Westafrica BusinessNews Friday, May 24, 2019

Trouble brews in Onitsha Bridge-Head Market over four years, election This is so because there

By Afam Aminu Chimezie, Onitsha

T L-R: Chairman, Federal Inland Revenue Service, Babatunde Fowler; Chief Executive Officer (CEO), MainOne, Funke Opeke; Representative of the Vice President, Senator Babafemi Ojodu; CEO, Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta; Chairman, Governing Board, NCC, Senator Olabiyi Durojayie and Former Minister of Communication Technology, Omobola Johnson, at the Nigeria telecom leadership summit 2019, Organized by NCC, in Lagos yesterday. Photo; SUNDAY ADESANYA.

FRIDAY, MAY 24, 2019

Vol. 06 No. 351

he last may not have been heard in the crisis trailing a planned election in the popular Onitsha Bridge-Head Market Association as tension heightened yesterday following series of meetings held by various stakeholders to outwit others over the planned election.

However, the incumbent President-General of the market, Sunday Obinze and other leaders which comprises of 27 unions ,are not finding it easy for their second term bids of

seems to be a big hurdle on their way as the Anambra State Government through the Ministry of Commerce, Trade and Wealth Creation, has given conditions for the conduct of the election, which of course, are yet to be met by the Obinze –led executive whose tenure reportedly expired on May 14 this year.

A letter signed by the Permanent Secretary, Anambra State Ministry of Commerce, Trade and Wealth Creation, Daniel Chibeze Okoli on behalf of the state Commissioner of

Page 29

N200

ISSN: 2408-6703

Reps indict 16 banks over non-remittance of stamp duties BY niyi jacobs

T

he House of Representatives has recommended that 16 commercial banks in the country be penalised for not remitting N1.6 billion

stamp duties into federation account.

The House made the recommendation yesterday when it adopted a report on non-remittance of trillions of naira of stamp duties by financial institu-

tions into the federation account.

The report was by an ad hoc Committee of the House saddled with the responsibility of carrying out the investigation.

The report was pre-

sented at the ad hoc Committee head to the House , Abubakar Ahmad (APCAdamawa) in Abuja.

The report recommended that the financial institutions be penalised and be made to pay, with

interests, the amounts under remitted for the period under review.

According to the report, the banks indicted and the amount under remitted are – Guaranty Trust Bank (GTB) N198,326,300,

Standard Chartered Bank, N3,658,193, Citi Bank N1,860,850 and Standard IBTC N231,094,565 Other banks are Zenith Bank N265,635,650,

Page 30

Kogi confirms four cases of Lassa fever, two deaths Page 5 Emefiele’s reappointment: Consolidating CBN’s existing policies Page 6

Police council confirms Adamu as IGP Page 11

Atiku alleges plot to smear his personality

Page 12

L-R: Chris Ogbodo; National Publicity Secretary, Unilag Alumni Association, Ademola Adebise: Managing Director, Wema Bank Plc and Dr. Aaron Akinloye; National Secretary, Unilag Alumni Association during a courtesy visit to Wema Bank in Lagos

Innovative giant strides of Nigerian varsities — NAN survey (1)

Backpage

BUSINESSNEWS 6 WESTAFRICA FRIDAY, MAY 24, 2019

FINANCIALS

Emefiele’s reappointment: Consolidating CBN’s existing policies Godwin Emefiele’s second tenure of another five years is road to consolidating on existing policy that have kept the economy on track. NIYI JACOBS reports.

Godwin Emefiele, CBN Governor

J

une 1, Emefiele will transmute from his first tenure to begin a second phase of his second term of five years.

The governor secured back-toback executive and legislative arms of government’s endorsement to continue as CBN governor for another five years (2019 to 2023).

Already, he has affirmed commitment on the renewed mandate to the effect that CBN under his watch would not only sustain the polices also deepen it.

Although, he is yet to speak elaborately on the bank’s policy direction in the next five years; his body language amplifies policy consolidation.

At a recent conferrment of honorary doctorate degree on the governor by his alma matter, University of Nigeria, Nsukka, Emefiele said the bank would consolidate on existing policies and programmes that lifted the economy from the recession.

CBN had, in throes of recession, innovated policies and programmes that helped in bailing out the economy.

The years 2016 and 2017 were Nigeria’s economy turbulent moments. Economy had passed into recession, putting both fiscal and monetary authorities on their toes.

The CBN governor and his lieutenants crafted various innovative policies and programmes to pull out the economy from recession.

The apex bank combined the function of fiscal authority with monetary policy in some cases.

Some of the policies under Emefiele that look good for continuation in the next five years of his second tenure include the Anchor Borrowers Programme, enforcement of items placed on forex restriction; pursuing revival of local textile industry, revival of palm oil production belt, sustaining current forex policy and deepening the the bank’s intervention in development finance institutions and SMEs. The ABP launched in 2015 is unarguably one of CBN’s successful programmes. It came up in the heat of the economic recession.

The positive mileage it recorded in the lives of Nigeria’s big and small holder farmers has been applauded by farmers themselves.

Agriculture under Emefiele enjoys increased lending through targeted intervention, and ABP is one of it. Determined to improve domestic supply of four commodities (rice, fish, sugar, and wheat), which consume about N1.3 trillion annually of nation’s import bill, ABP was introduced.

As an agriculture enthusiast, ABP is one programme that is dear to the heart of President Muhammadu Buhari.

Speaking on the initiative, Emefiele said: “Nigeria has been able to save over $800 million due to decline in the importation of rice.

“So far, the programme has supported more than 1,059,604 small holder farmers across all the 36 states of Nigeria in cultivat-

ing 16 different commodities over 1.114 million hectares of farmland.

“It has also supported the creation of over 2.5 million jobs across the agricultural value chain. A key emphasis was placed on improving rice production, given the considerable weight importation of rice had on Nigeria’s import bill.”

CBN’s decision that restricts foreign exchange supply for importation of about 43 items is Emefiele’s daring decision ever.

Enforcement of forex ban on select items the country has capacity to produce locally items such as tooth pick, pencil, rice and others led to conserving of foreign exchange.

Import bill that arose from hitherto practise of unwholesome dispense of scarce forex to import these items has been reduced dramatically since CBN kicked off forex restriction policy on 43 select items.

Emefiele is positively disposed to its continuation in his second tenure.

The apex bank kicked off systemic interventions on textile and reactivation of dying palm oil production in South- south and South East regions this year.

To this effect, Emefiele has had series of stakeholders’ meetings with relevant parties in the sectors.

A whopping sum of $4 billion of Nigeria’s foreign currency is said to be spent annually on importation of textile materials and readymade clothings.

Most textile factories operating previously in the country have locked down for inability to withstand dumping of cheap foreign textile materials in Nigeria.

Emefiele stepped in this year and is determined to reverse the ugly narrative in textile industry as forex restriction on textile materials import is to continue.

However, to prepare the ground for redemption of textile industry, Emefiele recently flagged off distribution of high yielding cotton seeds and other farm input to cotton farmers.

Similarly, he has his eyes on palm oil. This was one product Ni-

In his second term, Emefiele is expected to use the last leg of his five years tenure to revive these two key sectors- textile industry and palm oil sector. Emefiele holds tenaciously to CBN’s policy of a stable naira to the dollar and low inflation

geria had a comparative advantage in its production.

Emefiele has stepped in to improve on the country’s palm oil production.

A maiden meeting between the bank and governors from the palm oil production regions held this year.

In his second term, Emefiele is expected to use the last leg of his five years tenure to revive these two key sectors- textile industry and palm oil sector.

Emefiele holds tenaciously to CBN’s policy of a stable naira to the dollar and low inflation.

He’s not likely to trade off any of these. Inflation has been reined in from a high figure of 18 per cent two years ago to a moderately low level of 11.37 as at April this year.

The bank most likely in the next phase of Emefiele’s tenure will carry on with subsisting foreign exchange market policy, which allowed investors and exporters to purchase and sell foreign exchange at the prevailing market rate.

More importantly, the CBN is likely to carry through, under Emefiele, its risk-based supervision of banks.

The monitoring compliance of supervised institutions with the foreign exchange management framework issued in June 2016 through risk-based supervision is one policy to be sustained.

Emefiele is determined to bequeath success at the end of his tenure in 2023.

He said Nigeria had best policies on economy. The country is never in lack of good policies. The snag, he said, was the handiwork of saboteurs; enemies dropping spanners in system.

“I think it’s important to keep saying that Nigeria belongs to all of us, and that we have a role to play to make sure things get better,” he said. “Get better in the sense that I will also emphasize that Nigerian policy makers are good at developing policies but the biggest challenge of the Nigerian economic policy is that people try circumventing policies.

“Given this opportunity now, we will make it very difficult for people to circumvent economic policies. Policies that are meant to diversify our economy will be pursued very aggressively.

“Policies that would help to create jobs for our children, we must learn to respect our policies.

“If you don’t respect the economic policies of this country, and you fall short of our economic policies as an economic saboteur, you will be dealt with,” he warmed.

Emefiele is not likely to deviate from philosophy that guided his first tenure as CBN governor, which include creating a peoplefocused central bank to promote macro-economic objectives such as low inflation and a stable exchange rate, along with a focus on promoting inclusive growth and reducing unemployment in the country.

STOCKS

FRIDAY, MAY 24, 2019

Nestle, Betaglas, Mobil, MTNN, Dangcem boost share value

Trading floor of Nigerian Stock Exchange

Bonny Amadi

T

he equities market yesterday clicked its sixth consecutive days of bullish trade, as market capitalisation rose further by N146.39 billion, to close the day at N13.717 trillion, from N13.31 trillion which ushered in the day’s trading.

The Nigerian equities market closed positive as NSE-ASI gained 1.07 per cent to close at 31,477.51pts. for the four days of bullish trade this week, equities market has gained a total of N1.15 trillion, just as key performing stocks, Nestle, Betaglas, Mobil, MTNN, Dangcem, emerged the top five gainers chart on Thursday Investors on the floor of the Nigerian Stock Exchange (NSE) transacted a total of 559,764,328.00 million shares, worth N8, 680,487,447.69 billion, in 6,042.00 deals. However, market breadth index was negative with 14 gainers against 24 losers.

Sovereign emerged the most active stock yesterday with 280,755,959 million shares, worth N64, 602,868.57 million and exchanged by investors in 42 deals, followed by UBA with 44,424,048 million shares , valued N256,508,614.15 million and transacted in 309 deals, while MTNN placed third on the activity chart with 34,226,952 million shares , valued N5,238,818,543.60billion, traded in 1,600 deals.

ZENITHBANK placed fourth on the activity chart with 33,493,590 million shares, valued N630, 729,922.15 million, traded in 662 deals, while TRANSCORP, closed the top five most traded stock with 17,427,537 million shares, worth N19, 869,929.35 million, traded in 104 deals.

Top five advancers chart on Thursday was led by NESTLE which appreciated by N45 or 3.41

per cent, closing trade at N1365 per share, followed by BETAGLAS which grew by N5.3or 7.60 per cent, to close trade at N75 per share, while MOBIL placed third on the gainers chart with N5 or 2.94 per cent, closing at N175 per share.

MTNN closed higher at N149 per share, having appreciated by N4.15 or 2.87 per cent, as the fourth best gainer, while DANGCEM closed the top five gainers chart with N2 or 0.99 per cent, to close trade Thursday at N205 per share.

Decliners on Thursday was led

by FLOURMILL which depreciated

by N1.1 OR 7.10 per cent, closing trade at N14.4 per share, followed

by NASCON which lost N0.95 or 5.29 per cent, to close at N17 per share. DANGFLOUR placed third on the losers chart with N0.5 or 3.04 per cent loss on its share price, to end the day’s activity at N15.95 per share.

GLAXOSMITH placed forth on the table with N0.45 or 5.03 per

cent loss, to close at N8.5 per share, while ZENITHBANK closed the top five losers’ chart, with N0.2 or 1.05 per cent, to close trade at N18.8 per share.

Sector Performance for the day showed that, the NSE Consumer Goods Index grew by 1.33 per cent, driven by buy interests in CADBURY which appreciated by 4.29 per cent,, NESTLE +3.41 per cent and UNILEVER by 3.23 per cent.

NSE Industrial Index grew by 0.82 per cent, following the 7.60 per cent gains in BETAGLAS and DANGCEM’s 0.99 per cent growth.

NSE Oil & Gas Index appreciated by 0.06 per cent, due to the growth in JAPUALOIL share price by 9.09 per cent, CONOIL by 6.95 per cent, and MOBIL by 2.94 per cent.

NSE Banking Index, however, dipped by 0.20 per cent, driven by the losses, in Sterlnbank by 8.30 per cent, Wemabank -3.23 per cent, JAIZBANK -2.08 per cent, Access

by -1.68 per cent, ZENITHBANK by -1.05 per cent, and UBA -0.88 per cent.

The equities market closed up Thursday largely due to gains in MTNN and most sectors, as prices at current level, continue to present decent entry opportunities for investors with medium to long term horizon.

Westafrica BusinessNews recalls that the equities on Wednesday made history by recording N1 trillion profit in three consecutive days of trading.

The Nigerian equities market on Wednesday recorded N1, 001.38 trillion gain, in three consecutive trading days. The feat, represents the first the market is posting such magnitude of growth since inception.

Investors in the Nigerian equities market for two consecutive trading days, (Monday and Tuesday) recorded boost in their investment value by N593.07 billion. The equities market closed up largely due to gains in MTNN and DANGCEM. Experts still maintain that prices at current level presents decent entry opportunities for investors with medium to long term horizon.

Equities market capitalisation closed Wednesday at N13.717 trillion, from N13.310 trillion which ushered in trading for the day, reflecting further growth yesterday by N408.306 billion.

Market trend suggests that Investors appeared to have dropping some of their lightly priced shares in preference for the newly listed MTN stocks, which may be responsible for sustained decline in prices of some hitherto highly priced equities and some liquid stocks.

On the first trading day of the week, equities market capitalisation rose by N221 billion, while on Tuesday, a further growth by N372.07 billion was also recorded.

On Wednesday, the value was further enhanced with N408, 306 billion growth.

The Nigerian equities market closed positive yesterday as NSEASI gained 3.07 per cent to close at 31,145.15pts. However, market breadth index was negative with 12 gainers against 27 losers.

Investors on Wednesday, transacted 294,572,910.00 million shares, worth N17, 468,802,950.03 billion, exchanged by investors in 4,835.00 deals.

Equities market capitali-

Top gainers chart yesterday was led by, Dangote Cement which grew by N18 or 9.73 per cent, to close the day at N203 per share, followed by MTNN which closed higher at N144.85 per share, having gained N13.15 or 9.98 per share, while GLAXOSMITH placed third on the gainers chart with N0.45 or 5.29 per cent, closing at N8.95 per share

sation closed higher at N13, 717,995,293,643.57 trillion, from N13, 309,689,524,443.74 trillion, which opened trade yesterday.

Top gainers chart yesterday was led by, Dangote Cement which grew

by N18 or 9.73 per cent, to close the day at N203 per share, followed

by MTNN which closed higher at N144.85 per share, having gained N13.15 or 9.98 per share, while GLAXOSMITH placed third on the gainers chart with N0.45 or 5.29 per cent, closing at N8.95 per share.

VITAFOAM appreciated by N0.38 or 9.82 per cent, as the fourth best gainers, to close at N4.25 per share, while UACN closed the top five gainers chart at N6.6 per share, following growth by N0.15 or 2.33 per cent.

Sector Performance midweek showed that, NSE Industrial Index grew by 4.50 per cent, following the gain in DANGCEM by 9.73 per cent.

NSE Consumer Goods Index declined by 3.57 per cent, due to the sell-offs in NESTLE which depreciated by 7.69 per cent, CHAMPION that lost 5.98 per cent of its shares and NB’s loss by 0.72 per cent.

NSE Banking Index depreciated by 2.67 per cent, driven by the losses in UBA -4.20 per cent, JAIZBANK -4.00 per cent, ZENITHBANK -2.56 per cent, GUARANTY -2.56 per cent, WEMABANK’s -1.59 per cent, ACCESS’s -0.83 per cent, FCMB -0.62 per cent, FIDELITYBK -0.60 per cent, and STERLNBANK’s -0.43 per cent.

NSE Oil & Gas Index also declined by 0.27 per cent, due to the losses in JAPUALOIL-8.33 per cent and OANDO -2.15 per cent.

Key stocks that drove the decliners chart midweek , were led by NESTLE declined by N110 or 7.69 per cent, closing at N1320 per share, followed by ETI which lost N0.85 or 8.50 per cent, to close trade at N9.15 per share, while GUARANTY lost N0.8 or 2.56 per cent , to close at N30.5 per share.

ZENITHBANK, as the fourth highest loser, depreciated by N0.5 or 2.56 per cent, closing at N19 per share, while NB closed the top five losers chart at N61.7 per share, following decline by N0.45 or 0.72 per cent.

Top active May 22, 2019, MTNN sustained the top position with 93,722,710million shares worth N13,575,734,543.50billion, transacted in 464 deals, followed by ZENITHBANK with 29,465,005 million shares, worth N566,547,048.65million, in 658 deals. UBA placed third in activity chart with 22,367,898 million shares, worth N129, 558,216.50 million, exchanged by investors in 472 deals.

ACCESS recorded 21,403,759 million shares, worth N127, 873,013.25 million in 278 deals, to place fourth on the activity chart, while GUARANTY closed the top five most active table with 16,552,656 million shares, worth N516, 619,105.90 million, in 318 deals.

Westafrica BusinessNews recalls that, investors in the Nigerian equities market for two consecutive trading days, (Monday and Tuesday) have recorded boost in their investment value by N593.07 billion.

FINANCIALS

FRIDAY, MAY 24, 2019

Access Bank’s customers win N59m in DiamondXtra Savings Scheme

BY Bonny Amadi

A

ccess Bank Plc yesterday rewarded about 1,016 with more than N59 million in its DiamondXtra season 11 quarterly draw prize presentation held yesterday at the bank’s headquarters in Lagos.

Mrs Nnenna Chukwu was the star prize winner, winning N100, 000 per month for 20 years in the salary for life category.

Others included Nwoko Chibuikem, Aliyu Umar and Adewale Adekoya among others.

Chukwu who could not hide her excitement explained that she had opened DiamondXtra account a long time and was not expecting to win in the savings scheme.

She commended Access Bank for providing the opportunity for her to save and win at the same time, noting that the savings campaign would help to foster savings culture among Nigerians.

Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, said the DiamondXtra initiative was the bank’s little way of creating and adding value and meeting the needs of its customers.

He said the bank is committed to rewarding its shareholders for their patronage adding that DiamondXtra is the best banking product in the country at the moment.

“This is the 11th edition and the product has been rewarding Nigerians. It is something that we think it is important as every little thing you do help. There is no way a bank can add value to the economy if it does not do things like this, so the products of a bank must add value and DiamondXtra adds value,” Etuokwu said.

According to him, over the 10 years, more than N5 billion has been given out as the bank continues to soar on the goodwill of its customers and their patronage.

