Westafrica BusinessNews Tuesday, May 21, 2019

MPC may hold rates over inflationary pressure- Analysts

BY Julius Alagbe

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ome financial analysts in the country have expressed the need for the Monetary Policy Government to hold key rates to avoid pressure.

FSDH merchant, an investment company has highlighted “patient “in monetary policy as being appropriate for the time.

Also, GTI Securities said that monetary policy rate (MPR) is likely to re-

TUESDAY, MAY 21, 2019

main flat amidst renewed upsurge in inflation rate.

Godwin Emefiele, Governor, the Central Bank of Nigeria is expected to chair the monetary policy meeting as second term has been confirmed

Vol. 06 No. 349

by the National Assembly.

Meanwhile, Afrinvest said the Godwin Emefiele led monetary policy has been largely contractionary, and reappointment is unlikely to mark a turning point for monetary policy,

Afrinvest has noted. The firm however warned that there will be slow growth, high inflation and unemployment rate if the Central Bank of Nigeria, CBN, continues to maintaining existing monetary policy

stance on the economy.

In its last meeting in March 2019, the Monetary Policy Committee (MPC), in contrast to the general expectation of most analysts, decided to cut the Monetary

Page 29

N200

ISSN: 2408-6703

N7bn: FG to charge Unity Bank for economic sabotage

By Niyi Jacobs with agency reports

E

mbittered by its impunity, the Special Presidential Inves-

tigation Panel for the Recovery of Public Property yesterday warned it will slam a charge of economic sabotage on Unity Bank if it refuses to return the over N7 billion owed the Fed-

eral Government.

The Head, Media and Communication of the Panel, Ms Lucie-Ann Laha, gave the warning in a statement in Abuja yesterday.

According to her, the sum represents 15,561,769.99 dollars and N1,488,455,810.90 being excess and arbitrary charges on accounts of some agencies of govern-

ment by the bank before the implementation of Treasury Single Account (TSA) system.

She said that the agencies included Nigerian Ports Authority (NPA), Ni-

gerian National Petroleum Corporation (NNPC), Nigeria Custom Service (NCS), the Kaduna Refinery and NIMASA.

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We never expelled Akpabio, says PDP Page 27

L R: Prof. Umar Garba Danbatta Executive Vice Chairman/CEO Nigerian Communications Commission NCC; Dr. Abdur-Raheem Adebayo Shittu, Minister of Communications; Musa Istifanus, Permanent Secretary Ministry of Communications; Mohammed Onawo, Chairman House Committee on ICT during Valedictory press briefing for the Minister of Communications yesterday at Abuja.

Nigeria’s agricultural export rises to 77% –Minister

Page 30

Communications Ministry plans ICT Development Bank —Shittu

A

soul – lifting disclosure came yesterday as the Minister of Communications, Dr Adebayo Shittu yesterday said that the Ministry was pushing for the establishment

of an Information Communication Technology (ICT) Development Bank to provide funding for broadband and data infrastructure development.

Shittu disclosed this dur-

ing a valedictory press conference organised for him in Abuja.

According to the minister, the proposed bank would serve as a special purpose vehicle to propel

the growth of ICT sector under Private Public Partnership (PPP).

He added that the bank would support stakeholders and technology start-ups at low interest rates.

While highlighting some achievements of the ministry under his leadership since November 2015, Shittu said that the country had recorded increased deployment of technology through

significant investments.

He said “technologies like blockchain, internet of things, artificial intelligence,

Lai Mohammed, government image making and matters arising (2)

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Backpage

WESTAFRICA BUSINESSNEWS

ECONOMY

TUESDAY, MAY 21, 2019

Making Bitcoin a legal tender, how feasible is it?

Despite recent global crash of Bitcoin, it's surprising to see cryptocurrency increasing its investors and players among Nigerians. NIYI JACOBS therefore, narrates the spontaneous growth of Nigerian Bitcoin investors and the position of Nigerian government.

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he introduction of bitcoin into the world has revolutionized the way money is being transferred around the globe.

With Bitcoin’s introduction, it now gives no worry about the local and international regulations that plague international money transfers to and from Nigeria, since it allows one to send ANY amount, ANY time, to ANY part of the World in almost less than FIVE minutes, at almost no cost.

Bitcoin is no longer the new strange technology it used to be. Many individuals and organizations around the world now see it as the cheapest, the fastest means of sending and receiving funds in our planet today.

Not only that, it also ensures a safer delivery of your fund, without being monitored by any government or any individual, since it makes use of the decentralized technology called blockchain.

What is Bitcoin?

Bitcoin is a cryptocurency. What is a cryptocurrency you may ask? A Cryptocurrency is an online medium of digital exchange that is not regulated by a central system. Unlike the naira that is regulated by the Central Bank of Nigeria, or other currencies with their own central banks, cryptocurrencies are decentralized.

Bitcoin was the first and is the largest cryptocurrency in existence made

by Satoshi Nakamoto.

More so, investors and players regard bitcoin as legitimate and a secure currency, as legitimate as the Naira but could this be true?

However, towards the end of last year 2018, this digital currency had a global crash of value but rose 2.28 percent to about $16,124 BTC=BTSP on the Luxembourg-based Bitstamp

exchange, putting it about 14 percent up this week, after last week suffering its biggest weekly drop since 2013.

Investors and analysts believe that last week’s decline in its value was a natural correction after a heady runup in prices; there have been further warnings from market regulators and central banks.

The danger The Central Bank of Nigeria (CBN) has issued a warning to Nigerians that digital currencies are not legal tender in the country.

Digital currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, OneCoin e.t.c are reiterated as not backed by law in Nigeria.

It noted that any financial institution or business that transacts in such

currency does so at its own risk.

Bitcoin and other digital currencies are developed to provide freedom from regulatory control, less cost of maintenance and ease of use for commercial transactions. But, there are concerns about their degree of safety as they are not backed by any assets.

It would be recalled that in 2017, Nigeria’s financial market regulators CBN, Securities and Exchange Commission (SEC) and Nigeria Deposit Insurance Corporation (NDIC), were increasingly enlightening people on the risks of cryptocurrencies. The CBN specially raised that virtual currencies are largely used in terrorism financing and money laundering.

“Virtual currencies are traded in exchange platforms that are unregulated, all over the world. Consumers

may there lose their money without any legal redress in the event these exchangers collapse or close businesses. The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN,” said the CBN in a statement.

Of all digital currencies, Bitcoin is the best performing and with the highest value. Between 2010 and 2017, the digital coin appreciated from 4 cents to $19,000 by December 2017.

The ban on cryptocurrency The South Korean government on Thursday said it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the

Virtual currencies are traded in exchange platforms that are unregulated, all over the world. Consumers may there lose their money without any legal redress in the event these exchangers collapse or close businesses. The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN.

5

virtual coin market into turmoil.

This is coming as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.

Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges. “There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” said Park at a press conference, according to the ministry’s press office.

A press official said the proposed ban on cryptocurrency trading was announced after “enough discussion” with other government agencies including the nation’s finance ministry and financial regulators.

Experts warning The chairman of Swiss banking giant, UBS, Axel Weber, has said that bitcoin is not an effective means of payment, since it is not universally accepted.

He added that the cryptocurrency is not a good measure of value, since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable.

Weber said in an interview that he did not consider the soaring cryptocurrency bitcoin as money and called for regulators to intervene.

Reasons Bitcoin may be dangerous Speaking with Nelson Olajide, a banker with Frist Bank limited, he mentioned that life is all about risks but some risks certainly don’t pay off.

According to him; if you decide to invest in bitcoin, swiscoin or onecoin, you should know that you stand the risk of losing your money. Bitcoin exchanges are entirely digital and are at risk from hackers, malware and operational glitches”.

Olajide also stressed that there is no protection available to users or investors in these virtual currencies from financial losses.

Mr Clement Briggs, a Nigeria Stockbroker also said that Bitcoin values can be unpredictable. It can increase or decrease over a short period of time.

In his words” If you decide to invest, you should never invest money that you cannot afford to lose with bitcoin or swiss coin or onecoin. These cryptocurrencies should be seen like a high risk asset.

He also added that Bitcoin and others are all experiments of a new currency that is in active development.

With each improvement comes new challenges, so if you decide to invest, be prepared for problems.

Conclusion National business notes that since some governments have expressed concern about the use of digital money, with some already seeking to regulate, restrict or ban the use and sale of Bitcoins investors should avoid or be care in putting their money in it.

BUSINESSNEWS 6 WESTAFRICA TUESDAY, MAY 21, 2019

FINANCIAL

Internet Banking: Protecting banks’ customers from rising fraud cases The rate of fraud perpetrated in the financial system through mobile phones have been on the rise in recent years and unsuspecting bank customers as well as banks have been bearing the brunt of stolen funds. NIYI JACOBS reports.

Banking hall

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sing a USSD for transactions does not require much, just a functional mobile device that is connected to telecommunications service provider and customers can do as much as open bank accounts, check account balance, transfer funds, pay bills and much more.

Banks had adopted this platform not just for its convenience but also for its reach.

With over 174 million active mobile subscribers banks are hoping to reach the about 40 million adults that are unbanked in the country and a simple USSD code.

With the rising case of Mobile Fraud due to the wide usage and ease of the platform, fraudsters have shifted tactics, targeting mobile devices of bank customers .

The 2018 fraud report released by the Nigeria Electronic Fraud Forum (NeFF) has shown that mobile fraud which accounted the third highest recorded fraud in 2017, last year recorded the highest rate of fraud by volume and value.

The 2018 fraud report summary showed that a total of 11,492 fraud cases representing 29.6 per cent of total fraud volume in 2018 had been on mobile devices. Value of fraud on mobile devices rose by 72.2 per cent from N347.64 million in 2017 to N598.8 million in 2018. The value of fraud on the channel had been on the rise since 2017 having dropped slightly from N248.144 million in 2015 to N235.17 million in 2016.

NeFF had last year attributed the increasing level of fraud on mobile to USSD transactions which banks had embraced as part of efforts to deepen financial inclusion, promote cash less policy whilst making banking convenient for customers. A player in the fintech world explained that “what they do is that they swap your phone. That is, they just walk up to a service provider and claim to be the owner of the line.

Most often, they have studied that number and they have collaborators, probably in the bank. “And because the process for doing a change of SIM card is so loose, the telcom company would change the SIM card for the person and so he assumes the phone number.

What should a bank customer do?

A software developer, Mr Se-

gun Adelaja explaining the process of fraud though USSD noted that between the “phone and the network provider, a malicious person can sniff the packets sent with a tool like Burp Suite- if you are connected to an unsecured Wireless Network “ He further mentioned that between your network provider and your bank, an insider can trap or sniff the packets of your session with a tool like Packet Analyser.

The packet contains everything you enter in a session: account number, amount to transfer, your pin. Your bank and network provider DO NOT know you! They only know your phone number and your pin. Only your sim card and pin stand between you and the money in your bank account.” the Central Bank of Nigeria (CBN) had issued a guideline on

USSD last year. With the implementation of the guideline, bank customers will not be able to conduct transactions that is above N100,000 through the USSD platform on a daily basis. Also they will have to use both PIN and a soft token to authenticate transactions above N20,000. Presently, USSD transactions require only PIN to authenticate transactions and some do not even require PIN. Asides the beefing up of authentication procedures, the guideline stipulates that service providers put in place systems that enable users/subscribers to block their account from operating USSD service.

This means that no USSD Financial Service should be activated for customer unless the deactivation mechanism. In addition, the framework requires banks to install a, Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, unusual transactions at weekends, etc. Speaking at the annual meeting of NeFF, Chairman of the Forum and Director, Payment System at the Central Bank of Nigeria, Sam Okejere noted that having scored cored 28.21 per cent on the Fraud Interest Index, the mobile channel has shown early warning signs that fraudsters are shifting focus to mobile attacks and testing the waters in different types of mobile and online banking fraud in 2019.

Noting that innovation savvy customers are increasingly opting for self-initiated banking solutions both online and offline, like mobile banking and USSD with a preference for full service Mobile Banking apps over cheques and other over-the-counter services, he said “the more products channeled through those mobile devices, the more attractive they become to fraudsters. “It may interest you to know that one of our members operating in the telecommunications sector has re-

“He further mentioned that between your network provider and your bank, an insider can trap or sniff the packets of your session with a tool like Packet Analyser. The packet contains everything you enter in a session: account number, amount to transfer, your pin. Your bank and network provider DO NOT know you! They only know your phone number and your pin.”

cently published an admission of a ransom ware attack, where its system was compromised through its subscriber’s devices. This further re-affirms our commitment to disclosure of incidents and sharing of intelligence within the Forum.”

He furthered that while NeFF is working towards combating fraud in the system, “the security teams of financial service providers must also continually rethink their strategy, from automating their security hygiene measures to replacing isolated security devices with an integrated security architecture that can seamlessly stem the tide of fraud attacks.” According to the Executive Director for Information Technology and Operations at Access Bank Plc, Ade Bajomo, the estimation today is that there are over 20 billion internet devices, “and this is one of the biggest tools for hackers. The speed and effectiveness at which hackers are progressing is at such a pace that none of us have ever envisaged. If you go to the dark world you will see just like we have software service. Same way in the dark world there are people selling hacking tools.” Bajomo who called for collaboration amongst financial institutions and other players in the financial technology ecosystem noted that in the “Nigerian financial space, each operator is only as protected as the financial ecosystem.” What Should Bank Customers Do? While many may want to lay blame on financial institutions, there is little they can do if customers continue to open pathway for fraudsters to access funds in their accounts.

Bank customers also have a duty to protect their funds the same way they safeguard their homes and properties. Financial institutions have continued to sensitize customers on why they need to keep their passwords and personal identification numbers (PIN) to themselves and not share it with people around them. Asides this, there are other steps that customers need to take to ensure that they do not open the doors of their bank accounts to fraudsters.

A techie giving advice said “check the permissions you grant applications before you download them. Many harmless-looking apps like games or dictionary actually do more underneath. So if an app like this is requesting access to your location or settings, be wary.”

While freebies are always a thing to enjoy, customers are advised to ensure that they are not making transactions while connected to a public wifi. Also easy to decode PINs are not always the safest and bank customers are advised not to use their birth year, BVN or the last four digit of debit card as pins.

USSDs are found to be safer to use on phones that is not internetenabled as they are more secured.

Finally when a phone is stolen or lost, the bank should be the first point of call.

INSURANCE

TUESDAY, MAY 21, 2019

Many private sector workers retire without pension benefits –PenCom

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Workers on the field

Life insurers generate N328.88bn premium from benefit annuity

BY NIYI JACOBS

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ife insurance operators have generated N328.88 billion premium from benefit annuity since the inception of the Contributory Pension Scheme (CPS), According to the National Pension Commission (PenCom) in its fourth quarter 2018 reports, life underwriters also made monthly annuity payments of N3.26 billion

as at the end of fourth quarter, 2018.

PenCom noted that it approved a total of 4,350 applications for retirement under life annuity during the quarter, bringing the total number of retirees receiving their retirement benefits through the annuity plan to 61,652, adding that the 4,350 retirees received N8.61 billion as lump sum payment and paid premium of N38.91 billion

to the insurance companies and monthly annuity of N260.14 million.

In 2017, annuity provided the largest chunk of premium income amounting to N77.77 billion, which is 48 per cent to Life Insurance Companies.Data obtained from the Nigerian Insurers Association (NIA) revealed that Life Insurers earned N44.58 billion, 28 per cent from group life and

N39.27 billion from individual life business.

A breakdown of net written premium earned by some companies showed that Leadway Assurance Company Limited, posted N56.17 billion; Custodian Life Assurance Limited, N7.71 billion; FBNInsurance Limited, N6.76 billion; AIICO Insurance Plc, N3.22 billion and ARM Life Plc, N2.71 billion.

any private sector workers having put in their best in serving their employers and the nation, retired without pension benefits because their Retirement Savings Accounts (RSAs) balances were N550,000 or below and considered insufficient to procure a Programmed Withdrawal or Annuity.

According to the National Pension Commission (PenCom), 93,803 private sector workers have since inception of the Contributory Pension Scheme (CPS) retired without pension benefits.

The pension industry regulator stated that in the fourth quarter of 2018, it granted approval for the payment of the sum of N845.36 million to 3,572 retirees, which comprised of 188 public (FGN and State) and 3,384 private sector retirees.

PenCom noted that 103,016 retirees received en-bloc payments totaling N25.80 billion from inception to the end of the fourth quarter of 2018, adding that these retirees RSA balances were N550,000 or below and considered insufficient to procure a Programmed Withdrawal or Annuity of a reasonable amount over an expected life span.

According to PenCom 93,803 private sector workers have so far retired without pension benefits, while public sector workers were 9,213. Industry watchers opined that the private sector workers can only enjoy pension benefits when their employers comply with the 18 per cent pension contributions and also pay the new minimum salary structure of N30,000. They also enjoined workers to embrace the voluntary contribution to enable them enhance their contributions.

Withholding of contributory pension deductions still abound –NLC

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he unending crisis of nonremittance of the deducted pension fund to enrollee’s Retirement Savings Account, RSA, by employers, especially the private sector and state governments, was one of the issues focused on at a recent lab our union forum in Abuja.

The Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, also expressed concerns over non-payment of benefits to those who are already pensioners – especially by state governments.

Leaders of both unions told workers and other guests at the event that the continued withholding of contributory pensions deduction by employers was getting out of hand and something needed to be done.

According to them: “Incidences of unlawful and illegal withholding of contributory pension deductions from workers’ salaries and not remitting same to their Pension Fund Administrators, PFAs still abound. In Ogun State, deductions from workers’ salaries were unjustly withheld for close to one hundred and five months. It took the mobilization of workers in Ogun State and beyond to make the state government budget.

‘‘We will never allow such unjust treatment of workers and infractions on their rights to linger that long. The unpleasant situation where workers retire from public service and are forced to wait for several months for their pension benefits to be processed still persist. ‘‘The lethargic and non-payment for those who are already pensioners – especially by state governments, continue to militate against the smooth operation of pension administration in our country. We call on all employers of labour and the three tiers of government to promptly remit all contributory pension deductions to workers’ PFAs.” It did not end there, Wabba went further to point out that, “some states still owe workers and pensioners salaries in arrears. Some states owe pensioners many months of pension arrears despite the bailout funds, budget support fund and the Paris debt refund. The inhuman treatment of pensioners has exposed many of our senior citizens to unnecessary hardship. ‘‘Many of them are down with avoidable ailments and even died untimely while waiting for their pension allowances. This situation

is deplorable and sends wrong signals to workers still in active service.”

It will be recalled that the Acting Director-General of National Pension Commission, PenCom, Aisha Dahir-Umar, in a chat recently gave insight into the challenges facing the implementation of the Contributory Pension Scheme, CPS, across the states.

According to her: “The implementation of the CPS has indeed been quite challenging for the states and local governments, amidst the tough financial constraints occasioned by low internally generated revenues and dwindling crude oil receipts into the Federation Account. Other key challenges militating against the implementation of the CPS as observed in various states have been the lack of political will on the part of state governments and the inordinate allocation of scarce resources to less impactful projects. ‘‘Many state executives would rather invest in infrastructure that could be visible and therefore serve as a means for gaining political capital than settle pension obligations to retirees. Furthermore, history has shown that accruing pension liabilities under the Defined Benefits Scheme carries very

little if any, repercussions as some state executives had served their full terms (four years) without paying gratuity or pension and nothing happens. ‘‘This contrasts with the CPS which, to some extent, has measures to guard against defaults in contributions and/or remittance by the government (the employer).

