UBA Reports N105.3bn PBT, Recommends N0.85 Final Dividend Goddy Egene United Bank for Africa (UBA) Plc has announced its audited results for the financial year ended December 31, 2017, showing significant growth in the contribution and market
share from its pan-African subsidiaries, among other positive trends in its financial performance. A statement from UBA at the weekend showed that the pan-African financial institution’s gross earnings grew substantially to N462
billion, up by 20 per cent from N314 billion recorded in the corresponding period of 2016. According to the report released to the Nigerian Stock Exchange on Friday, UBA delivered a strong 16 per cent year-on-year
growth in profit before tax to N105 billion, compared to N90.6 billion in the 2016 financial year. Its profit after tax also leaped to N78.6 billion, an 8.8 per cent year-on-year growth compared to N72.3 billion in 2016.
The bank’s subsidiaries outside Nigeria contributed a third of the group’s top-line and 45 per cent of the profit for the year, a remarkable improvement from the 31 per cent contribution made by the ex-Nigeria offices in 2016.
This, according to market analysts, affirmed the success of the bank’s expansion strategy, with a target of 50 per cent contributions by 2020, said the statement. Continued on page 8
Danjuma's Comments on Killings an Invitation to Anarchy, Says Defence Minister… Page 59 Monday 26 March, 2018 Vol 22. No 8376. Price: N250
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Why Court Quashed EFCC’s ‘Wanted’ Declaration on Benedict Peters Alexander Enumah in Abuja More facts have come to light as to why a High Court sitting in the Federal Capital Territory (FCT), Abuja,
quashed the declaration of the Executive Vice Chairman of Aiteo Group, Benedict Peters, as “wanted” by the Economic and Financial Crimes Commission (EFCC).
The EFCC had in March last year declared Peters wanted in connection with criminal conspiracy, diversion of funds and money laundering.
But in a judgment last Thursday, Justice Oathman Musa held that the anti-graft agency has no power to declare Peters or anyone “wanted” without a court
order. This was in response to suit number FCT/ HC/CV/23/2017 filed by Peters, accusing the EFCC of declaring him wanted on its
website without following due process. In his ruling, the judge said: “Peters has never been Continued on page 8
FG Confirms Ceasefire Talks With Boko Haram Calls for PDP’s deregistration, revises figures on Dapchi abductees Girls reunite with their families, wait for Leah Sharibu continues Tobi Soniyi in Lagos, Paul Obi in Abuja and Michael Olugbode in Dapchi with agency report The federal government has disclosed that it is in talks with the Islamist terror group, Boko Haram, on a possible ceasefire, with the ultimate aim of securing a permanent cessation of hostilities. Continued on page 8
L-R: Managing Partner, GPS International LLC, Mr. Aaron Manaigo; Managing Partner, Williams Global Law, LLC, Ms. Simone Williams; Group Managing Director/CEO, Keystone Bank Limited, Mr. Obeahon Ohiwerei; Director, Public Relations, Guyanese Girls Rock Foundation, Ms. Rhonda Binda; and Founding Partner Ceres Law P.C., Mr. Rudyard W. Ceres, at the Africa Women’s Forum (AWF) held in New York, U.S. where Keystone Bank was conferred with the Global Impact Leadership Award – Best Bank in Women Entrepreneurs Empowerment Category… recently
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PAGE EIGHT FG CONFIRMS CEASEFIRE TALKS WITH BOKO HARAM This is the first time in years the government has said it is talking to Boko Haram about a ceasefire in an insurgency that has killed tens of thousands of people and ravaged the North-east of Africa’s biggest economy. President Muhammadu Buhari’s government has, however, repeatedly said it was willing to hold talks with the terrorists. The talks on a ceasefire was disclosed by the Minister of Information and Culture, Lai Mohammed in an email to Reuters, outlining the background to the release of more than 104 schoolgirls returned last week by the group after their kidnapping on February 19 from Government Girls’ Science and Technical College (GGSTC), Dapchi, Yobe. It was the biggest mass abduction since Chibok four years ago when the same group took 276 girls from a school in neighbouring Borno State, sparking global outrage over the kidnapping. But Boko Haram stunned Dapchi’s residents last Wednesday when they drove into the town and returned the girls, who said five of their group had died in captivity and one had not been freed. The minister’s revelation on the ceasefire talks came on the heels of the open letter written by civil society group, Socio-Economic Rights and Accountability Project (SERAP), to the president urging him to drop the proposed policy to grant amnesty to members
of Boko Haram. “Unknown to many, we have been in wider cessationof-hostility talks with the insurgents for some time now,” said Mohammed. “We were able to leverage on the wider talks when the Dapchi girls were abducted.” “The ultimate aim is the permanent cessation of hostilities,” he later told Reuters by telephone. Mohammed said the weeklong ceasefire, starting on March 19, had been agreed to enable the group to drop off the girls. Also, at a press briefing yesterday in Lagos on the Dapchi girls, the minister said there should be a criterion for withdrawing the registration of the opposition Peoples Democratic Party (PDP) over its allegation last week that the abduction and return of the Dapchi students was stage-managed by the federal government. Mohammed, who was obviously still smarting over the PDP allegation, also debunked the conspiracy theories that have made the rounds since the girls’ return last week. “Indeed, there should be a new criterion for withdrawing the registration of a party like the PDP which has failed both as a ruling and an opposition party! If a party cannot rule and cannot be in opposition, what else can it do?” For the umpteenth time, Mohammed also revised the
exact number of persons who were kidnapped from Dapchi last month, saying contrary to government’s earlier statement that 110 students were kidnapped, the actual number of students kidnapped was 111 while total number of those abducted on February 9 was 113. According to him, “A total of 113 persons were abducted from the school in Dapchi on February 9, of which 111 were students of the Government Girls’ Secondary and Technical College. “That means one student was not captured on the list of 110 abducted students that was compiled by the school, on the basis of which the federal government gave the number of abducted schoolgirls as 110. “Also kidnapped were two other persons, who are not students of the college. They include a primary school boy who came to the school to sell water and another primary schoolgirl. That brings the total number of abducted persons on that day to 113. “So far, a total of 107 persons, comprising 105 Dapchi schoolgirls and the two non-students, have been released by the insurgents. “Six Dapchi schoolgirls are yet unaccounted for. All efforts are being made to secure their release,” Mohammed said. Five of the girls remain unaccounted for and are suspected to have died during their abduction. Another is Leah Sharibu, a Christian, who was said to have
been held back by her abductors due to her refusal to convert to Islam. Mohammed insisted that girls were released as a result of intense back-channels engagement aimed at securing their quick and safe release. This, he said, was done in concert with a friendly country, an international organisation and trusted facilitators, whom he failed to name. Mohammed further maintained that the government did not pay a dime to secure their release. “The insurgents brought the girls back to the location of the kidnapping themselves as an apparent gesture of goodwill, following relentless efforts by the government to find long-lasting solutions to the conflict,” he said. Responding to enquiries on how the insurgents brought the girls back to Dapchi without being arrested by the Nigerian troops, the minister said: “Unknown to many, we have been in wider cessation-ofhostility talks with the insurgents for some time now. “The talks helped to secure the release of the police officers’ wives and the University of Maiduguri lecturers recently. And the talks did not stop thereafter.” The minister said government leveraged on the wider talks when the Dapchi girls were abducted. He said the insurgents decided to return the girls to where they picked them from
as a goodwill gesture. “All they demanded was a ceasefire that will grant them a safe corridor to drop the girls. This is not new. Even in larger war situations, safe corridors are usually created for humanitarian and other purposes. “Consequently, a week-long ceasefire was declared, starting from Monday, 19 March. That is why the insurgents were able to drop the girls. “This counters the conspiracy theories being propounded in some quarters concerning why it was so easy for the insurgents to drop off the girls without being attacked by the military,” he explained. The minister said the girls were returned so early because of the firm instruction given to the military service chiefs and the Inspector General of Police by the president. He noted that whereas it took the immediate past administration of Goodluck Jonathan 18 days to acknowledge the kidnap of the Chibok girls, the current administration was responsive and not in denial. He said: “No stone was left unturned to secure the release of the girls. For the record, the following actions were taken: the president sent the federal government delegation twice to Dapchi and Damaturu within four days, to engage on a factfinding mission and to condole with the government and people of Yobe State and the families of the abducted girls. I was on
both delegations. “The president ordered the service chiefs and the Inspector General of Police to take direct charge and brief him on a daily basis on the efforts to bring back the girls. “The president ordered the re-strengthening of a joint operational base involving the relevant agencies and services to coordinate the rescue mission. “Consequently, the service commanders established a unified command centre in Maiduguri and the military also raised several rescue teams to comb the forests in the North-east theatre of operation. “The Nigerian Air Force maintained aerial surveillance of the area all through.” In castigating the PDP for attacking the government after the girls were returned, Mohammed said the opposition party had turned what called for non-partisan celebrations to “thoughtless politics, bad, despicable politics that has no place in any democracy”. The minister observed that during national tragedies, countries unite and wondered why the PDP refused to join the government to celebrate the girls’ return. “Let me encapsulate my reaction to the disgraceful and insensitive politics that the PDP has been playing with the Dapchi girls by quoting the statement of the president
This inconsistency completely flawed EFCC’s defence, compelling Justice Musa to declare last Thursday: “I am left with no option but to conclude that the first respondent (EFCC) has presented to this court an absurd and unimaginable case of receiving a signed document a day before it was actually signed by the person who was purported to have signed it. “I’m afraid such a thing is not possible in our physical world. Perhaps, it is possible in the spirit world. This renders the circumstances surrounding the procurement of this document doubtful.” Since EFCC’s declaration
was not within the ambit of the laws of Nigeria and did not comply with the conditions precedent to the said declaration, the judge dismissed the case, stating: “An order is hereby made directing the first respondent (EFCC) to remove from its website the purported declaration made against the applicant forthwith.” The latest ruling in favour of the oil magnate follows a series of judicial victories when his earnings were declared as legitimate and several money laundering allegations levelled against him were thrown out of court based on lack of evidence.