“We want every Nigerians to move to the DiamondXtra initiative so that they can

Herbert Wigwe, Access Bank CEO

partake in the goodies which the product brings. The only way companies remain profitable is by creating value so as long as we keep doing this, our customer base will increase and this initiative will not affect our bottom-line,” Etuokwu said.

In his remarks, Head, Product Insights and Capability, Access Bank Plc, Rob Giles, said that DiamondXtra has positively impacted the bank’s depositor base as customers are more comfortable with having a DiamondXtra account rather than the normal savings account.

“Our business is all about customers and our success is also the success of our

customers. As our customers grow, we grow as well and so we have helped millions of people to save with DiamondXtra in the last 10 years and we are still doing that as regards this year which is the 11th edition and in addition to helping people save, they have been winning salary for life, education allowances for five years and senior citizen prizes aimed at helping some of our most senior citizens get additional value among others. So we have been creating magic moments for people and by doing that, it helps Access Bank because people want to continue to save with us and patronize Access Bank,” Giles

said.

DiamondXtra is an interest yielding hybrid account, which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The reward scheme which was launched in 2008 and has been running every year since inception, rewarded over 5,000 customers in 2018, and over N5billion has been given away in cash and gift items in the past 10 years. To be one of the winning customers in the monthly and quarterly draws, simply walk into any access bank close to you and open a Diamondxtra account.

CBN seeks closing unemployment gap to aviod economic crises

A

s many experts have been averse with forecast of probable economic depression in the country, the Central bank of Nigeria (CBN), is not resting on its oars, but committed to averting future occurrence of economic crisis.

Subsequently, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, recently announced that urgent measures such as job creation, are required to avert looming economic crisis, adding that the country need to get prepared for the next global economic crisis.

The governor CBN, further warned that Nigeria may slide back to recession, but with urgent measures to address the high rate of unemployment, such impending recession, could would be averted.

Emefiele in Edo state, while delivering a lecture titled: ‘Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty,’ at the University of Benin, Benin, said “although the country had made progress in the year under review, more efforts must be made to reduce the country’s un-

employment rate” Emefiele stated, “From some of my concluding remarks, you may have observed, whether you like it or not, there is global uncertainty that will, unfortunately, most certainly lead to another crisis.

“The question could be, how are we as Nigerians, particularly our leaders, I am talking of monetary and fiscal policy authorities, how are we preparing our country for the next crisis?

“We have luckily exited recession; we have seen recession pending downward to about 18.72 per cent in 2017 to about 11.

37 per cent today.

“We have seen the reserve moving up but unfortunately we still have issues and those issues border on the unemployment rate and those issues border on how we prepare our country,” he said.

While enumerating effort being made by the apex bank to stabilise the nation’s economy, Emefiele said the introduction of the investors and exporters’ window had helped in shoring up the country’s external

reserves.

He said the turnover in the I&E FX Window had reached over $48bn since the inception of the window and that the nation’s foreign exchange reserve had risen to $45bn in April 2019 from $23bn in October 2016.

The CBN governor added that Nigeria’s current stock of external reserves was able to finance nine months of current import commitments.

He said with the improved availability of foreign exchange, the exchange rate at I&E FX Window had remained stable over the past 24 months at an average of N360/$, and the parallel market exchange rate had appreciated from N525/$ in February 2017 to N360/$ today.

“After five consecutive quarters of negative growth beginning in the 1st quarter of 2016, a coordinated approach by the fiscal and monetary authorities supported a rebound in the nation’s economy during the second quarter of 2017.

“The recovery has been driven largely by improved non-oil activities especially the

agriculture sector which expanded consistently by about 3.5 per cent to 4.3 per cent reflecting government’s efforts at diversifying the economy,” he added.

In the same vein, Emefiele was quoted in a statement from the CBN as seeking economic patriotism and urging stakeholders in the public and private sectors to look inwards in developing the Nigerian economy.

The apex bank governor charged Nigerians to think of what they could do to improve the fortunes of the economy, rather than what they could benefit from the economy.

The CBN governor noted that there was huge potential within the Nigerian economy to make it as developed as other countries, which were its peers at independence but had gone ahead to become more developed.

He added that the lecture was part of the bank’s efforts at promoting research and collaboration with universities, towards developing policies and programmes that would enhance the economic well-being of all Nigerians.

FINANCIALS

FRIDAY, MAY 24, 2019

Equity market sustains positive momentum as ASI up 1.1%

BY JULIUS ALAGBE, EDITOR, INTELLIGENCE UNIT

T

he domestic bourse maintains positive performance in yesterday’s trading session. The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization increased by 1.07%, while the Year-to-Date return stood at 0.15%.

The All Share Index closed at 31,477.51 against the previous close of 31,145.15 while Market Capitalization closed at 13.864 trillion against previous close of 13.718 trillion. Volume traded increased by 90.03% from 294.573 million to 559.764 million, while the total value of stock traded decreased by 50.31% from 17.469 billion to 8.680 billion in 6,042 deals.

The Financial Services sector led the activity chart with 452.588 million shares exchanged for 1.36 billion. Consumer Goods came next with 22.257 million shares traded for 0.894 billion, Conglomerates, ICT, Industrial Goods sectors followed in that order on the activity chart.

However, activity level was

mixed as volume traded surged 90.2% to 559.7 million units and value traded dipped by 50.3% to N8.7 billion. SOVRENINS (280.8 million units), UBA (44.4 million units) and MTNN (34.2 million units) were the top traded stocks by volume while MTNN (N5.2 billion), DANGCEM (N954.4 million) and ZENITH (N630.7 million) led the value chart.

Sectoral performance was largely bullish as 5 out of 6 indices under Afrinvest analysts coverage closed in the green, with the addition of the ICT sector index created by Afrinvest West Africa Limited. The “AFRICT” index led gainers, up 2.8%, due to gains in MTNN (+2.9%) while the Consumer Goods index trailed, advancing 1.3% as investors took position in NESTLE (+3.4%) and UNILEVER (+3.2%).

Similarly, the Industrial Goods index rose 0.8% on the back of gains in DANGCEM (+1.0%) and BETAGLAS (+7.6%).

LAWUNION (+10.0%), MOBIL (+2.9%) and CONOIL (+7.0%) marginally drove the Insurance and Oil & Gas indices higher by 0.8% and 2bps respectively.

On the flip side, the Banking

Oscar Onyema, DG - NSE

index emerged the lone loser, declining 0.2%, on the back of losses in ZENITH (-1.1%), STERLING (-8.3%) and UBN (-1.4%).

Investor sentiment as measured by market breadth (advance/decline ratio) strength-

ened to 0.6x from 0.4x recorded in the prior trading session as 14 stocks advanced against 24 stocks that declined.

Yesterday’s top gainers were LAWUNION (+10.0%), JAPAULOIL (+9.1%) and NAHCO (+7.9%) while ACADEMY

(-10.0%), LIVESTOCK (-10.0%) and UCAP (-8.7%) were the top losers.

“Following the recent positive run, we do not rule out the possibility of some profit-taking activity in the subsequent session”, Afrinvest said.

515 subscribers obtain N532m from saving bond in May

By Niyi Jacobs

T

he federal government says it allotted N532.65 million to 515 subscribers through the sale of savings bond in May.

The results of the sales obtained from the website of the Debt Management Office (DMO) on Thursday in Abuja, showed that N120.69 million was allotted for May 2021 at 11.74 per cent.

It also indicated that N411.95 million was allotted at 12.74 per cent for the May 2022 papers.

The News Agency of Nigeria (NAN) reports that savings bond issuance is expected to help finance the nation’s budget deficit.

The bond issuance is part of the federal government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.

The bonds are debt securities (liabilities) of the federal government, backed by its ‘full faith and credit.’

Interests are to be paid at regular periods and principal repaid at maturity.

The bonds have a tenure of

between two to three years and a minimum size of investment of N5, 000 and maximum of N50 million.

The bond is aimed at deepening national savings culture, diversifying funding sources for the government and providing opportunity to all citizens, irrespective of income level to contribute to national development.

It will also enable all citizens to participate and benefit from the favourable returns available in the capital market.

Conoil notifies NSE on appointment with an MBA in Financial Manof E.D Finance Bonny Amadi

T

Mrs. Patience Oniha, DG - DMO

he Management of Conoil Pic has notified the Nigerian Stock Exchange, as well as its esteemed shareholders, stakeholders and the general public, on the appointment of, Ismail Salam as the Acting Executive Director Finance.

Company Secretary/Legal Adviser, Conrad Eberemu, in a signed statement released on the company’s behalf by the NSE in its portal, disclosed that, Ismail Salam is an accomplished professional with experience in diverse sectors of the economy.

He is a graduate of Accountancy

agement and a Fellow of the Institute of Chartered Accountants.

The company said that with Salam’s appointment, he is positioned to bring enhanced value to bear on the company, as “he brings with him over 30 years of strong and decisive leadership experience in Teaching, Manufacturing, Banking, Telecommunications and now Oil and Gas. Conoil further stated that the appointment is subject to shareholders approval “ This appointment is however, subject to the ratification and approval by the shareholders of the Company at the next Annual General Meeting”

10

WESTAFRICA BUSINESSNEWS

FINANCIALS

FRIDAY, MAY 24, 2019

Eliminating listing duplication processes, reducing time to market identified to be strictly within the jurisdiction of the SEC are to be subhile many companies are mitted only to the SEC. Also, The currently listed on the Ni- Exchange will rely on SEC for apgerian Stock Exchange proval of offer documents such as a (NSE), many others are ogling to list Prospectus.

Acting, Executive Commissioner on the bourse to enjoy the benefits of listing, but are being hampered Operations at the Securities and Exchange Commission, Isiyaku Bala by stringent listing conditions.

The Nigerian Stock Exchange Tilde, , affirming the new stand of (NSE) provides a global platform the SEC and NSE, disclosed that to raise capital for project financ- “Streamlining the issuance process ing and business expansion.​​The with the listing process of the NSE Exchange takes a collaborative and is a major milestone for the Comcustomer focused approach to as- mission in its quest to create an enabling environment capable of sist issuers with listing.

However, taking advantage of attracting New Listings. One of our such opportunities by some pro- core values is leading by example, spective companies, is being by du- and we hope that other stakeholdplication of listing processes by the ers will also look inward to explore Securities and Exchange Commis- similar initiatives which will ensure sion (SEC), and the Nigerian Stock quick time to market of securities Exchange (NSE), thus discouraging in our market. We have no doubt ore companies from listing, as well that the streamlined process will as elongating time to market for is- enhance the competitiveness of the Nigerian capital market as a global suance and listing of securities.

The strongly regulated operat- investment destination.”

Executive Director, Regulation ing environment of The Nigerian Stock Exchange promotes trans- at the Nigerian Stock Exchange, Ms. parency in transactions, price dis- Tinuade Awe, elaborating on the covery and opportunities to access new stand of the SEC and the NSE, long-term capital. Our goal is to lauded the SEC for the initiatives, “I bridge the gap between issuers and commend the SEC for working with us in streamlining the listing process the investing public.

Listing on the NSE provides for securities on The Exchange. The benefits such as, strongly regulated NSE is much obliged for the SEC’s operating environment, efficient demonstration of a worthy example listing process, Transparency in of effective collaboration all through transactions and Competitive pric- this process in the interest of the market. As an agile exchange, we ing.

Listing on the bourse also gives are determined to make it easier for quoted firms , access to a large pool​ issuers to list their securities in our of domestic and international inves- market in an efficient, timely and tors​, efficient and advanced trading cost effective manner. The NSE beplatform: X-GEN, efficient investor gan its collaboration with the SEC protection regime, access to Africa’s by identifying areas of duplication largest economy , inroad to One of and overlap between the two orthe world’s fastest growing econo- ganisations, paving way for a better mies, as well as , Ideal time zone experience for issuers. We believe (GMT+1) with real-time access to this will potentially attract more issuEuropean, North American and ers to list their companies and other securities on the NSE.” Asian markets​​​​​.

Acting Director General, SEC, As at the close of trade on Thursday May 23, 2019, there were Ms Mary Uduk, recently revealed a total of 320 listed securities with that the commission is working with total market capitalisation worth all market stakeholders to ensure that listing rules are harmonised and N24.8 trillion.

On Thursday May 23,2019, the made less stringent to allow more Securities and Exchange Commis- companies list on the Exchange.

She said “but people need to sion (SEC) and the Nigerian Stock Exchange (NSE) announced joint understand that there are many effort at streamlining listing process- processes for coming to the market. es on the Exchange, to ensure that It can be either through Listing by more companies access the opportunities inherent on the bourse to list their shares for trading.

The streamlined process which, which according to the bodies, will come into effect on June 1, 2019, is aimed at reducing the regulatory burden on issuer’s by eliminating duplication of processes between the SEC and the NSE, reducing the time to market for the issuance and listing of securities and ultimately driving more listing on the Exchange.

With the streamlined processes, the SEC and the NSE, agreed to carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC. In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO,

Bonny Amadi

W

Mounir Gwarzo, SEC - DG

Introduction of Initial Public Offering. When they file their application we will be able to give you the right information”’ Speaking on floating Initial public Offers electronically, the SEC acting DG, said “The capital market community recognizes the importance of the E-IPO project to improve issuance processes and encourage more investor participation.

The draft framework for its implementation has been developed and presented at the CMC meeting. The SEC has exposed the framework and rules guiding the e-IPO, and stakeholders now have up till Friday, March 29, 2019 to review and send their suggestions for improvemen”.

Westafrica BusinessNews recalls that recently, the NSE, explained the difference between listing by introduction and listing via Initial Public Offer, “’ Where a company lists following an Initial Public Offering, shares are expected to be available for trading on the day of listing. In a Listing by Introduction, however, no shares have been offered for

subscription by the company prior to listing. Thus, without any intervention, it is possible that there will be no shares available for trading on the listing date. Indeed, currently, no rule of The Exchange compels shareholders in a listed company to tender their shares for trading”’ The NSE further explained that shareholders of listed companies are at liberty to trade their shares at any time and price suitable to them.

However, in order to stimulate trading in the shares of companies that List by Introduction, the NSE’s practice is to urge the company to make shares available on the day of listing.

Explaining cross deal transactions among dealing members of the Exchange, the Exchange hinging on the Rulebook of The Exchange, explained that “when a Dealing Member or Authorized Clerk has an order to buy and an order to sell the same security at the same price, the Dealing Member or Authorized Clerk may “cross” those orders at a price at or within The Exchange’s best bid or offer” Adding “ A variant of this is the

Explaining cross deal transactions among dealing members of the Exchange, the Exchange hinging on the Rulebook of The Exchange, explained that “when a Dealing Member or Authorized Clerk has an order to buy and an order to sell the same security at the same price, the Dealing Member or Authorized Clerk may “cross” those orders at a price at or within The Exchange’s best bid or offer”

negotiated deal, which describes a situation where a cross deal is executed between two Dealing Member Firms at a price which may be within The Exchange’s best bid or offer or with the approval of The Exchange, outside the best bid or offer. Because cross deals involve clients of the same Dealing Member Firm on both sides of a trade, significant issues have been raised that Dealing Members who have not been involved in the cross deals have been unable to trade on behalf of their clients. The Exchange is not unconcerned about this state of affairs. Indeed, Council members of The Exchange urged brokers to discuss with their clients about possible sales of shares” On free float valuation, taking a cue from the Rulebook of The Exchange, the NSE defines free float, as the number of shares that an Issuer has outstanding and available to be traded on The Exchange. “It includes all shares held by the investing public, and excludes shares held directly or indirectly by promoters, directors and their close relatives; strategic investors holding five percent (5%) and above of the issued share capital; or government.

As the Nigerian equities market, opens its doors for more companies to list, Westafrica BusinessNews calls to mind that , the Nigerian Stock Exchange (NSE) is well-positioned as a premiere listing destination for African corporates, governments​ and international issuers looking to access the​capital market of the largest economy in Africa.

The NSE provides issuers with access to a unique investor pool that co​mbines regional and international wealth. NSE offers issuers everything they need for a stock exchange listing, efficient ​listing process and competitive pricing, access to growth-enabling capital​​as well as, efficient and state-of-the-art trading systems.

FINANCIAL NEWS

FRIDAY, MAY 24, 2019

NSE corporate challenge receives boost from BetaGlass, FCMB

By BONNY AMADI

T

he Nigerian Stock Exchange (NSE) yesterday announced that its 6th edition of Corporate Challenge has received sponsorship boost from BetaGlass and FCMB as silver and bronze sponsors respectively.

The event is scheduled to take place on Saturday, July 6, 2019, at the Muri-Okunola Park, Adeyemo Alakija Street, Victoria Island, Lagos.

The NSE Corporate Challenge which commenced in 2014, is an annual 5km race, themed, “eRace Cancer”, is a one-day competitive and fun-filled walk, jog and run event aimed at minimising cancer and maximising life, by stimulating additional awareness about cancer, advocating for the importance of early testing/detection and raising funds to support the fight against this deadly disease in Nigeria.

It is a professionally organized and volunteer-driven initiative involving companies listed on the Exchange, broker dealer firms, non-listed companies and individuals who identify with the initiative. All proceeds from the competition will be geared towards supporting cancer-focused causes or charity.

The Head, Shared Services Division, NSE, Mr Bola Adeeko, commended Beta Glass and FCMB for their commitment and interest in the 6th edition of NSE Corporate Challenge. “The NSE Corporate Challenge provides an

Adam Nuru, MD - FCMB

opportunity for collaboration to scale up access to cancer screening services, promotion of early detection, as well as the provision of treatment and palliative care services to diagnosed patients. I would like to thank our past and present partners and sponsors, whose support has helped us raise some funds towards creating awareness. We look forward to

welcoming more sponsors”.

Sponsorship of the event provides an excellent opportunity to increase your company’s presence and take advantage of networking opportunities while demonstrating your involvement, commitment and support for the fight against cancer. Our standard sponsorship packages can be found on our website, www.nse-eracecancer.

com, and we welcome potential sponsors/partners for bespoke sponsorship (monetary or in-kind) that align with their organizational strengths and priorities, Adeeko added”.

Westafrica BusinessNews recalls that, the NSE Corporate Challenge has been highly successful, recording more than 2,035 runners from over 306 institutions,

comprising c-suite level executives, top government officials and celebrities.

Also, celebrities such as Ali Baba, MI Abaga, Burna Boy, Seyi Shay, Dolapo Oni-Sijuwade, Gideon Okeke, Debola Williams, Tina Mba, Simisola and Yung6ix amongst others, have at some point thrown their weight behind the NSE Corporate Challenge.

SAHCO gets ISAGO recertification nod to offer more effective services

S

kyway Aviation Handling Company PLC has announced that the company has secured recertification by International Air Transport Association (IATA), further strengthening the firm to offer more efficient services.

The recertification was issued to SAHCO after it passed the IATA Safety Audit for Ground Operations (ISAGO) standards audit conducted on the Company after the expiration of the previous certification.

Managing Director/CEO SAHCO, Basil Agboarumi, in a signed statement to the Nigerian Stock Exchange (NSE) , explained that, the recertification entails that “, SAHCO has continued to model its operations in Lagos and Abuja to ISAGO standards, as a result making a commitment to continue to operate to globally accepted industry best practices.

