tells Lagos PDP

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he Lagos State chapter of the All Progressives Congress (APC) yesterday said it had no hand in the leadership crisis rocking the Peoples Democratic Party(PDP) in the state.

The Assistant Publicity Secretary of APC in the state, Abiodun Salami, made the clarification in an interview in Lagos.

The PDP Lagos State Chapter is enmeshed in a leadership tussle which began after the 2019 elections, as two chieftains, Segun Adewale and Dr Adegbola Dominic, are both laying claim to its chairmanship.

Adewale, a former factional Chairman of the party, had claimed that he stepped aside for Dominic to act for three months, late in 2018, under a deal sanctioned by elders of the party.

He also claimed that Dominic’s tenure had expired in December 2018 and that he (Adewale) was back to reclaim his mandate, which he claimed would expire in 2021.

Dominic had, however, described Adewale’s claim as ”arrant nonsense”, saying he was not a member of the party and had contested the governorship election in Ekiti in 2018 under the platform of the Action Dem-

ocratic Party (ADP).

He said he was the authentic Chairman of the party and was the only one recognised by the zonal and national leadership of the party.

Both Dominic — an ally of a former Deputy National Chairman of the party, Chief Olabode George — and Adewale had presided over separate stakeholders meetings of the party at the Sogunle secretariat.

Also, both Dominic and Adewale, while addressing their different groups of supporters at the separate meetings, had accused each other of acting out the script of the APC to destabilise the party in the state.

Reacting, Salami said both groups were only seeking relevance, as the APC had no reason to interfere in the affairs of the party.

He said residents of Lagos had since abandoned PDP, and that it was ridiculous for anyone to say APC was destabilising a” dead party”.

Salami said the ruling party was preoccupied with how to further deliver dividends of democracy to Lagosians and would not be distracted by ”jesters”. ”These people are just seeking relevance. What is our busi-

Coalition advocates more women inclusion in governance

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oalition for the Inclusion of Women in Governance is canvassing for the inclusion of more women in decision making and lead processes in the country.

President of Change Managers International Network, Mrs Felicia Onibon, and a member of the group, said that when given opportunities and responsibilities, women would perform better in governance.

Onibon was speaking on the sidelines of a press conference on Wednesday in Abuja, organised by the Coalition for the Inclusion of Women in Governance group.

She said the group was asking for 50 per cent of the positions that Federal Government would give out to Nigerians, as that would support and represent the

Idiat Adebule

interests of both men and women in the country.

“We know that if he is able to give 50 per cent to women, he will not be disappointed as women are ready to work hard and ensure that the name of Nigeria gets into the League of Nations in a very positive way.

“So we are asking for it, not just for frivolity, but because we know women mean business and they are willing to give whatever it takes to make Nigeria great.

“From what we have seen so far, Nigerian women that have been given the opportunity to lead and rule have done it effectively.

“And if they have done it effectively, there are many more that can join them.

“So we are asking that he retains those that are there and he should also add more women to lead processes in this country,” Onibon said.

Also speaking with reporters, Adaora Onyechere, Executive Director, WEWE Network Africa, also said there were missing gaps in the affirmative action call.

According to Onyechere, there are missing gaps in mentoring women who are older stakeholders in politics and policy making that will be able to groom more women with capacity.

“This will bring about filling those gaps that are needed to go with the structures,’’ she said.

ness with a dead party? A party that has been rejected by Lagosians; we don’t have time for them. ”They are obviously in disarray after their embarrassing defeat at the last governorship election. They should face themselves and leave us out.

”We are busy on how to make governance better in the state, especially as another government would come on board in May. We don’t have time for frivolities,” he said.

Salami thanked residents for their continuous faith in APC and for electing Mr Babajide Sanwo-

Olu, the party’s candidate in the last governorship election.

He assured residents that Sanwo-Olu would hit the ground running as soon as he is inaugurated in May, and would consolidate on the strides of Governor .Akinwunmi Ambode.

Adams Oshiomhole, APC National Chairman

l’m under pressure to contest for the Speaker –Olatunbosun

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member of the House of Representatives, Jide Olatunbosun,has said that he is under “intense pressure” to contest for the post of Speaker of the House.

Olatunbosun, representing Saki West/ Saki East/ Atisbo Federal Constituency, was re-elected on the platform of All Progressives

Jide Olatunbosun

Congress (APC).

He disclosed this while in Iseyin yesterday “I tell you most sincerely my brother that so many groups have been calling me to contest for the position of Speaker of the House of Representatives.

“Sometimes, I put off my phones due to intense pressure I received

from lot of interest groups, individuals and various organisations who want me to be the speaker.

“So many of my colleagues who have been re-elected and even some new members from other states also call me to encourage me to contest,” he said.

The lawmaker said however, that he has not made up his mind on the issue. “let me say unequivocally that I will not go against the party’s wish and I will not jump the guns, I will await the decision of my party to zone the post of speaker to South West before I make up my mind on whether to contest or not. “ I am aware that the post of speaker will be zoned to the South West and that is what I’m waiting for.

“Once my party says we returning members from South West can contest, then, we will swing into action upon further consultation.

“While I thank those who believe and have so much trust in me, I wish to say that we have to be patient about this,” he said.

Olatunbosun also promised that he would not relent in his efforts at sponsoring live-touching bills and motions at the House.

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Again, Senate passes petroleum industry bill, six others T he Senate yesterday passed the Petroleum Industry Governance Bill (PIGB) a second time, after President Muhammadu Buhari earlier declined assent to the bill.

This followed presentation of the bill at plenary by the Leader of the Senate, Ahmed Lawan.

The Upper Chamber equally passed six other bills that were hitherto passed and vetoed by Buhari.

The passage of the bills followed clause-by-clause consideration by Committee of the Whole.

The six other bills are Stamp Duties (Amendment) Bill, National Institute of Hospitality and Tourism (Est.) Bill and National Research and Innovation Council (Est.) Bill.

Others are, National Agricultural Seeds Council Bill, Agricultural Credit Guarantee Scheme Fund (Amendment) Bill, as well as the Independent National Electoral Commission (INEC) Act 2010 (Amendment) Bill.

President Buhari had declined assent to the bills passed by the National Assembly citing several reasons, including duplication of responsibilities of existing agencies, financial constraints, violation of extant laws, to lack of consultation with relevant stakeholders.

Following the non-assent to the bills, the Senate inaugurated a Technical Committee on Declined Assent to bills, to work on the observations.

The committee thereafter recommended some of the bills for another passage, some for override and others for withdrawal.

While withholding assent to the Petroleum Industry Governance Bill (PIGB) in August 2018, the president expressed reservation with some responsibilities of the Petroleum Regulatory Commission.

He specifically kicked against the provision to retain as much as 10 per cent of the revenue generated by the

commission, as well as expansion of the functions of the Petroleum Equalisation Fund (PEF).

In the new bill, the Senate agreed with Buhari’s submission and reduced the revenue generated by the regulatory commission from 10 per cent to five per cent.

It also removed the Petroleum Equalisation Fund (PEF) from the new bill.

It was first introduced into the National Assembly in 2008 as an executive bill by late President Umaru Yar’Adua.

The Sixth National Assembly (2007 – 2011) failed to pass the bill.

It was re-introduced to the National Assembly in 2012 by former President Goodluck Jonathan.

In 2014, only 47 out of the 360 members of the House of Representatives in the Seventh Assembly (2011-2015) were present when the bill was passed a few hours to the end of their tenure.

However, the bill failed to get the constitutionally required concurrence from the Senate.

The current proposal is a private member bill sponsored by the Chairman, Senate Committee on Petroleum Upstream, Tayo Alasoadura (APC, Ondo).

The bill seeks to create efficient and effective governing institutions with clear and separate roles for the petroleum industry.

It seeks to establish a framework for the creation of commercially oriented and profit driven petroleum entities to ensure value addition and internationalisation of the petroleum industry.

Furthermore, the bill seeks to promote transparency and accountability in the administration of petroleum resources of Nigeria, while fostering a conducive business environment for petroleum industry operations across the country.