uphold our asset quality,” he added. Apart from the strong financial performance in 2017, the UBA Group proved its leadership on the continent as the Banker Magazine crowned the group, African Bank of the Year 2017, the statement added. To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA Group’s operations in Africa also led contenders in their respective countries to emerge the Best Bank of the Year 2017. UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the group across its chosen markets in Africa. UBA is a leading financial services group in sub-Saharan Africa, with a presence in 19 African countries, as well as
the United Kingdom, the United States of America and France.
Continued on page 10
WHY COURT QUASHED EFCC’S ‘WANTED’ DECLARATION ON BENEDICT PETERS charged with, nor tried for any criminal offence in any court of law, nor has he ever jumped bail for any offence howsoever in Nigeria and cannot be declared wanted by administrative fiat without any prior order or leave of court.” The judgment further read: “The very act of declaring the applicant (Benedict Peters) a wanted person on the official website of the first respondent (EFCC) without any prior order or leave of a court of competent jurisdiction to that effect is unlawful, illegal, wrongful, ultra vires, unconstitutional and constitutes a flagrant violation of the fundamental rights of
the applicant to personal liberty, private and family life, freedom of movement and the right to not to be subjected to inhuman and degrading treatment as guaranteed under Section 34, 37, 41 and 46 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and Articles 2, 3(1) & (2), 4, 5, 6, 7, and 12(1) of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act, 2004.” On August 15, 2016, Peters was declared wanted by the EFCC without an order of a court and in the absence of a valid charge in a court of law. The declaration was published in Punch newspaper,
online publications – Premium Times and Sahara Reporters – and on the official website of the EFCC. It was also carried by top tier news platforms across the country. EFCC claimed that Peters was summoned on several occasions before he was declared wanted. However, the evidence presented in court showed that Peters was out of the country on health grounds and this was communicated to EFCC by his legal representatives. Peters requested for a rescheduling based on the aforementioned reason, however, a day before the
date on which he had been required to attend, armed men and police officers at the behest of EFCC, invaded his company premises and made arrests. EFCC’s defence for its actions was that it acted based on a warrant of arrest issued by a magistrate’s court. Upon scrutinising the contents of the document constituting the warrant, the judge discovered that the said document was dated August 5, 2016, suggesting that it was made or signed by the issuing magistrate on that date. Curiously, the EFCC endorsed it as having been received on August 4, 2016 at 10.32 a.m.
UBA REPORTS N105.3BN PBT, RECOMMENDS N0.85 FINAL DIVIDEND The bank’s operating income grew to N326.6 billion, a 20.6 per cent increase compared to N270.9 billion recorded in 2016. This, according to analysts, affirmed the capacity of the group to deliver strong performance through varying economic cycles and a challenging business environment. The audited results also showed that the bank’s total assets peaked at N4.07 trillion, translating to a 16.1 per cent year-on-year growth from the N3.50 trillion recorded in the 2016 financial year. In 2017, the bank’s net loans achieved a prudent 9.7 per cent growth at N1.65 trillion, while customer deposits grew to N2.73 trillion, representing a 10 per cent YoY growth over the N2.49 trillion recorded in the 2016 financial year. Reflecting strong internal capital generation, the bank’s shareholders’ fund also rose by
18.2 per cent to N529.4 billion in the 2017 financial year. Subject to the approvals of the shareholders, the bank’s board proposed a final dividend of 65 kobo per every share of 50 kobo each. This final dividend proposal is in addition to the 20 kobo per share interim dividend paid after the audit of the 2017 half-year financial statements, thus putting the total dividend for 2017 financial year at 85 kobo per share. Commenting on the results, Kennedy Uzoka, GMD/CEO of UBA, said: “The results underline the success of our strategy of expanding across Africa, diversifying revenues and capturing the broader business opportunities inherent in Africa’s growth. “The results reinforce the sustainability of our business model and the capacity to deliver superior long-term returns to shareholders, as the economic and business
environments improve. “In 2017, we made strong progress in our strategic initiative of dominating transaction-banking across all our countries of operation, gaining market share in all lines of our business. “Even as the non-oil sector of our largest country of operation, Nigeria, remained relatively weak, we still grew earnings by 20 per cent to N462 billion, a third of which was attributable to non-funded income.” Also speaking on the bank’s performance, the Group Chief Finance Officer (GCFO), Ugo Nwaghodoh said: “In a period of high-interest rates, we achieved a relatively low 3.7 per cent cost of funds. This operational efficiency reflects the benefit of our rich pool of stable savings and current account deposits. “Net interest margin stabilised at 7 per cent, even as yields on treasury assets
dropped in the last quarter of 2017. Our core transaction banking offerings gained strong momentum, with income from these business lines growing by double digits.” “We remain committed to our responsible approach to balance sheet management, with a focus on growing risk assets and a broader balance sheet in a profitable and prudent manner. “Amidst a subdued Nigerian credit market, we grew our loan portfolio by 10 per cent, leveraging our robust liquidity and capitalisation to support good businesses through this challenging economic cycle. “We closed the year with a Basel II capital adequacy ratio of 19 per cent and a liquidity ratio of 50 per cent, well ahead of the 15 per cent and 30 per cent regulatory requirement, respectively. “Our disciplined approach to lending and broader risk management continue to
TOP GAINERS NGN NGN CADBURY 1.30 13.25 JAPAULOIL 0.06 0.69 DIAMONDBANK 0.18 2.15 WAPIC 0.04 0.57 UNITYBANK 0.09 1.29 TOP LOSERS NGN NGN FTNCOCOA 0.02 0.22 THOMASWYATT 0.02 0.38 CHAMPBREW 0.14 2.71 FCMB 0.12 2.43 NEM 0.13 2.70 HPE Nestle Nig Plc ₦ 1,317.00 Volume: 560.116 million shares Value: N 6.759 billion Deals: 4,605 As at 23/3/18 See details on Page 35
% 9.8 9.5 9.1 7.5 7.5 % 8.3 5.0 4.9 4.7 4.5
T H I S D AY ˾ MONDAY MARCH 26, 2018
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STARTERS FG CONFIRMS CEASEFIRE TALKS WITH BOKO HARAM when he received the Dapchi girls last Friday: ‘May I also warn against those elements who have chosen to make political fortune of our citizens’ misfortune. Government would not tolerate any attempt by any person or group to trivialise or politicise security issues for politically motivated ends. Accordingly, the security agencies would not hesitate to decisively deal with such unscrupulous characters.’� The minister said the PDP and its co-travellers did not understand that terrorism was a global problem. He also threw the conspiracies theory back at the PDP saying: “Perhaps we should ask the PDP what indeed the party knows about the abduction of the Dapchi girls, going by its statement that their abduction and release were stage-managed. “The party made itself a laughing stock within and outside Nigeria with that statement. Don’t they know that our international friends were involved in the process that led to the release of the girls? “Indeed, there should be a new criterion for withdrawing the registration of a party like the PDP which has failed both as a ruling and an opposition party! If a party cannot rule and cannot be in opposition, what else can it do?"