The Audits cuts across Load control, Passenger and Baggage Handling, Aircraft Handling and

Loading, Aircraft Ground Movement, Cargo and Mail Handling.

As already pledged to its clients (current and prospective), it is SAHCO’s resolve to continually provide quality and efficient Passenger, Ramp and Cargo Handling Services in line with best practices and the highest International Standards to the delight of its customers and benefit of all stakeholders, utilizing State-ofthe art equipment, skills, procedures and facilities, and employing a dedicated workforce.

The revalidation was issued to SAHCO after an onsite confirmation of the implementation of the ISAGO Audit which was certified to be in compliance with internationally recognized quality auditing principles.

ISAGO audit is essential to promote safe ground operations and understanding of high-risk areas within ground operations, the audit also eliminates redundant audits from airlines thereby promoting a uniform audit process and harmonized standards

that improve quality standards in Aviation Ground Handling.

Meanwhile, SAHCO is a company listed on The Nigerian Stock Exchange. It is incorporated as an Aviation Ground Handling services provider under the Nigerian Company & Allied Matters Act of 1990.

SAHCO, which was formerly known as Skypower Aviation Handling Company Limited before it was privatized and handed over to the SIFAX Group on December 23, 2009, was carved out of the defunct Nigeria Airways as part of the Nigerian government’s Ministry of Aviation reform of 1996. The Company was listed on the Main Board of The Nigerian Stock Exchange on 23 April 2019.

The company is the only surviving subsidiary of the defunct Nigerian Airways and is the first government privatized company to be successfully listed under the guidance of the Bureau of Public Enterprises.

The Company’s business

model is geared towards delivering premium services and this has necessitated massive investment in personnel development, fleet replacement and infrastructure development over the years, with a spread to twenty-one (21)

Basil Agboarumi, Sahco MD

commercially operated airports in Nigeria, as a result making SAHCO a one-stop shop for Passenger Handling, Cargo & Ramp Handling services in the Nigerian Aviation Ground Handling services.

News

FRIDAY, MAY 24, 2019

Analysts fear US-China trade war may affect global growth

By Niyi Jacobs

T

he IMF warned Thursday that the escalating US-China trade war will “jeopardize” 2019 global growth, undermining confidence and raising prices for consumers.

“Consumers in the US and China are unequivocally the losers from trade tensions,” Gita Gopinath, the International Monetary Fund’s chief economist, said in She and her co-authors directly refuted president Donald Trump’s claim that the tariffs are paid by China and provide a windfall for the US Treasury, saying “tariff revenue collected has been borne almost entirely by US importers.”

The economic damage will be even worse if Trump goes through with the threat to impose steep tariffs on all goods imported from China, as that “will subtract about one-third of a percentage point of global GDP in the short term,” she said.

Optimism was high earlier this month that a deal was within striking distance but tensions erupted after Trump accused Beijing of backtracking on its commitments made over the year of negotiations.

He then more than doubled tariffs on $200 billion in Chinese

goods and threatened to hit the remaining $300 billion in products imported each year with 25 percent tariffs.

Trump says a primary goal of the aggressive tariff strategy is to reduce the trade imbalance with China, which totalled $379 billion last year.

But Gopinath argues that while the tensions have damaged both countries, reducing overall trade and hurting companies, “the bilateral trade deficit remains broadly unchanged.”

And total US imports have not changed significantly since importers simply shifted their purchases to other countries.

“While the impact on global growth is relatively modest at this time, the latest escalation could significantly dent business and financial market sentiment, disrupt global supply chains and jeopardize the projected recovery in global growth in 2019,” she warned in the blog post.

“This type of scenario is among the reasons why we referred to 2019 as a delicate year for the global economy.”

In addition, if tariffs escalate this will make a host of consumer goods less affordable, “harming low income households disproportionately.”

President Donald Trump and President Xi Xinping

Atiku alleges plot to smear his personality Senate passes redrafted PIG

F

ormer Vice President and People’s Democratic Party (PDP) Presidential Candidate, Atiku Abubakar has raised an alarm on alleged plans by “unscrupulous and anti-democratic elements to contrive skirmishes in the coming weeks aimed at smearing his personality.”

Abubakar raised the alarm in a statement issued by his Media Adviser, Paul Ibe, yesterday in Abuja.

The former Vice President said that it was being revealed the grand plot orchestrated by some agents of

Atiku Abubakar

evil to stage-manage pockets of upset targeted at attacking his reputation.

“We wish to blow the whistle as an early warning alert of the grandiose scheme being put together by some unscrupulous elements aimed at jeopardizing the reputation of Abubakar in the coming days and weeks.

“By the merit of what is beginning to unfold, there are plans to create some upset across the country, whereby alleged perpetrators of such crimes will engage in phan-

tom names dropping of Abubakar and some senior personalities in the PDP. “Already, we are abreast of some other plans to plant fictitious stories in some mushroom media outlets aimed at discrediting Atiku and his political party, the PDP. “It, therefore, becomes preponderant that we alert the public of this demonic plan and to say that it will be imprudent to compromise the peace and security of Nigerians in order to score a cheap political goal.”

Abubakar, however, called on the Federal Government to be awake to its responsibilities of providing security and ensuring peace, and to desist from actions and utterances capable of exposing “our fault lines.”

He said that it was unsettling that senior administration officials, would make calculated comments to tarnish the image of Abubakar and with no action from the government.

Abubakar also demanded that the Minister of Information and Culture, Alhaji Lai Mohammed tender an apology to him and the PDP. He said this was necessary with the conclusion reached by Premium Times’ investigative reporting that there was no evidential prove to back the claim by Mohammed that the PDP was planning to upstage the government.

Bill for Buhari’s assent

President Muhammadu Buhari

T

he Senate, yesterday passed the redrafted version of the Petroleum Industry Governance (PIG) Bill 2019.

The passage followed the Senate Leader, Ahmed Lawan’s reintroduction of the redrafted bill at a plenary presided over by Senate President Bukola Saraki in Abuja.

President Muhammadu Buhari had, in exercising his powers in accordance with provisions of 1999 Constitution, declined assent to the bill, raising some observations.

Lawan noted that a technical committee of the Senate had worked on Buhari’s observations and redrafted the affected clauses.

Having rely or order 88(b) (c), the redrafted clauses were

committed to the Committee of Whole for legislative consideration and passage.

The committee, chaired by Saraki, therefore, approved the clause-by-clause consideration of the bill.

The bill, which has generated controversies among Nigerians, has also been passed by the House of Representatives on Thursday.

The redrafted bill will, again, be transmitted by the National Assembly to Buhari for his assent.

Senate, in March, adopted the report of Technical Committee on Declined Assent to Bills chaired by Sen. David Umaru, which worked on Mr President’s observations and redrafted the affected clauses in the bill.

(NAN)

NEWS

FRIDAY, MAY 24, 2019

FAAC disburses N617.57bn in April 2019 –NBS

BY NIYI JACOBS

T

he Federation Account Allocation Committee (FAAC) disbursed the sum of N617.57bn to the three tiers of government in April 2019 from the revenue generated in March 2019.

The amount disbursed comprised of N446.65bn from the Statutory Account, N92.18bn from Valued Added Tax (VAT), N55bn as Good and Value Consideration, N10bn as Additional Funds From NNPC, N13.09bn distributed as FOREX Equalisation Fund and N652.55mln exchange gain differences.

Federal Government received a total of N257.76bn from the N617.57bn. States received a total of N168.25bn and Local Governments received N126.58bn.

The sum of N49.82bn was shared among the oil producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.12bn, N6.15bn and N3.87bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N203.11bn was disbursed to the FGN consolidated revenue account; N4.64bn shared as share of derivation and ecology; N2.32bn as stabilization fund; N7.80bn for the development of natural resources; and N5.49 bn to the Federal Capital Territory (FCT) Abuja.

CBN seeks proactive measures to avert economic crises

T

he Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Wednesday, said urgent measures are required to avert looming economic crisis and in particular Nigeria must get prepared for the next global economic crisis.

He also warned that the country might slide back to recession except urgent measures are taken to address the high rate of unemployment.

Emefiele said this while delivering a lecture titled: ‘Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty,’ at the University of Benin, Benin, Edo State.

He said although the country had made progress in the year under review, more efforts must be made to reduce the country’s unemployment rate.

Emefiele stated, “From some of my concluding remarks, you may have observed, whether you like it or not, there is global uncertainty that will, unfortunately, most certainly lead to another crisis.

“The question could be, how are we as Nigerians, particularly our leaders, I am talking of monetary and fiscal policy authorities, how are we preparing our country for the next crisis?

“We have luckily exited recession; we have seen recession pending downward to about 18.72 per cent in 2017 to about 11. 37 per cent today.

“We have seen the reserve moving up but unfortunately we still have issues and those issues border on the unemployment rate and those issues border on how we prepare our country,” he said.

While enumerating effort being made by the apex bank to stabilise the nation’s economy, Emefiele said the introduction of the investors and exporters’ window had helped in shoring up the country’s external reserves.

He said the turnover in the I&E FX Window had reached over $48bn since the inception of the

window and that the nation’s foreign exchange reserve had risen to $45bn in April 2019 from $23bn in October 2016.

The CBN governor added that Nigeria’s current stock of external reserves was able to finance nine months of current import commitments.

He said with the improved availability of foreign exchange, the exchange rate at I&E FX Window had remained stable over the past 24 months at an average of N360/$, and the parallel market exchange rate had appreciated from N525/$ in February 2017 to N360/$ today.

“After five consecutive quarters of negative growth beginning in the 1st quarter of 2016, a coordinated approach by the fiscal and monetary authorities supported a rebound in the nation’s economy during the second quarter of 2017.

“The recovery has been driven largely by improved non-oil activities especially the agriculture sector which expanded consistently by about 3.5 per cent to 4.3 per cent reflecting government’s efforts at diversifying the economy,” he added.

In the same vein, Emefiele was quoted in a statement from the CBN as seeking economic patriotism and urging stakeholders in the public and private sectors to look inwards in developing the Nigerian economy.

Emefiele charged Nigerians to think of what they could do to improve the fortunes of the economy, rather than what they could benefit from the economy.

The CBN governor noted that there was huge potential within the Nigerian economy to make it as developed as other countries, which were its peers at independence but had gone ahead to become more developed.

He added that the lecture was part of the bank’s efforts at promoting research and collaboration with universities, towards developing policies and programmes that would enhance the economic wellbeing of all Nigerians.

Udoma Udo Udoma, Minister of Budget and National Planning

FG condemns negative reports on NSEZCO

T

he Federal Government has assured the strategic investment partners and advisers of the Nigeria Special Economic Zones Investment Company Limited (NSEZCO), of its commitment to the development of special economic zones across the country.

The assurance was given by Vice President Yemi Osinbajo, SAN, at a meeting with the representatives of the investment partners of NSEZCO, including the African Export-Import Bank, Bank of Industry, Nigerian Sovereign Investment Authority, Africa Finance Corporation and the African Development Bank.

Prof. Osinbajo condemned the recent misrepresentations that have been created about NSEZCO in certain sections of the media and regretted the embarrassment this may have caused the investors. He reaffirmed FG’s endorsement of the strategies and plans put in place for the actualization of

Vice President Yemi Osinbajo

the SEZs. The VP also assured the investors of the readiness of the Buhari administration to offer all the support required to complete their investments in the company.

According to Prof. Osinbajo, it is the vision and plan of the Buhari Administration to be the pre-eminent manufacturing hub in SubSaharan Africa and a major exporter of manufactured products.

Prof Osinbajo restated the government’s commitment to Project MINE (Made in Nigeria for Exports), a Presidential Priority Intervention project, using Special Economic Zones to achieve the objectives of boosting manufacturing’s share of GDP to 20%, generating $30billion in annual export earnings and creating 1.5 million new jobs in the export-oriented manufacturing value chain.

According to him “the project is fundamental for us as industrialisation is a major pillar of our

Economy Recovery and Growth Plan”.

Mallam Abubakar Malami, Attorney-General of the Federation who was also at the meeting explained to the investors that the recent investigation into the affairs of the company was to establish the integrity of the Federal Government and the propriety of its actions in the light of the negative perceptions created in the media.

He also reiterated that the Federal Government has no intention to frustrate investment in the company and its smooth take-off.

Mr. Olukayode Pitan, Managing Director, Bank of Industry and Mr Abdoulaye Kone, Regional Chief Operating Officer – Anglophone West Africa, African Export-Import Bank, who spoke on behalf of the investors, thanked the Federal Government for the assurances given to them and confirmed their commitment to the project.

Earlier, Dr. Okechukwu Enelamah, the Minister of Industry, Trade & Investment thanked the Vice President, the Attorney General of the Federation and the investors for their support.

He said from all indications, NSEZCO remains on course to raise $500million for investment in Special Economic Zones in Nigeria.

NSEZCO is a special purpose vehicle set up by the Federal Government of Nigeria to facilitate Public Private Partnerships with development finance institutions and other investors, to develop Special Economic Zones across the country, offering world class infrastructure and facilities at competitive costs and an enabling environment for export-oriented manufacturing activities.

14

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

STOCK TABLE

FRIDAY, MAY 24, 2019

FRIDAY, MAY 24, 2019

FRIDAY, MAY 24, 2019

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

NEWSROOM 08186867775 letters@wabusinessnewsng.com ADVERT HOTLINE 07015151515 letters@wabusinessnewsng.com

he spate of electricity power outages in the country has lately assumed an alarming proportion. Nige-rians are crying out from different parts of the country over prolonged hours of outages by different Distribution companies. The experience remains the same throughout the country.

There are cries of anguish and despair by individuals, corporate bodies and even Small and Medium Enterprises (SMEs) who have had to spend more on petrol and diesel to fuel their generators in order to sustain produc-tion.

It is also illogical that the country is plunged into darkness in the rainy season when the nation is usual-ly at the peak of electricity generation and distribution. The usual explanation is that the country’s hy-dro stations are at their best during the rains. This year’s experience appear to be different as power generation and distribution this period is at the lowest ebb. It’s even more disturbing as the power at the nation’s power generation is sometimes as low as 1,000 megawatts (MW). At such times, the entire country is plunged into total darkness. Distribution companies have continued to apologize for outages unending.

We find it absurd and contradictory because while Federal Government claims to have raised power generation to as much as 7,000 MW, statistics on ground do not support such claims. The Minister of Power, Works and Housing, Babatunde Fashola had claimed that the present administration had increased generation to 7,000 MW, transmission to over 7,000 and distribution from 2,690 MW to an average of 5,000 MW. If these figures are real, how come that parts of the country continue to experi-ence outages for as long as 48

hours.

Even statistics from the Advisory Power Team of the Vice President had detailed the amount of pow-er generated and wheeled out to the national grid to 5,156 MW. This is in apparent support to the fig-ures from the Minister of Power, Works and Housing.

What is difficult to fathom is why the nation cannot sustain the distribution figures especially during the rains when the hydro stations have abun-dant water.

Transmission Company of Nigeria (TCN) only recently raised alarm that the total volume of electricity generated and distributed had dropped by 1,087.6 MW, a tacit

confirmation of how the nation’s power sector has plunged. Perhaps, the present malaise in the power sector is attributable to the six power plants which generate electricity with gas said to have been shut down because gas supplies to them were cut off. The affected power stations, Ihovbor, Azura, Omotosho, Geregu, Olorunsogo and Sapele were reportedly affected by a rupture on the gas pipeline of Nigeria Gas Company (NGC). Beyond the six power stations, technical hitches were also reported to have been experienced by Shell on its gas well which affected supply to Afam V1 power plant and Egbin thermal station.

We find it absurd and contradictory because while Federal Government claims to have raised power generation to as much as 7,000 MW, statistics on ground do not support such claims.

We are not swayed by any rationalisation put up by government officials.

The point is that security agencies have a duty to protect these critical national infrastructures. It therefore becomes difficult to understand how these pipelines are ruptured in the full view of security agencies or are they in the habit of abandoning their duty posts? Government, on its own, ought to take all necessary steps to protect these equipments from being destroyed knowing the negative impact their destruction will have on the economy.

We urge Government to understand that the country is passing through a difficult phase in its exist-ence. The wanton killings around the country and destruction of critical national infrastructure includ-ing oil facilities at an alarming proportion must make the authorities put on their thinking caps on how to arrest the ugly situation.

It therefore becomes imperative to take practical steps to protect both lives and property. In addition to any other measures the government may deem fit, it should engage communities hosting these infrastructures to join hands in protecting them.

18

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

Enugu residents score Ugwuanyi high on security S

ome Enugu State residents have scored Governor Ifeanyi Ugwuanyi high on peace and adequate security in the state, as May 29 expiration of his first term in office draws near.

The residents, in separate interviews with journalists yesterday in Enugu, said that Ugwuanyi’s performance on security was commendable.

Mike Uzoh, a civil servant, said that the state was peaceful when compared to other states in the country, as rituals, banditry, insurgency and other such issues had drastically reduced in its commununities.

According to him, this is because the governor is very passionate about the safety of lives and property in the state.

“The case of kidnapping has only been heard once or twice, and this is because of his commitment to security matters and his good working relationship with all the security agencies in the state,”he said.

Ejike Obieyem, a commercial bus driver, said that the security across the state has made it attractive to people, making it to be more populated than before.

Obieyem said that due to insecurity in other states in Nigeria,

Ifeanyi Ugwuanyi many had relocated with their families to Enugu.

“You can bear me witness on the population of persons and vehicles on our major roads, market areas, banks, churches, mosques, among others.

“People are really coming into

Enugu to settle down with their families as a result of insecurity in their former states and stations,” he said.

Miss Ann Chukwu, a student, said that Ugwuanyi’s administration had secured the state very well by bringing cultism in schools

Group urges Ikpeazu to back Abia Disability Bill

P

ersons with living with disabilities in Abia State have appealed to Governor Okezie Ikpeazu to intervene in ensuring the easy passage of the state Disability bill intended to protect them from discrimination and other harmful practices.

The appeal was contained in a communique issued at the end of a one-day stakeholders’ forum on “state of persons with disabilities in Abia”, held on Tuesday in Umuahia and made available to reporters .The forum, which was organised by the Centre for Citizens with Disabilities in Abia, expressed disappointment that the sixth state Assembly could not pass the bill before the end of its tenure.

It also expressed concern “over discrimination and exclusion of Senior Special Assistants (SSAs) and Special Advisers (SAs) to the Governor on Disability Matters during state government functions with little or no access for persons with disabilities at such events.”

The statement, which was jointly signed by the Executive Director of the centre, David Anyaele, and Chairman of the Joint National Associations, Stanley Onyeebuchi, also appealed to the government to see persons with disabilities as equal stakeholders in society.

It requested the government to mainstream them in every

sphere of the political and socioeconomic life of the state.

It further urged the Abia government “not to see issues concerning persons with disabilities from charity perspective.”

It therefore urged Ikpeazu to ensure that all appointments and employment opportunities in the state complied with the provision of Section 29 of the Discrimination against Persons with Disabilities (Prohibition) Act, 2018.

It noted that the Act provides for the reservation of at least 10 per cent of such opportunities for persons with disabilities.