Other than lack of political will on the part of many state executives, the Nigerian workers are generally apprehensive towards the CPS due to ignorance of the workings of the scheme. Many workers, including those vested with the responsibility of ensuring smooth implementation of the scheme, fail to realise that the CPS protects their interest more than the Defined Benefits Scheme. ‘‘As a consequence of this ignorance, therefore, they fail to ensure timely and adequate deduction of pension contributions or remittances of same. This leads to the phenomenon of unfunded RSAs or delayed remittances with the attendant effect of loss of income on pension assets. ‘‘Another obstacle to the adoption or full implementation of the CPS in many states is the reluctance by senior public servants in the states to embrace the scheme.

The apprehension towards the CPS is worse among the senior public servants who keep shifting the goal post for the adoption of the scheme to a time when they would have retired from service under the defined benefits scheme. ‘‘This has resulted in unending shifts in the commencement dates of the CPS by many states or feet dragging in the adoption of the scheme in the states.

Ayuba Wabba, NLC President

ECONOMY

TUESDAY, MAY 21, 2019

To avoid reinforcing inflationary pressure, analysts want MPC to hold rates

BY JULIUS ALAGBE, EDITOR, INTELLIGENCE UNIT

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s the monetary policy committee of the Central Bank of Nigeria sets to meet this week, some analysts have expressed the need for the Monetary Policy Government to hold key rates to avoid pressure. FSDH merchant see “patient” monetary policy as being appropriate for the time.

Also, GTI Securities said that monetary policy rate (MPR) likely to remain flat amidst renewed upsurge in inflation rate.

Godwin Emefiele, Governor, the Central Bank of Nigeria is expected to chair the monetary policy meeting as second term has been confirmed by the National Assembly.

Meanwhile, Afrinvest said the Godwin Emefiele led monetary policy has been largely contractionary, and reappointment is unlikely to mark a turning point for monetary policy, Afrinvest has noted. The firm however warned that there will be slow growth, high inflation and unemployment rate if the Central Bank of Nigeria, CBN, continues to maintaining existing monetary policy stance on the economy.

In its last meeting in March 2019, the Monetary Policy Committee (MPC), in contrast to the general expectation of most analysts, decided to cut the Monetary Policy Rate (MPR) by 50 basis points (bps).

The MPC members reached this decision after considering both the global and domestic economic environment. Satisfied that Nigeria had been able to achieve price and exchange rate stability, the MPC decided to stimulate growth by adopting an expansionary monetary policy.

GTI Securities noted that barely two months down the line, the miniscule cut in the MPR has only translate to a reduction in prime lending rate (interest rate to those “deemed” as most credit worthy customers by financial institutions), while maximum lending rate (the upper bound of rates at which most real sector operators access credit) nudged up to an 8-months high of 30.83% according to data on the CBN website.

This is coming not as a surprise to us, as we have earlier hinted in our note that the 50bps cut in MPR is insufficient to stimulate more capital flow to real sectors given the associated credit risk and the attractive nature of less risker alternatives like Treasury bills and bond for financial institutions to consider.

Thus, we made recommendation that a further 50bps reduction will go a long way in reducing the cost of borrowing to businesses and by extension reduce credit risk from the lenders end. However, with the spike in April, 2019 inflation rate, we are of the view that the MPC may opt for a stay of MPR at 13.5% as against the clamour for a further 50bps cut by marker players, so as not to reinforce the inflationary pressure “We expect the MPC to leave the benchmark rate unchanged at 13.5% at its next meeting next week, owing to the resurgence of upward inflationary pressure and deepen uncertainty in global market”; analysts at GTI Securities noted.

The committee cut the MPR to 13.50%; retained the asymmetric corridor of +200/500 basis point around the MPR; retained the Cash Reserve Ratio (CRR) at 22.5%; and retained the liquidity ratio at 30%.

This in addition to other positive develop-

Godwin Emefiele, CBN Governor

ments in Nigeria suggest that the economy is doing well. On that note, some analysts think rates will be put on hold to further gauge the economic temperature.

FSDH Merchant is of the view that; “With the MPC of the Central Bank of Nigeria (CBN) set to meet for the third time this year on 20-21 May 2019, the key question that arises is, ‘What monetary policy stance is the MPC likely to adopt: an expansionary or a hold/’patient’ approach?. With the odds appearing to be in Nigeria’s favour, one may be quick to push for the MPC to implement an expansionary approach by cutting rates. However, before adopting that position, there may be a need to take a holistic approach to the subject”.

The International Monetary Fund (IMF) revised downwards its global economic growth forecast for 2019 and projected a decline in growth for 70% of the global economy. This downward revision contained in its April 2019 World Economic Outlook (WEO) reflects trade tensions, macroeconomic stress in Argentina and Turkey and tighter credit policies in China during the first half of 2019. Consequently, the IMF revised downwards its global

growth forecast for 2019 by 0.2% from its forecast in January 2019 to 3.3%.

“The balance of risks remains tilted downwards. Major central banks, including the US Federal Reserve, have also given indications of a ‘patient’ approach to monetary policy. Hence, the MPC might similarly hold rates”, FSDH remarked.

“There has been stability in the foreign exchange market. However, there was a significant drop in capital importation via Foreign Portfolio Investment (FPI) in the Investors’ and Exporters’ Foreign Exchange Window (I&E window) in April 2019 compared with record highs in March 2019. This may be a reflection of the declining yields in the fixed income securities market. A further cut in rate could lead to lower yields, which could result in capital flight in the economy and hamper economic performance. As a result, a hold decision on the MPR seems more appropriate”, FSDH noted in its review.

The Manufacturing and Non-Manufacturing Purchasing Managers’ Index (PMI) expanded in April 2019 for the second consecutive month, an indication of improving economic activities post-election.

Given the assumed relationship between

“The balance of risks remains tilted downwards. Major central banks, including the US Federal Reserve, have also given indications of a ‘patient’ approach to monetary policy.

Hence, the MPC might similarly hold rates”, FSDH remarked.

the Gross Domestic Product (GDP) and the PMI, it is expected that the improved economic realities should ultimately translate into an improved Q1 2019 GDP growth rate.

In its April WEO, the IMF revised the GDP growth for Nigeria in 2019 upward from 2.0% to 2.1%. An expansionary monetary policy stance may further stimulate growth. However, given the current situation in Nigeria, it is important to note that in order for an expansionary stance to be effective other fiscal measures are required.

Given that the major objective of the MPC is to ensure price stability in the economy, inflation rate is one major pointer to the direction the MPC may adopt. For the first time in 2019, inflation rate rose in April to 11.37% from 11.25% in March. The rise in inflation is an indication of inflationary pressure and suggests that the MPC adopts a cautious approach and maintain rates.

On the money supply side, data from the CBN shows that broad money supply (M2) and credit to the private sector are currently below the target for the year. The underperformance of money supply supports the argument for an expansionary policy in order to stimulate credit creation.

FSDH Research reiterates that the current structural issues in the economy do not support strong growth in credit. Measures that remove the inherent risks in the economy will be required to stimulate credit creation.

“The MPC members may be inclined towards reducing policy rates, however, FSDH Research believes the short-term outlook of the global economy remains uncertain and may not sustain strong growth in crude oil prices”, FSDH remarked.

Therefore, considering the current situation, a cautious approach to the conduct of monetary policy is appropriate.

“As a result, we expect that the MPC will adopt a ‘wait and see’ approach and hold the current rates at its 20-21 May 2019 meeting. The rise in inflation is an indication of inflationary pressure and suggests that the MPC adopts a cautious approach and maintain rates”, FSDH noted.

STOCKS

TUESDAY, MAY 21, 2019

Equities capitalisation opens week on N221bn growth Bonny Amadi

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he Nigerian equities market closed positive yesterday, as NSE-ASI gained 1.74 per cent to close at 29,373.40pts, against 28,871.93 pts which opened trading.

The equities market closed up due to the gains recorded in MTN. Equities market capitalisation appreciated by N221 billion, to close higher at N12.94 trillion, from N12.72 trillion which opened trade.

Investors on Monday, transacted a total of 214,420,669.00 million shares, worth N7, 932,132,129.25 billion, which was exchanged in 4,644.00 deals. With the emergence of new market driver, taking over from the banking sector, MTN’s equity price growth enhanced market capitalisation, even as market breadth index was negative with 17 gainers against 20 losers.

Sector Performance yesterday showed that the NSE Consumer Goods Index appreciated by 0.02 per cent, due to the gains in MCNICHOLS by 10.00 per cent, GUINNESS by 2.96 per cent and DANGFLOUR by 1.24 per cent.

NSE Oil & Gas Index: Declined by 1.11 per cent, due to the losses in FO by 9.88 per cent, JAPAULOIL by 3.85 per cent and OANDO by -2.08 per cent.

NSE Banking Index declined by 1.08 per cent, following the sell-offs in STERLNBANK which lost 8.00 per cent of its share price value, ACCESS by 5.43 per cent and GUARANTY by -0.65 per cent.

NSE Industrial Index also depreciated by 0.04 per cent, driven by losses in WAPCO by 2.50 per cent, and CUTIX by -1.67 per cent.

MTNN sustained the top gainer position since listing on the bourse May 16,2019,as its stock gained N10.85 or 9.96 per cent, to close trade at N119.75 per share, followed by Dangcem with N2.00 or 1.14 per cent growth, to close trade at N178 per share, while Guinness Nigeria appreciated by N2. Or 2.96 per cent, to close at N50.5 per share.

DANGFLOUR placed fourth on the gainers chart, with N0.2 or 1.24 per cent equity price growth, to close the day at N16.30 per share, while NEM closed the top five gainers chart at N2.36 per share, having appreciated by N0.16 or 7.27 per cent.

Forte Oil led the losers chart with a decline by N2.8 or 9.88 per cent, closing trade at N6.10 per share, followed by Access with N0.35 or 2.86 per cent drop in share price, closing at N6.10 per share, while WAPCO placed third on the losers chart with N0.3 or 2.86 per cent loss, to end the day at N10.2 per share.

ETRANZACT placed fourth on the losers chart with loss by N2.26 or 9.85 per cent, to close at N2.38 per share, while STERLNBANK closed the top five losers chart at N2.3 per share, having declined by N0.2 or 8.00 per cent.

MTN Nigeria opened the week as the most active stock with 51,401,660 million shares valued

N6,155,348,785.00 billion, traded by investors in 61 deals, the stock closed at N119.75 per share. FBNH was the second most active stock yesterday with 17,464,434million shares worth N122, 249,740.55 million traded by investors’ in158 deals, with closing price of N7 per share, while UBA emerged the third most active stock with 17,201,499 million shares valued N103,190,258.75 million, traded by investors in 296 deals, at closing price of N6 per share.

NAHCO Aviance opened the week as the fourth most traded stock on the NSE, with turnover of 15,792,606 million shares , worth N49,920,830.53 million exchanged by investors in 21 deals, at the closing price of N3.16per share, while GTB, closed the top active stocks table at N30.4 per share, having pulled turnover of 15,248,244 million shares , worth N464,492,205.95 million.

Westafrica BusinessNews recalls that with the listing of MTN Nigeria’s 20.35 billion ordinary shares on the Nigerian Stock Exchange (NSE) last Thursday, investors in the equities market started taking position in the company and other companies with positive fundamentals.

Fresh investments during the week ended Friday, May 17, 2019, were directed to Transcorp, MTN Nigeria, Access Bank, UBA and Zenith Bank, among other top stocks with sound potentials.

MTNN listing in the Nigerian market, appeared to have triggered a systemic effect on other stocks, triggering new momentum on position taking in key stocks with positive outlooks, unlike in the past.

TRANSCORP emerged as most active with 58,593,650 million shares, worth N72, 247,144.28 million and exchanged by investors in 137 deals at closing price of N1.24 per share, followed by MTNN with 32,098,599 million shares worth N3,495,537,431.10 billion traded in 49 deals , at closing price of N108 per share. Access bank placed third on the activity chart with 27,420,200 million shares worth N178, 471,367.15 million, in 261 deals, closing at N6.45 per share.

Also, investors, during the week, invested more in UBA which recorded 19,395,505 million shares, worth N117, 648,100.60 million transacted in 284 deals, at N5.95

Oscar Onyema, DG NSE

per share closing price, while ZENITHBANK placed fifth on activity chart last Friday with 492 17,592,458 million shares worth N344, 384,841.7 million, traded in 492 deals, at 19.6 per share.

However, despite losing in three of the two trading sessions in the outgone week, the Nigerian equities market gained marginally by 0.08 per cent week-on-week to close at 28,871.93pts.

Following the listing of the largest telco in Nigeria – MTN shares which contributed N1.8 trillion to equities market value, market capitalization enlarged to N12.72trillion, from N10.73trillion in the previous week.

It took only two trading sessions for MTN Nigeria (MTNN) to uniquely reverse Nigeria’s equities market fortune in the week. MTNN following its listing of 20,354,513,050 ordinary shares on the Nigerian premium board last week’s Thursday, its influence impact manifested immediately on the market.

Being the second largest capitalized company after Dangote Cement, (DANGCEM), the stock returned 21 per cent after two sessions, thus, effectively wiping off losses from the prior sessions.

At the end of the week’s trading, the ASI appreciated by 0.1 per cent w/w to 28,871.93 points. Hence, the MtD and YtD losses moderated slightly to 1.0 per cent and 8.1per cent, respectively.

On sectorial performance, all sector indices closed the week in the red, with the NSE Banking index loss by 4.31 per cent, emerging the highest loser, followed closely by the Consumer Goods index with 4.13 per cent decline, Industrial Goods index loss by 3.88 per cent, NSE Insurance index by -3.35 per cent, and Oil & Gas index by -2.32 per cent.

Clearly, the gain was not broadbased, at such, Codros securities in its week’s market review, reiterates its cautious trading pattern. “Meanwhile, we believe that the blend of positive macroeconomic fundamentals and compelling valuations still supports a near term recovery” the Investment firm noted.

For the five days of equities trading during the week, the equities market posted losses in three days, while the market reversed on Thursday May 16, following listing on MTN Nigeria shares, which also sustained positive trade to Friday.

Friday May 17, 2019, the Nige-

It took only two trading sessions for MTN Nigeria (MTNN) to uniquely reverse Nigeria’s equities market fortune in the week. MTNN following its listing of 20,354,513,050 ordinary shares on the Nigerian premium board last week’s Thursday, its influence impact manifested immediately on the market

rian equities market closed positive as NSE-ASI gained 1.53 per cent to close at 28,871.93pts. Consequently, the market closed for the week with WTD up 0.08 per cent.

Similarly, market breadth index on Friday was positive with 15 gainers against 14 losers. The equities market closed up Friday despite the losses in most sectors; this is due to the buy interest seen in MTNN. MTNN on the last trading day of the week gained 10.00 per cent, and emerged the best gainer, while FO which depreciated by 10.00 per cent, was the top loser.

TRANSCORP with 8.77 per cent boost in its equity price was the most actively traded stock. Sector Performance on Friday showed that NSE Oil & Gas Index declined by 0.41 per cent, due to the losses in FO by 10.00 per cent, JAPAULOIL dropped 7.14 per cent, and MOBIL by -2.30 per cent.

NSE Banking Index declined 0.39 per cent, following the sell-offs in FCMB which dropped by 8.82 per cent, FIDELITYBK -3.91 per cent, GUARANTY -1.29 per cent, and ACCESS by -0.77 per cent.

NSE Consumer Goods Index lost 0.03 per cent, due to the losses in CHAMPION which declined 9.30 per cent, and FLOURMILL that depreciated 0.95 per cent.

NSE Industrial Index however, gained 0.08 per cent, driven by gains in CUTIX +9.09 per cent, and BETAGLAS +1.09 per cent.

Westafrica BusinessNews recalls that the Nigerian equities market halted its eight days bearish run on Thursday May 16, 2019, when MTN’s shares were listed on the Nigerian bourse. The NSE-ASI gained 0.54 per cent to close at 28,438.19pts.

However, investment analysts reiterated that, despite the losses recorded in most sectors on Monday, prices at current level presents decent entry opportunities for investors with medium to long term horizon.

10

WESTAFRICA BUSINESSNEWS

STOCKS

TUESDAY, MAY 21, 2019

Microinsurance firms begin moves to enrol 80m Nigerians

BY NIYI JACOBS

T

wo microinsurance companies has commenced operation, having secured regulatory approval to do so, in a bid to insure about 80 million low income earners in the country, westafricabusinessnews can now reveal.

The two microinsurers, namely; Goxi and Casava, who have their operations restricted to Lagos State due to the nature of their license, becomes the pioneer microinsurance outfits in the insurance sector of the economy.

Last week, the National Insurance Commission (NAICOM) had granted approval to Casava Micro-insurance Limited to operate as State Composite Micro Insurance company transacting Life and General Micro Insurance Business in Lagos State only.

A statement by the Head, Commissioner’s Directorate, NAICOM, Mr. Salami Rasaaq, said Casava Micro-Insurance is one of the successful company among several applications received in the Commission from Individuals and corporate entities requesting registration as Micro-insurance operators in Nigeria.

He noted that the company thus become the second full-fledge standalone Micro ln-

suranœ operator in Nigeria. The commission said the licensing is in its continuous effort at deepening insurance penetration and increasing insurance access point in the country.

Prior to this new regulatory approval, NAICOM had earlier granted Microinsurance licence to Goxi Microinsurance Company, thus, becoming the pioneer standalone microinsurer in the country.

Goxi Microinsurance outfit is also expected to only operate in Lagos State, having being granted State Composite license.

The composite Microinsurance license allows the firm to transact Life and General Micro insurance Business within its domicile State. To this end, the country can now boast of two licensed Microinsurers, who are to deepen insurance penetration in the grassroots. Last year, NAICOM had lowered the capital base of microinsurance outfits to make it easier for many investors to come in. The revised guideline also classified Microinsurance operation into Unit, State and National License. For a National Insurer, such composite microinsurance operator is expected to be capitalised to the tune of N600 million, while N400 million minimum capital base is needed from a General microinsurance opera-

Mohammed Kari

tors and N200 million for a Life microinsurer.

According to the guideline, national operators are allowed to have presence in at least six states within the three geopolitical zones of the federation. For a State Microinsurer, the minimum capital base is pegged at NI00 million, while a Unit Microinsurer investor must be capitalised to the tune of N40 million, with operation in one location within a lo-

Firms, UN collaborate to drive sustainable insurance

F

irms, UN Collaborate To Drive Sustainable Lagos Leading African insurers and reinsurance companies have collaborated with the United Nations under the auspice of United Nations Environment’s Principles for Sustainable Insurance (PSI) to drive economic, social and environmental sustainability. The event which held in Lagos on Monday focused on three basis themes: Closing the Risk Protection Gap, Resilient Cities, Sustainable Food Systems and Agriculture. Speaking at the event, group managing director and chief executive officer of Continental Re plc, Dr. Femi Oyetunji said “As

risk managers, the insurance industry has an important role to play in making communities and economies inclusive, resilient and sustainable. “The recent devastation wrought by Cyclone Idai, and now Cyclone Kenneth, is yet another wake-up call for the urgent need for action and collaboration to better manage risk and support sustainable development. “We joined the United Nations Principle for Sustainable Insurance in 2012 because at Continental Re, we believe it is in our interest the world is protected. As insurers and reinsurers, it is in our interest that we ensure that the risk that we undertake are not deteriorating risk.’’