‘No Amnesty for Terrorists’ However, a civil society group, SERAP, has written an open letter to Buhari urging him to “drop the proposed policy to grant amnesty to members of the Boko Haram terrorist group in the interests of justice�, warning that any amnesty programme for the group would be counter-productive and entrench impunity for their members, which could only continue to undermine peace and stability in the country. The organisation said the government should instead “prioritise justice for the victims of Boko Haram and help them to rebuild and get on with their lives, rather than pushing to remove accountability for the mass atrocities committed against millions of Nigerian women, men, children and the elderly, and allowing those responsible to escape justice�. In the letter dated March 23, 2018 and signed by SERAP deputy director Timothy Adewale, the group said: “Boko Haram should not be allowed to escape the consequences of their crimes if the authorities are to prevent a cycle of revenge leading to further violence and conflict. “We believe that granting amnesty to Boko Haram would be an open violation of the Nigerian Constitution of 1999 and international law and would entail a virtual denial of justice for victims.� According to SERAP, the international community is pushing for accountability for those who commit the worst of human crimes, and is no longer tolerant of amnesty for war crimes, crimes against humanity or other gross violations of human rights. The letter read in part: “Any amnesty for Boko Haram would take away the rights of the victims to justice, ignore the needs of the internally displaced persons, and never bring closure
to the mass atrocities committed by the group against Nigerians. “The victims need to know the truth about what happened, and the alleged complicity of our armed forces and security services in the atrocities committed by the group. The offer of amnesty would prevent the government from addressing these fundamental issues. “Indeed, both individual victims and Nigeria would be disadvantaged by any amnesty to Boko Haram. Besides depriving the country of its opportunity to bring perpetrators to justice, it would also help to create a culture of impunity where perpetrators can anticipate immunity and thus jeopardise the governing power of the authorities in the future. “We contend that impunity for international crimes and systematic and widespread violations of fundamental human rights is a betrayal of solidarity with the victims of Boko Haram to whom the authorities owe a duty of justice, remembrance, and compensation. “The pursuit of justice and accountability fulfils fundamental human values, helps achieve peace, and contributes to the prevention and deterrence of future violence. Thus to grant amnesty to Boko Haram is to choose expedience over lasting goals and more enduring values.� “SERAP is seriously concerned about the government’s offer of amnesty to ‘repentant members of the Boko Haram sect willing to surrender their arms and embrace peace’. “We note that any amnesty for Boko Haram members involved in serious human rights violations would be contrary to Nigeria’s international obligations and commitments, including under the Rome Statute of International Criminal Court, the International Covenant on Civil and Political Rights, and the African Charter on Human and People’ Rights. “We contend that any amnesty for Boko Haram with blood stained hands would serve no public interests in terms of the actual reduction of impunity for human rights crimes or deterrent effect. “The authorities would never be able to get to the root of the causes of Boko Haram. Nigerians would not know the truth about the factors that continue to fuel the activities of Boko Haram if the authorities go ahead to grant members of the terrorist group amnesty. “We also contend that every state, including Nigeria, has clear obligations to investigate, prosecute and punish or extradite individuals accused of crimes under international law, who are present in a territory under its jurisdiction. “We are concerned that the proposed amnesty for Boko Haram would have the effect of restricting such important international norms. “We look forward to engaging with your government on the steps it is taking to take forward the above proposed recommendations to ensure that justice for the victims of Boko Haram is not forsaken for amnesty and impunity for perpetrators.�
Girls Reunite with Their Families Meanwhile, the 105 Dapchi schoolgirls who were freed last
week were reunited yesterday with their families amidst celebrations. Parents, relatives and wellwishers trooped out into the streets of Dapchi as the girls arrived in the luxury buses that brought them back from the Nigerian Air Force (NAF) base in Maiduguri. It was celebration galore as the girls, parents, relations danced along the streets of the town to celebrate the girls’ safe return. The girls were handed over to the state government by a federal government delegation led by the Minister of State for Foreign Affairs, Khadijah Abba Ibrahim. Yobe governor Alhaji Ibrahim Gaidam, represented by his state Commissioner for Information, Alhaji Mala Musty, commended Buhari for securing the return of the girls. Residents also thanked the president for securing their freedom and appealed to the federal government not to relent until the release of the remaining girl still in the custody of the insurgents. Buhari on Friday met with the 105 rescued Dapchi schoolgirls and two other children returned by the terrorists. He assured them of their safety and said efforts were being made to rescue the remaining Chibok girls and other Nigerians in captivity of the terrorists. Before they arrived Dapchi, the Nigerian Air Force had airlifted the Dapchi schoolgirls and two other children from Abuja to Maiduguri, the Borno State capital. According to NAF spokesman, Air Vice Marshal Olutokunbo Adesanya, a C-130 Hercules aircraft flew the girls to their community after they were received by Buhari and other top government officials on Friday. “The Nigerian Air Force (NAF) C-130 Hercules aircraft today, 25 March 2018, airlifted the Dapchi girls back to Maiduguri from where they would be transported to Dapchi under armed air escort to reunite with their families. “The return of the girls to their community took place after President Muhammadu Buhari and other top government officials had received them at the Government House in Abuja on 23 March 2018.� Adesanya added that all the girls, including a boy and three teachers from the girls’ school, boarded the aircraft. He recalled that after their return by the Boko Haram terrorists last Wednesday, personnel of the Air Task Force of Operation Lafiya Dole as well as other officers of the Theatre Command received the girls at the NAF Base, Maiduguri. “At the NAF Base, personnel of the Air Task Force were already waiting to give refreshments to the girls. “After the refreshments, the girls were airlifted aboard a NAF C-130 Hercules aircraft to Abuja, where senior government officials received them.� But even as the Dapchi girls were reunited with their parents and family members, residents of the town waited expectantly for word on the release of the last schoolgirl, Leah Sharibu, who has remained in captivity. Leah, a Christian, was one of the 111 girls kidnapped by Islamists, but was not released because, according to her fellow
students, she refused to convert to Islam, arousing public outrage even among Muslim groups in the country. “There is so much expectation in the town following the news that the last remaining girl will be released,� Kachalla Bukar, father of one of the schoolgirls recently freed, told AFP late Saturday by phone from Dapchi. “We were told she was on her way but she has not yet been brought,� said Kachalla, who is the spokesman of the abducted schoolgirls’ parents union. The authorities had asked shopkeepers to close Saturday afternoon in anticipation of her arrival. Also, soldiers deployed in Dapchi disappeared from the town’s checkpoints on Saturday, raising hopes for Leah’s imminent release. “The sudden withdrawal of soldiers from checkpoints is a clear sign the girl is coming,� said Dapchi resident Sanda Masida. “We believe the news of the girl’s release is true because the body language of the security personnel, police and military, indicates the girl is on her way home,� said another resident, Tijjani Goni. “The town is in high spirits and full of anticipation,� Goni said. Buhari had vowed on Twitter to do “everything in our power to bring Leah back safely�. Hopes were also raised at the weekend when the Inspector General of Police, Mr. Ibrahim Idris said she would be released yesterday, only for her not to surface. Idris said he cancelled a visit to Dapchi to avoid any “security hitch� in the town before Leah’s arrival, without providing further details. But yesterday, the spokesman for Nigeria Police, Jimoh Moshood, said Idris’ comment had been “misunderstood and misquoted�. “The misunderstanding may be as a result of the already released Dapchi schoolgirls expected back home in Yobe State today but could not arrive due to weather conditions,� Moshood said in a statement. “The police reiterates that they have no information yet on the release of the last Dapchi schoolgirl,� he said. According to witnesses contacted by AFP, the Dapchi girls, before their return last week, were held on an island on Lake Chad, which is a known stronghold for fighters loyal to Boko Haram factional leader Abu Mus’ab al-Barnawi. The Dapchi kidnapping revived painful memories of the April 2014 abduction of over 276 schoolgirls from Chibok, a town in neighbouring Borno State. While some of the Chibok girls have been freed in exchange for ransom and the release of top Boko Haram commanders, a total of 112 remain in captivity. Boko Haram has repeatedly targeted schools giving a socalled Western education in the mainly-Muslim region as part of an insurgency that has killed at least 20,000 people and displaced more than 2.6 million since 2009. While a 2015 offensive launched by Buhari successfully reclaimed swathes of territory back from the jihadists in Nigeria, the group still stages deadly attacks on both military targets and civilians.