The forum expressed disappointment that persons with disabilities, who were governor’s aides, had no “reasonable accommodation to aid their job.”

It lauded the governor for appointing eight persons with disabilities as SSAs but also called for an increase in the number of such appointments.

The statement also demanded for more opportunities, including appointments as commissioners, permanent secretaries, advisers, chief executives and board members of parastatals, among others.

It called for public understanding of the peculiarities faced by persons with disabilities and the additional economic burden imposed on them by their conditions.

It therefore appealed to the governor to approve the restora-

tion of Disability Allowance for those in the state Public Service and payment of allowance to all Abia indigenes living with disabilities.

The forum called on all political appointees from the disability community to collaborate toward improving the lot of persons with disabilities, rather than working at cross purpose with one another.

The forum commended the governor for initiating different empowerment programmes in favour of persons with disabilities in all the 17 local government areas of the state.

Okezie Ikpeazu

and armed robbery to a standstill through the cooperation of the security agencies.

Mrs Hope Ofor, a businesswoman, said the state remained the safest so far, with everyone always sure of his or her safety, while people could move about

anytime without being harassed.

“Criminals have been flushed out of Enugu State since the coming of Ugwuanyi as a governor and that makes people to move about freely without any harassment,”Ofor said.

On their expectations from his second term, the residents called on him to step up his effort in ensuring adequate provision of pipe borne water and reconstructing bad roads within the metropolis.

Mrs Vivian Amah, a Nurse, urged the governor to provide pipe borne water to reduce the rate of illness, mostly among children.

“I expect the governor to make water available down to all the streets in Enugu, as this will help in reducing some of the water contamination diseases, especially among our children,”Amah said.

Eugene Ume, a meat seller at Mayor Market in Enugu, said that the provision of pipe borne water to people yet to get clean water supply from the government would go a long way to help, especially those in the abattoir.

Mrs Uche Ogah, a teacher, called on the state government to hasten the re-construction of bad roads for easy movement, as most of the roads were said to have been constructed since the 1980s.

Police parade 159 suspects, launches Operation Puff Adder in Lagos

I

n a major anti-crime boost , the Lagos State Commissioner of Police (CP), Muazu Zubairu, yesterday paraded 159 suspected criminals as he launched Operation Puff Adder, aimed at fighting crimes in the state.

Zubairu, while parading the suspects at the state Police Command Headquarters, Ikeja, said various arms and ammunition were recovered from the suspects who were picked up at different locations in the state.

The CP added that the paraded suspects would be charged to court as soon as possible.

On the launch of the operation, the commissioner said cultism, and traffic robbery were becoming a great concern to the command and they were what the operation sought to counter.

“Today marks another milestone in the history of policing in Lagos and we are here to witness a renewed vigour and determination of the command to tackle the security challenges confronting our dear state.

“Of great concern are cases of cultism, traffic robbery, youth gangsterism and murder.

“We are today launching a special operation introduced by the Acting Inspector General of Police (IG), Mohammed Adamu Adubakar,

code-named “Operation Puff Adder.”

“This operation is aimed at re-dominating and reclaiming the public space from heinous criminal elements that are bent on threatening the nation’s internal security order,” he said.

Zubairu said that the officers and men for the operations were drawn from the Police Mobile Force (PMF), Tactical Units and Criminal Intelligence Bureau (CIB).

He listed others sections drafted into the operation as the Criminal Investigation Department (CID), Rapid Response Squad (RSS), Task-force as well as conventional policemen.

“The men are charged to ensure zero tolerance to all forms of criminality and deal decisively with criminal elements in Lagos state.

“Tough times indeed await those who choose the path of crime in the state and we will take the battle to their door steps.

“Lagosians have a right to a more peaceful and orderly state with the support of the good people of Lagos.

“As men of Operation Puff Adder discharge their duties, they are equally enjoined to operate within the ambit of the law and respect fundamental human rights of the citizens,” he said.

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

19

FCT residents urge sanction against indiscriminate dumping of waste R esidents of Bwari Area Council in Federal Capital Territory (FCT) have called for sanctions against indiscriminate dumping of refuse in township areas of the district.

The residents made the call yesterday in separate interviews with reports in Abuja.

The call followed the resurgence of indiscriminate dumping of refuse by residents of the area council on major roads.

Ayuba Auta, a resident of Dutse-Baupuma, while calling on the council authorities to salvage the situation, also urged residents to desist from dumping waste along major roads.

Auta gave the advise as he decried the heap of waste dumped opposite the Usuma Dam junction

of the district.

He said it was illogical for people to dump waste along the roads and expect government to evacuate same, when it should not be there in the first place.

“How can we, as human beings behave the way we do and expect others to behave better. In the first place, why must we dump these things there?,it is a major road and people just drive by and drop waste,” Auta said.

Another resident of DutseBaupuma, Goggo, who looked at the heap of refuse with disgust, said “obviously, people bring these waste in their cars and just drop them. There are no houses around the area, so where are those dumping the waste coming from if not from vehicles?

Goggo said those who dump

VIO decries harassment of personnel in Plateau

A

n embittered Director, Plateau Vehicle Inspection Office (VIO) John Daven, yesterday in Jos decried the continuous harassment of personnel of the outfit by motorists, while performing their duties.

Daven told NAN that it had become embarrassing and a lingering concern, the way and manner officers and men of the VIO office in Plateau were treated, while on their routine vehicles checks.

He, however, said that his office had put some stringent measures in place to deal with such acts by the motorists that may want to continue to persecute its officials while on duty.

“There are numerous instances where our men are almost run over by motorists, some of them are even bundled into unknown vehicles, while on road duties and taken away by the irate motorists,’’ he said.

Daven, however, noted that some of such motorists have been arrested, charged to court and appropriately punished by the law.

The director said that the office had carried out several sensitisation campaigns to educate the public on the various duties of the VIO. He said that the motoring public had been assured that men and officers of the VIO’s Office were not out to delay and exploit anyone, but only on the road to inspect the state of their vehicles and ensure their road safety.

Some motorists interviewed along the state library and British American junction, Jos used by the VIO for regular road checks on vehicles accused men of the VIO’s Office of overstepping their limits.

A motorist, Peter Adoh, said that VIO personnel are sometimes doing the work of policemen on the road and can cause unnecessary delays for motorists.

“I am not saying that it is right to harass an officer on duty but sometimes, it’s really frustrating to be delayed, especially when you are behind schedule,’’ Adoh said.

Mrs Kate Agbo, another motorist, said it was a dangerous thing for a motorist not to stop when asked to stop by a law enforcement officer.

“I was in tricycle and the VIO officers stopped the driver and he refused to stop and sped away, almost running over the officer in the process, ‘’ said Agbo.

The director, however, pleaded for the cooperation of motorists with the VIO office to enable them to discharge their duties effectively for better motoring on the Plateau.

refuse at the Usuma Dam junction had automatically created a dump site where there was none in the first place.

She said “this is unreasonable.

However, I am pleading with the area council waste management authority to please, clear the dump site quickly to avoid an epidermic.”

Mrs Patience Adeleke, a resident of Chicakwere road junction, along Arab road in Kubwa, FCT, also described the waste lying in the drainage system and over board as an eyesore.

According to her, most times, people who use the road to the train station are guilty of the illicit act of dumping waste into the drains.

She said “if only the Area Council authority can swiftly move into action and possibly collaborate with the traditional heads in the area to sanction the culprits, maybe people will begin to reason.

“For now, we plead with the authorities to organise an

awareness campaign against indiscriminate dumping of waste, especially now that the rains are here, because if the habit continues, the drains will be blocked by these polythene bags.

“Communities can also organise periodic clean up, but it will take the collaborative efforts of the authorities in place and residents to ensure compliance.”

Joseph Uba, who resides in Kogo area of Bwari town, observed that as soon as illegal dump sites were evacuated, residents create more.

He said “we have leaders in all these communities, it is not only during politics the people need to hear their voices, it is in times like this.

“If we have to dump refuse, why not go into the bush and into the pits created at some points and stop dumping on roadsides. We are not doing this to government, but ourselves.”

Responding, the Head of

Environment in the Council, Timothy Nwanna, said that the council was working to ensure that indiscriminate dumping of waste and long time dump sites in the council and its environs were tackled holistically.

According to him, the council is working with some licensed waste control contractors, who will periodically visit individual houses to evacuate refuse in their trucks at meagre amount to dispose at the council’s major dump sites.

Nwanna also said that the council was working in collaboration with the FCT Satellite Town Development Agency (STDA) to ensure total evacuation of waste in the area.

He added that now that the newly elected chairman of the council had been inaugurated, the issue of the environment would be prioritised before the new administration as a matter of urgency to hasten the already existing process.

L-R: Leader of the transition committee of the Oyo State governor-elect, Senator Hosea Agboola; Chairman of the joint committee/Secretary to the State Government, Mr Olalekan Alli; and member of the committee/Special Adviser on Efficiency to the governor, Dr Isaac Ayandele, at a press conference to herald the transition activities, in the governor’s office, Ibadan yesterday.

NEMA receives 195 returnees from Libya

T

he National Emergency Management Agency (NEMA) has received another batch of 195 stranded Nigerians from Libya.

Coordinator, Lagos Territorial Office, NEMA, Alhaji Idris Muhammed, who confirmed the development to newsmen yesterday in Ikeja, said this was the largest batch of voluntary returnees since the exercise began in April 2017.

Muhammed said the Nigerians arrived at the Cargo Wing of the Murtala Muhammed International Airport, Ikeja at 8.20p.m. on Wednesday aboard a chartered Al Buraq Air aircraft with registration number 5A-DMG SEB. He disclosed that they were the 69th batch of returnees brought back by the International Organisation for Migration (IOM) and

the European Union (EU) under the Assisted Voluntary Returnees (AVR) Programme.

According to him, after profiling, the breakdown of the new returnees shows that they compris 71 female adults, 25 female children and 17 female infants.

“They also include 60 male adults, 12 male children and 10 male infants.

“Among them were three male returnees with minor medical issues and seven pregnant women, ” Muhammed said.

Welcoming the returnees, he advised Nigerian youths to look inwards and utilise the money they had set aside for embarking on perilous journeys, to set up good businesses in the country.

“Since the EU closed their borders for irregular migrants, the

journeys through irregular means have become wasteful and dangerous.

“If you had used the huge amounts of money spent on these fruitless efforts in Nigeria to start a business, you would have been very successful in your endeavours.

“Therefore, you need to strive and embrace the Federal Government’s enabling initiatives to empower the youths,” Muhammed said.

One of the returnees, Kehinde Obala from Badagry, Lagos, regretted his sojourn in the volatile North African country.

The 66 years old man said he was a successful mechanic and pastor in Libya until the war broke out and he lost everything.

“I had a church over there but

everything I worked for were destroyed.

“Ordinarily, I never thought of coming back to Nigeria but when I was assured and promised that I will be resettled when I return home that was why I came back.

“I have wasted my life except IOM and government are magnanimous enough to help me start from the scratch,” he said.

NEMA said as at March 15, 12,574 Nigerians have so far returned from Libya under the Assisted Voluntary Returnees Programme, which began in April 2017.

NEMA further added that over 4,900 of the returnees have also been trained on various skill acquisition and empowerment training by IOM through special funding facilitated by the EU.

20

Tourism

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

Ex-Director decries absence of National Museum in Abuja

A

retired Director of Museum, the National Commission for Museums and Monuments (NCMM) Peter Odey, has said that the absence of a National Museum in the Federal Capital Territory(FCT) is scandalous.

Odey in an interview with reporters in Abuja on Wednesday said it was regrettable that the capital of the most populous black people on earth “does not have a museum”.

The retired director observed that the presence of National Church and Mosque was supposed to be complemented by a Museum.

“A country like Nigeria that is so rich in cultural materials and heritage cannot afford not to have a National Museum in its state capital.

“It is scandalous for Nigeria with Abuja as it capital for over four decades not to have a National Museum.

“Heads of State from other countries come to Abuja and do not have a place to go to know about the people.

“They end up in the State House, after their meetings, they go back to their countries without knowing about the peo-

ple.

“Abuja was designed in such a way that it has the National Mosque, Church and in between, National Museum which represents the traditional culture of our people.

“This was done so that museum will act like the moderator

between the influence of Islam and the Christianity,’’ Odey said.

According to him, Christianity and Islam are foreign religions that do not represent indigenous traditional cultures.

“Thus, our culture is missing.

It is the foreign ones that are in

place now; it is scandalous.

“Having a National Museum in Abuja is something that should take priority in the thinking of government right now; we can’t continue like this.

“Everywhere you go in the world, they have museums that reflect the cultures of their peo-

ple, but Nigeria that is very rich, we don’t have a National Museum in Abuja,’’ he said.

The retired director stressed that “we don’t value our culture”, adding that foreigners were after the cultural objects of the country, which they displayed in their countries’ museums, while Nigerian government was not concerned about having a Museum in Abuja.

“Give us back that land located between National Mosque and Church so that a National Museum can be put up there with objects from different cultures of Nigeria, “We have over 350 ethnic groups in Nigeria and all of them have materials and objects to display in a National Museum in the Federal Capital which is Centre of Unity.

“We have to be serious, believe in ourselves and our heritage because these materials tell our stories,’’ Odey said.

He said that when Lagos was the country’s capital, when Heads of State and important dignitaries visited Nigeria, before they left, they visited the National Museums to know more about Nigerians.

“That is why I am advocating that the land between National Mosque and Church that was given to the commission to build a National Museum should be returned to it. “

Edo plans creative hub to boost entertainment

G

overnor Godwin Obaseki of Edo State has said that his administration is collaborating with private and government organisations to boost the entertainment industry in the state via establishment of a creative hub.

Obaseki stated this during an Interactive session with stakeholders in the entertainment industry held at government house in Benin yesterday .

The governor, represented by his Deputy, Philip Shaibu, said” our goal is to create jobs via creating the enabling environment for private investment in the various sectors in the state.

“For the entertainment sector, we want to establish a creative hub where people in the entertainment industry will be exposed to world class trainings and given opportunity to excel in the indus-

Obaseki

try.

” The idea is to make the entertainment industry viable in the state “, the Deputy Governor said.

Also, the wife of the Edo Governor, Mrs Betsy Obaseki, said the entertainment industry was a critical sector to focus on due to its huge contribution to the country’s Gross Domestic Product as well as jobs creation.

She said the state government would partner the Bank of In-

dustry (BoI) which was currently making investment in 50 sub sectors in the creative industry in the country.

She urged participants at the interaction session to key into the creative hub initiative so as to boost the creativity industry in the state and the country at large.

“The federal government has identified the values in the entertainment industry and the BOI is giving loans to people in the en-

tertainment industry to grow the sector.

Also, Mrs Ukinebo Dare, Senior Special Assistant to the Governor on Skills development and Job Creation, said the Edo Jobs initiative was creating employment opportunities in the Agriculture, Manufacturing, Construction, Information and Communication Technology and Entertainment sector.

She said the interactive ses-

sion was to expose the opportunities in the Edo Creative hub and Share information on investment and financing products available for the creative industry. ” We want to attract commercial viable initiative from major stakeholders in the entertainment industry to the state.

“We want to expose Edo youths including returnees to inspirational opportunities in the entertainment sector”

Nigerian creative industry not supporting talented youths, says Artist

A

Nigerian Visual Artist, Bob Nosa, on Wednesday lamented over the state of Nigerian creative industry which, he said, had not been positioned to assist and encourage talented youths.

Nosa told reporters in Lagos that the nation’s creative industry like the art, culture and tourism sectors could be better structured to help youths so that the crime rate could be curbed.

He called on government at all levels to channel efforts towards ensuring that the right policies were made to enable the creative industry encourage up-and-coming artist.

According to him, Artists Village should be built where different kinds of artists could rehearse or practice their profession pending when they would be able to generate enough money to be independent.

“Nigeria is blessed with lots of talented youths but their talents are not made to find practical expression because they are discouraged when they see how frustrated their predecessors are.

“The federal, state and local governments must rise up to this challenge and consciously ensure that the nation’s creative industry is revived to yield to the yearnings of Nigerian artists.

“Seminars could be organised to groom talented youths on how to package themselves for international acceptance; veterans on such fields of art could be picked as resource persons for the seminar sessions.

Nosa said that the tourism, art and culture sectors of nation’s economy were capable of generating huge revenue for the nation if properly groomed.

He said that when the right programmes are organised to en-

gage the youth, problems of terrorism, rape, internet fraud and unemployment would be curbed to an extent.

According to him, the rise in all these atrocious acts is as a result of the fact that most Nigerian youths were not positively en-

gaged.

“The upcoming artists should be privileged to enjoy intervention fund from the government and government must know that the creative industry could generate huge employment opportunities for Nigerians,” he said.

COMPANIES & BRANDS

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

21

Chamber tasks Southeast governors on infrastructure The Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA) wants governors in the Southeast geo-political zone to put infrastructure in place for the economic development of the zone.

The Director General of the chamber, Emeka Okereke, made the appeal yesterday in an interview with newsmen in Enugu.

Okereke specifically cited intracity and inter-state rail system as the most desirable facility for the southeast at the moment.

He said the zone was about the only one in the country without a functional railway transportation system.

“Governors of the southeast

can in collaboration with private investors look for a way to bring railway system to the zone.

“It is very necessary and if we are able to achieve that, it will spark up more investments in the area because the southeast is an investment corridor.”

Okereke said that his expectation was that the next dispensation would trigger more development by state governors in the zone.

On economic development in Enugu State, Okereke said that ECCIMA was pleased with the achievements of Governor Ifeanyi Ugwuanyi in the last four years, urging him to collaborate with his brother governors in setting up common infrastructure in the zone.

The director-general praised the peace and tranquility, which he said, had characterised the administration of Ugwuanyi in the past four years.

“For any meaningful development to thrive, the issue of security and peace are of essence and the governor has done well in this regard.

“Beyond this, we commend the government on the steps it has taken to address the infrastructure deficit that is prevalent in our environment.

“We are also happy that the World Bank ranked the state as the second best for business investments.”

Okereke said the State Govern-

CITN inducts 560, canvasses professionalism

T

he Chartered Institute of Taxation of Nigeria (CITN), yesterday , inducted 560 new members to practice as certified chartered practitioners in the field of taxation.

Cyril Ikemefuna, the President of CITN, said at the 40th induction ceremony of the Institute in Lagos that the exercise was in compliance with the mandates and Acts of the Institute.

He said it was also a mechanism to grow the tax administration system of the country.

According to him, the induction signifies commitment on the part of the inductees to become ambassadors of the profession at all times.

He, therefore, urged the inductees to uphold the principles and integrity of the profession in their service to the society.

Ikemefuna said the inductees should contribute their quota to the move toward ensuring effective and efficient tax administration system in Nigeria.

The CITN president said the tax system needs to be improved upon.

He assured of commitment of the Institute to providing the necessary support to ensure smooth operation of the newly inducted members.

“The induction programme provides the opportunity to formally certify tax professionals who have met the requirements to practice as chartered tax administrators.

“As a chartered tax professional, avail yourself with opportunities of seminars and workshops to constantly be updated with new developments and methodologies in the profession.”