Oyetunji said for a sustainability movement to be established in

Femi Adetunji, MD - Continental Re

Nigeria, the insurance industry will need to engage with government and the regulators. “We have already spoken to our colleagues in the insurance industry, we will like to drive it so we can begin the conversation of setting up a small team that would drive the agenda and make the necessary engagement” he added. Also speaking, the leader of the PSI initiative at UN environment, Butch Bacani, said: “The world is facing an increasing number of sustainability challenges from climate change, environmental degradation, and pollution to social inequality, financial exclusion and major health risks. “This is why world leaders have committed to delivering prosperity for all on a healthy planet through global goals such as the UN Sustainable Development Goals and the Paris Agreement on Climate Change. In this context, we are delighted that the African insurance industry is working together and demonstrating the leadership and ambition needed to drive sustainable development.” John Melville, chief underwriting officer, Santam Insurance, said: “Sustainability issues such as climate change and environmental degradation are leading to diverse, interconnected and complex risks, but also present new opportunities for collaborative action to mitigate risk and improve physical and financial resilience.

cal community. The regulator has therefore made it mandatory for these microinsurance outfits to make themselves visible and must be seen to be serving the low income earners grassroots. To this end, the commission had warned these outfit to stick to their civic responsibilities, while failure would lead to appropriate sanction. Microinsurance is an insurance developed for low income populations, low valued policies,

micro and small scale enterprises provided by licensed institutions, run in accordance with generally accepted insurance principles, and funded by premiums.

Microinsurance products are insurance products that are designed to be appropriate for the low income market, low valued policies, micro and small scale enterprises in relation to cost, terms, coverage, and delivery mechanism

NUJ to reactivate insurance policy for members

T

he Nigerian Union of Journalists (NUJ), says it is studying its insurance policy with the view to reactivating the process and making it more useful to its members.

The National President of NUJ, Mr Chris Isiguzo disclosed this i on Sunday in Cross River. Isiguzo noted that the policy, which was initiated by the former President of the union, Mr Garba Mohammed, during his tenure, was laudable, though many Journalists did not key into it. Isiguzo, who was in Cross River for the burial of late Ndoma Akpet, former state Chairman of the union, said his administration planned to reactivate the process with the inclusion of National Health Insurance Scheme (NHIS). “Mohammed initiated policy and a lot of members have benefited from it actually, but when he left office, because of the way we handle our things, it was not sustained.

“But now we want to reactivate it and even include NHIS because it is not just when somebody dies that he or she will benefit. “But another thing is that most of our colleagues didn’t even key into the programme, they waited for state governments to enroll them; but this is something that

is personal, ‘’ he said. When reminded that the late former chairman enrolled for the insurance for reminding me, I will check my records, but what we don’t know is, whether he sustained it or he just paid for one year and abandoned it. “You know insurance policy is such that, when you do not sustain it, it is as good as you did not do it at all. “If he sustained it, I will see what I can do but if he did not, there is absolutely nothing we can do, ‘’ he said. He, however, urged the family and members of the state council to emulate the lifestyle of the late member which he described as `humility and sincerity’.

Chris Isiguzo

ECONOMY

TUESDAY, MAY 21, 2019

Nigeria nominal GDP size deplete to N31.794 trillion

BY JULIUS ALAGBE, EDITOR, INTELLIGENCE UNIT

T

he Nigeria’s gross domestic products, GDP, closed at about N32 trillion at the end of first quarter 2019. In the preceding quarter in 2018, the GDP size had peaked at N35.2 trillion, compare with N28.438 trillion in the first quarter of year 2018. Going by the latest data from the Nigerian Bureau of Statistics, the nation’s economy expanded by 41 basis points in the first quarter.

According to data from the NBS, aggregate GDP stood at N31, 794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28, 438,604.23 million, representing a year on year nominal growth rate of 11.80%.

This trend shows that the GDP grew by 2.01% year-onyear, in real terms, in the first quarter of 2019. Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the first quarter of 2019 growth rate represented an increase of 0.12% points. However, relative to the preceding quarter fourth quarter of 2018, real GDP growth rate declined by -0.38% points.

“It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first quarter performance observed since 2015”, NBS noted.

“The aggregate was, however, lower than in the preceding quarter of N35, 230,607.63 million, by -9.75%. The nominal GDP growth rate in Q1 2019 was higher than the rate recorded in Q1 2018 by 2.54% points.

For further analysis, the Nigerian economy can be classified broadly into the oil and non-oil sectors.

The data shows that the nonoil sector recorded a growth rate of 90.86 per cent in the first quarter 2019 compared to 90.45 per cent recorded in the first quarter of 2018.

However, on a quarter-onquarter basis, it said the non-oil sector, however, declined in real terms to 2.47 per cent in the first quarter, 2019 compared to 2.7 per cent recorded in the fourth quarter, 2018. But contribution of the oil sector to the GDP declined by -0.41 per cent in the period under review. It was observed that the oil sector grew by 9.14 per cent in the first quarter 2019, compared to 9.55 per cent recorded in the fourth quarter 2018.

GDP data revealed that the sector recorded a negative

growth rate of -2.4 per cent quarter-on-quarter in the first quarter compared to 14.02 per cent rate recorded in the first quarter of 2018. In the first quarter of 2019, average daily oil production stood at 1.96 million barrels per day (mbpd), lower than the average daily production of 1.98 mbpd recorded in the same quarter of 2018 by -0.02mbpd but higher than the fourth quarter 2018 production volume by 0.05mbpd. The level of oil output during the quarter was the highest recorded over the past one year and the second highest since mid-2017.

Real GDP growth in the oil sector went down by 2.40% year-on-year in the first quarter of 2019 indicating a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by -0.79% points when compared to Q4 2018 which was -1.62%. Quarter-on-Quarter, the oil sector recorded a growth rate of 11.60% in Q1 2019.

Meanwhile, the Oil sector contributed 9.14% to total real GDP in the first quarter of 2019, down from figures recorded in the corresponding period of 2018 but up compared to the preceding quarter, where it contributed 9.55% and 7.06% respectively.

The Mining & Quarrying sector which consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals sub-activities grew in nominal terms, by -20.09% year on year in Q1 2019. It was observed that quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 137.41% followed by coal activity at 57.36%.

However, Crude Petroleum and Natural gas remains the main contributor to the sector with a weight of 99.10%.

Comparing Q1 2019 against the Q1 2018 and Q4 2018 revealed that nominal GDP growth

Zainab Ahmed, Minister of Finance

rate declined by -102.92% and -10.69% points respectively. The Mining & Quarrying sector contributed 9.90% to aggregate GDP in the first quarter of 2019, lower than the contributions recorded in Q1 2018 at 13.85% but higher than the 6.83% recorded in the preceding quarter.

NBS noted that in real terms, the mining and quarrying sector grew by -2.31% (year-onyear) in the first quarter of 2019.

Compared to the first and last quarters of 2018, this represented a decline of -16.41% points and -1.07% points respectively.

Quarter on quarter, growth rate recorded was 9.87%. The contribution of Mining and Quarrying to real GDP in the quarter under review stood at 9.21%, lower than the rate of 9.62% recorded in the corresponding quarter of 2018, though higher than the 7.23% recorded in the fourth quarter of 2018.

In agricultural segment which consist crop Production, Livestock, Forestry and Fishing, the sector grew by 22.58% yearon-year in nominal terms in Q1 2019, showing an increase of 16.78% points from the same quarter of 2018. Compared to

the preceding quarter, the nominal GDP growth rate was about 4% points higher. Crop Production remains the major driver of the sector. This is evident as it accounted for 85% of agriculture GDP. Quarter on quarter, growth stood at -25.27%. Agriculture contributed 19.11% to nominal GDP during the quarter, higher than the recorded contribution in the first quarter of 2018 but lower than recorded in the fourth quarter.

In real terms, the agricultural sector grew by 3.17% year-onyear in the first quarter of 2019, an increase of 0.17% points compared to the corresponding quarter of 2018, and 0.72% points compared to the preceding quarter. During the quarter, the sector contributed 21.91% to real GDP, higher than the contribution in the first quarter of 2018 (21.66%) but lower than the fourth quarter of 2018 (26.15%).

By categorization, the Manufacturing sector comprises of thirteen activities namely Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical. It also in-

Meanwhile, the Oil sector contributed 9.14% to total real GDP in the first quarter of 2019, down from figures recorded in the corresponding period of 2018 but up compared to the preceding quarter, where it contributed 9.55% and 7.06% respectively

cludes Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.

In the first quarter of 2019, nominal GDP growth in the Manufacturing sector was recorded at 36.45% year-on-year, or 27.52% points higher than the rate recorded in the corresponding period of 2018 (8.93%), and 2.88% points higher than in the preceding quarter.

On Quarter on quarter, manufacturing sector recorded a growth rate of 1.09%. The sector’s contribution to nominal GDP during the quarter was 11.32%, higher than its contribution in both the first quarter (9.28%) and the fourth quarter (10.11%) of 2018.

Meanwhile, real GDP growth in the manufacturing sector was 0.81% in the first quarter of 2019 year on year). This was lower than in the same quarter of 2018 by -2.59% points, and the preceding quarter by -1.54% points. On a quarter-on-quarter basis, the growth rate stood at -4.62%. In terms of its contribution, the sector accounted for 9.80% of real GDP in Q1 2019, lower than the 9.91% recorded in the first quarter of 2018 but higher than the 8.86% recorded in the fourth quarter of 2018.

The real growth rate of the construction sector in the first quarter of 2019 stood at 3.18% (year on year), or 4.71% points higher than the rate recorded a year earlier. Relative to the preceding quarter, there was an increase of 1.13% points. Quarter on quarter, the sector grew by 1.36% in real terms. By contribution, the construction sector accounted for 4.09% of real GDP in the first quarter of 2019, higher than its contribution of 4.04% in the same quarter of 2018, and the 3.48% contribution recorded in the preceding quarter.

FINANCIALS

TUESDAY, MAY 21, 2019

2,122 depositors petition banks, demand N334bn, $420m claims

BY NIYI JACOBS

A

bout 2,122 bank customers lodged complaints against their banks to the sub–committee o Ethics and Professionalism of the Chartered Institute of Bankers of Nigeria between 2001 and 2018.

The CIBN disclosed this in its 2018 annual report and accounts which it released on Saturday.

The committee was responsible for resolution of disputes relating to unethical practices between or among banks as well as between banks and their customers.

In the report, the customers demanded claims totalling N344.01bn and $420.06m in the period under review.

The institute said it resolved 1,993 cases and awarded N30.26bn and $18.41m to the petitioners in 2017.

In the report, it stated that 140 cases were outstanding as of the end of 2018.

Part of the CIBN report read, “Since inception in 2001, the subcommittee has received a total number of 2,122 petitions/cases with total claims of N344.01bn and $420.06m in local and foreign currencies respectively.

“1,993 cases were resolved which resulted to N30.26bn and N18.41m awarded/ refunded to petitioners/ customers by banks.”

The institute also said that as of the end of April 2019, it had received 129 new cases with claims amounting to N11.89bn.

It also said that in 2019, it had so far awarded N1.83bn in 138 pending cases.

The president, CIBN, Uche Olowu, said the Nigerian banking industry witnessed several notable developments in the year under review.

“Most importantly was in the area of enhancement and advancement in fintech and digitisation,” he said.

He assured that the institute would continue to guard its financial resources while at the same time, ensuring that the implementation of its vision and goals for the institute were not hampered by financial constraints.

The registrar, chief executive, CIBN, Seye Awojobi, said, the operations of the institute had been in consonance with responsible accounting and consequence management to ensure effectiveness and efficiency of its mandates.

Uche Olowu, CIBN President

U.S. firms to key into Angola’s Oil Sector

BY BONNY AMADI

U

nited States of America (USA) oil firms, have been tipped a being positioned to benefit form investment pick up in Angola, which has emerged as hub for foreign direct investment in Africa.

Angola recently emerged as the hub of foreign direct investments within Africa, and the prospects of attracting more FDI this year are bright, particularly in the country’s oil and gas sector.

Angola, the second-biggest oil producer in Africa after Nigeria, recently released a new oil licensing strategy up to 2025.

APO group in a release on behalf of African Energy Chamber, revealed that, the ambitious reform agenda of President João Laurenço and that of the Minister of Mineral Resources and Petroleum, Dr. Diamantino Pedro Azevedo, has already resulted in increased investment from the country’s biggest European operators, which now presents an opportunity for North American companies to re-engage and reinvest in the Angolan market.

“Angola has repositioned itself as a strategic oil investment hub and has made itself attractive to American oil firms to take a new look as Africa becomes once again a target for the US oil industry,” said Jude Kearney, former Deputy Assistant Secretary for Service Industries and Finance at the U.S. Department

of Commerce during the Clinton Administration and President of Kearney Africa. “American and many other foreign investors are paying close attention to the wave of reforms in Angola and will embrace it by investing their dollars. The Angola Oil & Gas Conference on June 4-6, championed by the President, will be key in this regard.”

Angola, the second-biggest oil producer in Africa after Nigeria, has just released a new oil licensing strategy up to 2025, and is about to launch next month and for the first time a bidding round that includes marginal oil fields with an attractive fiscal frame-

Oil exploration activity

work. Angola’s economic recovery is being driven by investments in the country’s oil and gas sector, with the country’s energy sector attracting well over $1bn of investment commitments over the past few months.

The charge is notably led by international oil companies increasing the size of their operations in the country, including Total at Kaombo, ExxonMobil in the Namibe Basin or BP at the Platina Field. US oil & gas service companies like Halliburton or Baker Hughes GE also still dominate the sector and are likely to further invest in technology as the country ramps up exploration efforts.

American firms have traditionally led investments within Angola’s oil sector, especially under the Strategic Partnership Agreement the US has with Angola, one of just three in sub-Saharan Africa.

“Angola is back and the oil and gas sector is posed to rebound after the economic recession. We believe the new investment must also include strong support for job creators in the oil sector and for the socio-economic empowerment of Angolans. The marketdriven policies are working, and we will encourage the oil industry and the government to work together and do more deals,” declared Sergio Pugliese, President

of the African Energy Chamber (EnergyChamber.org) in Angola.

Eni’s recent light oil discovery this year in Block 15/06 confirmed that Angola does not disappoint for whoever is ready to bet on the country’s vast reserves.

“Seeing new oil discoveries in Angola, is yet again great news that there is still a lot more oil and gas to be found in Angola and also solidifies the impression of many US firms that Angola is still the place to be. The gas potential is massive and US technology, if used properly, will redefine Angola’s gas market. Angola has been smart to work hand in hand with US investors and the African Energy Chamber to ensure its reforms meet market demands,” stated C. Derek Campbell, Chief Executive Officer of TransGen Energy, Inc., an integrated global energy conglomerate based out of Maryland.

“This sends a strong message to the industry and we will continue to advocate for the presence of US companies when in comes putting world class fields into development and also focusing on exploration as there is no production without investing in exploration to find more oil,” added Sergio Pugliese, The African Energy Chamber (AEC) is the only Africa-wide association that represents all aspects of Africa’s oil and gas industry. The AEC represents more than 120 partners involved in all aspects of the African energy industry.

INSURANCE

TUESDAY, MAY 21, 2019

Specialized agents can capture informal workers into micro pension plan

By Niyi Jacobs

F

or Pension Fund Administrators to effectively capture informal workers at the grassroots into the Micro Pension Plan (MPP), they need to employ and train specialized agents, the Chairman of Council, Association of Registered Insurance Agents of Nigeria (ARIAN), Gbadebo Olameru, has said.

He noted that due to the pres-

NSE wins outstanding invaluable company award for CSR

T

he Nigerian Stock Exchange (NSE) has won the “Rotary Outstanding Invaluable Company Award” from Rotary International District 9110 Nigeria.

The Rotary district, is one of the 535 Districts that make up Rotary International worldwide, comprising over 100 Rotary Clubs with over 3000 professionals, as members.

Rotary International District 9110, District Governor, Kola Sodipo, in a signed notification letter to the Exchange, said the award was bestowed on NSE based on its “impactful Corporate Social Responsibility projects in the areas of Education, Health, Economic and Youth Empowerment, and Environment, amongst others, which Rotary considers invaluable in the service to humanity.

NSE was found worthy of this award following the outcome of a committee of evaluators set up by Rotary District 9110, to look into Corporate Social Responsibility projects and programs of companies and their impacts that are in sync with Rotary ideals of service, especially in Rotary’s six areas of focus. Rotary’s six areas of focus include peace and conflict prevention/resolution, disease prevention and treatment, water and sanitation, maternal and child health, basic education and literacy, and economic and community development The award was presented to the NSE at the 2019 edition of the Rotary Friendship Night/Governor’s Magazine Launch/Awards which hosted the Consular General of Germany in Nigeria, Dr Stefan Traumann, as the guest speaker.

Head of Corporate Communications, NSE, Olumide Orojimi, commenting on the award, expressed appreciation to Rotary for the recognition and noted that the Exchange is committed to strengthening its engagements and deepening its impact through social interventions across Nigeria.

“NSE is changing the education outcomes of children in the NorthEast through the donation of Maisandari Alamderi Model Nursery and Primary School in Borno State.

ent structure of the insurance agency system, it may be difficult for pension operators to leverage the system, adding that most insurance agents are tied to insurance companies and not independent.

He urged pension operators to partner ARIAN to develop a robust agency network that would focus on pension and help harness huge opportunities at the grassroots. Some pension operators in a chat noted that they are presently exploring ways of leveraging agency system to reach out to informal sector workers workers at the grassroots.

According to the Acting Director-General, PenCom, Mrs. Aisha Dahir-Umar, the micro pension plan is expected to significantly expand pension coverage to greater number of Nigerians and further generate additional long term funds for Nigeria’s economic development, adding that the Commission would collaborate with relevant stakeholders to sensitize and enlighten the target participants and members of the public on the features and benefits of the plan.

She said the product is flexible with respect to contribution amount and the channel of remittance of contributions to the respective pension accounts, stressing that access to accumulated contributions is also flexible, seamless and facilitated by technology through varied payment system platforms.

She noted that a prospective Micro Pension contributor is required to open a Retirement Savings Account (RSA) by completing a physical or electronic registra-

Aisha Dahiru Umar, Ag. DG - PENCOM

tion form with a Pension Funds Administrator (PFA) of his/her choice, and the contributors may make contributions daily, weekly, monthly or as may be convenient to them.

She stated that every contribution shall be split into two, comprising 40 per cent for contingent withdrawal and 60 per cent for retirement benefits, adding that the contributor may, based on his/her needs, periodically, withdraw the total or part of the balance of the contingent portion of his/her RSA, including all accrued investment income thereto.

The contributor, she said may also choose to convert the contingent portion of the contributions

to the retirement benefits portion and the remaining balance in the RSA shall be available to the contributor upon retirement or attaining the age of 50 years.

“Pursuant to its regulatory and supervisory mandate, the Commission had established a separate Department dedicated to the supervision of all matters relating to Micro Pension Plan, including enforcement of compliance with the Guidelines and customer complaint handling and resolution. ‘‘Our objective is to ensure efficiency and effectiveness in service delivery, as well as transparency and accountability in the administration of the product by licensed pension operators,” she said.

She stated that guaranteed minimum pension will be given, provided the contributor made contributions for a cumulative period of not less than 120 months and the RSA balance at retirement shall not be less than N500,000.

She maintained that the plan is expected to significantly expand pension coverage to greater number of Nigerians and further generate additional long-term funds for Nigeria’s economic development, adding that the Commission would collaborate with relevant stakeholders to sensitize and enlighten the target participants and members of the public on the features and benefits of the Micro Pension Plan.