Two-Minute BrieďŹ ng NEWS FG Completes Investigations
into 534 Whistle-blower Cases, Recovers N145bn The federal government has completed investigations into 534 cases and made recoveries totalling about N145 billion in various currencies, including N7.8 billion, US$378 million‌ Page 57
EDITORIAL The Renewable Energy OptiOn
Notwithstanding the abundant natural gas reserves, billions of crude oil reserves, tonnes of coal and lots of renewable energy sources on the continent, majority of Nigerians still live in darkness. Page 15
POLITICS Dapchi Girls and the
Conspiracy Theories Despite the best efforts of the federal government to convince Nigerians that the abduction of 110 students of Government Girls’ Science andTechnical College, Dapchi, Yobe State, was not stage managed, many remain sceptical , writesTobi Soniyi Page 18
FEATURES The Fight against Polio
The Co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates, visited Sokoto State last week where he entered a pact with Tambuwal and five Northern governors‌ Page 20
BUSINESS THISDAY Model Portfolios
Improve to 38% on Renewed Demand TMP improved to 37.9 per cent last week after taking a plunge the previous week on huge profit taking. Page 23
CITYSTRINGS Anambra First Lady Unites
Families David-Chyddy Eleke recounts the outpouring of emotions when the wife of Anambra governor, Mrs. Ebelechukwu Obiano, reunited 11 hitherto mentally ill persons with their families Page 44
INTERNATIONAL France Pays Tribute to Victims of Jihadist Attack Hundreds of mourners packed a church in a rural French town rocked by a deadly Islamist attack for a Sunday service in tribute to the victims, who included ‌ Page 56
SPORTS Super Eagles Train in London
ahead Serbia Clash Super Eagles players who arrived London on Saturday after defeating Poland 1-0 inWroclaw on Friday night trained atThe Hive yesterday morning ahead of their second warm up game‌ Page 63
T H I S D AY ˾ MONDAY MARCH 26, 2018
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NOTICE OF ANNUAL GENERAL MEETING th
NOTICE IS HEREBY GIVEN that the 56 Annual General Meeting of United Bank for Africa Plc will hold at the Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos State on Monday, April 23, 2018 at 10:00AM to transact the following business: ORDINARY BUSINESS 1. To receive the audited Accounts for the year ended December 31, 2017 together with the reports of the Directors, Auditors and the Audit Committee thereon 2. To declare a dividend 3. To elect/re-elect Directors 4. To authorise the Directors to fix the remuneration of the Auditors 5. To elect members of the Audit Committee NOTES 1. Proxy A member entitled to attend and vote at the General Meeting is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the Company. To be valid, a proxy form must be duly stamped at the Stamp Duties office and returned to the Registrar, Africa Prudential Registrars Plc, 220B Ikorodu Road, Palmgrove, Lagos Nigeria, not less than 48 hours prior to the time of the meeting. 2. Dividend Payment If the dividend recommended by the Directors is approved, dividend will be paid on Monday, April 23, 2018 to all shareholders whose names are registered in the Company's Register of Members as at the close of business on Monday, April 9, 2018. 3. Closure of Register of Members The Register of Members will be closed on Tuesday, April 10, 2018, for the purpose of paying a dividend. 4. Biographical Details of Directors for Election/Re-election Biographical details of Directors for re-election are provided in the Annual Report. 5. Questions from Shareholders Shareholders and other holders of the Company's securities reserve the right to ask questions not only at the meeting, but also in writing prior to the meeting on any item contained in the Annual Report and Accounts. Please send questions to cfc@ubagroup.com and/or investorrelations@ubagroup.com. 6. Audit Committee The Audit Committee consists of three shareholders and three Non-Executive Directors. Any member may nominate a shareholder as a member of the Audit Committee by giving notice in writing of such nomination to the Secretary of the Company at least twentyone days before the Annual General Meeting. The Securities and Exchange Commission's Code of Corporate Governance provides that members of the Audit Committee should have basic financial literacy and should be able to read financial statements. We therefore request that nominations be accompanied by a copy of the nominee's curriculum vitae. Dated this 28th day of February, 2018. By Order of the Board.
Bili A. Odum Group Company Secretary 57 Marina, Lagos FRC/2013/NBA/00000001954
Africa
New York
London
Paris
T H I S D AY ˾ MONDAY MARCH 26, 2018
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STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE SUMMARY AUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2017 The Board of Directors of UBA Plc is pleased to announce the Group’s results for the year ended December 31, 2017 CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION Group As at In millions of Nigerian Naira ASSETS Cash and bank balances Financial assets held for trading Derivative assets Loans and advances to banks Loans and advances to customers Investment securities: - Available for sale - Held to maturity Other assets Investment in equity-accounted investee Investment in subsidiaries Property and equipment Intangible assets Deferred tax asset TOTAL ASSETS LIABILITIES Derivative liabilities Deposits from banks Deposits from customers Other liabilities Current tax liability Borrowings Subordinated liabilities Deferred tax liability TOTAL LIABILITIES EQUITY Share capital Share premium Retained earnings Other reserves EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT Non-controlling interests TOTAL EQUITY TOTAL LIABILITIES AND EQUITY
CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME Bank
Group
December 2017
December 2016
December 2017
December 2016
898,083 31,898 8,227 20,640 1,650,891
760,930 52,295 10,642 22,765 1,505,319
727,546 31,898 7,911 19,974 1,173,214
610,910 52,295 10,642 23,850 1,090,355
In millions of Nigerian Naira Interest income
593,299 622,754 86,729 2,860 107,636 16,891 29,566 4,069,474
123 134,289 2,733,348 96,622 7,668 502,209 65,741 40 3,540,040
276,758 693,634 37,849 2,925 93,932 14,361 33,060 3,504,470
14 109,080 2,485,610 110,596 5,134 259,927 85,978 62 3,056,401
423,293 242,185 77,949 1,770 103,777 89,285 5,846 27,178 2,931,826
123 15,290 1,877,736 67,104 1,108 502,209 65,741 2,529,311
244,424 288,592 31,192 1,770 70,702 80,252 4,905 29,696 2,539,585
14 30,484 1,698,859 72,901 522 259,927 85,978 2,148,685
December 2017
Bank
December 2016
December 2017
December 2016
325,657
263,970
227,335
177,313
(118,025)
(98,770)
(95,093)
(68,525)
Net interest income
207,632
165,200
132,242
108,788
Impairment loss on loans and receivables
(32,895)
(27,683)
(30,433)
(25,521)
Net interest income after impairment on loans and receivables
174,737
137,517
101,809
83,267
82,937
73,199