Ikemefuna listed some of the Institute’s recommendations that could be adopted to address identified issues in the 2019 Federal Government Budget.

According to him, there is potential for government to increase productivity by investing in education with emphasis on quality and quantity, as a way of driving the 2019 budget.

He said that as a matter of urgency, the government should push for the passage of the Petroleum Government Bill into law, which, as it stands, could potentially release N5 trillion of badly needed investment into the economy.

Gabriel Fasoto, Past President of CITN, said that tax administrators should maintain professionalism in the course of discharging their mandates.

Fasoto, also a Special Guest of Honour at the ceremony, said that a tax professional must display honesty, humility and commitment when dealing with clients.

“I enjoin you to go out there

and up the scale of taxation practice and administration in Nigeria and globally.

“Taxation practice is not “settlements”. You need to equip yourself technically: be up to date in tax laws, tax jurisprudence as well as global tax practice. You are to be more driven by expanding the frontier of tax knowledge rather than only the pecuniary interest,”

he said.

Meanwhile, a staff of the Federal Inland Revenue Service (FIRS) Miss Oluwatobi Jennifer, bagged four awards during the induction ceremony.

Jennifer won awards as ‘Best Overall Graduating Student, Best Overall Graduating female Student, Best Student in Practical Cases and Best Student in Tax Management.

ment also did well by setting up the Enugu Business Council to identify investment policy gaps and deficits in the business environment.

“For instance, in the issue of harmonisation of taxes and levies, the council has gone a long way to look at it and we hope that without further delay, the policy paper will be released.”

He said that in spite of the ranking of the state, “a more clement business environment is still needed in the state.

“The State Government needs to do more. The first four years of the governor has been a blessing to residents of the state but we hope the next tenure will address other concerns.”

Okereke said there were many roads in rural and urban centres in the state that needed attention.

Shell spends N221m on infrastructure in Rivers communities Shell Petroleum Development Company (SPDC) yesterday disclosed that it invested over N221.08 million on several infrastructural projects in nine host Etche communities in Rivers State .

SPDC’s General Manager, External Relations, Igo Weli, spoke yesterday at the formal handover of the projects to the communities

held at Community Secondary School Imeh, Igbo-Etche, Rivers.

The projects included, eight units of one bedroom flats, five 500kva electric transformers, solar powered lighting and neighborhood water system and perimeter fence, among others.

The benefiting communities are Chokocho, Chokota, Ikwerrengwo, Imeh, Okoche, Umuakuru, Umuebulu, Umuochashi and Umuakuru.

Represented by Shell’s External Relations Manager, Land Hub, Dr Chibuzor Anyim, Weli said the investments were part of its Global Memorandum of Understanding (GMoU) on project delivery to its host communities.

“Aside the projects, we have invested on various economic empowerment and human capital development programmes, such as, Etche 1 & 2 cluster joint skills acquisition for 62 physically challenged persons.

“The projects and human capital development have gulped over N221 million. Eight of the communities are reaping the rewards for supporting our business to thrive,” he said.

Weli said the company had so far established 37 active GMoU clusters across communities where it operated in the Niger Delta.

“This community-led social investment strategy is funded by SPDC and its joint venture partners.

“The investment serves to improve interface and promote socio-economic development of our host communities,” weli said.

Also speaking, the Chairman of Etche Local Government Council, Obinna Anyanwu, thanked and assured SPDC of maintenance of the projects.

He said the Rivers Government was passionate about opening the various communities through development of human and capital projects.

“To this end, the council will soon commence the rehabilitation of dilapidated classrooms blocks at Community Secondary School Imeh Igbo-Etche,” he assured

Ikemefuna

Expert urges student to seek career in pension admin, management

A

n expert in pension and actuarial science, Dr Musa Ibrahim, has advised graduating secondary school students to seize the opportunities that abound in the pension industry and build careers in the sector.

Ibrahim, who gave the advice in an interview with newsmen in Abuja, said the pension industry had huge array of opportunities for career development.

“For students, it is a journey that they have to do, of building a career.

“So, by the time you come out of secondary school, you look around, you decide to say this is my passion, this is the career that I want to do.

“So for an industry that is contributing such a significant percentage of the GDP of the

country, it means it is something that is going to attract a lot of people.

“For an industry that is already having a pension fund and assets that are equivalent to Federal Government budget and still going and counting, that means that it’s an industry that is going to definitely require a lot of manpower not only in sustaining but prospering that industry.

“This bourgeoning industry needs a lot of that support so that it is no more by chance that you are in the industry.

“It is going to be by deliberate choice for you to say I am going to work in there.

“So our appeal more is to the students, who are coming out of secondary school.

“Because, this industry matches more than anything

else, it has huge assets which can be literally and metaphorically transform the Nigerian society and environment.’’

The pension expert also expressed concern over the declining situation in guidance and counselling choice of career by students, noting that a lot more needed to be done in that regard.

“But, we also intend to go to some schools and other forum to give some talks, so that people can size this industry and appreciate the industry.

Ibrahim, who is the founder of the Abuja School of Pension and Retirement Planning, said there was need for academic training in a practical oriented school.

He noted that pension asset remained a catalyst for the coun-

try’s economic development.

Ibrahim said the ultimate goal of the pension institution was to ensure prospective students who may seek careers in the pension industry in Nigeria pass through the school.

“Our ultimate goal is to make the school a centre of excellence, such that when you come out with our certificate, it is like a guarantee for employment.

“So, it is very important for parents to bring to the attention of their wards that the school has a promising future and that they can build careers in the industry.’’

According to him, the school is significantly designed to provide knowledge on pension administration and management services to public and private employers.

BUSINESSNEWS 22 WESTAFRICA FRIDAY, MAY 24, 2019

COMPANIES & BRANDS

DPR uncovers illegal gas plant in Warri, orders closure

T

he Department of Petroleum Resources (DPR), Warri Zonal Office, yesterday revealed that it had uncovered an illegal gas filling plant in Egbokodo axis of the Warri South Local Government Area of Delta State.

Addressing newsmen in Warri, the DPR Operation Controller, Antai Asuquo, said the facility was neither licenced nor had any form of approval from the agency.

Asuquo, therefore, directed Moshood Adeola, the Operator of the gas plant, to decommission the facility in the next 24 hours.

According to him, it is not licenced by the DPR. He will face the full weight of the law, if he fails to do that.

He said that the plant was a “time bomb waiting to explode”.

Asuquo said that the safety of personnel and property were paramount to the operations of the department.

“Aside being an illegal facility, no gas plant is supposed to be boxed up. As a regulator, we try to

ensure the safety of personnel and property of any operator.

“But in this case, we are more concerned about the safety of life

and not the property because, it is not licenced by us.

The controller advised the public to report any illegal facility

to the DPR for necessary action to avert any adverse effect of explosion occasioned by gas spillage.

“People should report anything

of this kind to the DPR so that appropriate action can be taken to avert any adverse effect of explosion of gas spillage that can lead to fire and claim lives,” he said.

Asuquo said there was government approved rules for the establishment of gas plant, including the size of the land, environment, among others.

“It is when all these are in order that the DPR gives approval to establish the gas plant,” he said.

Reacting, Adeola admitted that he did not get approval from the DPR to operate the business.

“The little knowledge and capital I have, I decided to put it into the business.

“I started sales on May 21, and it has been so good. People commented that at least, I have eased their stress by bringing gas closer to them,” he said.

Kuren Dickson, the Chief Chemical Engineer, Gas Division of the DPR, had led the team to the site.

Aviation workers continue strike over deployments

W

orkers of the Nigerian Civil Aviation Authority (NCAA) continued their strike yesterday despite appeals by the minister and some of their leaders to call it off.

The workers said they would not call off the strike until their grievances had been met by the aviation authorities.

The workers had commenced the strike yesterday to press for the revision of the collapsed organogram, which would make many managers redundant.

The five directorates of NCAA being merged into one are: the Consumer Protection, Licensing Standards, General Aviation, Aero-medicals and Legal Services.

The workers are also demanding for the promotion of workers who had been long overdue.

The unions on strike are: the Air Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE).

Others include : the Association of Nigerian Aviation Professionals (ANAP) and the National Association of Aircraft Pilots and Engineers (NAAPE).

Yesterday, the leadership of the unions met with the Minister of State for Aviation, Sen. Hadi Sirika in Abuja, where the minister promised to look into the issues.

Sirika had also appealed to the labour leaders to suspend the strike because it had affected the operations of the NCAA, which is the regulator of the Nigerian aviation industry.

It was observed that the work-

Arik Air aircraft back after maintenance

A

rik Air yesterday welcomed another aircraft fresh from maintenance overseas. The arrival of the aircraft, a Boeing 737-800 Next Generation (NG) is coming eight days after a Boeing 737-700NG returned to service from C-check on Wednesday, May 15, 2019.

The Boeing 737-800 NG aircraft is a stretched version of the 737-700 aircraft.

The Chief Executive Officer of Arik Air, Captain Roy Ilegbodu

reiterated the airline’s mission which is “To become a dominant air-services brand, globally admired for its world-leading operating, safety and service delivery standards, as well as its role in promoting Nigeria’s reputation at home and abroad”.

Captain Ilegbodu once again thanked customers for their loyalty and trust in Arik Air, according to a statement from Adebanji Ola, PR and communications manager of the airline.

ers continued their blockade of the NCAA headquarters and rejected entreaties made by the President of ATSSSAN, Ilitrus Ahmadu and other union leaders, to call off the strike.

Ahmadu told his colleagues to sheath the sword since the minister had promised to look into the issues before leaving office on May 28.

He said: “Let me assure you that the issue of the organogram

is not what we can resolve on the table.

“We are looking for permanent solutions because it affects everybody and that is why we have come here to address you.

“If we continue this strike, that means the exercise in Abuja to resolve the issue will not take place.

“Our prayer was that the Federal Executive Council (FEC) should not be dissolved yester-

day (Wednesday) and its life span had been extended to May 28.

“The minister assured us that the issues will be resolved within seven days but if we refuse to suspend the strike, the issues cannot be resolved,” Ahmadu said.

The workers, however, unanimously rejected the decision to suspend the strike, maintaining that it would only be called off when the issues raised had been addressed.

North East farmers charge FG on purchase of grains

A

n appeal was yesterday made by the National Chairman of North East Commodity Association (NECAS), Sadiq Daware, on the Federal Government to purchase grains from farmers involved in Anchor Borrowers Programme (ABP), to enable them repay their loans.

Daware made the call in Yola iwhile reacting to the recent approval of N9.4billion by the Federal Executive Council’s (FEC) for the purchase of 60,000 metric tonnes of grains.

NECAS is the accredited commodity association implementing body of the ABP in North East.

Daware said by purchasing from the farmers who recorded

good yield last cropping season, particularly in the north east, they ( farmers) would not only repay their loans, but continue to participate in the laudable programme.

He cautioned against the use of middlemen for the purchase of the grains as they would not give farmers good price for their produce.

“The approval by the FEC to purchase grains for Nigerian Food and Strategic Reserve is the right thing in the right direction, especially now that the government has encouraged local production and the farmers have answered the clarion call of going back to farm.

“Substantial number of farmers have keyed into the FG An-

chor Borrowers Programme by borrowing funds to cultivate their crops and have gotten excellent yields.

“So, purchasing the grains from our farmers at good price will go long way in helping them repay loans and strengthen local production.

He noted that NECAS had no good silos and that its grains could be attacked by rodents and insects if kept un-preserved for long.

“We urge government to consider us and purchase grains from us so that our farmers can pay back their loans and confidently go back to the land for the next farming cycle,” Daware appealed.

Varsity teacher wants focus on steel development

A

university teacher, Prof.

Dave Esezobor, yesterday advised the Federal Government to pay more attention to the steel sector, to accelerate the nation’s development Esezobor, of the Department of Metallurgical and Materials, University of Lagos, gave the advice at the 2nd Nigeria Metallurgical Industry Stakeholders’ Forum (MISF), South-West Zone, in Lagos.

The forum had as its theme:

‘Developing SMEs in the Metal Sector for Economic Diversification, Job Creation and National Prosperity’.

According to him, Nigeria is endowed with all that is required to be a global leader in solid minerals.

“Without metal base, Nigeria will still be moving round at the same spot annually.

“First, there is no regulatory framework for the steel sector, and we need to have this framework

for the sector to move forward.

“It will make people accountable and give the positive results needed to move on.

“There is also an urgent need for the resuscitation of the public steel industries in Nigeria.”

According to the don, such moribund industries are now a national disgrace, and something has to be done about them.

“I have always said that an independent body solely for the steel sector is necessary, for it to

make headway,” he said.

The professor of Extractive Metallurgy and Materials Processing noted that without a solid metal base, the small and medium scale industries would find it difficult to flourish.

Esezobor said that with the introduction of a metal base, such small and medium industries would continue to improve on the quality of materials they were producing.

He said that the department

had been able to solve the heavyweight issue steel products were associated with.

According to him, the department has done this by generating materials from metal that have exceptional lightweight properties, which can be used in the manufacturing of motor vehicles and aeroplane body parts.

Esezobor said that without a metal base, no amount of funding committed to the power sector would yield the desired result.

23

POLITICS

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

Fayemi’s leadership of Govs. Forum will boost good governance—APC

A

ll Progressives Congress (APC) National Working Committee (NWC) has affirmed Nigeria Governors’ Forum (NGF) under Governor Kayode Fayemi of Ekiti State will support the President Muhammadu Buhari-led administration in entrenching good governance in the country.

Malam Lanre Issa-Onilu, APC’s National Publicity Secretary, expressed the view in a statement on Thursday in Abuja, congratulating Fayemi on his election as the new NGF Chairman.

Issa-Onilu said NGF’s unanimous election of Fayemi on Wednesday night to lead it till 2021, was indeed a right choice.

This, he said, was especially so, judging by Fayemi’s proven record of progressive leadership and experience as a development expert, minister, and governor among other endeavours.

He noted that since its establishment, the non-partisan NGF had been a strategic partner in deepening democracy and entrenching good governance in the country.

“We are confident that the

NGF under Fayemi’s leadership will continue in this best practice by cooperating and supporting the President Muhammadu Buhari-led APC administration in delivering on the change agenda for Nigerians,”

he said.

The national publicity secretary said this was particularly critical as the country geared up for the next four years of the administration’s renewed mandate.

Issa-Onilu wished Fayemi a successful and impactful tenure, adding that the APC looked forward to a cordial relationship between the NGF and the President Buhari-led administration.

This, he stressed, would undoubtedly ensure the successful implementation of the Next Level plans for collective progress in the country.

Fayemi emerged the new chairman of the NGF through a consensus.

Governor Abdul’aziz Yari of Zamfara State, who is also the outgoing chairman of the forum disclosed this after a meeting held on Wednesday in Abuja.

Yari disclosed that Fayemi was nominated by Malam Nasir ElRufai of Kaduna State, seconded by the Governor of Delta State, Ifeanyi Okowa and unanimously elected by the governors to lead the forum till 2021.

Yari added that “Members also elected Governor. Aminu Tambwal of Sokoto State as the vice Chairman of the forum from 2019 to 2021.”

He explained that Tambuwal was nominated by the Governor Akinwumi Ambode of Lagos State and seconded by his Ondo State counterpart, Governor Rotimi Akeredolu.

The NGF is an umbrella body of elected governors in the 36 states of the federation, irrespective of party affiliation.

Fayemi

I never expected to be Lagos Dep. Gov. says Adebule

O

utgoing Lagos State Deputy Governor, Dr Idiat Adebule, yesterday said she never expected that she would be considered for the office.

Adebule spoke during the farewell ceremony organised for her by the State Ministry of Education at Alausa, Ikeja.

Adebule, who also superintends the State Ministry of Education, will be handing over the mantle to Dr Obafemi Hamzat, the running mate of Babajide SanwoOlu, incoming Governor of Lagos State, on May 29.

Adebule said that she, however, felt honoured and would treasure the privilege of becoming deputy governor of the state.

“I am just grateful, because it is not by my pedigree, my qualifications or any of my making, but by God’s favour and Grace.

“I thank my party, the All Pro-

Adebule

gressives Congress Party (APC) and Asiwaju Bola Tinubu for finding me worthy, because it was even rumoured at that time that a man would emerge as running mate.

“I had never, in my wildest dreams or imaginations, thought that I would be considered for the position of the deputy governor. I will always treasure the privilege,’’she said.

Adebule said that some of the achievements recorded in the Ministry of Education during her tenure were as a result of the constant support of the staff of the ministry.

“I did not achieve a smooth tenure as a deputy governor and the commissioner for education, the Permanent Secretaries, Tutor Generals and the education families were my partners in progress.

“I’m proud of the ministry of education I will be leaving behind.

We are not where we are sup-

posed to be, but with improved policies, our education system will be better.

“I urge the education ministry to carry on the positive legacies and continue to improve on the education system of the state, “Adebule said.

Earlier in her address, Mrs

Adebunmi Adekanye, Permanent Secretary, Ministry of Education, described Adebule as a professional, hardworking and diligent woman.

“As a professional, she facilitated the review of the education policy of the state to take care of the current realities.

“We witnessed infrastructure development in our schools that ensured conducive teaching and learning environment.

“We will miss you, but we promise to continue to improve on the education sector so that we can compete globally, “she said

Anambra PDP Rep candidate, asks tribunal to nullify opponent’s election

A

member of the House of Representatives ,Obinna Chidoka, ( Idemili North and Idemili South Federal Constituency in Anambra State) yesterday tendered results from three polling units in Obosi before the National Assembly Election Petitions Tribunal sitting in Awka.

The Independent National Electoral Commission (INEC) declared the Feb. election in the units inconclusive, citing violence in the area as its reason.

The commission later held a supplementary poll in the affected area on March 9 and declared Ifeanyi Ibezi, the candidate of All Progressives Grand Alliance (APGA), winner of the election after the second ballot.

Chidoka, the candidate of the People’s Democratic Party (PDP), is challenging Ibezi’s victory based on the supplementary election.

He told the tribunal that there were results for all the polling units from the Feb. 23 poll in the affected units in Obosi.

He urged the tribunal to declare him winner based on the result of the first ballot.

Jude Nnodum (SAN), counsel to Chidoka, tendered the duplicate copies of the three result sheets

alongside three witnesses, who were PDP polling agents in the affected units.

The witnesses also tendered their party membership cards and appointment letters issued to them

by PDP. One of the witnesses, Clement Anikpe, said that voting was concluded, counting done and recorded by the polling officer, “who signed and issued copies to agents before proceeding to the collation centre.”

Anikpe said that there was no violence at the polling unit where he worked and that the authentic results signed by polling officer was what he tendered.

Another witness, Mrs Okuanata OG-Wilson, said she worked as PDP agent at Ilokwe Primary School and obtained her party’s copy of the result sheet for Feb. 23 poll before leaving the unit.

OG-Wilson corroborated Anikpe’s position that the election was peaceful at her own unit with no violence recorded.

She said that she was not aware that the polling officer did a report to INEC that no result was recorded on Feb. 23.

She said that she did not participate in the supplementary

election because there was no need for it.