NIgerian Senate

Speakership: Lagos APC urges Reps-elect to support Gbajabiamila

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he All Progressives Congress (APC), Lagos State Chapter has urged party members who have won elections into the House of Representatives across the country to support Femi Gbajabiamila as Speaker.

APC’s Assistant Publicity Secretary in Lagos State, Abiodun Salami, made the appeal in an

Kogi Governor, Bello declares for second term

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overnor . Yahaya Bello of Kogi State has officially declared his intention to seek reelection for a second term on the platform of the All Progressives Congress (APC).

Bello made the declaration while inaugurating the board of the State House of Assembly Service Commission at Banquet hall Government House, Lokoja.

Governor Bello Yahaya

The Independent National Electoral Commission (INEC) has slated the governorship election in the state for November 2, 2019.

The governor said his declaration came after consultations with the leadership of his party both at the national and state levels and pressure from the people of the state on him to seek re-election.

He added that his decision is premised on the official release of the State’s Election time table by INEC. “I would like to inform the good people of the state, the APC family and supporters from the state, the Local Government Areas (LGAs) down to the wards and polling units, as well as various stakeholders, opinion molders, families and friends of my interest to run for a second term in office as the Executive Governor of the state. ”I have sought the blessing of the Almighty God and our good people; I will have to contest for the second term so that we can build on our modest achievements so far in the state by taking it to the next level,” Bello said.

He urged members of the board

to always let the interest of the state be paramount in their mind, and shun any form of tribal or religious sentiment.

He further enjoined them to serve well with all their capacity and ensure they cooperate with the members of the state House of Assembly.

The Speaker, Matthew Kolawole, commended the governor for his magnanimity to have signed the bill and for inaugurating the board. ”All of us in the House of Assembly are happy with the inauguration of the board of the commission, because it marks the beginning of our financial autonomy,” Matthew said.

He expressed happiness over the governor’s declaration for second term bid, saying they had been expecting it.

“Our prime objective right now is to see him returning on Nov. 2, as the 5th executive governor of the state, and it shall come to past,” he said.

The Chairman of the Commission, Andas Momoh-Jimoh commended the governor for the opportunity given to them to serve. ”I believed in oneness and unity of the state and I am going to carry out this assignment without any bias, fear, favor or any religious or tribal sentiment,” he said.

interview with the News Agency of Nigeria(NAN) on Wednesday in Lagos .

Salami spoke in a reaction to the adoption of Gbajabiamila for the position of the Speaker of the lower chamber by the APC’s national leadership on Tuesday.

Gbajabiamila, representing Surulere 1 federal constituency in the national assembly, was re-elected for the fifth term and currently serves as the House Leader.

It would be recalled that APC’s National Publicly Secretary, Lanre Issa-Onilu had announced the adoption of Gbajabiamila in a statement in Abuja on Tuesday.

He had stated that the party took the decision after extensive deliberations with APC House of Representatives members-elect at a dinner with President Muhammadu Buhari at the Banquet Hall of Aso Villa.

Issa-Onilu, in the statement issued shortly after the meeting, also revealed that the party had zoned the position of the Deputy Speaker to the North Central.

However, an APC House of Representatives member from Benue State,John Dyegh, hours

Femi Gbajabiamila

after the adoption of Gbajabiamila, had also declared his ambition to be Speaker.

In his declaration speech yesterday in Abuja, Dyegh said he was out to serve the nation and that the North Central zone had been marginalised in the leadership of the House since 1999.

Meanwhile, Salami urged all House of Representatives members-elect under the platform of the party to work with unity of purpose and support the ambition of Gbajabiamila.

He said the party had acted well by adopting Gbajabiamila, saying, “he is an experienced legislator with sterling records of service to the people’’.

“We in Lagos APC are appealing to all our members across the country to support Mr Gbajabiamila in his bid to become the speaker of the ninth House of Representatives.

“He has been adopted by the party and that makes him the candidate of the party. We, therefore, urge House of Representatives members-elect to support him,’’ he said.

Salami described Gbajabiamila as a committed and loyal party man with good records of service both at the national and state levels.

“Even though he is elected on the platform of the party, we have no doubt that he will serve the interest of all Nigerians when he emerges as speaker.

“We are also appealing to all Nigerians to support this cerebral gentleman to further impact on the country’s development through his legislative experience and prowess,’’ he said.

Salami said Gbajabiamila had sponsored many bills which have impacted positively on the lives of Nigerians.

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THURSDAY, APRIL 18, 2019

Tribunal fixes May 15 for adoption of addresses in N29.2M VAT suit T he Tax Appeal Tribunal sitting in Abuja yesterday fixed May 15 for parties to adopt their written addresses in suit appealing N29. 2 million remittance on Value Added Tax (VAT) filed by Infinity Trust Mortgage Bank.

The bank is challenging the Federal Inland Revenue Service (FIRS) for imposing the said sum on it.

The appellant is seeking the order of the tribunal for the annulment of the FIRS’s assessment or demand notice dated May 17 and July 6, served on it with penalty at 10 per cent and interest at 15 per cent.

Responding, FIRS stated that the letter of reviewed and audited accounts were valid and issued in accordance with the relevant provisions of the law.

FIRS sought the tribunal to declare that the VAT demand served on the Bank was valid and made

William Babatunde Fowler, FIRS Boss

Motorists seek repairs of Jigawa high way to reduce accident

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otorists in Jigawa State have appealed to the Federal Government to rehabilitate Birninkudu highway, to reduce accident on the road.

They made the appeal in separate interview with NAN at Rasheed Shekoni Specialist Hospital, Dutse.

The motorists were parts of sympathisers who gathered at the hospital to receive the remains of Abdullahi Gabdo, Manager, Kano Electricity Distribution Company (KEDCO) who died in an accident on Birninkudu road.

The accident which was gathered happened 7 p.m, also claimed the life of another person whose name could not be ascertained as at the time of this report.

A driver, Malam Ibrahim Muhammad, described the road as a death trap, adding that people died almost a daily basis due to accident, occasioned by many potholes and sharp bends on the road.

Auwalu Musa and Suleiman Abubakar noted that the road had suffered many years of neglect, a development they said made the road fell short of meeting modern standard in road construction.

The road links the North West zone with states such as Bauchi, Gombe, Taraba , Adamawa, Yobe and Borno in the North East zone as well as countries like Cameroon and Chad.

Abubakar said: “There are lots of potholes on the road and some areas are damaged due to age long of the road while some areas are completely washed away by rain fall,” “We are, therefore, appealing to the federal government to rehabilitate or construct the road in view of its importance to the socio-economic wel lbeing of the people.

“We plead with that the Federal government to direct the Federal Roads Maintenance Agency (FERMA) to patch or rehabilitate the road to reduce accident on

the road.“ When contacted, the Federal Maintenance Engineer in charge of Jigawa, Mr Adamu Gulma, said that the Federal government was aware of the deplorable condition of the federal high ways in the state.

Gulma stated that government, through FERMA was making preparations to address the problem, with a view to making the highways conducive for motorist in the state.

He said: “Very soon, aggressive patching of potholes will commence to prevent the incessant accidents on the roads.

“We are also engaged in vegetation control along the federal roads across the state.”

“We have directed contractors handling projects with us to start their work with immediate effect or we will revoke the contract.

“This is because we don’t want a situation where people will be losing their lives due to potholes on our high ways.”

CEO lists gains of MTN Nigeria leadership six-pillar strategy). was going beyond a network that programme “It will also strengthen the bonds provided persons with handset, a call

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TN Nigeria has gathered hundreds of its top-level management staff at the company’s inaugural leadership programme to strategise on its six-pillar strategy.

MTN Nigeria Chief Executive Officer Ferdi Moolman said that the programme was a way of rewarding the fantastic work that leaders and managers have continue to put into building the most impactful company in Nigeria.

“The Leadership Gathering (TLG) is a special, first-of-its-kind event designed to inspire ideas and connect the dots around the company’s bright strategy (a well-defined

among colleagues and deepen the connections between staff and the company,” he said in a statement on Wednesday.