51,530
49,836
(16,967)
(13,988)
(11,891)
(11,139)
49,063
43,820
31,210
32,678
3,900
2,658
6,188
10,068
Employee benefit expenses
(68,972)
(64,614)
(42,343)
(43,501)
Depreciation and amortisation
(10,091)
(8,650)
(7,058)
(6,281)
(109,547)
(79,237)
(75,608)
(57,279)
204
(63)
-
-
Profit before income tax
105,264
90,642
53,837
57,649
Income tax expense
(26,674)
(18,378)
(11,399)
(10,108)
78,590
72,264
42,438
47,541
12,151
38,960
-
-
15,701
28,114
15,751
28,084
(83)
(1,188)
(83)
(1,188)
Interest expense
Fees and commission income Fees and commission expense Net trading and foreign exchange income Other operating income
Other operating expenses Share of profit/(loss) of equity-accounted investee
Profit for the year Other comprehensive income
17,100 98,715 154,527 240,861 511,203
18,140 117,374 138,623 160,714 434,851
17,100 98,715 99,332 187,368 402,515
18,140 117,374 110,152 145,234 390,900
18,231 529,434
13,218 448,069
402,515
390,900
4,069,474
3,504,470
2,931,826
Items that will be reclassified to the income statement: Exchange differences on translation of foreign operations Fair value reserve (available-for-sale financial assets): Net change in fair value during the year Net amount transferred to the income statement
2,539,585 Other comprehensive income for the year, net of tax
The consolidated and separate financial statements were approved by the directors on February 27, 2018
Total comprehensive income for the year
27,769
65,886
15,668
26,896
106,359
138,150
58,106
74,437
76,046
69,404
42,438
47,541
Profit for the year attributable to: Owners of Parent Non-controlling interest
Ugo o A. Nwaghodoh Nwagh N aghodo Nw
Kennedy Uzoka
Group Chief Finance Officer FRC/2012/ICAN/00000000272
Tony O. Elumelu , CON
Group Managing Director/CEO FRC/2013/IODN/00000015087
Chairman, Board of Directors FRC/2013/CIBN/00000002590
Profit for the year
2,860
-
-
72,264
42,438
47,541
99,972
130,783
58,106
74,437
Total comprehensive income attributable to: Owners of Parent Non-controlling interest
REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
2,544 78,590
Total comprehensive income for the year
6,387
7,367
-
-
106,359
138,150
58,106
74,437
2.22
2.04
1.20
1.31
114,753
60,506
55,292
54,860
6.72%
3.89%
4.59%
4.90%
Earnings per share attributable to owners of the parent
To the members of United Bank For Africa Plc
Basic and diluted earnings per share (Naira)
Report on the summary consolidated and separate financial statements Opinion
Total impaired loans and advances
The summary consolidated and separate financial statements (the “summary financial statements”), which comprise the summary consolidated and separate statements of financial position as at 31 December 2017 and the summary consolidated and separate statements of comprehensive income for the year then ended are derived from the audited consolidated and separate financial statements (the “audited financial statements") of United Bank for Africa Plc ("the Bank") and its subsidiary companies (together the “Group”) for the year ended 31 December 2017.
Total impaired loans and advances to gross risk assets (%)
In our opinion, the accompanying summary financial statements are consistent in all material respects, with the audited financial statements, in accordance with the requirements of the Companies and Allied Matters Act, the Banks and Other Financial Institutions Act and the Financial Reporting Council of Nigeria Act.
Summary financial statements The summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards, the Companies and Allied Matters Act, the Financial Reporting Council of Nigeria Act, the Banks and Other Financial Institution Act and other relevant Central Bank of Nigeria circulars applied in the preparation of the audited financial statements of the Group and Bank. Therefore, reading the summary financial statements and the auditor’s report thereon, is not a substitute for reading the audited financial statements and the auditor’s report thereon.
The audited financial statements and our report thereon We expressed an unmodified audit opinion on the audited financial statements in our report dated 23 March 2018. That report also includes the communication of key audit matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period.
Reports on the Resolution of Customers’ Complaints Below is a breakdown of complaints received by the Bank during the financial year ended December 31, 2017. Number
Amount Claimed
Amount Refunded
N'Million
N'Million
6,008
1,147
-
Received Complaints
494,120
57,201
-
Resolved Complaints
484,546
27,309
319
16
19,462
-
15,566
11,577
-
Description Pending Complaints B/F
Directors’ responsibility for the summary financial statements The directors are responsible for the preparation of the summary financial statements in accordance with the requirements of the Companies and Allied Matters Act, the Banks and Other Financial Institutions Act and the Financial Reporting Council of Nigeria Act.
Auditor’s responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent , in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), ‘Engagements to Report on Summary Financial Statements’.
Report on other legal and regulatory requirements In accordance with our full audit report, we confirm that: i. we did not report any exceptions under the sixth schedule of the Companies and Allied Matters Act; ii. the Bank has disclosed the information required by the Central Bank of Nigeria circular on insider related credits; iii. the Bank paid penalties in respect of contraventions of relevant Central Bank of Nigeria circulars during the year ended 31 December 2017.
For: r: PricewaterhouseCoopers Pric Pric Pr ric ice ewa ewate w rhouseCoo C Chartered Accountants Lagos, Nigeria Engagement Partner: Samuel Abu FRC/2013/ICAN/00000001495
Unresolved Complaints Escalated to CBN Unresolved Complaints Pending with the bank C/F
The summary financial statements disclosed were derived from the full financial statements of United Bank for Africa Plc (the “Bank”) and its subsidiaries (together “the Group”) for the year ended 31 December 2017 and cannot be expected to provide a full understanding of the financial performance, financial position and financing and investing activities of the Bank and the Group. The Bank’s auditor issued an unqualified opinion on the full financial statements for the year ended 31 December 2017 from which these summary financial statements were derived.
23 March 2018
The Bank’s auditor made a report under section 359 of the Companies and Allied Matters Act. The full financial statements from which these summary financial information were derived would be delivered to the Corporate Affairs Commission within the required deadline. Copies of the full financial statements can be obtained from the secretary of the company. The electronic copy can also be obtained on the Bank’s website at www.ubagroup.com/ir
The summary financial information and specific disclosures are published in compliance with the requirements of Section 27 of BOFIA.