“This result was signed by INEC polling officer and party agents before it was issued to us, there was no violence in my polling unit,” she said Also, Mrs Philomena Achonye, who served as PDP agent in the election, also said that the exercise was peaceful in the polling unit, where she worked.

Achonye said that votes were counted, announced and recorded appropriately in the result sheet.

She said that the copy she tendered was the official polling unit result signed by INEC and issued to the various parties, adding that there was no violence in her polling Unit.

The witnesses were cross examined by Arthur Obi-Okafor (SAN), Sylvester Ezeokenwa and Dr. Jude Egbuonwu, counsels for Ibezi, APGA and INEC respectively.

Obi-Okafor questioned the validity of the witnesses’ claim to be PDP members and polling agents as well as genuineness of the results they tendered.

Chairman of the tribunal, Justice A.O. Onovo, adjourned the sitting to May 25 for further hearing.

24

POLITICS

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

Dickson emerges PDP Governors Forum Chairman

G

overnor Seriake Dickson of Bayelsa State has been elected as the Chairman of Peoples Democratic Party (PDP) Governors’ Forum.

Gov. Ibrahim Dankwambo of Gombe State, who was the outgoing Chairman of the forum, announced this at the end of the forum’s meeting on Wednesday in Abuja.

Dankwambo, while reading the meeting’s statement urged President Muhammadu Buhari to declare state of emergency on security matter.

“The PDP Governors Forum is very concerned about the state of insecurity and how it affects food security as farmers are scared to go to their farms for fear of being killed or kidnapped and urges the President to declare a state of emergency on security matters.”

Some of the Governors present at the meeting were Ifeanyi Okowa of Delta, Emmanuel Odom of Akwa Ibom, Samuel Otorm of Benue, Aminu Tambwal of Sokoto, Seriake Dickson of Bayelsa and Emeka Ihedioha of Imo,

Also at the meeting were Senate President Bukola Saraki; Speaker of the House of Representatives, Yakubu Dogara; the PDP National Chairman, Uche Secondus; and PDP Vice Presidential Candidate, Peter Obi. The PDP governors later moved to the Nigeria Governors Forum (NGF) meeting where they joined their counterpart of the All Progressives Congress (APC) to elect a new chairman for NGF among other agenda of the meeting.

APC leadership in Plateau has failed, says Rep –elect

I

n a rare display of courage, the House of Representatives member-elect for Shendam Mikang, Qua’anpan Federal Constituency Alphonsus Koomsul, has accused the leadership of the All Progressives Congress (APC) in Plateau State of failure to provide good direction to move the party to the next level.

Koomsul said this while speaking to journalists, immediately after a court judgement which ruled in his favour recently in Jos. Koomsul was dragged before a federal high court in Jos by his fellow party man, Joe Bukar, challenging his eligibility to contest the position.

Bukar who was defeated at the primaries, told the court that the primary school certificate presented by Koomsul was forged, hence prayed that primary election that produced him be nullified.

The elected lawmaker who defeated a sitting member,

Johnbull Shekarau of Peoples Democratic Party (PDP) said if the APC leadership had intervened on the matter earlier, it would not have resulted into litigation in the first place.

“This issue would have been settled out of court, if the leadership of our party intervened, but it didn’t.

“The leadership failed in that aspect. If my fellow party can take me to court over a minor issue, then it means there is a failure of leadership and this is not healthy for the party, ” he said.

The member-elect commended the court for ensuring that the truth prevails, and called on Bukar to join hands with him in working for the good of the people of the constituency. ” I thank God that the court has settled this case.

What has happened today is a demonstration of fairness and justice.

“The court has demonstrated that it is the last hope of the

common man and my prayer is that other aggrieved candidates seeking justice get it just like me,” he prayed.

The Jos division of the Federal High Court, presided by Justice Musa Kurya, yesterday dismissed the case for lack of merit.

Koomsul had defeated Joe Bukar, during the All Progressives Congress (APC), primary election for the federal constituency.

Dickson

Ex-Imo Speaker urges Reps to elect credible leader

F

ormer Speaker of Imo House of Assembly, Amaechi Nwoha, yesterday urged members-elect of the House of Representatives to elect persons with not only proven integrity.

Nwoha, who made the call in a chat with newsmen, said that the character and the antecedents of a potential Speaker ought to be verifiable.

He explained that corrupt leadership of any arm of the National Assembly, especially the House of Representatives would impede the war against corrup-

tion agenda of President Muhammadu Buhari.

“You only hear cases of budget padding and other shabby deals in the National Assembly if the leadership is corrupt.

“Aspirants for the position of Speakership must be men and women without indictment in any corrupt act in both the past and present,” Nwoha said.

The former lawmaker restated the need for inclusive government which, he noted, was the priority of Buhari.

He said that brazen exclusion

of the South-South and SouthEast was the reason behind series of agitations.

According to him, it is time to bring these two regions into the fold of political power management by ceding the Speakership to either of them.

Nwoha said that there was the urgent need to address the grievances of every part of Nigeria for a united and progressive country.

Buhari had in Uyo in 2018 at APC’s presidential rally vowed to go tough on corruption if he was re-elected for a second term.

Senate okays bill seeking upgrade of Yabatech to varsity

T

he Senate, yesterday passed the City University of Technology (Est, etc) Yaba Bill, 2018 for second reading.

The decision followed a motion by Gbenga Ashafa (APCLagos) at the plenary presided over by Senate President, Bukola Saraki in Abuja.

The bill essentially sought to transform the Yaba College Technology (YabaTech) in Lagos State, to the City University of Technology Yaba.

Leading the debate, Ashafa, who represents Lagos East Senatorial District, argued that if the bill is considered, it would enhance the capability of the institution to achieve its objectives. ”Nigeria’s steady march towards education for all in the shortest possible time has taken a giant leap with the introduction of this bill. ”I am personally excited by the prospect of transforming this polytechnic to a university

of technology because it will motivate both students and academic staff. ”It will also upgrade the facilities and enhance it capability to achieve its objectives. ”Similarly, the new university

of technology will encourage the advancement of learning and hold out to all persons without distinction of race, creed, sex or political conviction the opportunity of acquiring a higher and liberal education,” he said.

Citing instances, the lawmaker noted that in similar circumstances in the United Kingdom, most of the polytechnics were upgraded to universities. ”If Nigeria has plan to become one of the world’s leading

economies as currently being pursued by government, we must be ready to adjust and position our educational institutions so that its products are geared for the technological challenges inherent in such projections,” he said.

According to him, the attainment of university status would definitely enhance the operations of the Yaba Polytechnic and clarify its mission and vision.

Lawmakers, who contributed to the motion, also supported it.

When the motion was put on a voice vote, it was unanimously adopted by the legislators.

Saraki, therefore, referred the bill to Senate Committee on Tertiary Institutions and TETFUND for further legislative action and report back within a week.

Similarly, the Senate also passed a Bill for the Establishment of Federal Polytechnic Iwerekun, Ibeju-Lekki Lagos, sponsored by Ashafa for second reading.

25

WESTAFRICA BUSINESSNEWS

NEWS

FRIDAY, MAY 24, 2019

Three persons feared still trapped in Onitsha building collapse

By Afam Aminu Chimezie, Onitsha

T

hree persons who were among the victims of a four storey building under construction that collapsed on Wednesday afternoon at Ogalonye/ Ezenwa Street, Onitsha, are feared still being trapped under the rubbles ,as rescue workers are finding it difficult to locate them.

As at 8pm on Wednesday, rescue workers and sympathizers were still crowded in the area where a rescue operation was taking place. Two victims were believed to have been rescued alive

and immediately taken to an undisclosed hospital for medical attention.

Unfortunately, one victim was believed to have died under the rubbles when the remains were clothed with wrapper and was transferred into a waiting hospital ambulance as at 8:15pm of the day of the incident.

When WestafricaBusinessNews yesterday’s morning arrived the scene to ascertain the latest development, thousands of sympathizers made up of school children, artisans and traders stayed behind discussing the incident.

Though, an excavator which assisted in the rescue operations was still on the site,but no feasible activity was seen going on.

One of the persons interviewed at the scene said that the driver had worked tirelessly throughout previous night and might

have possibly gone to rest.

The source also disclosed that the rescue operators might be finding it difficult to ascertain the exact location of the victims still trapped under the rubbles and were afraid of mutilating their bodies either dead

or alive.

The cause of the building collapse was not immediately known, but it was gathered from the rubbles that the building materials were of low quality and might have contributed immensely to the sad incident.

Telecoms: FG to revisit resolutions on ‘Right of Way’

A

n assurance has come from the Federal Government that it will revisit the National Economic Council Resolutions on Right of Way (RoW) in the telecommunications industry.

The Vice President, Prof. Yemi Osinbajo, stated this in Lagos yesterday at the Nigerian Telecom Leadership Summit 2019.

The summit was organised by the Nigerian Communications Commission (NCC) with the theme, ‘Repositioning the Nigerian Telecom Industry for the Future: Prospects and Challenges’.

Represented by Senator Babafemi Ojudu, Special Adviser to President Muhammadu Buhari on Political Matters, Osinbajo said that a revisit would compel state governments to implement the resolutions.

The National Economic Council (NEC) has approved a policy to harmonise RoW charges being paid by telecommunication companies and related public utility infrastructure on local government, state, and federal highways.

The Federal Government said that the new policy would encourage co-location of the companies’ fibre optic cables, minimise the spaces occupied and the burden on the roads as well as reduce taxes payable by the telecommunication firms.

He said that the FG was concerned about the RoW issue that had continued to linger, particularly, at state levels.

“We will revisit the National Economic Council Resolutions, with a view to revising it and encouraging the state governments to see to its practical implementation.

“The Federal Government under His Excellency, President Mohammadu Buhari, is desirous of bridging the digital divide.

“We understand the challenges of deploying infrastructure that drive access to telecommunication services to very wide geographical locations in Nigeria.

“We are also aware of the security challenges that face different economic activities in some parts of the country, which may have led to disruption of services, and in some cases, led to attendant destruction of infrastructure.

“But we will continue to put our best efforts to ensure that we contain these challenges,” Osinbajo said.

He added that government

was currently looking at the very important investment areas of interest as highlighted by the telecommunication regulator.

According to him, of particular attention is the desire by NCC that Nigeria needs a deployment of at least 120,000 metropolitan optic fibre connectivity to achieve pervasive broadband penetration across the country.

He said that government was looking at various possibilities in achieving the 120,000 optic fibre, including an open invitation to the private sector to partner with government in this direction.

Osinbajo noted that the Presidential Enabling Business Environment Council (PEBEC) was set up for the purpose of eliminating bureaucracy and constraints to doing business in Nigeria.

He said that PEBEC had already engaged NCC, and had been working in tandem with the regulator and other private organisations, to realise several objectives of government in the sector.

According to him, the Federal Government is encouraged by the efforts of the NCC to bridge the gap, in spite of the challenges.

“We have taking a very keen interest in how the commission implements appropriate strategies to connect more than 40 million Nigerians identified to have been left out in the current infrastructure layout.

“We are also hopeful, that through the provision of licenses to eligible infrastructure provisioning organisations (lnfracos) for deployment of fibre to all the geopolitical zones under the Open Access Framework, we will begin to yield fruitful results that will translate in available, accessible and affordable broadband services across the country,” he said.

A former Minister of Communication Technology, Dr Omobola Johnson, said that an Executive Order would swiftly address the issues of RoW and multiple taxation in the telecommunications industry.

Johnson said that the issues of RoW and multiple taxation had been deliberated on for a long time, hence, needed Federal Government’s strong intervention.

She said that the regulatory body needed to be ahead of the industry, as the industry was rapidly changing.

MAN, stakeholders decry delay, gridlock on Lagos ports’ roads

T

he Manufacturers Association of Nigeria (MAN) has raised concern about the long time frame experienced in the course of transactions at the Lagos ports due to congestion.

Seleem Adegunwa, Chairman, MAN Ogun Branch, made this known at the 12th MDs/ CEOs Annual Business Luncheon in Ota, Ogun.

The luncheon is themed: “Lagos Ports Congestion: An End in Sight? An Analysis of the Economic Cost to Industries in Ogun State and Exploring Viable Options’’.

Adegunwa called for better infrastructure, affordable power supply and an enabling regulatory environment to promote success of manufacturing sector.

He noted that to record successes in manufacturing and industrialisation, various factors must be considered to address the challenges encountered with the movement of raw materials to and from the ports.

“In Nigeria today, it is a known fact that access into and even exit out of the Lagos Ports by trucks and containers has become a herculean task.

“The time frame for clearing of raw materials and machinery

of our members has tripled and so also the cost.

“The myriad of bureaucratic bottlenecks involved, all due to the massive congestion of our ports.

“Goods meant for export are delayed in traffic congestion, both on the roads and at the ports while members pay demurrage for the delay,’’ he explained.

Speaking on government interventions, Adegunwa advised stakeholders and organisations to do their part by abiding by the structures to be put in place to ensure the success of the system.

Mrs Hadiza Usman, Managing Director, Nigerian Ports Authority (NPA) decried the traffic situation, saying that it had been challenging with the attendant national and economic impacts.

Usman, represented by Dr Uche Ikechukwu, Chairman, Port Facility Security Officers (PFSOs) Forum, Lagos Maritime Security Zone, outlined various initiatives by the NPA to address the problems caused by the Apapa traffic situation.

She mentioned the introduction of call-up system for trucks accessing the ports and the establishment of various taskforces aimed at ensuring free flow of traffic, among others.

“The economic implications and multiplier effects of the impact to the ports authority, stakeholders of Lagos, the maritime industry and the nation at large cannot be overemphasised.

“However, various initiatives have been embarked upon by the NPA to address the problems of the Apapa gridlock, “Shipping companies have been directed to send sweepers to evacuate empty containers from the ports.

“Shipping companies without holding bays have been mandated to do so or face the risk of denial of service,’’ she said.

Usman said that the Memorandum of Understanding (MoU) with APM Terminals aimed at moving containers through barges at Epe was now operational.

She noted that movement of containers through Ikorodu Lighter Terminal was still ongoing.

Usman reiterated the commitment of NPA, the Federal and State Governments to end the Apapa gridlock and promised ease of movements into various locations in no distant time.

26

WESTAFRICA BUSINESSNEWS

NEWS

FRIDAY, MAY 24, 2019

Court remands 140 IPOB members for alleged treason in Enugu A

n Enugu East Magistrates Court presided by Magistrate A. N. Chioke has remanded 140 members of the proscribed Indigenous Peoples of Biafra (IPOB) over an alleged treason.

The defendants, who were brought to the court in three 608 buses and one 18-seater bus, were said to have conspired to commit treasonable felony.

They were however, arraigned outside the court for about two hours as the court room could not accommodate them.

The offence was said to be punishable under Sect. 516 (A) of the Criminal Code CAP C38, Laws of Federal Republic of Nigeria 2004 as applicable in Enugu State.

When the charge was read, the defendants pleaded not guilty.

One of the defense counsels, Osita Abalu applied for their bail

on the grounds that there was no evidence to back up the charge.

Abalu said that the prosecution had failed to provide probable cause why the defendants should be remanded in court in line with Sect. 234 of the Administration of Criminal Justice Laws (ACJL) of Enugu State, 2017.

He urged the court to exercise its powers under Sect. 225 of the same law and grant bail to the defendants.

Abalu said that though the offence for which the defendants were charged was punishable with life imprisonment, Sect.

88 of the ACJL, the Magistrates Court was qualified to grant bail.

He also urged the court to order the release of the four buses conveying the defendants to the venue of the burial.

Counsel to the 107 defendant, F.C. Okeke told the court that it was ridiculous for the prosecution

to claim that the defendants attempted to overthrow President Muhammadu Buhari.

Okeke said that the defendants were arrested on their way to a burial and wondered how that could translate to over throwing the government.

“President Muhammadu Buhari is in Abuja, Governor Ifeanyi Ugwuanyi is in Enugu while the defendants were arrested in Nsukka,” he said.

The counsel described the charge as trumped-up and meant to deny the defendants of their fundamental rights.

Okeke said that the prosecution deliberately brought the matter to the Magistrates Court just to punish them.

“An accused person cannot be brought to a court when

such court has no jurisdiction to entertain the matter just to punish them.

“That is the essence of the ACJL of Enugu State. The law does not want an innocent soul to suffer.

“The defendants were arrested with no evidence; not even a razor blade. They were going to a burial,” he said.

Okeke urged the court to grant them bail in the most lenient means.

However, the prosecution counsel, Paschal Nwachukwu urged the court to discountenance the bail application.

Nwachukwu said that the law empowered prosecutors to bring defendants to a magistrate for remand.

He said that a court could not

grant bail in a matter it had no jurisdiction.

In her ruling, Chioke declined jurisdiction in the case and remanded the defendants in Enugu Prisons and urged the defense team to make application in the appropriate court.

The magistrate ordered the release of the four vehicles to their owners on bond and on the provision of proof of ownership and particulars.

“The charge the defendants are remanded for is treasonable but the prosecution did not list any exhibit of weapon of warfare against them.

“The only document against them before the court is the charge sheet. This looks to me like a trumped up charge,” Chioke said.

PAYE: Tribunal orders Honeywell to pay Ogun N133.6m

T

he Tax Appeal Tribunal sitting in Ibadan yesterday ordered Honeywell Flour Mills Plc to pay the sum of N133,612,401.43k to the Ogun State Internal Revenue Service being PAYE Tax Assessment for 2011 to 2016.

By the order of the tribunal, the appellant, Honeywell, is to make the payment within 30 days.

Honeywell had through its counsel, Olawale Adedamola, filed an appeal on June 29, 2018, seeking the leave of the tribunal to set aside a Revised Total Tax Assessment of the said amount issued by the revenue body.

Adedamola said that the respondent, Ogun Internal Revenue Service, had refused to amend the tax assessment after his client had objected to it.

“We are contending that the employees in respect of whom the respondent raised the assessment are resident in Lagos and not in Ogun.

“As a result, they have paid their Personal Income Tax to the Lagos State Government and not to the government of Ogun,” he said.

However, the respondent, through its counsel, Temidayo Sokunbi, claimed that going by the enumeration conducted in Ogun, the employees in question reside in Ogun and not in Lagos.

“They are, therefore, liable to pay their PAYE tax to the Ogun government and not to Lagos,” said Sokunbi.

Having examined all exhibits and witnesses, the Chairman of the tribunal, Ajibola Akinmade, ordered the appellant to make the payment as issued by the respondent within 30 days.

“The panel, upon consideration of each question arising from the reliefs sought by the appellant in which statutory and judicial

authorities was copiously referred to, hold in favour of the respondent, Ogun State Internal Revenue Service.

“The onus of proving that the assessment complained of is excessive shall be on the appellant; a burden which the appellant has failed to discharge.

“The tribunal, therefore, holds that the respondent’s notice of revised assessment dated May 4, 2018, for the sum of N133,612,401.43k, is, hereby, confirmed,” said Akinmade.

Tribunal fixes June 13 to hear PDP’s petition against Kwara gov-elect

T

he Kwara Governorship Election Petition Tribunal sitting in Ilorin has fixed June 13 and 14 for hearing on the petition of the People’s Democratic Party (PDP) against the governorelect, Abdulrahman Abdulrazaq.