Naira stability deriving further boost from US, China trade wars –Gwadabe

By BONNY AMADI

I

n addition to remarkable policies of the Central Bank of Nigeria (CBN) which has helped to stabilise the Naira, the lingering trade wars between the United States of America (USA) and China, have also been described as good for the Naira.

The trade wars have led to higher crude oil (Brent) prices, which is good for the naira and Nigerian economy, President, Association of Bureaux De Change Operators of Nigeria (ABCON) Dr. Aminu Gwadabe has said.

The ABCON Chief, speaking yesterday to financial journalists in Lagos, said that since the beginning of April this year, oil prices have remained above $70/barrel as the trade war rages. He said the US sanctions on Iran and Venezuela have tightened the supply of crude oil to the market and put upward pressure on oil prices.

Gwadabe disclosed that Washington had last week, raised tariffs on $200 billion worth of Chinese imports to 25 per cent from previous rate of 10 per cent, pushing prices

of affected consumer goods higher.

“The rising oil prices as a result of tension in the Persian Gulf and the increasing trade wars between two world economic giants, China and America will help to take the naira to another next level of stability. I advise the Federal Government and the Central Bank of Nigeria (CBN) Management to take advantage of the two crises- trade tensions and rise in crude oil prices by introducing that will support growth and development opportunities,” he said.

Gwadabe said that with the exchange rate stability being witnessed in the market, the next target of the apex bank should be to have a single digit interest rate that would stimulate economic activities and business growth.

He said that Russia and the Asian countries are already utilizing their Yuan Swap agreement with China to strengthen their local currency, a strategy Nigeria is also expected to pursue.

The ABCON boss expects the CBN management to deepen currency SWAP pact with China and diversify commodity exports to the United States in other to diversify foreign exchange earnings for the

country.

“Other great areas to focus for diversifying our foreign exchange earnings include promoting Diaspora remittances for economic buffer and foreign reserves accretion as seen in India and United Arab Emirates where migration remittances have lifted their economies,” he said.

He said that effort should also be intensified by fiscal authorities in empowering the youths through job creation and higher productivity.

“The ABCON Executive Council under my leadership will continue to promote improved capacity and technological advancement among BDC operators. We are also committed to better skills acquisition for BDC operators to elevate them to viable monetary regulatory partners and lead player in exchange rate stability,” he said.

He commended the CBN Management for promoting a sustainable exchange rate stability policy that is in consonance with its price stability mandate.

He said there is always an option for the CBN to either abandon the exchange rate stability mandate to accumulate foreign reserve and allow the naira to depreciate as was the case when the local currency dropped to N530 to dollar nearly

two years ago, thus adversely affecting businesses.

Gwadabe said the CBN has been able to create a people-focused Central Bank promoting macroeconomic objectives such as low inflation and a stable exchange rate, along with a focus on promoting inclusive growth and reducing unemployment in the country.

He added that the apex bank has also increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Anchor Borrowers Program, Commercial Agricultural Credit Scheme and the Real Sector Support Facility.

He said that ABCON under his leadership will continue to support the CBN progressive policies, including the Investors and Exporters (I&E) Forex Window which has attracted $48 billion worth of transactions to the economy, and supported rise external reserves to $45 billion in April 2019 from $23 billion in October 2016.

He said with improved availability of foreign exchange, the exchange rate at the I&E FX window has remained stable over the past 24 months at an average N360/$, and the parallel market exchange rate has appreciated from N530/$ in February 2017 to N360/$ today.

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WESTAFRICA BUSINESSNEWS TUESDAY, MAY 21, 2019

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or the umpteenth time, the International Monetary Fund (IMF) has advised Nigeria and other coun-tries still subsidising fuel for local consumption to stop doing so. The Breton Woods institution hinged its advice on the premise that subsidy removal would boost revenue and make more funds available for infrastructure development.

There is no doubt that this has been the position of IMF over the years. It contrasts sharply with the position of most Nigerians especially those who hate to hear about IMF. The common man believes that nothing good can come out of IMF except inflicting wounds and hardship on the generality of the people.

But there is common sense in the position of IMF. If our leaders can, for at least once be sincere to the people and implement the idea with determination to alleviate certain problems such as epileptic power supply, the advice by the IMF would enthrone healthier economy for Nigeria.

Successive Nigerian governments including the present administration had shied away from subsidy removal due to the hardship it will unleash on the people, but if it is the price to pay for Nigeria to have steady power supply to move the economy forward, we believe Nigerians would be ready to bear it.

We believe that as it stands presently, government has little or no choice but to heed IMF’s advice and remove fuel subsidy.

But the issues must be discussed extensively by all stakeholders including the Manufacturers Association of Nigeria (MAN), National Association of Chambers of Commerce, Indus-try, Mines and Agriculture (NACCIMA), electricity generating and distributing companies and all rele-vant government agencies.

There is no other palliative that can cushion the attendant hardship from subsidy removal that will be acceptable to the generality of Nigerians, than steady electricity supply.

Government must

therefore remove fuel subsidy with one hand and give the people steady power supply with the other.

The usual excuses that the contract agreement between immediate past government and the electricity generating and distributing companies bars present government from tak-ing bold steps, does not avail in this matter.

‘In public interest’, government can repudiate or renegotiate any contract for the interest of the peo-ple.

If it requires renegotiating with GENCOS or DISCOS

for the country to move forward, let the gov-ernment do it. Epileptic power supply is holding down the economy of this country. The harsh after-effect of subsidy removal will pale into insignificance if the people could be given steady power for fuel subsidy removal.

Like IMF President, Christine Lagarde counselled, fuel subsidy removal would boost revenue at the disposal of government and in turn improve local infrastructure development. Government should draw a time line with stakeholders particularly

Nigercem represents a passion for Ebonyi people and indeed the entire South Easterners (Ndigbo), because this premier cement company established in 1954 or thereabout, has come to represent the people’s entrepreneurial spirit and doggedness.

electricity generating companies and Discos by how much electricity generation and distribution would improve on a monthly basis as fuel subsidy is being removed.

Lagarde declared at the IMF/World Bank spring meeting in Washington DC last week, that subsidy payment had consumed about 5.2 trillion dollars globally from 2015 till date.

Zeroing in on Nigeria, Ms Lagarde said IMF wanted Nigeria to remove subsidy due to the paucity of funds to take care of infrastructure reforms and other social services.

The advice is not hook, line and sinker bad if government can be committed to ploughing the addition-al revenue saved from subsidy, to improving electricity infrastructure such that epileptic power supply would become a thing of the past in the country.

We are of the considered view that this is the time to take the bull by the horn and engage stakehold-ers in critical discussions with a view to begin phased removal of fuel subsidy. The critical thing is to genuinely plough the additional revenue to better the lives of the people through improvement in electricity supply.

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WESTAFRICA BUSINESSNEWS TUESDAY, MAY 21, 2019

Badagry residents, students protest bad state of Lagos/Badagry Expressway

T

housands of Badagry residents and some tertiary institution students yesterday defied a heavy rainfall to protest the deplorable state of the Lagos/ Badagry Expressway, describing it as a road of anguish and pain.

The Badagry Correspondentn of NAN who monitored the protest reported that residents blocked the popular Badagry roundabout for hours earlier in the day.

They stormed the roundabout with placards bearing various inscriptions such as: “Fix Lagos/ Badagry Expressway. Our businesses are dying’’; “Bad Road, Our pregnant women are having miscarriages’’; and “We are not at war, Remove checkpoints on our road’’; “We are losing man hours.’’

Dr Joe Okei-Odumakin, the President, Women Arise Initiative, who led the protest, said the road had become a route of anguish and pain.

“We are in the rain today not because we like it, but because we want to make some demands; we are moving from Badagry to Mile 2.

“We are here because the Lagos/Badagry Express road has continued to serve as a route of anguish and pain; the state of the road is deplorable.’’

“We are seeing our economy ruined, we have seen women having still births; We have seen our road becoming a road to the hospital and the mortuary, the time has come for us to rise up in unity.’’

“Time has come for us to demand that the government should

fix the Lagos/Badagry road; we are here to demand that the road that leads to the economic hub of the ECOWAS sub-region be fixed.’’

“We have endured this for a very long time, and tourism in Badagry is now at its lowest ebb; we know the concession started in 2009 and several years after the road was awarded, nothing serious has been done about it,’’ she said.

Also speaking, Bokoh Oluwole, Chairman, Gunuvi Rights Initiative of Nigeria (GRIN), said that they were protesting because of the bad

state of the road.

“This is the first major international road in Nigeria, and the road is Trunk A. It is an international route, an international haulage route. This road serves industrial hubs, and government generates a lot of income from the route.’’

“This road construction began during the then Governor Babatunde Fashola administration and it has been on for over a decade and people are dying. At my bus stop, we lost two kids recently because of the nature of the road and some

users are sometimes compelled to ply one-way.

“Those who go to Lagos to buy goods from Badagry now find it difficult to transport their wares without incurring losses.

“How long shall we continue to suffer like this, while the government pretends as if all is well? We just can’t continue like this,’’ he said.

Sesan Akingbade, a commuter, said that the Federal Government had forsaken the people plying the road, adding that its deplorable

state was making life difficult for Badagry residents and other users.

“I work in Ikeja, so I go through Igbo-Elerin everyday. I spend over N1, 500 going to and returning from work and do over five hours in transit daily. It is gradually telling on my health.

“It is very unfortunate that an international highway will be in such state.

“Any serious work on this road will take more than two years. The federal government should, therefore, commence work on the road in earnest, as a matter of urgency,’’ he said.

Dele Ilori, a commercial vehicle driver, noted that the road had become a death trap.

The protesters marched to Ijanikin, where they were joined by students of the Adeniran Ogunsanya College of Education, Ijanikin, while students of Lagos State University (LASU) also joined at the Igbo-Elerin junction.

The expressway was locked down by the protest for over two hours.

The Lagos/Badagry Expressway is the local name for the Nigerian section of the Trans-West African Coastal Highway which connects Lagos, Nigeria with Dakar, Senegal.

Extensive reconstruction of the Lagos portion of the 61 kilometre, 10-lane expressway began in 2010, but lingering funding problems have compelled the contractors, the Chinese Civil Engineering and Construction Corporation (CCECC), to stop work.

Kaduna community residents lynch suspected kidnapper

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esidents of Kawo community in the Kaduna metropolis yesterday burnt a suspected kidnapper and staged a protest, following alleged killing of an “innocent man” by a policeman.

The protesters were seen burning tyres after barricading the highway leading from Kaduna to Zaria and Birnin-Gwari.

Trouble started when Kawo residents at about 9 a.m. yesterday, received information that there were three people, attempting to abduct people.

The residents immediately blocked roads leading in and out of the community and pursued the kidnappers, catching one of them and burning him on the spot.

It was learnt that one of the suspects was captured by the police.

However, following the chaos, the police intervened to disperse the mob, shooting into the air and shooting a man in the crowd in error, while three others sustained injuries.

An eye-witness, Sadi Dauda, said I sighted a large crowd from

afar and I immediately rushed down.

“Kawo residents had received information that kidnappers, numbering three were operating in Sabon Kawo.

The crowd immediately blocked the roads. They chased the kidnap-

pers and killed one.

“Immediately the police got to the scene, they started shooting sporadically to scare away people and they shot an innocent person dead.

“Four people were shot, one died. The remaining three are in

Kawo General Hospital.

“Now, the residents are demanding that the kidnapper in police custody should be released so that they can do instant justice on him.

“They said they won’t leave unless the kidnapper is released to

them,’’ Dauda stated.

The Public Relations Officer of the Kaduna State Police Command, DSP. Yakubu Sabo, did not respond to enquiries on the issue.

He, however, responded in a text message, saying simply: “in a meeting.”

Daura LG appeals for reconstruction of central market

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he Daura Local Government Council in Katsina State has appealed to the State Government to reconstruct the Daura central market to boost its economic activities and revenue base.

Alhaji Danladi Mai-mai, the council’s Supervisory Councillor for Revenue, made the appeal yesterday in Daura.

He said the current revenue being realised from the market was between N100,000 and N105,000 weekly, attributing the low collection to lack of inadequate shops and makeshifts where traders could display their goods.

He expressed optimism that when the market was reconstructed would attract a projected revenue of more than N500,000 weekly.

“We also call on the government to renovate the Daura central motor park by constructing water ways and administrative offices to make it more attractive generate more internal revenue,’’ he said.

The councillor cautioned members of the local chapter of the National Union of Road Transport Workers (NURTW) and the National Road Transport Owners

Association (NARTO) to desist from conveying passengers and goods by the road side.

He described the situation as dangerous as it was capable of jeopardising the security of the passengers and their property, noting that such sharp practices also affected our revenue negatively.

According to him, the council has allocated 200 plots of land to interested traders in the market free of charge to enable them construct shops and makeshifts with a view to expand the revenue potentials of the market.

“We would be collecting N50 from them every week and N500 annually as revenue,’’ he said.

The Daura central market was being patronised by traders from all over Nigeria and the neighbouring Niger Republic.

Meanwhile, the councillor has inaugurated a special crest for commercial motor cyclists for easy identification, saying the initiative will further promote security and peace of the area.

According to him, the council has provided 2,000 units of the identification crest for distribution to the cyclists at affordable rate.

WESTAFRICA BUSINESSNEWS TUESDAY, MAY 21, 2019

19

Rainstorm wreaks havoc in Ogun community

A

rainstorm yesterday wreaked havoc in Kajola community in Ifo Local Government Area of Ogun.

The 45 -minute rain, which began at 10 am, removed the roofs of many houses and shops, rendering many residents homeless.

Some of the residents, who spoke in separate interviews with journalists said the rainstorm was a tragedy.

They lamented that the community roads, which lacked drains and were already in a bad state, were made virtually impassable.

The residents, who appealed to the state government to come to their aid, said all the projects

carried out in the community were through the efforts of the community’s landlord association.

A resident, Akeem Rasheed, said he was shocked when the rainstorm began, forcing many to flee into their houses and shops for safety.

Another resident, Mrs Omolayo Bamgbose, said fear had gripped her during the rainstorm which brought down part of the house behind hers.

“I have never seen this kind of rainstorm before that has caused so much panic and fear. I am really touched by the predicament of residents who are affected,’’ Bamgbose said.

Kehinde Shogunle, a community chieftain, also urged the state government to assist residents affected by the rainstorm.

“I think this is a natural disaster that nobody prayed for, government should please come to the aid of residents who no longer have houses,’’ Shogunle said.

Olawale Saliu, a respondent, said that residents of the commu-

nity should pray against a repeat of such rainstorm.

Adekunle Adekoya, another community chieftain, expressed regrets at the damage caused by the rainstorm, adding that that the community had always lacked government presence.

“Most of the amenities we have here such as roads, electricity and others are efforts of the landlord

association as government has neglected us here,’’ Adekoya said.

On his part, the Community Development Council Chairman, Adio Mosaku, disclosed to newsmen that he was shocked when the rainstorm began.

“Many residents, including me, have been rendered homeless; the roof of my house was removed,’’ Mosaku said.

Akeredolu condemns corruption in judiciary

G

overnor Oluwarotimi Akeredolu of Ondo State yesterday blamed the corruption in the judiciary in recent times on the challenges arising from incursion of strange elements into the nation’s legal system Akeredolu said this yesterday during the swearing in ceremony of four judges of the state High Court in Akure.

The four male judges are Bamidele Olupitan, Olajide Abe, Ademola Enikuomehin and Tope Adedipe.

The governor explained that it was sad to note that even judicial officers at the appellate courts were not immune from the malady of corruption.

“The average citizen must be able to perceive the intervention of the Bench as credible regardless of the outcome.

Litigants must leave, believing that justice has been done.

“A judge must be a shining light to the society since his conduct and behaviour reflect the public image of the judiciary.

“The future of the judiciary and indeed the nation depends, to a large extent, on how our judges perform their duties, effectively,” he said.

According to the governor, since judges decide the

Akeredolu

fates of the citizens, there is need for them to be decent, professionally disciplined and incorruptible to achieve a better society.

Earlier, Justice Olutoyin Akeredolu, the Chief Judge of the state, commended the governor and the Speaker of the State House of Assembly, Bamidele Oleyelogun, for their positive interest in the affairs of the judiciary.

Akeredolu equally lauded the governor for his commitment to the implementation of financial autonomy for the judiciary and urged the new judges to brace up for the task ahead.

She further solicited more support from the state government, especially in the appointment of more judges, magistrates, personnel of the Customary Court and other staff to fill the yawning gap.

Responding on behalf of others, Olupitan expressed gratitude to the state government for the opportunity to serve and promised to influence the judiciary positively.

He assured the governor that the new judges would justify the confidence reposed in them, noting that they were conscious of the onerous task ahead of them.

Edo State Governor, Godwin Obaseki (middle); Commissioner for Health, Dr. David Osifo (3rd right); Commissioner for Wealth Creation, Cooperatives and Employment, Hon. Emmanuel Usoh (2nd right); Chairman, Edo State Board of Internal Revenue Service, Igbinidu Inneh; National Vice President, Nigerian Association of Patent and Proprietary Medicine Dealers (NAPPMED), Evere Igunma (3rd left), during a courtesy visit by members of NAPPMED to Government House, Benin.

We’ll ensure investors in plantations preserve forest belt, says Obaseki

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do State Governor, Godwin Obaseki, has said that the state will ensure its forest belt is preserved as more investors in oil palm, cocoa, rubber plantations set up shop in the state, noting that state will collaborate with relevant stakeholders in the sector on a reforestation programme.

He also expressed commitment to partner with the Federal College of Forest Resources Management (FCFRM) to re-grow the state’s forest reserve through intensive tree planting.

The governor disclosed this during a courtesy visit by the management of the FCFRM, at the Government House, in Benin City, the Edo State capital.

Governor Obaseki said investors trooping into the state are showing interest in cultivating oil palm, rubber and cocoa under a Central Bank of Nigeria (CBN) initiative, noting “We have investors in oil palm, rubber and cocoa plantations. We want to ensure that as we bring investors to cultivate large estates, we get a commitment from them to help us re-grow our forest and

conserve our forestry resources.”

The governor added that his administration was ready to collaborate with the FCFRM in developing tree nursery to grow between 4 to 10 million trees such that each household would be able to plant a tree.

He said the tree planting has become necessary due to the state’s dwindling ecological cover, noting “We need to green the state. When you take a look at the ecological map, you will understand why we need to restore our ecological cover.”

The governor said the state has lost a significant portion of its forest reserve but assured that when the bill to establish the Forestry Commission is passed, it will protect the state’s forest resources.

“The bill sent to the House of Assembly to set up our Forestry Commission will legislate on how we can preserve what is left of our forest reserve. Efforts to stop deforestation will be difficult unless the bill is revoked through the parliament. It shows how serious we have taken our forest assets,” he added.

He noted that aside tree

planting, the state seeks collaborations on the training of forest rangers, developing the School of Forest Resources Management, in Uromi and also for the setting up of Forestry Commission in the state.

Provost, FCFRM, Sakponba, Dr Benson Osikabor, expressed appreciation to the governor on the cooperation and mutual understanding between the Institute and the state over the years.

He said following the law signed by the President in 2018 to establish three training colleges to enhance forestry education in Nigeria, Edo State has been chosen as a location for one.

“I am glad to announce that Edo State was chosen as the location for Federal College of Forest Resources Management, SouthSouth. We have watched with deep admiration, your policies, actions and pronouncement over the past three years, particularly in the area of environmental friendliness vis-a-vis ban on logging activities in the state, quality road construction and commitment to flood and erosion control,” he said.