www.ubagroup.com
Africa’s global bank
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COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
ATTITUDINAL CHANGE AS ANTIDOTE TO BAD DEBTS
Bashir Ibrahim Hassan argues that the key challenge of fighting bad debts remains the attitude of the obligors and the sluggish judicial process
Y
es, Nigeria’s banking sector was embroiled in bad debt -- or their more fashionable name of nonperforming loans (NPLs) -- back in the calamitous period of 2008-2009. Then, not only this nation but other nations of the world were submerged in the deluge of the infamous financial tsunami called meltdown, with the epicentre traced to US mortgage re-financing marketplace. Nigeria’s response was quite innovative -- the establishment of Asset Management Corporation of Nigeria (AMCON) with mandate to mop up the NPLs from the banks and stabilise the economy in 2010. It is used as a vehicle for stabilising the economy. But, evidence that the root cause has not been adequately addressed is provided by the fact that NPLs are now on the rise again at an alarming rate. At the risk of encouraging growth of bad loans, AMCON has stopped taking in fresh NPLs from around 2013. Doing otherwise would amount to a reversal of the raison d’être for its establishment. But bank loans are the lifeline of modern business financing. They are inevitable and inversely a part of the many challenges AMCON is facing in executing its mandate. Another challenge is the spiralling interest on NPLs, which is making the whole work of AMCON a more daunting task — the case of shifting the goal post in the course of a match! But the key challenge of fighting bad debts remains the attitude of the obligors and the sluggish judicial processes. Added to our not so rosy economic situation, the bleak picture of the task of recovering the bad debt as onerous task is complete. The attitudinal dimensions to fighting bad debts were brought to the fore by AMCON Managing Director and Chief Executive Officer, Ahmed Lawal-Kuru, during a recent interview with the press. Hear him: “The challenges that we currently have are in two folds: the first has to do with willingness and ability; the second has to do with the state of the economy.â€?The former borders on attitude of the obligors and, before them, that of the bank directors and management, who allow infractions to subsist; the latter has to do with our economy and all its vulnerability to global market price fluctuations. The two infractions that always lead to NPLs are insider dealings (bank directors approving loans for themselves) and poor structuring of the loan facilities in the first instance. Psychologists define attitudes as a complex combination of things we tend to call personality, beliefs, values, behaviours, and motivations. As for the two infractions we highlighted above, our bank managements need to encourage risk management training, which will help staff responsible for negotiating facilities do a good job of professionally structuring the facilities so that nothing goes wrong when it comes to recovery. The tendency to promote only the staff members bringing in the fattest accounts to the bank to the detriment of those in the risk assessment department, for example, tends to stack the top hierarchy of our banks with people not well grounded in risk assessment to professionally structure facilities that goes out of the banks. It is the height of corruption for directors to take loans from their own
THE KEY CHALLENGE OF FIGHTING BAD DEBTS REMAINS THE ATTITUDE OF THE OBLIGORS AND THE SLUGGISH JUDICIAL PROCESSES. ADDED TO OUR NOT SO ROSY ECONOMIC SITUATION, THE BLEAK PICTURE OF THE TASK OF RECOVERING THE BAD DEBT AS ONEROUS TASK IS COMPLETE
banks. Kuru’s opinion on this matter is thus: “For good corporate governance, you should not take a credit from an institution that you sit on its board. You cannot give yourself contract from the agency that you superintend. It is simple logic and that is best practice. Before, when things were okay, we said the only requirement was to declare an interest. But we should go farther than that -- you should not even take. If you are a director and responsible and you believe in the viability of your project, go and market it to another financial institution as there are many around but not the one you superintend over.â€? Despite all these challenges, the management of AMCON headed by Ahmed Lawal-Kuru is surging ahead. A humble leader, Kuru has decided to make his actions speak louder than voice. With about N300billion in debt recovery so far, Kuru is bringing to bear his vast experience as a risk management expert. Back at the defunct Bank PHB, risk management, compliance, commercial banking, public sector financing, and multilateral agencies of the bank were under his purview as an executive director. With three years to go out of the 10 years target period given to AMCON to achieve its key objectives, nothing short of a miracle will see it accomplish them. But Kuru is not about to give up. Instead, he is trying his best to churn out strategies that will help AMCON meets its mandate. For example, this year, the corporation’s focus isto create relationships so that it can package related businesses and attract foreign investors as well as discuss with them how to take over some businesses, especially in the areas of power, oil and gas. The plan is to repackage these businesses and assets so as to attract third party interests. The MD/CEO is cashing on the silver lining appearing on the horizon now; our foreign reserve is going up, foreign exchange is stabilising, and other indicators are becoming more positive for investors to come in. And the targeted investors Lawal-Kuru is eying are those long-term vision and objective and he confessed to the press that “quite a number of them has shown interest; we are currently working on how we can partner with them.â€? It is on record that as an institution, AMCON has taken acquisition of over 13,774 NPLs worth N3.6 trillion from 22 commercial banks in Nigeria and provided financial accommodation of N2.2billion. It has protected about N4.7trillion worth of depositors’ funds and interbank takings, as well as saved approximately 14,000 jobs. Of course, no one can deny the fact that, through the efforts of AMCON and other strategic stakeholders, the federal government has successfully managed our debt crises and saved our banking system from imminent systemic collapse. But this achievement will not be complete until bad debts are recovered in the interest of the public, whose taxes were used to purchase them. In all these, the attitudes of obligors, bank managers and our judicial officers need to significantly change for Nigeria to become investors’ destination in Africa. Hassan, a ďŹ nancial analyst, wrote from Abuja
DAPCHI GIRLS: BEYOND THE JUBILATION Ten Dapchi rescue cases cannot take the blight off the government’s inability to bring back the Chibok girls, writes Steve Ayo Amale
A
midst the jubilation that has greeted the return of the Dapchi School girls, several questions arise that need to be asked. Also it is important to make some very important observations about the entire saga; especially, how this has shown the Nigerian tendencies to take life for granted and to refuse to ask critical questions of their leaders. It also questions the entire attitude of the leadership in Nigeria to less privileged and poor Nigerians. We propose a rethink on the part of Nigerian leaders towards leadership with conscience as opposed to leadership of political opportunism. The first question to ask is that while we are jubilating it is imperative to ask: how come that the girls were abducted in the first instance? Press reports and street attestations in Dapchi place on record the local traditional intelligence given to the authorities that danger was imminent and that insurgents were cited some 30 kilometres away from the town. How come that the withdrawal of security coincided with the time the insurgents were sited? Was this withdrawal pre-arranged to facilitate the easy abductions? Who ordered the withdrawal of the troops from Dapchi? There is no way that you look at this from a professional intelligence point of view that would not lead to a conclusion of some complicity. Yes, some of the girls are back. 104 girls are back. Not 110. Five of them were reported to have died of trauma while another is reportedly still being held by Boko Haram for not denouncing her faith i.e. Christianity. This brings me to the other concern that I have about the Nigerian perspective and lack of respect for lives. It is interesting to note that while the press concentrated on the jubilations about the release of the girls the unfortunate five that lost their lives were reduced to numbers. Their names were not even mentioned. Their photographs were not shown to bring home the fact that while some
were released, some have had their lives terminated. Are we to believe that human life has become mere statistics to Nigerian leadership such that 5/110 is statistically insignificant? The federal government delegation did not pay a visit to the homes of the parents who lost their daughters. After all, they can argue they were killed by ‘trauma’ and not by Boko Haram. They were not beheaded ISIS style. Neither were they paraded before cameras before being shot dead. They were killed by “trauma�. The question to ask: who has to bear the punishment for the death of the unfortunate five? The jigsaw puzzle was made even more complex by the Minister of Information Alhaji Lai Mohammed in his Dapchi press address. He claimed that the return of the girls was made smoother because the federal government invoked the truce/treaty (so there is one in place with the terrorists?) and made it clear to the terrorists that they were in violation. Interesting story indeed! Who negotiated this truce between the terrorists and the federal government of Nigeria? Was this done with the consent of the Nigerian legislature? Has Nigeria now resorted to signing agreements with terrorists? This leads me back to another salient aspect of this development. Did the truce, if there is one, as claimed by the Honourable Minister of Information not include the fact that the terrorists must not pass minors/teenagers through trauma? Or is it that trauma is acceptable to the minister as long as it is being meted out to the children of ordinary Nigerians? Even more important is the case of the girl that has not been released. The Minister of Information did not mention anything about her. Does the truce Lai Mohammed referred to not cover abducted Christians who fail to renounce their religions? Is that why the Chibok girls are not back? Is it because most of them are/were Christians? Again, this single case of young courage that brought tears to my eyes goes without detailed
attention and mention. But it takes a heart to consider the plight of a teenage girl whose faith is being questioned by knife and gun wielding adults speaking religion that she is not near understanding and being asked to denounce her religion at the point of death. What type of courage got into this daughter of God? I have stories of Christians who succumbed to the temptation to denounce their religions at the face of Boko Haram threat of instant death. Again what courage! In their jubilation Nigerians are not thinking deeply about the plight of this girl and her parents. The Minister of Information and his entourage did not take the pains to visit the unfortunate parents of this courageous girl because it would take the shine off the success story of the “successfulâ€? return of the Dapchi girls. Politics has been placed above human life. Now the crux of the matter is this. Ten Dapchi rescue cases cannot take the blight off the government of President Mohammed Buhari’s inability to bring back the Chibok girls. The Chibok girls were supposed to be home the moment PMB got sworn in or not long after. Three years after, they are yet to come home. Some did. Most have become mere recited statistics. So what is the game plan? It is possible to climb the soap box and boast that “We rescued the Dapchi girlsâ€?‌and find excuses like Lai Mohammed has done that the Chibok girls were abducted under a different government other than that of PMB. Is this to be taken as strategic thinking ahead of the questions that the electorate would want to ask the APC government come reckoning time – that is the next elections? Until the deaths of the five have been punished and the lone Christian girl brought back alive to her parents without being molested or killed or forcefully converted to Islam the Dapchi jubilation is misplaced. All that the poor needs is security, freedom to go to school, freedom to practice the
faith of their choice without becoming targets of religious genocide/progrom, freedom to a decent life, freedom to plant their crops, freedom to peace. These basic things, unfortunately, the ruling class in Nigeria has not been able to provide. To worsen matters, they have now turned the kidnap of their citizens to political blackmail and political survival games. Another annoying part of the narrative that must be condemned is the emphasis on the fact that the abducted girls were “treated well�, “well fed,� etc. If they were well treated, how come five died and one of them is still in captivity on account of her faith? Or have we reached the complicit conclusion that being asked to renounce Christianity is just “one of those things?� Lastly, the release of the Dapchi 104 raises more questions than provide solutions and answers that need to be addressed. Is the defence and security of Nigerians in Yobe and Borno States based on some opaque ‘truce’? If there is an agreement/truce in place with the terrorists why is it that this has not led to the release of the Chibok girls? Unless we are able to get reasonable and rational answers to these questions by the Buhari government then one thing is clear: the problem of insurgency is not being handled with the intelligence that it requires. In conclusion, the Dapchi abduction saga gives one a lot to worry about. I am beginning to believe that the Chibok girls may not regain their freedom till the present administration (if it wins the next elections that is) is leaving office so their case can be used as perpetual blackmail/blight against the Peoples Democratic Party especially now that the All Progressives Congress government has successfully “rescued� the Dapchi girls. That may be farfetched but there is a lot of intrigue to a lot that his happening on the Nigerian political landscape.
