MONDAY 5TH FEBRUARY 2018

FG to Tighten Noose Around Tax Defaulters by Obtaining Bank Details Obinna Chima The federal government is currently working on modalities to implement the common reporting standards (CRS) in the country, which would enable it to obtain every taxpayers’ information directly

from the commercial banks. The CRS is a standard for automatic exchange of bank accounts information on individuals and certain types of entities. All countries that have implemented the standard will be required to automatically exchange this

information on an annual basis. In August 2017, Nigeria took a step towards implementing the standard by signing the Multilateral Competent Authority Agreement (MCAA) on the CRS. Implementing the CRS will

allow Nigeria to automatically receive information on the bank accounts held in other countries by Nigeria tax residents. Partner, Tax and Regulatory Services Unit with PricewaterhouseCoopers (PwC), Nigeria, Esiri Agbeyi,

disclosed this at the weekend while making a presentation at an event organised by the Securities, Wealth and Asset Management unit of Ecobank in Lagos. Esiri explained that when the CRS is fully implemented in the country, all banks would

have to submit information about their taxpayers’ information, identity numbers and bank verification numbers (BVN), among others to the tax authorities. With this, the tax authorities Continued on page 10

Two Nigerians Among Victims of Italian Far Right Gunman.… Page 57 Monday 5 February, 2018 Vol 23. No 8327. Price: N250

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Ganduje Urges Fulani Herdsmen to Relocate to Kano Ibrahim Shuaibu in Kano

L-R; Chief Adekunle Ojora; Executive Vice-Chairman, Ibru Organisation, Chief Oscar Ibru; Chief Ojuolape Ojora; Mr. Frances Awogboro; and Chairman/ Editor-in-Chief, THISDAY Newspaper and ARISE News Channel, Mr. Nduka Obaigbena, at the 28th year memorial service held in memory of the late Mrs. Elsie Nelly Michael Ibru, in Lagos… yesterday

Kano State governor, Dr. Abdullahi Umar Ganduje yesterday called on all Fulani herdsmen resident in other parts of the country, especially Benue and Taraba States, to relocate to Kano since the state has vast grazing land to accommodate them and their cattle. Ganduje, who stated this while inspecting the vaccination of over one million cattle and other small animals free-of-charge at the Kadawa artificial insemination centre in Garum Malam Local Government Area of the state, as part of activities to mark the 2017/2018 livestock vaccination programme, condemned the recent killings arising from Continued on page 10

IBB Speaks to THISDAY, Affirms Statement, Says Nigeria Needs New Breed of Leaders Says Buhari has right to contest, but era of ‘analogue’ leadership is over Backs restructuring, decries rising insecurity, disappointed in APC ‘change’ mantra PDP hails former military leader, presidency, APC keep mum Iyobosa Uwugiaren, Onyebuchi Ezigbo in Abuja, Tobi Soniyi in Lagos and Laleye Dipo in Minna Following the confusion that arose from a counter-statement purportedly issued by former

military president, Gen. Ibrahim Babangida yesterday retracting an earlier statement in the day, in which he called for a new generation of leaders to assume the mantle of leadership in the country come 2019, the retired military

general spoke exclusively to THISDAY saying that his “original statement still stands”. Babangida said the second statement was issued by friends and had nothing to do with him, but expressed

concern that his initial statement issued by his media aide, Mr. Kassim Afegbua, had been misrepresented by the media. According to him, what his statement titled, “Towards a National Rebirth,” emphasised

was for a new breed of leadership to emerge through the electoral process, but was not intended to deny President Muhammadu Buhari his inalienable right to vote and be voted for in the 2019 elections.

He was emphatic that his statement did not counsel Buhari not to contest the 2019 elections as depicted by media houses in their headlines yesterday. Continued on page 10

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PAGE TEN IBB SPEAKS TO THISDAY, AFFIRMS STATEMENT, SAYS NIGERIA NEEDS NEW BREED OF LEADERS Also, enquiries from sources close to Babangida revealed that the confusion arose due to the pressure mounted by the former military ruler’s son, Mohammed, on his father to retract the first statement and issue a toned down version. Indeed, the sources informed THISDAY that the second toned down version was not signed by the Babangida but his son who simply appended the retired general’s name to the revised statement. But when Babangida got wind of what had transpired, he instructed Afegbua to reach out to media houses reaffirming the validity of the first statement. In his original statement yesterday, Babangida said that he did not write a letter to Buhari but was just sharing his thoughts with “fellow compatriots on the need to enthrone younger blood into the mainstream of our political leadership starting from 2019”. Babangida said the search for the new breed leadership must start now as Nigeria prepares for 2019 election. According to him, “In the fullness of our present realities, we need to cooperate with President Muhammadu Buhari to complete his term of office on May 29th, 2019 and collectively prepare the way for a new generation leaders to assume the mantle of leadership of the country.” Babangida stressed that he was offering the advise as a stakeholder, former president and concerned Nigerian who was desirous of seeing “new paradigms in our shared commitment to get this country running”. “While saying this also, I do not intend to deny President Buhari his

inalienable right to vote and be voted for, but there comes a time in the life of a nation, when personal ambition should not override national interest. “This is the time for us to reinvent the will and tap into the resourcefulness of the younger generation, stimulate their entrepreneurial initiatives and provoke a conduce environment to grow the national economy both at the micro and macro levels. “Contemporary leadership has to be proactive and not reactive. It must factor in citizens’ participation. Its language of discourse must be persuasive not agitated and abusive. It must give room for confidence building. It must build consensus and form aggregate opinions on any issue to reflect the wishes of the people across the country. “It must gauge the mood of the country at every point in time in order to send the right message. It must share in their aspirations and give them cause to have confidence in the system,” he said. Continuing, the former military president maintained that modern leadership was not just about “fighting” corruption, “it is about pluggin”. “Accountability in leadership should flow from copious examples. It goes beyond mere sloganeering. My support for a new breed of leadership derives from the understanding that it will show a marked departure from recycled leadership to creating new paradigms that will breathe fresh air into our present polluted leadership actuality,” he added. Babangida noted that his intervention in government more than 30 years ago was not by accident, recalling

that his administration at the time had a clear-cut agenda on what needed to be achieved. Babangida, coincidentally, overthrew Maj.-Gen. Muhammadu Buhari in a bloodless coup in August 1985 and ruled Nigeria from 1985 to 1993. “My intervention in the governance process of Nigeria wasn’t an accident of history. Even as a military government, we had a clearcut policy agenda on what we needed to achieve. “We recruited some of the best brains and introduced policies that remain some of the best in our effort to re-engineer our polity and nation. We saw the future of Nigeria, but lack of continuity in government and of policies killed some of our intentions and initiatives. “Even though we did not provide answers to all the developmental challenges that confronted us as at that time, we were not short of taking decisions whenever the need arose,” he said. The former military ruler said the next election in 2019, therefore, presents Nigeria with a unique opportunity to reinvent the wheel and provoke fresh leadership that would immediately begin the process of healing the wounds in the land and ensuring that the wishes and aspirations of the people are realised in building and sustaining national cohesion and consensus. According to him, “Having been privileged to preside over this great country, interacted with all categories of persons, dissected all shades of opinions, understudied different ethnic groupings; I can rightfully conclude that our strength lies in our diversity. “But exploring and exploiting that diversity

as a huge potential has remained a hard nut to crack, not because we have not made efforts, but building a consensus on any national issue often has to go through the incinerator of those diverse ethnic configurations.” Babangida added that he has had cause for concern when politicians visited him to inform him about their aspirations, noting that the country needs new ways of doing politics and what obtains at present was not helping the country. “What you hear in terms of budgetary allocations for electoral contests does not cover voters’ education but very ridiculous subheads. A typical aspirant in Nigeria draws up a budget to cover the INEC (Independent National Electoral Commission), police, army and men and officers of the civil defence, instead of talking of voters’ education, mobilisation and sensitisation. “Even where benchmarks are set for electoral expenditure, monitoring and compliance are always difficult to adhere to. We truly need to reform the political system. And we must deliberately get fresh hands involved for improved participation. “We need new ways and new approaches in our political order. We need a national rebirth. We need a rebranded Nigeria and rebranded politics. It is not so much for the people, but for the institutions that are put in place to promote our political engagements. “We must strengthen the one-man one-vote mantra. It is often ridiculous for me when people use smaller countries in our West African sub-region as handy references of how democracy

should be. It beggars our giant of Africa status,” he said. Babangida also revealed that in the past few months and weeks, he had played host to many concerned Nigerians whom he said have continued to express legitimate and patriotic concerns over the state of affairs in the country. According to him, some of them have continued to agonize about the turn of events and had expressed concern as to why Nigeria has not been about to get its leadership compass right as a country with so much potential and opportunity for all. He said some, out of frustration, have elected to interrogate the leadership question and have wondered aloud why it has taken this long from independence till date to discover the right model on account of the nation’s peculiarities. He said: “At 57, we are still a nation in search of the right leadership to contend with the dynamics of a 21st century Nigeria. “Opinions in Nigeria are not limited to the borders of the political elite; in fact, every Nigerian no matter how young or old, has an opinion on any national issue. “And it is the function of a discerning leadership to understand these elemental undercurrents in the discharge of state responsibilities.” The former military ruler said that in 2019 and beyond, Nigerians should come to a national consensus that the nation needs a new breed of leadership with the requisite capacity to manage the diversities and jump-start a process of launching the country on the super highway of

technology-driven leadership in line with the dynamics of modern governance. “It is short of saying enough of this analogue system. Let’s give way for digital leadership orientation with all the trappings of consultative, constructive, communicative, interactive and utility-driven approach where everyone has a role to play in the process of enthroning accountability and transparency in governance,” he stressed. Babangida said he was particularly enamored that Nigerians were becoming more and more conscious of their rights, and their ability to speak truth to power and interrogate those elected to represent them without fear of arrest and harassment. These, he said, were part of the ennobling principles of a representative democracy. He said: “As citizens in a democracy, it is our civic responsibility to demand accountability and transparency. Our elected leaders owe us that simple but remarkable accountability creed. “Whenever we criticise them, it is not that we do not like their guts, it is just that as stakeholders in the political economy of the country, we also carry certain responsibilities.” The former military head of state said at this point in Nigeria’s national history, the people must take some rather useful decisions that would lead to real development and promote peaceful co-existence among all the nationalities. “We must be unanimous in what we desire for our country; new generation leadership, result-driven leadership, a sound political foundation,

“These killings must stop. We cannot afford to continue to witness these senseless killings in the name of Fulani herdsmen and farmers’ clash over lack of grazing land while we have a place like the Falgore Game Reserve underutilised.” He further stated that the fear of cattle rustling in Kano was over. “Cattle rustling is now history because we fought the menace headlong. In Falgore right now, we have enough security there. Those rustlers have relocated elsewhere, while some of them who repented from their evil ways were given amnesty and rehabilitated,” he added. Ganduje also said his administration had embarked on the registration of herdsmen and their cattle

to enable government take care of them through free vaccination programmes and other incentives that will add value to their businesses. “A cattle intervention centre has been established to address the challenges associated with the livelihoods of herdsmen within Kano. Just recently, we sponsored the training of over 61 Fulani herdsmen who were sent to Turkey to learn artificial insemination. “They are back to Kano and I must tell you that they are doing well in the various places they have been assigned to do their jobs,” he stated. Also speaking, the state Commissioner for Agriculture, Dr. Nasir Yusuf Gawuna, who hailed the governor for addressing the problem of Fulani herdsmen/farmers’ clash, said just recently, the

state government sponsored 150 youths who were at the Leventis Agricultural School. He said the students who were trained in modern agriculture techniques for them to be self-reliant, were given N30,000 each as take off grants.

Continued on page 56

GANDUJE URGES FULANI HERDSMEN TO RELOCATE TO KANO clashes between farmers and herdsmen in the country, describing it as unacceptable. Speaking further during event tagged, “Towards Conservation of Livestock Resources and Animal Protein for Citizens of Kano,” the governor said the exercise was targeted at keeping the animals healthy and improving the economy of the state. According to him, the over one million cattle and small animals were being vaccinated for free to rid them of diseases, adding that his administration was committed to the welfare and economic wellbeing of the Fulani herdsmen. He further stated that as part of the government’s commitment to encourage herdsmen in the state, the Kano State Government has

continued to provide facilities that will accommodate the herdsmen and their cattle so as to prevent them from travelling to other states in search of grazing lands. Ganduje also stated that Fulani herdsmen of Kano origin do not move out of the state to other states, “because we have enough grazing land, ranches and traditional livestock routes”. “So, they don’t have any reason to move out of the state. We take care of them and we accord them the respect and dignity they deserve.” According to him, “I am inviting herdsmen from all parts of Nigeria to relocate to Kano because we have enough facilities to accommodate them. “We have grazing lands

in Rogo, Gaya, Kura, Tudun Wada, Ungogo and other reserved places where facilities are in place to accommodate the herdsmen and their cattle.” The governor also revealed that his administration was already working in collaboration with the federal government and foreign agencies to convert the Falgore Game Reserve into a modern grazing land. He said: “The Falgore Game Reserve can take care of millions of herdsmen and their cattle in Nigeria. The place has been designed to contain schools, human and animal clinics, markets, recreational centres, and other social amenities that can give the herdsmen enough comfort to take care of their animals and do their business without hindrance.

FG TO TIGHTEN NOOSE AROUND TAX DEFAULTERS BY OBTAINING BANK DETAILS can then share such information with any other country that has signed up to the CRS. She added: “And if they share that information with that country, automatically, that country has to share that information with Nigeria. “So, it is exchange of information across borders. Nigeria signed up to it in August 2017 because they would need a lot of information to drive

the Voluntary Assets and Income Declaration Scheme (VAIDS).” She explained that the next step required under this arrangement was for Nigerian banks to acquire the technology to drive the CRS for easy collection of data as well as for the tax authorities to have similar technology that they can use to submit such data. “One of the key requirements is security. So,

Nigeria is not there yet. It will take some time to get there, because not all the banks are aware of CRS. “So, maybe in the next two years, we might have Nigeria fully take on the CRS. Ghana was among the first African countries to sign up to this. So, Ghana will be submitting information already to the authorities this year. “There is going to be that free flow of information and

on the back of that, the tax authorities will come after those who have not taken advantage of the amnesty period provided by VAIDS to prosecute them.” She pointed out that the country’s low tax base was a major reason for the high interest rate in the country. “Government is looking to raise taxes from six per cent tax to GDP ratio, to about 15 per cent, because ours is abysmally low

when compared with other countries. “One of the ways they have thought of doing this is through VAIDS. We don’t have much people as we should have in the tax base. There are a lot of high net worth individuals who do not pay taxes. “That is the key target of the government and as we progress, it is going to go around to the entire informal sector,” she added.

TOP GAINERS PRESTIGEASSURE AIICO STERLBANK WEMABANK CCNN TOP LOSERS LASACO FORTEOIL LAWUNION

NGN NGN 0.04 0.44 0.06 0.80 0.16 2.27 0.10 1.50 0.90 19.50 NGN NGN 0.02 0.36 2.50 48.45 0.04 0.80 AFRINSURE 0.02 0.42 ROYALEXCHANGE 0.02 0.42 HPE Nestle Nig Plc ₦1,445.00 Volume: 535.262 million shares Value: N3.608 billion Deals: 6,054 As at Friday 02/02/18 See details on Page 36

% 9.0 8.1 7.5 7.1 4.8 % 5.2 4.9 4.7 4.5 4.5

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For and on behalf of The Board of Regents Landmark University, Omuaran

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COMMENT

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

HOW FAR CAN TAXATION GO?

Taxes help to fund and drive economic development, argues Osebumere Odia

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ecent developments suggest that the Lagos State Government is taking an ambitious look at the taxation regime in the state. On December 29 last year, several news media reported that a bill to repeal the Land Use Charge Law of 2001, replacing it with an updated 2017 version of the same law had undergone a second reading at the Lagos State House of Assembly. Instructively, comments by the Speaker of the House, Mudashiru Obasa suggest that only some 300,000 of an estimated two million taxable properties in Lagos, actually pay this land use charge annually, implying that the new bill is apparently seeking to correct some of the inefficiencies in the previous land use charge regime. Recently, the assembly went further to conduct a public hearing on the draft Land Use Charge bill and it is interesting to note not only the changes and innovations that the new bill proposes but also the concerns of the public regarding the bill. The most remarkable development regarding the proposed new bill is that going forward, land use charge will be determined by professional market-value-based evaluation of properties. Real estate professionals such as estate surveyors and valuers therefore, will have a key role to play in the new dispensation such that property evaluation is systematic, transparent and adjudged to be fair to all. Transparency is particularly critical as the government seeks to ensure that it is not short-changed by unprofessional evaluation of properties. Market-value based evaluation, however, poses its own challenges and participants at the hearing, voiced these quite forcefully. For instance, a big concern was that property value never depreciates. It always appreciates. The biggest implication of this is that one may have moved into in a neighbourhood many years ago and for reasons beyond his control, such a neighbourhood may have grown over the years in market value. Such a development, they reasoned, could place a huge financial burden on owners of such properties. Another concern was that as property value never depreciates, the land use charge rate may correspondingly keep growing in line with the growing market-value and place increasing financial burdens on property owners. The Lagos State commissioner of finance, who was at the hearing, made a number of clarifications to enhance understanding of the proposed bill, but also to assuage concerns about the forthcoming land use charge regime. He explained that using market-value-based evaluations was to help ensure standardisation and drive transparency in the land use charge regime. The commissioner was understandably silent about what the eventual rates would look like. However, while we can assume that the rates would most likely go up in line with the fact that property valuation will now be based on market-value, the commissioner was quick to add that in the draft bill several “reliefs� would be made available to property owners and lessees whose leases are in excess of 10 years (these are the categories who ought to pay land use charge in the draft bill). “Relief�, actually, refers to “discount� in layman terms. According to the commissioner, every tax payer automatically gets a 40% discount on the assessed land use charge. Making payment within 15 days grants the tax payer another 15% discount on the assessed land use charge. In effect therefore, paying the assessed land use charge on time, could qualify one for a discount of 55%. In addition, pensioners living in their own properties

GOVERNMENT MUST CONTINUE TO EMPLOY ASYMMETRY IN ITS TAX ASSESSMENTS AND PAYMENTS. THIS WAY, THE POOR IN ABARANJE OR AYOBO WILL NOT BE AS IMPACTED AS THE WEALTHIER SEGMENTS OF SOCIETY WHO RESIDE IN THE MORE AFFLUENT NEIGHBOURHOODS IN IKOYI, VICTORIA ISLAND AND LEKKI

are exempted from land use charge. There are several other reliefs including those pertaining to senior citizens (above 70 years), people living with disability, among others. The sundry discounts or “reliefs� notwithstanding, one hopes that we can take solace in the promise by Governor Akinwunmi Ambode that he has no plans whatsoever to overburden citizens with taxes and levies. The public’s expectation is that the new land use charge rates would be such that property owners and lessees would be able to pay the new rates with minimal discomfort, if any. The real task for the government, therefore, is two-fold. One, having recognised that only a small fraction of taxable properties actually pay land use charge it needs to aggressively scale up its property identification and enumeration machinery. Thankfully, we are now in a digital age where the application of satellite-based technology can help with remote property identification and even certain levels of assessment of such properties for tax purposes. It is hoped that the government will employ these modern technological tools in identifying properties in the state in order to bring many more property owners under the taxation net. Secondly, the Lagos State government also needs to continuously demonstrate to Nigerians, the kind of progress that accrues to society from focused and development-inclined taxation. Across Lagos, infrastructure work is very evident. In the Agege area, a new flyover which will considerably ease commuting in that neighbourhood is in the works and is due for completion later this year. Oshodi which used to be defined by disorder and squalor is being completely overhauled into a modern traffic interchange. The international airport road in Lagos is being overhauled into a modern 10-lane expressway. Before now, of course, such projects as the flyovers at Abule-Egba and Ajah in Lagos have been completed, while sundry lay-byes have been constructed on major traffic bottle-necks to help ease traffic and improve both the commuting experience and efficiency of economic transactions in Lagos. All of these projects speak to the importance of taxation and why it needs to be implemented in such a manner that it helps to fund and drive rapid economic development. The Lagos State government has made this point in the past via such slogans as “tax payers’ money in action,� and others, but the point needs to be made on a continuous and aggressive basis. Society must increasingly appreciate the nexus between taxation on one hand and the provision of social amenities and infrastructure which facilitate economic development, on the other. In driving enhanced efficiency of its tax regime, government must also look at improving its enforcement apparatus. It would be unfair and a great disincentive to tax payers if only a small fraction of taxable residents continue to pay tax while many others enjoy the facilities provided from tax revenues yet avoid or evade tax. Very importantly, however, government must continue to employ asymmetry in its tax assessments and payments. This way, the poor in Abaranje or Ayobo will not be as impacted as the wealthier segments of society who reside in the more affluent neighbourhoods in Ikoyi, Victoria Island and Lekki. Perhaps this may be one of the unintended consequences of the “market-based� valuation of properties which will in due course form the basis of land use charge computation. Odia, an economist and technopreneur, wrote from Lagos

WHAT TO DO WITH RECOVERED LOOT (2)

Abdullahi Y. Shehu writes that Nigerians should be concerned and interested in how effective their money is utilised

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ithin one year (from May 29, 2015 to May 29, 2016), following pressure from the public, the government also disclosed that recoveries under interim forfeiture (cash and assets) during the same period totaled N126. 6billion; $9.090 billion; ÂŁ2.484 and â‚Ź303, 399. Following the introduction of the Whistle-blowing policy in December 2016, huge sums purported to be proceeds of corruption have been seized (I am not sure they have been recovered). These amounts include the sums of US$9.8m and ÂŁ74,000 cash seized in a building owned by former NNPC Group Managing Director; another $43m, ÂŁ27, 000 and N23m cash recovered from a flat in Ikoyi; 47 Sport Utility Vehicles/buses allegedly bought for N1.5 billion; proceeds of N27 billion insurance premiums of deceased workers of PHCN recovered. Thus, bringing a total estimated recoveries to $160 million. In June 2017, N375.8 million was released by the government for payment of 20 whistle-blowers as reward for N11.6 billion recovery. These figures do not represent the entire recoveries made. Following a suit by concerned citizens in 2017, a Federal High Court in Lagos ruled that government should make known recoveries made pursuant to its anti-corruption efforts but that has not been done. In December 2017, on the margins of the Global Forum on Asset Recovery held at the IFC Headquarters in Washington D.C., USA, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, signed a tripartite agreement with the government of Switzerland and the World Bank for

repatriation of $321 million purported to be part of the Abacha loot. While commending the government for these recoveries, the most important question agitating most Nigerians now is what to do with the recovered proceeds. A recent statement in the news media attributed to the Vice-President indicated that government intends to invest recovered proceeds on a ‘Social Protection Scheme’ which is one of the pet programmes of the Buhari administration. While no body, not even the other parties to any negotiated recovery, unsolicited should determine to government how to spend its resources, the Nigerian citizens, to whom these resources belong should be concerned and interested in how effective their commonwealth is utilised. And this is the main thrust, indeed raison de taire of this piece – to contribute to the debate on how best to apply the recovered assets. It is obvious from public reactions and commentaries in the news media that majority of Nigerians do not believe that government is on the right direction based on experiences of the past. While the Social Protection Scheme of the government is a noble programme, it is doubtful how effective it can be if its funding would depend on recovered proceeds; the legal status of which may not be clear as to whether the National Assembly has to appropriate the recovered loot before government can apply to the scheme. There would be an issue as to whether such funds should/or not be deposited in the consolidated revenue account according to section 80 of the Constitution of the Federal Republic of Nigeria (1999); thus, the other tiers of government (states and local) would be entitled to it. Regardless

of the legal technicalities surrounding the recovered proceeds, it is doubtful channeling proceeds of corruption in this way would make a difference from how previous recoveries were expended. We may just refresh our memories to the Obasanjo administration, during which time government voluntarily or otherwise, involved the World Bank in the management of the amounts that were returned to Nigeria by Switzerland and other countries. The recoveries we expended on projects which no one can point out today. Was it applied into the National Poverty Eradication Programme or to the provision of medical services, roads or electricity? We stand to learn from that experience. Similarly, during the investigation into the procurement of arms for the Armed Forces of Nigeria to fight Boko Haram, one of the pieces of evidence of corrupt use or misappropriation of part of the Abacha loot that came from the former Minister of Finance Dr. Ngozi Okonjo-Iweala was that the money was used by the Office of the National Security Adviser to procure arms. What more evidence do we need to confirm the doubt that the decision to invest the recovered funds in any social security scheme would justify the recovery/anti-corruption efforts? In view of the foregoing I have always held the view that the fight against corruption must not only be comprehensive and integrated, but it must also be inclusive and impact-oriented. Thus, in my view, the recovered assets should be applied to specific, identifiable, measurable, realistic and impact-based projects. For example, it is possible to determine from the records in the Central Bank how these monies were siphoned. If the money was siphoned under the

guise of security, let the recovered money be spent on a specific project that can be seen by citizens to enhance the security of Nigeria; and if the guise was for education or road construction, it is even easier to justify the expenditure on such project and a signage inscribed on the project that it was built with proceeds of corruption. Although this is not easy, yet it can be done, and it can upscale public trust and confidence in the anti-corruption drive of the government. There are several lessons learned in asset recovery worldwide and particularly in Nigeria. First, a strong political will is the main driver of the process. However, governments that succeed corrupt ones have to establish strong political legitimacy before they can galvanise the good will and support of their citizenry and the international community in the recovery of proceeds of corruption. In this regard, political will must be translated into concrete actions. Because a government prioritises asset recovery does not mean that it cannot turn out to be corrupt. Efforts must be made to deal with reported cases of malfeasance in a transparent and harsh manner as possible to send credible deterrence to potential corruptors. Secondly, the most effective strategy for asset recovery is to prevent the theft of the assets in the first instance. This is what is contemplated in the Preventive Chapter of the United Nations Convention against Corruption (2003). The adage that ‘prevention is better than cure’ sums it all. Thus, the fight against corruption should be institutionalised by strengthening the relevant agencies to perform their functions professionally. The issue is how do we stop further diversion of resources?

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EDITORIAL AFRICA AND A SINGLE MARKET A single, unified market will stimulate the economy of the continent

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or decades, African leaders have toyed with the idea of bringing their fragmented economies together through an integrated market. At the recently concluded African Union summit in Addis Ababa, Ethiopia, President Muhammadu Buhari renewed the hope by canvassing for the speedy establishment of a single and uniďŹ ed market on the continent. While presenting Nigeria’s position on Niger President Mahamadou Issoufou’s report on the establishment of a continental free trade area (CFTA) and related issues, Buhari argued that a single market would provide Africa with tremendous opportunity to achieve signiďŹ cant growth. The primary objective, according to Buhari, was essentially for trade in goods and services on the continent. “A single, uniďŹ ed market would lead to a comprehensive and mutually beneďŹ cial trade agreement amongst African Union member states. If we integrate Africa’s market for trade in goods and services, we will not only double intra-African trade, but also negotiate with other regions or continents on trade matters. If we increase our trade, we grow TO THE EXTENT THAT faster, create more jobs TRADE IS A CATALYST TO and reduce poverty,â€? ECONOMIC DEVELOPMENT, Buhari said. A SINGLE MARKET To the extent that WHICH ENABLES FREE trade is a catalyst to MOVEMENT OF GOODS economic developAND SERVICES WILL ment, a single market BOOST THE ECONOMY OF which enables free THE CONTINENT movement of goods and services within the 55 countries will boost the economy of the continent that increasingly lags behind others as it has the least percentage of intra-regional trade. Its inability to interconnect and pull resources together has cost it much in development and inuence. Meanwhile, the United Nations Economic Commission for Africa reckons that the CFTA could increase trade between African countries by as much as $35 billion, an increase of more than 50 per cent from the current levels.

Letters to the Editor

However, African leaders had repeatedly made a compelling case for strengthening economic ties through the creation of a common market without success. They tried to reduce the thickness of their artiďŹ cial borders and exploit the economies of scale, all in a bid to speed up the development of the continent and to curtail the deep-seated challenges of poverty. The Lagos Plan of Action which was adopted more than three decades ago set out with the ambitious target of integrating Africa’s market by the year 2000. The apparent failure of that plan gave rise to the Abuja Treaty of 1991, aimed also at the creation of a common African market, but which ironically is getting little or no attention by way of implementation. Africa’s ďŹ rst generation of leaders, and indeed, up till now, dragged their feet and could not summon the political will to enforce treaties and measures that would lead to the prosperity of their people. Many of them were more interested in pinching funds from the commonwealth.

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HOW TO CHANGE THE STATUS QUO

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he present debates from all the schools of thought on the soul of Nigeria and competence of the present government can only be compared to the book called the Tales of Two Cities. Placards are still standing, saying the present cabal must go while others are saying let’s continue with old wine since it is always better than the new wine. Agitation continues and the struggle to reach the Promised Land intensifies. I have read with keen interest the various voices in the wilderness of Nigeria. Many of them can be compared to biblical Zacchaeus while there are real John the Baptist who is also a forerunner of our Lord Jesus Christ. There’s a message that has been passed to the airwaves of this country and we are to set our radio frequencies for the right signal and stay on yellow. Voices are many but the wise and the Men of Issachar that understand the times, we know when to blow the trumpet. The living standard of an average Nigerian has taken a turn for the worse, thanks to all our present and past leaders. The followers have followed blindly while the drumming continues. We have been taking to the slaughter house by the political class who sees us as grasshoppers and good for nothing mortals. Can we blame them? Many have sold their birth rights just for a few worthless naira. They are happy for a moment and bitter for the rest of their years, jeopardising the present and future generation of unborn children. Is it possible to right the wrongs of the past? Or what can the righteous do if the foundation be destroyed? The righteous

ut can Africa’s current crop of leaders make a difference? Are they genuinely committed to Africa’s development? Will they be able to put their house in order and take on the larger issues of sustainable economic reforms on the continent? Last week, the African Union took a bold step by launching the Single African Air Transport Market (SAATM) to free their skies. Paul Kagame, Rwandan President and the new chair of the African Union, said the SAATM was aimed at transforming intra-African air travel, liberalise civil aviation within the continent and boost economic integration and lower prices. Travelling by air from one African country to another could be strenuous, expensive and time-wasting due to poor connectivity and protectionist policies. It is therefore little wonder that non-African airlines currently control about 80 per cent of the air transport trafďŹ c to and from Africa. Liberalisation of air transport within Africa would result in substantial beneďŹ ts to passengers, airlines, and the economies of the respective African countries. But will this y? If it does, it will be good news for everyone on the continent.

can start rebuilding starting from the foundation. There’s hope against hope for Nigeria and Nigerians if we are ready to take the bull by the horns or hold the fish by the head and not tail. One of such is for all of us to get register as a voter. The negative public opinion about voter registration is that our votes do not count. What’s the percentage of truth in this and who started this propaganda of “our votes do not count�? We may not be able to trace the genesis of this mantras, but it must have been started by one politician. Things have changed, people of Nigeria and get yourself armed with your voter’s card. The National Assembly just passed a resolution few days ago that all the processes of 2019 election will be electronic. That’s the power to change the status quo and elect the right people into the various levels of government. The law of motion gives us the understanding of how things work in life, situation and circumstances are changed by the intervention of men. The Nigeria of today needs people especially the youth with intelligence and ideas to turn around the fortunes of this country so that our own Titanic will not hit any iceberg in the course of its voyage. There are myriad of issues in the land that need 21st century solutions and a latent wisdom to unravel. Get involved in the business of politics in Nigeria, we cannot sit on the fence and expect all the refineries to start working tomorrow. The country needs truthful men who are moved by service to their country but not because of greed, power or wealth. Let us stand and savage our own country before the night comes. Seun Falope, Lagos

ANOTHER MOOTED PDP MASTERSTROKE

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olitics, like a game of chess, involves a lot of permutations and stratagem. Thus, as 2019 draws near, the master strategists at the Peoples Democratic Party (PDP) should be scratching their heads and coming up with ideas on how to dislodge this Buhari-led All Progressives Congress (APC) government. Recently, it was mooted that PDP is experimenting with an Atiku-Tinubu ticket as a shock masterstroke; that is politics, full of shocks and surprises. Now that the political landscape is getting more and more desperate and with the Economic and Financial Crimes Commission (EFCC) dipping its figures in the pie and state governors losing all sense of decorum to throw their hats in the second-term Buhari support ring, another mooted PDP masterstroke to dislodge Buhari is an Atiku-Kwankwaso ticket with the President of the Senate zoned the Southwest and the Speaker of the House of Representatives zoned to the Southeast. Now, then, Nigerians must downplay this “Christian-Muslim, MuslimChristian ticket� presidential thing and focus on politics that would uproot non-performance and encourage those who have ideas on how to turn the economy around. Nothing can also be bad in the idea that Rabiu Kwankwaso would succeed Atiku Abubakar; what Nigeria needs now is a team that can deliver the goods of democracy. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

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Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 08033146139 SMS ONLY

POLITICS

M O N D AY D I S C O U R S E

The Arguments for and against Buhari Tobi Soniyi attempts to make sense of the confusion resulting from the raging debate over whether President Muhammadu Buhari should seek a renewal of his mandate or retire to his country home in Daura

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he debate on whether President Muhammadu Buhari should seek another four years term in office has started in earnest. In law, the president is entitled to ask the electorate for another term as he suffers no legal encumberance. He has a right to two terms of four years each. While the legal aspect of the president’s qualification to run is fairly straight forward, the issue however, becomes difficult when viewed politically. There appears to be a general consensus that the president has performed below expectation. The people who hold a different view are those who are in government. Until a former president, Olusegun Obasanjo issued a public statement advising Buhari not to seek a second term in office, none had been bold enough to make that statement categorically. While many have vilified him for speaking out, others described him as an opportunist who is merely playing to the gallery. Nevertheless, had Obasanjo kept quiet, he would still have been accused of keeping quiet. That is not why we are here. Even among those working for the Buhari government and those who have sympathy for the government, are those who have been quite forthright to admit that their leader, the president has turned out to be a disappointed. There are also those who, at the beginning saw that things were not going the way it should and raised the alarm early enough but those controlling the president did not allow him to heed the sound of caution. In this group are the president’s wife, Aisha Buhari and the Kaduna State governor, Nasir el-Rufai. Remember the governor’s 30-page memo to the president in 2016? In the letter, El Rufai argued that their party, the All Progressives Congress (APC) had made the situation in Nigeria worse than it met it by failing to be proactive in taking key decisions in a timely manner. He wrote: “In very blunt terms, Mr. President, our APC administration has not only failed to manage expectations of a populace that expected overnight ‘change’ but has failed to deliver even mundane matters of governance outside of our successes in fighting Boko Haram insurgency and corruption. “Overall, the feeling even among our supporters today is that the APC government is not doing well.” Had those who boxed the president to a corner allowed him to heed the governor’s advice, perhaps the president’s second term would have been a done deal. For writing the letter, the cabal in the government castigated El-Rufai and limited his appearance in Aso Rock Villa. El Rufai wrote to the president in September 2016. A month latter, the president’s wife Aisah Buhari issued a warning to her husband that she might not back him at the next election unless he shook up his government. In a BBC interview, Aisha Buhari claimed her husband his government had been hijacked by only a “few people”, who were behind presidential appointments. According to her, the president did not know most of the officials he had appointed. In an interview with Naziru Mikailu from BBC Hausa, Mrs Buhari said: “The president does not know 45 out of 50 of the people he appointed and I don’t know them either, despite being his wife of 27 years.” She said people who did not share the vision of the ruling APC were appointed to top posts by influential people around Buhari. “Some people are sitting down in their homes folding their arms only for them to

Buhari. Does he deserve a second term?

be called to come and head an agency or a ministerial position,” she said. Buhari, who then was on a visit to Germany, then responded by saying his wife belonged in his kitchen. His wife’s decision to go public with her concerns will shock many people, but it shows the level of discontent with the president’s leadership, says the BBC’s Naziru Mikailu in the capital, Abuja. Again, had the president listened to the voice of his wife, he would not have become the subject of scathing attacks. Nobody knew what she went through for speaking out. Here we are, the president wants a second term but many believe that he does not deserve it. Why Buhari Should Run Again Unfortunately, there not too many good reasons to hand over the future of this country to Buhari for another four years. Nevertheless, for some reasons, it may be

As the nation marches towards another general election, those opposed to a Buhari’s second term ambition are increasing daily

expedient to allow him to do another term.

the south.