WESTAFRICA BUSINESSNEWS 20 TUESDAY, MAY 21, 2019

Agribusiness

Katsina recovered 32,672 animals from rustlers, says Masari G

overnor Aminu Masari of Katsina State yesterday said the dialogue method adopted by the state government between herders and farmers had resulted in the recovery of over 32,672 animals from rustlers from 2015 to date.

Masari said that the intervention had also resulted in the demarcation of over 829.8 kilometres of cattle routes across the state.

He made the disclosure while speaking as Special Guest at the 2019 NAPRI Open Day, organised by the National Animal Production Research Institute (NAPRI), held at the institute in Shika, Zaria, Kaduna State.

The lecture is entitled: “Sustainable Strategies to Mitigate Security Challenges in Animal Production.”

Masari said following perennial farmers/herdsmen clashes resulting in loss of lives and property, Katsina State Government established a standing committee on cooperation between farmers and herders.

This according to him, is with a view to curbing the ugly menace of frequent clashes, if not completely eradicate it.

Masari said the committee was chaired by a retired management specialist with members drawn from the Ministries of Agriculture, Local Government, Information

and Justice.

Other members, he said, were the Emirate Council, Police, State Security Services, State Security Services and Civil Defense as well as Civil Society Organisations.

“The committee’s mandate includes: intervening in farmersherders misunderstandings; in-

vestigating stock/cattle routes encroachment and their demarcation.

“Others are serving ejection notice on encroachers and instituting legal action where necessary and taking custody of reclaimed animals and screening of claimants among others.

“Through the committee’s efforts over 32,672 animals were recovered from 2015 to date,” he disclosed.

Masari said the state government had also established a Dialogue and Amnesty Committee under the chairmanship of the Secretary to the State Govern-

Aminu Masari

FADAMA, NIRSAL-MECA sign pact to refurbish 10,000 tractors

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orld Bank/FADAMA III Additional Financing and the Machine and Equipment Corporation Africa (MECA) have signed a three year service agreement to maintain and refurbish 10,000 tractors across the country.

Signing the agreement in Abuja yesterday, Iliya Gashinbaki, the Group Country Director of MECA, said the project would be supported by the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL).

Gashinbaki said that the refurbishment and maintenance of the 10,000 tractors would cost N30 billion.

According to him, we have over 55,000 broken-down serviceable tractors in Nigeria and another 130,000 that we will recycle and scrap.

He said that MECA would also partner with the All Farmers Association of Nigeria (AFAN) and the Tractors Owners and Operators Association of Nigeria (TOOAN) to make the services available to farmers.

“NIRSAL and MECA are partners. We are the lead technical partners of agricultural mechanisation of NIRSAL and currently we are working under the NIRSAL Comprehensive Agricultural Mechanisation Programme.

“If you have to get 55,000 tractors today, you will spend not less than N606 billion to get them to work.

“Under the first phase of this project, 10,000 tractors will be refurnished and we have done the pilot and successfully refurnished about 50 tractors and now we are going to scale to phase-one which is about 10,000.

“The 10,000 tractors under the approved framework going to cost us just N30 billion compare that with the quantum that we are

losing because these tractors are idle and they are there not working.

“This will automatically increase food production because production will increase because currently, mechanisation service is just about one per cent.

“We have 10 per cent animal power and 89 per cent human labour. There is no way as a country that we will be able to address this without solving mechanisation issues,’’ he said.

The Managing Director of NIRSAL, Aliyu Abdulhameed, said the partnership was an endorsement of NIRSAL’s Comprehensive Agricultural Mechanisation Programme (N-CAMP) as the sustainability model for the mechanisation component of the FADAMA III programme.

Abdulhameed said that NIRSAL would deploy its resources to ensure continuity in the support, development and growth of agricultural activities under the FADAMA Programme.

He said that the NIRSAL-MECA agricultural mechanisation

management contract scheme was designed for the management, maintenance and commercial operations of the agricultural land and infrastructural development equipment based on a feefor-service model.

“NIRSAL is guaranteeing up to 75 per cent of the front end value of every investment or financing under the scheme and for any successful outing where financing is done, we are ready to support with interest drawback.

“At 10,000 tractors per annum for the first phase, we will have to continue working with that for the next 15 years. “ It requires consistent supply chain of parts, training mechanics and operators.

“In this FADAMA-MECA-NIRSAL programme, the immediate target is 300,000 FADAMA registered farmers,’’ he said.

Tayo Adewunmi, the National Project Coordinator of FADAMA III, said that the project would be implemented through the Feder-

NAIC pays N464m claims to insured farmers

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o mitigate their losses , the Managing Director, Nigerian Agricultural Insurance Corporation (NAIC), Mrs Folashade Joseph, has disclosed that the corporation has paid claims of N464 million to insured farmers across the country.

In a statement issued in Abuja

by Mrs Magdalene Omosimua, NAIC Head, Corporate Affairs, Joseph said the payment was made in the first quarter of 2019.

She disclosed that prompt payment of claims has always been the cardinal objectives of the Corporation and urged farmers to al-

ways insure their farms in case of disaster.

“As a responsible player in the agric insurance space, we at NAIC believe that prompt payment of claims is the ultimate goal of any insurance business.

“NAIC was established by the Federal Government to shield farmers from the adverse effects of natural disasters,” she said.

She, however, stressed that the Corporation would provide insurance cover to all categories of operators whether small, medium or large scale across the agricultural value chain.

ated Fadama Community Association (FFCA).

Adewunmi said that the partnership would help the association to sustain the investment and successes recorded by FADAMA in 33 states at its winding down

by December.

Dr Mohammed Bello, the Permanent Secretary, Federal Ministry of Agriculture and Rural Development said that the partnership would help to provide affordable mechanisation services and linkages between service operators.

ment with members drawn from the Army, Police, DSS and Civil Defence.

Also on the committee are; the State Attorney General, Coalition of Civil Society Organisations, State Chairman of Miyetti Allah Cattle Breeders Association of Nigeria and Kautal Hore.

He added that other members were representatives of Daura and Katsina Emirates and Chairman All Farmers’ Association of Nigeria and influential representatives of the rustlers.

“This committee engaged the rustlers in pre-arranged interface at different locations, even in the thick forest.

“In the process, many of them embraced dialogue and agreed to surrender their illegal arms in exchange for an amnesty.

“In the end, this efforts culminated in an epoch event on 5th Jan. 2017, when numerous repentant rustlers surrendered their illegal arms to my humble self in Kankara, Kankara Local Government Area.

“The high point then, was the surrender of an AK 47 rifle to me by the notorious Buharin Daji,” he said.

He said the state government had holistically adopted measures to address the twin problem of encroachment by farmers on stock and cattle routes and grazing reserves, as well as encroachment on farmlands by herders.

He said: “In an effort to address the matter therefore, the state government mobilised the Standing Committee on Farmers/ Herders Cooperation.

“The committee was tasked it to re-demarcate and beacon all international, state and local stock and cattle routes across the length and breadth of the state, including grazing reserves.

“The first phase of the exercise covering a total of 829.8 kilometers has been successfully completed with 6,152 beacons, and is being monitored by the committee while preparations for the commencement of the second phase are in top gear.

NEMA to distribute agro input grants to Anambra flood victims

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he National Emergency Management Agency (NEMA),has disclosed that it will this week commence the first phase in the distribution of agricultural inputs grants to farmers affected by the 2018 flood disaster in Anambra State.

This will enable affected farmers in the state to start the planting season.

Mrs Bolanle Ojo, Supervisor for the National Food Council Emergency Agricultural Intervention, said this yesterday in Awka.

Ojo added that 4,390 farmers who farmed on about 7, 251 hectares of farmlands had been verified and captured in the data gathering exercise for the intervention programme.

The supervisor said NEMA had taken delivery of some of the items which include seedlings, Agro-chemicals and fertiliser, adding that more were still being awaited.

She said some of the seedlings include yam, cassava cuttings, rice, tomatoes, vegetables among others.

According to her, the distribu-

tion will start this week with yams to commence the planting season.

Ojo said the agency would handover the items directly to the beneficiaries in accordance with the information they declared during verification, noting that the issue of diversion was not possible.

She however same the agency would continue to work with the Anambra Emergency Agency, Ministry of Agriculture, the security agency and other relevant agencies to achieve optimal result.

According to her, the intention of the Federal Government for the intervention is to ensure that there is no food scarcity resulting from the 2018 flood disaster in the country.

“These are purely agricultural input grants, no money, the seedlings are some of the best improved seedlings we have in the country, we are going to be here until the last beneficiary was attended to.

“They co-operated very well during the verification and registration exercise, we are expecting that corporation again from them during the distribution, “she said.

COMPANIES & BRANDS

WESTAFRICA BUSINESSNEWS TUESDAY, MAY 21, 2019

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Ondo Varsity shut down over students protest

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stensibly to forestall further crisis, the Ondo State University of Science and Technology (OSUSTECH), Okitipupa, has been shut down indefinitely following students’ protest over hike in tuition.

The students had, on April 30, been asked to vacate the institution’s premises and resume on May 20.

Felix Akinusi, the institution’s Registrar, however said yesterday in Okitipupa that the institution’s senate had resolved to shut it indefinitely.

Akinusi said the decision was to guard against break down of law and order by the students.

The students protested when the management insisted that they should continue to pay the new tuition which ranges from N150,000 to N200,000 per session, depending on a student’s state of origin.

It was gathered that the tuition was less that N100,000 before the management increased it last academic session, agreeing with the students that it would be reduced the next session.

The registrar said the university authorities were still meeting with the stakeholders over the increase intuition in order to reach a “conclusive end” on the matter.

He, however, said some students, especially those on 200 Level, had agreed to continue with the new fee but later rescinded the decision and took to protest rather than dialogue.

“The senate of the institution has resolved to shut the

institution indefinitely as the students have vowed to continue their protest.

“The senate reached this decision to guard against breakdown of law and order by students as meeting with stakeholders over the matter is ongoing.

“The students agreed to pay the tuition when they resumed newly but they later abandoned the agreement for protest.

“The new date of resumption will be communicated to them after we have resolved the matter,” Akinusi said.

Meanwhile, the Adekunle Ajasin University Akungba Akoko (AAUA), has also been shut indefinitely over hike in tuition.

Kwara media houses have not collapsed–Official

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orried by the wrong impression being created in many circles, the Kwara State government has said that its three media houses– Radio Kwara, Kwara Television and the Herald Newspaper–have not collapsed.

A statement yesterday in Ilorin by Dr Muideen Akorede, the Sole Administrator of the three media houses, said they were only facing operational problems due to financial challenges confronting the government.

Akorede, who also is the Senior Special Assistant on Media and Communications to Governor Abdulfatah Ahmed, however, said

government had released N11.3 million to the three media houses alongside the payment of April salaries to their workers.

“Government has paid their April salaries and as well released N11.3m as running cost for the month while efforts are being made to pay the March salary which is still outstanding across the three media houses,” he said.

While describing the current challenges facing the government outfits as unfortunate, the governor’s aide stated that the Ahmed administration commenced the repositioning of the media houses in 2016 based on its commitment to making them competitive and

morefit to perform their statutory functions.

Akorede said a total of N482 million was approved and released in modules between 2016 and 2018 for the repositioning of the media houses.

“The Herald now has a 17-office new corporate office which is ready for occupation having furnished it with computers and other operational tools.

“On Kwara State Television, the station is one of the few in the country that has completed the Digital Switch Over(DSO) and now boasts of a digital production chain, editing suites and two live and production studios.

“With regard to Midland

FM, the station has been provided with digital studio consoles and a brand new transmitter and other tools while its premises have been renovated,” said the governor’s aide.

He added that Radio Kwara AM was also provided with a new digital studio console which was awaiting installation while transmitter parts were also provided for the station’s transmitter.

Akorede admitted that in spite of the provision of running cost to the station, both Midland FM and Radio Kwara were currently off air due to faulty parts while efforts were being made by the government to procure replacement parts in order to restore their operations.

Edo to streamline revenue collection for patent medicine dealers

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overnor Godwin Obaseki of Edo State has said that his administration will streamline revenue collection from patent medicine dealers in the state in order to eliminate multiple taxation.

The governor said this when the National VicePresident of Nigerian Association of Patent and Proprietary Medicine Dealers (NAPPMED), Evere Igunma,visited him in Benin yesterday Obaseki noted that the new revenue collection pro-

cess would eliminate multiple taxes as well as improve transparency in the process.

Obaseki

“We want to stabilise revenue to collect from you, your levies and taxes so and that you pay only once that we agree on the total and to one authority.

“So, we need to know your members in the state and where you operate from, and help you shut down unregistered members,” the governor said.

He urged the association to create a small contact committee to work with the commissioners for Wealth Creation, Cooperatives and Employment, Health and Chairman of the State Board of Internal Revenue on the new revenue collection process.

Obaseki solicited the support of the body as his administration re-positioned primary health care centres in the state.

“We are strengthening our primary health care centres to increase patient access to health care and we want you to support us in this area,” the governor said.

Earlier, Igunma commended the governor for the reforms in the state.

He said that the state chapter of the body had endorsed the governor for a second tenure.

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NAFDAC mops up expired beverages in North Central Zone

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he National Agency for Food and Drug Administration and Control (NAFDAC) in the North Central zone has revealed that it has mopped up varied quantities of expired beverages across the zone.

Prof Moji Adeyeye, the NAFDAC Director-General said this in a press statement on Monday in Abuja following series of complaints from consumers.

Adeyeye said that the beverages had either expired or contained extraneous particles, and were being sold to unsuspecting members of the public.

She said that all NAFDAC state coordinators in the zone were directed to carry out discreet surveillance in their respective states on the products.

“In response to series of complaints from consumers, NAFDAC state coordinators were instructed to carry out discreet surveillance of nonalcoholic beverages.

“The exercise culminated in the mopping up of several

FAAN gets new Managing Director

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resident Muhammad Buhari has approved the appointment of Mr Rabiu Yadudu as the new Managing Director of the Federal Airports Authority of Nigeria (FAAN).

This is contained in a statement by James Odaudu, Deputy Director, Press and Public Affairs of the Ministry of Transportation in Abuja on Monday.

According to Odaudu, the new MD, who is a Flight Captain, will take over from the erstwhile Managing Director, Mr Saleh Dunoma, a certified engineer.

The appointment takes immediate effect.

The new MD is an International Civil Aviation Organisation (ICAO) and Airport Council International (ACI) accredited International Airport Professional.

Until his new appointment, Yadudu was the Director of Airport Operations of FAAN. The new helmsman holds professional certifications in Avionics, Airport Safety Management Systems, Airport Security Management, Air Transport Systems Management, amongst others.

quantities of expired non-alcoholic beverages with a street value of about N450, 000 at Terminus Market in Jos. “In Kogi, a total of 281 crates of non-alcoholic beverages worth N788,000 having extraneous particles were moppedup, and in Niger 353 cartons of expired assorted drinks valued at N711,600 were seized,’’ she said.

She said that no expired products were discovered in Nasarawa, Kwara and Benue states.

She added that those found culpable of circulating the expired and dangerous products were made to face appropriate penalties.

According to her, no expired beverages are discovered in Nassarawa, but some nonalcoholic drinks poorly stored due to poor warehouse practice were put on hold because their safety could not be guaranteed.

She said that appropriate sanctions in the form of administrative charges were imposed on the violators, while the products would be destroyed at the appropriate time.

The NAFDAC Director said that letters of warning were also issued to the violators after extracting letters of undertaking from them not to be involved

in the unwholesome practice,’’ she said.

Adeyeye, who emphasised that NAFDAC was committed to safeguarding the health of the populace, advising manufacturers and dealers to desist from selling unwholesome products to the public.

“Such unpatriotic attitude

will not be tolerated, and consumers are advised to make prompt reports of items found not to comply with the Agency’s standard.

“They should look out for absence of manufacturers’ exact location, date markings and NAFDAC Registration Number.

“Non adherence to these is

responsible for the presence of extraneous particles in drinks,’’ she said.

Adeyeye also disclosed that a training workshop would be organised for stakeholders in the zone on Good Manufacturing Practice (GMP) and Good Warehouse Practice (GWP),’’ she said.

Air Peace hails upgrading of night landing facilities at Benin Airport

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ir Peace has commended the Federal Government for upgrading the navigational facilities at the Benin Airport.

It said that this would help airlines and aircraft owners to perform flights at night and periods when there would be low visibility.

Chris Iwarah, the Corporate Communications Manager of the airline, gave the commendation in an interview with reporters yesterday in Lagos.

The newly installed Precision Approach Lighting System and Instrument Landing System Category II at the airport were inaugurated by the Minister of State for Aviation, Hadi Sirika on May 18.

Iwarah said that it was a welcome development and Benin would join the Lagos, Port Harcourt, Abuja and Kano airports where airlines could operate into and from at night in the country.

He said: “Before now, you could fly into four airports late and this had created a lot of implications for both the airlines and passengers.

“If there is any disruption or delay into those airports that are called `sunset airports’ that you can’t fly into once it is 6.30p.m., it is always a huge problem because the passengers will be angry and agitated.

“But, once the airport can operate at any time, the passengers may be angry but they will get to their destinations though it may be late.”

He said that the upgrading of the facilities at Benin Airport would help to reduce the visibility challenges usually faced in the past by airline operators.

“Before now, if there was any

visibility challenge, we would just cancel the flights that were supposed to fly.

“But now, we can decide to wait and observe the weather to see if there is an improvement,” he said.

Iwarah added that it would also give airlines the opportunities to properly utilise their aircraft

to about 15 hours daily instead of parking them on ground due to the early closure of the airport.

He said, “It is a good step in the right direction.

“It is a win-win situation and we want to thank the Federal Government for thinking in this direction and we hope that the operations will be sustained.”

Promotion arrears: Oyo public primary school teachers begin strike

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yo State public primary school teachers yesterday commenced an indefinite strike to press for the payment of promotion arrears from 2011 to 2016 among other demands.

Samson Adedoyin, the Chairman of the Nigerian Union of Teachers (NUT) in Oyo State, told journalists in Ibadan that the strike became inevitable when dialogue with the state government failed. ” We have been on this for long; we have written letters; we went on three days warning strike and we even issued a three-day ultimatum as at last week Tuesday, but it all failed.

“Although, we were invited

on Friday by the state government but all discussions were centred on appeal that government will do something, but the appeal was not taken by our members.

“Our demands include payment of promotion arrears from 2011 to 2016 for which all other sectors have been paid since February.

“Also, it is only primary schools that are being paid in arrears in terms of salary, all other sectors have collected their April salaries but primary school teachers’ salaries for March have just been released,” he said.

Adedoyin added that the teachers’ 2018 leave grant was

still pending whereas others had collected theirs.

“We don’t know why we are being treated like that and we want such ill-treatment to stop,” Adedoyin said.

Niyi Akano, the immediate past chairman of NUT, on his part, stated that only primary school teachers were on strike.

He, however, said if the state government failed to address the demands, teachers in secondary schools would join in solidarity.

Akano said the industrial action would remain indefinite until the demands were met.

All public primary schools teachers in Ibadan complied with the directive by the union.

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WESTAFRICA BUSINESSNEWS TUESDAY, MAY 21, 2019

INEC withdraws 25 Certificates-of-Return over court orders

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he Independent National Electoral Commission (INEC) revealed yesterday that it has withdrawn 25 Certificates-of-Return issued to some candidates that won during the 2019 General Elections, following court orders.