He added that the programme with the theme, “Together Towards Tomorrow’’, would lead featured insights from MTN Group CEO, Rob Shuter; Craig Wing, a partner at Future World International; Mark Holtshousen, an Executive Coach and Senior Manager, Global Talent Solution, MTN Group.

Shuter, while speaking on expanding the strength of its staff as an avenue to enable the company push beyond its current purpose to even greater causes, said the company

and data plan.

He added that they were also interested in what they were doing with the device which, he said, their move was into financial services and digital services.

Wing, a partner at Future World International, which empowers companies to create the strategies and culture necessary to prepare for a future characterised by disruption, insisted that the company served only one customer and needed to see itself as such.

“If I was to say to you how many customers MTN has and you say 80 odd million, it will be the wrong answer.

in accordance with the law.

The respondent further sought for a declaration that the VAT transaction by the appellant outside the main objectives of its business, is liable to VAT. FIRS further sought for an order compelling the appellant to pay to the respondent the sum of N29. 2 million being its VAT liability for the period of 2015 to 2016 as contained in the demand letter.

The tribunal chaired by Mrs Alice Iriogbe adjourned the matter until May 15, 2019 for adoption of written addresses after counsel in the matter said they have filed their addresses At the resumed sitting , Olumide Olujimi, counsel for the appellant informed the court that they have filed their written address .

Counsel for FIRS informed the tribunal that they will file their written address before the next adjourned date.

Micro-Credit Scheme: Ogun disburses N200m to women in three months

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he Ogun Ministry of Women Affairs and Social Development yesterday said it had disbursed N200million to a total of 7, 350 persons in the seventh phase of its micro-credit scheme covering January to March.

The Commissioner in the ministry, Mrs Abiola Kufile – Okonji, said this at the budget performance evaluation by members of the State House of Assembly Committee on Finance and Appropriation in Abeokuta.

Kufile – Okonji, represented by the Permanent Secretary in the Ministry, Mrs Ranti Oladeinde, noted that the programme, which would be rounded off in April, would help empower women.

She said government was irrevocably committed to investing in women empowerment and skills acquisition programmes to enable beneficiaries become self-reliant and contribute to the develop-

Mrs Abiola Kufile – Okonji

ment of the state and the nation at large.

The commissioner also said that the ministry had set up mechanism to reconcile 36 estranged couples whose cases were referred to them,.

She added that a total of 220 cases had been successfully resolved out of the 315 family cases handled by the Social Development Area Offices of Local Government Council Areas.

The Ogun Property and Investment Corporation, on its part, said it generated N1.32billion between January and March.

The sum, according to the Managing Director of OPIC, Babajide Odusolu, represented by the Director of Finance and Account, Adeniyi Adenekan, was generated from contractor registration fees, change of ownership fee, sales of building and rent on government assets and property.

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Energy diversification can boost development index, SDGs –expert

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irector, Centre for Atmospheric Research, National Space Research and Development Agency (CARNASRDA) Prof. Babatunde Rabiu, said diversifying energy could boost development and enable Nigeria attain the Sustainable Development Goals (SDGs) by 2030.

Rabiu, yesterday in an interview with journalists in Abuja said that dependency on a single source of energy was impeding societal development and national growth.

According to him, Nigeria is divinely endowed with natural resources which include crude oil, solid minerals discovered in more than 500 locations across the country.

He said that SDGs seven and eight focused on ensuring access to affordable, reliable and modern energy, as well as decent work and economic growth, which the country needed to take seriously.

According to him, energy generated by the few damns, hydropower stations and distributed by companies are insufficient to meet the demands of the citizenry, hence the reoccurring, epileptic power supply in the country.

“It is evident that the supply of energy in Nigeria which is best described as epileptic power supply is far below the demand for it.

“Nigeria is one of the few countries with natural endowment of abundant energy resources such as coal, natural gas, crude oil, hydro,

bitumen, solid minerals, solar energy and other renewable energy sources.

“These resources can be utilised to generate energy. It will also help the country achieve the SDGs by the UN General Assembly for 2030,’’ he said.

He further explained that since the discovery of crude oil in the late 1950s, Nigeria had paid less attention in tapping other natural resources which had impeded national development.

“Coal which could be found in Adamawa, Anambra, Bauchi, Benue, Cross-River, Edo, Enugu, among other states was estimated to be in excess of 2.5 billion tonnes in the late 1950s.

“The mining of coal was disrupted by the civil war, but it was produced up to one million tonnes then.

“Nigeria’s bitumen reserve has been reported to be 27 billion barrels found then at the Benin basin in the eastern section of Okitipupa area of Ondo state,’’ he said.

He recalled that the report by the Federal Ministry of Mines and Steel Development shows that exploitation of bitumen for energy generation was yet to be started.

He said that Nigeria was blessed with the big landscape that covers a wide land area of about 923 769 km2 and every region of the country with its natural mineral deposits.

According to him, the diversifi-

Experts want Nigerians to apply security hygiene to tackle cyber threats

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yber security experts have urged individuals to adopt the security hygiene approach to curb cyber threats.

The experts stated this in Lagos during 9th Securex West Africa Exhibitions and Conference, which encompassed fire and rescue, commercial, homeland and cyber security, organised by Afrocet Montgomey at Landmark Events Centre, was attended by over 150 people.

Favour Femi-Oyewole, the Chief Information and Security Officer, Access Bank Nigeria Plc, said that people were often the weakest link in the security chain because human beings were easily trusting.

Femi-Oyewole said that cyber security awareness was a culture change the country was trying to build, hence, the need to put in a culture to tackle cyber security issues. “’People should have good security hygiene. They should know what is private to them and what should be taken to the public domain.

“Many organisations are under cyber threats but are not aware, just because some individuals have compromised without knowing it. “’Cyber security awareness programmes should centre around a company’s business perspective

as this will ensure it impacts the individuals,” she said.

Joseph Akhanemeh, Risk, IT Audit Manager, Flour Mills of Nigeria Plc, said that once one was connected to technology, then such a person was exposed to cyber threats.

Akhanemeh said that cyber security awareness should start from the homes.

Olusola Odurinde, the Acting Chief Information and Security Officer, Polaris Bank, said that it was everyone’s responsibility to tackle cyber security threats.

Odurinde, however, said that government had to take the first step in tackling cyber security issues.

“The process of cyber security is first awareness, then education, assimilation and cultural change. “’Organisations have fortified their ends, it is now the ends of individuals that cyber attackers are targeting,” he said.

Tunji Igbalajobi, Director, Information Security Development, Cyber Security Export Association of Nigeria (CSEAN), said that government should play a vital role and consider cyber security as an integral issue.

Igbalojobi said that cyber security awareness was one of the focal points that organisations had to invest in to ensure that people were secured.

Installation of Solar Panel by Engineers

cation of energy resources will be viable in such a way as to follow the multi-terrain landscape of the country for efficient energy generation.

He said that energy diversification if harnessed would broaden sources of national income, investment opportunities, job creation, clean energy, regular and affordable power, and economic growth among other benefits.

Rabiu said that effective legislation, policies favourable to energy generation should be encouraged

and formulated by policy makers, as well as the enabling environment created for private sector participation in energy generation.

He also said that curriculum of the country’s education system should be structured to address societal issues.

“Nigerian Energy Commission needs to be restructured such that it is further empowered and mobilised to ensure effective energy generation.

“A responsible education cur-

riculum changes pro-actively with the needs of the society.

“For sustainable development in general, the tertiary institutions must increasingly direct its curriculum and research agendas toward issues that address SDGs,’’ Rabiu said.

According to him, tertiary education systems industries and government authorities must be effectively linked for effective national development.

Foundation urges elected leaders to make water, sanitation priority

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he Senior Proramme Officer, Global Health Awareness Research Foundation, Mrs Ebele Ofora, has called on citizens to demand their rights to water and sanitation from elected political officeholders.

Ofora added that this became necessary following poor access to potable Water, Sanitation and Hygiene (WASH) facilities in parts of the country.