To Sustain Zonal Arrangement Like the People Democratic Party, the All Progressives Congress appears to have also settled for Arrangement of rotating power between the south and the north. Another assumption which is also settled is that both the PDP and the APC agreed that for 2019 to 2023 If this is the case, Buhari will have to do another term before power can go to the south. If APC decides to dump Buhari by picking another northerner, the new candidate is likely to insist on doing eight years if he wins. Anyone, who thinks this is not important should flash back to 2015. Perhaps, the PDP would have retained power it had fielded a candidate from the north for the presidency in 2015. Of all the factors working in favour of Buhari, this remains the most potent at least from the political class point of view. To make sure that power does not remain in the north for twelve years, the southern politicians will support Buhari for another four years and will expect him to handover to someone from the south when he completes his term. If PDP fields a candidate from the north and he wins, that candidate will likely seek another term of four years. That move is likely to keep power in the north for twelve years. The calculation in the south is that Buhari remains the best bet to get power to return

Four Years not Enough to Change Nigeria Those rooting for Buhari have also argued that it is not possible to change the country within four years and therefore the president deserves a chance to take a another bite at the cherry, so the argument goes. When reminded that the APC government has yet to fulfil many of its campaign promises including the promise to stop fuel importation and revive refineries among others, the Minister for Information and Culture, Alhaji Lai Mohammed responded, “You see all these things are not things that you just pick on the shelf. They are things that require planning, require procedures, but I can assure you that everything we promised, everything is being undertaken at one level or the other of implementation.” Closely related to this is the argument that it is unfair to compare the achievements of APC which has not done three years in office with PDP that ruled for sixteen years. You Have no Choice But to Stay with Us Another point raised by those calling on Buhari to seek a second term is that the country does not really have a choice. The PDP has not yet shown enough remorse to trust it with power. If not PDP which other CONT’D ON PAGE 18

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POLITICS

MONDAY DISCOURSE THE ARGUMENTS FOR AND AGAINST BUHARI

political party has the national spread to challenge the APC? They asked? If PDP is not prepared to take back power and other political parties are not willing to come together to form one formidable party, then Nigerians don’t have a choice but to again go along with the APC or do they? Buhari Has Done Well to Merit Another Term There are those die hard supporters of Buhari who have argued that the president has done well. To support their claim, they listed ‘so many’ achievements recorded by the administration within its less than three years in government. Since many Nigerians don’t seem to remember the achievements recorded by this administration, let us hear it from the government’s spokesman man, Mohammed: “Our success is out there. There are many indices with which you can measure whether a country is improving economically or not. Am glad to say that we have been able to grow our foreign reserves from $23billion to $40 billion despite the fact that for the larger part of the time oil sold for $30pb. This is the highest since 2014. This clearly does not indicate failure on the part of the government. Again, NBS said headline inflation has fallen for 11 consecutive months. It is now at 15.37 per cent as at December 2017. The target we set for our selves by the ERGP for inflation has been met and surpassed. You can’t talk about failure. Then the TSA has stopped hemoeraging, since we came in, from the treasury. We were even able to eliminate ghost workers and that has saved us over N120 billion. We have been able to save about N108 billion from the removal of maintenance fees payable to banks pre-TSA because we pay directly. We have saved N24.7billion monthly through determined implementation of TSA. “You talked about jobs. What jobs are we talking about? In agriculture, we have created an extra 6.2 million jobs. From 6 million jobs two and a half years ago, today we have about 12. 2 million jobs in agricultural sector alone. How can anyone claim that we have not succeeded in creating jobs? Our strategy in the area of encouraging local production of rice has worked. From 64,000 metric tonnes two and half a years ago, today we import less than 20,000 metric tonnes. You can imagine the kinds of saving that would bring to government. In the area of infrastructure, we also have good news. Power today is at an all high of 7000 megawatts and we are also able to transmit 7000 megawatts. In the area of distribution, we distribute over 5000 megawatts today and the extra 2000 megawatts which we can not distribute we are trying to get willing buyers for these megawatts. Still on infrastructure, the Lagos-Kano modern gauge is on course. We are very optimistic that by 2019 Lagos-Ibadan axis of it will be commissioned while the Kano-Kaduna modern gauge will also be ready by 2019. The coastal rail which will link 15 cities is also being worked upon and we are hoping that by the year 2021 the entire, mostly the coastal rail and the modern gauge will be completed. On roads, contracts had been awarded for 25 major highways at the cost of N100 billion. Every geo-political zone of the country is included in this transformation of road infrastructure. These are things that the opposition does not want to hear. These facts are out there for anybody to go and verify. “Again on security, we know we are winning the war because when you are able to decimate an insurgency like Boko Haram, that a few years ago would match to Abuja, attacked the police headquarters, attacked United Nations headquarters, went to Nyanya in our own federal capital and you are able to restrict them to one corner of one state, I think you have scored a major success. “The number of people captured by Boko Haram that were rescued are in hundreds of thousand as we speak today. Life is opening up in most part of the northeast. Yes, there will be occasional bombing, but it is just a desperate drive of a defeated army. For you to judge us on security, look at what is happening globally, then you begin to

Mohammed...we have done enough to deserve a second term

appreciate what we are doing in the area of security.” Why Buhari Does not Deserve a Second Term In his recent public statement issued by Obasanjo, he gave many reasons why Buhari should not be given a second term. contained a number of reasons. The statement makes a good reading. Interestingly, the government failed, neglected or refused to respond to some of the critical issues he raised. As it is the practice in law, any averment not denied is deemed admitted. The presidency would be deemed to have admitted some of the allegations contained in the Obasanjo’s letter. But beyond that here is why many believe that the president should not be given a second chance. Health Reasons Last year, the president spent more than three months in a London Hospital attending to his health. Although, the vice president, Prof. Yemi Osinbajo did his best to hold the country together, the president’ absence was felt. There are claim, though unsubstantiated that after the illness, the president reduced the number of hours he spends attending to state matters. On health ground, many are of the opinion that Buhari should take a break to attend to his health. Given the number of days he spent on sick bed, it is difficult to disagree with those who say the president deserves a rest. Insensitivity to the Feelings of other Ethnic Nationality For too long, the president has carried on in such a way that he does not care about the feeling of other people except his tribesmen. For a general in the army who always like to flaunt his credentials as one of those who fought during the civil war to keep Nigeria one, that is a let down. It is inexcusable that the president would entrust the whole security in the hands of only those who speak his language and practise the same religion with him. That is how not to deepen the nation’s unity. On the contrary, such an arrangement tends to lead to suspicion among other ethnic nationalities. It is the president’s insensitivity that

Buhari has refused to allow ambition for a second term to enslave him

reignited agitation for restructuring. It is the same lack of affection for other tribes that galvanised the south-east youths into supporting the now proscribed Indigenous Peoples of Biafra. It is this ‘I don’t care attitude’ of the president that is now threatening to destroy the National Intelligence Agency (NIA). If the Director General of the Department of State Security is from Kastina why appointing a Kaduna man as the Director General of NIA? Today, whether the Presidency accepts it or not, NIA is in crisis. It is the same attitude that has forced directors of the NIA to issue a public statement warning of the devastating consequences that will follow if the president insists on the nomination of Ahmed Rufai Abubakar as DG NIA Writing for and on behalf of Concerned Directors of NIA , they used pseudo names as E. O. Olanrawaju, Nelson Obiakor and Ahmed Sarki,to protect their real identities. The directors described Abubakar as someone who is not unqualified for appointment as DG. NIA having “failed to merit elevation to the rank of director and who has retired from service to come and preside over people who are not only his seniors in rank but who fit into the order of precedence. According to them, in the history of its inception 32 years ago , nobody below the rank of a director has been appointed as the head of NIA. They warned that Abubakar’s appointment as DG NIA would certainly set a dangerous precedence, with equally dangerous implications. “Coupled with the fact that it is an aberration to thrust the headship of Nigeria’s most sensitive security and intelligence organizations in the hands of people from the same ethnic stock, state and even town. In a country of over 200 million people, we feel it was not only highly contemptuous but dangerous,” they added. They said: “Already, the nation is in a precarious security condition, and further penetration by Hostile Intelligence Services could spell even greater danger. It is very unlikely that we will be insulated from penetration if we are treated as renegades after putting in our best for the country.” Poor Handling of Fulani Herdsmenfarmers’ Clashes If the federal government has admitted that it did not do enough to stop the herdsmenfarmers clashes, perhaps the tension generated by the killings would not have been this intense. Instead of admitting it’s failure,

it chose to blame the killings in Benue on the passage of anti-grazing law in Benue. The Minister for Defence, Mansur Dan Ali insulted the collective intelligence of Nigerians when he said that it was the anti-grazing bill in Benue that caused the killings. He conveniently forgot that herdsmen had killed more people in Benue when there was no such law in the state. He did not know that it was his failure as a minister for defence that forced Benue to pass that law. Many are willing to forgive the president for his poor handling of the economy but are unwilling to give him a second chance because he did not show enough leadership to stop the blood letting arising from the herdsmen-farmers’ clashes. Nigerians are very angry and have the right to be so angry. Many more are seething at the provocation by the herdsmen. The president has let them down. The president would have to do better than setting up committee to find a lasting solution to the crisis. Poor Handling of the Economy There is also consensus that the present administration has not done well in the management of the economy. At a point life became unbearable for many. The unemployment rate is scary. The opposition has capitalised on this to accuse the ruling government of incompetence. Government countered that by showcasing its efforts at revamping the nation’s infrastructures. It added that by the time, the massive works going on in roads and railways are completed, people would begin to feel the impact of the investment. No doubt, this government started on on a faulty note economically, it has shown enough commitment to rebuilding the nation’s decayed infrastructures. Many of these projects have completion dates beyond 2019. It may be a wise decision to allow the government to complete these projects. All the above notwithstanding, the Buhari government means different thing to different people. The electorate will have to vote in accordance with their conscience. So, let the people decide. Unlike our past presidents, who during their first term played the politics in such ways that they would get a second term, Buhari has refused to allow ambition for a second term to enslave him. So far, he has governed with an attitude that tends to say, ‘I don’t care whether you give me a second term or not, am going to do what I have to do’, Otherwise, there are a lot of policy moves he could have taken to appease his critics which he did not take. Not sure he will feel so bad if he is not re-elected.

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Emerging Power Play in Ogun Femi Ogbonnikan examines the strengths and weaknesses of the three strong contenders for the Ogun State governorship from Ogun East Senatorial District for Commerce and Industry in 2011. His biggest joker, it was learnt, is his closeness to the Awujale. Aside that, he is reputed to be a close associate of Amosun and their relationship has spanned over 20 years. Besides, he is said to be one of the star performers, loyal and trusted commissioners in the kitchen cabinet. Thus, his achievements are by no mean a rare feat with an unprecedented impressive performance. He said to have changed the story of the state’s commerce ministry from the previous label of a ‘dumping ground’ for non-performing coommissioners to that of the ‘goose that lays the golden eggs’. As a testimony, no fewer than 50 companies have established businesses in Ogun State, with a cumulative investment profile of about N691.77 billion in 2014, compared to N377 billion in 2013. To many political pundits, Ashiru is being considered as the most ideal and qualified governorship aspirant in this context, given the complexity of the political vagaries that produced him, as the Ogun East APC consensus governorship candidate. He appears to be above his other co-aspirants in the race.

The journey began in April 2017.

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r Gbolade Oshinowo (erstwhile Special Assistant on Political Matters to ex-President Olusegun Obasanjo), Basorun Adebisi Adesanya, Chief Olu Okuboyejo, Sen Dipo Odujinrin, Aare Olu Teslim Dawodu, Chief Bisi Rodipe, Chief Olusoga Adenusi, Tokunbo Oshin and a few other prominent sons and daughters (both technocrats and politicians) of Ijebu and Remo, all of the All Progressives Congress (APC) platform, formed the Ijebu Agenda. The promoters of the 2019 Ijebu Governorship Agenda saw the needs for the birth of the pressure group. It swiftly rose against the attempt to exclude the Ogun East Senatorial District from the 2019 governorship contest. In a bid to persuade the state governor, Ibikunle Amosun to shift his ground, on monday, July 17, 2017, a delegation of Ijebu and Remo leaders met with him on July 14, 2017 at the governor’s office in Abeokuta. Amosun had made it abundantly clear at several public gatherings that he would support Ogun West governorship agenda but would neither prevent nor campaign against Ogun East but will campaign against any aspirant from Ogun Central. This position has pitched him against that of Chief Olusegun Osoba’s, ex-governor and a leader of the APC party, who said described the governor’s position as his personal opinion and not the official position of the party in the state. In consequence, Osoba was not spared of scathing attacks over his rejection of the zoning arrangement. Osoba, who is rooting for Ogun West to produce the next governor has alienated himself from his support base in Ogun East as some aggrieved Ogunt East elders, leaders and youths perceived his stance as un-progressive and greedy. To further lend credence to the official position of the party, the Acting State Chairman of the APC, Alhaji Tajudeen Lemboye, had a couple of weeks ago stated clearly that the leadership of the party in the state has not zoned the governorship ticket to any senatorial district. He made the disclosure when the Ogun East APC consensus governorship candidate, Otunba Bimbo Ashiru and his entourage, paid him a visit at the secretariat of the party, in Abeokuta on Wednesday. “Feel free to go round the nooks and crannies of the state and canvass for support. The party has not zoned the governorship race to any part of the state. “Though the governor’s preference is for an Ogun West successor, not withstanding, he only emphasised that he was expressing his own personal opinion which he is entitled to”, declared Lemboye. However, unfolding events, culminating in the alignment and re-alignment of forces among active players, in the last one month have changed the dynamics of the political developments in the state. Not surprising and in a bid to stave off imminent defeat of the party, at the 2019 general elections, Amosun has pledged to meet with all factions of APC in the state and reconcile them. The governor, during a Christmas party, with leaders and elders of the party at the state’s party secretariat, Abeokuta, said he would negotiate with factions within the APC, instead of primaries in 2019 Ogun elections. Instead, it is said the governor is considering consensus candidates for all elective posts in the 2019 general elections. To go about it, it was gathered that Amosun has promised to meet with all aspirants for elective positions on the platform of APC and would discuss with them the need to agree on consensus candidates for the 2019 polls. Those to dialogue with, it was learnt, include serving members of the National Assembly and state’s House of Assembly, who are interested in running for another term. Besides, it was said the governor further explained that APC might resort to holding primary elections to elect its candidates, if the meetings fail to agree on consensus candidates,

Amosun...wants Ogun West to succeed him

including that of the governorship for the 2019 polls. For an enthronement of transparency and accountability, it was further learnt that the governor promised to ensure that all factions within the state’s APC, ae carried along in the said primaries, while promising to accept the outcome of the primaries in good faith. Meanwhile, unlike the APC, the Peoples Democratic Party in Ogun State has zoned the 2019 governorship ticket to Ogun East. According to Alhaji Sikirulai Ogundele, state chairman of the party, in a recent interview with THISDAY, his party has zoned the governorship ticket to Ijebu-Remo axis, in order for his party to win enblock votes. It appeared the leadership of the party is rooting for Hon Ladi Adebutu, the current legislator representing Ikenne/Remo North/ Sagamu Federal Constituency as its consensus governorship candidate. However, the leadership of the party is polarised along two factions. One one hand, there is the Buruji Kashamu-led faction. He is the senator representing Ogun East district at the National Assembly. He is a force to reckon with in the political equation of the state. The Ijebu-Igbo-born politician is being rumoured to be nursing a governorship bid. Besides, Dr Gbolade Oshinowo, ex-Acting Chief of Staff to late President Musa Yar’Adua and the chairman, Ijebu Agenda had, in a recent interview with THISDAY, cautioned Amosun of the dire consequences of excluding Ogun East district from the 2019 governorship contest. He reminded the governor that Ogun East remained the stronghold of the PDP in the state. “What I am saying is that, Ogun East is already a stronghold of the PDP. Most of us in APC are in a battle ground situation here.

The plaintiff wants the court to order the payment of all his salaries and entitlements from December 29, 2015 until the case is determined

And now, to alienate the Ijebus further by zoning the governorship out of their area, by not allowing them to participate makes the position of the leaders of APC in Ogun East very difficult, virtually untenable”, said Oshinowo. On a vantage position, Ijebus have been active participants in politics since February 1976, when the state was created. The district comprises of nine local governments-Ijebu Ode, Sagamu, Odogbolu, Ijebu North, Remo North, Ogun Waterside, Ijebu East, Ikenne and Ijebu North East. It is a district that is more united and in demonstration of its oneness, the axis under the aegis of Ijebu Agenda, presented a common front two months ago, culminating in the choice of a consensus governorship candidate via an endorsement mechanism, devoid of rancour. Not left out, the Awujale and Paramount ruler of Ijebuland, Oba Sikiru Kayode Adetona, has played a leadership role, regardless of political party leanings. He is determined to ensure that that the Ijebus produce the next governor of Ogun State and is leading a campaign that it is the turn of the Ijebus to rule the state. Given the strengths, pedigrees, clouts and acceptability of the strong contenders in the governorship race, Otunba Bimbo Ashiru (the Ogun East governorship consensus candidate), Hon Ladi Adebutu (PDP governorship aspirant of the Sen Ahmed Markafi-led group), Otunba Rotimi Paseda of the Unity Party of Nigeria (UPN) and Sen Buruji Kashamu (PDP governorship aspirant of the Sen Ali Amodu Sheriff-led faction) appear set to determine where the pendulum will swing to. Bimbo Ashiru He is the current Ogun State Commissioner for Commerce and Industry. The 54-year-old aspirant is an illustrious son of Ijebu Ode. He is one of the Otunbas of the Awujale. He is well read, graduating with a degree in Marketing, Purchasing and Supply, and a Master’s degree in Strategic Management. He began his career with Chartered Bank which he joined in 1989 and rose through the ranks to emerge as Group Head, Public Sector, Stanbic IBTC Bank until he disengaged after two decades and was appointed Ogun State Commissioner

Oladipupo Olatunde Adebutu Born on February 25, 1962 into the family of Sir Kessington Adebukola Adebutu (a multibillionaire business magnate), ‘Lado’, as he is fondly called, hails from Iperu, in Ikenne Local Government Area of Ogun State. A PDP stalwart, Lado is currently representing Ikenne/ Remo North/Sagamu Federal Constituency at the National Assembly and he is also the House Committee Chairman on Agriculture and Rural Development. After his secondary school education at Igbobi College, Lagos, he proceeded to the Republic of Ireland where he obtained a BSc (Hons) degree in Analytical Chemistry in 1984. He, thereafter, ventured into business and he is today a major player in animal husbandry with his livestock farm, Kessington Agro-Allied Limited, covering a large expanse of land in Iperu. Ladi is a grassroot mobilizer and a philanthropist. His archille’s heel is the fact that he and the immediate past governor, Otunba Gbenga Daniel, hail from the same Remo land where the latter had represented the zone between 2003 and 2011. But insider sources have hinted that the legislator is also considering an option of using his maternal lineage from Odogbolu which falls within Ijebuland to actualize his governorship bid. Buruji Kashamu The Senator representing Ogun East at the National Assembly, the 59-year-old PDP heavy weight who hails from Ijebu Igbo is yet to declare his governorship bid but it is being rumoured among his associates that he plans to join the fray. Kashamu, among political observers, has been described as a power broker whose influence bestrides in the decision-making organ of the party. Without him, shortly after the exit of the Jonathan-PDP-led Administration in 2015, the once acclaimed largest political party would have gone into extinction if not for Kashamu and a few others that saved the PDP from its ruins. He is a core loyalist of the Sen Ali Amodu Sheriff faction of the party. Chief Rotimi Paseda Paseda, who hails from Omu-Ijebu, in Odogbolu Local Government Area, was the 2015 Unity Party of Nigeria governorship candidate. The sole financier of the party, Paseda is another force to reckon with, in the political permutation of the state. Barely three months to the governorship poll in 2015 when he joined the race, through his deft calculation, he emerged third position after the candidates of the APC and PDP respectively. Armed with the action-plans of late Awolowo’s and relentless in his bid, Paseda, a successful businessman, appears set to leave no stone unturned, just as he has begun moves, consulting widely at every nook and cranny of the state.

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FEATURES

Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com

Incessant Attacks on Falae's Farm James Sowole writes on the incessant attacks on Olu Falae’s farm by suspected herdsmen

Falae (1st right) conducting Ondo State Police Commissioner, Gbenga Adeyanju (middle) round the razed farm

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ntil September 2015, the former Secretary to the Government of the Federation (SGF), Chief Olu Falae, was not known to many to be a commercial farmer. Though, the former SGF had been in farming business for more than three decades and had been having rough deals with herdsmen over time, his name became very prominent in the farming world on September 21, 2015, when he was kidnapped on his farm located at Ilado community in Akure North Local Government Area of Ondo State on his birthday by some Fulani herdsmen, who kept him in their den for four days until a ransom was paid for his release. The abduction of the foremost technocrat became a subject of national discourse and which brought the then Inspector General of Police, Mr. Solomon Arase, to Ondo State after getting matching orders from President Muhammadu Buhari for an operation that later led to the arrest of some of the abductors. The five men that were arrested in connection with the abduction were prosecuted and sentenced to life imprisonment. Despite this celebrated incident and their subsequent conviction, the herdsmen were undeterred from leading their animals to the farm of the former Minister of Finance and which always made headlines in the media. Since the abduction incident, whenever a reporter calls his editor to give a hint about a story on Falae, the first thought has always been in relation to herdsmen and his farm. This is because attacks on the octogenarian's farm had become a recurring decimal and had on one occasion led to the killing of one of his guards and the matter remained unresolved. The incessant attacks on Falae’s farm have been a source of worry not only to the owner but to various stakeholders including government and security agencies maybe because of his status in the society. The latest of the attack on the former SGF’s farm took a new dimension because it involved setting ablaze of his palm oil plantation. This latest incident made him to open up on several attacks including some of those that were not reported in the media. Sequel to the latest incident, the former minister revealed his thoughts about the motive of the attacks. \“I don't know why the herdsmen are always

attacking my farm, they did it last year, they did the same year before the last. That is how they burn it every year so that fresh grass can come out for their cattle to eat. The mature oil palm trees that have been bearing fruits to make palm oil have been burnt down. This is a wicked act and malicious damage, this goes beyond cattle wanting to eat, cattle don't eat oil palm. This is a malicious attack. The question is: why are they burning my crops? I did not plant on their land. These people want to cause chaos in Nigeria. “What that tells me is not a question of cattle eating grass; it is a matter of people destroying other people’s means of livelihood consciously, maliciously and deliberately. Palm trees are planted nine meters apart, it is not combustible. But they stoke its dry leaves and set it on fire. They burn them, why? That does not feed the cattle; they just want to destroy my assets. This is an attack on my livelihood, on what I possess. It is continuous, they do it every year. For the agric people, this is an attack to our food production. People are afraid now to plant, they do not have guarantee that the plants would not be destroyed. They have destroyed my 10 hectares of cassava. Whoever borrows money to plant now; the asset will be ruined,� he said. Falae said he was at a time tolerating the herdsmen because they usually come to take water for the cattle from the farm dam but the matter took another dimension when they do not want to feed the animals with grass again. “At first they will come in the night to fetch

Attacks on the octogenarian's farm had become a recurring decimal and had on one occasion led to the killing of one of his guards and the matter remained unresolved

water and we were tolerant because they did not touch or destroy anything but we did not allow them to stay here but later it took a different turn all over Nigeria. “They will come in the night, eat our maize and in the last three years, I've reported to the police over 10 times. Elements of the same people kidnapped me, when people said they were Fulani herdsmen but everybody knows a Fulani man in Nigeria, I have been at the receiving end for long even after I was kidnapped, they came back and killed one of my guards and the case remains an unsolved murder case. “They would drive their cattle through the uncultivated part of the farm where there is grass, they will not eat the grass, they would eat from my maize and cassava farm, But the question is why are they doing that ? “One of my workers, who lived on the farm once told me that occasionally when he hunted, he challenged one of the herdsmen, on why they destroyed the farm but he said the Fulani herdsman replied that ‘how we go dey chop garri where rice dey?’ So. To the herdsman, my maize and cassava is the preferred rice, the grass which is normal cattle feed has now become garri which is not desirable as rice, It is unfair and act of selfishness killing other people’s business to sustain their own,� he lamented. While adducing the herders’ selfish reasons for grazing on his maize, cassava and other arable crops, Falae continued to wonder why the burning of his palm plantation? “But what I don't understand is that why did they burn my oil palm plantation? They did so last year, I have the video, mature palm trees with fruits on them, they set them on fire. The oil palm does not benefit the cattle or herdsmen in many ways, it only hurts me, my guess is that they did it because they hate me because I have not abandoned the land to them. “They see me as an obstacle for them to take over the land permanently. They feel that by burning my farm, I will be so frustrated that I will abandon the land and they will inherit it and that will never, never happen. This last year I planted oil palm seedlings, they went and uprooted all the seedlings, when I saw what they did, I instructed my workers to replant them and they replanted them, yet the

herdsmen went back, uprooted the seedlings and took them away to destroy them. “Of course, herdsmen don't eat palm trees as I said, cattle don't eat palm trees and so they took them away for destruction why? They deliberately want to be hurting me hoping that that will lead to my abandoning the farm to them. That is my guess, maybe they too should come out to say their own reason. “The destruction does not enhance their well-being. If they drive the cows to eat my maize and destroy my assets, it enhances their assets using it to subsidise their cows. But when they burn my plantation, there is no rationality except malice and hatred,� Falae stated. To Falae, there are solutions to solve the problems of the herdsmen destroying his farms and which must involve him and the government. “What is more important is that I will take some actions and government should take steps too to make sure they don't do it again and if they don't take steps to prevent it, it means that government supports what they are doing, that means the government is not offended by what they are doing. Government at all levels, especially the federal government should be a government for all of us regardless of how many votes we cast at the election time, we are all entitled to the protection of the federal government.� However, the former SGF rejected in its entirety, the federal government’s proposal to establish cattle colonies in various parts of the country. “In Nigeria; to mention the word colony has political connotation not economic. A colony is a political entity which someone said he wants to create in the territory of another; that is a provocation; that is terrible thing for anybody to contemplate. I am sure it was a mistake. “I hope my friend Audu Ogbeh, Minister of Agriculture and Rural Development, will withdraw that obnoxious policy. In any case, with what is going on, I can tell you as a leader of our race, the Yoruba people will not concede one inch of its territory as a colony to another person. “I did not find my father as a slave, he never told me he was farming for other people; I will join with other people and pay the price we have to pay; any price to maintain the

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The palm plantation burnt down by suspected herdsmen

Falae...lamenting on his loss

freedom we have inherited. I am farming on my own land; I did not go elsewhere to farm. “There shall be no colony, not in Yorubaland. What happened last year was tremendous and we made claim of over two million that is still pending; we are not asking for compensation, what we are asking is for our farms to be left alone. The place that got burnt on my farm will be up to 125 hectares. The word colony is a repugnant political word because it means one group of people dominating another. The British came to Nigeria and by force colonised us and made us their possession. “A colonial arrangement regards other human beings as possession of others. An adult educated Nigerian will use that word colony, to describe any part of his country that you want to bring back colonial status. It is almost treason, it is repugnant, provocative and should be withdrawn and the person who coined it should apologise to Nigerians. Looking at the proposal itself, assuming other terms have been used, it is unsound and makes no sense," he said. Falae said the federal government should do what other countries of the world do when they are confronted with the same problems. "This is not a problem that cannot be solved. Many nations have gone through this, this mode of cattle rearing is universal but in the last 100 years most nation's have solved the problem by adopting ranching. "Ranching is cattle farming and a legitimate

and very profitable business run by private business men but they are trying to make my crops to feed their cattle to subsidise their

I don't know why the herdsmen are always attacking my farm, they did it last year, they did the same year before the last. That is how they burn it every year so that fresh grass can come out for their cattle to eat. The mature oil palm trees that have been bearing fruits to make palm oil have been burnt down. This is a wicked act and malicious damage, this goes beyond cattle wanting to eat, cattle don't eat oil palm. This is a malicious attack

own business because they are forcing me by invading my farm in the night to supply free food to their cattle and when they sell the cattle they don't give me part of the money. "This is a system that cannot survive and I expected the government to have stopped it, we are not saying cattle rearing should be stopped but the cattle rearers should be assisted to set up or do their business without hurting anybody. "Hurting farmers is not acceptable. So the proposal that colony should be established and rangers will accompany cattle moving from one colony to another is a very provocative and repugnant proposal. "Cattle rearing is private business, it is not the business of government. But government can only get involved in it the way they get involved in the cocoa or rice production. They are not to take cattle rearing as government business. "There are states which are homes to cattle. Cattle are indigenous to certain parts of Nigeria, it is not indigenous to us in Akure and Ondo State here. Let the state governments in those areas where these cattle come from, do what Sadauna used to do in those days. He provided watering holes, grazing reserves in various parts of the North for the comfort and convenience of these herdsmen and their cattle. "In the last 30 years, it is as if the state governments are not doing what they were

supposed to do to their people, hence the herdsmen come down here to cause trouble. "Let the government use the revenue for the benefit of their people, the states in the North have more territories than we in the South here, so let the state governments in those areas create grazing reserves for private cattle owners to set up their ranches, they can even guarantee their loans, they can build big ranches with provision of water and slaughtering and processing facilities and other facilities. That is the way it is done everywhere in the world. There are some ranches in the United States of America where there are over a million cows, we never see cattle at the JF Kennedy Airport but here in Akure Airport, go there you find the cattle there. "We know what the solution should be, cattle roaming around is primitive and cannot continue in the 21st Century. The solution I proposed because I spent four days with my kidnappers in the bush and I am in sympathy with their conditions. The comfort which we take for granted, they never have. They need special assistance. I am not saying the federal government should not assist but the primary responsibility for animal husbandry belongs to the state government. The state government should be made to accept their responsibility by looking at their people and the farmers too should be the responsibility of the state government," he said.

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L-R: Assistant Director, Price WaterHouse Coopers (PWC) London, Mr Alex Ramos; Director Spectrum Administration, Nigerian Communications Commission (NCC), Austine Nwaulune; Executive Commissioner Stakeholders Management, NCC, Mr. Sunday Dare; Director Policy Competition and Economic Analysis, NCC, Ms. Josephine Amuwa and Director PWC) London, Dr. Michael Hardt, during the stakeholders forum on cost based study for the determination of mobile voice termination rate in Lagos...recently

Consumer Goods, Banking Stocks Drive Growth of THISDAY Model Portfolio Goddy Egene The THISDAY Model Portfolio (TMP) that was introduced July 3, 2017 posted a growth of 28.5 per cent in the first six months ended December 29, 2017. TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and investment houses in the country share their trading skills and methodologies with ordinary investors. The investment houses involved in the project are Afrinvest Limited, FSDH Securities Limited, Capital Assets Limited, Meristem Limited

CAPITAL MARKET and Lead Advisory Limited. TMP consists of five different portfolio types constructed individually in conjunction with five leading stockbroking firms in the country with different investment objectives. Each of the partner stock broking houses constructed a portfolio of 10 stocks selected according to their individual best judgment and using their best and well tested stock selection and investment strategies. Each of them then deployed an imaginary fund of N10 million to invest on the 10 stocks in whatever

proportions they considered best. Within six months of its deployment, the TMP recorded an aggregate growth of 28.5 per cent as the imaginary N50million deployed grew to N64.275 million. However, an analysis of the individual portfolios showed that three recorded performance higher than the aggregate growth. For instance, Portfolio C recorded a growth of 44.9 per cent, indicating that the N10 million deployed has grown to N14.489 million. Similarly, Portfolio B ended 2017 with gain of 42.2 per cent, implying that the N10 million has improved to N14.224

million, while Portfolio B closed the year with a growth of 33.1 per cent. This means the N10 million deployed improved to N13.312 million. Portfolio A recorded a return of 21.7 per cent as the N10 million deployed has appreciated to N12.168 million. Portfolio E recorded the least growth of 0.81 per cent. A further breakdown of the Portfolio C that recorded the highest growth of 44.9 per cent, showed it was able to achieve the growth from a mix of stocks from banking, consumer goods

Ăž ĂĄĂ‹Ă? Ă?Ă’Ă?Ă?ĂœĂ“Ă˜Ă‘ ÞÙ Ă•Ă˜Ă™ĂĄ ÞÒËÞ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă‹Ă˜ĂŽ ÞÒĂ? Ă“Ă‘Ă?Ăœ Ă?ĂšĂ&#x;ĂŒĂ–Ă“Ă?Ëœ ĂĄĂ“Ă–Ă– Ă“Ă˜ Í´ÍŽ ĂŽĂ‹ĂŁĂ? ÞÓ×Ă? Ă?Ă“Ă‘Ă˜ ĂŒĂ“Ă˜ĂŽĂ“Ă˜Ă‘ ĂŒĂ“Ă–Ă‹ĂžĂ?ĂœĂ‹Ă– Ă‹Ă˜ĂŽ ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜ĂžĂ? ÞÒËÞ ĂĄĂ“Ă–Ă– Ă?Ă˜Ă‹ĂŒĂ–Ă? ĂŒĂ™ĂžĂ’ Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă? ĂŽĂ?Ă Ă?ÖÙÚ Ă‹Ă˜ĂŽ ĂŒĂ&#x;Ă“Ă–ĂŽ Ă‹ Ă˜Ă?ĂĄ ĂšĂ?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂŁ Ă“Ă˜ Ă‹ĂžĂ?Ă“Ă˜Ă‹ ÞËÞĂ?Ë› Ă’Ă? Ă“Ă˜Ă“Ă?ĂžĂœĂŁ Ă™Ă? Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— Ă?Ă?Ă™Ă&#x;ĂœĂ?Ă?Ă? ĂŽĂ“Ă?Ă?Ă–Ă™Ă?Ă?ĂŽ ÞÒÓĂ? Ă“Ă˜ Ă‹ Ă?ÞËÞĂ?Ă—Ă?Ă˜Ăž Ă™ĂŒĂžĂ‹Ă“Ă˜Ă?ĂŽ ĂŒĂŁ Ă–Ă‹Ă?Ăž ĂĄĂ?Ă?Ă•Ë› Ă’Ă? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂŁ ĂšĂœĂ™Ă”Ă?Ă?ĂžËœ Ă‹Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ ÞÒĂ? Ă—Ă“Ă˜Ă“Ă?ĂžĂœĂŁËœ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă‹Ă–Ă?Ă™ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ? Ă‹ Ă?ĂœĂ&#x;ĂŽĂ? ÙÓÖ ÚÓÚĂ?Ă–Ă“Ă˜Ă? ÞÒËÞ Ă“Ă? Ă?âÚĂ?Ă?ĂžĂ?ĂŽ ÞÙ Ă?Ù×Ă? Ă?ĂœĂ™Ă— Ă“Ă‘Ă?Ăœ Ă?ĂšĂ&#x;ĂŒĂ–Ă“Ă?Ëœ Ă“Ă˜ĂŽĂ“Ă?Ă‹ĂžĂ“Ă˜Ă‘ ÞÒĂ? ĂšĂ–Ă‹Ă˜Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ă?ĂŽ Ă?ĂœĂ&#x;ĂŽĂ? ÙÓÖ Ă?ĂœĂ™Ă— Ă“Ă‘Ă?ĂœË› Ă™ Ă‹Ă?ĂžĂ&#x;Ă‹Ă–Ă“Ă?Ă? ÞÒÓĂ?Ëœ ÞÒĂ? Ă—Ă“Ă˜Ă“Ă?ĂžĂœĂŁ Ă?ÞËÞĂ?ĂŽ ÞÒËÞ ĂŒĂ™ĂžĂ’ Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂĄĂ“ĂžĂ’Ă“Ă˜ Í´ÍŽ ĂŽĂ‹ĂŁĂ? Ă?Ă“Ă‘Ă˜ ĂŒĂ“Ă–Ă‹ĂžĂ?ĂœĂ‹Ă– Ă‹Ă˜ĂŽ ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜ĂžĂ?Ëœ ĂĄĂ’Ă“Ă–Ă? Ă‹ Ă’Ă“Ă‘Ă’ Ă–Ă?Ă Ă?Ă– ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– Ă?Ù××ÓÞÞĂ?Ă? ĂŒĂ?ÞåĂ?Ă?Ă˜ ÞÒĂ?Ă— ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ă?Ăž Ă&#x;Ăš ÞÙ ĂŽĂ?Ă Ă?ÖÙÚ Ă‹ Ă?ĂžĂœĂ‹ĂžĂ?Ă‘ĂŁ ÞÒËÞ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă&#x;Ă?Ă?ĂŽ ÞÙ Ă&#x;Ă˜ĂŽĂ?ĂœĂžĂ‹Ă•Ă? ÞÒĂ? ĂšĂœĂ™Ă”Ă?Ă?Þ˛ Ă–ĂœĂ?Ă‹ĂŽĂŁËœ ÞÒĂ? Ă“Ă˜Ă“Ă?ĂžĂ?Ăœ Ă™Ă? ÞËÞĂ? Ă?Ă™Ăœ Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— Ă?Ă?Ă™Ă&#x;ĂœĂ?Ă?Ă?Ëœ ĂœË›