The Chairman of Information and Voter Education Committee (IVEC), Festus Okoye, said this at a `Forum on Media Coverage of 2019 General Elections’ held in Enugu yesterday.

Okoye noted that 20 of the 25 certificates-of-return were withdrawn from All Progressives Congress (APC) members to other APC members; while two from Peoples Democratic Party (PDP) members were withdrawn and issued to other PDP members.

He said that the other three were withdrawn from APC and PDP; and given to other political parties.

“Before we left INEC national headquarters on Friday; the commission has withdrawn 25 certificates-ofreturn from the first owners to their new owners following court orders to do that,’’ he

said.

Okoye, however, lauded the media for its openness and robust engagement with the commission before, during and after the election, adding that the media had become critical stakeholders for the success of future elections.

He noted that the media had become the first line of reach of the masses as well as platform for explanation of

INEC political and electoral decisions.

Okoye therefore called on the media and its practitioners to dig deep into the Electoral Act to ensure that the import of the recent amended sections are made known to the public.

“The media should also centre on the aspect of using Alternative Dispute Resolution (ADR) to resolve electoral issues especially at the party

levels instead of going to the court,’’ he advised.

Speaking, President of the Nigerian Union of Journalists (NUJ), Chris Isigozu, said that the media and its practitioners enjoyed a vast and robust relationship with INEC before, during and after the elections.

Isigozu said that INEC performed creditably well given the resources and length of co-operation from other

Mahmood Yakubu

stakeholders involved in the electoral processes.

“However, we are here to evaluate the entire process and see where we can strengthen our engagement and better the electoral system.

“We would be open and say it as it; so that the electoral and democratic processes can be better even as we go into off season elections,’’ he said.

In a welcome address, Enugu State Resident Electoral Commissioner (REC), Dr Emeka Ononamadu, noted that evaluation of processes of the elections would help better the electoral processes as well as strengthen institutions and stakeholders involved in the entire processes.

“INEC wants to hear from the media, security agencies, civil society organisations, NonGovernmental Organisations etc on how the election fared.

Whether there are avenues to improve on what we have.

“So, INEC is open to receive your objective deliberations and its outcome and we definitely take a critical look at your outcomes in order to better the electoral processes,’’ Ononamadu assured

Speakership: Rep steps down for Gbajabiamila

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member of the House of Representatives , Yusuf Buba (APC-Adamawa) yesterday announced that he is withdrawing from the race for 9th Assembly Speaker-ship to support the candidature of Femi Gbajabiamila (APC-

Lagos).

Buba disclosed this at a news conference in Abuja, saying that the zoning policy of the All Progressives Congress (APC) is the reason for his decision.

The lawmaker said it was

Edo PDP promises transparent primaries to ensure victory

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n assurance has come from the leadership the People’s Democratic Party (PDP) in Edo State that it will organise transparent primaries to ensure emergence of credible and popular candidate for the 2020 governorship election in the state.

The state party Chairman, Chief Dan Orbih, gave the assurance yesterday in Benin at an interactive session with journalists.

Orbih said that the party would conduct very transparent primaries where every vote would count to decide who would emerge the party’s governorship candidate.

He said that the party would ensure it produced a respectable and credible candidate to liberate the state from the current level of underdevelopment.

“We will also ensure that our candidate is someone committed

to making meaningful impact on the lives of the people,” he said.

He said the party’s leadership would put in place measures that would promote internal democracy ahead of its primaries so that “members will speak with one voice same agenda.”

The party chairman said that PDP had a strong presence in the state because the people loved the party and believed in it.

He said the people of the state were tired of unfulfilled promises by the ruling All Progressives Party (APC) government, adding “Edo people are eager for a change in governance.”

According to him, the present administration in the state has failed and reneged on its electoral promises to the people.

“As such, Edo people must take their destiny in their hands by voting out the party come 2020,” he said.

in the spirit of fair play that he decided to step down given that the APC has zoned the office of the Senate President to the North East.

Buba, who represents Gombi/Hong Federal Constituency in Adamawa, said that though he has the muscle and support to win the race, as a party man, he has

no choice than to go with the decision of the party.

The APC has earlier zoned the office of the Speaker to the South West and endorsed Gbajabiamila for the position.

He said that all the six geo political zones have competent persons for any office in the country, describing zoning as arrangement to ensure

every part of the country is represented.

Buba had in March declared his intention to run for the office of the Speaker in the 9th Assembly.

He enjoined all his supporters to understand why he is stepping down and join hands to build a formidable leadership in the house.

‘Rep Nwajiuba will ensure better executive NASS ties’

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ormer Speaker Imo State House of Assembly, Amaechi Nwoha yesterday said that a House of Representatives’ leadership under Emeka Nwajiuba would not only maintain harmonious relationship with the Presidency but ensure speedy passage of Executive bills.

Nwoha told reporters in Abuja that the acrimonious relations of the 8th Assembly with the Presidency was inimical to the country’s administrative progress.

He explained that a synergy between the Presidency and the legislature was imperative for economic and political development.

The former Speaker, who described Nwajiuba as an “apostle of good governance and believer in Buhari’s vision”, said he was a member of defunct Congress for Progressive Change.

Nwoha urged the lawmakers to elect Nwajiuba Speaker for rapid and hitch-free legislation.

According to him, Nwajiuba I know is not corrupt, neither is he selfish but a man of integrity who believes in getting things done rightly.

The former Imo Speaker said that Nwajiuba’s aspiration was coming at a time the desire for power balancing among the geopolitical zones was a

national discourse given the fact that he was qualified to assume the office of Speaker.

“Although he ran the election on the platform of the Accord Party, it was simply to skip political plots of Rochas Okorocha aimed at stopping him.

“Nwajiuba remains in body and soul, a chieftain of the APC because he has always believed in the vision of President Buhari right from Congress for Progressive Change (CPC),” he said.

Emeka Nwajiuba got a court order to replace Chike Okafor as member for Ehime Mbano/Obowo/Ihitte Uboma Federal Constituency.

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WESTAFRICA BUSINESSNEWS TUESDAY, MAY 21, 2019

Kogi: APC Aspirants’ Forum rejects Bello for 2nd term

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ising from its meeting, the state to the opposition.

It said Bello had remained the All Progressives Congress (APC) adamant in spite directives Aspirants’ Forum, Kogi by President Muhammadu State Chapter, has rejected the candidature of Governor Yahaya Bello for a second term in office over alleged bad leadership and nonperformance.

This was made known in a statement issued by the forum at the end of its meeting yesterday in Abuja.

The statement was jointly signed by its Chairman, Ben Adaji, and Secretary, Anthony Oye. It appealed to Adams Oshiomhole, the National Chairman of APC and its National Working Committee (NWC) not to give the governorship ticket to Bello.

It added that giving the ticket to Bello to run for a second term would be a risk, warning the party may lose

Buhari to all APC governors to reconcile and accommodate the party’s aspirants after the last primaries.

The communique alleged that Bello had continued to treat Kogi aspirants as enemies and second class

Yahaya Bello

citizens in the party they laboured to build.

It said the forum had therefore resolved to mobilise and support one of its members to contest the forthcoming primaries and the subsequent governorship election slated for November.

It added that after much deliberations and debate, the forum nominated three of its members, including Alhaji Yahaya Audu, Dr Chief Adedoyin and Dr Toyin Akanle for the contest.

“At the end of the deliberations, Yahaya Audu was unanimously endorsed to contest the forthcoming Kogi Governorship Election,” the statement said.

The forum also used the opportunity to pledge unalloyed support for the President Muhammadu Buhari – led administration.

LGAs autonomy will check governors excesses, curb graft, says Gumel

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ocal Government autonomy will help ”clip governor’s wings” and curb corruption, Chairman Senate Committee on State and Local Government Administration, Senator Abdullahi Gumel, has said.

Gumel(APC-Jigawa), who made this known in an interview with journalists in Abuja, said the move would help to put governors, particularly those who used local government funds as ”slush money” in check.

He was reacting to the directive by Nigerian Financial Intelligence Unit (NFIU), banning governors, banks, financial institutions, public officers and other stakeholders from tampering with statutory allocations of local governments.

The agency imposed a daily N500, 000 cash transaction limit on all the 774 local governments among other guidelines, to take effect from June 1, with sanctions.

Gumel said the directive, having been applauded by Nigerians, was a step in the right direction, particularly in view of allegations of governors subverting local government funds.

“If the funds of the local government are given to them to carry out their activities there will be more development at the grassroots.

“Governors see local government funds as slush money and they do whatever they want without budgetary processes.

“If we can stop that, a lot of corruption will drastically reduce.

“If local governments have their own funds, the number and quality of staffing will drastically improve, because there are redundant staff at the state and federal level that can be engaged there.

“If the local government is properly funded, people will go back there to be employed.

This move will make those at the

grassroots to enjoy the dividends of democracy,” he said.

On concerns that the directive by the NFIU needed legal backing to be enforceable, the lawmaker said it was not an outright autonomy for local governments.

According to him, the directive is to the effect that governors are abusing their privileges by using state and local government joint accounts as “slush accounts”.

He stressed that the directive was to ensure that local government funds were spent in a manner that there would be accountability.

He commended the NFIU for bringing up the conversation again, noting that” it has been crucial to Nigerians all these years.”

He, however said in order not to have lose ends in the move to free local governments from governors’ “pangs” the senate had moved to sit with relevant stakeholders for find a way of actualising the move without legal concerns.

The chairman further called on State Houses of Assembly to expedite action in signing the Constitution Amendment currently before them, particularly

local government autonomy, before expiration of the 8th National Assembly.

He pointed that so far, only nine states had signed the bill.

He assured that President Muhammadu Buhari would sign the bill into law as soon as it was translated to him.

He urged state assemblies that were yet to sign the bill, probably because of their governors’ interference, to summon courage to do that now that they have financial autonomy.

“President Muhammadu Buhari has the will power to ensure full autonomy for local governments.

“I remember his statement during the 2015 inauguration when he promised that he would not allow local government funds to become slush funds for the state governments.

“I interfaced with the president on different occasions on the issue of local government autonomy and he showed readiness to append his signature to moving local governments out of the bondage.

“This is so that they can operate as third tiers of government and not appendage of state governments.

“I am very optimistic that this

is going to be implemented. This is a decision that all Nigerians are happy about and we have to see it to the end,” he said.

The lawmaker further said, “Nigerians are excited about this development and I know it will encourage state assemblies now that they are autonomous and free from the bondage of state governments, to operate as independent legislatures on this

matter.

“The former governors now in the senate especially the ones in my committee are in the forefront of wanting the bondage of local governments to be lifted.

“They are passionate about it and when this happens, they can stand their ground and insist that INEC conducts their elections instead of SIEC as presently constituted.”

Yari

Tribunal dismisses Adelabu, APC’s bid to recount ballot papers

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iting breach of right to fair hearing, thee Oyo state governorship Election Petition Tribunal has dismissed an application filed by Adebayo Adelabu, governorship candidate of the APC to recount all the ballot papers used in the March 9, 2019 election.

Adelabu and his party are challenging the declaration of Seyi Makinde, governorship candidate of PDP,

by INEC has the winner of

the March 9 governorship election in Oyo state.

Adelabu through his counsel, Titus Asaolu ,SAN, had filed an application seeking to recount all the ballot papers used in the March 9 election.

Delivering his ruling yesterday , the three-man panel, chaired by Justice Sirajo Muhammed, dismissed the application, adding that it would jeopardise the respondents’ right to fair

hearing.

Mohammed said that the petitioners were only challenging the result of few local governments in conduct of the governorship election and not all the 33 local government of the state.

The judge said that filling an application now to count all the ballot papers used in the election would amount to amending the petitioners’ pleadings.

He said that the time al-

lowed to amend pleadings of all parties has elapsed and no pleadings can be amended at this stage.

Mohammed said that the petitioners were also not consistent on the date the election was conducted as they were quoting different date in their application.

The judge then dismissed the application and fixed June 10 for commencement of hearing, adding that prehearing has ended.

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TUESDAY, MAY 21, 2019

NNPC explains redeployment of top management staff

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he Nigerian National Petroleum Corporation (NNPC) has explained the recent staff movements in the Corporation, saying it was normal replacement and back fill exercise to bridge the gap occasioned by impending retirement of some management staff of the Corporation, among others.

In a statement yesterday in Abuja, NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, explained that the exercise involved statutory retirement of 11 of its senior management staff as well as redeployment of 19 others, saying such replacements were always effected before the final exit of the concerned staff.

Ughamadu stated that in all, 30 senior staff were affected by both the statutory retirement and redeployment.

He gave the list of staff on statutory retirement between May1 and July31, this year to include: General Manager, Chad Basin, Aniya Francis Umaru, who is from the North-eastern part of the country and retired on May 6, 2019; Adewale Solomon Ladenegan, Managing Director, KRPC, who hails from the South-west and retired on May 13, 2019 and Musa Sulyman Gimba, who is the Group General Manager, NNPC Leadership Academy, who also is from the northeast and retired on May 14, 2019.

Others include: Umma Ayuba Musa, who is the General Manager, HR & Admin Services, Duke Oil, from North-west and retired on May 19, 2019; Emmanuel–Ate Mariagoretti Ndidi, General Manager, Support Services, NGC, from the South-south region and will retire on May 30, 2019; Tsavnande Thaddeaus Atighir, Executive Director, Operations, from the North-central; Okor Ovieghara, General Manager, Upstream/TA to GMD, who hails from the South-south region; Barau Mohammed Kabir, Managing Director, NGMC,

•Says No worker was sacked who is from the north-western region; Others are;Dawaki Salihi Abubakar, the General Manager NLNG, LIMS, from the North-west; Ibrahim Aminu Bagudu, the Executive Director, ETSD, NPDC, who hails from the Northwest and Yusuf Shimingah Matashi, the Managing Director, NPDC, who hails from the North-western region and will retire on July 17, 2019.

Ughamadu also named the following to be among the 19 staff that were redeployed: Anas Mustapha Mohammed, Usman Faruk, Ali Muhammed Sarki, Osarolube Ezekiel, Ihya Aondoaver Mson, Isah Abubakar Lapal, Umar Hamza Ado, Garba Adamu Kaita, Ossai Uche, Usman Umar, Ehizoje Tunde Ighodaro, Ahmed Mohammed Abdulkabir and Lere Isa Aliyu.Others are: Richard-Obioha Maryrose Nkemegina, Dikko Ahmed, Ibrahim Sarafa Ayobami, Usman Yusuf, Sambo Mansur Sadiq and Buggu Louis Tizhe.

The NNPC spokesman said it was usual for the Corporation to obtain necessary approvals on replacements of retiring staff ahead

of schedule, saying this was the case with the recent exercise that takes effect as at when the retiring staff depart at various times within the period.

Ughamadu stated that

the exercise was effected to ensure uninterrupted operations of the Corporation in achieving its mandate, adding that extant corporate guidelines were strictly followed in the process.

He advised members of the public to disregard the insinua-

tion that some staff of the Corporation were relieved of their duties, saying the deployments were expected and aimed at sustaining the system.

The NNPC spokesperson urged staff of the Corporation not to be distracted with the report.

Telecom operators engage in 21,440 porting activities – NCC

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he Nigerian Communications Commission (NCC) said that telecommunications operators carried out 21,440 Mobile Number Portability activities in March 2019.

The regulatory body made this known in its ”Incoming and Outgoing Porting Activities of Mobile Network Operators Report” on its website.

The commission said in the report that 14,639 subscribers ported within the networks in February, hence an increase of 6,801 activities in March.

It said that out of the 21,440 porting activities recorded in March, 10,945 were ”Incoming Porting Activities”, while 10,495 were ”Outgoing Porting Activities”.

The regulatory body said that in the outgoing table, 4,515 subscribers moved from Airtel Nigeria to other networks through Mobile Number Portability in March.

According to NCC, those who left Airtel increase by 3,336, as against 1,179 customers who deserted the network in February.

It said that in the month of March, 3,176 customers moved from Globacom Nigeria, showing an increase of 895 subscribers against 2,281 that left the service provider in February.

NCC said that 1,583 subscribers moved from 9mobile in the month under review, representing a decrease of 218 customers as against 1,801 who left the network in February.

It said that 1,221 customers of MTN Nigeria ported to other networks within the same period, showing a de-

crease of 422, when compared with 1,643 users who left in February.

In the incoming table, 9mobile led with an additional 7,297 customers joining its network in the month of March.

MTN Nigeria came second on the gainers’ list with 1,502 subscribers; 1,444 subscribers moved to Airtel Nigeria, while Globacom Nigeria got 702 customers.

The exercise was launched on April 22, 2013 by NCC, with the aim of deepening competition in the industry.

Anambra health insurance agency enrols over 34,000

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he Executive Secretary, Anambra State Health Insurance Agency (ASHIA), Dr Simeon Onyemaechi has disclosed that the agency has enrolled more than 34,000 persons within six months of its inception in 2018.

Onyemaechi disclosed this in an interview yesterday with reporters in Awka.

“On assumption of this agency in November 2018,

our projection was to have 1,000,000 persons enrolled into our scheme within only one year, but presently we have more than 34,000 persons,” he said.

He said that 260 private and public hospitals are currently providing healthcare services to enrolees across the 21 local government areas of the state.

He added that he was impressed with the response of

the residents to the scheme.

“Our services is open to every resident of the state include; promotion, prevention, curative and rehabilitation.

“We treat common infection and infestation like malaria, typhoid, pneumonia, gastroenteritis and almost all childhood illness for under five.

“The agency equally offer antenatal services, labour and

delivery for pregnant mother’s including delivery by caesarean section and cover common surgeries like appendectomy, among others,” he said.

Onyemaechi said the services of the agency could be accessed by people in formal and informal sectors.

“Formal sector are public and civil servants, while the informal are people in privately owned ventures,” he said.

Onyemaechi who listed scores of advantages of enrolment into the scheme, added that embracing the scheme could reduce maternal and childhood related deaths.

He called on the wealth to do in the state to help pay N12,500 annual premiums for the less privileged persons in their communities.

He added that such gesture could reduce pressure on them.

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TUESDAY, MAY 21, 2019

Downpour causes traffic gridlock in Lagos, govt allays fears H eavy downpour and rain storm in Lagos yesterday resulted in many residents and motorists counting their losses as it caused traffic gridlock and wreaked havoc in many areas, damaging communication masts, electric poles and other infrastructure.

The heavy downpour resulted in many roads being flooded occasioning traffic gridlock.

Major roads in Ikeja, Maryland, Ketu, Lagos- Ibadan expressway experienced traffic gridlock and some were completely blocked as a result of collapse of communication masts and electric poles.

Meanwhile, the Lagos State Government yesterday assured residents that it had put in place necessary measures to address challenges likely to be posed by heavy rainfalls, as the rainy season gradually approaches.

The Permanent Secretary Ministry of Information and Strategy, Fola Adeyemi and his counterpart in the Ministry of the Environment, Abiodun

Bamgboye, in a joint statement, urged the residents to remain calm.

At Maryland, Ikeja, there was traffic gridlock because of flood leaving many commuters stranded at nearby bus stops.

The situation was similar on the Mobolaji Bank-Anthony Way in Ikeja, as motorists groaned due to the long hours in traffic gridlock.

The 7up Oregun Road was completely blocked due to the collapse of a communication mast and an electric pole, which made the road impassable.

Commuters, who spoke with reporters decried the poor emergency response to situations like this, adding that quick emergency response would have salvaged the situation.

Ademola Ogunmokun, a commuter, said that the Lagos State Emergency Response Agency (LASERA) might have been overwhelmed by the situation.