The Chairman of the threeman tribunal, Justice Bassey Effiong, announced the date after listening to counsel to the parties at the continuation of pre-hearing session yesterday .

The chairman said the trial will hold at 10a.m. on every hearing date.

The PDP governorship candidate, Razak Atunwa had filed the petition challenging the declaration of Abdulrazaq as governor.

The PDP claimed the governor-elect does not have a secondary school leaving certificate, a legal prerequisite for anyone running for the office of governor.

Abdulrazaq, however, had dismissed the claim as false.

Effiong said the petitioners

would have four days – June 13, 14 and July 9 and 10- to call their witnesses who would then be crossexamined by the respondents.

The first respondent, INEC, will have two days (July 11 and 12) to present its defence.

The chairman added that Abdulrazaq, who is the second respondent, would present his defence on July 16, 17 and 18 while the third respondent, APC, would present its defence between July 23, 24 and 25.

Effiong also said the report of the pre-hearing conference would be available after May 27.

The matter was later adjourned till May 27 for the adoption of various motions already filed by all the parties.

Dabiri-Erewa denies accusing foreign airlines of running drug cartels

T

he Chairman Nigerians in Diaspora Commission (NIDCOM), Mrs Abike Dabiri-Erewa, has denied a report accusing some foreign airlines of running drug cartels in the country.

Dabiri- Erewa said in a statement through her Media Aide, Abdur-Rahman Balogun yesterday in Abuja that the report was not true.

She said that her attention was drawn to some news headlines accusing some foreign airlines of running drug cartels in the country.

According to her, the report with the headline “Egypt, Ethiopian Airlines running drug cartels in Nigeria is a figment of the reporter’s imagination.”

She said that the headline was totally incorrect and not a true reflection of what she said during the Senate committee public hearing chaired by Senator Kabiru Gaya on Wednesday.

The Senate public hearing was geared toward probing the circumstances surrounding the framing up and eventual arrest of Zainab Aliyu in Saudi Arabia over allegation of carrying tramadol

drug in her baggage.

Dabiri-Erewa said during the hearing, she only stressed the need for those two airlines to ensure compulsory baggage identification as all cases recorded on issue of drugs had been from both airlines.

“Luckily enough, the representative of Ethiopian Air, who was at the public hearing promised that baggage identification will be strengthened.

“Members of the public are hereby urged to discountenance any publication that is contrary to this clarification,” she said

NEWS

FRIDAY, MAY 24, 2019

27

Police Council confirms Adamu as IGP T

he Police Council headed

by President Muhammadu Buhari yesterday confirmed the appointment of Mohammed Adamu as Inspector-General of Police.

A member of the Council and Governor of Ekiti State, Dr Kayode Fayemi, made this known to State House correspondents at the end of the council’s meeting at the Presidential Villa, Abuja.

The president appointed Adamu as acting IGP on Jan. 15 following the retirement of his predecessor, Ibrahim Idris.

“The Council looked at the records of the acting InspectorGeneral of Police, who has been on the saddle now since Jan. 15, 2019.

“A cross section of members of council were very clear that given his passion and commitment, professionalism and his extensive experience locally and internationally, his acting inspector-general of police was approved.

“And, it has been confirmed (to) permanent appointment by the Police Council in accordance

with the provision of the Constitution of the Federal Republic of Nigeria,’’ Fayemi said.

He stated that personal testimonies were given by many members of the council, including himself, in favour of the IGP. The governor said that the council also identified with the challenges and the enormities of responsibilities that the IGP would have to cope with at a time that security challenges were daunting across the country.

He stated that the council acknowledged that government at all levels must address the root causes of crimes with a view to checking criminal behaviours in the society.

“We will have to do a little more because many of these challenges are socio-economic in nature and need to look at the sociological underpinning of crime.

“It is not just being tough on crime but also being tough on causes of crime by addressing these causes most fundamentally.

“Council acknowledged that we will give the IGP the support

that he deserves. Already, at the state level, many of you are aware that state governors are supporting the police in many ways and

we are not tired of doing that,’’ he added.

Fayemi also disclosed that the council commended the IGP for

introducing community policing as a stop-gap in addressing “the gap that exists between citizens and the security agencies’’

Mohammed Adamu

Tribunal dismisses petition challenging victory of APC candidate in Borno

C

iting lateness in filing his petition, the Bauchi Elections Petitions Tribunal yesterday dismissed a petition filed

by Ahmadu Yusuf of the Peoples Democratic Movement (PDM), challenging the victory of Kani Abubakar-Faggo of the All Progressives Congress (APC).

PDM and its candidate, Ahmadu Yusuf, had on March 13, filed a petition before the tribunal challenging the election of Kani Abubakar-Faggo of the APC for Shira/Giade Federal Constituency seat.

When the case came up for ruling on an application earlier

Yobe residents task gov elect to revive ailing industries, others

S

ome residents of Damaturu, Yobe State , yesterday said they expect the APC governor-elect, Maimala Buni, to prove his worth as an experienced businessman by resuscitating the few industries in the state that had been dormant for the past 10 years.

There are only two major industries in the state, namely the Yobe Flour Mill based in Potiskum town and the Nguru Oil Mill, located in Nguru town.

The respondents, who spoke to NAN on their expectations of the new administration , which would be inaugurated on May 29, said the long period which the industries had remained dormant, was lamentable.

They said the industries were profitable ventures that would have contributed in reducing unemployment and also improving the Internally-Generated Revenue of the state, had they been managed properly.

Alhaji Habibu Usman, a businessman, said he was looking forward to the new administration resuscitating the Yobe Flour Mills and the Aluminium Company, to generate revenue and provide employment.

“Alhaji MaiMala Buni, the governor-elect, is a successful businessman; he should use his experience and connections to attract investors to rejuvenate the dormant companies and build new ones,” he said.

Alhaji Mustapha Bukar, a trader, said the Nguru Oil Mills should also be resuscitated, considering the abundant groundnut and melon seeds cultivated in the area.

“Farmers in the area sell their

produce to middlemen from Kano, who transport same to Kano for production of vegetable oil, as against processing it in the state to create employment and exploit the chain value. ”The new governor, as a businessman, has a lot of connections with local and international businessmen; he should use his relationship to attract investors for the economic development of the state,” Bukar said.

Adamu Ali, another trader said there were no deliberate efforts by the past regimes in the state to resuscitate the dormant companies or build new ones to promote investments.

“Damaturu is now linked to 330 KVA transmission line that can run small and medium scale industries; Alhaji MaiMala Buni, should concentrate on initiating Private Public Partnership to harness the agricultural potentials in the state,to establish industries.

“The industries will stimulate the economy through robust revenue generation efforts and creation of employment opportunities for youth to check crime,” Ali said.

Mrs Maimuna Isa, a housewife, urged the governor-elect to fulfill his campaign promise of continuity and consolidation of healthcare delivery, education, road construction, as well as sustain the culture of prompt payment of salaries of civil servants Yobe is known for.

Other respondents who spoke emphasized on the need to harness all available natural resources in the state, especially in the face of dwindling revenue from the Federation Account.

filed by Abubakar-Foggo through his counsel, T. Ikereke, the counsel (Ikereke) urged the tribunal to dismiss the petition because Yusuf failed to file a pre-hearing notice before the pre-trial.

Ikereke described the act of the petitioner as an abandonment of the petition since he (petitioner) had failed to follow sequence of processes leading up to the pretrial conference.

He argued that the petitioner had therefore, filed the petition outside the time frame stipulat-

ed by the Electoral Act 2010 as amended.

Delivering her ruling, Chairman of the Tribunal, Justice Hafsat Abdulrahman, held that the petitioner had failed to file pre-trial notice up to the time of pre-trial conference, and had therefore, contravened the Electoral Act 2010 as amended.

“Uptil date, there is even no subsisting motion or application before the tribunal by the petitioner.

“The only thing left to the tri-

bunal is to dismiss the petition as there is nothing the tribunal could hold on to as it lacks foundation, without which the structure is bound to fail.

“It also denied the tribunal of competency or jurisdiction to hear the petition; it therefore, stripped the tribunal of its jurisdiction, ” she said.

She, therefore, dismissed the petition and ordered the petitioner to pay Abubakar-Faggo, APC, and INEC N100, 000 each as cost.

Why we’re amending Lagos Power Sector Reform Law — Speaker

A

clarification has come from the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, s that the proposed amendments to the State Electric Power Sector Reform Law are to remove bureaucratic bottlenecks.

Obasa, who was represented by his deputy, Wasiu EshinlokunSanni disclosed this yesterday, at a Public Hearing on `A Bill for a law to amend the Lagos State Electric Power Sector Reform Law.’ He said that there was the need to address the challenges of electricity, as almost all the industries at Oba Akran Avenue in Ikeja had gone, due to high cost of production.

Obasa explained that the amendment was to make the law more elegant, potent, and to free the energy from bureaucratic bottlenecks, so that the Board does not have to rely on Ministry of Energy and Mineral Resources.

The speaker said if the attempt by the Bola Tinubu-led administration to produce 500 megawatts of electricity in 2001 for the State had succeeded, the state would have attained sufficiency in energy production.

In his overview of the bill, Chairman, House Committee on Energy and Mineral Resources, Mr Folajimi Mohammed, disclosed that Section 3 (2) is to be deleted and a new subsection (2) introduced to replace it.

“The Agencies and Boards under the Ministry are independent of

the Ministry and they shall include, but not limited to the (a) IBILE Oil and Gas Corporation and (b) Lagos State Electricity Board,” he said.

Mohammed said section 23(1) and (2) of the Principal Law are deleted.

A new section 23 is replaced to read:`For the purpose of the Embedded Power Scheme, any Ministry, Department or Agency of the State may provide indemnities to the Embedded Power Provider and Feed stock Merchant subject to the approval of the House.’

Speaking with newsmen after the stakeholders meeting, Mohammed said: “The essence is to make sure there are no bureaucracies in respect to how MDAs under the power ministry function.

“It is our bid to allow for the independence, to certain extent, for the MDAs to function without having several recourses to the Ministry supervising them.’’

He said that though electricity was the sole responsibility of the Federal Government, the state had written a letter of power exemption to the FG. Mohammed said that the Nigerian Electricity Regulatory Commission (NERC) had given the state government a letter of no objection.

“What we have decided to adopt is the embedded power scheme system which will generate different ports at different times within the same Megawatt that have been al-

lowed,’’ Mohammed said.

In his submission, the Permanent Secretary of the Ministry of Energy, Bade Adebowale cautioned that the amendments to sections 2, 3 and 4 which took away the supervisory roles of the ministry should be looked into.

Adebowale also said that section 17 sought to arrogate too much powers to the Electricity Board, adding that section 23 (1) and (3) also seeks to take away the power of ministry of Finance.’’

He suggested that the section 27 (5), which gave power of the rate to Fund Management Company subject to the approval of the House, should be left with the Governor.

Adebowale urged the House to concentrate on oversight function.

Also speaking, the Permanent Secretary, Ministry of Finance, Mrs Funmilayo Balogun, said that section 23 sought to take away the power of the ministry, as regard indemnities, and give it to the MDAs. According to her, indemnities provide penalties on losses or damages incurred, arguing that it would be difficult to decentralise the function.

Balogun advised that approval for indemnities should come from her ministry since it is the Finance Ministry that controls the state finances.

Other stakeholders who spoke at the meeting complained about membership and qualification for membership of the board.

28

SPORTS

WESTAFRICA BUSINESSNEWS FRIDAY, MAY 24, 2019

My players lost due to inexperience - Abia Valiants coach

E

dith Anyanwu, the coach of Abia Valiants female handball club of Umuahia, yesterday in Abuja said her players loss to the Defenders Babes was due to inexperience.

The Defenders Babes, owned by the Nigeria Security and Civil Defence Corps (NSCDC), beat the Abia Valiants 28-25 on Day 10 at the ongoing 2019 Prudent Energy Handball Premier League.

The Female Competition Match Day 7 fixture played at the Abuja National Stadium velodrome saw the Valiants 9-14 behind by the half-time.

They strived to draw level and possibly win the game, but they could only reduce the lead before finally losing 25-28 for their seventh consecutive loss.

But Anyanwu said inexperience and some other factors did them in.

“We came late for the competition, and there were three walk-overs against us before our arrival. Now we don’t have players on the bench and my girls are always tired before the end of the first half of the game.

“But I was surprised with their performance in this match against the Defenders Babes. I was expecting the game to end 100 points against

us.

“We have played three matches so far and we were walked over in four other matches. But now, I can only encourage my players, physically and morally like I have been doing so that they will do better in they remaining games,” she said.

Speaking also, Sunday Ajana, the coach of Defenders Babes, said he was happy that his players won their game.

“That was our seventh game, but we won this game because our players listened to instructions.

“We will work hard to win our next game against the Desert Queens of Katsina on Friday,’’ he said.

Also, in other female competition matches, Desert Queens of Katsina defeated Kada Queens of Kaduna 25-24, while Owena Queens of Akure lost 13-28 to Edo Dynamos of Benin City.

Safety Babes of the FRSC lost to Plateau Peacocks of Jos 30-31, while Seasiders Babes of Lagos beat Imo Grasshoppers of Owerri 21-17.

About 12 male and 10 female teams are taking part in the first phase of the second edition of the league, and will end tomorrow.

U-20 W/Cup: Makanjuola vows to score against Qatar to mark birthday

H

ighly rated Flying Eagles young star, Success Makanjuola has vowed to score and win the Man of the Match as a birthday gift for himself when Nigeria take on Qatar today in Tychy, at the FIFA U-20 World Cup in Poland.

The Water FC of Abuja skillful Winger who is already attracting interests from top football clubs in Europe will turn 18 years on May 24, the same day the Flying Eagles are playing their first match at the World Cup. Nigeria is drawn in Group D alongside Qatar, Ukraine and the U.S., but Makanjuola is optimistic the Flying would emerge as the best team from the group.

“It’s going to be a special

day for me because Friday is my birthday and the only birthday gift I am praying to get is to score a goal in the game against Qatar and help my country pick up all three points in the game.

“We know it’s not going to be easy but with the kind of preparations we have been making, the squad is confident that we can start the tournament on a winning note, and that will be the best birthday gift I can ever ask for,” Makanjuola said.

The 18-year-old player is one of the hottest and much talked about player in the current Flying Eagles squad following his impressive display in the team’s build up to the World Cup. Nigeria is hoping to win the

FIFA U-20 World Cup for the first time in Poland and Flying Eagles Coach Paul Aigbogun has emphasised the need for his boys to begin their campaign on a winning note against Qatar.

Nigeria last appeared at the FIFA U-20 World Cup in New Zealand, four years ago, where Coach Manu Garba’s wards were ousted in the Round of 16

by Germany in Christchurch.

The best the Flying Eagles have gone was when they won bronze medal 34 years ago in the former Soviet Union, seven-time champions of the African continent. The team finished as runners-up on two occasions in 1989 and 1995.

Anticipation grows ahead of Federer’s return to Paris

A

ll Roger Federer had to do was strike a few silky forehands in his first practice session at Roland Garros for four years to create something of a social media frenzy this week.

Ever since the 37-year-old announced he was ending his self-imposed French Open exile,

anticipation has been growing and video footage of his gentle warmup on Tuesday sent his legions of fans into a frenzy.

It is 10 years since Federer claimed his one and only title on the Parisian dirt — completing his career slam with victory over Swede Robin Soderling.

He opted to skip the French Open for the past three years — a decision based on prolonging his career — but a decade after lifting La Coupe des Mousquetaires ,he returns not just for old time’s sake, but because the Swiss must truly believe he has a chance of a 21st

Grand Slam title.

Federer showed enough in a quarter-final run in Madrid — his first clay court tournament for three years — that he had not forgotten how to slide with the best of them.

He also won a couple of rounds in Rome last week before withdrawing ahead of his match against Stefanos Tsitsipas citing a minor injury concern.

Federer will step into a new look Roland Garros this year and admits it has been hard to be away.

Asked why he returned in an interview with French TV channel Stade 2, he explained: “What made me decide to come back to Roland-Garros? In the end, it’s envy,” he said.

“I like slipping, cushioning, riding at odds, playing with angles and to see the fans I have not seen here.”

Federer’s last match at Roland Garros was a quarter-final loss to fellow Swiss Stan Wawrinka in 2015.

Since then he has added two

Australian Opens and one more Wimbledon title to his glittering record and he clearly still hungers after the game’s biggest prizes.

But with his 38th birthday looming and a host of dangerous claycourters assembling in Paris, it would surely top any of his previous feats if he reclaimed the title.

“You can’t say never because it’s Roger,” twice French Open runner-up Alex Corretja, told Reuters.

“In my opinion he’s not one of the favorites because there’s a lot of guys who can hurt his game on the clay.”

Federer will hope for warm conditions to speed up the courts and perhaps allow him to use the serve-and-volley tactics he employed liberally in Madrid this month when he reached the quarter-finals in his first clay event for three years.

“I always thought that serve and volleying on a hot day on clay almost has more reward than on a grass court sometimes because the ball jumps out of the strike zone,” he said.

29

WESTAFRICA BUSINESSNEWS

NEWS

FRIDAY, MAY 24, 2019

2019 Africa Oil & Power (AOP) summit #MakeEnergyWork underway

T

he African oil and power (AOP) conference 2019, has announced “’ #MakeEnergyWork” as its theme for the year.

Africa Oil & Power 2019 is the official conference of South Africa’s Department of Energy and will welcome 20+ African petroleum and power ministers. AOP announces its 2019 theme #MakeEnergyWork.

APO Group in a statement delivered on behalf of Africa Oil & Power Conference, said that , the theme will showcase the energy sector as a key driver of economic growth, jobs and opportunity for Africa’s people and private sectors. ‘Africa’s Energy Conference’ bridges traditional and alternative energy, fossil fuels and renewables, and petroleum and power to foster intra-African investment. “’Now the official conference of South Africa’s Department of Energy, the flagship Africa Oil & Power (AOP) conference returns to Cape Town on October 9-11, with 20+ petroleum and power ministers to speak on the theme #MakeEnergyWork” As the sole platform taking an integrated approach to oil, gas and power and economic growth, AOP drives tough conversations as Africa sees massive advance-

ments in its power sector and moves to develop historic oil and gas discoveries. Under the #MakeEnergyWork theme, AOP 2019 will show how oil, gas and power can generate greater opportunities for the people of African nations and stimulate sustainable economic growth.

It will be recalled that, in 2018, Africa’s oil and gas sector saw an oil production rate of 8.1 million bpd, gas production of 7.95 trillion cubic feet, and LNG exports of 41 million tons per annum (10 percent higher than in 2017), predominantly from Nigeria, Algeria, Egypt and Equatorial Guinea. Oil and gas licensing rounds were launched in 16 countries.