She noted that the group was implementing the Sustainable Total Sanitation programme in partnership with WaterAid Nigeria to carry out community mobilisation and engagements for WASH. According to her, part of the activities is the signing of pledge cards to show commitment, saying as elections have come and gone, follow-up on these commitment was ongoing.

“We are implementing a project sponsored by WaterAid Nigeria called Sustainable Total Sanitation, part of the activities we carried out is the community mobilisation and engagements, the Vote for WASH. “The community members

must understand that WASH is their right, it’s a human right issue.

“The vote for WASH campaign is a strategy to engage political office holders, it’s not the period of I will give you salt and rice, they need to know that it’s their responsibility and are obligated to provide them. ‘’They include water and sanitation facilities in all public places such as markets, parks, religious places and hospitals.

“The strategy is meant to educate communities to demand for their rights with political office holders.’’

Ofora said that a survey carried out in Enugu in four pilot Local Government Areas, which was a fall out from the declaration of a national emergency by the president in the WASH sector.

She said that this revealed poor water and sanitation practice in the state.

“The refuse is being emptied in the river and you realised that at the other end of the rivers, inhabitants use the water for household purposes, drinking among

others.’’

She said that due to advocacy and awareness campaign being carried out, there were reports that the sewage disposal had been banned with the tankers also being banned from disposing waste into the rivers.

Ofora said that it was important for laws and policies on safe disposal of waste and sewage to be available and implemented, and if not done, it would have a direct impact on the environment and populace.

She said that with the support from UN Children’s Fund Zone, a field office, implemented the Support for Community Engagement and Monitoring of Female Genital Mutilation (FGM/C) intervention among youths.

Ofora said that the programme, which started in January 2018, was aimed at increasing the level of knowledge of participants on the health risks and implications of female genital cutting in 10 communities in Afikpo North Council, Ebonyi State .

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THURSDAY, APRIL 18, 2019

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Reps urge FG to secure remaining Chibok girls, Leah’s release

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call has been be made by the House of Representatives, yesterday called on the Federal Government to redouble its efforts toward securing the release of the Chibok schoolgirls abducted by Boko Haram.

The lawmakers also urged the government to do everything within its power to free Leah Sharibu and others from their abductors.

This followed a motion under matters of urgent public importance by Asabe Vilita-Bashir (APCBorno) at a plenary presided over by the Deputy Speaker, Yusuff Lasun, at National Assembly, Abuja.

No fewer than 276 of the students of Government Secondary School, Chibok, were abducted by Boko Haram group on April 14, 2014. Out of the number, 57 of the girls escaped before the insurgents could transport them to their base in Sambisa Forest, four others escaped after two years while a total of 103 were released after an agreement with the government.

Moving the motion, VilitaBashir, who represents Chibok/ Gwoza/Damboa Federal Constituency, said it is disheartening that after five years of abduction about 112 of the girls were still in the custody of the terrorists. ‘‘The House notes that the April 14 marked the 5th anniversary of the kidnapping of 219 Chibok girls by Boko Haram insurgents. ‘‘The House further notes that over 100 Dapchi schoolgirls were also abducted by the same insurgents. ‘‘The House is concerned that in spite of the local and interna-

tional cries, 112 of the Chibok girls, Leah Sharibu and Alice Ngaddah are still in captivity,’’ she said.

The lawmaker, who commended the federal government for its efforts so far, said there was the need to do more toward ensuring freedom for all the abductees.

Contributing, Diri Douye (PDP-Bayelsa), said it is unfortunate that the country is still being faced with the challenge of securing the release of the remaining girls five years after. ‘‘It is heart-bleeding for us to still be talking about the release of our sisters who have been in captivity for five years. This same thing goes for Leah Sharibu. ‘‘If efforts have been intensified, I know today, we would not be raising this motion. This is a wake up call on the federal government and all of us,’’ he said.

Nnenna Elendu-Ukeje, (PDPAbia), said it is sad that some of the parents died while waiting for their daughters’ return.

The lawmaker, who commended the Bring Back Our Girls (BBOG) group, said the country has failed in its responsibility of securing the lives of its citizens. ‘‘Around the world, this has been the conversation, even in the U.S.,’’ she said.

Also speaking, Ken Chikere, who commended the federal government for its effort so far, noted that government still deserved some praises so that it could do Sergius Ogun, (PDP-Edo), said there is the need for the federal government to tell the abducted girls’ parents and the nation on the

Leah Sharibu

current status of the girls.

On his part, Toby Okechukwu, (PDP-Enugu), who said it is unimaginable the way the girls were kidnapped by the terrorists, queried why it has taken such a long time to secure their release. ‘‘Until we begin to be accountable, we may not be able to find solutions to our problems. ‘‘People in government should begin to exercise their functions with some level of responsibility,’’ he said.

Ogun governor-elect inaugurates work groups to deliver on campaign promises

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he Ogun State Governor-Elect, Dapo Abiodun yesterday inaugurated a 23-member Economic Transition Committee and 10 Work Groups for the actualisation of his campaign promises.

The event was held at the TCC Resort, Ogere, Ogun State.

Abiodun described the membership of the committee and the work groups of 253 members as “broad – based and a rich blend of human resources.”

He explained that they had been painstakingly selected from critical stakeholders including professionals in politics (from various political parties), experts, women, youth organisations, private sector, people with special needs as well as non-indigenes.

Abiodun said that the members of the committees and various work groups were to elaborate on his campaign manifesto and to recommend programmes and policies as well as develop

realistic roadmap for implementation.

He gave assurance that the members would “develop a policy document that is deep in concept, broad in scope, ambitious in vision but takes cognisance of the current realities.”

Abiodun advised that each work group should identify other critical and relevant stakeholders and seek their input as may be necessary.

He emphasised that the vision of his administration is to provide a focused governance that creates an enabling environment for sustainable economic development of the state for an improved welfare of the citizens.

Abiodun explained that his administration would leverage on the vast natural resources and the huge intellectual capacity of Ogun, to transform the state to an enviable height.

The governor-elect, who identified the constraint of funding, stressed that his administra-

tion would promote private-public partnership as a veritable tool for funding and significant value.

He stressed the need for the members of the various groups to come up with monitoring and evaluation mechanisms for timely implementation of agreed recommendations to ensure realisation of desired outcomes.

“I want to assure that we are fully committed to this process and that the document that will emerge will not be used to decorate the shelf but diligently implemented,” he said.

Abiodun, who described governance as a continuum, pledged that his administration would continue the implementation of projects of the outgoing government, which were for the development of Ogun people.

“I am hopeful that the incumbent government will provide accurate information on all ongoing projects in the state and the general state of affairs of our common patrimony,” he said.

The Deputy Speaker, Lasun, said it is painful that after the Chibok girls’ abduction, ‘‘we still have another set of girls being captured by the insurgents. ‘‘It is painful because in my area, my people say it is better for a child to be announced dead than to be declared missing. ‘‘We just need to improve on

our security architecture,’’ he said.

Lasun, however, remarked that ‘‘with the knowledge or fact that some of the girls might have died in the hands of their abductors, coupled with some of the security personnel who might have lost their lives in the course of rescuing the girls,’’ he urged the house to rise up for a minute’s silence.more.

Agro firm devices onion preservation technique using local technology

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Damaturu-based agroallied company, Fanzar Farms, has said that it has devised a method for preservation of onions using local technology.

Executive Director of the company, Bornoma Yalamoi, disclosed this yesterday in Damaturu.

He said the method involved a local cooling system device using sand, which provided moisture that kept onions continuously fresh over a long period of time.

According to him, the company preserved over 200 bags of onions for about five months last year, using the local technology.

“We are currently harvesting; we will increase the quantity and expand the process to target one year preservation period,” he said.

The director said the preservation method was devised out of necessity following massive loss due to lack of storage facilities.

“We started with little quanti-

ty, and progressed over the years, and had been able to preserve the entire onions harvested.

“We took pains to find a way out of the situation because many farmers are forced to dispose their onions at give-away prices, or risk losing the stock to poor storage.