Dr Amale, a Nigerian consultant, wrote from Accra, Ghana
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EDITORIAL THE RENEWABLE ENERGY OPTION It will serve the nation well if the authorities could exploit our renewable energy resources
N
otwithstanding the abundant natural gas reserves, billions of crude oil reserves, tonnes of coal and lots of renewable energy sources on the continent, majority of Nigerians still live in darkness. “Of the nearly 1.5 billion people estimated to lack electricity supply world over, half live in Africa. Nigeria alone is estimated to have over 90 million people living without electricity supply,’’ said the Minister of Power, Works and Housing, Mr Babatunde Fashola, in an address at a recent renewable energy conference in Ibadan, Oyo State. It is indeed a shame that despite the huge investment of several billions of naira and dollars in recent years in the power sector, things are still exceedingly bleak. Nigerians are grossly underserved, with perhaps one of the lowest energy per-capita rates in the world. According to Fashola, as at December 2017, Nigeria had an all-time high power peak generation delivery of 5222MW while it presently has a generating capacity of around 7,000 MW. While those ďŹ gures may sound impressive, they are of little substance. Their FOR NIGERIA, THE impact is hardly felt. ATTEMPT TO REACH Darkness is still an THE MILLIONS OF OUR irritating companion of CITIZENS IN BOTH THE most Nigerians every URBAN AND RURAL day of the year. AREAS WHO STILL With individuals LIVE IN DARKNESS, and businesses resortDECENTRALISED ing to self-help through RENEWABLE ENERGY an assortment of OFFERS THE BEST generators, the epileptic OPTION BECAUSE OF ITS nature of power supply COMPETITIVE ADVANTAGE makes the country one of the harshest environments for business. It is therefore heartening that the federal government is applying a multidisciplinary approach to tackling the energy crisis. Fashola said the government was implementing off-grid renewable energy solutions such as rural mini-grids, standalone home solutions, IPP for federal universities, teaching hospitals and
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large-scale solar PV projects such as the Jigawa solar city. In addition, he said the government was making efforts to complete and inaugurate some renewable energy projects to complement the traditional fossil fuel mostly used in the country and reshape the energy mix. These include the 10MW Katsina wind farm, 30MW Gurara Hydro Power, 29MW Dadin Kowa Hydropower and 40MW Kashibila Hydro-power, 700MW Zungeru Hydropower and the 14 Solar IPP. As rightly argued by the minister, the huge energy deďŹ cit and the negative environmental impact of using fossil fuel for energy generation as well as the falling costs of renewable energy technologies like solar power “are driving the current energy transition towards renewable energy as being witnessed across the world, including here in Africa.â€?
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ndeed, the need for a cleaner and cheaper source of renewable power was demonstrated recently by no one than the afuent Saudi Arabia, a country with vast oil resources and the largest exporter of oil. According to reports, Saudi Arabia intends to invest some $7 billion to develop seven new solar plants and a big wind farm which it hopes would provide as much as 10 per cent of its power generation by the end of 2023. Thus for Nigeria, the attempt to reach the millions of our citizens in both the urban and rural areas who still live in darkness, decentralised renewable energy (DRE) offers the best option because of its competitive advantage. For one, the DRE can deliver energy access in a number of months as against the years it takes to site, permit, build and manage a traditional centralised fossil fuel grid system. Besides, the costs of installing solar and wind farms, for instance, have fallen over the years. Therefore, it will serve the nation well if the authorities can exploit the full range of our renewable energy resources, especially since DRE—ranging from standalone solar systems to mini grids and mobile solar farms—is readily available, cost-effective and immediately deployable. Fashola should go beyond mere rhetoric by leading the efforts for the deployment of renewable energy to tackle the crisis of electricity in Nigeria.
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COMBATING LASSA FEVER’S RESURGENCE
T
he new wave of fresh outbreak of Lassa fever in the country should give everyone something to worry about. A latest report has it that the Federal Capital Territory (FCT), Abuja has recorded a fresh case of Lassa fever, bringing the number of confirmed cases to three within three months. One of the two victims of the confirmed cases earlier recorded at Bwari Area Council of the FCT died in January. Similarly, in Ekiti State, three persons have been reportedly killed in a fresh outbreak of Lassa fever in the state. The Commissioner for Health, Dr. Olurotimi Ojo, who disclosed this revealed that five out of the eight suspected cases in the state tested negative while one was uncertain and the last one pending. Lassa fever, a haemorrhagic viral infection is named after Lassa, a village in Borno State on the South of Lake Chad where the disease was first discovered in 1969 after two missionary nurses lost their lives. Lassa fever manifests like other so-called common ailments such as malaria and typhoid fever. The onset is gradual which makes early diagnosis difficult leading to fatal consequences. It is estimated that 10 per cent of almost 500, 000 people infected with Lassa fever lose their lives and approximately 15 per cent of hospitalised patients die. The disease is more severe in pregnancy particularly in the third trimester, and foetal loss occurs in greater than 80 per cent of cases. It is caused by a species of rodents called the Natal
multimammate rat, the common African rat, or the African soft-furred rat. The Lassa virus is transmitted when the droppings, that is the urine or faeces of the rat- the natural reservoir for the virus- comes in contact with foodstuffs or in the process of the rat accessing grain stores, either in silos or in residences. The rodents live in houses with humans and deposit excreta on floors, tables, beds and food. Consequently the virus is transmitted to humans through cuts and scratches, or inhaled via dust particles in the air. In some regions these rodents are also consumed as food. Secondary transmission of the virus between humans occurs through direct contact with infected blood or bodily secretions. This occurs mainly between individuals caring for sick patients although anyone who comes into close contact with a person carrying the virus is at risk of infection. Nosocomial transmission, that is the transmission that occurs as a result of treatment in a hospital and outbreaks in healthcare facilities in endemic areas represent a significant burden on the healthcare system. In the early stages, Lassa fever is often misdiagnosed as common cold, typhoid or malaria, and as a result many patients fail to receive appropriate medical treatment. Making a correct diagnosis of Lassa fever is made difficult by the wide spectrum of clinical effects that manifest, ranging from asymptomatic to multi-organ system failure and death. The onset of the illness is typically mild, with no specific symptoms that would distinguish it from other febrile
illnesses. In 80% of cases, the disease is without symptoms but in the remaining 20%, it takes a complicated course. It has an incubation period of six to 21 days after which an acute illness develops. Early signs include fever, headache and general body weakness, followed by a sore throat, nausea, vomiting, abdominal pain and diarrhea in some cases. After four to seven days, many patients will start to feel better, but a small minority will present with multi-organ involvement. It can affect the gastro intestinal tract causing nausea, vomiting and stooling of blood as well as difficulty in swallowing; cardiovascular system symptoms include hypertension or hypotension as well as abnormal high heart rate and shock. In the respiratory tract, the victim experiences chest pains, cough and difficulty in breathing. The virus also causes difficulty in hearing, meningitis and seizures. Death from Lassa fever most commonly occurs 10 to 14 days after symptom onset. Non-specific symptoms are facial swelling, and muscle fatigue, as well as conjunctivitis and mucosal bleeding. And one of the hallmarks of Lassa virus infection is the absence of functional antibodies during acute infection. So far, there is no specific treatment for Lassa fever, being a viral infection, but sufferers must constantly have access to balanced diet, antibiotics and vitamin supplements to boost their immune systems to prevent secondary infections. Calista Ozele, Lagos State Ministry of Information and Strategy, Alausa, Ikeja