“I think the LASERA officials are up to the task only that

the rains would have been experienced in all parts of Lagos.

“To prevent this, we need to have the men of the agency moved to the areas suspected to be prone to such emergency cases.

“We need more personnel for situations like this, or maybe people should volunteer more for emergency situations because that is what is obtainable in advanced countries,” he said.

Also, Mrs Titilayo Nelson, a resident of one of the blocked streets on Oregun road, Ikeja, said that it was taking too long for the Ikeja Electricity Distribution Company (IKEDC) to remove the damaged electric pole.

The state government said the unpredictable pattern of rainfall currently being experienced was a natural outcome of climate change.

It said it was not unusual to occasionally experience flashfloods, especially in a coastal states like Lagos, as well as

during rain of high intensity, as it occurred in the early hours yesterday.

“Sometimes when it rains, we are likely to have flash-floods on our roads as it sometimes happens in other parts of the world, but the relief here is that the flash-floods will disappear in a couple of hours,” it said.

It also assured residents that relevant government agencies had been put on red alert to adequately respond to any unforeseen occurrences during rains of high intensity and confront any other emergencies during the rains.

It said the state Public Works Corporation was already on ground to clean the drainage channels, drainage setbacks and other road debris.

It, however, appealed to residents to desist from the act of indiscriminate dumping of refuse in the drains as well as erecting structures on drainage and their alignments as these acts were capable of precipitating

flooding.

“The general public is urged to promptly report cases of indiscriminate dumping of refuse into drainage channels and unauthorised places as well as other incidents of drainage blockage to the relevant government agencies” it added.

It also advised Lagosians and motorists to be safety conscious during this period and take some safety measures like remaining indoors during the rains except when it is absolutely necessary, and avoid over-speeding when driving.

It also advised drivers to ensure their vehicles were in good condition and avoid driving through flooded areas that their depths might be difficult to ascertain.

The state government assured that it would continue to intensify efforts at containing the flood, stressing that it would continue to maintain all primary and secondary channels during and after the rainy season.

Katsina procures N194m pumping machines to tackle water scarcity

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o ensure better welfare for its residents, the Katsina State Government has spent N194 million on the purchase of two water pumping machines in its efforts to restore regular water supply in Katsina metropolis.

Residents of Katsina metropolis have been experiencing water shortage for over a month following the breakdown of facilities at Ajiwa Dam. The Commissioner for Water Resources, Salisu Gambo disclosed this when he appeared before the state House of Assembly to explain the reasons for the acute water scarcity in the state capital.

Gambo said that although the new machines which were bought in Germany had been installed at Ajiwa Dam, the residents would have to wait for another two weeks before normal water supply is restored.

“We want to call the attention of Katsina residents to the fact that such machines are not something that one can go to a shop and buy, you have to place a special order abroad before you get them.

“As I am speaking to you, the government had placed special order for the manufacturing of the machines in Germany.

“The pumping machines have arrived the state and were installed at Ajiwa Dam. “In the next two weeks, we will resume regular water supply to the residents.

“We are calling on the residents to bear with us on the situation,” he said.

In his remarks, the Deputy Speaker of the Assembly, Dalhatu Tafoki, said that the lawmakers were satisfied with the explanations given to them by the commissioner and other officials.

Tafoki therefore urged the residents to exercise patience as the ministry strived to restore supply within two weeks.

He appreciated the deployment of water tankers by the ministry to be supplying water to various areas in the metropolis to ease the hardship being experienced by residents.

Govt, bank partnering to reduce unemployment—NOA

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he Oyo State Director of the National Orientation Agency (NOA), Mrs Dolapo Dosunmu, yesterday disclosed that government is partnering with SEAP Microfinance Bank to help reduce unemployment through empowerment initiatives.

Dosunmu spoke in Ibadan yesterday at the launch of SEAP digital microfinance android POS device and annual general meeting of its Ibadan Zone.

She said with more than 600,000 members engaged in SEAP initiatives., the financial institution had been collaborating with government to empower people who were in turn taking

care of their families.

“Nigeria’s problem is corruption and lack of integrity; people should shun corruption which is the bane of our development,” Dosunmu said.

Dokun Olatunde, the Executive Programme Director of SEAP, said the outfit had moved from analogue to digital microfinance operations to ensure effective service delivery.

Olatunde, who spoke on the merit of the technology introduced, enjoined members of the organisation not to be negligent in their duty of ensuring their financial records were intact.

“We are going into digital

microfinance now which is the best global practice as people are now running away from manual microfinance due to its limitation.

“Digital microfinance saves cost, protects savings of clients and provides transparency in microfinance activities.

“With this digital device, I know that microfinance has taken a new shape in Nigeria and the world at large.

“Some of the challenges this device will tackle are multiple loans to a person, disappearance of debtors and change of location after obtaining loan among other fraudulent activities.

“With biometrics features in

place, it will generate receipt, capture biometrics as well as reduce corruption and fraud in the system,”Olatunde said.

Also speaking , the Director of the Bank of Agriculture in the state, Mrs Idayat Folorunsho, represented by Mrs Hajara Balogun, urged SEAP beneficiaries to pay back loans obtained on time for the benefit of others.

“The only way to prosper in your endeavour is to have the mindset to repay your loan right from the onset,”he said.

The event had in attendance beneficiaries drawn from 53 branches of SEAP as well as other stakeholders.

NEWS

TUESDAY, MAY 21, 2019

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Monarchs promise to support Oyo in war against kidnapping

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laafin of Oyo, Oba Lamidi Adeyemi has promised that efforts are on-going by traditional rulers in the state to support the Oyo State government to tame kidnapping and other criminal activities in Oyo State.

The monarch disclosed this to newsmen in Ibadan on Monday after he paid a courtesy visit to Gov. Abiola Ajimobi in his office.

He said that traditional rulers, government and security agencies were working together to ensure that the state got rid of criminal activities.

Adeyemi led members of the Oyo State Traditional Council to the governor’s office.

In a related development, the Abia State Police Command yesterday said it had arrested some members of a kidnap gang terrorising Aba and its environs.

The State Commissioner of Police, Eneh Okon, told NAN in phone interview that the suspects were in police custody in Aba. Adeyemi said “We cannot act independent of the government and security agencies. We must be very careful not to reveal the strategies or plans we have.

“These kidnappers are in our midst and we are working with security agencies to ensure that the crime is nipped in the bud. Our traditional rulers are working within their localities.

“They are working also working vigilante groups to ensure that lives and properties of the people are saved. By the grace of God, in the next two or three weeks, you will see the result of our efforts.’’

He commended Ajimobi for changing the face of Oyo State, adding that his eight years in office were

A

denial yesterday came from the Akwa Ibom chapter of Peoples Democratic Party (PDP) yesterday that it never expelled or suspended former governor, Godswill Akpabio, from the party.

The Publicity Secretary of the party in the state, Ini Ememobong, stated this at a news conference in Uyo. He said that the claim by Akpabio that he was expelled by the party was a “transparent lie’’, adding that the former governor had never “even been suspended at any time’’. “ Akpabio had announced to the world on August 8, 2018, that he was defecting from the PDP to the APC in pursuit of national interest and to stem the tide of defections in the National Assembly.

“In fact, at different campaigns, he mocked the PDP as being empty since his `uncommon defection’.

“At no time did he mention the issue of expulsion, which has now become his creation, as a lame defence in his struggle to keep his seat at the Senate,’’ Ememobong said.

He alleged that Akpabio colluded with a former chairman of PDP in Essien Udim Local Government Area to procure a letter purportedly expelling him from the party, and back dated it.

According to him, after com-

•Kidnap gang arrested in Aba

Oba Lamidi Adeyemi

blessings to the state.

“I believe very much that if there is any agency that can make a correct appraisal of any government performance at the state level, no agency is better placed than the traditional rulers in state.

“I make bold to say that the eight years of Ajimobi’s stewardship as governor has been more of a blessing to the state. He has really changed the face of this state,’’ he said.

Adeyemi commended Ajimobi’s approach to the rehabilitation of roads in all six zones of the state, saying the projects were executed with justice and equity.

He said that the governor’s approach to security matters in the state had attracted foreign and local investors into the state.

“All his efforts are result oriented; It has been easy for him to increase Internally Generated Revenue (IGR) of the state because of his achieve-

ments which excites the public to all tax demands.

“One other thing to his credit is that no matter how hot the temper might be, he knows how to cool you down. He is always ready to submit to superior arguments on chieftaincy matters.”

The monarch said that another area in which the people would remember the governor with nostalgia was in the use of his mouth.

“If there is any area in which he

earned the strongest criticism, it is in the use of his tongue. On few occasions, I must confess some of us, including myself have not been spared at the moment of celebrating his tongue festival,’’ he said.

Adeyemi said that the governor never allowed his loquaciousness as some people claimed, lead to vulgarity, saying he kept his humility, respect for elders and relevant cherished institutions.

In his response, Ajimobi thanked the traditional rulers for their support to his administrations over the years, noting that his administration was a great success in spite of the rot he inherited.

“Before l became the governor of this state, the situation i met and inherited obviously from the previous administrations was gross insecurity.

There was hardly a place you can peacefully pass within Ibadan’’.

Okon said the gang had been terrorising residents of Aba and environs in the past few weeks and were on police wanted list for their criminal activities.

He said that men of the Ndiegoro Police Division arrested them at Ebemma Street, Off Ogbor Hill, Aba North Local Government Area at the weekend, following intelligence report.

The police boss said that the suspects had been giving useful information since their arrest, stressing that investigation into the matter was still ongoing.

A police source said that the leader of the gang, popularly known as Capo (AlCapone), was arrested with four other members at the weekend.

The source said that the police had launched manhunt for other members, who were said to be at large.

We never expelled Akpabio, says PDP pleting the assignment, the former chairman defected to APC to join Akpabio.

The PDP insisted that there was no way Akpabio could have been expelled by the party without the consent of the executive

committee of the party the area and the state.

He also stated that there was no record showing the exis-

tence of such a punitive action against the senator by his ward or local government executive committee of the party.

Group calls for scrapping of new emirates in Kano

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group under the aegis of the Renaissance Coalition in collaboration with Civil society organisations (CSOs), and other stakeholders in Kano State has called for the scrapping of the newly created emirates in the state.

The leader of the group, Abdurrahman Bappa-Yola made the call while addressing a news conference in Kano yesterday.

He said the call became necessary because there was a flagrant disregard for due process in the creation of the four additional emirates.

According to him, the state government should put the people’s priority above anything else as there are a lot of socio-economic challenges bedeviling the state.

He said that the state currently harbours more than two million Almajiris that are roaming the streets, without any tangible and sustainable intervention to checkmate the ugly trend.

He said in addition, the state has the highest number of maternal-mortality while there are over two million girl-child that are not attending formal schools, and 3.5 million unemployed youths in the state.

“Instead of the state government to concentrate on addressing

these challenges and other social vices, it went ahead to create additional emirates which are not the priority of the people of the state, “he said.

Bappa-Yola said the group which represents over five mil-

lion indigenes of the state, called on the Sultan of Sokoto, Alhaji Sa’ad Abubakar III intervene in the issue, as it was done without consulting the stakeholders as well as following the due process.

“We are calling on the Sultan

of Sokoto, Alhaji Sa’ad Abubakar III, being the leader of the Danfodio Caliphate to denounce the creation of additional emirates, because it was done in complete violation of due process, “he said.

FEC okays N3.8bn for construction of School of Science, nine projects in FCT

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he Federal Executive Council (FEC) at its extraordinary session on Monday presided over by Vice-President Yemi Osinbajo approved N3.8billion for the execution of various development projects within the Federal Capital Territory (FCT).

The Minister of FCT, Malam Muhammed Bello, who announced this at the end of the meeting at the Presidential Villa, Abuja, said the approved projects included the construction of School of Science, Zuba, at N701 million.

He disclosed that N1.9 billion of the amount was approved for the rehabilitation of the failed walk ways within the Wuse District of the FCT with a completion period of 12 months.

He said that the council approved N189 million for the preparation of the Electricity Master Plan for phase IV of the FCT with a completion period of 10 months.

According to him, already the phases I, II and III have their own master plans.

“The third contract is the design of infrastructure for what we call institution and research district which is in phase III of the Federal Capital City at the cost of N197 million.

“The fourth is engineering design of infrastructure for sectors G and H in Phase III of the Federal Capital City awarded at the cost of N118.575 million with a completion period of six months.

“The fifth is for the design of

inter-septic sewage line for the federal capital city in the total sum of N125 million.

“The next one is the contract for the construction of the School of Science at the permanent site of the FCT College of Education Zuba at the cost of N701 million with a completion period of 42 weeks.

“The other contract is the final engineering design of infrastructure and production of tender documents for Dawaki District in the sum of N259 million with a six-month completion period,’’ he added.

The minister also disclosed that the council approved N174 million contract for engineering and infrastructure design for a 41km Nyanya-Guruku-Mpape road.

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Koepka survives to win PGA after crowd sense collapse A

coronation almost turned into a calamity, but Brooks Koepka survived to win the PGA Championship for a second consecutive year on Sunday and establish himself as golf’s new top dog.

The American, who had held a seven-stroke lead at the start of the final round, almost lost control of the title when he made four successive bogeys from the 11th hole before staving off Dustin Johnson for a two-stroke victory at Bethpage Black.

Koepka shot a four-over-par 74 to finish at eight-under 272 and captured his fourth major title in his last eight starts in grand slam events.

Johnson (69) was second on six-under, with Americans Jordan Spieth and Patrick Cantlay and Britain’s Matt Wallace four strokes further back tied for third.

What had seemed for much of the tournament to be a coronation almost became a calamity on Sunday.

Koepka initial stutter was much to the delight of most of the raucous New York gallery, who were openly cheering against him as he walked

off the 14th green with a tenuous one-stroke lead.

He has played with a chip on his shoulder his entire career, and hearing chants in his face of “D.J., D.J.” only served to fire him up as he walked down the steep hill and across Round Swamp Road to the 15th tee at Bethpage Black.

Johnson was playing the adjacent 16th hole when the chants went up after Koepka’s mini-collapse.

“I wasn’t nervous. I was just in shock at what was going on,” Koepka said. “When they started chanting D.J. on 14, it actually kind of helped.

“That was probably the best thing that could have happened … helped me refocus and hit a good one down 15.”

Koepka’s playing companion Harold Varner III, however, was annoyed by the crowd reaction.

“I thought it was pretty weird how they were telling Brooks to choke,” Varner said.

“That’s not my cup of tea. I was pulling for him after that. I have a few choice words for that. Just cheering for him to do bad, I just don’t get that.”

Johnson, however, subsequently bogeyed the 16th after misjudging his approach shot in the strong and gusty winds and the lead was back up to two strokes.

In becoming the first champion to lead wire-to-wire since Hal Sutton in 1983, Koepka successfully defended his title and also displaced Johnson as world number one.

Koepka, who also won back-toback U.S. Open titles in 2017-18, admitted his run of bogeys had put him under pressure.

“Tell you what, the hour spent from number 11 to 14 was interesting,” Koepka said. “I just got stuck in a bogey train. “You’ve got to hit good drives and I put it in the rough. I challenge anyone to play this course in 15-to 20 miles-per-

P

Kwara Utd players, officials protest unpaid salaries

hour winds and see what they shoot.”

“Today was definitely the most satisfying out of all of them for how stressful that round was, how stressful D.J. made it.

“I know for a fact, that was the most excited I’ve ever been in my life … on 18.”

Kroos extends Real Madrid deal until 2023

R

eal Madrid’s Germany midfielder Toni Kroos has renewed his contract until the end of the 2022-23 season, the Spanish club announced on Monday.

The 29-year-old Kroos was expected to leave the Santiago Bernabeu according to Spanish media reports but he has instead has extended his stay for another four years.

Real are expected to sell several players in the close season as they overhaul the squad following a bitterly disappointing season in which they finished third in La Liga and were knocked out of the Champi-

ons League in the last 16.

“No player reached their top level like in previous years,” Kroos told reporters on Monday, having won three consecutive Champions League titles from 2016-2018.

“But we’re motivated for next season. I’m happy to stay at Madrid four more years.”

Kroos signed for the club from Bayern Munich in 2014 and has made 233 appearances, winning 11 trophies.

“I spoke to (coach Zinedine) Zidane and I know what his idea is. I will be important (in the team), I can’t say anything else,” added Kroos.

layers and officials of Nigeria Professional Football League (NPFL) side, Kwara United FC of Ilorin yesterday took its protest over unpaid salaries to the state’s Ministry of Finance.

The players and officials clad in their club’s official kits carried placards with different inscriptions demanding for millions of naira in unpaid sign-on fees and salaries.

The protesters barricaded the entrance into the Ministry of Finance, denying workers access to their office as at 11:45am.

The captain of the club, Akeem Onigbari, said on the sidelines of the protest that they were protesting because of the backlog of signon fees and salaries.

He insisted that the protest would continue until their demands were met.

“They are owing us backlog of sign-on fees, five to six years, our salaries have not been paid for the months of March, April and May. “We have been here since 7:00am and this protest would continue until they answer our prayers.

“No one has been here to talk to us on our demands, so we are here, ” Onigbari said.

The team’s administrative staff had refused to report for work yesterday as they also joined the protest and were seen at the ministry while armed policemen were sighted keeping vigil.

Kwara United is scheduled to play Remo Stars on Monday in a Match 21 NPFL encounter at the State Stadium complex, Ilorin.

When contacted, the Chairman of the club, Oladimeji

Thompson said he was aware that the players and officials of the club had staged a protest.

He, however, declined comments on the issue.

Kwara United had failed to win in the last six games in the NPFL. They also require a victory against visiting Remo Stars to escape relegation to the second tier of the league, the Nigeria National League.

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TUESDAY, MAY 21, 2019

Tinubu in Makkah, cautions against inflammatory statements

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resident Muhammadu Buhari yesterday in Makkah, Saudi Arabia, met with prominent Nigerians, including the National Leader of the All Progressives Congress (APC), Bola Tinubu.

Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, confirmed this development in a statement in Abuja yesterday.

Shehu quoted Tinubu after an Iftar dinner meeting with Buhari, as appealing to elderly Nigerians to avoid inflammatory statements that could undermine peaceful co-existence among the nation’s diverse communities.

According to the presidential aide, the dinner was also attended by the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III, and Emir of Kazaure, Dr Najib Hussaini Adamu, The APC national leader enjoined the citizens to consider the

enormity of challenges facing the nation and support the president.

He also urged Nigerians to rally round Buhari to solve the problems and stabilize the polity.

“The President worked hard and will continue to do so to ensure peace and stability in the country, which are important for the economy to make progress.

“These are the key pegs of his agenda. Let us all come together to support him,” he said.

According to Tinubu, the People’s Democratic Party is reputed for “saucy and distractive statements’’.

He, therefore, urged Nigerians not to be angry with the opposition party, but assist them to overcome their “colossal defeat” in the February 2019 elections.

“Don’t blame them. They are handicapped by the traumatic feelings of the colossal loss of the election. You should help them to manage the trauma,” he added.

Chief Bola Ahmed Tinubu The APC national leader commended Buhari for the recognition of June 12 as the nation’s Democracy Day. In his remarks, the Sultan

Hajj 2019: NAHCON signs pact with three airlines

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he National Hajj Commission of Nigeria (NAHCON) has signed agreement with the three airlines which got approval of the Presidency to transport the 2019 Nigerian pilgrims to Saudi Arabia.

The Head, Public Affairs Division of NAHCON, Mrs Fatima Usara made this known in a statement yesterday in Abuja.