ĂŒĂ? Ă‹Ă?Ă’Ă“Ă•ĂĄĂ&#x; Ă’Ă‹ĂŽ Ă—Ă?Ăž åÓÞÒ ÞÒĂ? ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž Ă™Ă? ÞÒĂ? Ă?ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă™Ă? Ă“Ă‘Ă?ĂœËœ Ă‹Ă’Ă‹Ă—Ă‹ĂŽĂ™Ă&#x; Ă?Ă?Ă™Ă&#x;Ă?Ă™Ă&#x; Ă‹Ă˜ĂŽ ÞÒĂ? Ă˜Ă?ĂœĂ‘ĂŁ Ă“Ă˜Ă“Ă?ĂžĂ?Ăœ Ă™Ă? ÞÒĂ? Ă?ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă™Ă? Ă“Ă‘Ă?ĂœËœ ĂœË› Ă™Ă&#x;×ËÕÙãĂ? Ă‹ĂŽĂ™ ÞÙ ĂŽĂ“Ă?Ă?Ă&#x;Ă?Ă? ÞÒĂ? ×ÙÎËÖÓÞÓĂ?Ă? Ă?Ă™Ăœ ÞÒĂ? Ă–Ă‹Ă&#x;ĂŽĂ‹ĂŒĂ–Ă? ĂšĂœĂ™Ă”Ă?Ă?ĂžĂ?Ë› ËŤ Ă—Ă&#x;ĂžĂ&#x;Ă‹Ă–Ă–ĂŁ ĂŒĂ?Ă˜Ă?Ă?Ă“Ă?Ă“Ă‹Ă– Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜Ăž ĂĄĂ‹Ă? ĂœĂ?Ă‹Ă?Ă’Ă?ĂŽ Ă?Ă™Ăœ ÞÒĂ? Ă?Ă™Ă˜Ă?ĂžĂœĂ&#x;Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? Ă‹ ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂŁ Ă“Ă˜ ÞÒĂ? ĂŒĂ™ĂœĂŽĂ?Ăœ ĂžĂ™ĂĄĂ˜ ĂŒĂ?ÞåĂ?Ă?Ă˜ ÞÒĂ? Ă?ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă™Ă? Ă“Ă‘Ă?Ăœ Ă‹Ă˜ĂŽ Ă‹ĂžĂ?Ă“Ă˜Ă‹ ÞËÞĂ?Ëœ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă‹Ă˜ĂŽ Ă‹ Ă?ĂœĂ&#x;ĂŽĂ? ÙÓÖ ÚÓÚĂ?Ă–Ă“Ă˜Ă? Ă?ĂœĂ™Ă— ÞÒĂ? Ă?ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă™Ă? Ă“Ă‘Ă?Ăœ ÞÙ ÞÒĂ? Ă˜Ă?ĂĄ ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂŁË› Ă?Ă?Ă“Ă˜Ă“ĂžĂ“Ă Ă? ĂŒĂ“Ă–Ă‹ĂžĂ?ĂœĂ‹Ă– Ă‹Ă˜ĂŽ ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜ĂžĂ? ÞÙ ĂŒĂ? Ă?Ă“Ă‘Ă˜Ă?ĂŽ Ă“Ă˜ Ă?Ă™Ă—Ă“Ă˜Ă‘ ĂŽĂ‹ĂŁĂ?ËœËŹ ÞÒĂ? Ă—Ă“Ă˜Ă“Ă?ĂžĂœĂŁ Ă?Ă‹Ă“ĂŽ Ă“Ă˜ ÞÒĂ? Ă˜Ă™ĂžĂ?Ë› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ Ă‹ Ă?ÙÚã Ă™Ă? ÞÒĂ? Ă™Ă&#x;ĂžĂ?Ù×Ă? Ă™Ă? ÞÒĂ? Ă—Ă?Ă?ĂžĂ“Ă˜Ă‘ Ă‹Ă?Ă’Ă“Ă•ĂĄĂ&#x; Ă’Ă‹ĂŽ åÓÞÒ Ă?Ă?Ă™Ă&#x;Ă?Ă™Ă&#x; Ă‹Ă˜ĂŽ Ă‹ĂŽĂ™Ëœ Ă’Ă? Ă?Ă˘ĂšĂœĂ?Ă?Ă?Ă?ĂŽ ÒÙÚĂ? ÞÒËÞ ÞÒĂ? ĂšĂœĂ™Ă”Ă?Ă?Ăž ĂĄĂ’Ă“Ă?Ă’ ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž Ă&#x;Ă’Ă‹Ă—Ă—Ă‹ĂŽĂ&#x; Ă&#x;Ă’Ă‹ĂœĂ“Ëœ Ă?Ă™Ă˜Ă?Ă?Ă“Ă Ă?ĂŽ ÞåÙ ĂŁĂ?Ă‹ĂœĂ? Ă‹Ă‘Ă™ åÓÞÒ Ă?Ă?Ă™Ă&#x;Ă?Ă™Ă&#x;Ëœ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă˜Ă™ĂĄ Ă‘Ă™ Ă™Ă˜ ÞÙ ĂŒĂ? Ă?Ù×ÚÖĂ?ĂžĂ?ĂŽË› Ă–Ă?Ă™Ëœ ÞÒĂ? ĂœĂ?Ă?Ă?Ă˜Ăž ÚËĂ?Ă?Ă‹Ă‘Ă? Ă™Ă? ÞÒĂ? Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ùà Ă?ĂœĂ˜Ă‹Ă˜Ă?Ă? Ă“Ă–Ă– Ě™ Ěš ĂŒĂŁ ÞÒĂ? Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă?Ă?Ă?Ă—ĂŒĂ–ĂŁ Ă’Ă‹Ă? ĂœĂ?Ă?Ă?Ă“Ă Ă? Ă?Ù××Ă?Ă˜ĂŽĂ‹ĂžĂ“Ă™Ă˜Ă? Ă?ĂœĂ™Ă— Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜Ă? Ă‹Ă˜ĂŽ ÙÞÒĂ?Ăœ Ă?ÞËÕĂ?ÒÙÖÎĂ?ĂœĂ?Ë› Ă’Ă? âĂ?Ă?Ă&#x;ÞÓà Ă? Ă“ĂœĂ?Ă?ĂžĂ™ĂœËœ Ă“Ă Ă“Ă– Ă™Ă?Ă“Ă?Þã Ă?Ă‘Ă“Ă?ÖËÞÓà Ă? ĂŽĂ Ă™Ă?Ă‹Ă?ĂŁ Ă?Ă˜ĂžĂœĂ? Ě™ ĚšËœ Ă&#x;ĂĄĂ‹Ă– Ă&#x;Ă?Ă‹Ëœ ĂĄĂ’Ă™ Ă‹Ă–Ă?Ă™ Ă?Ù××Ă?Ă˜ĂŽĂ?ĂŽ ÞÒĂ? Ă?Ă?Ă‹Ăž Ă–Ă‹Ă?Ăž ĂĄĂ?Ă?Ă•Ëœ Ă‹Ă–Ă?Ă™ ĂšĂœĂ‹ĂŁĂ?ĂŽ ÞÒĂ? Ă–Ă‹ĂĄĂ—Ă‹Ă•Ă?ĂœĂ? ÞÙ åÓÞÒÙĂ&#x;Ăž Ă?Ă&#x;ĂœĂžĂ’Ă?Ăœ ĂŽĂ?Ă–Ă‹ĂŁËœ ÚËĂ?Ă? ÞÒĂ? ĂœĂ?Ă—Ă‹Ă“Ă˜Ă“Ă˜Ă‘ Ă?Ă™Ă—ĂšĂ™Ă˜Ă?Ă˜ĂžĂ? Ă™Ă? ÞÒĂ? ÞÙ Ă‹ĂžĂžĂœĂ‹Ă?Ăž Ă?Ă“Ă‘Ă˜Ă“Ă?Ă“Ă?Ă‹Ă˜Ăž Ă˜Ă?ĂĄ Ă“Ă˜Ă Ă?Ă?Þ×Ă?Ă˜ĂžĂ? Ă“Ă˜ ÞÒĂ? ÙÓÖ Ă‹Ă˜ĂŽ Ă‘Ă‹Ă? Ă?Ă?Ă?ĂžĂ™ĂœË› Ă“Ă—Ă“Ă–Ă‹ĂœĂ–ĂŁËœ ËŞĂ? âĂ?Ă?Ă&#x;ÞÓà Ă? Ă?Ă?ĂœĂ?ĂžĂ‹ĂœĂŁËœ ĂœË› Ă‹Ă¤Ă“ĂœĂ“ ĂŽĂ“Ă™ Ă’Ă‹Ă? Ă–Ă‹Ă&#x;ĂŽĂ?ĂŽ ÞÒĂ? ÚËĂ?Ă?Ă‹Ă‘Ă?Ëœ Ă˜Ă™ĂžĂ“Ă˜Ă‘ ÞÒËÞ ÞÒĂ? ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜Ăž ĂĄĂ‹Ă? Ă“Ă˜ Ă?Ă&#x;ĂšĂšĂ™ĂœĂž Ă™Ă? ÞÒĂ? Ă—Ă‹Ă˜ĂŽĂ‹ĂžĂ? Ă™Ă? ÞÙ Ă?ĂžĂœĂ?Ă˜Ă‘ĂžĂ’Ă?Ă˜ ĂœĂ?Ă?Ă™ĂœĂ—Ă? Ă“Ă˜ ÞÒĂ? ĂšĂ?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă‹Ă˜ĂŽ ĂšĂœĂ™Ă—Ă™ĂžĂ? Ă“Ă˜Ă Ă?Ă?Þ×Ă?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ ĂŒĂ?ÞÞĂ?Ăœ ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă? Ă‘Ă?Ă˜Ă?ĂœĂ‹ĂžĂ“Ă™Ă˜Ë›

Continued on page 24

Tukur Canvasses Robust Economic Plan to Check Farmers-Herders Crises Ndubuisi Francis in Abuja The Grand Patron of African Business Roundtable (ABR), Alhaji Bamanga Tukur, has advised African countries to create a robust economic plan capable of enabling the participation of businesses and young people in providing an enduring solution to the fast evolving crisis between farmers and herders. He argued that the challenges of insecurity premised by economic deprivations, which led to the Arab Spring culminating in the change of governments in several African countries, including Egypt, Libya, South Sudan, Mali and

ECONOMY the recent Boko Haram menace in Nigeria, now in Chad and Cameroun are too glaring to be ignored. Tukur spoke at the presidential handing over ceremony of the ABR in Abuja to its new Chairman, Mr. Samuel Dossou-Aworet. ABR was founded by the African Development Bank (AfDB) between 1988 and 1990, even operated before the Private Sector Department of the pan-African bank group became fully functional. He stated: “ABR should champion an environmental

economic sustainable development plan that will create job opportunities and grow the economies of African states through controlling the wildfire of farmers/herdsmen crises by creating a robust economic plan that will see to the participation of businesses and young people in providing a permanent and long- lasting solution to this emerging crises.� Tukur, also a former National Chairman of the Peoples Democratic Party (PDP), blamed the inability of the African continent to meet the Millennium Development Goals (MDGs) on the exclusion of the private sector in the quest to realise the goals.

He canvassed a marshal economic plan of some sort, to support the resuscitation of the affected areas that will involve the participation of governments, businesses and development partners/Institutions; providing support, tax holidays and concessions to grow the battered economy of region. “The inability of the continent to meet up with the Millennium Development Goals (MDGs) is not unconnected to the lack of involvement of the private sector in the attempt of realising the goal; hence the call for an amendment in the Continued on page 24

Kachikwu

T H I S D AY Ëž Ëœ ÍłËœ 2018

24

BUSINESSWORLD TUKUR CANVASSES ROBUST ECONOMIC PLAN TO CHECK FARMERS-HERDERS CRISES

pursuit of the new target of Sustainable Development Goald (SDGs). On his stewardship at ABR, Tukur recalled that he took over a financially prostrate organisation when he was elected president to lead the organisation. “Everyone here knows that without necessary resources deployed to actualise a vision, you will remain at best a good dreamer. “I committed enormous resources in terms of personal funds, time and goodwill towards rebuilding, restructuring and re-organizing the institution to raise its profile and relevance in the global economic, political and even socio-cultural arena. “More importantly however, was my commitment to strengthening governance, institutional efficiency and effectiveness through establishment of a functional secretariat, staffed by well trained professionals and supported by a pool of expert consultants which led to the development of a very robust Business Plan to chart the organizational path in delivering its mandate. “I also invited notable business leaders, firms and development institutions across the globe to join and collaborate with the ABR. We expanded the Board for more gender and regional inclusiveness,� he stated. The history of ABR, like any other institution, he pointed out, is not complete without myriad of challenges, adding that with the experience of Mr. Samuel Dossu, he was optimistic that ABR will continue to provide leadership for Africa’s economic growth. The new chairman of ABR, Mr. Samuel Dossou-Aworet is the President of Petrolin Group, the Pan Africa Oil and Gas Exploration Company. Dossou-Aworet, who is a passionate crusader for good corporate governance, an advocate for regional integration through cross border business and investment partnerships, a very successful business personality of high repute and integrity, hails from Gabon.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Chineme Okafor (Energy) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

CONSUMER GOODS, BANKING STOCKS DRIVE GROWTH OF THISDAY MODEL PORTFOLIO and industrial goods sectors of the market. The 10 stocks selected by Portfolio C include: Guaranty Trust Bank Plc which got 10 per cent of the N10 million deployed; Zenith Bank Plc(15 per cent); Nigerian Breweries Plc (10 per cent); Lafarge Africa Plc( 10.2 per cent); Dangote Cement Plc(7.5 per cent); Dangote Sugar Refinery Plc (10 per cent); Dangote Flour Mills Plc (10 per cent); Nestle Nigeria Plc (10 per cent) Unilever Nigeria Plc (5.0 per cent) and Guinness Nigeria Plc (15 per cent). Among the stocks, Dangote Flour Mills Plc recorded the highest appreciation of 144.5 per cent. It was followed by Dangote Sugar Refinery Plc with 126.2 per cent growth. Nestle

Nigeria Plc ended with a gain of 72.7per cent, just as Guinness Nigeria Plc and Zenith Bank Plc posted 38.4 per cent and 25.1 per cent respectively. GTBank Plc, Dangote Cement Plc and Unilever Nigeria Plc advanced by 18.3 per cent, 13.8 per cent and 11.2 per cent in that order. However, only two stocks recorded decline in the review period. They are: Nigerian Breweries Plc (16 per cent) and Lafarge Africa Plc (10.2 per cent). Portfolio D that posted a return of 42.24 per cent has the following stocks: Access Bank Plc; Total Nigeria Plc; Custodian Plc; Dangote Cement Plc; GTBank Plc; NASCON Allied Industries Plc; Dangote Sugar Refinery Plc; Nestle Nigeria Plc; Presco Plc and Zenith Bank Plc. The highest

price gainer was Dangote Sugar Refinery Plc with 126.2 per cent, followed by NASCON with 98.9 percent, while Nestle Nigeria Plc appreciated by 72.7 per cent. Zenith Bank Plc advanced 25.1 per cent. GTBank Plc garnered 18.3 per cent, just as Dangote Cement Plc chalked up 13.8 per cent. Access Bank Plc gained 12 per cent, while Custodian Plc and Presco Plc rose by 11.4 per cent and 0.84 per cent in that order. The only decliner is Total Nigeria Plc that shed 13.5 per cent. For Portfolio B that posted a growth of 33.1 per cent, only one of its stocks recorded a decline of 10.2 per cent. And that stock is Lafarge Africa Plc. The remaining nine stocks ended positively, led by Dangote Sugar

Refinery Plc with 126 per cent. NASCON Allied Industries Plc trailed with 98.9 per cent. Nestle Nigeria Plc rose by 72.9 per cent, while Zenith Bank Plc garnered 25 per cent, just as Cadbury Nigeria Plc and United Bank for Africa Plc appreciated by 18.6 per cent and 18.4 per cent respectively. Flour Mills of Nigeria Plc closed the period with a gain of 7.4 per cent. Portfolio A posted a growth of 21.7 per cent in the six months under review. The stocks in the portfolio include: Access Bank Plc; UBA Plc; GTBank Plc; Zenith Bank Plc; Lafarge Africa Plc; Nigerian Breweries Plc; Dangote Sugar Refinery Plc; Nestle Nigeria Plc and Total Nigeria Plc. Three of the stocks suffered decline, while seven appreciated.

Dangote Sugar Refinery Plc led with 126 per cent, trailed by Nestle Nigeria Plc chalking up 72.7 per cent. Zenith Bank Plc gained 25.1 per cent, just as UBA garnered 18.4 per cent. Dangote Cement Plc appreciated by 13.8 per cent. Access Bank Plc closed the period 12 per cent higher. The losers included: Nigerian Breweries Plc (16.2 per cent), Total Nigeria Plc (13.5 per cent), and Lafarge Africa Plc (10 per cent). Meanwhile, Portfolio E that posted the lowest growth of 0.81 per cent has GTBank Plc, Dangote Cement Plc, UBA Plc, Custodian Plc, AXA Mansard Insurance Plc, Nestle Nigeria Plc; Lafarge Africa Plc; UAC of Nigeria Plc; UACN Property Development Company Plc and Access Bank Plc.

Dangote, Aig-Imoukhuede Push for Private Sector Collaboration in Africa Africa’s richest man, Alhaji Aliko Dangote and the immediate past President of the Nigerian Stock Exchange, who is also the Chairman of Coronation Capital and co-chair of Global Business Coalition on Health (GBCHealth), Aigboje Aig-Imoukhuede have stressed that public-private sector collaboration will improve the health sector across Africa. At the Africa Business and Investment Forum, a high-level public-private sector dialogue, which was a side event at the recently concluded Assembly of Heads of States and Government of the African Union meeting in Addis Ababa, the two business leaders were said to have taken

steps to champion improvements in the health sector across Africa and at the global level. Aig-Imoukhuede, who commended the government for taking the private sector seriously, was also quoted in a statement to have said that “this is the first time the Africa Union will be engaging the private sector in its work as a partner to further the objectives of the union.� Calling for collaboration between government and private sector, Aig-Imoukhuede stated that there was a need to leverage the power and resources of the business community for positive impact on global health challenges, and perhaps

use the platform to give birth to an ‘African Davos’, which will take place after the AU summit every year and foster collaboration between private sector enablers and public sector drivers. He stated further that “great things happen when enablers and drivers collaborate.� On his part, Dangote identified the missing gap in continent’s development as “the need for Africa as a continent to come together.� He added that “the only way to move Africa forward is to think big, dream big and do big things together.� To this end, Dangote Foundation and GBCHealth are catalys-

ing an African Business coalition for health, ABCHealth which will support African business efforts to fight poverty and improve health in Africa, providing a neutral platform to incubate partnerships, drive investments in health and spotlight African business leaders and their work on health. “There is strong appetite from African corporates, business leaders, donors and development partners for investing in innovative and scalable health system while the state of the health sector across the continent is characterised by suboptimal outcomes (infectious diseases, malnutrition), poor quality

health system, fragmented health market, limited innovation and absence of protection against financial risks for citizens� that is the paradox of the African health sector, said Aig-Imoukhuede. In closing his speech, AigImoukhuede urged the private sector to “see health issues not just as doing good, but as a real competitive market, and thus should be at the center of our economic agenda�, adding that there is a strong rationale for the private sector to play a role in shaping health markets in Africa because good health is good business, therefore investing in health is both a business and social imperative.

AMCON MD Urges Nigerians to Patronise Peugeot Automobiles As a way of sustaining the success PAN Nigeria Limited recorded in 2017, the Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has called on PAN to maintain the tempo of the achievement in 2018; just as he implored Nigerians both individuals and corporate to patronise Peugeot brand of cars. The AMCON boss made the remarks at the 2018 Dealers Convention organised by the automobile company in Kaduna recently. He was represented at the

event by the Head of Subsidiaries at AMCOM, Mr. Ben Daminabo. According to Kuru, PAN achieved a lot of mileage in 2017 against all economic odds, which he stated required commendations from all stakeholders. This, he said, was why AMCON and indeed all stakeholders want them to sustain and even improve upon in the new financial year. PAN Nigeria Limited is one of the mega institutions that received the intervention of AMCON, which prevented the automobile company from going under.

He added, “This is the best time for PAN Nigeria Limited to restrategise and move ahead like all other automobile manufactures across the globe. It is our wish that Peugeot will reclaim its pride of place in Nigeria by producing those vehicles that made the brand very popular in those days. We believe the brand has all it takes to dominate the marketplace because the new generation of Peugeot cars are fuel efficient, durable; rugged and built for Nigerian roads. Aside from these attributes, Peugeot creates thousands of jobs for our teaming population,

which is why we all need to support the brand because it is our own.� According to him, the fact that PAN is still in business, is another demonstration of the positive impact and contribution of AMCON towards stabilise the Nigerian economy, which is one of its core mandates. Earlier in his speech, the Managing Director of PAN Nigeria Limited, assemblers of Peugeot brand of vehicles in Nigeria, Mr. Ibrahim Boyi had disclosed that the company made huge progress in 2017 despite the economic downturn in the country. Boyi

stated that the company revenue grew by 65 per cent from N3 billion to N5.3 billion. He added: “PAN has made giant stride in 2017 against the heavy and high tidal wave of economic recession, declining value of the naira, access to forex and erosion of infrastructure in the environment.� Stretching his position further, the PAN boss said, “PAN’s market share was 8 per cent down from 12 per cent in 2016, revenue grew by 65 per cent (to N5.3 billion from N3 billion) and operating profit by 78 per cent (to N719 million from N405 million).�

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MARKET REPORT

Equities Market Rebounds on Bargain Hunting Goddy Egene and Nosa Alekhuogie After falling the previous week to halt a three-week rally, the equities market rebounded last week to close higher. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 1.98 per cent to close at 44,639.99, while market capitalisation grew higher by 2.09 per cent to end N16.019 trillion. The positive performance stemmed from bargain hunting by investors, who are taking position ahead of the earnings release season. While the results for 2017 full year are would soon begin to come in, some companies released their interim results that showed impressive performance. Hence, more investors raised demand for stocks, a development that lifted the prices of shares. At the close of the week, three sectors recorded positive performance, while two ended in the bears’ territory. The NSE Industrial Goods Index led with (+5.3 per cent), followed by the NSE Banking Index (+2.1 per cent), while the NSE Insurance Index rose 1.4 per cent. Conversely, the NSE Consumer Goods Index led the decliners with 3.3 per cent, followed by the NSE Oil & Gas Index wit 0.70 per cent. According to analysts at Meristem Securities Limited, as they envisaged at the beginning of the week, the market closed in the green zone, with the NSEASI advancing by 1.98 per cent despite the decline in market’s volume and value. “We note the influx of relevant market information in the course of the week; such as the release of financial scorecards across the consumer goods sector alongside the implementation of the Par value rule and the new pricing methodology. We, however, note that the market’s performance was driven by positive sentiment across counters in the banking and industrial goods space. In the coming week, we envisage a continuation of this positive outing, as we expect price appreciation on the market’s heavily-weighted counters Transnational Incorporated (ETI). The market got the boost from the share prices of International Breweries, alongside positive sentiment in the Unlike the previous day when four Transcorp, FBN Holdings, Nigerian appreciation recorded in the share prices consumer goods space,� the analysts sectors appreciated, three closed higher Breweries and UBA. of Dangote Cement, Unilever, Union said. Performance across sectors was largely Bank, Transcorp and UBA. while two shed weight. The NSE “Market closed positive largely on Insurance Index appreciated the most, mixed as three of five indices trended rising by 0.7 per cent followed by southwards, led by the NSE Consumer account of the gain in the share price of Daily Performance Dangote Cement. Market performance The equity market opened the week the NSE Industrial Goods Index and Goods Index with 1.1 per cent. The NSE Insurance Index trailed, should improve going forward as the on a positive note as the bargain hunters NSE Banking Index that appreciated drove the market higher. As a result the rising 0.6 per cent and 0.5 per cent shedding 0.3 per cent while the NSE outlook of the market remains positive Banking Index went down by 0.2 per in the short-term,� operators said. NSE ASI went up by 1.22 per cent to respectively. Despite the rebound, performance On the negative side, the NSE Oil cent. close at 44,306.48. Market capitalisation On the positive side, the NSE across sectors showed that four out closed higher at N15.88 trillion. Gains & Gas Index shed 0.6 per cent, while recorded in the share prices of Dangote the NSE Consumer Goods Index lost Industrial Goods Index appreciated of the five were negative. The NSE the most, up 1.9 per cent. The NSE Insurance Index led with a decline Cement, Transcorp, FBN Holdings, 0.3 percent. After risin for two days, the bears Oil & Gas Index added 0.3 per cent. of 0.9 per cent following sell offs in UBA and Stanbic IBTC were mainly The market rebounded on Thursday, WAPIC Insurance Plc (-4.0 per cent) responsible for the positive performance returned on Wednesday as investors locked in profits. Consequently, which was the first day of the new and Law Union & Rock (-4.6 per cent). on the first day of the week. Operators said the market gradually the NSE ASI depreciated by 0.34 per month. The NSE ASI appreciated 0.26 The NSE Consumer Goods Index folrecovered from the oversold region cent today to close at 44,343.65. Market per cent to close at 44,460.18, while lowed falling 0.4 per cent due to price with bargain hunting by investors capitalisation ended lower at N15.90 market capitalisation added N58.9 depreciation in International Breweries (-4.8 per cent), Dangote Sugar Refinery particularly in stocks that declined trillion following depreciation in the billion to close at N15.95 trillion. in prior sessions “Bargain hunting by investors will Top 10 Brokers by Volume drive market performance in coming Rank Broker Description Quantity % of Volume 1 UBAS UNITED CAPITAL SECURITIES LIMITED 970,365,547 9.68 sessions in anticipation of 2017 earnings 2 SISB STANBIC IBTC STOCKBROKERS LIMITED 647,484,774 6.46 seasons,� they added. 3 RWD REWARD INVESTMENT AND SERVICES LIMITED 610,208,737 6.09 In terms sectoral performance, four 4 APEL APEL ASSET LIMITED - BRD 443,026,494 4.42 of the five indices closed northwards. 5 MCSE MORGAN CAPITAL SECURITIES LIMITED 328,179,051 3.27 6 APT APT SECURITIES AND FUNDS - BRD 309,462,491 3.09 The NSE Industrial Goods Index led 7 FBNS FBNQUEST SECURITIES LIMITED 302,209,529 3.01 gainers, up 1.7 per cent, trailed by the 8 CSSL CARDINALSTONE SECURITIES LIMITED 283,293,581 2.83 NSE Banking Index that rose by 0.9 9 CSL CSL STOCKBROKERS LIMITED 274,175,725 2.73 10 EFCP EFCP LIMITED 273,967,492 2.73 per cent. Similarly, the NSE Insurance 44.31 Top 10 Total Volume 4,442,373,421 Index appreciated by 0.6 per cent, while NOTE: The top 10 Stockbrokers are responsible for 44.31% of the total volume between 15/01/2018 and 19/01/2018 the NSE Oil & Gas Index closed 0.6 per cent higher. The only decliner was Top 10 Brokers by Value the NSE Consumer Goods Index that Rank Broker Description Value % Value 1 SISB STANBIC IBTC STOCKBROKERS LIMITED 12,402,934,630.66 13.50 shed 0.7 per cent. 2 CSL CSL STOCKBROKERS LIMITED 8,490,932,850.70 9.24 The market maintained the positive 3 RSNL RENCAP SECURITIES (NIG) LIMITED 7,284,418,541.03 7.93 trend on Tuesday with the NSE ASI 4 EFCP EFCP LIMITED 7,113,942,479.57 7.75 rising 0.42 per cent to close at 44,493.79, 5 FBNS FBNQUEST SECURITIES LIMITED 4,468,449,723.13 4.86 6 UBAS UNITED CAPITAL SECURITIES LIMITED 3,209,279,931.31 3.49 market capitalisation added N67.1 billion 7 CSSL CARDINALSTONE SECURITIES LIMITED 2,539,768,620.49 2.77 to be at N15.9 trillion. 8 IONE INVESTMENT ONE STOCKBROKERS INTL LTD-BRD 2,455,122,554.10 2.67 Performance was largely driven by 9 APEL APEL ASSET LIMITED - BRD 2,091,752,247.72 2.28 10 CHDS CHAPEL HILL DENHAM SECURITIES LTD - BRD 1,896,574,420.30 2.06 buying interest in Dangote Cement Plc; 56.56 Top 10 Total Value 51,953,175,999.01 Stanbic IBTC Holdings Plc; and Ecobank

(-1.9 per cent) and Nigerian Breweries Plc (-0.1 per cent). The NSE Banking Index and NSE Oil & Gas Index shed 0.1 per cent apiece. On the other hand, the NSE Industrial Goods Index was the lone gainer, rising by 0.7 per cent following gains in Dangote Cement Plc (+1.9 per cent) and CCNN (+4.8 per cent). The equity market appreciated further on Friday with the index rising 0.40 per cent to close the week at 44,639.99. The appreciation recorded in the share prices of Dangote Cement, Unilever, FBN Holdings, Access Bank and Zenith Bank were mainly responsible for the gain recorded in the Index. “Price corrections and profit taking in previous sessions presented buying opportunities for investors. This may continue in the coming sessions,� analysts said. Market Turnover Investors traded a total of 3.268 billion shares worth N28.123 billion in 35,761 deals last week by investors in contrast to a total of 7.157 billion shares valued at N42.545 billion that exchanged hands the previous week in 39,037 deals. The Financial Services Industry led the activity chart with 2.482 billion shares valued at N17.056 billion traded in 23,039 deals; thus contributing 75.96 per cent and 60.65 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 375.113 million shares worth N1.047 billion in 1,968 deals. The third place was occupied by Consumer Goods Industry with a turnover of 262.198 million shares worth N6.843 billion in 5,921 deals. Trading in the top three equities namely – FCMB Group Plc, Transnational Corporation of Nigeria Plc, and Skye Bank Plc accounted for 1.181 billion shares worth N2.830 billion in 5,219 deals. Also traded during the week were a total of 32,189 units of Exchange Traded Products (ETPs) valued at N1.299 million executed in 19 deals, compared with a total of 153,755 units valued at N1.883 million that was transacted two weeks ago in 11 deals. A total of 16,268 units of Federal Government Bonds valued at N17.053 million were traded this week in 28 deals, compared with a total of 6,715 units valued at N5.318 million transacted previous week in 15 deals. Price Gainers and Losers Meanwhile, 49 equities appreciated in price during the week, higher than 30 of the previous week, while 42 equities depreciated in price, lower than 44 equities of the previous week. AIICO Insurance Plc led the price gainers with 35.5 per cent, trailed by Unity Bank Plc with 31.7 per cent. Wema Bank Plc chalked up 31.5 per cent, while C & I Leasin Plc garnered 25.8 per cent. Other top price gainers included: NPF Microfinance Bank Plc (25 per cent); Diamond Bank Plc (23.1 per cent); WAPIC Insurance Plc (22.9 per cent); Champion Breweries Plc (22.1 per cent); Sterling Bank Plc (18.8 per cent); and Learn Africa Plc (18.5 per cent). On the contrary, LASACO Assurance Plc led the price losers with 28 per cent, trailed by Associated Bus Company Plc with 20 per cent decline. Law Union & Rock Insurance Plc shed 16.6 per cent, while African Alliance Insurance Plc and Royal Exchange Plc fell 16 per cent piece. Other top price losers included: International Breweries Plc (9.4 per cent); Linkage Assurance Plc (9.3 per cent); Newrest ASL Nigeria Plc (8.9 per cent); FTN Cocoa Processors Plc, UNIC Diversified Holdings Plc (8.0 per cent each).

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BUSINESSWORLD

INSIDE BROAD STREET

AKINWUNMI IBRAHIM

A view of Lagos ďŹ nancial district

Analysts Foresee Slowdown in Investment Inflows Obinna Chima Analysts at CSL Stockbrokers Limited have predicted a slowdown of investment inflows into the country this year, ahead of the 2019 elections. Also, the investment bank anticipated declines on domestic debt yields, which would make the securities not as attractive as they were in 2017. Furthermore, analysts at the firm held the view that longer-term investors were likely to remain relatively cautious until there is more clarity on the direction of policy after the February 2019 election. They stated this in a report on the 2018 economic outlook for the country. According to the Lagos-based firm, the outlook for the availability of foreign exchange (forex) and the naira’s exchange rate in 2018 is the major question occupying the minds of investors in Nigerian assets. The introduction of the Investors’ and Exporters’ Window (quoted as the Nigerian Autonomous Exchange Rate Fixing or NAFEX) in April significantly improved participants’ access to forex, helping to attract large inflows to the debt markets in particular as investors have become confident that they would be able to access forex to repatriate capital. However, expectations that treasury bills yields would fall in 2018 has stoked fears that a slowdown or reversal in portfolio flows will cause a ‘rush to the door’, leading to renewed shortages of forex in the system and potentially to rationing of forex supplies. “The short answer is that we do not think that such a scenario is likely and we believe that participants will retain unhindered access to forex via I&E window in 2018 for three major reasons. “Firstly, we are relatively sanguine on the outlook for both oil prices and production in 2018, believing that output will come in at around the 1.8 million barrels per day mark and that prices would average US$61/bbl, which bodes well for the supply of oil dollars, historically the most important source of forex for the economy. “Secondly and perhaps most importantly,

MARKET INDICATOR we believe that the Central Bank of Nigeria (CBN) will remain willing and able to ensure participants’ continued access to the I&E window. “On the willingness side, CBN officials have repeatedly extolled the success of I&E window in monetary policy communiquĂŠs and in interviews with the press.â€? Turnover on I & E window has risen steadily since its introduction in April 2017 and has hit US$26 billion. This forex window is largely the reason for the improvement in broad sentiment in the economy, over recent months. However, the CSL Stockbrokers report anticipated that treasury bills yields would start falling as the CBN begins to loosen monetary policy, They predicted a relatively small 200 basis points cuts to the monetary policy rate (MPR) as high inflation and depreciatory pressures keep the policy-makers cautious, with risks skewed towards policy being kept tighter if inflation proves stickier than we currently anticipate. Lower interest rates will stimulate lending as demand for credit increases in tandem with improving sentiment across the economy, they added. They also anticipated that recurrent spending would exceed the amount targeted in the budget and that the government will rely on local debt markets to finance this additional spending. “Treasury issuance will therefore remain robust and this, along with continued relatively tight monetary policy, will support treasury instrument yields. “We are expecting yields on three-month bills to end 2018 at 10 per cent, while six months and 12 months will end the year at 14 per cent and 16 per cent respectively, in our view. “Although the short-end will likely dip into negative real territory based on our forecasts, we believe that carry trade will

remain attractive to foreign investors given that the currency is unlikely to depreciate by more than five per cent over the course of the year as the CBN will have the resources to intervene to prevent more significant depreciation. “Furthermore, nominal interest rates in Nigeria are attractive relative to regional peers and will remain so based on our outlook,� it added. Oil and GDP Outlook While the firm held the view that the Nigerian economy would continue to gather momentum over the course of 2018 owing to an improving outlook for both oil and non-oil sector, with respect to oil production, it pointed out that a reduction in militant attacks has seen output rise over the course of 2017. The resumption of operations at the 250,000bpd Forcados export terminal following the end of a force majeure boosted production towards 1.8mbpd, which is where output was expected to remain for much of 2018 with a boost coming later in the year from the onset of output from Total’s 200,000bpd Egina offshore field. “We are also expecting oil prices to be higher in 2018 than in 2017 as the market will remain fairly tight on the back of an extension of the OPEC production agreement. “Our baseline assumption is that prices will average US$61/bbl in 2018, up from an average of around US$53/bbl in 2017. “This high price/higher production scenario will provide the authorities with the resources to implement expansionary fiscal spending. “Although we expect total public expenditure to come in below the amount targeted in the 2018 budget, we nonetheless expect spending to increase robustly relative to 2017, which will boost activity in the non-oil sector. Furthermore, the forecast real GDP growth of three per cent, below the official budget estimate of 3.5 per cent and well below Nigeria’s potential growth rate. Related to this, the report pointed out that credit growth remains in negative territory, deeply so if one strips out the revaluation

effect that currency depreciation has had on forex loans. This is a major reason for the non-oil sector’s relative weakness (the non-oil economy contracted by 0.8% 2017 and has been very weak for of the last two and half years. Export revenues were expected to continue to rise over the course of 2018 as both oil prices and production head higher. Brent crude oil prices were estimated to average US$61/bbl range during the year up from a low of US$43/bbl in 2016, thanks to a tightening in global markets on the back of OPEC production cuts. “Production will remain beholden to militancy. Risks have risen since the Niger Delta Avengers (NDA) announced on November 3 an end to a ceasefire with the government. “Even so, we are cautiously optimistic that increases seen since March 2017 will be sustained. The expected onset of production at Total’s Egina offshore block is likely to add 200,000 bpd to output. “Furthermore, the decision by the NDA to end the ceasefire could well be a tactic to pressure the government to speed up the 16-point agenda to support the delta region, which was the basis for the militants agreeing to lay down their weapons. “With elections in February 2019 fast approaching, the NDA is no doubt conscious of its increased leverage. “The 2018 budget made an allowance for continued stipend payments to militants and we believe the government will do all its in power in the lead up to the 2019 election to ensure as little disruption as possible, even if it means throwing more money at the problem. Indeed, it noted that high inflation and relative currency stability over the course of the year means that domestic manufacturers would have lost competiveness and therefore increased demand will be met with higher imports as opposed to increased domestic production of goods. For the same reason, there is unlikely to be a significant pick up in non-oil exports despite the CBN’s desires to stimulate import substitution and non-oil exports, it added.