“We have commenced training of farmers in our area on the storage process, to enable them keep their produce for a longer period, without having to sell same at very cheap rates due to lack of storage facilities,” said Yalamoi.

Vegetable markets in the state are currently flooded with onions, resulting in a crash in price.

An average-size bag now sells for between N3,500 and N4,500, and can fetch up to N20,000 if preserved and sold few months after harvest period.

Onion farmers in the state who were interviewed some time ago, challenged agriculture research institutes in the country to come up with a reliable preservation technique.

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Ambode receives UEFA Champions League trophy

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overnor Akinwunmi Ambode of Lagos State yesterday received the UEFA Champions League Trophy at the Government House at Alausa, Lagos.

The trophy was presented by the championship Ambassador and former captain of Barcelona FC of Spain, Carles Puyo.

Puyol, a three-time Champions League winner, is in Nigeria on a three-day visit to lead the UEFA Champions League Tour to bring the tournament closer to the fans.

Ambode, who was represented by the Chairman of Lagos State Sports Commission, Dr Kweku Tandoh, also received Nigerian football legend, Austin Jay-Jay Okocha, who was part of the delegation.

The trophy tour was organised by the Nigerian Breweries Plc. Ambode lauded the organisers of the tour for considering Lagos as one of the states to visit.

He said the development was particularly gratifying more so that the synergy between sports and entertainment as well as tourism had been massively played up in the last four years.

Ambode also lauded the contribution of Puyol and Okocha to the development of the round leather game in Nigeria and worldwide, saying they deserved to be appreciated

and celebrated.

“I must say I am very pleased with the organisers of this Trophy tour for deeming it fit to take the UEFA Champions League Cup to Lagos.

“We are particularly excited because our administration has focused on the synergy between sports, tourism, entertainment and the arts among others and the people can see the positive effects of our efforts in that regard.

“We are pleased to also welcome Barcelona FC and Champions League legend, Carles Puyol to Lagos, as well as our legend, Jay-Jay Okocha.

“Many of us underrate this legend that we have and just yesterday, I understand Puyol had a very difficult time on the field of play in Uyo when Jay-Jay had to give him a few tricks.

“Unfortunately, Jay-Jay did not get to play for Barcelona; he would have lifted the Champions League but I must say we appreciate what Okocha has done for Nigerian football.

“If you have a player that is sometimes compared to Messi, Maradona and spoken about in the same breath, then we know we have a star in our midst and so, I like to thank Jay-Jay for his contributions to football,” Ambode said.

Carlos Puyol presents UEFA Cup to Ambode in Lagos

Women’s World Cup 2023: S’Africa, others interested in hosting –FIFA

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orld football ruling body FIFA announced yesterday it has received nine registration files in connection with the bidding process for the FIFA Women’s World Cup 2023.

The files are from FIFA’s member-associations (MAs) in Argentina, Australia, Bolivia, Brazil, Colombia, Japan, New Zealand, South Africa and South Korea who are proposing a joint hosting bid with North Korea.

“This represents the largestever list of MAs to have con-

firmed their intention to submit a bid for a single tournament in FIFA’s history,” the world body said in a statement.

It added that the development further attests to the high level of interest in hosting the 2023 edition of FIFA’s flagship women’s football tournament.

FIFA will now dispatch the various bidding and hosting documents, and the memberassociations will have until Oct. 4 to submit their respective bids to FIFA.

Before then, they will have the opportunity to attend a bid information workshop and observer programme in June during the FIFA Women’s World Cup France 2019.

FIFA has insisted it is implementing a fair and transparent bidding process, which includes a clear evaluation model as well as a concrete commitment to sustainability and human rights.

All bid books will be published in full on FIFA’s website upon submission in October.

Nigeria set to host Africa Senior Beach Volleyball Nation Cup

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disclosure yesterday came from the Assistant Secretary of the Nigeria Volleyball Federation (NVBF), Ademola Oyekedun, that Nigeria would host Africa Senior Beach Volleyball Nations Cup from April 21 to April 27 at Jabi Lake, Abuja.

Oyekedun said in Abuja that the federation was set to give participants a befitting environment for the competition.

He said that the president of the federation, Musa Nimrod, had made everything possible

to make the competition interesting for spectators.

“The president and the board members have done a great job to make the environment conducive for all participants.

“I believe that at the end of the competition players will say good things about the tournament.

“As the host country, I’m sure that our players will make us proud at the end of the competition,” he said.

Over 20 countries will participate in the tournament in Abuja.

U-17 AFCON: Nigeria beat Angola, qualifies for World Cup

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FIFA President - Infantino

he Golden Eaglets of Nigeria yesterday defeated their Angolan counterpart 1-0 to qualify for the semi-finals in the ongoing U-17 AFCON in Dar es Salaam, Tanzania.

With the win, Nigeria has also qualified for the FIFA U-17 World Cup slated for Brazil later in the year.

The Manu Garba tutored Eaglets had earlier beaten host Tanzania 5-4 in a thrilling encounter in the Group A opener.

In the pulsating game against Angola yesterday , Nigeria’s Olakunle Olusegun scored with a well taken penalty in the 21st minute sending the Angolan Keeper Geovani Carvalho the wrong way.

The Nigerian boys continued to heap pressure on the Angolan defence but were wasteful in front of goal with five attempts on goal out of the seven shots fired.

In the second half, Angola’s drive to level up was dealt a blow after defender Cabingano saw red card for a second bookable offence, his dangerous lunge on Olusegun earned him a second yellow card.

With a man advantage the Eaglets grew in confidence but could not convert their chances as the Nigerian side ran away with a slim 1-0 win.

The Golden Eaglets, five time winners of the competition will face Uganda in their final group game on Friday.

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THURSDAY, APRIL 18, 2019

Panel recovers unreturned $20m from bank Continued from page 1

Federal Housing Authority (FHA) to recover its property illegally appropriated by fraudulent individuals.

Obono-Obla, who re-echoed President Muhammadu Buhari’s position that corruption would always fight back, assured FHA’s Managing Director of the Panel’s commitment to deliver on its promise.

The MD said that the agency had also uncovered unwholesome dealings which resulted in zero documentation of about 800 houses in the Authority’s

Officials and the delegates in a group pictures, at the Nigeria Agricultural Enterprise Curriculum (NAEC) TOT Training for beneficiaries of the Presidential Amnesty Programme supported by DFID Funded Market Development In The Ni-ger Delta, held in Uyo, Akawa Ibom State.

Easter: FRSC begins sensitisation

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L-R; Marketing Director, Recket Benckiser, (RB), West Africa, Mrs. Aliza Leferink, Commissioner for Health,Lagos State, Dr. Rotimi Agbolagorite, General Manager, RB, West Africa, Dayanand Sriram, Rep. Minister of Education, Lagos State, Martins Opeyemi, Dettols Brand Ambassador, Mrs. Funke Akindele-Bello, Rep. Minister of water resources, Emmanu-eal Awe, during the official launch of the clean Naija Initiative and Dettol brand ambassador unveiling in Lagos.

Banks spendings on personnel hit N478m Continued from page 1

lowed with personnel expenses of N71.16 billion, which was an increase of 3.17 per cent over the N68.97 billion the Tier 1 lender reported for the previous year.

Zenith Bank reported a 6.36 per cent rise to N68.56 billion in its personnel expenses in 2018 compared with the N64.46 billion it declared for the previous year.

Also, Access Bank’s personnel and rent ex-penses increased by 7.31 per cent to N61.48 billion last year from the N57.29 billion it reported for 2017.

Similarly, Stanbic IBTC’s staff costs rose by 18.59 per cent to N43.03 billion in 2018 from the N36.28 bil-lion, the

Tier 2 lender declared for the previous year.

The analysis further shows that Guaranty Trust Bank’s personnel costs increased by 12.26 per cent to N36.86 billion in 2018 from the N32.83 billion the Tier 1 lender reported for the previous year.

Significantly, of the eight banks’ results reviewed by this newspaper, only Fidelity Bank reported a de-cline in its personnel expenses last year.