The electrification rate in Africa is 43 percent. Despite important advances made in rural areas, this highlights the opportunity that still remains to build and finance energy infrastructure to bring power to 600 million people. Renewable energy holds great promise, particularly in South Africa. The Renewable Energy Independent Power Producer Procurement program has so far seen the procurement of over 100 IPP projects. In eight years the program has created 38,701 full time jobs and contributed over $14 billion in private

Govt to address low freight activities at Kano airport Continued from page 1 “The summit will attempt to proffer solutions to the already identified challenges and obstacles to Airfreight in the nation and Kano State in particular.

“The Summit is coming up at a very critical time in the economic life of our nation, we are all aware of the negative impact of dwindling revenue from the oil sector on the nation’s finances and the attendant economic distress.

“The federal and State governments, in response to this situation, are emphasising the urgent need to diversify the nation’s

economy and move it from oil dependency to non-oil revenue earning,” he said.

Bello said that government policies, logistics, packaging, finance are part of the challenges affecting airfreight business in the country.

He, however, said that Shippers Council would meet all other relevant government agencies to address the issue affecting airfreight in the country.

However, Toyin Olufade, Chairman Airfreight Stakeholders Forum, said that the forum’s aim was to move freight and export forward in this country.

President Muhammadu Buhari introduces the New Israel Ambassador to Nigeria, H.E Shimon Ben-SHOSHAN to Nigerian Minister of Foreign Affairs, Mr Geoffrey Onyeama during the presentation of his letter of credence, at State House Abuja, yesterday. sector investment in South Africa, according to Minister of Energy Jeff Radebe.

“Since our inception, Africa Oil & Power has been a platform for building alliances and facilitating the deals that drive African energy sectors and economies forward,” said Guillaume Doane, CEO of Africa Oil & Power. “The opportunity provided by oil, gas and power, in all their forms, is critical to discussions on how to grow African economies, to maximize in-country value and equip populations for evolving job mar-

kets. Energy is at the center of any conversation on African economic growth and transformation, which is why the #MakeEnergyWork theme is so exciting.”

At this year’s 2019 conference and exhibition, Africa Oil & Power will welcome 1,200 delegates over three days, with more than 20 ministers and dignitaries to speak on the main stage. An expanded exhibition hall will host pavilions dedicated to South Africa’s energy sector, technology and digitization, renewable power, oil and gas services, and more.

In 2018 Africa Oil & Power’s Cape Town conference hosted ministers and ministerial delegations from South Africa, South Sudan, Congo-Brazzaville, Somalia, Equatorial Guinea, Gambia, Ivory Coast, Senegal, and Zambia, as well as the secretaries general of OPEC, the African Petroleum Producers’ Organization, the International Energy Forum and the Gas Exporting Countries Forum. Over three days, almost 100 speakers and panelists addressed delegates from all over the continent on the theme Energy Coalitions.

Crises brews in Onitsha Bridge-Head Market over election Continued from page 1 the Ministry, Dr. Christian Madubuko on May 13, 2019 and forwarded to Obinze , had given several conditions before an election would be conducted in the market.

President Muhammadu Buhari introduces the Nigerian Minister of Foreign Affairs, Geoffrey Onyeama to the New Sierra Leonia High Commissioner to Nigeria, H.E Solomon Momoh Christopher Gembeh SR during the presentation of his letter of credence, State House Abuja, yesterday.

These include; the appointment of a Chartered Accountant to audit the financial records of the embattled executives of the market in the last four years, the presentation of three years traders’ tax receipts to the Director of Markets in the relevant Ministry and others.

WestafricaBusinessNews gathered that some of the conditions are yet to be met, especially the auditing of the financial records of the market executives, barely four days to the purported May 28 election.

Another major issue likely to stall the planned election, is an order asking all litigants which include Surgical Science Equipment and Allied Products, Chain Saw and Allied Products Association and Traders Wood Works Association ,to withdraw their suit challenging the conduct of the election .

At the time of filing this report, it was gathered that no party has made moves for reconciliation and withdrawal of the suit from court, a signal that the purported May 28 election may be stalled to pave way for a Caretaker Committee leadership in the market.

However, the Board of Trustee Chairman (BOT) and Patron Surgi-

cal Science Equipment and Patron, Onitsha Bridge Head Market, Chief Cyprian Umeh (CIWA) stressed that his union was open to a peaceful resolution of the crisis as long as the present executives of Bridge-Head market led complies with the consent agreement reached by various stakeholders in the market.

He said it was agreed that past and present union chairmen and their secretaries, including patrons and BOT members should participate in future elections, but alleged that Obinze jettisoned the pact , thereby excluding financial members of their unions from participating in the election.

However, in his reaction, Obinze denied excluding any member from the elections, explaining that the consent agreement reached on October, 2014 expired after the election that ushered him in as the market leader.

Obinze added that his actions were based on the need to control the number of voters that would participate in the election, rather than pulling thousands of traders to the election venue; a position which he noted may be uncontrollable because of the enormous crowd it would record.

30

WESTAFRICA BUSINESSNEWS

NEWS

FRIDAY, MAY 24, 2019

Human trafficking:Edo received 4,764 returnees –Taskforce T he Edo Taskforce Against Human Trafficking and Irregular Migration said it had received 4,764 trafficked human returnees since its inception more than two years ago.

Prof. Yinka Omorogbe, Chairperson of the taskforce and the State Attorney General disclosed this on Thursday at a one-day workshop for female journalists.

The worskshop was organised by the Edo Chapter of the Nigerian Association of Women Journalists (NAWOJ).

Omorogbe said of the figure, 3,261 were male, while female and children were 1,322 and 181 respectively.

She disclosed that a survey showed that about 80 per cent of those who migrated overseas did that independently, while 18 per cent were recruited by sponsors and two per cent for other reasons.

She also said that the survey showed that the major causes for irregular migration included gender inequality, poor working conditions and unemployment.

Other major causes, she said were ignorance as well as decay of societal morals and values.

Meanwhile, the Edo Deputy Governor, Philip Shaibu had described human traffickers as people driven by greed.

Represented by his Chief Press Secretary, Musa Ebomhiana, he said that the theme of the workshop “Best Strategies to Report Human Trafficking/ Modern Slavery and Irregular Migration” was apt.

He said that in recent times, human trafficking and irregular migration had become a menace and source of worry to government at all levels.

According to him, it is on record that the cartels behind the modern day slavery are unpatriotic elements in society who capitalise on the ignorance and capability of the people who seek greener pastures abroad.

He, therefore, called on all well-meaning citizens of the country to join in the fight against what he called “evil against humanity”.

Earlier in her opening remarks, Ms Flora Bossey, State Chairperson of NAWOJ said that human trafficking had given the state a bad name.

Bossey who said the issue was a global problem also stressed that coordinated efforts were required to curb it.

She added that to achieve success in the fight, partnership was inevitable and that NAWOJ had a moral responsibility to help clean the image of the state.

Similarly, Roland Osakwe, State Chairman of the Nigerian Union of Journalists (NUJ) said that the

initiative showed a sense of NAWOJ’s dedication towards the fight against human trafficking.

He said human trafficking must be condemned by all and the fight against it must be collective.

The News Agency of Nigeria (NAN) reports that a paper on ” Solution Journalism: A tool for Changing the Narrative on Human Trafficking in Edo” was presented by Dr Dan Ekhareafo, of the Mass Communication Department, University of Benin (UNIBEN).

Also, Nduka Nwanwenne, the Benin Zonal Commander of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) delivered a lecture on “Strategies to Report Cases of Human Trafficking and Irregular Migration”.

Governor Obaseki

Reps approve establishment of Forensic Institute

T

he House of Representatives yesterday , approved the establishment of Chartered Institute of Forensic and Investigative Professionals of Nigeria.

The approval followed the adoption of the report on a Bill for an Act to establish the Chattered Institute of Forensic and Investigative Professionals of Nigeria at the Commitee of the Whole.

The bill was presented

by the Deputy Leader of the House, Rep. Idris Wase (APC-Plateau) at the committee.

The objective of the bill is to enhance Nigeria’s anti-fraud mechanisms through the provision of a legal framework for the professional development and discipline of forensic and investigative auditors.

The bill would established a unique platform recognised by the legislature for multi-disciplinary

collaborations.

It would involve defense counsels, criminologists, cyber security experts, judicial officers, court registrars, police detectives, prosecutors and several others involved in gathering or analysing forensic evidence required for prosecution of fraud and white collar cases in Nigeria.

The Bill which originated from the Senate, was passed on the floor of the

red chambers on July 5, 2018, and was transmitted to the house for concurrence.

The agency, when established would be saddled with the responsibility of regulating and registration of members among others.

The Institute would also determine knowledge , skills required of a practitioner in order to qualify to practice as a Forensic and Investigative Professional.

Reps indict 16 banks over non-remittance of stamp duties Continued from page 1 Providus Bank N646,650, Fidelity Bank N32,888,400, Keystone Bank N24,471,050 and UBA N81,087,149. “Eco

Bank N78,527,004, Diamond Bank (Now Access Bank) N545,873,950, Unity Bank N40,099,100 and Jaiz Bank N2,436,150 “Access Bank

Aminu Dogara, Speaker - House of Reps

N66,092,350, Skye Bank N11,057,700 and Polaris Bank N2,907,550,” the report said.

It stated that all banks that were found not to have made full disclosure

on stamp duty collections and remittances should be further investigated.

According to report, financial institutions especially the Debt Man-

agement Bureau (DMB) should remit all collections with respect to government revenue promptly and correctly, and where remittances are not promptly done, the DMBs should be sanctioned.

It recommended that a machinery be put in place to allow recovery of under remittances after further reconciliation is carried out with the banks concerned.

The report also recommended that all the banks that have cases of delayed remittances should be penalised.

According to the report, in view of the apparent lack of transparency on the part of most financial institutions, the Central Bank of Nigeria (CBN) should strengthen its supervisory activity to ensure that banks report and remit all government’s revenue correctly and promptly.

It stated that the CBN should also ensure that directives sent to financial institutions are followed to the later.

The committee conducted a public hearing on May 15, 2019 in the cause of its investigation where all relevant stakeholders were invited.

The committee recommended that First Bank of Nigeria Plc, First City Monument Bank, Wema Bank and Suntrust Bank that did not appear at the public hearing be further investigated.

While Nigeria has over a hundred million bank accounts at the moment, as at April, 2018, only about 31m Nigerians had been enrolled in the Central Bank of Nigeria’s Bank Verification Project. By February 2019, the number had risen to 36.8m.

31

FRIDAY, MAY 24, 2019

President Muhammadu Buhari and the Inspector general of police Mohammed Adamu.

L-R: Southwest Nigeria State Governors: Mr Akinwumi Ambode (Lagos State); Mr Gboyega Oyetola (Osun State); Senator Abiola Ajimobi (Oyo State); Dr Kayode Fayemi (Ekiti State); and Mr Rotimi Akeredolu (Ondo State), during the Southwest Governors’ Forum meeting, held in Abuja.

PHOTOSPEAK

L-R VP Trading, Cars45, Mohammed Iyamu; CEO Cars45, Etop Ikpe; DG, Lagos Chamber of Commerce and Industry, LCCI, Muda Yusuf and People & Business Operations Manager, Cars45, Olajumoke Obembe during a courtesy visit by Cars45 to the Lagos Chamber of Commerce and Industry

L-R: Poet, Deji Ige; Nobel Laureate, Professor Wole Soyinka; Chairman of Ghana’s Convention People’s Party, and daughter of Mr. Kwame Nkrumah, Ms Samia Nkrumah; Group Chairman, UBA Plc, Tony Elumelu; Guinean Historian and playwright, Professor, Djibril Tamsir Niane; Legal Practitioner and Moderator, Ms. Ayo Obe; and Afro musician, Femi Kuti, during the panel discussion themed ‘Africa’s History Redefined, our past, the path to the future,’ organised by UBA to mark Africa’s Day in Lagos.

L-R: Digital Head, Digi Ninja, Richard Oboh, musician, Mobolaji Okotore, President/CEO, Dijo Group, Innocent Oboh; and Mercelo Gustavo ace-producer, Abiola Bolarinwa (Rhymes Baba), at the contract-signing of a record deal between Mercelo Gustavo and Mobolaji on 23/5/2019, Photo; SUNDAY ADESANYA.

.L-R: Secretary to Rivers State Government, Mr Kenneth Kubani; Gov. Nyesom Wike of Rivers and Deputy Governor Mrs Ipalibo Harry-Banigo, after a valedictory session of Rivers State Executive Council in Port Harcourt

From left: Minister of State for Aviation, Mr Hadi Sirika, Director –General of civil Aviation, Mr Mukater Usman; Chairman, Air Transport Services Senior Staff Association(ATSSSAN), Comrade Sofolahan Ayodele and Chairman Association of Nigeria Aviation professional, Comrade Benjamin Usua during the the Minister let Aviation union to National Salaries Incoms and Wages Commission to poseur new condition of service in Abuja on Thursday

From left:Director Road Transport of Mass Transit Admin, Mrs Anthonia Ekpa, Minister of Transportation, Mr Rotimi Amaechi, and Permanent Secretary, Federal Ministry Transportation, Mr Sabiu Zakari during a Valedictory news Conference in Abuja on Thursday

FRIDAY, MAY 24, 2019 Vol. 06 No. 352

MARKET WATCH

Innovative giant strides of Nigerian varsities — NAN survey (1)

BY OUR REPORTERS

M

any Nigerian universities in the South West zone are in healthy competition to initiate innovative projects that will impact positively on the institutions and their host communities, a survey by News Agency of Nigeria (NAN) finds.

The Centre for Research and Development (CERAD) at Federal University of Technology Akure (FUTA) and Real Margue Company Nigeria Limited, owners of BSB Bakery, for example, have started producing Turmeric and Ginger bread.

According to Prof. Joseph Fuwape, Vice Chancellor of the university, the bread production goes through “special secret formula’’ developed by FUTA researchers and patented

by CERAD. Fuwape, who disclosed this to NAN in Akure, described the bread production as a success story and a plus for university-industry linkage.

He said that more people would enjoy the health benefits of Turmeric and Ginger in the form they have been presented.

The vice-chancellor added that the Centre for Renewable Energy Technology (CRET) of FUTA has also developed solar-powered generators (FUTA Solar Box 1 and FUTA Solar Box 2).

He explained that the generators were the institution’s efforts in improving renewable energy to de-emphasise dependence on the national grid.

According to him, the generators, which are of various capacities, whose components include Lithium Polymer Battery, Inverter, Change Controller, Socket Outlet, Fuse and Switches, can power television sets, fans and a number of bulbs for a minimum of five hours simultaneously.

Fuwape commended the CRET team for the “ingenuity in developing such solar boxes at a time when Nigerians are groaning under erratic power supply.

“The Centre for Renewable Energy Technology is housed in a building which is not linked to public electricity supply.

“It generates its own power through a combination of solar panels designed and developed by researchers in FUTA. “The building also maintains an all-day long and year-round cool temperature due to choice of materials used.’’

The vice-chancellor also disclosed that two students of the university have developed an application that could give notification about electricity availability in locations covered by the app.

The application, tagged UpNepa Nigeria, enables one to know when and where electricity is available.

Salaudeen Taslim, a 500 level student of Remote Sensing and Geoscience Information System and Salaudeen AbdulRaham, a 300 level student of Computer Engineering, also spoke with NAN on the app.

They said the idea to develop the app was borne out of interest and personal

development.

They said the inspiration to develop the app was due to frustration experienced by students, who always look around the campus for power supply for academic purpose and to charge their devices.

NAN also learnt that FUTA has begun the process of extending the cultivation of new variant of tomatoes it developed to the larger society.

The vice chancellor said “FUTA, through its School of Agriculture and Agricultural Technology (SAAT) recently organised a Practical Field Training for selected farmers and agroprenurs on Greenhouse production of the Eva F1 tomatoes and other vegetables at the Teaching andResearch Farm of the institution.

“Eva F1 Tomato is a variety five times bigger in size than the commonly available one in the Nigerian market and it is capable of producing paste more than four times the latter.

“The tomato has rare quality of remaining

fresh over a period of two weeks from date of harvest.’’

Fuwape also said that FUTA recently inaugurated a new Phytomedicine Garden, explaining that through the project, the university took a leap forward in the process that would lead to revitalising and modernising the herbs industry for local use and for export.

He said “it is important for people to begin to look inward and take advantage of nature’s endowment, which is in abundance in our environment.’’

University of Ilorin (UniLorin) on its part, says it invented bullet-proof gadgets that has been tested and approved by Nigerian Army.

Its Spokesman, Kunle Akogun, told NAN that the institution had already signed a Memorandum of Understanding (MoU) with Nigerian Army to mass produce the gadget.

Akogun also said that some lecturers and staff of the institution had also invented a computerised automobile speed limiter.

It is important for people to begin to look inward and take advantage of nature’s endowment, which is in abundance in our environment.

He noted that the speed limiter, if produced in commercial quantity, would reduce accidents on the road, as it had been tested and found to be effective.

“The gadget works, using computer programming. So, failure rate, to be modest, is extremely low, if not completely impossible, and reliability rate is high,” he said.

The spokesman also said that Department of Electrical and Electronics Engineering of UniLorin had also designed a prototype anti-theft device, capable of remotely monitoring and detecting theft of electricity by customers.

The device, he explained, was designed by acting Head of Department of Electrical and Electronics Engineering, Dr Mudathir Akorede, with assistance by some students.

Akorede then told NAN that the device could also cut off electricity supply to the premises of customers stealing electricity.

He said “the device can simultaneously send a message to the utility control room to alert the system operator with such customer’s details displayed on the control panel.’’

He added that the process of filing application for patenting the invention had commenced through the university’s Laboratory to Product Centre.

The don further said that the invention was now up to standard that it could be patented, noting that “I brought this to the attention of the Ibadan Electricity Distribution Company, although not officially, but if adopted, the device would enable distribution companies to cut their commercial losses substantially.’’

He said that the idea followed the discovery that most people used electricity without paying for it.

He added that “many people that have been able to get the prepaid meter, even though they can afford to pay their bills, still want to bypass this to steal electricity and this is not helping the companies.

“It is not helping us as a whole. If the industry should collapse, everybody will bear the brunt of that problem and that is why consumers too have to share out of the problem.’’

Another lecturer in the Department of Microbiology, UniLorin, Ajijolakewu Kamoldeen, also designed a refrigerator with the capacity to freeze any liquid in three minutes.

NAN reports that the refrigerator is more powerful than conventional refrigerators.

It works at 45 degree centigrade, while the conventional ones work between the range of 10 degree centigrade and 20 degree centigrade.

Dr Dupe Ademola-Popoola, an Associate Professor of Ophthalmology at the College of Health Sciences at the university, had also developed a device that could detect sight challenges in children.

NAN

Printed and Published by Westafrican Business Newspapers Ltd., 9, Fadeyi Street, Ikeja, Lagos. Abuja Office: 1st Floor, BEF’s plaza, Utako, Abuja. Editor, Enyi Moses – 08037152217 Email: letters@wabusinessnewsng.com, westafricabusiness@yahoo.com, www.wabusinessnewsng.com, Newsroom: 08027562807,, Advert hotline, Lagos: 07015151515.

All correspondence to Westafrica BusinessNews. P.O. Box 3120, Shomolu, Lagos.