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T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

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NEWS

Over 100 Foreign, Local Investors to Participate in Kwara Trade Fair Hammed Shittu in Ilorin Foreign investors from Brazil, Germany, The Netherlands and the Peoples Republic of China have indicated their interests to participate in the Kwara state 7th trade fair. Besides, some countries from Economic Communities of West African States (ECOWAS) have also showed interest to participate in the fair billed to hold

in March, this year. The trade fair is being organised by the Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA), in partnership with an indigenous firm, Anista Marketing and Events Limited Briefing journalists in Ilorin on the forthcoming trade fair, the KWACCIMA President, Alhaji Ahmed Raji, said that the trade fair, themed; ‘Development of

Small And Medium Enterprise, A Panacea for the Growth and Development of Nigeria, would host over 100 local and international manufacturing industries. Raji, who was represented at the event by his deputy, Mr. Abdulfatah Ayodimeji, said that the fair was aimed at bringing to fore importance of micro, small and medium enterprises (MSMEs) in the state. He said that the fair is aimed to promoting the potential of the

largely agrarian state, adding that Kwara state served as home of raw materials for agro based manufacturing, pharmaceutical, paper manufacturing and furniture among others. The KWACCIMA boss, who also called on the three tiers of government in the country to pay special attention to the MSMEs in order to contribute to national growth and development, added that the MSMEs were capable of complementing governments’

efforts at enhancing economic growth and development of Nigeria. He solicited the support of people of the state towards a successful holding of the event, saying that the success of the fair would go a long way in improving and promoting businesses in the state. The KWACCIMA president, who advocated improved business environment in the country, commended efforts of

the state government at providing improved infrastructure and conducive business environment, particularly with the harmonisation of taxes as against previous era of multiple taxation of industries in the state. Also speaking at the event, the MD/CEO of partnering outfit, Anista Marketing and Events Limited, Patience Barshep, said that the partnership has potentials to galvanise the state economy into international level.

SON Unveils Product Authentication Mark Logo Segun Awofadeji in Bauchi In an effort to further ensure quality products in the Nigerian markets, the Standards Organisation of Nigeria (SON) has unveil its Product Authentication Mark (PAM) Logo. In a seminar organised by SON to sensitise manufacturers and importers on PAM logo held at the Development Exchange Center, Bauchi on Monday, Bauchi state coordinator of SON, Hauwa Mohammed Husseini said the objective of the seminar was to “bring together relevant stakeholders in building effective collaboration and enlightenment campaign towards protection of genuine manufacturers and importers from faking or adulterating of their products�. While highlighting some of the adverse effects substandard products have on the lives, properties and economy of unsuspected Nigerians, Husseini said “SON, as a standardisation body has put in place several measures such as Conformity Assessment Program (SONCAP), Mandatory Conformity Assessment Program (MANCAP), E-PRODUCT Registration etc towards ensuring production, importation and sales of quality products in Nigerian markets�.

According to Husseini, the sensitisation seminar on PAM Logo is also to enable participants to key into the laudable government policy that is intended to protect businesses. “I implore all the Manufacturers and Importers to embrace the Product Authentication Mark (PAM) as an additional measure to secure your products�, she said. A participant, Mr. Emmanuel Ikegbo, who also serves as the Secretary of New Auto Spare parts Association said the seminar has served as an eye opener with the introduction PAM Logo because “henceforth, when we go to the market to buy products, we will be on the lookout for the PAM logo that will tell us that it is a genuine product�. Also another participants, who is an electronics dealer Abubakar M. Bello of A A Waziri Electronics said , called on SON to ensure that the PAM logo remains authentic and devoid of proliferation from unscrupulous elements in the society. The seminar attracted participants in the manufacturing and import sectors from North East geopolitical zone, relevant MDAs and security agencies.

Linkage Assurance Appoints New Board Chairman Linkage Assurance Plc has announced the appointment of Chief Benard Fumudoh as the Chairman of the Board of the company. The company, however, said the appointment is subject to the approval of the industry regulator, the National Insurance Commission (NAICOM), and ratification by shareholders. The appointment according to the company takes effect from January 31, 2018. A statement by the company’s management noted that Fumudoh, takes over from Dr. John Anderson Eseimokumoh, who has resigned to pursue his other businesses after a meritorious service to the company as nonexecutive director spanning over four years. Fumudoh, brings to bear on the company his wealth of experience expected to enable Linkage Assurance become more competitive and increase value creation for shareholders. Linkage Assurance Plc in a statement said “strengthening the board is in line with the company’s vision for increased

capacity to deliver efficient services to its customers and value creation for all stakeholders.� A Member Federal Republic of Nigeria (MFR), Fumudoh is a successful entrepreneur and statesman, conversant with the spectrum of activities and sensitivities associated with developing and implementing intelligence based policies for the socio-economic benefits of corporate entities. He is the Founder and Managing Director of Manufacturing and Marketing Co (Nig) Ltd. An accounting graduate of the University of Lagos, Joshua Fumudoh presently serves on the board of several companies in various sectors including as Chairman Mamco-Bayelsa Palm; Chairman of Boston Capital Investment Ltd, and BCI Global Properties Ltd. He also served as a non -executive director of Topflight Insurance brokers. He was a delegate at two National Political Reform Conferences of 2005 and 2014, and presently serves as an honorary adviser to the Bayelsa State Government.

IMO WELCOMES DANA

L-R: Assistant General Manager, Commercial, Dana Air, Sandip Showdhury; Communications Manager, Kingsley Ezenwa; Special Adviser to the Imo state Governor, Ikenna Eme; Station Manager, Otobong Dominic;, Customer Service Agents, Tom - James and Chinasa Osuagwu, during the opening ceremony of Dana Air’s oďŹƒce at Imo Concorde Hotel, Owerri Imo state...recently

United States Nigeria Council Appoints New Chairman The United States Nigeria Council (USNC), a business organisation dedicated to deepening commercial ties between the United States and Nigeria, has announced the appointment of Ambassador Terence McCulley as its new Chairman. Ambassador McCulley served as United States ambassador to Nigeria from 2010 to 2013. The USNC, launched in 2016, acts as a convener, clearinghouse and catalyst for business and investment opportunities for US and Nigerian firms. From its offices in Washington, DC and Lagos, USNC develops targeted partnerships between members with an aim to catalyze a new wave of diversified investment and inclusive growth.

In addition to its continued work in agricultural supply chain development, the Council will focus on the information communication technology (ICT) sector in 2018. Speaking on the appointment of Ambassador McCulley, the Executive Director of USNC, Eliot Pence, said: “ McCulley has a proven track record in promoting businesses and diplomatic relations between the two countries. His leadership and experience will play a huge role as we forge a backbone of strong joint ventures between companies, funds and entrepreneurs.� McCulley has a distinguished diplomatic career in Africa. In addition to his posting in Nigeria, McCulley served as the US

Ambassador to CĂ´te d’Ivoire from 2013 to 2016 and Mali from 2005 to 2008. Reacting to his appointment, McCulley said: “As a former Ambassador to Nigeria, I understand the importance of the US-Nigeria Council in facilitating meaningful partnerships between Nigerian and American companies.â€? He added that “Nigeria is an indispensable destination for US investment; the country represents the largest market in Africa with over 180 million consumers and it is attracting an increasing number of US corporations. USNC is doing important work in focusing on deal execution and I am excited to be a part of the

team.� The Co-Chair of the council and Chairman of Flour Mills Nigeria, John Coumantaros, welcomed the appointment of McCulley, saying: “We are honored to have Ambassador McCulley as a leader in USNC efforts. He deeply understands the Nigerian operational context and has the diplomatic skills needed to strengthen commercial relationships between US and Nigerian companies.� Also speaking, Chief Executive Officer of the Nigerian Sovereign Investment Authority(NSIA) and Co-chair of the USNC, Uche Orji, said: “Ambassador McCulley is a recognised leader who blends diplomatic skills with a business acumen.�

Dana, Akwa United FC Unveil Sponsorship Deal Chinedu Eze Dana Air has unveiled another sponsorship deal worth millions with the current Nigerian Professional Football League (NPFL) league leader, Akwa United FC of Akwa Ibom state as part of its commitment towards sports development in Nigeria. The airline said it was poised to make the Nigerian professional football league more glamorous, “Dana Air today unveiled another sponsorship deal worth millions with the current NPFL league leaders Akwa United FC of Akwa Ibom state.� Under this deal, Dana Air would get branding opportu-

nities for the duration of the season and fly the team to all its away matches in the 2018 NPFL season. Also as part of the deal, the club’s player of the month initiative would be sponsored by Dana Air with a very good largess from the airline. Speaking at the press conference to announce the deal, the Accountable Manager of Dana Air, Mr. Obi Mbanuzuo said, ‘Let me first congratulate Akwa United for winning the league cup last year and for starting this season on a very impressive note. “Just like I said when we also unveiled our sponsorship for Heartland FC of Owerri, it’s not all about the branding

opportunities or commercials, but our commitment to developing football in Nigeria and supporting the Nigerian league. It is about making our league glamorous and encouraging the players to be the best. If we bring the passion with which we follow the teams in the EPL our league will be better for it. We have taken the lead, and we hope other corporate bodies will look in that direction,’’ he said. Also speaking at the ceremony, the Chairman of Akwa United, Elder Paul Bassey said: “This is surely a turning point in the development of football in Nigeria. This partnership will definitely ease our travels and we commend Dana Air, Nigeria’s

foremost airline for this.’’ “Air travel is the safest in the world and with this, Dana Air has taken a lot of burden off the club. The other day, we heard of a team that was involved in a road mishap, thank God the players came out unhurt. We thank Dana Air for giving back to the society and supporting Akwa Ibom state. Dana Air will surely get the value for this sponsorship.’’ Only recently, Dana Air unveiled sponsorship deal to support the 2018 NPFL campaign of Heartland FC of Owerri. The airline is the first and only domestic airline to have taken such initiative just as other global carriers like Emirate, Etihad and Qatar Airways.

T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

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BUSINESSWORLD Double Impact Platform Organises Innovative Business Planning Programme Double Impact Platform, a business training and relationship development organisation recently put together a highly innovative training programme targeted at business owners and entrepreneurs who are married and are jointly in business as “Coprenuers�. The January edition of the Double Impact Platform programme was focused on “Effective Planning for Couples in Business�. The programme, which was themed ‘Planning Forward 2018’ was designed to equip Copreneurs step into a new year armed with relevant insights that would aid the development of sound corporate and business planning as they draw road maps for success in the new year. The Double Impact Platform (DIP) was founded by Professor Joe Ezigbo and Audrey Joe-Ezigbo, the Founders of Falcon Corporation Limited, a leading Natural Gas company. This edition of the programme was highly rated and surpassed the expectations of participants in terms of attendance, content and audience engagement. The participants were drawn from a diverse background that included production, supply chain management, advertising, security and data management, mobile payment, tourism & hospitality, education, retail, agriculture and others. In her opening address, the Convener, Double Impact Platform and Executive Director of Falcon Corporation, Audrey Joe-Ezigbo, stated that “the Plan Forward programme for Couples in Business is designed to equip business owners with skills and knowledge required to stay competitive in their various industries. It offers rich content which would help “Copreneurs� become more proactive, improve performance, assess risk and opportunities and most importantly supports their vision for building legacies that foster generational and overall national prosperity. It is intended to address key elements that make businesses strong and stable such as innovations, finance, building competitive edge, all of which are critical to effective planning and execution�. According to Audrey JoeEzigbo, a key focus of the Planning Forward 2018 programme was to equip Coprenuers understand the new emerging economic growth opportunities to optimize as they build their business. The programme through its unique methodology provided participants insights on the economic outlook of the nation, highlighting the good, the bad and the opportunities for businesses. It also encouraged the participants to plan ahead and be intentional about making growth and expansion decision in their businesses. The CEO, RTC Advisory Services and a facilitator at the Planning Forward Workshop, Opeyemi Agbaje did an indepth analysis of the nation’s economy with emphasis on the analysis of the Nigerian Economy and forecast for 2018. Speaking at the Workshop, Agbaje, stated: “Based on forecast, the Nigerian economy would grow by at least 2.5 per cent in 2018 and it is important for businesses to

understand the emerging opportunities in other to maximise growth� he stated. Agbaje touched on all the economic indices through an in-depth analysis of the 2018 economic and financial outlook, expatiating on the issues, challenges and opportunities for people in business. He stated that the oil price has surged to $70pb beyond the 2017 expectations, offering Nigeria some respite and suggesting a better economic outlook in 2018. The increase in oil prices, the resumption of economic growth and other macroeconomics fundamentals which are also improving, suggests better prospects for businesses, especially as the oil sector growth diffuse into all other sectors. He highlighted that there has been a steady rise in Nigeria’s external reserve. This rise is as a result of improved foreign exchange inflow occasioned by the increase in crude oil price, dollar inflow from foreign portfolio investors facilitated by the Investors and Exporters window introduced in April 2017 as well as reduction in dollar sale through CBN’s forex intervention. Concerning the monetary policy, Agbaje mentioned that throughout last year the CBN maintained its monetary policy rate at 14% and as the economy recovers to full-throttle it is expected that the MPR would be eased downwards. According to him, the reduction in the MPR will be of great benefit to businesses including SMEs who need affordable credit to build their businesses and generate jobs. In her paper on Relationship Building in Business, AudreyJoe Ezigbo reiterated the need intentionality in building strong and positive relationships for “Copreneurs�. Participants were charged to self audit truthfully and objectively their previous year together as they go into effective planning forward. The need for living a wellbalanced life was emphasized. Quoting Philip James Bailey, she reiterated, “It matters not how long we live but how well�. Through a workshop format participants were led through several self evaluation exercises. She enjoined couples to be deliberate and intentional about building strong and positive family relationship to foster growth and stability within the business. She echoed that intentionality is very important as it gets woven into part of the plan for achieving success and balance in both the family and work life. “on the journey in pursuit of success couples must be equally and jointly intentional about the success of their relationship with one another� she echoed In her closing, Mrs. Audrey Joe-Ezigbo emphasised that “the Double Impact Platform was created to stir and stimulate knowledge among Copreneurs who are seeking to remain ahead of their markets particularly within the highly competitive landscape faced by every sector of the economy while managing their relationships perfectly.

NEWS

Technology Will Enhance Last-mile Delivery Services, Says NIPOST Boss Emma Okonji The Postmaster General of the federation and Chief Executive Officer of Nigeria Postal Service (NIPOST), Adebisi Adegbuyi, has assured Nigerians of better and faster last-mile delivery services in the Nigerian postal system. He said that the feat will be achieved through latest technology that would be made available to all NIPOST staff. Adegbuyi, who gave the assurance while unveiling 95 new motorcycles for last-mile delivery services for Lagos zone at the General Post Office, Ikeja at the weekend, said the motorcycles would enhance last-mile delivery services and also boost customer satisfaction. According

to the Postmaster General, “We are leveraging on technology to create revenue streams for NIPOST. We have entered into partnerships with different specialised bodies to drive these initiatives. One of the initiatives is the robust digital addressing system for NIPOST that will enhance easy and faster mail delivery, especially the last-mile delivery. “If we do not have a robust digital addressing system, it could hamper our dream for last-mile delivery system. It will help to identify customer location easily and make last-mile delivery system a lot more easier. The motorcycles that have just been launched is another way to enhance last-mile delivery.� Nigeria has the largest

destination for financial remittances in Africa, recording between $20- $23 billion in financial remittances yearly by Nigerians in diaspora. We want to use the post to reach out to more Nigerians and reduce poverty. All these will generate employment opportunities for our youths, and the motorcycles will go a long way in enhancing delivery services, Adeguyi added. He disclosed that President Muhammadu Buhari would soon launch the digital addressing system and the electronic money order that would further help NIPOST in servicing its customers better. In his remarks, the Chief Operating Officer of NIPOST, Yahaya Rufai said the last-

mile delivery remained one of the most important aspects of NIPOST mail delivery value chain, hence much attention is given to it, adding that the partnership with Global Mercantile and Logistics Limited, is a demonstration of NIPOST desire to ensure excellence in service delivery. According to Rufai, the collaboration demands that Global Mercantile enhances NIPOST last-mile delivery all over the federation, starting with Lagos zone where there is preponderance of mail service. Consequently, it will provide service to cover 16 regions of EMS/ Parcel Nigeria in Lagos at the first instance, as well as cover 12 postal hubs for conventional mail in Lagos with 47 dispatch riders.

TOWARDS STRONGER BUSINESS TIES

President, Nigerian-German Business Association (NGBA), Mr. Folabi Esan; German Ambassador to Nigeria, Dr. Bernhard Schlagheck and Director-General/CEO, NGBA, Mr. Gbenga Adebija at a bilateral meeting in Lagos between the association and the German Embassy in Lagos‌recently

StandChart Named ‘Best Bank for Cash Management’ in Nigeria The Standard Chartered Bank Nigeria has been named the ‘Best Overall Bank for Cash Management’ in Nigeria by the Global Finance. Global Finance released the rankings for its 18th annual Best Treasury and Cash Management Banks and Providers by category, region and by country recently. Speaking on the announcement, the Head of Transaction Banking for Nigeria and West Africa, Khurrum Zaeem, was quoted in a statement to have said: “We are delighted with this industry recognition. The award is a testament to our continued focus on developing market-leading

solutions, digital channels and liquidity management solutions that deliver easy, convenient banking to all our clients.B“As a bank, we have been investing in developing our digital banking solutions not only to transform the transacting experience of our clients but also to provide them with the highest levels of ease and security in the management of cash. We continue to invest for long-term growth in Nigeria were digital technologies will shape the future of banking.� Zaeem explained that the transaction banking business in Nigeria provides a full suite of market leading propositions in cash management, trade

finance and security services to clients within the local and international network. Based on client’s needs, “we provide varied solutions covering the efficient management of receivables, liquidity and payables – effectively facilitated through a fully integrated electronic banking platform which offers clients convenience, efficiency, transparency, and enhanced security.� Globally, Standard Chartered also won: Best Bank for Liquidity Management; Best Bank for Working Capital Optimization; Best Treasury API (Systems & Services); Best Bank for Working Capital Optimiza-

tion in the Middle East; Best Bank for Working Capital Optimization in Africa; Best Bank for Payments and Collections in Asia-Pacific; Best Overall Bank for Cash Management in Hong Kong and Best Overall Bank for Cash Management in Kenya Global Finance selected winning banks based on the following criteria: strength of strategy to attract and service digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives and web/mobile site design and functionality.

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Report Reveals Slow Compliance with EU Data Protection Regulation Emma Okonji With barely four months to the deadline on EU General Data Protection Regulation (GDPR) compliance, Global companies, including African counties are still unprepared to comply with the regulations, according to a survey report conducted recently by Ernst & Young (EY), a global leader in assurance, tax, transaction and advisory services. According to the report, 78 per cent of those surveyed, consider data protection and data privacy compliance a growing concern, yet only 33 per cent

of respondents have a plan in place for GDPR. Increasing adoption of advanced forensic data analytics (FDA) technology, including robotics and Artificial Intelligence (AI), likely over the next 12 months, the report said, that intensifying regulatory pressures are top of mind for business leaders, with 78 per cent of respondents expressing increasing concern about data protection and data privacy compliance. This is according to the third biennial EY Global Forensic Data Analytics Survey, which examined the responses of 745

executives from 19 countries and analyzed the legal, compliance and fraud risks that global companies face and the use of forensic data analytics (FDA) to manage them. However, with less than four months to go until the European Union General Data Protection Regulation (GDPR) comes into force on 25 May 2018, only 33 per cent of respondents, state that they have a plan in place to comply with the EU legislation. While the average response of those in Europe was more positive, with 60 per cent indicating they have

a compliance plan in place, there is still much more work to be done in other markets, where significantly fewer companies indicated readiness for GDPR compliance including Africa and the Middle East at 27 per cent, the Americas at 13 per cent and Asia-Pacific 12 per cent. EY Global Fraud Investigation and Dispute Services Leader, Andrew Gordon, said: “The pace of regulatory change continues to accelerate and the introduction of data protection and data privacy laws, such as GDPR, are major compliance challenges for global organizations. But businesses

that adopt FDA technologies can achieve significant advantages, benefitting from more effective risk management and increased business transparency across all of their operations.� EY Nigeria Forensic/Fraud Investigation and Dispute Services Leader, Linus Osita Okeke, said: “Businesses in Nigeria need to take over more than a passing interest in GDPR because of the significant impact of this piece of EU legislation on businesses outside of the EU�. According to the report, respondents expressed a strong belief in the value of FDA and

its benefits for an organisation’s governance program, which is evidenced by a 51 per cent increase in average annual spend per respondent compared with 2016. Companies have significantly developed beyond relying on the basic FDA tools of the last decade, with 14 per cent of respondents stating that they are already using robotic process automation (RPA) to manage legal, compliance and fraud risks, and a further 39 per cent stating they are likely to adopt RPA within the next 12 months, followed by artificial intelligence (AI) at 38 per cent.

Air Peace Establishes Subsidiary to Manage New Fleet

Firm Moves to Demystify Foreign Online Admission Process

Chinedu Eze

Emma Okonji

With the delivery of the first of the six Embraer 145 New Generation aircraft ordered, fast rising Nigerian carrier, Air Peace, has established a subsidiary to manage the new fleet. The airline said that the 50-seater aircraft delivered last week would operate under the carrier’s subsidiary, Air Peace Hopper. According to the statement from the airline, the development marks the first time a Nigerian airline would establish a subsidiary to manage an arm of its flight operations, following the tradition of some of the big carriers in the world. Chairman/CEO of Air Peace,

Mr. Allen Onyema described the arrival of the new aircraft named Nkechi Ezewusi (Nee Onyema) and the kick-off of the subsidiary as a milestone in the airline’s vision of uniting Nigeria through air connectivity and ending the travel nightmares of its many unserved and underserved cities. “The arrival of our latest new generation aircraft marked 5N-BUY, has once again underscored our determination to bring Nigeria together through air connectivity and fix the air travel difficulties of many unserved and underserved cities in the country. We are even more pleased that the arrival of the aircraft

marks the beginning of our subsidiary, Air Peace Hopper. “Another of the six Embraer 145 jets we recently acquired will arrive in Nigeria in less than a week’s time. We will organise our plan to link many cities in the North and South of Nigeria under the subsidiary. Under Air Peace Hopper, we hope to connect routes such as Enugu-Kano-Enugu, Benin-Port-Harcourt-Benin, Port-Harcourt-Kano-PortHarcourt, Lagos-WarriPort-Harcourt-Warri-Lagos, Lagos-Warri-Abuja-Warri, Lagos-Kaduna-Lagos, LagosSokoto-Lagos, Abuja-SokotoAbuja, Abuja-Bauchi-Abuja, Lagos- Markurdi-Lagos, LagosJos-Lagos, among others.

Worldview, an online firm providing world of opportunities to Nigerian students seeking admission into tertiary institutions abroad, has explained that its online portal, which has over 17,000 visits as at last count this week, is offering students the most comfortable and stress-free method of gaining admission into universities of choice abroad, without paying any fee as agent fee. The portal, www. findadmission.com, eliminates the usual practice where agents who assist Nigerians students to get admission abroad, collects as much as N50, 000 as commission fee, which excludes the institutions’ admission fees and school fees. Speaking at a press

conference in Lagos recently, the Findadmission Visa Counselor for Canada, Mrs. Karen Perez, said Nigerian students have better opportunities to get admission of choice, when they search through the Findadmission portal, which she said, remained simple to access and free of charge. According to her the decision to study abroad, could be a daunting one, but that Findadmission.com has made it a lot easier. She said the portal addresses challenges often faced by students like culture, intending course of study based on the students O’Level qualification, housing and tuition budget. “Through our portal, we will be able to match the students qualification and choice of study with the universities that offer

such causes across the globe, and make suggestions for the students to make informed decision based on their budget, qualifications, choice of country and choice of school,� Perez said. Founder, Worldview International, Mr. Folabi Obember, further explained that the portal eliminates guesswork that comes with trying to figure out which location or institution offers the courses that the student intends to study. “Instead of going through google searches for hours, the students could simply enter his or her information, goals preferences and upload his or her academic credentials on the site and the website does the magic of getting the student invite from institutions that have already checked the profile.�

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T H I S D AY ˞ ˜ FEBRUARY 5, 2018

BUSINESS/MONEYGUIDE

Business Owners Protest Eviction Order by SMEDAN Obinna Chima The Association of Micro Entrepreneurs of Nigeria (AMEN) has called on the federal government to stop the eviction notice given to over 40 of its members using Industrial Development Centre (IDC) Ikorodu, Lagos State. The eviction notice was given by the Small & Meduim Enterprises Development Agency of Nigeria (SMEDAN). Speaking at a media briefing organised by AMEN in Lagos at the weekend, the group’s National President, Saviour Ichie, said his members had written to the Vice President, the Bank of Industry (BoI) and other key government agencies highlighting the implications of the alleged order from IDC management. In a statement titled:

Anti-Industrilisation Renovation Schedule at Industrial Development Centre (IDC), Ikorodu, Ichie alleged that his association last week received a seven-day quit notice to move away from the centre. According the AMEN President, the order to vacate the centre would affect their relationship with Bank of Industry (BoI) and the National Agency for Food and Drug Administration and Control (NAFDAC). “We don’t want renovation of the cluster because most of the members had borrowed monies from BoI and other financial institutions to renovate the place. “There are about 19 hectres of land there, more than forty of our members with over a hundred staff are doing their businesses there, we have been

using the centre for the about five years now and there is enough space for them to build more clusters, because we have more people outside who are hoping to occupy the centre.� According to him, the move was adeliberate action to kill their businesses, sack the workers and throw the owners of such businesses into already saturatedjob market. Continuing, he said the entrepreneurs also secured funds from the Lagos State Employment Trust Fund (LSETF) to boost their operations and needs a conducive operating environment to thrive and repay any credit obtained by them. “We want to declare that this decision to quit micro entrepreneurs from IDC Ikorodu is anti-industrilisation,� Ichie said.

Fitch Upgrades Access Bank’s National Rating to ‘A+ Fitch Ratings, a leading global rating agency in its latest report, has upgraded Access Bank’s national long-term rating to ‘A+’ from ‘A.’ Equally, Fitch affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’. According to the rating agency, “Access Bank’s IDRs were driven by the bank’s intrinsic creditworthiness as defined by its Viability Rating (VR)�. This, it stated, was a reflection of the bank’s solid financial metrics. Access Bank’s asset quality metrics was said to compare especially well with its immediate peers, as “the bank’s stock of non-performing loans

has remained under control, comprising 2.6% of gross loans at end September 2017, the lowest of all large Nigerian banks.� The rating agency regarded Access Bank’s resilient asset quality as a reflection of the financial institution’s good corporate banking franchise and good management stability, which includes a robust risk management framework. In addition, Fitch noted that refinancing of the Bank’s Eurobond in 2016 eased the bank’s foreign currency liquidity position. “Access Bank’s National Ratings are a reflection of its relative creditworthiness to the best credits in Nigeria.� Speaking on the ratings

upgrade, the Group Managing Director/CEO, Herbert Wigwe, was quotd in a statement to have said: “The rating is a reflection of our strategic intent to adopt best global practices in all aspects of our business. We have grown over the years to become a formidable force within the financial markets in which we play, with an aim to becoming the most respected African Bank�. “As we embark on our next five – year cyclical growth strategy, we remain focused on establishing robust risk management and compliance frameworks, and seeking innovative ways to continually eschew sustainable banking ethos.�

Unity Bank Unveils Mobile Banking Solution As part of effort to strengthen retail banking offering and expand channels for financial inclusion penetration, Unity Bank has rolled out its Unstructured Supplementary Service Data (USSD) short code: *7799#. This is expected to enhance customer access to quality banking services. The bank explained that the USSD code, which it claimed was the first 4 digit code to be introduced to the market, was designed not only for the fast, secure and mobile banking

experience, but also offers high performance service options and appreciable degree of flexibility that enable customers bank the easy way. The services available on the USSD code include account opening, funds transfer, balance enquiry, airtime recharge and payment of Utility bills. Account holders are equally able to verify their BVN on the platform. A statement from Unity Bank said that the introduction of the banking solution was intended to boost alternate banking channels currently being offered in the market; especially

in terms of greater control and access which the customer are able to exercise on the bank’s USSD platform. According to the General Manager, Products & Channels Directorate of Unity Bank, Mr. Bonaventure Okhaimo, the code is easier to position in the mind of our customers. While attesting to the security of the platform, he noted that the mechanism for resolving challenges which sometimes are associated with mobile banking platforms has been enhanced by increased automation.

FCMB Marks Employee Health Week First City Monument Bank (FCMB) Limited’s annual Employee Health Week is expected to commence today, with an assurance from the financial institution that it would continue to sustain a culture of wellness among its workforce. The bank’s Employee Health Week, which will run till February 9, is aimed at encouraging and supporting employees to adopt healthy lifestyles through various medical, dietary and aerobic activities that enhance their well-being, productivity

at work and other aspects of human endeavor. This forms an integral part of the great place to work philosophy of the Bank. In a statement, FCMB explained that this year’s programme, which is being anchored by a team of medical and nutritional experts, focuses on medical check-ups, nutrition, exercise and early detection as well as treatment of diseases such as diabetes, hypertension and high cholesterol. The experts have been deployed to select

branches of the Bank nationwide to conduct free examinations on health issues such as blood pressure, mammograms for FCMB female employees, blood sugar, cholesterol levels and Body Mass Index (BMI) tests, among others. Commenting on the significance of the Health Week, Senior Vice President and the Divisional Head, Corporate Services of FCMB, Felicia Obozuwa, said the health and wellbeing of employees are key priorities for the bank.

Broad street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

---- Memo: Credit to Govt. (Net) less FMA

7,834,536.74

---- Memo: Fed. and Mirror Accounts (FMA)

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20

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OPEC DAILY BASKET PRICE AS AT THURSDAY FEBRUAR 1, 2018

The price of OPEC basket of fourteen crudes stood at $66.83 a barrel on Thursday, compared with $66.28 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

Flour Mills Explains N40bn Rights Issue, Posts N9.4bn ProďŹ t Goddy Egene and Nosa Alekhuogie Flour Mills of Nigeria (FMN) Plc has said the N39.9 billion being raised from existing shareholders was part of strategy to grow and build long-term value for all stakeholders. The leading player in the food and agro-allied sectors in Nigeria is making a Rights Issue of 1,476,142, 418 ordinary shares of

50 kobo each offered at N27 per share to existing shareholders at the ratio of nine new ordinary shares for every 16 ordinary shares. The management and some board members were, last Thursday, at the Nigerian Stock Exchange (NSE) to present the ‘Facts Behind the Issue’ to fund/portfolio managers, shareholders and other stakeholders in the investment community.

P R I C E S MAIN BOARD

F O R DEALS

Speaking at the event, the Chairman of FMN, John Coumantaros said Rights Issue is being undertaken primarily to pay down some of the company’s outstanding short-term debt in order to reduce its finance costs which have increased significantly in recent times, and reshape its balance sheet. In his presentation, the Group Managing Director, FMN, Paul

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Gbededo said : “The Rights Issue is part of our strategy to grow and build long-term value for all stakeholders. The proceeds from the Rights Issue will be used to strengthen the company’s capital base by deleveraging our balance sheet, supporting our working capital needs and positioning the company to exploit valueaccretive opportunities, whilst giving greater operational and

T R A D E D MAIN BOARD

A S

financial flexibility to ensure business growth and continuity.� Meanwhile, the company has released its results for the nine months ended December 31, 2017 showing impressive performance. Group revenue was N427.5 billion in 2017, up by 10 per cent from N389.9 billion recorded in the corresponding period of 2016. Profit before tax (PBT) rose 89 per cent

O F

from N10.3 billion in 2016 to N19.50 billion in 2017, while profit after tax (PAT) rose by 80 per cent from N7.39 billion to N13.27 billion. Earnings per share improved from 250 kobo to 456 kobo. According to the company, the food business is responsible for an increase of N44.7 billion of the Group’s turnover, coming from its Flour, Pasta and noodles product portfolio.

0 5 / 0 2 / 2 0 1 8 DEALS

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˾ MONDAY, FEBRUARY 5, 2018

38

0RQGD\ )HEUXDU\

ĞƌŝǀĂƟǀĞƐ DĂƌŬĞƚ ZĞǀŝĞǁ ĂŶĚ KƵƚůŽŽŬ ZĞŐƵůĂƚŽƌƐ ƐƚĞƉ ƵƉ īŽƌƚƐ ƚŽ ĞĞƉĞŶ WƌŽĚƵĐƚ KīĞƌŝŶŐƐ dŚĞ ĂǁĂƌĞŶĞƐƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ŽƉƉŽƌƚƵŶŝƟĞƐ ŝŶ ƚŚĞ ĚĞƌŝǀĂƟǀĞƐ ŵĂƌŬĞƚ ŝŶ EŝŐĞƌŝĂ͕ ƌĞŵĂŝŶƐ ƐƵďͲŽƉƟŵĂů͕ ŚĞŶĐĞ ĂĐƟǀŝƚLJ ůĞǀĞů ŝŶ ƚŚĂƚ ƐƉĂĐĞ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ŽƚŚĞƌ ĂƐƐĞƚ ĐůĂƐƐĞƐ͕ ƌĞŵĂŝŶƐ ůŽǁ͘ 'ŝǀĞŶ ƚŚĞ ĐŽŶƟŶƵŽƵƐ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ EŝŐĞƌŝĂŶ ĐĂƉŝƚĂů ŵĂƌŬĞƚ ƉƌŽĚƵĐƚ ŽīĞƌŝŶŐƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŝŶŚĞƌĞŶƚ ŵĂĐƌŽĞĐŽŶŽŵŝĐ ƌŝƐŬƐ͕ ŽƉƉŽƌƚƵŶŝƟĞƐ ĨŽƌ ŝŶǀĞƐƚŽƌƐ ƚŽ ƚĂŬĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ĚĞƌŝǀĂƟǀĞ ŝŶƐƚƌƵŵĞŶƚƐ ǁŝƚŚ ƚŚĞ Ăŝŵ ŽĨ ŚĞĚŐŝŶŐ ƚŚĞŝƌ ĞdžƉŽƐƵƌĞƐ Žƌ ƚĂŬŝŶŐ ƐƉĞĐƵůĂƟǀĞ ĂĐƟŽŶƐ ĂŐĂŝŶƐƚ ƉƌŝĐĞ ŵŽǀĞŵĞŶƚ ŚĂǀĞ ĂƌŝƐĞŶ͘ dŚĞ &D Y ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ E ŚĂƐ͕ ŝŶ ƚŚĞ ƉĂƐƚ ĨĞǁ LJĞĂƌƐ͕ ŝŶƚƌŽĚƵĐĞĚ ƐĞǀĞƌĂů &yͲ ďĂƐĞĚ ĚĞƌŝǀĂƟǀĞ ƉƌŽĚƵĐƚƐ ƚŽ ĚĞĞƉĞŶ &y ŵĂƌŬĞƚ ůŝƋƵŝĚŝƚLJ ǁŚŝůĞ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ;E^ Ϳ ĂůƐŽ ĂŶŶŽƵŶĐĞĚ ƉůĂŶƐ ŝŶ ϮϬϭϳ ƚŽ ŝŶƚƌŽĚƵĐĞ ĞƋƵŝƚLJ ďĂƐĞĚ ĚĞƌŝǀĂƟǀĞ ƉƌŽĚƵĐƚƐ ŽŶ ƚŚĞ ĞdžĐŚĂŶŐĞ͘ ƵƌƌĞŶƚůLJ͕ ŵŽƐƚ ĚĞƌŝǀĂƟǀĞ ƉƌŽĚƵĐƚƐ ŝŶ EŝŐĞƌŝĂ ĂƌĞ ƟĞĚ ƚŽ ƚŚĞ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ŵĂƌŬĞƚ ĞƐƉĞĐŝĂůůLJ ŽŶ &ŽƌǁĂƌĚ͕ &ƵƚƵƌĞƐ ĂŶĚ ^ǁĂƉƐ͘ dŽ ƚŚŝƐ ĞŶĚ͕ ƚŚĞ E^ ŚĂƐ ŽƌŐĂŶŝnjĞĚ ƐĞƌŝĞƐ ŽĨ ƚƌĂŝŶŝŶŐƐ ĂŶĚ ƐĞŵŝŶĂƌƐ ŝŶ Ă ďŝĚ ƚŽ ŝŵƉƌŽǀĞ ĂǁĂƌĞŶĞƐƐ ĂŶĚ ƚĞĐŚŶŝĐĂů ŬŶŽǁůĞĚŐĞ ŽĨ ĚĞƌŝǀĂƟǀĞ ƉƌŽĚƵĐƚƐ͘ tĞ ƌĞǀŝĞǁ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ EŝŐĞƌŝĂŶ ĚĞƌŝǀĂƟǀĞƐ ŵĂƌŬĞƚ ĂƐ ǁĞůů ĂƐ ŽƵƌ ŽƵƚůŽŽŬ ďĞůŽǁ ŝŶ ůŝŐŚƚ ŽĨ &ŽƌǁĂƌĚ͕ &ƵƚƵƌĞƐ͕ ^ǁĂƉƐ ĂŶĚ KƉƟŽŶƐ