According to the Tier 2 lender, staff costs fell by 2.55 per cent to N24 billion last year, compared with N25 billion it declared for 2017. The analysis also indicates that Sterling Bank’s personnel expenses in-creased to N13.19

billion in 2018 from N11.55 billion that the lender reported for the previous year.

Financial experts said that despite efforts by the industry to tackle the issue, the nation’s lenders con-tinue to grapple with rising costs. For instance, commenting on bank’s Full Year 2018 results, the Chief Executive Officer, Financial Derivatives Company (FDC) Limited, Bismarck Rewane, stated that while most banks reported increase in Profit After Tax (PAT) and earnings, “cost structure (is) a major threat to earnings sustainability.” The financial expert also noted that “Tier 2 banks have higher cost-toincome ratio.”

Industry analysts point

out that in the aftermath of the slump in oil prices in 2015 and the subsequent slipping of the Nigerian economy into recession in 2016, deposit money banks were forced to embark on tough cost cutting measures, including laying off of redundant staff and shutting unprofitable branches as part of strategy to cope with the harsh times and remain profitable.

According to data released by the National Bureau of Statistics (NBS), 8,663 workers lost their jobs in the first half of 2017. Specifically, the data showes that banks sacked an average of 360 workers every week from January to June 2017.

Gwarinpa Estate alone.

“We have decided to modernise operations of the agency, following which the FHA had studied, improved upon, adopted and deployed the Abuja Geographic Information System (AGIS) software in an effort to computerise data using the Gwarinpa FHA Estate as a pilot.

Al-Amin also added that efforts to correct some irregularities unearthed by the exercise and recover property from illegal possessors had met with stiff resistance from within and outside the agency.

he Federal Road Safety Commission (FRSC) on Wednesday began sensitisation of motorists to reduce incessant accidents on the Abuja-Kaduna-Kano Expressway.

Speaking during the sensitisation and enlightenment campaign held at the Dadi Motor Park, Kwangila, Zaria, Kaduna State, Deputy Corps Commander, Stella Joseph-Numan said the sensitisation was neces-sary to curb deaths on the highways.

Joseph-Numan, who is also the Corridor Commander in charge of Zuba-Kaduna-Zaria Corridor Com-mand, said: “You know we have been experiencing a lot of accidents

due to the ongoing road con-struction and the attitude of some motorists.

“I want to appeal to motorists to be patient, our drivers are so impatient due to this road construction; there are many diversions on the way and motorists do overtake from the left and also from the right.

“These are some of the reasons why motorists should to be sensitised on the need to respect traffic rules and regulations toward safe arrival.

“I am here today to also monitor the preparedness of the Zaria unit command for the Easter patrol. We noticed that we are experiencing great loss, especially along the Kwanila bridge.’’

Buhari lauds Bill Gates over anti-polio war in Africa

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resident Muhammadu Buhari has commended one of the world’s richest men, Bill Gates for his con-sistent and generous support to public causes around the globe.

The president, in a telephone conversation with Gates, specifically lauded him for supporting the erad-ication of polio and HIV diseases in Africa and Nigeria in particular.

Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, in a statement in Abuja on Wednesday, said Gates on his part, congratulated the President upon his resounding elec-

tion victory for a second four-year term of office.

The presidential aide quoted Gates as saying that he was happy to be associated with the President.

He said Gates restated his “commitment to the success of the administration as well as the progress, prosperity and well-being of Nigeria.

“He expressed willingness to do more for the country.’’

President Buhari reiterated his opinion that Gates’ wealth had benefited Nigeria’s development, and expressed appreciation for the call.

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Okorocha inaugurates committee for takeoff of six new varsities

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L-R: Branch Chairperson, Chartered Institute of Procurement and Supply (CIPS), Mrs. Uche Gab-Agundu; Regional Di-rector, CIPS, Middle East, North Africa and West Africa, Sam Achampong; Ghana Country Chairperson, Mrs. Stalla Aku; Key Note Speaker, Global Vice President, Shell Upstream Exploration and Production, The Haglie, Mr. Babs Omo-towa and Contract Manager Solewant Nigeria Limited, Port Harcourt, Mr. Patrick Umoh, during the CIPS Nigeria Summit 2019 on “Raising the Bar: Driving Business Value through Supply Chains” in Lagos.

Minister denies report on removal of fuel subsidy Continued from Page 1

“So, let me say that everywhere in the world where IMF does its review, it will always give advice be-cause that’s the purpose of the review.

“And their advice is when you give subsidy – whether it is fuel or power, their advice is always ‘look at how you can exit doing that’. And that’s the same advice they gave Nigeria.

“So, when I was asked, I said we agreed with that advice. We need to find how we can exit fuel subsi-dy.

But how do we do that?

“We do that only when we have enough buffers to cushion the effects of the removal for our people.

“It is up to the Executive in support with the legislature to agree

on what those buffers are,’’ she added.

The minister maintained that even though the government periodically discussed the issue of subsidy under the Economic Management Team, it never contemplated removing the subsidy.

“We should not be contemplating removing the subsidy because, indeed when we do, there will be people that will suffer. So, we are not yet there.

“We discussed this periodically under the Economic Management Team. But we still haven’t found a formula that works for Nigeria. And you know that Nigeria is unique.

What works for Ghana might not work here.

Zenith Bank positions for higher rewards with Q1 PAT growth by 7%

BY BONNY AMADI

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enith Bank Plc reflected penchant for growth in its recently released first quarter 2019 unaudited fi-nancial statement, even as its grows revenue dropped.

The Zenith bank’s result for the first quarter period ended March 30,2019 released by the Nigerian Stock Exchange (NSE) recently, showed that Profit After Tax (PAT) closed at N 50.2 billion in the first quarter, from N47.1 billion recorded in the first quarter 2019, reflecting 7 per cent growth.

Gross Revenue dropped by 6.5 per cent to N169.2 billion, against N158.1 billion posted in same pe-riod of 2018. Profit/ (Loss) Before Tax (PBT) closed at N57.3 billion from N54.0 billion in 2018 Q1, re-flecting growth by 6.1 per cent.

The bank’s Earnings per share (EPS) rose by 1.6 per cent y/y to N1.6 from N1.5 posted in 2018 first quarter The result further showed remarkable growth in its financial statement as total assets rose by 3.6 per cent to N5, 879.2 trillion, from N

5,675.8 trillion posted in 2018 Q1.

Also, total liabilities rose by 3.2 per cent to N5, 098.3 trillion, from N4, 940.6 trillion in Q1 2018, while total equity also rose by 6.2 per cent to N780.9 billion, from N735.2 billion recorded in the same period of 2018.

The bank’s share absolute performance over a month period stood at -1 per cent, three months , at -1.14 per cent, six months it stood at 1.14 per cent , 12 months at -18.11 per cent, while YTD, it closed at -5.86 per cent.

Relatively, Zenith bank’s share performance over a month’s period, closed at 3.55 per cent, three months closed at 1.64 per cent, six months at 8.36 per cent, 12 months at 9.64 per cent, while ytd it closed at -0.08 per cent.

Westafrica BusinessNews recalls that Zenith Bank on Tuesday placed fourth on the top gainers chart of the Nigerian Stock Exchange (NSE) with N0.4 or 1.95 per cent, to close trade at N20.9 per share, while AFRIPRUD closed the top five gainers chart at N4.18 per share, having gained N0.31 or 8.01 per cent of its share value.

However, at the trading on the floor of the NSE, yesterday, Zenith bank closed positive at N20,9 per share, with total transacted turnover of 16,309,614 million shares worth N342, 543,489.05 million, exchanged by investors in 318 deals.

Listed on the NSE banking sector premium board, Zenith bank closed trade with market capitalisation of N656, 186,720,127.40 billion, and 31,396,493,786 billion shares outstanding.

The bank over a52 week’s period , attained high equity pricing of N29.00 per share and 52 weeks low equity pricing of N19.60 per share.

Zenith bank , over a week’s period April 9th to 17 April has pulled a total turnover of 137.75 million shares , trading at between N20.15 and N20.90 per share.