Usara said the three airlines were Max Air Ltd, Medview Airlines Plc and FlyNas, a Saudi Arabia designated airline.

She explained that the signing of the agreement held at the commission’s Head Office in Sokoto House Abuja.

She said “Max Air has been allocated 51.00 per cent slot for pilgrims airlift from Adamawa, Bauchi, Benue, Borno, Gombe , Jigawa, Kano, Katsina, Kwara,

Nasarawa, Niger, Plateau, Taraba and Kogi states.

“Medview has a 14.00 per cent allocation of pilgrims from Akwa Ibom, Cross River, Delta, Ebonyi, Ekiti, Enugu, Kaduna, Ogun, Ondo, Yobe, Abia, Imo, Anambra, Bayelsa, Rivers and Armed Forces. ” While Flynas is charged with transportation of 35.00 per cent of pilgrims from Sokoto state, Oyo, Osun, FCT, Edo, Kebbi, Lagos and Zamfara states.”

According to her, the Chairman of the Commission, Abdullahi Muhammad enjoined the approved air carriers to discharge their responsibilities diligently to the pilgrims who are sole sponsors of the contract for the airlift.

“Therefore, they owe a moral responsibility between them, the pilgrims, the Almighty to whom

the pilgrims are special guests and the commission for selecting them and vouching for them on behalf of the pilgrims.”

Usara also said that the NAHCON boss urged the airline operators to liaise with the necessary security agencies in ensuring safety and security of pilgrims under comfortable manner.

She said that the airlines were reminded that intending pilgrims are international travelers; therefore they must be accorded same standard and quality service as any international client.

According to her, the chairman reiterated that the desire of any pilgrim after the hajj exercise was early return to the country along with their luggage and Zamzam water; hence they must not compromise on the standard set by the commission on luggage dispatch.

Ministry mulls ICT Development Bank Continued from page 1 cloud computing, 3D printing and big data are being adopted by government agencies.

“There are over 50, 000 base transmitter stations and over 150, 000 kilometers fibre broadband infrastructure.

“Five mobile radio frequency monitoring equipment and national spectrum management systems have been launched for effective monitoring of frequency bands.

“The first mobile radio frequency monitory equipment, a national spectrum system, a Denial of Service (DOS) equipment, and a national control centre in Abuja have also been launched.’’

Shittu, however, emphasised the need to expand investments in ICT infrastructure to extend connectivity to unserved and underserved areas.

He also said that the ministry showed great concern for the plight of service providers.

“The national Economic Council has approved a policy to harmonise rights of way charges payable by telecom companies and related public utility infrastructure on local governments, states and federal highways.

“This is a policy to minimise the spaces occupied, the burden on the roads and reduce taxes payable by telecom operators,’’ Shittu said.

He further called for the review of the 2012 National ICT Policy as

well as the Nigerian Communications Act crucial in the development of the sector.

Shittu said that total foreign direct investments to the telecommunications and information technology sector stands at 1.73 billion dollars.

He added that while internet penetration rose from 45 per cent in 2015 to 53 per cent in 2018, telephony subscribers increased from 151 million in 2015 to 173 million in 2018.

“Broadband penetration rate as at March 2019 was 33 per cent, while tele-density grew 123 percent in 2018 and mobile penetration rate increased from 83 percent in 2015 to 84 per cent in 2018,’’ Shittu said.

pledged his support to the success of the Buhari administration.

The Sultan led prayers for Buhari’s second term in office and for the nation to overcome current challenges.

Other guests at the Iftar din-

ner were: Nigerian Ambassador to Saudi Arabia, Justice Isa Dodo (rtd.), Malam Mamman Daura, Isma’ila Isa, Wale Tinubu and Hakeem P. Fahm, the Commissioner of Science and Technology, Lagos State.

MPC may retain rates over inflation Continued from page 1 Policy Rate (MPR) by 50 basis points (bps). The MPC members reached this decision after considering both the global and domestic economic environment. Satisfied that Nigeria had been able to achieve price and exchange rate stability, the MPC decided to stimulate growth by adopting an expansionary monetary policy.

GTI Securities noted that barely two months down the line, the miniscule cut in the MPR has only translate to a reduction in prime lending rate (interest rate to those “deemed” as most credit worthy customers by financial institutions), while maximum lending rate (the upper bound of rates at which most real sector operators access credit) nudged up to an 8-months high of 30.83% according to data on the CBN website.

This is coming not as a surprise to us, as we have earlier hinted in our note that the 50bps cut in MPR is insufficient to stimulate more capital flow to real sectors given the associated credit risk and the attractive nature of less risker alternatives like Treasury bills and bond for financial institutions to consider.

Thus, we made recommendation that a further 50bps reduction will go a long way in reducing the cost of borrowing to businesses and by extension reduce credit risk from the lenders end. However, with the spike in April, 2019 inflation rate, we are

of the view that the MPC may opt for a stay of MPR at 13.5% as against the clamour for a further 50bps cut by marker players, so as not to reinforce the inflationary pressure “We expect the MPC to leave the benchmark rate unchanged at 13.5% at its next meeting next week, owing to the resurgence of upward inflationary pressure and deepen uncertainty in global market”; analysts at GTI Securities noted.

The committee cut the MPR to 13.50%; retained the asymmetric corridor of +200/-500 basis point around the MPR; retained the Cash Reserve Ratio (CRR) at 22.5%; and retained the liquidity ratio at 30%. This in addition to other positive developments in Nigeria suggest that the economy is doing well.

On that note, some analysts think rates will be put on hold to further gauge the economic temperature.

FSDH Merchant is of the view that; “With the MPC of the Central Bank of Nigeria (CBN) set to meet for the third time this year on 20-21 May 2019, the key question that arises is, ‘What monetary policy stance is the MPC likely to adopt: an expansionary or a hold/’patient’ approach?. With the odds appearing to be in Nigeria’s favour, one may be quick to push for the MPC to implement an expansionary approach by cutting rates. However, before adopting that position, there may be a need to take a holistic approach to the subject”.

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TUESDAY, MAY 21, 2019

Nigeria’s agricultural export rises to 77% –Minister

Audu Ogbeh, Minister of Agricultural

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igeria’s agricultural exports to other countries increased by 77 per cent in 2018 due to intensified efforts at diversifying the economy, according the Minister of Agriculture, Chief Audu Ogbeh.

He said this at the “2019 NAPRI Open Day” organised by the National Animal Production Research Institute (NAPRI) held in the institute at Shika, Zaria, Kaduna State.

The open day is meant for display of agricultural technologies and commissioning of different projects executed by the Director, NAPRI, Prof. Clarence Ayo-

dele-Lakpini.

“When we came in, President Muhammadu Buhari said we must diversify the economy and the best diversification is agriculture.

“We cannot afford to spend money on things we cant produce, I think at the end of President Buhari’s tenure, we have a course to rejoice and I will tell you why.

“The Central Bank of Nigeria (CBN) informed us that in the last four years, we have cut down food import by 21 billion dollars and we have also increased agricultural export in 2018 alone by 77 per cent.

“We have engaged 13 million Nigerians in rice farming and nearly 4 million Nigerians into rice processing; yet, we haven’t started because we have 200 million people to feed.”

Ogbe observed that unless and until food problem was addressed, no other problem could be solved because there was no machine that needed regular maintenance and service as the stomach.

“That’s why we do service it three times a day, if we can afford it, if we don’t, the stomach sends bad signals to the head and the head misbehaves.

“That’s why you hear of crimes and criminology such as kidnapping, armed robbery and all kinds of wild behaviour which had become a threat to our existence,” he said.

The minister announced that President Buhari had approved “Ruga Settlement” for herders, assuring that government would build settlements where the herders would live, grow their cattle and produce more meat and milk.”

“Your wives don’t have to carry nono (yoghourt) on their heads, moving around and they won’t be abused by any man; that’s a serious

FG to electrify 37 federal universities

M

inister of Works, Housing and Power, Babatunde Fashola has disclosed that the Federal Government (FG) will electrify 37 federal universities under the energising education programme of present administration.

Fashola disclosed this during an inspection visit to the one Mega Watt (1 MW) hybrid solar power plant project at the Alex Ekwueme Federal University, Ndufu-Alike Ikwo (AEFUNAI), Ikwo local government area of Ebonyi.

The minister noted that the project was one of the policy interventions of the FG aimed at breaking down access to power especially to the rural communities.

According to him, the intervention project at the university is one of the projects created by the President Muhammadu Buhari’s rural electrification strategic implementation plans.

He said that the project in the 37 federal government owned universities would power the entire university communities.

He noted that electrification project at AE-FUNAI would soon be completed and inaugurated by the President.

“The Alex Ekwueme university electrification project under the energising education initiative is among the 37 federal universities mapped out for electrification and the project is due for completion this year.

“This is 1mw solar power plant and 3,500 solar panels are being installed; it comes with eight kilometre lighting and we are in the last phase of the implementation”, Fashola said.

The minister said that rural electrification programme was an indication that policies enunciated by the FG since the privatisation of the power sector were beginning to take foothold.

He said that there was a policy for eligible customers which was targeted at industries and heavy consumers where an estimated two million consumers would be captured.

He said that there was also a policy to energise markets and stressed that the policy had led to the

interventions at Ariaria (Aba), Sabongeri (Kano), and other markets across the country.

He added that the intervention project at the federal universities which involved students was part of policies to ensure that universities had their independent power plants which they could service and maintain.

The minister inspected the power panel station, control room, transformers and other vital components of the plant.

Prof. Chinedum Nwajiuba, the Vice Chancellor of the university, commended Buhari for his intervention programme in the power sector and for choosing the institution as one of the benefiting federal

matter, we know what is going on, we don’t want any conflict between you and the farmers.”

Ogbe assured that the settlement would be given adequate protection from bandits, adding that the Ministry of Interior was already training the security personnel solely for such purpose.

He restated the commitment of the Federal Government to assist NAPRI to enhance the development and production of Shika Brown Chickens, adding that it was the biggest achievement in Nigerian agriculture.

He, however, said that unfortunately it wasn’t supported the way it should to effectively maximise the benefits therein, adding that government would support the collaboration between the institute and Danish firm to boost milk production.

The Vice-Chancellor, Ahmadu Bello University (ABU), Zaria, Prof. Ibrahim Garba, lauded the Federal Government for assisting ABU and NAPRI in particular, which led to its transformation.

The Director, NAPRI, Prof. Clarence AyodeleLakpini, commended the minister for his intervention

that culminated into the celebration.

He said in 2018, the ministry conceded to the institute’s request and a number of agricultural equipment and tractors were sold to it at highly subsidised rate.

Ayodele-Lakpini identified those equipment to include 20 Knapsack sprayers, five 2Hp water pumps, five 3Hp water pumps, two solar irrigation pumps, 10 Drip irrigation kits and 100 Irrigation Sprinkler Heads.

Others are four Motorised Sprayers, five Power Tillers, three Multi-purpose Threshers, three Agric Waste Milling Machines and aone other equipment, M 375/75HP. He said the institute, in early 2019, began to receive direct intervention from the ministry in some projects that included renovation of small ruminants experimental unit, sheep and goat pens in Shika, Zaria.

Others, according to him, are sinking of two boreholes in experimental unit and sheep project in Shika, renovation of pig houses in Otukpo outstation, Benue, construction/installation of irrigation facilities and solarpowered boreholes for pasture and seed production.

panel may sue Unity Bank over N7bn debt Continued from page 1 “Unity Bank, which had agreed to this amount in February, has neither proffered a payment plan nor demonstrated good faith by actually initiating payments. ” Instead, the bank has severed all communications with the Panel in this regard.

“It may be recalled that the panel had commissioned a team of experts, including forensic auditors, to look into the operations of accounts of MDAs in commercial banks within the country prior to the

Tomi Somefun

commencement of TSA,” Laha said.

The spokesperson said that the exercise had unearthed some sharp practices and elicited indictments.

She added that some of the indicted banks had since agreed to a refund plan and in fact commenced payments.

“Unity Bank has, however, not made any move in this regard.

“The Panel is unrelenting in its resolve towards ensuring that economic saboteurs are brought to book and looted public property, including money, duly returned to government.”

31

TUESDAY, MAY 21, 2019

PHOTOSPEAK

L-R: Elo Umeh, founder, Terragon Group; Soibi Ovia, partner, Duale, Ovia and Alex-Adedipe (DOA) Law Firm; Adeniyi Duale, managing partner, DOA Law Firm, and Adeleke Alex-Adedipe, partner, DOA Law Firm, at the 2nd DOA annual business series, with the theme “Investment in Nigeria’s Telecommunication Media and Technology” in Lagos yesterday. Photo: SUNDAY ADESANYA.

L – R shows Dr. Jide Akeredolu, District Governor Elect, Rotary District 9110, Nigeria; Olumide Orojimi, Head Corporate Communications, The Nigerian Stock Exchange (NSE) and Kolapo Sodipo, District Governor, Rotary District 9110, Nigeria during the award presentation to the NSE at the 2019 edition of the Rotary Friendship Night/Governor’s Magazine Launch/Awards in Lagos.

Executive Programme Director, SEAP Micro Finance Bank, Dr Dokun Olatunde (L), presenting Android Device to the SEAP Credit Officer, Miss Biola Okedokun and Head of Operations, Mrs Olasunbo Bamgbade, during the Annual General Meeting/ inauguration of SEAP Micro Finance Bank Android POS Device for effective operation, in Ibadan on Monday (20/5/19).

Provost, Federal College of Forest Resources Management (FCFRM), Dr. Osikabor Benson (left) presenting a plaque to Edo State Governor, Godwin Obaseki, during a visit by the management staff of the College to Government House, Benin

From left: Zonal Director, National Broadcasting Commission, Enugu State, Ms Susan Obi; Public Relations Officer of INEC, Enugu State, Sir Pius Eneh; Resident Electoral Commissioner of INEC in Enugu, Dr Emeka Ononamadu and representative of the Chairman of INEC, Mr Festus Okoye, during a forum on media coverage of 2019 General Elections in Enugu State

From left: Out-going Vice Chancellor (V.C) of University of Nigeria Nsukka (UNN), Prof. Benjamin Ozumba; Pro-Chancellor, Chief Mike Olorunfemi and Dean Faculty of Law of the University, during the visit of the V.C to the Faculty of Law of the University in Enugu on Monday

Students of St. Patrick’s College, Calabar, during a painting competition to commemorate the 2019 International Museum Day at Old Residency Museum Building, in Calabar

A tree that fell on cars during the early morning rain, at Alfred Rewane Road in Ikoyi, Lagos State on Monday (20/5/19).

TUESDAY, MAY 21, 2019 Vol. 06 No. 349

MARKET WATCH

Lai Mohammed, government image making and matters arising (2)

BY ROTIMI IJIKANMI Similarly, in the wake of the abduction of the Dapchi school girls, the minister quickly took control of the narrative ditching out regular updates to keep the people informed of the efforts of government.

The regular update helped to puncture the conspiracy theories around the kidnap and negative stories planted on the release of the girls.

Realising the need to constantly bridge the communication gap between the government and citizenry, the minister inaugurated the Town Hall Meeting series.

The meeting provided a platform for the government to directly interact with a cross section of the citizenry.

So far, 15 of such meetings had been held including one that was held in an indigenous Hausa language in Kano.

Many Nigerians have commended the conduct of the meetings which allowed ministers to give their scorecards while the citizens, unrestrained, give feedback to the government.

However, some critics of the meetings allege that greater part of it was used to blame the past administration for un-fulfilled promises of the APC government.

Mohammed, nevertheless, stressed that the achievements of the administration were not based on lies and propa-ganda and they were there for Nigerians to see.

“We are delivering in the broad areas that formed the plank of our policies; security, fight against corruption and the economy, which includes the massive provision of infrastructure, ease of doing business and agriculture, just to mention a few,’’ he said.

To restore the nation’s time tested values of honesty, integrity, diligence, timeliness, hard work, good neighbourliness and abhorrence of corruption, the ministry introduced a national reorientation programme; “Change Begins With Me’’ inaugurated by the president.

The programme has since been adopted by many agencies of government, especially the military and the police while some states such as Kano, has adopted it to tackle many intractable social ills.

The ministry also, in partnership with the Ministry of Industry, Trade and Investment carried out a national reorienta-tion campaign on the patronage of “Made-in-Nigeria’’ products.

Against the background that Nigeria had twice missed the deadline for the migration from analogue to digital broad-casting; the ministry re-launched the whole digital transition process.

The pilot inauguration was in Jos in April 26, 2016 and since then; Digital Switch Over (DSO) programme had been inau-gurated in Abuja, Kwara, Kaduna, Enugu and Osun states.

Apart from creating jobs, the DSO is bringing the digital revolution to all Nigerians and enhancing information flow be-tween the government and the people.

The ministry, also in partnership with a private start-up firm, inaugurated FGNIAPP that gives real time and authentic information about government activities to anyone with a

Lai Mohammed

hand held device, including telephones that download the application.

To stem the growing tide of disinformation and fake news, the minister inaugurated the National Awareness Cam-paign Against Fake News which brought the issue to the forefront of national discourse.

The minister took the campaign to various media houses soliciting their support and stressing the position of govern-ment not to gag the press but appealing to their consciousness on the danger of fake news and hate speech.

The campaign was also taken to Nigerian Embassy staff in Washington and Germany during the mini town hall meet-ings organised in the countries.

Similarly, the minister introduced a media tour of Federal Government infrastructural projects across the country to showcase the achievements of the administration in the provision of infrastructure.

The minister started the projects inspections with the ongoing construction of the Lagos-Ibadan standard gauge rail-way along with the Minister of Transportation, Mr Rotimi Amaechi.

The minister and the media team also inspected the Lagos-Ibadan expressway, the Oyo-Ogbomosho expressway, the ongoing construction of the Second Niger Bridge, and the four sections of the Enugu-Port-Harcourt expressway.

Also inspected were the completed IlorinJebba-Mokwa road, Abuja light railway, the Sabke, Dutsi and Mashi Water projects and the erosion control channelisation project in Osogbo, Osun.

Beyond this, the minister embarked on a campaign of the Anchor Borrowers’ Programmes aimed at cutting rice import by 90 per cent.

The campaign started in Kebbi, where the minister took over 30 journalists in a tour of

We are delivering in the broad areas that formed the plank of our policies; security, fight against cor-ruption and the economy, which includes the massive provision of infrastructure, ease of doing business and agriculture, just to mention a few.

burgeoning rice farms and rice mills for three days.

The minister also spearheaded the campaign to keep Nigerians informed during the urgent work to reconstruct the only runway of the Nnamdi Azikiwe International Airport, Abuja in March and April 2017.

The minister also inaugurated a campaign to rally the support of Nigerians for the military, especially in the fight against insurgency.

The campaign entails the production and airing of special television jingles on national television and radio stations for Nigerians to appreciate the risks the men and women in uniform are taking, including paying the supreme sacrifice to keep the people safe.

Showcasing the achievements of the administration, Mohammed organised “Testimonies of Change,’’ which covers social investment programmes, N-Power, Trader Moni, Market Moni.

These were conceptualised into 25 minifilms and aired on major television and radio stations across the country.

Besides, the minister has been engaging with the international media and think-tanks with a view to projecting the achievements of the administration, educating them on its policies and programmes and correcting misrepresenta-tions.

Some of the engagements included his trips to UK and U.S. between 2017 and 2019 to shape international opinions on key issues of security, economy and anti corruption.

Contrary to the opinion of the stakeholders in Culture and Tourism, the achievements recorded by the ministry in the sector were not less when compared to the information sector.

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