&ŽƌǁĂƌĚ ŽŶƚƌĂĐƚ DĂƌŬĞƚ͙/ŶƚĞŐƌĂů dŽŽů ƚŽ DĂŝŶƚĂŝŶŝŶŐ &y ^ƚĂďŝůŝƚLJ ĨŽƌǁĂƌĚ ĐŽŶƚƌĂĐƚ ŝƐ ĂŶ ĂŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ ƚǁŽ ƉĂƌƟĞƐ ŝŶ ǁŚŝĐŚ ŽŶĞ ĂŐƌĞĞƐ ƚŽ ƉƵƌĐŚĂƐĞ ĂŶ ĂƐƐĞƚ Ăƚ Ă ŐŝǀĞŶ ƉƌŝĐĞ ĂŶĚ ĨƵƚƵƌĞ ĚĂƚĞ ǁŚŝůĞ ƚŚĞ ĐŽƵŶƚĞƌƉĂƌƚLJ ƐĞůůƐ ƵŶĚĞƌ ƚŚĞ ƐĂŵĞ ĐŽŶĚŝƟŽŶƐ͘ ƚŽŽů ŽŌĞŶ ƵƐĞĚ ďLJ ŝŶǀĞƐƚŽƌƐ ĂŶĚ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ƚŽ ŚĞĚŐĞ ǀŽůĂƟůŝƚLJ ƌŝƐŬ͕ ĨŽƌǁĂƌĚ ĐŽŶƚƌĂĐƚ ƐĂůĞƐ ŚĂǀĞ ďĞĞŶ ŵĂũŽƌůLJ ƵƟůŝƐĞĚ ďLJ EŝŐĞƌŝĂŶ &D 'Ɛ ĂŶĚ /ŶĚƵƐƚƌŝĂů ŵĂŶƵĨĂĐƚƵƌĞƌƐ ƚŽ ůŽĐŬ ŝŶ ƉƌŝĐĞƐ ŽĨ ƌĂǁ ŵĂƚĞƌŝĂůƐ ŶĞĞĚĞĚ ĨŽƌ ƉƌŽĚƵĐƟŽŶ͘ dŚĞ ƉƌŽŵŝŶĞŶĐĞ ŽĨ ĨŽƌǁĂƌĚ ĐŽŶƚƌĂĐƚ ƐĂůĞƐ ŚĂƐ ŚŽǁĞǀĞƌ ŐƌŽǁŶ ŽǀĞƌ ƚŚĞ ƉĂƐƚ LJĞĂƌ͕ ĞƐƉĞĐŝĂůůLJ &y ĨŽƌǁĂƌĚ ĐŽŶƚƌĂĐƚƐ͕ ĚƵĞ ƚŽ ŝŶĐƌĞĂƐĞĚ EĂŝƌĂ ǀŽůĂƟůŝƚLJ ŝŶ ƚŚĞ ůĂƐƚ Ϯ LJĞĂƌƐ ĂŶĚ E &y ƌĞƐĞƌǀĞƐ ŵĂŶĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ͘ /Ŷ ϮϬϭϳ͕ ŐŝǀĞŶ ƚŚĞ ŚŝŐŚĞƌ &y ƌĞĐĞŝƉƚƐ͕ ƚŚĞ E ŝŶĐƌĞĂƐĞĚ ŝƚƐ ƐƉĂƚĞ ŽĨ ŝŶƚĞƌǀĞŶƟŽŶ ŝŶ ƚŚĞ ĨŽƌĞdž ŵĂƌŬĞƚ͕ ǀŝĂ ǁĞĞŬůLJ ^ƉĞĐŝĂů tŚŽůĞƐĂůĞ /ŶƚĞƌǀĞŶƟŽŶ ƐĂůĞƐ ĨŽƌ ƐƉŽƚ ĂŶĚ ĨŽƌǁĂƌĚƐ ŽĨ Ă ŵĂdžŝŵƵŵ ŽĨ ϲϬ ĚĂLJƐ͕ ŝŶ Ă ďŝĚ ƚŽ ŝŵƉƌŽǀĞ ůŝƋƵŝĚŝƚLJ ǁŝƚŚŝŶ ƚŚĞ ŵĂƌŬĞƚ ǁŚŝůĞ ĂůƐŽ ĞŶƐƵƌŝŶŐ ƐƚĂďŝůŝƚLJ ŽĨ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞƐ͘ ĐĐŽƌĚŝŶŐ ƚŽ ĚĂƚĂ ĨƌŽŵ ƚŚĞ E ƐƚĂƟƐƟĐĂů ĚĂƚĂďĂƐĞ͕ ƚŽƚĂů ǀŽůƵŵĞ ŽĨ &y ĨŽƌǁĂƌĚ ƐĂůĞƐ ďLJ ƚŚĞ E ĂƐ ŽĨ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ ǁĂƐ h^Ψϳ͘ϳďŶ͕ ĂŶ ϴϱ͘ϳй ŝŶĐƌĞĂƐĞ ĨƌŽŵ h^Ψϰ͘ϮďŶ ƌĞĐŽƌĚĞĚ ŝŶ &z͗ϮϬϭϲ͘ dŚĞ ũƵŵƉ ŝŶ ĨŽƌǁĂƌĚ ĐŽŶƚƌĂĐƚ ƐĂůĞƐ ŝƐ ƵŶƐƵƌƉƌŝƐŝŶŐ͕ ŐŝǀĞŶ ƚŚĞ ĚƌŝǀĞ ŽĨ ƚŚĞ ƉĞdž ĂŶŬ ƚŽ ĐůĞĂƌ ďĂĐŬůŽŐ ŽĨ &y ŽďůŝŐĂƟŽŶƐ ĂƐ ǁĞůů ĂƐ ŵĂŝŶƚĂŝŶ &y ƌĂƚĞ ƐƚĂďŝůŝƚLJ͘ ,ŽǁĞǀĞƌ͕ ĨŽƌǁĂƌĚ ƉƌŝĐŝŶŐ ŽĨ ƚŚĞ ƚĞŶŽƌƐ ǁŚŝĐŚ ƌĞŇĞĐƚƐ ĞdžƉĞĐƚĂƟŽŶ ŽĨ ĨƵƚƵƌĞ ƉƌŝĐŝŶŐ ŽĨ ƚŚĞ ƐƉŽƚ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƐƵŐŐĞƐƚƐ Ă ƉŽƐƐŝďůĞ ĚĞƉƌĞĐŝĂƟŽŶ ŽĨ ƚŚĞ ĚŽŵĞƐƟĐ ĐƵƌƌĞŶĐLJ͘ &Žƌ ŝŶƐƚĂŶĐĞ͕ Ăƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ϮϬϭϳ͕ ǁŚŝůĞ ƚŚĞ ƐƉŽƚ ƌĂƚĞ ƐƚŽŽĚ Ăƚ EϯϬϱ͘ϬϬͬ h^Ψϭ͘ϬϬ͕ ƚŚĞ ϭͲLJĞĂƌ ĨŽƌǁĂƌĚ ƋƵŽƚĞ ǁĂƐ Ăƚ Eϯϳϴ͘ϬϬͬh^Ψϭ͘ϬϬ ǁŚŝĐŚ ǁĂƐ ĐůŽƐĞ ƚŽ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ E & y ƌĂƚĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϳ͘

EĞǀĞƌƚŚĞůĞƐƐ͕ ǁĞ ŶŽƚĞ ƚŚĂƚ ƚŚĞƐĞ ƋƵŽƚĞƐ ĂƌĞ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ƚƌĂĚĞ ďĂĐŬĞĚ͕ ďƵƚ ŝŶĚŝĐĂƟǀĞ ƌĂƚĞƐ ƋƵŽƚĞĚ ďLJ ƉĂƌƟĐŝƉĂŶƚƐ͘ /Ŷ ϮϬϭϴ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ E ƚŽ ƐƵƐƚĂŝŶ ŝƚƐ ƉĂĐĞ ŽĨ ĨŽƌǁĂƌĚ &y ƐĂůĞƐ͕ ŚĞŶĐĞ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ŝƐ ƉƌĞƐĞŶƚĞĚ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ Žƌ ĐŽƌƉŽƌĂƚĞƐ ǁŚŽ ŚĂǀĞ &y ŽďůŝŐĂƟŽŶƐ ƚŽ ĨƵůĮů͘

&ƵƚƵƌĞƐ ŽŶƚƌĂĐƚ DĂƌŬĞƚ͙ ĞĐůŝŶŝŶŐ ^ƵďƐĐƌŝƉƟŽŶ >ĞǀĞů ŽŶ EĂƌƌŽǁŝŶŐ ƌďŝƚƌĂŐĞ KƉƉŽƌƚƵŶŝƚLJ dŚĞ ĂĚŽƉƟŽŶ ŽĨ Ă ͞ŇĞdžŝďůĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƌĞŐŝŵĞ͟ ďLJ ƚŚĞ E ŝŶ :ƵŶĞ ϮϬϭϲ ǁĂƐ ĨŽůůŽǁĞĚ ďLJ ƚŚĞ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ϭϮ ĚŝīĞƌĞŶƚ EĂŝƌĂ ƐĞƩůĞĚ EŽŶͲĚĞůŝǀĞƌĂďůĞ Kd &y &ƵƚƵƌĞƐ ŽŶƚƌĂĐƚƐ͘ dŚŝƐ ǁĂƐ ƚĂƌŐĞƚĞĚ Ăƚ ƐƟŶŐ &y ůŝƋƵŝĚŝƚLJ ǁŚŝůĞ ĂůƐŽ ĂůůŽǁŝŶŐ ĨŽƌ ĞīĞĐƟǀĞ ƉƌŝĐŝŶŐ ŽĨ ƚŚĞ ĚŽŵĞƐƟĐ ĐƵƌƌĞŶĐLJ ĂŐĂŝŶƐƚ ƚŚĞ ĚŽůůĂƌ ĂƐ ǁĞůů ĂƐ ƐĞƌǀĞ ĂƐ Ă ŚĞĚŐĞ ĨŽƌ ĨŽƌĞŝŐŶ ŝŶǀĞƐƚŽƌƐ ĞdžƉŽƐĞĚ ƚŽ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ǀŽůĂƟůŝƚLJ͘ dŚĞ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ƚŚĞƐĞ ĐŽŶƚƌĂĐƚƐ ǁĂƐ ŝŶŝƟĂůůLJ ŐƌĞĞƚĞĚ ǁŝƚŚ Ă ůŽƚ ŽĨ ŽƉƟŵŝƐŵ͕ ĂƐ ŝŵƉŽƌƚĞƌƐ͕ ĞƐƉĞĐŝĂůůLJ ŝŶ ƚŚĞ ĂŐƌŝĐƵůƚƵƌĂů ƐĞĐƚŽƌ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĐŽŶƐƵŵĞƌ ŐŽŽĚƐ ƐĞĐƚŽƌ ƚŽŽŬ ĂĚǀĂŶƚĂŐĞ ŽĨ ƚŚŝƐ͕ ŐŝǀĞŶ ƚŚĞ ŵĂƐƐŝǀĞ ƐƉƌĞĂĚ ďĞƚǁĞĞŶ ĐŽŶƚƌĂĐƚ ƉƌŝĐĞƐ ĂŶĚ ƉƌĞǀĂŝůŝŶŐ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ Ăƚ ŵĂƚƵƌŝƚLJ͘ ĞƐƉŝƚĞ ƚŚĞ ŝŶƚĞƌĞƐƚ͕ ŶŽŶĞ ŽĨ ƚŚĞ ϭϮ ĐŽŶƚƌĂĐƚƐ ǁĂƐ ƚŽƚĂůůLJ ƐƵďƐĐƌŝďĞĚ ĂƐ ǀĂůƵĞ ŽĨ ŽƉĞŶ ĐŽŶƚƌĂĐƚƐ ŶĞǀĞƌ ƚŽƵĐŚĞĚ ƚŚĞ h^ΨϭϮ͘ϬďŶ ŽŶ ŽīĞƌ͘ dŚĞ ƵŶĚĞƌůLJŝŶŐ ĐŽŶƐƚƌĂŝŶƚ ǁĂƐ ƚŚĞ ƌĞĚƵĐĞĚ ĂƌďŝƚƌĂŐĞ ŽƉƉŽƌƚƵŶŝƚLJ ĂƐ ƚŚĞ ƌĂƚĞƐ ŽŶ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁĞƌĞ ƟĞĚ ƚŽ ƚŚĞ ƵƉǁĂƌĚ ƌĞǀŝĞǁ ŽĨ ĐŽŶƚƌĂĐƚ ƉƌŝĐĞƐ ĂƐ ǁĞůů ĂƐ ĐŚĂŶŐĞ ŝŶ ƐĞƩůĞŵĞŶƚ ƌĂƚĞ ĨƌŽŵ E/& y ƚŽ E & y͘ ,ĞŶĐĞ͕ ƚŽƚĂů ǀĂůƵĞ ŽĨ KƉĞŶ ŽŶƚƌĂĐƚƐ ĨĞůů h^Ψϯϯϲ͘ϯŵ zͲŽͲz͕ ĚĞĐůŝŶŝŶŐ ĨƌŽŵ h^Ψϯ͘ϳďŶ ŝŶ ĞĐͲϮϬϭϲ ƚŽ h^Ψϯ͘ϯďŶ ŝŶ ĞĐͲϮϬϭϳ͘ dŚĞ Ɖƌŝů ϮϬϭϴ ĐŽŶƚƌĂĐƚ ǁĂƐ ƚŚĞ ŵŽƐƚ ƐƵďƐĐƌŝďĞĚ ĐŽŶƚƌĂĐƚ ǁŝƚŚ Ă ƚŽƚĂů ƐƵďƐĐƌŝƉƟŽŶ ŽĨ h^Ψϲϱϲ͘ϵŵ ĂƐ Ăƚ ĞĐ ϮϬϭϳ Ăƚ Ă ƌĂƚĞ ŽĨ h^Ψϯϲϭ͘ϲϰ͘ /Ŷ ϮϬϭϴ͕ ǁĞ ĞdžƉĞĐƚ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĨƵƚƵƌĞƐ ĐŽŶƚƌĂĐƚƐ ƚŽ ƌĞŵĂŝŶ ƐƵďͲŽƉƟŵĂů͕ ďĂƐĞĚ ŽŶ ƚŚƌĞĞ ĨĂĐƚŽƌƐ͗

Table 12: Selected Bonds with Options

Issuer

Maturity Date

Coupon (%)

Tenor (Years)

Option Type

Currency

United Bank for Africa

30-Sep-18

14.00

7

Callable

Naira

United Bank for Africa

30-Dec-21

16.45

7

Callable

Naira

Fidelity Bank Plc

13-May-22

16.48

7

Callable

Naira

First Bank Limited

07-Aug-20

8.25

7

Callable

USD

Source: FMDQ, Afrinvest Research ϭ͘ ^ƚĂďůĞ &y ƌĂƚĞ ŽƵƚůŽŽŬ Ͳ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƌŝƐŝŶŐ Žŝů ƉƌŝĐĞƐ ĂŶĚ ĐƵƌƌĞŶƚ ĂĐĐŽƵŶƚ ďĂůĂŶĐĞ Ͳ ǁŚŝĐŚ ǁŽƵůĚ ƌĞĚƵĐĞ ĚĞŵĂŶĚ ĨŽƌ ŚĞĚŐŝŶŐ ƉƌŽĚƵĐƚƐ͖ Ϯ͘ EĂƌƌŽǁŝŶŐ ƐƉƌĞĂĚ ďĞƚǁĞĞŶ E & y ƐĞƩůĞŵĞŶƚ ƌĂƚĞ ĂŶĚ ĐŽŶƚƌĂĐƚ ƉƌŝĐĞƐ͕ ĂŶĚ ϯ͘ dŚĞ EĂŝƌĂͲƐĞƩůĞĚ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚƐ ǁŚŝĐŚ ŵĂŬĞ ƚŚĞŵ ůĞƐƐ ĚĞƐŝƌĂďůĞ ĨŽƌ ŚĞĚŐŝŶŐ ƚŚĂŶ Ă ĐŽŶǀĞŶƟŽŶĂů & z ƐĞƩůĞĚ ĐŽŶƚƌĂĐƚƐ͘

^ǁĂƉƐ͙ /ŶĐƌĞĂƐĞĚ & z ŽƌƌŽǁŝŶŐ ďLJ D Ɛ ŽŽƐƚƐ E ^ǁĂƉ /ŶŇŽǁƐ ƐǁĂƉ ĂŐƌĞĞŵĞŶƚ ŝŶǀŽůǀĞƐ ƚǁŽ ĐŽƵŶƚĞƌƉĂƌƟĞƐ ǁŚŽ ĂŐƌĞĞ ƚŽ ĞdžĐŚĂŶŐĞ Ă ƐĞƌŝĞƐ ŽĨ ĨƵƚƵƌĞ ĐĂƐŚ ŇŽǁƐ ǁŝƚŚ Ă ƉƌĞƐĞŶƚ ĚƵƌĂƟŽŶ͕ ƐĞƩůĞŵĞŶƚ ĚĂƚĞ ĂŶĚ ŵŽĚĞ ŽĨ ƉĂLJŵĞŶƚ ĂƐ ƐƟƉƵůĂƚĞĚ ŝŶ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ ŽŵŵŽĚŝƟĞƐ͕ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͕ ĐƵƌƌĞŶĐŝĞƐ͕ ĞƋƵŝƟĞƐ͕ ĮdžĞĚ ŝŶĐŽŵĞ ŝŶƐƚƌƵŵĞŶƚƐ ĞƚĐ͘ ƵƐƵĂůůLJ ƐĞƌǀĞ ĂƐ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚƐ ŝŶ ƐǁĂƉ ĂŐƌĞĞŵĞŶƚƐ͘ /Ŷ EŝŐĞƌŝĂ͕ ĐƵƌƌĞŶĐLJ ƐǁĂƉƐ ŚĂǀĞ ƌŝƐĞŶ ƚŽ ƉƌŽŵŝŶĞŶĐĞ͕ ĞƐƉĞĐŝĂůůLJ ĨƌŽŵ ϮϬϭϰ ƚŽ ϮϬϭϲ͕ ĂƐ ƚŚĞ ƉĞdž ĂŶŬ ƐŽƵŐŚƚ ƚŽ ƐŚŽƌĞ ƵƉ ƚŚĞ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞƐ ŐŝǀĞŶ ƚŚĞ ůŝŶŐĞƌŝŶŐ &y ůŝƋƵŝĚŝƚLJ ĐƌŝƐŝƐ Ăƚ ƚŚĞ ƟŵĞ͘ /ŶŇŽǁƐ ĨƌŽŵ ƐǁĂƉ ĐŽŶƚƌĂĐƚƐ ďĞƚǁĞĞŶ ƚŚĞ E ĂŶĚ ĞƉŽƐŝƚ DŽŶĞLJ ĂŶŬƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ϭϲ͘ϭй ;h^Ψϰ͘ϮďŶͿ ŽĨ ƚŚĞ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞƐ ;h^ΨϮϱ͘ϴďŶͿ ĂƐ Ăƚ ϯϬͬϭϮͬϮϬϭϲ͘ /Ŷ ϮϬϭϳ͕ D Ɛ ĂƉƉĞƟƚĞ ĨŽƌ ƐǁĂƉƐ ƌĞŵĂŝŶĞĚ ƵƉďĞĂƚ ĂƐ ƚŽƚĂů ŝŶŇŽǁƐ ƐƚŽŽĚ Ăƚ h^ΨϮ͘ϳďŶ ŝŶ ϵD͗ϮϬϭϳ ĂƐ ĂŐĂŝŶƐƚ h^ΨϮ͘ϴďŶ ŝŶ ϵD͗ϮϬϭϲ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞ ŝŵƉƌŽǀĞĚ &y ůŝƋƵŝĚŝƚLJ ƐŝƚƵĂƟŽŶ ǁŚŝĐŚ ƚƌĂŝůĞĚ ƚŚĞ ůĂƵŶĐŚ ŽĨ ƚŚĞ /Θ

&y ǁŝŶĚŽǁ ŝŶĐƌĞĂƐĞĚ ďĂŶŬƐ͛ ĂďŝůŝƚLJ ƚŽ ƐĞĐƵƌĞ & z ĚĞďƚ ĂŶĚ ǁĞ ďĞůŝĞǀĞ ƚŚŝƐ ĐŽƵůĚ ĂůƐŽ ŚĂǀĞ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ƌĞůĂƟǀĞůLJ ŚŝŐŚ ŝŶƚĞƌĞƐƚ ŝŶ ƐǁĂƉ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ ƚŚĞ E͘ KŶ ƚŚĞ ŝŶĨŽƌŵĂů ƐŝĚĞ͕ ϮϬϭϴ ĂƉƉĞĂƌƐ ƚŽ ďĞ Ă ƐĞůůĞƌ͛Ɛ ŵĂƌŬĞƚ ĨŽƌ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐǁĂƉƐ ŐŝǀĞŶ ŽƵƌ ŽǀĞƌĂůů ŽƵƚůŽŽŬ ŽŶ ŵŽĚĞƌĂƟŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ĞŶǀŝƌŽŶŵĞŶƚ͘ D Ɛ ĂƌĞ ůŝŬĞůLJ ĂďůĞ ƚŽ ƚĂŬĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ƐŚŽƌƚ ƚĞƌŵ ŽƉƉŽƌƚƵŶŝƟĞƐ ŝŶ ƵŶĚĞƌǁƌŝƟŶŐ ĐŽŶƚƌĂĐƚƐ ŽŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐǁĂƉƐ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ ďĞĐĂƵƐĞ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶƐ ŝŶ ƚŚŝƐ ŵĂƌŬĞƚ ĂƌĞ ůĂƌŐĞůLJ ƵŶŽƌŐĂŶŝnjĞĚ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĂƚ ĂĐƟǀŝƟĞƐ ǁŝůů ƐƚĂLJ ĐĂůŵ͘

KƉƟŽŶƐ͙ &ŝdžĞĚ /ŶĐŽŵĞ /ŶƐƚƌƵŵĞŶƚƐ ŽŵŝŶĂƚĞ KƉƟŽŶƐ͕ ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ƚŚĞ ŽƚŚĞƌ ĚĞƌŝǀĂƟǀĞ ŝŶƐƚƌƵŵĞŶƚƐ ĚĞƐĐƌŝďĞĚ ĞĂƌůŝĞƌ͕ ŽīĞƌ ƚŚĞ ŚŽůĚĞƌ ƚŚĞ ƌŝŐŚƚ͕ ďƵƚ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ƚŚĞ ŽďůŝŐĂƟŽŶ ƚŽ ĞdžĞĐƵƚĞ Ă ƚƌĂŶƐĂĐƟŽŶ Ăƚ Ă ƉƌĞͲ ƐƚĂƚĞĚ ǀŽůƵŵĞ ŽĨ ĂŶ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚ Ăƚ Ă ŐŝǀĞŶ ĚĂƚĞ ĂƐ ǁĞůů ĂƐ ĂŶ ĞƐƚĂďůŝƐŚĞĚ ƌĂƚĞ͘ ^ŝŵŝůĂƌ ƚŽ ĨŽƌǁĂƌĚƐ͕ ĂƐƐĞƚ ĐůĂƐƐĞƐ ŝŶĐůƵĚŝŶŐ ĞƋƵŝƟĞƐ͕ ďŽŶĚƐ͕ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͕ ĐŽŵŵŽĚŝƟĞƐ͕ ĐƵƌƌĞŶĐŝĞƐ ĞƚĐ͘ ŽŌĞŶ ƐĞƌǀĞ ĂƐ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚƐ ĨŽƌ ŽƉƟŽŶ ĐŽŶƚƌĂĐƚƐ͘ /Ŷ ƚŚĞ EŝŐĞƌŝĂŶ ŽƉƟŽŶ ĐŽŶƚƌĂĐƚƐ ŵĂƌŬĞƚ͕ ĮdžĞĚ ŝŶĐŽŵĞ ŝƐƐƵĂŶĐĞƐ ĚŽŵŝŶĂƚĞ ĂƐ ƐŽŵĞ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ƐƵďͲŶĂƟŽŶĂů ďŽŶĚƐ ŚĂǀĞ ĞŵďĞĚĚĞĚ ŽƉƟŽŶƐ͕ ĂƐ ƐŚŽǁŶ ďĞůŽǁ͘ KŶ ƚŚĞ ĞƋƵŝƟĞƐ ƐŝĚĞ͕ ƚŚĞ E^ ŝƐ ƚĂƌŐĞƟŶŐ ƚŽ ůĂƵŶĐŚ ŝƚƐ ŽƉƟŽŶ ƚƌĂĚŝŶŐ ƉůĂƞŽƌŵ ŝŶ ϮϬϭϴ ĂŌĞƌ ŚĂǀŝŶŐ ŵŝƐƐĞĚ ƚŚĞ Yϯ͗ϮϬϭϳ ĚĞĂĚůŝŶĞ ĞĂƌůŝĞƌ ƐĞƚ͘ tĞ ĞdžƉĞĐƚ ƚŚŝƐ ƚŽ ŵŽŶƵŵĞŶƚĂůůLJ ƐŚŝŌ ƚŚĞ ĚLJŶĂŵŝĐƐ ŽĨ ĚĞƌŝǀĂƟǀĞƐ ŝŶ ƚŚĞ EŝŐĞƌŝĂŶ ĮŶĂŶĐŝĂů ŵĂƌŬĞƚ ĂƐ ŝƚ ŚĞůƉƐ ƚŽ ĨƵƌƚŚĞƌ ĚĞĞƉĞŶ ƚŚĞ ŵĂƌŬĞƚ͘

Table 11: OTC Futures Contract as at December 2017

Cont ract Tenor (M ont h)

Cont ract

Set t lement Dat e

Value of Open Cont ract s (US$'m)

Current Rat e ($/N)

1

NGUS JAN 31 2018

31-Jan-18

321.60

361.19

2

NGUS FEB 28 2018

28-Feb-18

288.27

361.34

3

NGUS M AR 28 2018

28-M ar-18

431.52

361.49

4

NGUS APR 25 2018

25-Apr-18

656.90

361.64

5

NGUS M AY 30 2018

30-M ay-18

161.77

361.79

6

NGUS JUN 27 2018

27-Jun-18

236.89

361.94

7

NGUS JUL 25 2018

25-Jul-18

395.57

362.09

8

NGUS AUG 29 2018

29-Aug-18

220.81

362.24

9

NGUS SEP 26 2018

26-Sep-18

325.27

362.39

10

NGUS OCT 31 2018

31-Oct -18

107.19

362.54

11

NGUS NOV 28 2018

28-Nov-18

163.08

362.69

12 Tot al

NGUS DEC 26 2018

26-Dec-18

10.00 3,318.87

362.84

Source: FMDQ, Afrinvest Research

39

Ëœ Í˝Ëœ ͺ͸͚͜ Ëž T H I S D AY

MARKET NEWS

Vetiva Educate Investors on Benefits of Exchange Traded Funds Vetiva Fund Managers Limited recently exposed investors on the benefits of Exchange Traded Funds (ETFs) and how to access them in the capital market. The firm presented information to investors on the procedure for accessing ETFs on the Nigerian Stock Exchange (NSE). According to Director, Asset Management at Vetiva Capital, Oyelade Eigbe, the presentation was on the backdrop of increasing

enquiries from investors on how to purchase/invest in ETFs. She explained that ETFs can be purchased or sold like any other stock on the floors of the NSE through any stockbroker. She said: “Upon purchase, the ETFs are domiciled in the investor’s Central Securities Clearing Systems (CSCS) accounts, and distributions are paid electronically to the investor’s bank account. We encourage all investors

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

who wish to invest in ETFs to simply contact their stockbrokers.� Eigbe noted that the increase in appetite for ETFs is likely connected to the positive performance of ETFs generally in 2017. “In line with the inherent characteristics of exchange traded tracker funds, ETFs have largely mirrored the performance of the respective indices they track. As such, the bullish equities market in 2017 (NSE ASI: up 42.3 per

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 01Feb-2018, unless otherwise stated.

cent, supported by a more liquid FX market amongst other macro improvement) translated into a strong positive performance for ETFs in 2017,� she said. Eigbe noted that the Vetiva Banking ETF was the highest performing ETF amongst other Vetiva ETFs for the year 2017, returning 70 per cent in the year, on the back of a strong banking sector performance. She said the ETF tracks the performance of the NSE

Banking Index (an index of the top 10 most capitalised banking stocks on the NSE). “The high correlation of the performance of the ETFs viz-a-viz the indices being tracked reflects the effectiveness and convenience of using ETFs as building blocks in creating investment portfolios, as they provide a high level of transparency to investors,� she added. She stressed that investors planning to invest in ETFs should consult relevant

professionals for guidance prior to investing in any securities. “This is especially important as past performance is not necessarily an indication of future performance,� Eigbe said. Vetiva Fund Managers Limited is a subsidiary of Vetiva Capital Management Limited and is registered with the Securities & Exchange Commission to carry out business as fund/portfolio manager.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.86 0.71 -4.94% ACAP Income Funds 0.62 0.62 3.30% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 16.40% enquiries@arminvestmentcenter.com ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.62 21.25 12.88% ARM Discovery Fund 428.39 441.30 10.11% ARM Ethical Fund 28.85 29.72 5.61% ARM Money Market Fund 1.00 1.00 15.97% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund 1.00 1.00 N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 N/A CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 16.83% Coronation Balanced Fund 1.12 1.14 12.85% Coronation Fixed Income Fund 1.06 1.09 7.21% FBN QUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,173.15 1,174.32 2.20% FBN Heritage Fund 151.77 153.23 8.91% FBN Money Market Fund 100.00 100.00 16.40% FBN Nigeria Eurobond (USD) Fund - Institutional $114.48 $114.99 1.37% FBN Nigeria Eurobond (USD) Fund - Retail $114.39 $114.91 1.40% FBN Nigeria Smart Beta Equity Fund 195.04 197.92 14.20% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.44 1.47 10.14% Legacy Debt Fund 2.92 2.92 1.29% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 N/A Vantage Balanced Fund N/A N/A N/A

Vantage Guaranteed Income Fund 1.00 1.00 N/A Kedari Investment Fund (KIF) N/A N/A N/A LOTUS CAPITAL LTD ďŹ ncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.17 1.19 1.78% Lotus Halal Fixed Income Fund 1,041.72 1,041.72 1.07% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 17.54 17.71 24.50% Meristem Money Market Fund 10.00 10.00 16.35% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund 10.00 10.00 N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 152.30 155.22 18.35% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.50 1.50 1.17% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,374.73 2,393.59 5.85% Stanbic IBTC Bond Fund 180.15 180.15 2.10% Stanbic IBTC Ethical Fund 1.10 1.12 9.90% Stanbic IBTC Guaranteed Investment Fund 224.74 224.86 2.07% Stanbic IBTC Iman Fund 189.63 191.82 5.90% Stanbic IBTC Money Market Fund 100.00 100.00 15.07% Stanbic IBTC Nigerian Equity Fund 10,581.75 10,725.91 9.43% Stanbic IBTC Dollar Fund (USD) 1.07 1.07 0.94% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.44 1.46 18.79% United Capital Bond Fund 1.58 1.58 16.02% United Capital Equity Fund 1.02 1.04 11.61% United Capital Money Market Fund 1.00 1.00 14.88% United Capital Eurobond Fund 103.30 103.30 10.23% United Capital Wealth for Women Fund 1.12 1.12 25.55% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 13.83 14.04 10.10% Zenith Ethical Fund 13.88 14.04 5.25% Zenith Income Fund 19.30 19.30 2.03%

REITS NAV Per Share

Yield / T-Rtn

10.00 133.01

-11.35% 0.42%

Bid Price

Offer Price

Yield / T-Rtn

12.89 168.61 126.64

12.99 172.32 129.04

6.33% 18.09% 15.93%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva GrifďŹ n 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

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T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

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T H I S D AY Ëž Ëœ ÍłËœ Í°ÍŽÍŻÍś

CITYSTRINGS Perennial Fuel Scarcity in Lagos

Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă‹ĂœĂ–Ă?Ă? Ă”Ă&#x;Ă˜ĂĄĂ‹ Ă—Ă‹Ă“Ă– Ă?Ă’Ă‹ĂœĂ–Ă?Ă?˛ËÔĂ&#x;Ă˜ĂĄĂ‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

Peter Uzoho writes that many petrol stations in Lagos are still without the product

Motorists at NNPC ďŹ lling station, Ikoyi, in search of fuel

Oando ďŹ lling station, Obalende, deserted for lack of petrol

E

ver since the Independent Petroleum Marketers Association of Nigeria (IPMAN), issued a statement in November last year, threatening to shut down its filling stations across the country, Nigerians have not had it easy till date. The statement immediately led to hoarding of petroleum products by filling stations in the country. The threat which was undermined by the management of the Nigerian National Petroleum Corporation (NNPC), snowballed into full scale fuel crisis in the country. The incident went on till Christmas and, even till date. Nigerians who had planned to have good times during the festivity had their plans shattered and, were plunged into painful

situation throughout the period. All the assurances from the group Managing Director of the corporation, Maikanti Baru, who debunked the potency of IPMAN's threat, could not save the situation. Two months into the New Year, the problem persists, leaving the masses to continue suffering.

How can we be suffering every time in this country? Imagine, you have your money but to buy fuel is now a problem

In Lagos, many of the petrol stations are still not having the product and, this is on a daily basis, generating more problems among the people. Inside one yellow commercial bus (Danfo), as known by Lagos residents, passengers and the bus driver engaged in a free-for all verbal banter. The argument went on for a while resulting to the passengers disembarking from the vehicle. They were angered by what they described as the driver's "greed and lack of human conscience" for increasing the fare that used to be N150 to N300. But, the driver, in a swift defence of his action would say: "Am I the cause. Where did you see fuel? Do you know how I managed to get this fuel? How many filling stations are selling fuel here?"

However, troubled by the above scenario, this reporter decided to embark on this investigation. Arriving at Obalende the next day, my first port of call was at the Oando Filling Station. There was no vehicle and nobody indicating to have the product was on sight. But at one corner of the station was one Ojo Teslim who described himself as the Supervisor. He said their product finished since one week as at the time of my visit and that, they were expecting their trucks which were being loaded at the depot. "Our fuel finished since last week. That's why you are not seeing anybody here," Teslim said. Leaving Oando, I made a beeline to the NNPC filling station at Ikoyi, not too far from

45

T H I S D AY Ëž Ëœ ÍłËœ Í°ÍŽÍŻÍś

CITYSTRINGS

Mobil ďŹ lling station, Awolowo Road, Ikeja, deserted by motorists

POG ďŹ lling station Idimu without fuel

Obalende. While enroute Bthe station, long queues of vehicles stretching from Bank Road to the filling station caught my attention. This was because the station's premises had already been filled with human and vehicular presence. People carrying jerry cans were roaming around the station trying to buy petrol to resell to motorists who had lost patience waiting. Some had been at the station all day with no hope of getting the product. Some of them who spoke to THISDAY said the station's fuel attendants and the police were engaging in corrupt and sharp practices at the station, making it difficult for them to get it. They said the police officers posted at the station instead of helping to maintain orderliness were collecting bribes from those that came late to help them buy fuel. Mr. Olufemi Babatunde, who does a car hiring business was seen in his car apparently brooding over the situation, said he had gone to several filling stations but could not get fuel and, decided to come to the NNPC filling station in Ikoyi. He said he had wasted all day just to buy fuel for the day's work. "Today has gone just like, still no fuel," he said.

"How can we be suffering every time in this country? Imagine, you have your money but to buy fuel is now a problem." Another motorist at the station, Mr. Fidelis Chukwuma, said the day has been hell for him. "It's been hell for me today. I've been here since morning in search of fuel. I'm supposed to go for business today but my plan for the day has been shattered," he said. Chukwuma wondered why the issue of fuel scarcity continues to persist in the country. According to him, "it is an irony that we produce crude oil but can't enjoy its byproducts." At the Mobil Filling Station on Obafemi

It's been hell for me today. I've been here since morning in search of fuel. I'm supposed to go for business today but my plan for the day has been shattered

Awolowo Way, Ikeja, the once busy place was virtually deserted as there was no fuel when I visited. Only the supermarket store was open for business. One of the salespersons on duty, who refused to disclose her name, said they exhausted their product a day before the THISDAY visit. She said they were waiting for supply same day. But while leaving the station, a tricycle (keke) operator, Chika Amunwa, who stopped by at the station with the intention to buy but couldn't, said in low tone: "they've started hoarding again. Today there is fuel, tomorrow there is no fuel." According to him, "that has been the practice in all the filling stations around." In Alimosho area of Lagos State, most of the filling stations were not having petrol as at the last check. At the POG filling station in Idimu, fuel was not available. The fuel attendant on duty, Sodiq Adeyabo, said their product exhausted one week before the THISDAY visit. When asked when they were expecting to have their next supply, he said he had no idea. But, at Petrocam filling station on Isheri/ Igando Road, Alimosho, there was petrol but with long queues of buyers waiting to buy. The queues, according to some of the buyers

was as a result of unavailability of the product in other stations around the area. They bemoaned the reoccurring fuel crisis in the country, saying corruption in all sectors of the country's economy was the cause. "How can we be suffering similar problem every time?" Mr. Mike Emem asked. He said the fuel crisis has impacted negatively on the life of many people since it began. "People can no longer run their businesses the way they should. You will cook and it will get spoilt because there is no fuel to run your generator and power your fridge. And they know there is no electricity in this country. What kind of life are we living here?" Emem asked with furry. Meanwhile, at Jibowu, most of the major filling stations such as Total, NNPC, MRS and Oando had petrol when THISDAY visited. At the MRS filling station, motorists were driving in and out at ease. The fuel attendant on duty, Daniel Emmanuel, said the station had never lacked product since the scarcity began. "Fuel is always available here," he said. "Our boss does not allow that to happen. He doesn't wait till we sell off before he will make order for supply. Here, we don't sell to people with jerry can, that's why you're not seeing queues," he explained.