Westafrica BusinessNews recalls that, Zenith Bank recently announced the appointment of Ebenezer Onyeagwu as its new Managing Director and Chief Executive Officer.

Management of the bank said Mr Onyeagwu’s appointment is subject to the approval of the Central Bank

of Nigeria (CBN).

The new Zenith bank’s CEO is expected to resume duty on June 1, 2019, after the expiration of the tenure of the current CEO, Peter Amangbo, the bank’s current CEO. Amangbo’s tenure will expire on Friday, May 31,2019.

The incoming CEO, Onyeagwu started out as a senior manager in the Internal Control and Audit Group of the bank and by 2005 had become an assistant general manager in the bank.

The disclosure stated that before his appointment, Mr Onyeagwu had been the bank’s deputy managing director since October 2016 and spent 17 years working with Zenith Bank.

A graduate of accounting from Auchi Polytechnic, the new CEO began his career at the defunct Finan-cial Merchant Bank in 1991 and later held several management positions in the erstwhile Citizens International Bank Limited until 2002 when he joined Zenith Bank.

He later obtained a postgraduate diploma in Financial Strategy and a certificate in Macroeconomics from the University of Oxford.

overnor Rochas Okorocha of Imo State yesterday inaugurated an implementation committee to midwife the speedy commencement of six new universities in the state.

Okorocha charged the committee, headed by Prof. Chima Iwuchukwu, to pursue the collection of the letters of recognition from the National Universities Commission for the universities as soon as possible.

The universities include the University of Agriculture and Environmental Science, Abor Mbaise and Ngor Okpala; University of Technology, Onuimo; Universiry of Creative Technology, Nkwerre; Universi-ty of Medical Sciences, Ogboko; Marine University, Oguta and College of Health Technology.

The governor expressed the hope that the universities would restore the “glory of the state as the first in the educational industry in the country.”

He said that the universities would be jointly owned by the state government, organisations and enti-ties partnering with it under the Public Private Partnership agreement.

He further said that the state government would provide the infastructure, while the partners would provide funding for the running of the universities.

He said that the Imo State University, Owerri would continue to be tution free.

The governor, however, said that the new universities would be run by partnering organisation which, according to him, will be allowed to charge tuition fees.

He also said that four new polytechnics have been established in the state to support the universities in providing tertiary education in the state.

The polytechnics are Mbonu Ojike Polytechnic, Arondizuogu, Ahiara Polytechnic, Ahiazu Mbaise, Ehime Politechnic, Ehime Mbano and Bishop Shanahan Hospital, Orlu.

Okorocha lauded the state House of Assembly for providing the legislative backing for the establish-ment of the institutions.

He said that modalities had been put in place for the sustenance of the current tuition-free education in the state after his exit.

Rochas Okorocha

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Group wants release of Justice Ofili-Ajumogobia A

civil society organization , the Southern Nigeria Peoples Mandate (SNPM), a civil society organisation, has called on the Economic and Financial Crimes Commission (EFCC) to obey court order and release Justice Rita Ofili-Ajumogobia from its detention.

The president of the organisation, Augustine Chukwudum, made the call in a statement issued in Enugu yesterday .

Chukwudum noted that it was wrong and against the principles of Rule of Law for the commission to re-arrest OfiliAjumogobia at the courtroom, after she had been discharged by a court in Lagos on Tuesday.

“What happened yesterday is pure genocide against the Rule of Law. “We are calling on every Nigerian to rise up and condemn the action of EFCC, because if we keep quiet as it is with Nigerian culture then something worse than this will happen.

“A person is presumed innocent until proven guilty by a law court, the woman is not guilty and was discharged acquitted by the court because the EFCC failed to prove its case beyond reasonable doubt.

“The court has not found her guilty and discharged her, but

our question now is why must government agency disobey court order?’’ he asked.

“We hereby calls on President Muhammadu Buhari to call agencies of government like EFCC, Independent Corrupt Practices and Other Related Offences Commission, police and army to obey court orders because we are in democracy and not military dictatorship.

“No government or agency has the right to choose the laws it will obey and the ones it will not obey,’’ he said.

Chukwudum noted that the judiciary must be respected and protected as enshrined in the Constitution.

“We, hereby, call on EFCC to release Justice Ofili-Ajumogobia with immediate effect and enough of this impunity,’’ the SNPM boss said.

Ofili-Ajumogobia, a former Federal High Court judge, was re-arrested at premises of a Lagos State High Court in Ikeja, Lagos State on Tuesday.

The re-arrest happened after charges against her were struck out by the court.

She was arrested by officials of the commission and driven away in a white Toyota Hilux with Abuja number plate BWR 637AT.

Justice Ofili Ajumogobia (middle

FEC okays N1.3bn for Abuja Cultural Zone infrastructure

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he Federal Executive Council (FEC) yesterday approved N1.3 billion for the provision of infrastructure in the Abuja Cultural Zone.

The Federal Capital Territory (FCT) Minister, Mohammed Bello, disclosed this at the end of the FEC meeting presided by President Muhammadu Buhari at the Presidential Villa, Abuja.

According to Bello, the Cultural Zone of Abuja comprises the area where Yar’Adua Centre is located, the road that leads through the Petroleum Technology Development Fund (PTDF) building, the African Development Bank (AFDB) and the Silver Bird Galleria.

“The approval of award of contract for the provision of infrastructure to the Cultural Zone of Abuja is at the contract sum of N1.3 billion with a completion period of nine months.

“If you notice, it is just one entry; one exit; the Master plan actually allows for a network of roads within that area.

“The whole idea is to make is easy for residents to move around into the Cultural Zone and out of the Cultural Zone; and it is a very important part of the city especially for the cultural aspect.’’

Bello said that contract was also awarded for the rehabilitation of 12.6 kilometres of road from the junction at Gwagwalada on the Abuja-Lokoja A1 Expressway.

He said the contract for the road, which would pass through Gwagwalada Specialist Hospital, was for N1.3 billion with completion period of eight months.

The minister said that the third contract was for the reconstruction of access road leading to Lower Usuma Dam in the sum of N1.26 billion.

“The Lower Usuma Dam is the Dam that provides portable water to the residents of Abuja and surrounding satellite towns.

“The first contract is at Gwagwalada and this one is at Usuma –all key in with the administration’s policy of twin development— developing the city centre itself and then the surrounding satellite towns so as to replicate good quality infrastructure in the satellite towns.

“The contract is at the sum of N1.26 billion with a completion period of six months. Just for the purpose of context, that particular road was constructed way back in 1986,’’ he said.

On his part, the Minister of Transportation, Rotimi Amaechi,

said that there was a memo for approval for an amendment to earlier approval.

He said that there was an initial approval for 8.7 billion dollars for Ibadan to Kano railway beginning from Ibadan to Oshogbo; Oshogbo to Minna; Minna to Abuja; Minna to Kaduna; Kaduna to Kano.

“What we sought was a variation because the financing authority wanted to fund just 5.7 billion dollars and we needed approval to now re-negotiate the remainder as commercial loan and that approval was given.

He said that the president also approved that Oshogbo to Ekiti railway should be part of the project.

“You know it was not there earlier; even though we had promised to do it.

“So, the approval was given today in the cabinet for that to be done; that will cost us a total of 500 million dollars,’’ he said.

Amaechi said that N474.4 million was also approved for the purchase of 23 optional vehicles for Nigerian Civil Aviation Authority (NCAA); two Toyota Hiace buses and 21 Toyota Hilux pickups.

Customs gets 91,000 job applicants

Barely 24 hours after Nigeria Customs Service (NCS) opened its portal for ongoing recruitment exercise, no fewer than 91,000 Nigerians have so far successfully submitted their applications.

One of the officers in charge of the portal at customs’headquarters, Abuja who preferred anonymity said that “as at 4:00 P.M, the applications of 91,000 applicants were successfully received.”

NCS opened its portal at 12:00am on Wednesday for recruitment of 3,200 officers and men to the service.The officer disclosed that applications of other Nigerians in diaspora were equally received.