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T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

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48

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 2nd-FEBRUARY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

YAU MUSTAPHA IDREES AKEEM FAUSAT JOKE JIMOH AKEEM OLAWALE BANJOKO CHIEDU OLUWADOLAPO ADETUNJI TAIWO ADESOJI NWANKWO LINUS CHIDI AVWUNU REUBEN IJIRAYE AYIM OBI EDWARD DIMAKA JULIANA NONYELUM ETOR ROSE UFUOMA OHIAMBE EDWARD OPARANMA AUSTIN .O. OPARANMA AUSTIN .O. UZOATUEGWU HENRY CHINEDU CROWN FLOUR MILLS LIMITED ALFANUMERIK SERVICES AQUILA REALITIES LTD B.C.MUOKA AND COMPANY BASROSE STORES LIMITED BLESSED NZE NES NIGERIA LIMITED BLESSED OKECHUKWU ACHUGBU IND LTD BLESSED VICURCH PRODUCTION BON AND BON HOMES LTD C DIS COMPANY NIG LTD C. MATHIMOR NIGERIA LIMITED CAJEK INVESTMENT COMPANY NIGERIA LI DEIFY JOE ENTERPRISES EGOIYKE TRADING VENTURES LIMITED EKEFLO NIGERIA LIMITED EKENEZ ELECTRICAL NIGERIA LIMITED ELZON TOOLS NIGERIA EMEKA ONU TRADING CO. NIG HELEN WHITE EXPRESS LINKS

BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION WHEAT LITHUANIAN MILLING WHEAT SEWING MACHINE NEEDLE KEROSINE STOVE MATHEMATICS SET WATER PUMP BICYCLE SADDLE SPORTS EQUIPMENT

29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18

UMBRELLA STEEL DOOR, TILE CUTTER, W.C SET KEROSINE STOVE INJECTOR AUTO SPARE PART SINGLE ACRYLIC YARN

22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76

animal feed TAILORING MATERIAL (BOTTON) CABLES(KAMEL BRAND) CABLES(KAMEL BRAND) SPORTS EQUIPMENT HAMMER ADHESIVE PU SILICONE SEALANT AND ADHESIVE RTV SILICONE SEALANT IFY EZEIYKE AMANDASON LIMITED TIGER HEAD BRAND PAPER JACKET DRY BATTERY ART NO.304 R65 UM-3 AA SIZE IMMA JOE GLOBAL RESOURCES LTD ANIMAL FEED J.O UZOR GLOBAL NIG LTD TAPS JOSUCAM INDUSTRIES NIG LTD BICYCLE SPARE PARTS(RIM 20X36H MTB,ATOM VALUE) JUDON ASSOCIATES COMPANY LIMITED AMERICAN STEEL PANEL DOOR JUN 3 ENTERPRISES GUMSTAY SEWING MATERIAL OTHER TEXTILE MATERIAL LAWGLORY VENTURES NIG UMBRELLA MANDES BUSINESS SERVICES LIMITED MEDICAL EQUIPEMENT MESO MULTI SERVICE NIGERIA HAMMER MICH IRUOHA VENTURES ENTERPRISE SPORTS EQUIPMENT MOVING FORWARD EVER INVESTMENTS WATER PUMP COMPANY LIMITED NES GLOBAL ENTERPRISES BICYCLE PARTS ( FREEWHEEL CKD) NZEKWE GLOBAL NIGERIA ENTERPRISES BICYCLE HUBS PAZKEN ENTERPRISES NIGERIA UMBRELLA POWERLINK BUSINESS ENTERPRISES NEW PORTABLE AGRICULTURAL WATER PUMP/GASOLINE LIMI GENERATOR STANCOTTER ENTERPRISES SPORTS EQUIPMENT SUNNY OSITEZ INTERNATIONAL LTD FAN TOBITEX INSPIRATIONS LIMITED DISCHARGE LAMPS(SPIRAL BRAND) VIMACO INDUSTRY INTERLINKS LTD UNCOATED KRAFT PAPER AND BOARD VINTECH INVESTMENT LIMITED INVERTERS ECOBANK TRANSNATIONAL INCORMONEY MARKET PORATED EHIBUDU CHINWENDU UGOCHI BTA PTA ABIONA STEVEN GBENGA BTA PTA BIOBAKU OMOBOLANLE IRENE BTA PTA OKOLI DANIEL NNEBECHUKWU BTA PTA ERHABOR JACOB EBOMEM BTA PTA AYENI AJOKE ANTHONETTE BTA PTA OYEGBOLA CHRISTIANA OLUFUNBTA PTA MILAYO BUTSWAT ISAAC SAMMANI EDUCATION KAKAYOR OKOROGHEY DORCAS EDUCATION OLATUNDE THOMAS OLABODE EDUCATION OKUNDONOR FRANCISCA E. EDUCATION AKINDURO OMOSOLA KHALID EDUCATION BABATUNDE PEARSE EDUCATION MOHAMMED JIBRIN EDUCATION SMARTBUY NETWORK VENTURES EDUCATION SUNDAY VICTOR ENYIOMA EDUCATION KALIO STELLA BOMA EDUCATION EDJUTO EFEVERORO EDUCATION DARAJU INDUSTRIES LIMITED COLLECTI PRECIPTATED SILICA THK / PRECIPTATED SILICA ABR BENVOUS INTL COMPANY LIMITED AIR CONDITION BRACKETS AL TERSALI CONCEPTS INTERNATIONAL SEWING THREAD OGBOS BABA ENTERTAINMENT LTD MUSICAL INSTRUMENT

AMOUNT

SN

CUSTOMER

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 305.10 360.00 360.00 360.00 360.00 360.00 360.00

1,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 7,947.00 4,352.95 14,146.00 2,244.88 2,615.00 4,320.00 4,560.00 2,200.00 6,935.06 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18

360.00 360.00 360.00 360.00 360.00

20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99

GUMSTAY SEWING MATERIAL OTHER TEXTILE MUSICAL INSTRUMENT. BOX MIXER AUTO PARTS SPARE PARTS (CORNER LAMP) STEEL DOOR UMBRELLA FUSED EXTENSION FOR USE OF COMPUTERS AUTO BREAK LINING FOR TRUCKS DISCHARGE LAMPS(SPIRAL BRAND) AGRICULTURAL BEARINGS DVD PLAYERS, HOME THEATERS AND SPEAKERS BICYCLE PEDALS STEEL PANEL DOOR UMBRELLA AUTO PARTS CORNER LAMPS CABLES(KAMEL BRAND) TAILORING MATERIAL AUTO SPARE PARTS CORNER LAMP UNCOATED KRAFT PAPER AND BOARD SEWING MACHINE NEEDLE UNCOATED KRAFT PAPER AND BOARD UNCOATED KRAFT PAPER AND BOARD UMBRELLA ADHESIVE PU SILICONE SEALANT AND ADHESIVE RTV SILICONE SEALANT STEEL DOOR STEEL DOOR WATER PUMP

30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

30-Jan-18 30-Jan-18 30-Jan-18

360.00 360.00 360.00

20,000.00 20,000.00 20,000.00

29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00

20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

29-Jan-18

360.00

20,000.00

29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18

360.00 360.00 360.00 360.00

20,000.00 20,000.00 20,000.00 6,525.00

DECEMBER DYNAMIC VENTURE OGBOS BABA ENTERTAINMENT LTD SKYPAULO INTERNATIONAL LTD CLESTINE GLOBAL INDUSTRIAL CO LTD MIGHTMAN IN BATTLE GLOBAL LTD HECTA RESOURCES LIMITED C. TOPHERS LIMITED CARTELO SAT LIMITED OLIN INTERNATIONAL LIMITED MALONE INDUSTRIES LIMITED NESBY NIGERIA LIMITED CHISTALL PROJECTS LIMITED EJI-LEC INTERNATIONAL OSNO LTD CHIWAWA COMPANY ENTERPRISES DIGIT SMART INTERNATIONAL LIMITED VIT IYK AUTO COOLING LIMITED AMAKA AND VIMACO GLOBAL SERVICES DE GOLD FEATHERS ASSOCIATES INTL ODDYANN AND VIMACO INTERBIZ LTD ODDY MULTI SYNERGY SERVICES LTD UCHE CHRIS GLOBAL LINK NIGERIA LTD OKWY KEN GLOBAL RESOURCES LIMITED AIKESO BATHROOM LIMITED WATER CIRCLE AGENCY ZIBRO INTERNATIONAL CONCEPTS LIMITED ANYI-JUBEN NIGERIA LIMITED BLESSED OKWYTEX LIMITED FLOURISH MULTIGLOBAL IMPEX LTD GORBEL INTL SERVICES ANNUR MAI INIBI PLASTIC LTD OLIVE MICHEAL ENT LTD ELO BIG JAMES ENTERPRISES SKY ENTERPRISES LLC KEDILASO INTERNATIONAL LIMITED FRANKENSTEIN INNOVATORS LIMITED FRANKENSTEIN INNOVATORS LIMITED FRANKENSTEIN INNOVATORS LIMITED OLENEME ITORO ESSIEN OFOEGBU EKANEM EFFIOM UGWUEZE BLESSING CHWKWUBE ARANYA -OKILO CORDELIA OKOLI CHUKWUEMEKA PETER ADEYEMI OLUWADAMILARE ABRAHAM ANYANWU BEDE UCHECHUKWU GEORGE RASHIDAT TEJUMADE WANDEL INTERNATIONAL NIG LTD

30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18

360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 14,950.00 315.00 9,822,325.00 350.00 50,792.81 315.00 7,622.67 315.00 66,160.00 315.00 36,217.33 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 3,981.04 360.00 2,843.60 360.00 4,000.00 360.00 4,000.00 360.00 2,166.58 350.00 134,000.00

31-Jan-18

306.15

46,339.00

31-Jan-18

306.15

46,630.00

29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18

360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 315.00 5,000,000.00

30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00

3,600.00 2,000.00 4,000.00 3,000.00 4,000.00 4,000.00 1,500.00

30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 314.50 360.00 360.00 360.00

7,631.00 2,255.53 4,483.00 6,930.38 10,945.65 14,047.00 7,374.68 1,822.48 2,360.94 2,138.00 1,400.00 21,546.89 20,000.00 12,610.00 10,000.00

31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18

305.10 2,145,908.11 360.00 100.00 360.00 15,725.97 338.00 66.08 338.00 569,386.51 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 14,600.00 360.00 20,000.00 360.00 20,000.00 360.00 5,314.00 360.00 18,410.00 360.00 20,000.00 360.00 2,031.60 360.00 20,000.00 360.00 20,000.00 360.00 10,000.00 360.00 20,000.00 360.00 20,000.00

31-Jan-18 1-Feb-18

360.00 360.00

10,000.00 39,841.11

1-Feb-18

360.00

447,932.00

1-Feb-18

360.00

14,000.00

100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152

UMBRELLA UMBRELLA UMBRELLA INVERTERS SEWING MACHINE NEEDLES HAND TOOLS(HAMMER) TAILORING MATERIAL MONEY MARKET WASHING MACHINE & NYLON SEALER IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION MOTORIZED TRICYCLES-SPARK IGNITION IN CKD-TVS BRAND ENGINE TYPE 4 DAG INDUSTRIES NIGERIA LTD BAJAJ RE 4S198.88CC AUTORICKSHAW IN CKD PACKED CONDITION DAG INDUSTRIES NIGERIA LTD BAJAJ RE 4S198.88CC AUTORICKSHAW IN CKD PACKED CONDITION CROWN FLOUR MILLS LIMITED WHEAT LITHUANIAN MILLING WHEAT PRUDENT ENERGY AND SERVICES LTD IMPORTATION OF PETROLEUM PRODUCTS PRUDENT ENERGY AND SERVICES LTD IMPORTATION OF PETROLEUM PRODUCTS ECOBANK NIGERIA LIMITED OFFSHORE CHARGES THE SLAY NETWORK LTD MONEY MARKET SAGIRU SABITU ENTERPRISES SEWING MACHINE NEEDLES SYLVA AHANS INTL LTD SPORTS EQUIPMENT EMMA TENS INVESTMENT LIMITED POWDER COATED ALUMINUM PROFILE IYKMANUEL INTERNATIONAL LIMITED HAND TOOLS (HAMMER) TOMBO INDUSTRIES LIMITED FARMING TOOLS (Blank Machete and Blank Spade) EVANS CONCEPT LIMITED TELEVISIONS AND HOME THEATERS EJIS MULTI PURPOSE LIMITED TAILORING MATERIAL FRASYL INTERNATIONAL LIMITED SEWING MACHINE NEEDLES JOANAH INDUSTRIAL COMPANY LTD ADHESIVE ZIMTEK TECHNICAL SERVICES DIESEL ENGINE IKHIFA GLOBAL LIMITED UNCOATED KRAFT PAPER MAGXON CONTINENTAL LIMITED INDUSTRIAL FILTER AND PNEUMATIC TRANSMISSION VALVE ZIMTEK TECHNICAL SERVICES ALTERNATOR AC JAMES INTERNATIONAL COMPANY ELECTRIC BULBS VICTORY NWAWUZIE INVESTMENT LTD UMBRELLA 606 MULTI SERVICES GUMSTAY SEWING MATERIAL OTHER TEXTILE MATERIALS HYZEE GLOBAL VENTURES FLOATING FISH FEED PELLET MACHINE PINAUSEM INTERNATIONAL COMPANY UNCOATED KRAFT PAPER LTD 606 MULTI SERVICES GUMSTAY SEWING MATERIALS OTHER TEXTILE MATERIAL STALLION NMN LIMITED 120 UNITS OF NISSAN PICKUP NP300 AS PER PROFORMA INVOICE NUMBER PC-17/PFI-0287 DATED 02 AUGUST,2017 STALLION NMN LIMITED 120 UNITS OF NISSAN PICKUP NP300 AS PER PROFORMA INVOICE NUMBER PC-17/PFI-0287 DATED 02 AUGUST,2017 DIGITALL HEALTHCARE LTD PAYMENT FOR PHARMACEUTICALS AS PER FORM MF20170052903

AMOUNT

49

T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 2nd-FEBRUARY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

153 STALLION NMN LIMITED

ITEM OF IMPORT

NISSAN - URVAN (SPEC.CODE: TDB2LDRE26EWAJD-BA) (CC:2.5L) (SEATING CAPACITY/ NUMBER OF SEATS:15) (FUEL TYPE: PETROL) (BRAND: NISSAN) (2WD) 154 HYUNDAI MOTORS NIGERIA LIMITED HYDRAULIC SCISSOR CAR LIFT, PLATFORM SIZE: 5000 X 2300 MM, CAPACITY: 4000KG, CLOSE HEIGHT: 500MM, LIFTING HEIGHT: 3000MM FROM GROUND 155 OLU-MARTINS KAYODE BTA PTA 156 OLU-MARTINS OLUBIMBOLA BTA PTA 157 GABRIEL OLUWASEYI YINKA BTA PTA 158 OMU MICHAEL EBO BTA PTA 159 OLUFEMI MICHAEL OLORUNTOLA BTA PTA 160 ADEFOPE OLAITAN OLOLADE BTA PTA 161 OTADAFERUA ELIZABETH OBAH BTA PTA 162 HRM OTADAFERUA EDWARD BTA PTA 163 IBITOYE BAMIDELE MOSHOOD BTA PTA 164 TAJOMAVWO BEAUTY BTA PTA 165 IBRAHIM ABDULKARIM EDUCATION 166 FRANK-BRIGGS ANGELA INE EDUCATION 167 AZUBUIKE NGOZI JULIUS EDUCATION 168 OYEDEJI CAROL EDEINOKUN EDUCATION 169 OPARA CHIBUIKE KEVIN EDUCATION 170 RITHS GLOBAL VENTURES LIMITED EDUCATION 171 TUBI MAKANJUOLA ANDREW EDUCATION 172 ESHEMITA ELIZABETH ELO EDUCATION 173 WILLIAMS ENOH EFFIONG EDUCATION 174 ULOH EDDIE EDUCATION 175 TOMINIYI AND ABIMBOLA OWOLABI EDUCATION 176 ALAGBE OLATUNDE SAMUEL EDUCATION 177 SUNDAY MICHAEL CHIMEZIE EDUCATION 178 JOSEPHINE OLOMU EDUCATION 179 ADEKUNLE ADEFUNKE ADIJAT EDUCATION 180 OBELE PRINCEWILL SUNNY O EDUCATION 181 JUST SUPPLIES AND PACKAGING LTD IMPORTATION OF MACHINERY 182 DARAJU INDUSTRIES LIMITED COLLECTI PRECIPTATED SILICA THK / PRECIPTATED SILICA ABR 183 ECOBANK NIGERIA LIMITED MEDICALS 184 ETOLUE VALENTINE N BTA PTA 185 KALANGO AROBO BTA PTA 186 IDOWU BOSEDE REMILEKUN BTA PTA 187 SANUSI OLABISI OPEYEMI BTA PTA 188 OSHINAIKE JUSTINO ADEKUNLE BTA PTA 189 BABALOLA JULIUS SUNDAY BTA PTA 190 OKUSANYA ADEMOLA ADE BTA PTA 191 OLUWATOSN BOLORUNDURO JOSEPH BTA PTA 192 OLAGUNDOYE OLADIPO BTA PTA 193 NWOKOCHA NKECHI MARIAN BTA PTA 194 NSOFOR OGECHUKWU ROSELYN BTA PTA 195 EDEKI OLAYEMI BTA PTA 196 MOHAMMED ABUBAKAR A. EDUCATION 197 IHS NIGERIA PLC DIVIDEND AND CAPITAL REPATRIATION 198 JIDAUNA SAMUEL BUBA EDUCATION 199 DAVID PAUL OLUWATOBI TAIYE LAWAL EDUCATION 200 ADEBOYE JAMES SUNDAY EDUCATION 201 AKI INTERNATIONAL LIMITED IMPORTATION OF MOTORCYCLE SPARE PARTS 202 DE GREAT EMMA SUCCESS BENZ NIG LTD AUTO SPARE PART (INJECTORS, NOZZLE , ELEMENTS) 203 WILLYMARS INDUSTRIAL CONTROL AND DICHARGE LAMPS(BRAND/MODEL-PROMA WALL BRACKET) TECHNICS COMPANY LAMP B22\100K, 100W 204 ZONA INDUSTRIAL PANEL CONTROL DISCHARGE LAMP(BRAND/MODEL-PROMA WALL BRACKET) LIMITED LAMP B22/100K,100W 205 CALLIBEST INV. LTD. DISCHARGE LAMP (BRAND/MODEL ) LAMP B22/100K,100W 206 IKCEE INVESTMENTS LIMITED CABLES(KAMEL BRAND) 207 CREATIVE AFFAIRS LTD OFFSET PRINTING INK 208 NUMS DAIGNOSTICS DIAGNOSTICS KITS 209 NEU ENTERPRISES NIGERIA LIMITED MOTORCYCLE SPARE PARTS 210 MARRIETE FAVOUR GLOBAL NIGERIA BICYCLE PARTS (FREEWHEEL) LIM 211 O BAJIS MARKETING CONCEPTS BULBS(PILA BRAND) 212 E O INTERNATIONAL COMPANY LIMITED BULBS(PILA BRAND) 213 CE AND T INTEGRATED PROJECT GLOBAL PANEL DOOR (STEEL) 214 PROVOBIS GLOBAL CONCEPTS INJECTOR 215 CIEM GLOBAL ASSOCIATES COTTON SEWING THREAD 216 EMSUN ENTERPRISE UMBRELLA 217 CIJO ENT NIG BAG AND SHOE ACCESORIES( RIVETS, HOOKS MAKE OF WITH STEEL, EYELETS) 218 3TOS VENTURES AUTO ALARM SYSTEM 219 NARCO NIGERIA WIRE AND CABLE LIMI SOLDERING IRON 220 N.CEE MERCHANDISE CO NIG LTD CABLES (KAMEL BRAND) 221 CHARLES MAT GLOBAL INDUSTRIES LIMI FLASH LIGHT/RADIO BATTERY 222 NUR ALA NUR INTERNATIONAL 100W AND 40W DISCHARGE LAMPS MODEL E27 AND B22 VENTURES RESPECTIVELY 223 STEV LIGHT INTERNATIONAL CO LTD DISCHARGE LAMPS (SPIRAL BRAND) 224 NOOR ALA NOOR NIGERIA LIMITED DISCHARGE LAMPS (KASEL BRAND-40W) 225 FELXMOND INTEGRATED GLOBAL SEWING MACHINE PARTS SERVICES LTD

DATE OF EXCHANGE FUND RATE PURCHASE

AMOUNT

1-Feb-18

360.00

54,799.29

1-Feb-18

360.00

22,000.00

1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18

360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 2,500.00 360.00 4,000.00 360.00 1,138.48 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 3,000.00 360.00 4,225.00 360.00 10,098.00 360.00 12,174.65 357.00 13,338.20 360.00 6,318.64 360.00 12,760.94 360.00 1,458.68 360.00 1,200.00 360.00 14,800.03 360.00 6,261.64 360.00 14,942.55 360.00 3,034.61 360.00 3,980.00 360.00 7,030.45 360.00 9,841.45 360.00 6,858.77 360.00 10,000.00 314.50 6,673.11 360.00 13,740.00 360.00 4,000.00 360.00 2,859.60 360.00 4,000.00 360.00 4,000.00 360.00 1,429.80 360.00 4,000.00 360.00 2,000.00 360.00 3,974.84 360.00 400.00 360.00 2,700.00 360.00 4,000.00 360.00 4,000.00 360.00 2,140.00 345.00 20,000,000.00 360.00 6,365.00 360.00 7,504.66 360.00 2,150.00 315.00 184,909.03 360.00 20,000.00 360.00 20,000.00

2-Feb-18

360.00

20,000.00

2-Feb-18

360.00

20,000.00

2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18

360.00 360.00 360.00 360.00 360.00

20,000.00 20,000.00 4,850.00 20,000.00 20,000.00

2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00

12,090.00 10,000.00 20,000.00 20,000.00 15,000.00 20,000.00 10,000.00

2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18

360.00 360.00 360.00 360.00 360.00

10,000.00 20,000.00 20,000.00 20,000.00 20,000.00

2-Feb-18 2-Feb-18 2-Feb-18

360.00 360.00 360.00

20,000.00 20,000.00 10,000.00

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 2ND-FEBRUARY 2018

SN

SOURCE

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87

OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS CBN CBN INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK INTERBANK INTERBANK OTHERS OTHERS OTHERS TOTAL AMOUNT AVERAGE AMOUNT

DATE OF FUND PURCHASE 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 29-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 30-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 31-Jan-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 1-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18 2-Feb-18

EXCHANGE RATE

AMOUNT

305.70 304.75 305.65 305.70 310.00 338.00 342.00 345.00 355.00 355.00 355.01 355.00 355.00 357.00 357.00 305.70 330.00 314.00 356.00 356.00 356.00 356.00 356.00 356.00 356.00 356.00 357.00 306.15 305.45 305.25 305.25 305.05 304.95 304.85 304.85 304.70 359.00 359.00 314.50 305.65 305.65 305.65 305.65 305.65 305.65 305.60 305.65 305.70 362.06 362.05 362.06 362.06 362.06 305.15 305.13 305.16 305.15 305.17 362.06 305.15 305.60 305.65 356.00 356.00 356.00 356.00 304.95 355.00 355.00 355.00 355.00 355.00 355.00 342.00 359.00 315.00 356.00 342.00 342.00 359.00 349.00 360.00 360.00 314.50 359.00 314.50 314.00

13,707.23 23,974.00 38,280.00 60,271.51 150,000.00 3,384.00 100,000.00 470,000.00 65,300.58 59,148.74 19,129.84 83,289.72 71,430.44 1,000,000.00 1,000,000.00 5,000.00 24,000.00 21,546.89 415.76 425,631.03 278,839.06 48,052.18 1,352.39 989.01 134,092.04 69.83 19,931.95 7,724,250.00 333.65 11,712.52 11,688.52 687.86 9,960.00 800.00 10,202.44 180.00 100,000.00 54,000.00 43,883.91 53,582.15 18,323.85 91,587.34 7,240.62 2,126,300.14 548,978.16 199,922.02 211,775.89 166,916.93 2,797.88 4,222.55 1,593.68 1,171.09 2,176.46 11,094.89 2,130.25 1,441.89 1,820.39 6,314.32 2,355.98 1,071.60 127,111.56 21,016.82 254,470.79 976.90 308,483.90 1,102.43 589.16 81,274.79 11,433.80 108,229.71 96,513.69 67,625.80 27,216.57 20,000.00 75,000.00 30,000.00 780,000.00 20,000.00 60,000.00 54,000.00 184,792.81 10,000,000.00 10,000,000.00 500,000.00 399,957.00 60,000.00 10,840.00 38,848,988.91 658,457.44

50

T H I S D AY ˾ ͳ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

51

52

T H I S D AY ˾ ͳ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

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55

MONDAY FEBRUARY 5, 2018 Ëž T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Italy Migrant Shooting Spree â&#x20AC;&#x2DC;Triggered by Womanâ&#x20AC;&#x2122;s Murderâ&#x20AC;&#x2122; Americans may love their fentanyl, a powerful opioid responsible for a public health crisis and countless accidental overdose casualties, including those of pop stars Prince and Tom Petty. But terrorists apparently prefer tramadol, a cheaper numbing opioid that is legal in the Middle East. And they are getting plenty of it on the black market thanks to Italian â&#x20AC;&#x2DC;Ndrangheta mobsters, according to Italyâ&#x20AC;&#x2122;s financial police. In the last year alone, the cops have confiscated nearly 100 million tramadol tablets meant for ISIS operatives in Libya. Once in Libya, the pills are used to pump up fighters there, or theyâ&#x20AC;&#x2122;re smuggled into Egypt and Syria, or they are sold to Boko Haram fighters in Nigeria, according to Marta Sarafini, whose recent exposĂŠ in the Italian daily Corriere della Sera unravels the tramadol trade. â&#x20AC;&#x153;They end up in the hands of the desperate in Gaza, the prostitutes in Amman, and child laborers in Turkey,â&#x20AC;? she says. â&#x20AC;&#x153;They are the drug for anyone who wants to escape misery.â&#x20AC;?

They may also find their way into the American market, and with a vengeance. The barriers are low. On the Drug Enforcement Administrationâ&#x20AC;&#x2122;s list of â&#x20AC;&#x153;scheduledâ&#x20AC;? drugs, or â&#x20AC;&#x153;controlled substances,â&#x20AC;? where heroin, LSD and, yes, marijuana are Schedule I; fentanyl is among those listed as Schedule II; ketamine and Tylenol with codeine are Schedule III, tramadol is only Schedule IV: a substance with â&#x20AC;&#x153;a low potential for abuse relative to substances in Schedule III.â&#x20AC;? As the Wall Street Journal reported in 2016, tramadol is â&#x20AC;&#x153;the opioid crisis for the rest of the world.â&#x20AC;? And the combination of low penalties in the U.S., the organized peddling by the mob, along with the financial needs of the embattled â&#x20AC;&#x153;Islamic Stateâ&#x20AC;? create a situation ripe for organized crime to push tramadol as a new drug of choice for opioid addicts. In Europe and North Africa, peddling the pills, which have a street value of around $5 a

piece, is fast becoming one of the Calabrian â&#x20AC;&#x2DC;Ndrangheta crime syndicateâ&#x20AC;&#x2122;s most successful enterprises. Gaetano Paci, an anti-mafia prosecutor in Calabria, confirmed the narcotic trafficking links between the deadly Calabrian mob and terrorist groups late last year after a third shipment of millions of tramadol tablets was discovered in the southern Italian port of Gioia Tauro, widely known as the mafia gateway for all things illicit. The sprawling Calabrian mafia port has been at the center of a number of recent raids where everything from stolen antiquities to dead bodies have been found hidden in cargo crates. The average daily value of contraband and trafficked materials suspected to be run through the port is estimated to top $1 million, according to Italyâ&#x20AC;&#x2122;s finance police. Most of the illegal goods are hidden in shipments of pineapples, frozen fish and coconut milk, which often are rushed through because of their shorter shelf life. -Culled from Daily Beast

Vacancies The Nigeria Extractive Industries Transparency Initiative (NEITI) is the Nigerian subset of the Extractive Industries Transparency Initiative (EITI), a global initiative that promotes transparency and accountability in the management of revenues from the oil, gas, and mining sectors. To deepen its operational capacity, NEITI seeks to UHFUXLW TXDOLĂ°HG FDQGLGDWHV IRU WKH IROORZLQJ DSSURYHG SRVLWLRQV

1. Assistant Director, Policy & Strategy The preferred candidate shall oversee NEITIâ&#x20AC;&#x2122;s nascent policy and strategy work-stream. S/he needs to generate, stimulate and implement innovative ideas that will result in evidence-led policy prescriptions, policy consensus, and policy actions on key governance issues in the management of extractive resources in Nigeria. The candidate must OH]L ]LYPĂ&#x201E;HISL WVSPJ` YLZLHYJO ^YP[PUN HUK HK]VJHJ` IHJRNYV\UKZ TLHZ\YHISL JHWHJP[` [V Z\WLY]PZL [LHTZ ^VYRPUN VU T\S[PWSL HUK JVTWSL_ WYVQLJ[Z HUK KLTVUZ[YHISL Ă&#x2026;HPY MVY WHY[ULYZOPW Z[YH[LNPJ [OPURPUN HUK YLZV\YJL TVIPSPZH[PVU

4XDOLĆ&#x201A;FDWLRQV ([SHULHQFH 4XDOLWLHV The candidate must have:

Q ([ SLHZ[ H THZ[LYÂťZ KLNYLL PU ,JVUVTPJZ 7\ISPJ 7VSPJ` +L]LSVWTLU[ Studies, Political Science, or related disciplines; Q ( TPUPT\T VM `LHYZ WVZ[ X\HSPĂ&#x201E;JH[PVU L_WLYPLUJL Ă&#x201E;]L VM ^OPJO T\Z[ IL PU ZLUPVY WVZP[PVU Z PU W\ISPJ WVSPJ` HUK Z[YH[LN` YLSH[LK work; Q +LTVUZ[YHISL HUHS`[PJHS ZRPSSZ HUK ]LYPĂ&#x201E;HISL L_WLYPLUJL PU X\HU[P[H[P]L and qualitative research; Q ,_JLSSLU[ ^YP[PUN HUK WYLZLU[H[PVU ZRPSSZ ^P[O ZHTWSLZ VM W\ISPZOLK VY \UW\ISPZOLK WHWLYZ H[[HJOLK" Q (K]HUJL JVTW\[LY ZRPSSZ ^P[O KLTVUZ[YHISL WYVĂ&#x201E;JPLUJ` PU YLZLHYJO and analytical tools such as Excel, SPSS, STATA, RATS, EVIEW etc. Q A very good understanding of NEITIâ&#x20AC;&#x2122;s mandate and the policy issues in Nigeriaâ&#x20AC;&#x2122;s extractive sector; Q Proven track record in managing complex projects, people and partnerships with good results; Q ,_JLSSLU[ VYNHUPZH[PVUHS SLHKLYZOPW HUK [LHT I\PSKPUN ZRPSSZ" Q /PNO PU[LNYP[` WYVIP[` HUK WYVMLZZPVUHS KPZJYL[PVU

2. Executive Assistant to the ES This is not a clerical or a mere administrative position. The preferred candidate shall provide operational and technical support to the ,_LJ\[P]L :LJYL[HY` [V LUZ\YL ZLHTSLZZ VWLYH[PVU HUK LÉ&#x2C6;LJ[P]L JVVYKPUH[PVU : OL ULLKZ [V IL OPNOS` VYNHUPZLK IL HISL [V ^VYR \UKLY PU[LUZL WYLZZ\YL IL KPWSVTH[PJ HUK WLYZVUHISL HUK T\Z[ WVZZLZZ [OL intellectual curiosity and depth to support the chief executive in a fastpaced, reform environment.

4XDOLĆ&#x201A;FDWLRQV ([SHULHQFH 4XDOLWLHV The candidate must have:

Q ([ SLHZ[ H Ă&#x201E;YZ[ KLNYLL PU HU` YLSL]HU[ Ă&#x201E;LSK ^P[O H TPUPT\T VM Ă&#x201E;]L `LHYZ WVZ[ NYHK\H[PVU L_WLYPLUJL [OYLL VM ^OPJO T\Z[ IL PU JVNUH[L Ă&#x201E;LSKZ ( THZ[LYÂťZ KLNYLL HUK WYPVY L_WLYPLUJL PU Z\WWVY[PUN JOPLM L_LJ\[P]L Z ^PSS IL HU HKKLK HK]HU[HNL" Q Capacity to multi-task and work under pressure and tight deadlines; Q Capacity to review and synthesise technical materials and clerk high-level meetings; Q ,_JLSSLU[ ^YP[[LU HUK VYHS JVTT\UPJH[PVU ZRPSSZ PUJS\KPUN WYVĂ&#x201E;JPLUJ` in drafting high-level presentations; Q (K]HUJL JVTW\[LY ZRPSSZ LZWLJPHSS` WYVĂ&#x201E;JPLUJ` PU IHZPJ YLZLHYJO and presentation tools; Q A good understanding of NEITIâ&#x20AC;&#x2122;s mandate and issues in the extractive sector; Q 7YV]LU PU[LNYP[` WYVIP[` HUK WYVMLZZPVUHS KPZJYL[PVU

How to apply: 8\HSPĂ&#x201E;LK HUK PU[LYLZ[LK JHUKPKH[LZ MVY HU` VM [OLZL [^V WVZP[PVUZ ZOV\SK ZLUK [OLPY HWWSPJH[PVUZ YLZ\TLZ HUK ^VYR ZHTWSLZ ^OLYL YLSL]HU[ PUKPJH[PUN JSLHYS` OV^ [OL` TLL[ [OL YLX\PYLTLU[Z [V recruitment@neiti.gov.ng Deadline: 5 March 2018 Note: Only applications submitted electronically will be considered. Also, only candidates that meet the minimum requirements will be shortlisted for interviews.

56

MONDAY, ͽ˜ ͺ͸͹΀ ˾ T H I S D AY

NEWS IBB SPEAKS TO THISDAY, AFFIRMS STATEMENT, SAYS NIGERIA NEEDS NEW BREED OF LEADERS demonetisation of our politics, enhanced internal democracy, elimination of impunity in our politics, inclusiveness in decisionmaking, and promotion of citizens’ participation in our democratic process,” formed part of his recommendations. Babangida also spoke on the herdsmen-farmers’ clashes, saying the unchecked activities of the herdsmen have continued to raise doubts over the capacity of the Buhari-led government to handle with dispatch, the security concerns that continue to threaten “our dear nation; suicide bombings, kidnappings, armed banditry, ethnic clashes and other divisive tendencies”. He said the country must bring different actors to the roundtable, suggesting that government must generate the platform to interact and dialogue on the issues with a view to finding permanent solutions to the crises. According to him, the festering nature of this crisis (farmers-herders’ conflict) was an inelegant testimony to the sharp divisions and polarisations that exist across the country. “For example, this is not the first time herdsmen have engaged in pastoral nomadism but the anger in the land is suggestive of the absence of mutual love and togetherness that once defined our nationality. “We must collectively rise up to the occasion and do something urgently to arrest this drift. If left unchecked, it portends danger to our collective existence as one nation bound by a common destiny; and may snowball into another internecine warfare that would not be good for nation-building. “We have to reorient the minds of the herdsmen or gunmen to embrace ranching as a new and modern way to herd cattle. “We also need to expand the capacity of the Nigeria Police, the Nigerian Army, the navy and air force to provide the necessary security for all. We need to catch up with modern sophistication in crime detection and crime fighting. “Due to the peculiarity of our country, we must begin community policing to close the gaps that presently exist in our policing system. “We cannot continue to use old methods and expect new results. We just have to constructively engage the people from time to time through platforms that would help them ventilate their opinions and viewpoints,” he said. On the “change” mantra, Babangida said when the ruling All Progressives Congress (APC) campaigned on the change mantra, he had thought they would device new methods, provoke new initiatives and proffer new ways to addressing some of the nation’s developmental problems. “In line with her manifesto, one would have thought that the APC would give fillip to the idea of devolution of powers and tinker with processes that would strengthen and reform the various sectors of the economy. “Like I did state in my

previous statement late last year, devolution of power or restructuring is an idea whose time has come if we must be honest with ourselves. “We need to critically address the issue and take informed positions based on the expectations of the people on how to make the union work better. “Political parties should not exploit this as a decoy to woo voters because election time is here. We need to begin the process of restructuring both in the letter and spirit of it. “For example, I still cannot reconcile why my state government would not be allowed to fix the Minna-Suleja road, simply because it is called a federal government road, or why state governments cannot run their own policing systems to support the federal police. “We are still experiencing a huge infrastructure deficit across the country and one had thought the APC-led federal government would behave differently from their counterparts in previous administrations. I am hesitant to ask; where is the promised change?” he asked. Babangida said Nigeria remained at a major crossroads at this moment in its history, saying that the choices its citizen have to make as a nation regarding the leadership question of this country and the vision for its political, economic and religious future will be largely determined by the nature or kind of change that Nigerians pursue, the kind of change that all citizens need and the kind of change that they get. According to him, “A lot depends on our roles both as followers and leaders in our political undertakings. As we proceed to find the right thesis that would resolve the leadership question, we must bear in mind a formula that could engender national development and the undiluted commitment of our leaders to a resurgence of the moral and ethical foundations that brought us to where we are as a pluralistic and multi-ethnic society. “Nigeria, before now, has been on the one hand our dear native land, where tribes and tongues may differ but in brotherhood we stand, and on the other hand, a nation that continues to struggle with itself and in every way stumbling and willful in its quest to become a modern state, starting from the First Republic till date. “With our huge investments in the African emancipation movements and the various contributions that were made by our leadership to extricate South Africa from the colonial grip, Nigeria became the giant of Africa during that period. “But having gone through leadership failures, we no longer possess the sobriety to claim that status. And we all are guilty. “We have experimented with parliamentary and presidential systems of government amid military interregnum at various times of our national history. We have made some progress, but not good enough to

situate us on the pedestal we so desirously crave for. “It is little wonder, therefore, that we need to deliberately provoke systems and models that will put paid to this recycling leadership experimentation to embrace a new generational leadership evolution with the essential attributes of a responsive, responsible and proactive leadership configuration to confront the several challenges that we presently face,” he noted. Babangida said that in the in the past few months also, he had taken time to reflect on a number of issues plaguing the country and was frightened by their dimensions. “I get worried by their colourations. I get perplexed by their gory themes. From Southern Kaduna to Taraba State, from Benue State to Rivers, from Edo State to Zamfara, it has been a theatre of blood with a cake of crimson. “In Dansadau in Zamfara State recently, North-west of Nigeria, over 200 souls were wasted for no justifiable reason. The pogrom in Benue State has left me wondering if truly this is the same country some of us fought to keep together,” he wondered. Babangida said he was alarmed by the amount of blood-letting across the land, adding that Nigeria was now described as a land where blood flows like river, where tears have refused to dry up. “Almost on a daily basis, we are both mourning and grieving, and often times left helpless by the sophistication of crimes. “The Boko Haram challenge has remained unabated even though there has been commendable effort by government to maximally downgrade them.” He advised that the battle against Boko Haram be taken to the inner fortress of Sambisa Forest rather than responding to the insurgents’ ambushes from time to time. He concluded by praying to God to grant Nigerians the gift of good life to witness that glorious dawn in 2019.

Counter Statement But just as Nigerians were taking in Babangida’s statement yesterday, another purported statement signed by him disowned his media aide. In the second statement titled, “State of the Nation,” the former military ruler said: “It has been drawn to my attention a press statement on the state of the nation, particularly the 2019 general elections and beyond. “Let me categorically state that as a former president and statesman, I have unfettered channels of communication with the highest authorities without sensational public correspondence, therefore, those views expressed over there are the personal views of the writer. “However, with due respect to individual opinion and constitutional rights, it is worrisome that political events and civil unrest in many part of the country,

has raised many questions on the governance and unity. Indeed, 2018 is inundated with seasons of literatures on the corporate existence of this country. Many of such literatures have shown concerns of the corporate existence of Nigeria beyond 2019 general election.” Babangida recalled that in his statement to mark the Armed Forces Remembrance Day, he had stated that there was dire need for proactive measures to stop farmers-herders’ clashes in the Middle Belt, cattle rustling, armed robberies, kidnappings, gangsterism and cultism. He maintained that the security agencies have to step up their surveillance with more efforts on intelligence gathering for maximum success. He warned that recent happenings and utterances by political gladiators were alarming and not in the interest of the common man that is already overstretched and apparently living from hand to mouth due to precarious economic conditions. “Despite all these challenges, I am optimistic that the political actors will play within the ambits of political norms and decorum to ameliorate the problems facing our society now. “I am a realist that believes that all issues in a democratic atmosphere are sincerely discussed and resolved in the spirit of give and take. “Since after my military years that metamorphosed to the only military president in the history of Nigeria and my civilian life, I always have one clear objective that freedom can only be achieved through democracy. “Some people find this freedom as an avenue for eroding democracy by antics of hate speech under the guise of religion, tribal or self imposed mentorship. “This trend of pitting the political class and the people against each other is unhealthy and skewed,” he said. He noted that the clamour for the realignment of governance in the country as the nation approaches the 2019 election year was a welcome development, only if the agitations are genuinely channeled through legislation and total supremacy of the Constitution. “Any attempt outside this circle of democratic tenets is deceptive and a divisive idea capable of plunging our political journey into disarray,” he said. Babangida added that the present political parties and their structures need parameter pillars that would make them more strong with unique ideologies, saying that the present political parties needed surgical operations that would fuse them into a reasonable number. “I have been an advocate of the two party system but in our present reality in Nigeria, our political parties can fuse into strong political associations/parties that can form a formidable opposition to a ruling party.” He observed that as a people, now is the time to come together to address

all communal conflicts and criminality under any guise, to further unite the country in line with the vision of our founding fathers so that as a nation, Nigerians can forge ahead in the task of building a more prosperous nation.

PDP Hails Former Military Ruler Reacting to Babangida’s initial statement yesterday, the national chairman of the Peoples Democratic Party (PDP), Mr. Uche Secondus. described the admonition by the former military president as a confirmation of the PDP’s position that the ruling party lacks the capacity to govern the country. He said the party was working hard to regain power in 2019 and save the country from collapse. Secondus spoke to jubilant party supporters who had come to receive him as he arrived Asaba, the Delta State capital yesterday. On Babangida’s counsel, he said: “It is a confirmation of what the PDP has been sayings all the while that the ruling party lacks the democratic wherewithal to lead the country.” The PDP chairman said in a statement signed by his media adviser, Mr. Ike Abonyi, that the APC has failed woefully and Nigerians were now yearning for real democrats, which PDP with its experience is the only viable option. According to him, the on-going rebuilding and repositioning in the PDP were aimed at rebranding the party to meet the challenges ahead. Secondus told Delta PDP members to support Governor Ifeanyi Okowa who is transforming the state and ensure that the strength of the party remains with the people. “Delta is a PDP state and will remain a PDP state because through the party, the state has experienced phenomenal development.” He charged the people to go get their voters’ cards, saying it is the real instrument of their power. He also charged party members across the country to brace up and respond to the wish of Nigerians by chasing the APC out of their political life. Another statement by the national publicity secretary of the PDP, Mr. Kola Ologbodiyan also described Babangida’s counsel as apt and was another pointer to the fact that Nigerians across the divide had reached a consensus against Buhari and his party, the APC. The party commended the former military president for admonishing the APC’s attempt to use its phony restructuring agenda as a decoy for wooing voters ahead of the 2019 election. It said Babangida’s position on the need for a dynamic, nationalistic and development-driven leadership was a direct reflection of the feelings and aspirations of Nigerians and completely captures the direction of the repositioned PDP for a better Nigeria. Ologbondiyan said the fact that Babangida’s declaration

on Buhari was coming on the heels of similar declaration by former President Olusegun Obasanjo, had further vindicated PDP’s position on the misrule of the Buhari administration and the APC. PDP further described as an understatement, Babangida’s reflection that the Buhari administration and its APC had polluted the nation’s “leadership actuality”, adding that it was not unmindful of the yearnings of Nigerians to use the platform of the repositioned PDP to propagate a new coalition that would return the much desired new atmosphere in the polity by producing the president that will be acceptable to the majority of Nigerians. “It is now obvious to all that the time has come for all Nigerians to jettison all personal interests and divisive tendencies and rally forces under a truly national platform as now embodied in the PDP to rescue our dear nation from total collapse. “In line with the new consensus for the election of a truly Nigerian president in 2019, the repositioned PDP is completely open as the epicenter of the much desired new broad-based political engagement of all Nigerians in their aspirations, irrespective of creed, tribe or class. “The repositioned PDP presents that credible platform, re-engineered with best democratic standards for unhindered accommodation of all interests from all parts of the country in our collective search for a new beginning. “We therefore urge all Nigerians, particularly our leaders across board, to join forces with the PDP to once again return the nation to its pride of place as a thriving economy and a truly democratic nation come 2019,” the PDP said. Similarly, the Action Democratic Party (ADP) yesterday threw its weight behind Babangida, saying his statement was timely. The statement signed by the ADP national secretary, Mr. James Okoroma, said the former military president was “clinical in his presentation by touching on the economy, pervasive insecurity, bloodletting across the country, devolution of powers, community policing and restructuring”.

Presidency, APC Keep Mum However, the presidency elected to keep mum over Babangida’s statement on the need for a new breed of leaders come 2019, as calls to the president’s media aide, Mr. Femi Adesina, were unanswered. Also, the national publicity secretary of the APC, Mr. Bolaji Abdullahi declined to make any comment on the issues espoused by Babangida in his statement. Abdullahi who spoke to THISDAY on the phone yesterday evening said: “We are yet to go through the letter. Perhaps after doing so we will be in a position to respond to it if necessary.”

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NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

Secondus: PDP Has Developed Strategies to

Win in 2019 Party’s NWC presents road map to victory to governors in Asaba Omon-Julius Onabu in Asaba The National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, has said the National Working Committee (NWC) of the party is in the process of fine-tuning its programme of activities that will form the roadmap to victory in the 2019 general election. Secondus, who stated this yesterday in Asaba at the start of the party’s NWC meeting held in Delta State, said the onus was on the PDP leadership and members from national to the local government and ward levels to salvage the country from the grip of the rudderless All Progressives Congress (APC) come 2019. He noted that the party’s NWC was only waiting to conclude consultations with the PDP governors and PDP to members in the National Assembly on the said roadmap to victory before unveiling the grand design and strategy by the PDP wrest power from the APC. Secondus, who simply dismissed the much-talked-about political movement by former President Olusegun Obasanjo on the grounds that the group would have no time to forge an effective national party

before the general election in 2019, urged Governor Ifeanyi Okowa of Delta to work hard at annexing neighbouring Edo State and restore the PDP to power in the state. He stressed that the party would carry out an effective mobilisation of all party members at all levels as a practical step towards taking power at the centre, stressing that the weapon to rescue Nigeria depended mainly on the possession of the permanent voter’s cards (PVCs), which he said was more powerful that the arms of security men and the Independent National Electoral Commission (INEC). The PDP national chairman said: “The weakest point in the history of the PDP is that we lost in the 2015 elections but we should take advantage of the monumental failure of the APC. They came with a government of vengeance, we must emphasise that our people must have voter’s cards because Nigerians want us to come together and rescue the country in 2019.” Also speaking, the Rivers State Governor, Nyesom Wike, said he was confident that the PDP in Rivers and Delta remained unshaken and set for any electoral battle, but stressed that the fight against corruption should be directed at weeding out the country’s number-one corruption, which

OhakimVows to Demonstrate Naked over Unpaid Judges Wages in Imo To contest 2019 Imo guber poll Amby Uneze in Owerri Former Governor of Imo State, Mr. Ikedi Ohakim, has raised the alarm over the injustices meted on judges as the state government is owing them 16 months salary arrears. He vowed to lead a demonstration to protest against the state government if at the end of March this year, their salaries are not paid in full. Ohakim who served the state as governor from 2007 to 2011, has also decided to join the race for 2019 governorship following pressures from different quarters to run for the remaining four years to reposition the state from the underdevelopment caused by the present government. The former governor who made the assertions yesterday during an evening with journalists, expressed disgust with the attitude of state government in handling the affairs of judges working in the state by denying them of their salaries for 16 months which has led to the death of some of them. According to him, “It has become scandalous that judges in Imo State have not been paid for 16 months. They are being intimidated. I want to seize this opportunity to call on Mr. President and the Chief Justice of the Nigeria (CJN) to look into this problem. “I appeal to Governor Rochas Okorocha to pay these judges. And I am demanding that they must be substantially paid not later than March this year. If that is not done, I will personally lead a protest and if it means going naked I will do

so. I will go naked on Weatherall Road to press home this demand. “The Nigerian Bar Association (NBA) have gone to industrial court to institute an action against the Okorocha administration and government went to apply for objection. Is government objecting that judges have been paid their salaries or that they were demanding extra pay? All these are to delay the judicial process. “The judges have been so intimidated that they find it difficult to give judgments. I have written to Mr. President, to the CJN. The most important thing is the psychology of these judges. Their only sin is that they give judgment against the state government. As I am talking to you now, over N7 billion judgments are against the government. The state has not been obeying the rule of law,” he noted. Ohakim used the occasion to declare his interest for governorship in 2019, stating that he was concerned about the decay of the state in the past eight years. “Again, because of what I have seen in the state, this state requires leader that has institutional memory.” He stated that the state economy had collapsed, describing it as most unfortunate. “I have been under intense pressure to aspire for governor of the state for the second term. I am the only person that will run the state for only four years and handover. And I am not going to learn on the job. I already know what to do if I become governor by 2019,” he stated.

he said was “the stealing of the people’s mandate during election. Host governor, Okowa, who reeled out a litany of successes recorded by his administration in the last two-and-half years, noted that the strength of the PDP in Delta State remained its faith in hard work as was demonstrated in the January 6, 2018 local government

election in where the party won all the 25 council chairmanship seats and all but one of the 470 councillorship seats. The meeting was heralded by a reception organised for members of the PDP NWC and other stakeholders by the Kingsley Esisoled state working committee and attended by several PDP governors

as well as national, state and local government stakeholders held at the Unity Hall of the Government House Asaba. Ten PDP governors were expected to attend the meeting with the NWC of the party but four of them were at the reception, including the host, Dr Ifeanyi Okowa of Delta State, Chief

Nyesom Wike of Rivers, Okezie Ikpeazu of Abia State and Alhaji Ibrahim Dankwambo of Gombe State. These were later joined by the governors of Bayelsa, Akwa Ibom, Taraba, Ekiti, Ebonyi and Enugu for the crucial meeting with the NWC and the party’s national legislators last night.

BUBBLING WITH OPTIMISM

L-R: Governor Ibrahim Dankwambo (Gombe); Okezie Ikpeazu (Abia); Nyesom Wike (Rivers); Ifeanyi Okowa (Delta); National Chairman, Peoples Democratic Party (PDP), Prince Uche Secondus; and National Secretary, Senator Ibrahim Tsauri, during the PDP governors’ and National Working Committee (NWC) meeting at the Unity Hall Government House, Asaba....yesterday

Two Nigerians AmongVictims of Italian Far Right Gunman Two Nigerians, a man and a woman, were among the six African victims of the lone gunman who went on shooting spree in the central Italian city of Macerata last Saturday. Italian newspaper, Le Stampa, identified the two Nigerians with their first names as Jennifer and Gideon. Gideon is 25 years old while Jennifer is 29. Both are now receiving treatment at a hospital in the city. Hospital officials said Jennifer suffered a fracture to her humerus bone in her arm and is facing an operation. As reported by Le Stampa, Jennifer is still wondering why the gunman, identified as a right wing extremist, Luca Traini hit her. “I never hurt anyone. I was talking and laughing with three other people when I was struck by the bullet.”

She said she will no longer feel safe walking around the city “with peace of mind” after the attack. “We foreigners are the first to want justice, we have come to Italy to live in peace, it is inhuman to shoot at random on innocent people, I have never wanted trouble with anyone,” Jennifer said. Her boyfriend told La Repubblica they were waiting at a bus station when he saw a man pointing something at them from a car. Ogie Igbinowania said: “I gave Jennifer a push to get her out of the way and threw myself down. And I heard a shot: Boom.” Gideon also told Le Stampa that he had always considered Macerata a safe city. He still wondered how he managed to survive the gunshot. “I thought I would die. I do not know who attacked me. I would ask only two things: why he did it and what he has against me. “Those who do something bad

must be afraid, not those who behave well,” he said. “In three years I have never had any problems with anyone, either with Italians or with other foreigners. I worked in a supermarket and now I’m looking for a new job. I’m someone who minds my business. I do not get into trouble. I never imagined I could find myself in this situation. Now I do not know if I’ll manage not to feel in danger.” Luca Traini, driving in a black Alfa Romeo, caused panic in Macerata Saturday morning, as he randomly attacked African migrants, in an attack that has been confirmed to be racially motivated. Six Africans were hit before he was arrested at 12.45p.m, at a monument in the city, after he gave the Nazi salute. The shooting happened just days

after the body of an 18-year-old Italian woman Pamela Mastropietro, was discovered dismembered and hidden in two suitcases. A Nigerian migrant, identified as Innocent Oseghale, 29, with a history of drug dealing, was arrested in connection with the death. According to Picchionews, published in Macerata, the Nigerian has denied the charge. “I did not kill her,” he was reported to have told the police repeatedly. Oseghale is said to be an asylum seeker with a residence permit, which expired last year. He is married and has a daughter. He however stays alone in an apartment, not rented in his name. Police, after searching his flat found 70 grams of hashish, but not heroin. The shooting put the city in a virtual lock down as the mayor ordered people to stay indoors.

FG: Agriculture Has Created Seven Million Jobs Olawale Ajimotokan in Abuja Over seven million jobs have been created through engagements in the agricultural sector, particularly the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme, the Minister of Information and Culture, Lai Mohammed, has said. He made this disclosure at the weekend in Port Harcourt at sixth graduation ceremony of the

Empowerment Support Initiative (ESI), founded by the wife of the Minister of Transportation and former Governor of Rivers State, Mrs. Judith Amaechi. In addition, Mohammed said the federal government has created thousands of jobs through its various programmes across other sectors. ‘’In agriculture, for example, this administration has created over seven million jobs. When

the administration assumed office in May 2015, about five million farmers were engaged in rice production. Thanks to the administration’s Anchor Borrowers Programme, the number of farmers engaged in rice production today stands at 12.2 million. These are verifiable facts, not fiction,’’ he said. The minister said 69,736 direct and indirect jobs have been created in the Ministry of Power, Works and Housing.

Giving the breakdown, he said 38,391 jobs were created in the Works sector; 29,605 in Housing, while a further 1,740 jobs were created in the power sector. According to Mohammed, the government National Social Investment Programmes have created at least 200,000 jobs, in addition to empowering 500,000 others under the Government Enterprise and Empowerment Programme (GEEP).

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MONDAY FEBRUARY 5, 2018 ˾ T H I S D AY

NEWSEXTRA

FG, States, LGs Shared N5.9tn in 2017 Lagos got highest allocation of N201bn, Gombe, Ebonyi get lowest of N57bn each A new report by the Economic Confidential has shown that the federal government, 36 states and the 774 local government councils in Nigeria shared a total sum of N5.9 trillion from the Federation Account in 2017 in spite of the economic recession witnessed during the period. While the federal government and its agencies received a total sum of NN2.5 trillion, the other

tiers of government shared N3.3 trillion. The total allocation of N3.3 trillion to states and their local government councils is N700 billion above the N2.6 trillion they received in the previous year of 2016. In its annual detailed investigative report with a table of figures, the Economic Confidential disclosed that among the state recipients, Lagos was ranked first as the

highest recipient of gross allocation with a total sum of N201bn in the twelve months of 2017. It is followed by Akwa Ibom State N197billion, Rivers N178 billion, Delta State N175 billion and Kano State N143 billion. The five states cornered over a quarter of the total allocation to the states and local government councils in Nigeria.

Other top 10 highest recipients from the Federation Account included Bayelsa State which got N138 billion, followed by Katsina State - N103 billion, Oyo State N101 billion, Kaduna State - N98 billion and Borno State - N92 billion. The lowest recipients were Gombe and Ebonyi States which got N57 billion each, followed by

Ekiti and Nasarawa States - N59 billion each and Kwara - N61 billion. The report further disclosed that Edo and Ondo which are oil-producing s t a t e s g o t N 75 billion and N85 billion respectively while another state in the South-South, Cross River State merely received N68 billion.

The Economic Confidential gathered that factors that influence allocations to states and local government councils from the Federation Account include: Population, derivation, landmass, terrain, revenue effort, school enrolment, health facilities, water supply and equality of the beneficiaries

Understanding, Not Confrontation Will End Farmers, Herders’ Clashes, Says Ekweremadu Christopher Isiguzo in Enugu The Deputy Senate President, Senator Ike Ekweremadu, at the weekend in Enugu insisted that confrontations would not solve the problems posed by the persistent clashes between herdsmen and farmers across the country. He rather advocated a better understanding between herdsmen and farmers in order to ensure adequate protection of lives and property of both. Ekweremadu who spoke in response to complaints by farmers over the destruction of their farms by cows while inspecting construction work on the Imuno Bridge in Amakofa community in Aninri Local Government Area, lamented the increasing loss of lives as a result of the rancorous misunderstanding between them. He said an engagement between both sides was necessary to ensure that neither side becomes a threat to the other in the course of carrying out their activities. “I also want to appeal to our herdsmen to ensure that in the process of grazing their cows, they avoid peoples farms because as you can see here, there are cows

there and you can also see peoples farms and the tendency is that these cows will now feed on the farmers crops and that is one of the things that trigger crisis. It is important that they are made to understand that just as they are entitled to their cows, the farmers are also entitled to their farms and the products therein and so none should be a threat to the other. “I hope that what we are seeing here will not be a source of concern within this community. There should be a way of engaging the herdsmen to ensure that they don’t graze on peoples farms and then for the villagers to also ensure that the herdsmen are not harassed unduly. There is need for everybody to live peacefully with one another if we must progress as a nation,” he said. Ekweremadu who inspected other projects he has attracted in Enugu west senatorial zone, highlighted the importance of rural access roads which he said would facilitate the agricultural expansion scheme of both the state and federal governments and reduce unemployment and poverty which he described as the greatest challenge facing the Nigeria today.

22 Opposition Parties Meet on Insecurity, 2019 Elections Onyebuchi Ezigbo in Abuja About 22 opposition political parties yesterday met in Abuja to consider issues relating to insecurity, restructuring and the forthcoming general elections in 2019. As part of the decisions reached at the meeting, the parties agreed to set up five sub-committees. The committee’s are to look into the issues of restructuring of the Nigerian polity, herdsmen-farmers conflict as well as to address matters relating to how to ensure conducive environment for 2019 general election. The political parties, under the platform of Committee of Concerned Political Parties (CCPP) also confirmed that about six committees were set up during the meeting and expected to commence investigation, submit reports and make their recommendations on some boiling national issues before the group will be unveiled to the public. In a statement read to journalists shortly after the closed-door meeting, the Chairman of the forum Dr. Onwubuya Abraham Breakforth, said another committee was put in place to articulate and aggregate the overall objective of the

group and plan for the unveiling in the coming weeks. The protem chairman said: “CCPP also resolved to jointly discuss and proffer solutions to key national issues threatening the peace and unity of our dear country. “It was further resolved that various options open to the group in relation to the forthcoming 2019 general election would be explored in the best interest of the country,” he said. Some of the political parties represented at the meeting includes; Freedom and Justice Party (FJP), Sustainable National Party (SNP), New Nigeria People Party (NNPP), Social Democratic Party (SDP), Allied Congress Party of Nigeria (ACPN), Unity Party of Nigeria (UPN) and National People’s Congress (NPC), among others. Other sub-committees raised by the CCPP includes; Committee on restructuring Nigeria and inter-governmental affairs, committee on national security and integration, committee on planning and finance, committee on contact and mobilisation and committee of research and documentation.

AUGUST VISITOR

Vice President Yemi Osinbajo (right), caught up with Nobel laureate, Prof. Wole Soyinka at his Lagos residence....weekend

Appeal Court Strikes out Brittania-U’s Suit against Chevron, Others over OMLs Davidson Iriekpen The Court of Appeal in Lagos has struck out the suit filed at the Federal High Court (FHC) in Lagos by Brittania-U Nigeria Limited against Chevron Nigeria Limited, Chevron USA Inc. (CUSA), BNP Paribas Securities Corporation (BNPP), Mr. Hermant Patel and Seplat Petroleum Development Company Limited, saying that the lower court lacked jurisdiction to entertain the suit. The three-man panel of the court, Justice MA Owoade, Justice H.A Barka and Justice BM Ugo, held that the appeals by the defendants that the lower Court lacked jurisdiction had merit. Brittania-U Nigeria Limited had filed a suit at the Federal High court claiming that it submitted the highest bid for the acquisition of Chevron’s 40 per cent interest in the three oil blocks but that Chevron refused to declare it the successful bidder in spite of repeated demands. Also citing the minutes of a meeting held in Houston, United States on November 14, 2013, the Nigerian company also argued that its final binding offer was accepted by the representatives of Chevron at the said meeting. The Federal High Court presided over by Justice M.N Yunusa, now retired, on December 13, 2013, granted Brittania-U interim orders restraining Chevron and its

affiliates from proceeding or continuing to invite bids or engage in transaction calculated to transfer Chevron’s interest in OMLs 52, 53 and 55 to Seplat or any other company apart from Brittania-U. Justice Yunusa also ordered the amendment of the interim orders on December 23, 2013 but on the receipt of the amended order, Seplat filed an application dated December 27, 2013 seeking to discharge, vary or set aside the Interim Orders. Counsel to the defendants Uche Nwokedi & Co., D. D Dodo & Co., Streamshowers & Kohn, and A.V Etuwewe & Co. all also filed notices of preliminary objections essentially challenging the jurisdiction of the Federal High Court to entertain the suit. During the proceedings Justice Yunusa also renewed the lifespan of his earlier interim orders pursuant to an application in that regard by Brittania-U’s counsel, Mr Rickey Tarfa (SAN). However, the judge’s decision by which he extended the lifespan of the interim orders was set aside by the Court of Appeal in a judgment delivered court on June 20, 2014. Brittania-U appealed against the judgment of the Court of Appeal to the Supreme Court. While at the Supreme Court, Brittania-U also made an effort to obtain an order from the apex court to set aside the consent of the Petroleum Minister to the

transfer of the OMLs to Seplat and its partners, arguing that the consent was obtained during the pendency of the suit and a motion for interlocutory injunction to restrain any such transfer. However, the Supreme Court did not accede to this request and the judgment of the Court of Appeal was also affirmed by the Supreme Court. Justice Yunusa heard the preliminary objections to his jurisdiction on March 20, 2014 and delivered his ruling on May 13, 2014, where he held that the preliminary objections lacked merit and thus assumed jurisdiction to entertain the substantive suit. However, three appeals were filed against Justice Yunusa’s ruling on the issue of jurisdiction, by Chevron Nigeria Limited, and BNP (CA/L/557/2014), Seplat (CA/L/495/2016) and Chevron United States and Mr Patel (CA/L/1105/2016). In the judgement delivered by the Court of Appeal, the lordships held that the Federal High Court lacked jurisdiction. The Court of Appeal also held that even if the Federal High Court had jurisdiction, the suit itself did not disclose a reasonable cause of action to be worthy of that court’s consideration. The appellate court held that BU’s case, as constituted before the Federal High Court, was a case in simple contract and that court lacked jurisdiction to hear such a case.

The Appeal Court submitted that relying on clauses 2 and 4 of the Bid Procedure Document pleaded and relied upon by BU, which clearly states that bids submitted by participants did not constitute an offer and that Chevron had exclusive right to accept or reject any bid and to modify the rules and procedures at any stage of the bidding process, BU has no right to complain or challenge Chevron’s discretion. The Court of Appeal added that the suit therefore, did not disclose a reasonable cause of action. It also held that BNP, Chevron United States and Mr Patel could not validly be called upon to answer to BU’s reliefs grounded in breach of contract, being agents of a disclosed principal. The judges, however, held that they could be made to answer to the claims for tortious interference with contractual right and costs. These findings, according to the court, are subject to the court’s findings on jurisdiction. The court said having found that the lower court lacked jurisdiction to entertain the suit, the findings to the effect that they could be made to answer to the claims in torts is of no moment. The appellate court also held that the lower court was right for refusing to give effect to the arbitration agreement, the appellants not being privy to the arbitration agreement. This finding too, it said, is of no consequence in view of the finding that the lower court lacked jurisdiction to entertain the suit.

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Saraki: Education Reforms Key to Africa’s Development The Senate President, Dr. Abubakar Bukola Saraki, has urged African leaders to shift emphasis from the current theoretical system of impacting knowledge in her education system to practical skills based approach in order to radically turn around the fortunes of the continent. Saraki made the call while delivering a keynote address at the 2018 Georgetown Africa Business Conference in Washington DC, United States of America. The conference was hosted by the Georgetown’s McDonough School of Business in conjunction with the Walsh School of Foreign Service’s African Studies Programme. Saraki, according to a statement by his Chef Press Secretary, Sanni Onogu, said the much talked about rapid industrialisation of the continent will remain a mirage if her leaders fail to adopt modern trends in vocational and technical education. He stated that even though Africa is blessed with a large youth population, the continent cannot benefit without making them useful, innovative and productive in line with global trends. Speaking on the topic: “The African Value Chain: Harnessing Local Talent and Opportunity,” Saraki said: “African governments must provide an enabling environment for the nurturing of raw talent. Our education system ought to move away from a theory based approach and paper certification to inculcating practical skills that support apprenticeship and boosts innovation and industry. “This is the place of vocational and technical education which

provides that the youth inculcate practical skills that will not only make them employable but will also help the continent in building an army of job providers,” he said. He made a passionate appeal for quality higher education and the creation of the right conditions and opportunities for entrepreneurship and employment in both Nigeria and Africa - while urging the world to take note that truly, Africa has come of age. “All these would challenge us to plan and implement far reaching reform, especially in the higher education sub-sector, so as to ensure that our youths are market ready in the entire value chain of identified economic drivers; agriculture, construction, ICT, entertainment, sports and fashion industries,” he said. He noted that while Africa was presently home to about 1.3 billion people and her population is expected to double by 2050, it is well endowed with a large youth population which means a huge market in terms of consumption, services and labor. He added: “However, for Africa to benefit from the demographic dividends that a massive youth population offers, we must make the right investments in quality higher education and create the right conditions and opportunities for entrepreneurship and employment. No African country can do this alone. “A large market is only useful when the people have the necessary purchasing power; and a huge population is only an asset when it is productive. My country, Nigeria, is already a population powerhouse,

the largest in Africa and the seventh in the world,” he said. He told the audience that the wrong perception of Africa by the West as a jungle inhabited by despots beginning to change due to the positive developments across the continent. “Our gathering is in some way a reflection of the changing attitudes towards the continent. It used to be the case that when those in the West thought of Africa, all they conjured up were images of conflicts, epidemics and despots. “While we still have reports of conflicts and outbreak of disease on CNN, BBC and Al-Jazeera, we also now have programmes like ‘Inside Africa’, ‘African Voices’, ‘Marketplace Africa’, and ‘Africa Business Report’– that showcase entrepreneurial acuity, talent and innovation,” the senate president stated. Such positive development according to Saraki is presently being felt across the world through movies produced by Nollywood and the nation’s young and talented

musicians that have taken the world by storm. He said: “Another sector that provides value addition and comparative advantage is the Entertainment industry, which has grown tremendously over the last 20 years… Nigerian musician, Wizkid, recently sold out in London’s prestigious Royal Albert Hall, and is much sought after for collaboration with major American Music artists. “While interacting with Wizkid recently, he told me he ‘filled a stadium of 40,000’ in Gabon a French-speaking country where they didn’t understand a word of his lyrics; and he himself was astonished. “The Shoki dance movement went from the back streets of Lagos to galactic heights in the music video of U.S. Hip-Hop artist, Missy Elliot. I remember in my younger days, if you went to a disco party in Nigeria, the deejay would play 100 per cent American R&B like Shalamar, The Whispers and Earth Wind and Fire.

“Now, no such thing. Nigerian musicians like Davido and Phyno are all the rage. I would never have thought in my lifetime that I would see this happen. We have come full circle,” he said. He said the same feat can be said of Nollywood, which is the second largest movie industry in the world; and another bold example of people creating a value chain as though from nothing in Africa. “Whenthefirstvideofeatureinwhat would become known as Nollywood, a film called ‘Living in Bondage’ was released in the mid-90s, few could have imagined the huge industry it would spawn, but here we are today. “Nollywood stars are known the world over, and the industry employs thousands of Nigerians. So influential are these stars that, when news spread recently a major Nollywood star had beencastinasmallroleinaHollywood film, Marvel’s ‘Avengers: Infinity War,’ Nigerians went wild. “It turned out to be fake news, but maybeweareontosomething.Marvel Studios, if you are listening, if you want an audience of millions in

Africa for your upcoming film, then there is a casting decision you need to make,” he said. He observed that the tech start-ups in Lagos not only weathered the recession unscathed, they are presently attracting major seed funding, driving business growth and are impacting in every value chain imaginable, from agriculture to blood banks. “We cannot say it enough that Nigeria has some of the most talented, hardworking and innovative young people in the world,” Saraki said. “This much was attested to by Mark Zuckerberg when he visited Nigeria some time ago. He said: ‘I was highly impressed by the talent of the youths in the Co-Creation Hub in Yaba. I was blown away by their talent and the level of energy.’ “Something tells me we have not even scratched the surface of what the movie industry alone can contribute to the economy of Nigeria and the entire African continent,” he said.

A’Ibom, NNPC, Dangote, Others to Establish New Power Plant Okon Bassey in Uyo A new electricity generating company, Qua Iboe Power Plant, expected to gulp more than $1 billion is to be set up at the Qua Iboe Onshore Terminal in Ibeno Local Government Area of Akwa Ibom State. The Akwa Ibom State Governor, Mr. Udom Emmanuel, disclosed this at the weekend while fielding questions from journalists shortly after a meeting in his office with the investors, said the power plant project would be operated under Public Private Partnership (PPA) agreement. The project is to be jointly established by the Akwa Ibom State Government in conjunction with the Nigerian National Petroleum Corporation (NNPC) joint venture, Dangote Group, BlackRhino, African Development Bank, International Finance Consortium (IFC) with the Islamic Development Bank as financiers of the project. According to the governor, the new electricity project when completed would attract more investors and create employment as well as boost the economy of the state and country. He said if with about four hundred million cubic scores of gas is produced; the industrialisation drive of his administration shall witness a major leap and assured of a congenial and safe environment for the investment. On his part, the Chief Executive Officer and founder of BlackRhino, Mr. Brian Herlihy, explained that the Qua Iboe Power Plant Project has a portfolio of more than one billion dollars in partnership with BlackRhino, Dangote Group and

NNPC. The company, he said would build a 570 Megawatts Gas fire Power Plant using a Combined Circle Technology with General Electric equipment and world class expertise which would utilise onshore and offshore gas for its operations to enhance the growth of other industries in the value chain. Herlihy further disclosed that the power plant project would employ more than 12,000 workers at the construction level and three hundred workers during operations. This, he explained would have a replicate effect on the indirect job market and expressed appreciation to the state governor for receiving them, assuring that the company would be alive to it corporate social responsibilities and sued for more cooperation from both the government and people of the state. Also, the Special Assistant to the Governor on Power, Mr. Meyene Etukudo, said Akwa Ibom is richly blessed with enormous economic potential and that it’s development is gradually unfolding. Etukudo who identified power as a major element in industrial development, said that about 567 megawatt of electricity would be added to the National grid to make up to about twenty percent of the total grid in the country. He expressed appreciation to the state governor for his vision to build power sub- stations that would enhance effective energy distribution for the state and used the occasion to condemn the incessant vandalism on electrical installations.