He added that Nigerians in not less than 41 countries had so far applied for various cadres.

The Acting Deputy Comptroller-General of Customs in charge of Human Resources Department, Umar Sanusi, at a news conference on Tuesday in Abuja said 800 would be recruited to fill vacancies in the Support Staff for Superintendent Cadre Category.

Sanusi said 2,400 would fill those of Customs Inspector and Customs Assistant Cadre in the General Duty Categories.

He also said that the service’s portal for the recruitment would

be opened for 24 hours and would close after three weeks.

FG declares Friday, Monday, public holidays The Federal Government has declared Friday, April 19 and Monday, April 22, Public Holidays to mark the 2019 Easter celebration.

Permanent Secretary, Ministry of Interior, Georgina Ehuriah, announced the holiday in a statement quoting the minister yesterday in Abuja.

Minister of Interior, Lt.- Gen. Abdulrahman Dambazau(Rtd), who made the declaration on behalf of the Federal Government, enjoined all Christians to emulate the exemplary attributes of Jesus Christ amongst which are tolerance, love and peaceful coexistence.

He urged all Nigerians home and abroad to use the occasion to pray for the peace, unity and progress of our great country, irrespective of diversity in religious beliefs.

Dambazau wished all Nigerians a happy and peaceful Easter celebration.

He further called on them to support the administration of President Muhammadu Buhari in its determination to take the country to the next level.

THURSDAY, APRIL 18, 2019 Vol. 06 No. 327

MARKET WATCH

Facilitating growth of small and medium enterprises in Nigeria

BY FRANCA OFILI

T

here is no gainsaying the fact that small and medium scale enterprises (SMEs) represent the fulcrum for the economic development of any nation.

This is because SMEs are the “engine of growth and catalyst for socio-economic transformation of any country, especially in developing countries like Nigeria,’’ according to economic experts.

The experts say that since the government cannot provide full employment for all the citizens, SMEs readily fill in the gaps in the employment situation in the country by providing jobs for a larger section of the citizenry.

These enterprises are widely recognised as a veritable vehicle for the achievement of national macro-economic objectives in terms of employment generation at low investment costs and enhancement of apprenticeship training.

Due to the importance of SMEs in the nation’s economic scheme of things, the Federal Government in 2018 initiated a programme — Micro Small and Medium Enterprise (MSME) Clinics — to address the problems militating against the growth of MSMEs across the country.

The Vice-President, Prof. Yemi Osinbajo, said that MSME Clinic was part of the Federal Government’s efforts to improve the business environment in the country and find lasting solutions to the percepti-ble challenges facing the growth of MSMEs‎.

He said that the idea of the clinic was to increase the efficiency of MSMEs by providing them with practical growth strategies via the adoption of a time-saving approach.

He described Nigerians, especially the youth, as hardworking people who were endowed with great entrepreneurial skills that were capable of boosting the economic growth of the nation.

Osinbajo emphasised that the future of the country relied on small-scale businesses, which were mostly managed by youths.

“It is important that we, as government, should do our part because we have a key role to play in the growth of MSMEs in Nigeria.

“The clinic is how to develop small businesses to grow quickly; we know that funding is a major con-straint to the development of MSMEs; so the Federal Government is determined to reverse the trend.

“Every business concern needs support and we are ready as a government to assist the MSMEs,’’ he added.

Osinbajo said the clinic was a platform for MSME entrepreneurs to discuss existing opportunities and the challenges confronting their businesses.

Commenting on MSMEs, the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, said that this category of enterprises contributed nearly 50 per cent of the nation’s Gross Domestic Product (GDP).

He said that concerted efforts were being made to build the capacity of MEMEs,

The management of MSME funds by the banks is, however, a very huge issue; it is a weak link in the chain increase their access to finance and eliminate the drawbacks limiting the growth of the businesses.

He noted that the Federal Government inaugurated the National Council on MSMEs to sharpen its focus on MSMEs and boost the development of the sub-sector of the national economy.

Enelamah said that the government had also increased the access of MSMEs to finance by providing start-up capital and business expansion capital for entrepreneurs.

He said that other schemes aimed at boosting the growth of MSMEs included the World Bank-funded Growth and Employment (GEM) Project, which was particularly focused on Information, Communica-tion and Technology (ICT), agro-processing, entertainment, tourism and construction businesses.

The minister recalled that at the end of 2016, the World Bank rated the GEM project as “unsatisfactory and underperforming’’ and even considered the outright cancellation of the project.

He said that the unacceptable rating by the World Bank necessitated the restructuring of the GEM project.

Enelamah said that the Federal Government and the World Bank reviewed and restructured the pro-ject to ensure that schemes such as funding, technical assistance, and capacity building programmes were provided “directly’’ to MSMEs. He stressed that the country had achieved a lot through the GEM project, adding that the feats in-cluded the registration of over 89,000 MSMEs on the BIG portal He said that more than 900 MSMEs across the country were given grants to implement their business plans, while over 40 local consulting firms were trained to deliver technical services to MSMEs. The minister said that over 750 MSMEs had benefited from a training programme — Business Devel-opment Services Providers (BDSPs) — and over 21,000 MSMEs had received technical assistance, in-cluding training by the Enterprise Development Centre of Lagos Business School.

As regards funding, Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), said that the bank had disbursed over N100 billion to support the growth of MSMEs in the country.

He added that another N60 billion was

specifically set aside to fund MSMEs in the agriculture and manufacturing sectors.

Emefiele said that the bank had recognised that the greatest challenge confronting MSMES and local farmers was access to finance, adding that efforts to unlock the growth potential of MSMEs and smallholder farmers must involve hitchfree access to financial support.

He said that CBN would in due course initiate a programme that would directly bring banking services to the rural communities via the licensing of the National Microfinance Bank that would be sited in all local government areas in Nigeria, through which funding could be channelled to the rural communi-ties.

Beyond that, the Federal Government, under its Business Incentive Strategy (BIS), approved a 90-day special window, from Oct. 1 to Dec. 31, 2018, to register businesses at a reduced rate of N5,000 (from N10,000) so as to facilitate the registration of MSMEs in the country.

The BIS is aimed at creating a window for MSMEs to formalise their businesses, which will enable the enterprises to open corporate accounts with banks, while having access to loans, grants and other government interventions.

In view of the benefits of BIS, coupled with the stakeholders’ demand for time extension, the gov-ernment decided to extend the registration period by another three months – from Jan. 1 to March 31, 2019 — to enable more MSMEs to register and formalise their businesses.

All the same, Adetokunbo Kayode, the President of Abuja Chamber of Commerce and Industry (AC-CI), said that the management of funds meant for MSMEs by banks in the country represented a weak link in the finance of small businesses.

He, however, commended the government’s efforts to support MSMEs, particularly in the area of funding.

“The management of MSME funds by the banks is, however, a very huge issue; it is a weak link in the chain,’’ he said.

Kayode noted that Nigerian banks were not well-structured enough to fund MSMEs, saying that the organised private sector was ready to help canvass and develop new concepts of alternate funding mechanisms for MSMEs. He said that the funding mechanisms would include finance leasing, peer certification for scrutiny of facility for MSMEs. Kayode underscored the need to put in place targeted funding mechanisms for MSMEs so as to boost the national economy.

He, however, said that greater emphasis should be placed on the creation of financial institutions with specific focus on MSMEs. He said that although the Bank of Industry (BoI) was set up for both big, small and macro industries; the bank could never serve the purpose which the government had in mind for the funding of MSMEs. Kayode also called on the Federal Government to fully activate the National Council on MSMEs to promote the growth of MSMEs in the country, while tackling the challenges facing the enterprises.

Printed and Published by Westafrican Business Newspapers Ltd., 9, Fadeyi Street, Ikeja, Lagos. Abuja Office: 1st Floor, BEF’s plaza, Utako, Abuja. Editor, Enyi Moses – 08037152217 Email: letters@wabusinessnewsng.com, westafricabusiness@yahoo.com, www.wabusinessnewsng.com, Newsroom: 08027562807,, Advert hotline, Lagos: 07015151515.

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