GATHERING FOR EKWUEME

L-R: Former National Chairman, All Progressives Congress (APC), Chief Bisi Akande; Senate Minority Leader, Senator Godswill Akpabio; APC National Leader, Senator Bola Ahmed Tinubu; Governor of Lagos State, Mr. Akinwunmi Ambode; Deputy Governor, Edo State, Mr. Phillip Shaibu; and former Governor of Imo State, Mr. Achike Udenwa,during the funeral service for the late Vice President, Dr Alex Ekwueme, at St John the Divine Church, Oko, Anambra State....weekend

Lagos May Lose Slot as Second Busiest Airport in Africa to Cape Town Chinedu Eze The Murtala Muhammed International Airport (MMIA), Lagos, may likely lose its slot as the second busiest airport in Africa, coming second to OR Tambo International Airport, Johannesburg, because of poor aviation fuel supply and the outrageous price of the product, known as Jet A1 in the industry. This was disclosed by CITA, a major aviation fuel supplier to Nigeria, other countries in Africa and beyond in partnership with Puma Energy. CITA said Nigeria has capacity to supply 1 billion litres of fuel per annum but currently it only supplies 500 million litres due to the country’s inability to refine fuel locally. The company warned that as Lagos airport continues to lose flight traffic and many international carriers fuel from neighbouring airports like Accra, Abidjan and Lome while departing from Lagos, the traffic in Cape Town is growing daily. CITA said in partnership with

Puma Energy, the fuel-selling arm of Dutch trading giant Trafigura, that it was striving to bridge the gap in fuel supply in Nigeria by supplying clean aviation fuel into the country. Speaking during the launch of the partnership in Lagos, the managing director of CITA, Thomas Ogungbangbehe, said that as the country’s passenger traffic is projected to grow by almost 20 per cent in 2023, Nigeria would require 2 billion litres of aviation fuel per annum to meet the demand. Ogungbangbe expressed concern over the fact that airlines operating in Nigeria go to Ghana to refuel as a result of inadequate supply and the high cost of aviation fuel. “The jet fuel sector has grappled with challenges – not devoid from the challenges experienced by the Nigerian larger economy, a situation that in recent times led to airlines having to stop-over in other countries for jet fuel. “As soon as the downward slide of crude oil prices became a continuum, some market indices

became confused, foreign exchange became scarce and expensive, so jet fuel price was going down in the international market but the local market was steadily going up. “Because of this, hedging became difficult as futures and spot prices became lower than the present selling price,” he said He recalled that on November 6, 2014, the Central Bank of Nigeria (CBN) threw jet fuel out of the RDAS, in so doing excluded an essential product that is not produced in Nigeria. He explained that overall, the trading conditions faced by CITA were not showing any signs of improving, as the deterioration in the market was accelerated by the exit of some foreign airlines and receivership of airlines that held about 70 per cent of the traffic. “We could not take money from banks in Nigeria to fund transactions, and even when there was money, there was no forex to import the product. “With this constantly changing market, there is need to plug into dynamics of well integrated organisations whose system is not

thrown to shocks by economic situations of any one country or region. “I strongly believe it’s even more important – now while we’re enduring an economic crisis – that our airlines fully utilise the benefits of this type of business relationship,” he said. He urged the federal government to remove all the bottlenecks that hamper aviation fuel supply in the country. Speaking in the same vein, the Global Aviation Fuel Manager of PUMA Energy, Seamus Kilgallonsaid, said Lagos is second biggest airport in Africa but it may lose the position to Cape Town because of high price of aviation fuel. Kilgallon said Nigeria needs to smoothen the supply system to prevent occasional scarcity of aviation fuel, leading to high and arbitrary increase in prices, which is said to be the highest in West and Central Africa. He added that the new partnership between CITA and PUMA promises to bridge these challenges.

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Soldiers Invade Tompolo’s Village Sylvester Idowu in Warri Operatives of the Joint Task Force (JTF) code named Operation Delta Safe at the weekend invaded Oporoza, the country home of exmilitant leader, Chief Government Ekpemupolo alias Tompolo in Warri South West Local Government Area of Delta State. The security agents arrived at about 12noon and took over the sprawling community and nearby Azama in an operation that spread fears among residents and those in the area for weekend activities. Sources told THISDAY yesterday that the invasion of the communities by soldiers caught the residents unaware as there was no sign of tension or any criminal activity that would ordinarily attract attention of the security agents. Effort to know the reason for the visit of soldiers could not be immediately ascertained as the

Media Coordinator of JTF, Major Ibrahim Abdullai could not be reached for comment. The immediate past Chairman of Kokodiagbene community in Gbaramatu kingdom, Sheriff Mulade, however confirmed the presence of the soldiers in the area but maintained that the invasion was unnecessary and a threat to the relative peace been enjoyed in Warri South West Local Government Area of Delta State now. “There is no justifiable reason for the presence of the military in Gbaramatu now. We are at peace with ourselves, our neighnours, the state and the federal government. So we condem the invasion by soldiers which is capable of triggering another round of crisis,” he said. But a signal that soldiers invaded the community was first known with the condemnation of the operation by a Niger Delta group, Niger Delta Indigeneous Movement

Herdsmen Attacks: Ogun Communities Cry Out, Seek Govt, Police Protections Femi Ogbonnikan in Abeokuta The people of Ketu-speaking communities in Ogun State have called on the state government and relevant security agencies to urgently come to their rescue over the incessant attacks on them by herdsmen. It was gathered that communities such as Ikotun, Ologiri, Akeru, Ilukan, Ijege and Ajibode, all under Ketu Local Council Development Area (LCDA), in Ogun West senatorial district, the people of the affected areas under the aegis of Ketu Advancement Forum (KAF), in a statement titled: ‘Repeated murder of Ketu people and destruction of their livelihood by marauding Fulani herdsmen’ and made available to journalists in Abeokuta yesterday expressed worries over the safety of their lives and property. According to Mr. Kunle Abiose and Williams Olayode, both Coordinator-General and Director of Public Affairs (DPA) of the group respectively, stated that their inhabitants have continued to live in perpetual fears on account of the renewed siege of Fulani herdsmen on their respective communities in the last five months. They said their people who are predominantly farmers have been sent away from their farms, while over well 30 primary schools have been shut down, health facilities closed and economic activities paralysed for palpable fears of rape, armed robbery and murder. KAF noted that the incessant attacks being launched by herdsmen commenced in October last year but it later degenerated when on December 17, 2017, hapless and innocent aged women were attacked and inflicted with machete cuts in two communities - Moro and Eegelu- villages for their refusal to surrender themselves to be raped. “Nine days thereafter, precisely on December 19, 2017, the marauding herdsmen were out on their evil mission again, killing one Mr. Olabisi Tangu Afolabi and setting his corpse ablaze at Oosada village. To add sorrow to the Christmas celebrations, they struck again on December 25, 2017 and murdered one Mr. Adegoke Olude at Ogunba Ayetoro. “However, with the active collaboration of our local vigilante men, three of the suspected killers

namely; Mohammed Bello (40), Muhammed Momoh (30) and Yisau Umoru (18) were arrested and subsequently handed over to the police. The suspected herdsmen were later paraded personally by the State Police Commissioner, Mr. Ahmed Illyasu, with an AK47 riffle, a dozen of 0.8mm live ammunition, 26 live cartridges and two sharp cutlasses which were recovered from them. “Surprisingly too, three days after a stakeholders meeting convened by Ketu LCDA on January 25, 2018 at the instance of the state Commissioner of Police and Ketu Advancement Forum (KAF), which had the herdsmen in attendance, the herders broke loose again into our farms, hewing down palm and teak trees for their cattle to graze on.”

for Radical Change (NDIMRC). The group condemned the siege on the home town of Tompolo less than 24 hours after the National Universities Commission (NUC) approved the take off of the Nigerian Maritime University, Okerenkoko in Gbaramatu kingdom. The oil monitoring group specifically fumed over the alleged take over of Oporoza, headquarters of Gbararmatu kingdom and Azama by military personnel. In a statement signed by its President, Nelly Emma; Secretary, John Sailor and Public Relations Office (PRO) Stanley Mukoro, the group described the take over of the kingdom by military operatives

as uncalled for and unacceptable to the people of the Niger Delta region. “On Saturday, February 3, 2018, we got distressed calls from Gbararmatu kingdom that military men took over the area for no clear reason. The military men took over Azama and Oporoza and harassed the hell out of the people for no reason. “There was no sign of crisis in the area. Azama is at peace, the whole of Gbararmatu kingdom is at peace and so we do not see any reason why the military men should create a war like situation in the area. We see the action of the military men as a ploy to delay the take off of the Nigerian Maritime

University Okerenkoko. “It was only on Friday, February 2, 2018, a team from the National Universities Commission (NUC) came and carried out inspection of the site of the Nigerian Maritime University Okerenkoko and gave the university a clean bill of health, only for the military men to come into the area on Saturday and started harassing and intimidating the people,” the group said. While urging the Chief of Army Staff to call his men to order, the group said: “The military should leave the peace loving people of Gbararmatu kingdom alone. The military should not join forces with those doing everything possible to see that the Nigerian Maritime

University, Okerenkoko does not see the light of day. “We are suspecting seriously that the enemies of the Nigerian Maritime University, Okerenkoko are behind the action of the military men in the area on Saturday. The NUC has approved takeoff of academic activities at Nigerian Maritime University Okerenkoko. “Let those still kicking against the university know that NUC has given the institution the goahead to commence graduate degree programmes, and also to admit JAMB candidates. We implore the military to vacate Gbararmatu kingdom and stop creating war like situation in the area,” it added.

Labour Party Crisis: Court Bars Rival Factions from Secretariat Onyebuchi Ezigbo in Abuja The rival faction of Labour Party led by Mike Omotosho and the embattled National Chairman, Alhaji Abdulkadir Abdulsalam, have been barred from entering the national secretariat of the party in Abuja by a court pending the determination of the case over the leadership tussle in the party. The court order which was issued by an Abuja Magistrate court on January 29th, 2018 had the National SecretaryJulius Abure, Deputy National Chairman Chief Calistus Okafor as complainants. While granting their pleas, the court restrained Abdulsalam, his representative or any other party to the case from stepping into the party office.” It also ordered Abdulsalam to stop acting as chairman pending the determination of motion on notice. Justice Aliyu Ibrahim while granting the order said, “the defendant/respondent is hereby restrained either in person by his prives, agents or any person or

body claiming through him from trespassing or stepping into the party office and to stop interference with the properties of the party and the office (Labour Party) pending the hearing and determination of the motion on notice.” The crisis in the Labour Party has festered due to the inability of the Independent National Electoral Commission, INEC to recognise Omotosho as the acting National Chairman after the National Convention of the party held on the 3rd of October 2017 has validly removed Alhaji Abdulsalam as the substantive chairman of the party. The party had earlier in a petition to the Commissioner of Police, FCT command in December

alleged that the inability of INEC Chairman, Prof. Mahmood Yakubu from respecting the outcome of the party’s convention is capable

of jeopardising Labour Party as well as posing a threat to National security and peaceful co-exiastence of the party.

LOSS OF ORIGINAL RIGHT OF OCCUPANCY This is to inform the general public that the original Right of Occupancy (OY 61403), Plot number 2516, KYAMI E23 District, dated 25th May, 2012, issued by the Federal Capital Territory ĚŵŝŶŝƐƚƌĂƟŽŶ͕ ĞƉĂƌƚŵĞŶƚ ŽĨ >ĂŶĚ ĚŵŝŶŝƐƚƌĂƟŽŶ ; ďƵũĂ 'ĞŽŐƌĂƉŚŝĐ /ŶĨŽƌŵĂƟŽŶ ^LJƐƚĞŵƐ͕ '/^Ϳ͕ ďĞůŽŶŐŝŶŐ ƚŽ KůƵĨĞŵŝ ŬŝŶŽůĂ >ĂŶůĞŚŝŶ ŝƐ ŚĞƌĞďLJ ĚĞĐůĂƌĞĚ ŵŝƐƐŝŶŐ͘ dŚĞ ŐĞŶĞƌĂů ƉƵďůŝĐ ĂŶĚ ƌĞůĞǀĂŶƚ ĂƵƚŚŽƌŝƟĞƐ ĂƌĞ ĂůƐŽ ŚĞƌĞďLJ ǁĂƌŶĞĚ ƚŚĂƚ ĂŶLJ ĚĞĂůŝŶŐ Žƌ ƚƌĂŶƐĂĐƟŽŶ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ĂĨŽƌĞŵĞŶƟŽŶĞĚ ƉƌŽƉĞƌƚLJ͕ ǁŝƚŚŽƵƚ ƚŚĞ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ŽǁŶĞƌ ŝŶ ǁƌŝƟŶŐ͕ ŝƐ Ăƚ ƚŚĞ ƉĞƌƐŽŶ͛Ɛ ƌŝƐŬ Žƌ ƉĞƌŝů͘ SIGNED

OLUFEMI AKINOLA LANLEHIN (08033029157) OY 61403, 25/05/2012

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Gwarzo: SEC Board Approved Golden Handshake for Voluntary Retirees Ndubuisi Francis in Abuja The suspended Director-General (DG) of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, has defended the voluntary retirement scheme for some staff of the commission in 2015 christened the ‘Golden Handshake’, saying the board of SEC approved the exercise. A panel of inquiry set up by the Minister of Finance, Mrs. Kemi Adeosun, to investigate alleged financial misconduct of the suspended DG had recommended his dismissal from public service, citing sundry violations, including the unilateral introduction of a voluntary retirement scheme with a cost implication of N1.7 billion. However, reacting to the reported introduction of the retirement exercise, Gwarzo said: “The Golden Handshake exercise was a voluntary

retirement scheme designed by the commission for certain category of staff to exit the commission.” He noted that as an incentive to access the scheme, staff were offered certain percentage of their allowances/remuneration, adding that the scheme was duly approved by the board of the commission at its meeting of March 12, 2015 and funded from the commission’s 2015 budget. Gwarzo noted that Section 4 (1) (d) of the Investment and Securities Act (ISA), 2007 empowers the board of the commission the annual budget of the commission to consider and approve the annual budget of the commission as may be presented to it by the management. “Thus, the board in exercise of its power as contained in the ISA approved the 2015 budget of the commission. Furthermore, Section

Alaibe, Friends Equip Rivers University Library Ernest Chinwo in Port Harcourt Former Managing Director of the Niger Delta development Commission (NDDC) and Bayelsa State politician, Chief Timi Alaibe, at the weekend led his friends and associates to equip the newly unveiled Alaere Augustina Alaibe Library of the Faculty of Management Sciences of Rivers State University, Port-Harcourt. The library, named after his late wife, Alaere, received donation of books, computers, broadband internet subscription and virtual library linkages with foreign universities. “My family and I, as well as our friends and associates, have decided to do all that is within our resources and powers to make the Alaere Augustina Alaibe Library the best of its kind not just in Nigeria but in the West African sub-region,” Alaibe said at a brief ceremony attended by his friends; Vice Chancellor of the University, Professor Blessing Didia; Dean of Faculty of Management Sciences, Prof. Donald Hamilton; and other officials and students of the faculty. He added: “We intend for it to be truly reckoned with as a true citadel of research and study especially in a rapidly changing world.” He said the library would be linked to the libraries of the best universities in the world. Alaibe said his family in collaboration with Sir Emeka Offor Foundation was expecting a shipload of books that was on its way from abroad to equip the library. “The books were ordered after due consultation with the Dean and other faculty members; so the books that are coming will cover virtually all topics in management sciences both at graduate and postgraduate levels,” he said. One of his associates, Mr. Ifie Sekibo, the Managing Director of Heritage Bank, said he would donate 500 pieces of internetready HP Desktop computers, renewable one year internet broadband, eight pieces of 2HP Trunk Air conditioners, a 200kva diesel generator and unfettered access to research findings from

Heritage Bank’s training and research laboratory for students and researchers using the library. Also pledged by some of his associates were workstations and multimedia systems and accessories. Hamilton had in his opening remarks explained why the institution resolved to name the library after Alaere and requested for books in virtually all disciplines in the management sciences as well as computers for the new library. “We immortalised Mrs. Alaere Alaibe, who was an alumna of the faculty, precisely the Department of Banking and Finance, as well as her contributions to education through her Family Reorientation Education and Empowerment (FREE) Programme. We decided to name our Faculty Library after her,” he said. In his message, Nobel Laureate, Professor Wole Soyinka, described Alaere as one of Nigeria’s best, whom he met and respected in the course of her efforts to spread literacy in rural communities through her organisation, FREE. Soyinka, who was represented by Mr. Tony Uranta, said he was happy that the works of Alaere through FREE was being befittingly recognised by the Rivers State University by naming a library after her. The Nobel Laurette had once confessed that he was amazed by the magnitude of Alaere’s vision in extending literary culture, empowerment and self-esteem to the forgotten. “I am not often impressed with people, but she (Alaere Alaibe) has succeeded in impressing me with her drive, her vision and her total commitment,” Soyinka once said after visiting FREE’s headquarters and inaugurating its library named after him in Igbainwari Community in Opokuma, Bayelsa State. The Vice Chancellor, Didia, eulogised the Alaibe family for their exemplary disposition. “It is not how long we live that matters but what we make of the time we spend on earth. Mrs. Alaibe’s time here on earth was short, but today even people who taught her in this university are not being talked about at all,” he said.

19 & 20 of the ISA (Appendix III) empowers the commission to establish and maintain a fund, the proceeds of which it may apply to meets its financial obligations. “The effect of the provisions of the ISA cited above is that the commission is empowered to cater for all of its financial obligations from its funds. However, such amounts must be expended from a budget, which must be approved by the board of the commission. “The funding of the ‘Golden Handshake’ was therefore carried out in line with this statutorily laid down procedure for disbursing the funds of the commission,” he said. According to him, “adjustments were made to certain vote

heads within the 2015 budget to accommodate the cost implication of the Golden Handshake exercise,” stressing that “this was necessary in lieu of the fact that the votes in majority of the heads adjusted were either meant to be disbursed for the welfare of staff or fund certain allowances of staff.” The suspended SEC DG noted that in view of the fact that payment of a percentage of remuneration/ allowances of a staff was an incentive to access the scheme, it was therefore imperative for these adjustments to be made. Gwarzo added, “Furthermore, the action of the commission’s board in adjusting certain Heads in the 2015 budget is a power derived

from the provisions of Section 12 (b) of the Interpretation Act(Appendix IV). “The section provides that where an Act (ISA 2007) confers a power to make a subsidiary instrument (The Budget), proclamation or notification, the power shall include power, exercisable in the like manner and subject to the like consent power, conditions (if any), to vary and revoke the instrument, proclamation or notification,” he stated. He observed that this allegation contained in the administrative panel report was never included in the query issued to him on November 3, 2017, the allegation contained in the suspension letter issued by the minister dated November 29, 2017 and the invitation

letter given to him to appear before the panel on January 10, 2017. “Therefore, on what basis did the committee included in its report when fair hearing was not given to me,” he queried. An administrative panel of inquiry set up by Adeosun, and headed by the Permanent Secretary, Ministry of Finance, Dr. Mahmoud Isa- Dutse, had among others found Gwarzo guilty of, among others, approving and collecting a severance pay of N104,851,154.94 for himself while still in the system. He was said to have paid several millions of naira to firms linked to him in contravention of extant public service rules.

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T H I S D AY ˾ MONDAY, FEBRUARY 5, 2018

MONDAYSPORTS Host Morocco Crush Home-based Eagles to Lift CHAN 2018 Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

In what appears a repeat of Nigeria’s 4-0 defeat in the WAFU Cup final last year in Ghana, the Home-based Eagles were crushed by the same margin by host Morocco in the final of the 2018 African Nations Championship (CHAN) played in Casablanca last night. However, the silver won by the Home-based Eagles as finalist in the 5th edition of the CHAN remains Nigeria’s bestever outing in the competition. The Atlas Lions playing before their home fans at the Stade Mohamed V overpowered Eagles, who played most of the second half with just 10 men to join DR Congo, Tunisia and Libya as the only four winners of the competition meant for players plying their trades in the continent. Morocco gave an early warning of their attacking potency when striker Ayoub El Kaabi headed home from Ismail Haddad’s corner kick in the seventh minute, but the goal was correctly ruled out because the ball had passed out of play in its flight. El Kaabi took centre stage

again in the 15th minute when he met Haddad’s left-flank cross with an acrobatic overhead kick and rattled Nigeria’s crossbar with the effort, underlining the Atlas Lions’ early dominance. Nigeria came into the game a little more as the first half wore on, but the hosts remained dangerous in attack and finally broke the deadlock just before the interval. A slick move put Abdeljalil Jbira free down the left flank, his pullback from the by-line picked out Zakaria Hadraf and the winger fired a low shot into the back of the net, beating goalkeeper Dele Ajiboye low to his right. Things went from bad to worse for the Home-based Eagles when Plateau United’s Peter Moses Eneji, who was already on a yellow card, scythed down Mohamed Nahiri early in the second half and was sent off for a second caution. The Atlas Lions duly made the most of their numerical advantage, with Walid El Karti doubling their lead on the hour mark when he headed home on the rebound after Ajiboye

Africa Wrestling Boss Arrives Garden City for Championship The President of the United World Wrestling Africa, Fouad Meskout, arrived Port Harcourt, Rivers State yesterday ahead of the opening ceremony of the Africa Wrestling Championship scheduled to begin on Wednesday with 25 countries participating. Meskout who arrived in the early hours of Sunday is expected to visit the venue of the championship, the Alfred Diete Sports Complex, to assess the level of readiness of Rivers State for the continental wrestling fiesta. A member of the Local Organising Committee for the AWC and the President of Sports Writers Association of Nigeria (SWAN), Honour Sirawoo, who arrived Nigeria on same Air Maroc flight with the wrestling boss, expressed his happiness with arrangements to host the competition. “This is enough to show that we are about to witness a world-class event in Port Harcourt. So much hard work has been put in place for this competition and I thank Governor Nyesom Wike for making it possible especially with the preparation of the country’s wrestlers for the event,” Sirawoo said. Meskout had last July visited Port Harcourt to inspect facilities for the competition. Meanwhile, Morocco and Guinea Bissau have arrived Port Harcourt for the competition taking place between February 7 and 11 The President of the Nigeria Wrestling Federation, Daniel Igali, told reporters yesterday in Port Harcourt that three more

countries were expected to arrive late last night. A total of 90 wrestlers are to represent Nigeria at the championship in various categories of the competition in which 25 countries are expected to feature. On Friday, Rivers Governor, Chief Nyesom Wike hoisted flags of African countries to signal one of the landmarks in hosting the wrestling championship in the Rivers State capital. Officers from the Nigeria Police band, Rivers State Command carried out the simultaneous hoisting of the flags of African countries at the imposing Alfred Diete Spiff Sports Complex, the venue for the championship. While commending the Local Organising Committee for preparing well ahead of the wrestling championship, the Governor stressed: “I am aware that with what I am seeing, the state is set, and I will want to believe that they will give us the best.” He lauded the Nigeria Wrestling Federation (NWF) led by Daniel Igali for making it possible for Rivers to secure the hosting rights of the championship. Also speaking, Igali said that the significance of hoisting the flags is in recognition of all the 54 African countries expected to participate in the event. “The symbols of the countries are their flags; this is about their culture, it’s about friendship and about the official signal of the tournament that is about to take place in Port Harcourt,” he stated.

saved Haddad’s shot, before Hadraf added his second a few minutes later to make it 3-0.

A Morocco win at this tournament wouldn’t be complete without a strike from

El Kaabi, and the forward duly notched his ninth of the 2018 CHAN when he redirected

a shot from Nahiri in the 73rd minute to complete the scoring.

Morocco celebrating winning the CHAN 2018 in Casablanca... last night

NPFL: Plateau Hammers Sunshine 5-0 to Keep Pressure on Akwa Utd Duro Ikhazuagbe Status quo was maintained at the top of the Nigerian Professional Football League (NPFL) as table toppers Akwa United and Plateau United recorded massive wins in Match-day 7 games played yesterday in Uyo and Jos. While the Promise Keepers hammered Wikki Tourists 4-0 at the Nest of Champions, Plateau was equally on rampage, firing five unreplied goals into the net of Sunshine Stars in Jos. Striker Tosin Omoyele grabbed a brace in Plateau’s victory to put behind them the loss they suffered at the Sani Abacha ground against Kano Pillars. The Jos club now have 16 points from seven matches, just a point behind Akwa United at the summit.

Kano Pillars moved up to the third spot in the NPFL standings on 14 points after they broke the resistance of visiting MFM FC with Junior Lokosa scoring his seventh goal of the campaign. There were also home wins for Katsina United, Heartland, Lobi Stars and Rivers United, while Enugu Rangers and Enyimba shared the points at Abia Warriors and El Kanemi, respectively. In Port Harcourt, Oche Salefu dispatched a late penalty to hand Rivers United FC maximum points against Go Round FC in the points in the ‘Rivers Derby’ that lacked in quality. The ‘Pride of Rivers’ United never really got off first gear for the entirety of the game against a Go Round side that appeared happy to play for a draw.

The ‘Lions’ from Omoku were happy to sit back for most parts and try to catch the hosts’ underbelly on the break. Goal opportunities were few and far between until a rash challenge by Awala Moses on Samuel Akinbinu in the 79th minute gave the hosts a chance win. Salefu is a man for the big occasion and when he stepped up to take responsibility from 12 yards, there was never any doubts about the eventual outcome. Technical Manager of Rivers United FC, Stanley Eguma told the club’s website later yesterday that the maximum point came handy. “It was important to amass maximum points but we couldn’t play compact and cohesive football as we planned in the first half.

“We improved in the second half and I think we are still on course,” Eguma said. Rivers United have now amassed ten points from their opening seven games in the season and occupy 10th spot while Go Round FC are in the relegation zone as they have amassed seven points from seven matches. United will next travel to Damaturu to face Yobe Desert Stars as the NPFL enters match day eight.

MATCH DAY 7 Akwa Utd 4-0 Wikki Lobi 1-0 Ifeanyiubah Heartland 2-0 Kwara Utd Katsina Utd 2-0 Tornadoes Rivers Utd 1-0 Go Round Abia Warriors 0-0 Rangers El-Kanemi 0-0 Enyimba Plateau Utd 5-0 Sunshine Kano Pillars 2-0 MFMFC

I Am Battle Ready for Access/Lagos City Marathon, Says Olamide Winner of the Nigeria women prize money at the inaugural edition of the Access Bank/ Lagos City Marathon held in 2016, Oluwaseun Olamide, has vowed not only to reclaim her title on Saturday, February 10, 2018 but also challenge East African and other elite runners for the ultimate prize. “It’s a shame I finished eighth last year,’’ she said. ‘’I was just recovering from injury; but this time I am injury free and psychologically I am in the right frame of mind as I won

the two road races I competed in recently. The races were part of my build up for the Access Bank/Lagos City Marathon.” After her not too impressive showing at the 2017 marathon, Olamide has won the Lagos Women Run and ARM Pensions Marathon. With the increase in the Nigeria prize money from N1million to N3million, and the ultimate prize of money of $50,000, Olamide definitely is looking at a big pay day. “Winning the prize money

will be a good thing, but my aim is to show the world that Nigeria is not just a sprint nation and that we have very good marathoners who can compete against the best in the world.’’ She is equally not scared of the foreign elites, saying: “I am happy running against foreign elite athletes because each time I did, I always run a new personal best. So, I am looking forward to competing against them and winning on Saturday.’’

She posited that the only advantage the foreign elites have over Nigerians was that their societies provide the enabling environment for their talents to blossom. “We need more marathons and road races in Nigeria. Access Bank Lagos City Marathon is good, but we need to have more. Once we do and they are lucrative, many youth who are into crimes and other unprofitable ventures would focus their energy on races,” Olamide said.

T H I S D AY ˾ MONDAY FEBRUARY 5, 2018

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MISSILE Abdullahi to Presidency “By this judgment, we hope the executive would be guided by the rule of law and do the needful so that we can move forward. There is nothing personal, but when you stick to the rules of engagement, it is good for everyone” – Senate spokesman, Aliyu Abdullahi praising the Federal High Court’s ruling in Abuja upholding the power of the Senate to confirm nominees from the president into various MDAs.

SHAKAMOMODU THIS REPUBLIC

shaka.momodu@thisdaylive.com

0811 266 1654

Obasanjo’s About-Face I

always knew this day would come when those who, in their less than altruistic desires and pursuit of personal agendas, foisted Muhammadu Buhari on Nigeria as president would return to their senses after their sojourn away from reality. But I never in my wildest dreams knew the day would come so soon. The orchestra has since stopped; the fantasy of body language has given way to the cold, hard reality that you cannot give what you don’t have. The joyous songs of praise have given way to feverish anger and disappointment across the land. People like Adams Oshiomhole have however vowed to hold on to Buhari in “perpetuity” despite the fact that Nigeria is drifting into lawlessness and anarchy under him. We cannot begrudge Oshiomhole, he has made his pitch but let us hold him to account when all this madness is over. Our country is now a massive killing field. As killer herdsmen unleash violence on everybody. Men of anarchy rule the land. Blood is flowing from all directions and in all directions. Mass burials have become all too familiar. We have seen unbelievable display of insensitivity and outright callousness towards the victims of brazen violence and murder. We have official rationalization of evil, and a total dereliction of duty by those charged with the responsibility of protecting and guaranteeing the security of lives and properties. The change-mongers are receding and retracting from their original endorsements and praises in a fit of anxiety and are even warning Nigerians of an impending doom. Now compare their new alarm about the same man whose victory was met with rapturous cheers by a crowd blinded to the inconvenient fact that his credentials as a leader were fundamentally flawed. They told the gullible, the foolish and the naïve that he was the messiah ordained to save this country. A pathetic fellow even once told me Buhari was like his god and he could kill for him. Another told me there were wild celebrations in Boston by Nigerians in the aftermath of his victory. They mocked me with text messages and emails each time they read my articles, calling me names and wishing me death. The shameless promoters of the Buhari-has-changed mantra got everyone fired up over a patently false narrative. Though it was obvious that in their heart of hearts, they knew the man was unsuited for the office of president of a diverse country like Nigeria with all its centrifugal forces, but they were apparently more interested in one who could win the presidential election rather than one with the capacity to govern. Some even argued that the records of history against his name were “contrived handicaps” to undermine his candidacy. Others deployed bleach in trying to erase Buhari’s past record of misdeeds, rebranded him in elegant prose and sold his candidacy as the messiah who would save Nigeria. Well, there is an adage in the land of my fathers that says, “Only a fool tests the depth of a river with both feet.” Not long after Buhari mounted the horse, former President Olusegun Obasanjo upped the ante of his trade when he told the whole world that Buhari was “building the Nigeria of our dreams”. Guys, wonders shall never cease! Professor Wole Soyinka followed suit with his outpouring of love by uncharacteristically singing Buhari’s praises as a born-again phenomenon. All these were at a time red flags about their hero had sprouted up, viz: the 97% vs. 5% statement, delay in constituting his cabinet, governmental inertia, etc. Now they’re realising they overreached themselves and are running for the exits, revising history, recasting narratives, giving excuses and covering their keisters. They misled the nation to take a disastrous path, and now they fear the day of reckoning. Their lamentations lately are nothing but a fig leaf to cover the fact

Obasanjo

that they were responsible for the current tragedy we find ourselves. Obasanjo admitted he knew Buhari was weak in the knowledge and understanding of the economy but he thought that he could make use of good Nigerians in that area that could help. He continued: “I know his weakness in understanding and playing in the foreign affairs sector and again, there are many Nigerians that could be used in that area as well.” It is striking that Obasanjo knew these weaknesses in Buhari and yet went full throttle to endorse and campaign for him. The economy is a central component of national security. It was an extremely naïve expectation to think that Buhari would use people with knowledge to help him administer the country. Such an expectation or a presumption would have been valid somewhat if the man we are talking about was not Buhari but some other guy with a broad world view – cultural, social and religious. How can a man with a medieval world view pertaining to culture, religion and governance, and who has shown little interest in knowledge or self-improvement over the last 35 years be suddenly rebranded as “changed”? Again, you can’t give what you don’t have. It is no slur against Obasanjo’s integrity to say, I am not fooled by his reason because he helped make Buhari a hero he was clearly not, and more so, I am not impressed by his volte-face. There is nothing new he just said that a few of us hadn’t said in the last three years and continue to say about Buhari, even at the risk of sounding like a broken record! And I don’t believe his reasons for endorsing him because Buhari’s antecedent and career path do not support Obasanjo’s “I thought” excuse and the wild expectations that followed his candidacy. Rather it raised significant warning signals that were ignored in the mass hysteria of 2015. Imagine Obasanjo went as far as dismissing his own PTF probe report conducted in 1999-2000 that documented a series of abuses under Buhari’s watch, a report which, in some respects was the forerunner of how Buhari would run his government. It is instructive that nothing has changed from the way Buhari ran the PTF then and the way he is running Nigeria today. He brings in his close-knit ethnic stock to build a wall around himself and gives them a free hand and immunity to run things. Don’t ask me about the lopsidedness of the PTF projects, his actions, inactions and utterances in favour of the Muslim North as he is doing today, especially as regards the Fulani herdsmen. In its summary, the probe committee had advised Obasanjo to “set up a high powered judicial panel to recover the huge public funds allocated to the

PTF and to take necessary action against any officer, consultant or contractor whose negligence resulted in this colossal loss of public funds”. According to the report, the sum of N25,758,532,448 was mismanaged by the Afri-Project Consortium (APC), a company contracted by the PTF as management and project consultants. Buhari as the PTF chairman was said to have also “delegated to them the power of engineers in all appropriate projects requiring such power - which made them assume absolute powers to initiate, approve and execute all projects by the PTF. The mismanagement that took place in the PTF under Buhari’s watch was said to have been carried out by APC (the company) in their capacity as management and project consultants. Both their management service fees and budgets for several projects carried out during the existence of the PTF were greatly overpriced. But despite those troubling revelations about how Buhari ran the PTF, in the politics of 2015, Obasanjo who had become “the navigator of the APC”, declared with fervour and presidential fiat: “There was nothing in that report”. It was a moment when emotional and personal animosity trumped wisdom, objectivity and reason. A savage blow to accountability, which at that time was one of the strong points of then Candidate Buhari. In case he (Obasanjo) does not know, his endorsement of Buhari created a kind of reputational vortex that shielded Buhari’s past from the rigorous interrogation of the evidence and more than anything else, gave legitimacy to the false narrative about Buhari’s far-reaching capacity and past accomplishments. For instance, when asked about the PTF report, Buhari casually said: “What do you want me to say when the man who set it up has dismissed it.” And that was the end of the matter. Now let’s look at our eminent Nobel laureate’s seismic shift of positions on Buhari. It defies explanation till date and even more so, the reason given. In 2007, Soyinka told Buhari bluntly that the Nigerian nation was against his ambition. He went on to cite the several sins of the general. He challenged those who said he had changed then to provide the evidence in public and not wishful speculation or behind-the-scenes assurances. In 2015, Soyinka fell miserably short of his own very prescribed standards when without providing the sheerest evidence that Buhari had changed, made a 360-degree turn and endorsed him based on behind-the-scenes assurances of Buhari’s transfiguration by Pastor Tunde Bakare and others. From the self-evident facts on the ground today, it is easy to see which appraisal was objective and which was swimming with the tide of politics of 2015. I once posed our giant laureate a few questions: Did Buhari “demonstrably strive to be glaringly what he was not?” Was Buhari really “chastened by intervening experiences and a vastly transformed environment?” While Soyinka’s findings pointed North, the evidence before us then pointed South. Soyinka claimed to have studied Buhari from a distance and dissected his key utterances, past and present, after which he reached a convenient conclusion of plausible transformation. I have angonised over this since he made that seismic shift. Which key utterances did Soyinka dissect that gave him the comfort of plausible transformation? Up till this moment of writing, he never told Nigerians those key utterances that swayed his conclusion. The truth is contrary to Soyinka’s findings, the history books document Buhari’s key utterances within the intervening period and reveal a highly polarised figure – a man “the nation cannot call to order”. Was Soyinka not aware that Buhari declared with military fiat that Abacha did not steal Nigeria’s money

at a time several hundreds of millions of dollars had been returned to the country, part of Abacha’s loot? Was our laureate not aware of Buhari’s threat that if the alleged rigging of 2011 elections was repeated, then “the dog and the baboon will be soaked in blood”? Again, was Soyinka not aware of Buhari’s statement in 2013 where he stated that while Niger Delta militants “were trained in some skills and were given employment, the ones in the North (Boko Haram), were being killed and their houses were being demolished?” Was he not aware Boko Haram had earlier, in 2012 to be precise, nominated Buhari as its negotiator? What could have motivated such a blood-thirsty sect to nominate Buhari from the bunch of ethno/religious champions in the North as its chief negotiator? I would hazard a guess that they trusted him more! Sadly, despite Soyinka’s warning that it was “pointlessly, and dangerously provocative to present General Buhari as something that he provably was not,” he did just that in his findings of Buhari’s “plausible transformation”. Make no mistake, Buhari started to tone down his divisive rhetoric when he started considering another run for the presidency on the platform of a broad coalition of so called “progressive” and conservative politicians. He started to make politically correct statements and froze his warm embrace of Boko Haram when he saw the opportunity of another run for the presidency. And if you recall, this divorce did not go down well with the sect, which it expressed in a bloody attack on Buhari’s convoy in Kaduna in 2014. I have researched the books and newspaper articles to find out what Buhari’a key utterances were that had a positive impact on national unity, which may have escaped my attention but Soyinka probably referred to, and I found none. Can somebody out there help me find any? Bakare, Buhari’s former running mate, has come out swinging against Buhari describing his silence on the killings in Benue by Fulani herdsmen as “sinful”. Father Mbaka, Buhari’s spiritual guardian angel, has now practically written him off as a failure. Just as I was rounding up this piece, news broke that our evil genius, former military President Ibrahim Babangida has also distanced himself from Buhari, urging him not to contest 2019 election so Nigeria could get some healing from a new leader . According to him, “the next election in 2019 presents Nigerians a unique opportunity to reinvent the will and provoke fresh leadership that would immediately begin the process of healing the wounds in the land and ensuring that the wishes and aspirations of the people are realized in building and sustaining national cohesion and consensus,” he said. Babangida stated further that he is “alarmed by the amount of blood-letting across the land. Nigeria is now being described as a land where blood flows like river, where tears have refused to dry up. Almost on a daily basis, we are both mourning and grieving, and often times left helpless by the sophistication of crimes.” Who is not alarmed? Nearly every reasonable and patriotic Nigerian is. Except of course those rooting for a another term for Buhari. Remember this is the same Babangida who promised “to mobilise and lead retired generals to back Buhari” in 2015. Just three years ago, all these men sang his praises to high heaven. What has changed? Nothing really except that what they pretended not to see then is staring them in the face now. All I do now is humour the vibes of the 2015 presidential election, as many who enthusiastically helped to create the myth around the Buhari persona and thus put us where we are today speak with regret and disappointment. Folks, reality is never as exciting as make-belief.

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