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T H I S D AY ˾ MONDAY MARCH 26, 2018
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T H I S D AY ˾ MONDAY, MARCH 26, 2018
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Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 07054786260 SMS ONLY
POLITICS
M O N D AY D I S C O U R S E
Dapchi Girls and the Conspiracy Theories Despite the best efforts of the federal government to convince Nigerians that the abduction of 110 students of Government Girls’ Science and Technical College, Dapchi, Yobe State, was not stage managed, many remain sceptical, writes Tobi Soniyi
Some of the released Dapchi Girls
O
ne of the reasons that made it difficult for the federal government under former President Goodluck Jonathan to secure early release of the abducted Chibok Secondary School girls was because the government then did not believe that the girls were kidnapped. If you think that four years is enough for a conspiracy theory to unravel, you will be wrong. Four years after the April 2014 kidnapping of 276 Chibok Secondary School girls, many people are still of the opinion that the story was made up by those in opposition then to embarrass the government. Then came February 19th, 2018. Nigerians woke up the news that 110 students of Government Girls’ Science and Technical College, Dapchi, Yobe State, had been kidnapped. Suddenly, the conspiracy theories re-emerged. While the girls were in captivity, many waited with bated breath to see how the drama would unfold. When the girls were eventually released, the opposition Peoples Democratic Party made it move. It alleged that the abduction and release of the girls were staged. This position appeared to reinforce the position of the party in 2014 when the Chibok girls were kidnapped. The party asked the federal government to explain to Nigerians the real circumstances that surrounded both the abduction and the alleged release of the girls. It argued that both the abduction and the release were done in a suspicious manner. PDP did not spare both the All Progressives Congress and the Presidency as it accused them of stage-managing the abduction for
political purposes. It also called on the United Nations and the International Criminal Court to “declare this evil by the APC federal government a war crime against humanity and immediately commence an investigation into the matter. The National Chairman of the party, Prince Uche Secondus, who spoke at a briefing in his office shortly after the news of the release was made public, also demanded the arrest and prosecution of all those involved in the whole arrangement. Secondus said, “The main issue is, how were they kidnapped? the government had set up an investigative committee, we challenged them to release the report on how they were kidnapped.” After Secondus spoke, the National Publicity Secretary of the party, Mr. Kola Ologbondiyan, also addressed a press conference. He said: “We consider as wicked, callous and tormenting to use innocent schoolgirls as pawns in an ignoble script that was designed to hoodwink Nigerians and orchestrate a great rescue and security prowess of a conquering
Until the border issue is resolved, we will simply be waiting for another disaster to happen. It is not a matter of whether it will happen, it is when it will happen
general, all to push a 2019 re-election bid, is an unpardonable gamble with human lives. “While this failed Dapchi drama remains a poorly crafted tragi-comedy: a scam of no equal dimension, Nigerians are not ready to forgive the APC and the Presidency for the torments inflicted on the girls, their parents and the human community worldwide just to score a cheap political point.” As it turned out, apart from the PDP, there are many others who doubted the kidnapping and the rescue story of the Dapchi girls. In an equivocal statement, the Social Democratic Party (SDP) said although it celebrated the return of the abducted Dapchi girls, it questioned the circumstances of their abduction and subsequent return. SDP consequently called on the government to address grey areas surrounding the abduction of the students and their subsequent return. It said it doubted whether the girls were kidnapped in the first place. Like the PDP, SDP believed that the story was too good to e true. However, unlike the PDP, it was willing to give the government some iota of doubt. That is why its position is equivocal. The party in a statement signed by its National Secretary, Musa Gabam, said it was sad that some of the girls did not return. The SDP said the kidnap in the first place is ”a display of incompetence from the government.” It also questioned the credibility of ‘Mama Boko Haram’, a human rights activist, Aisha Wakil, who had earlier offered to get the girls back a few weeks ago.The party said the ”way the girls were returned” left room
for scepticism. SDP said: “The circumstance of the return of the girls, the fact that they were dropped at the centre of the town by their alleged kidnappers, who then drove away, raises the question of whether the girls were actually kidnapped in the first place. “We however note with pain and dismay that some of the girls are still in captivity. Equally sad and unacceptable is the fact that five of the girls lost their lives. These were needless deaths, occasioned by an avoidable abduction saga. That such a large number of girls could be kidnapped in broad daylight in a sovereign state exposes the nation and its security agencies to ridicule. “It was through the inter-agency altercations that Nigerians became aware that Dapchi town was an’ ‘unmanned territory’ at the time of the unfortunate incident. It is scandalous that a national government could display this level of incompetence and lack of grip. “Could the APC government be playing a political game for cheap popularity, this time with the precious lives of peoples children? Why was “Mama Boko Haram” quick to publicly reassure the nation that the girls were in safe custody and under the protection of “her son” immediately. Why was she so sure of the condition of the girls and their location and why was she not arrested as an accomplice? These and many more questions are begging for answers,” the party said. Even though it doubted if the girls were kidnapped in the first instance, it nevertheless urged the government to declare if it paid CONT’D ON PAGE 19
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POLITICS
MONDAY DISCOURSE DAPCHI GIRLS AND THE CONSPIRACY THEORIES
For the nation to avoid a repeat of this, government needs to be more transparent. Every government makes mistakes ransom for the return of the girls. It said: “The greater concern, for now, is when the girls be returned. Was any ransom paid for the ones released? Will Nigerians later discover that huge swaths of national revenue have been spirited away into a 2019 election war chest in the name of Boko haram and Dapchi girls? We fear the worst from the APC government of the day, because of its track record of perfidy. “Issues of national security should not be handled with the lackadaisical attitude that has become the norm in Nigeria today. The primary purpose of government should not being served in the breach here. “While we rejoice at the limited good news of return of the girls and the marginal success on the Dapchi saga, we are quick to say that this this is not good enough. The SDP maintains that our beloved country should be seen to be part of a 21st Century world that is defined by efficient institutions of state and effective national security.” Trust him not to miss an opportunity like this to take a swipe at both the Presidency and the APC, Ekiti State governor, Ayodele Fayose also joined the fray. Through his twitter account @ GovAyoFayose he described the abduction and the release of the girls as a well-orchestrated plot to dupe and swindle Nigerians by the federal government. First, he said the abduction of the girls was an indictment on the federal government. He then wondered why neither the army nor the police was on the ground when the insurgents entered Dapchi community to kidnap as well as when they returned the girls. He nevertheless, joined the parents of the released girls to celebrate their return. He however, said: “The abduction of the girls is an indictment on the FG & their release is no doubt a drama scripted by the government and its agents to swindle Nigerians. “Is it not strange that the girls could be brought back to Dapchi by their abductors without the security agents knowing when they were returned and who returned them?” He prayed that those who orchestrated the kidnapping and release of the Dapchi girls would be exposed. To support the conspiracy theory, some went further by citing an old photograph shown some girls in pink hijabs carrying with them ‘Ghana-Must-Go’ bags as the Dapchi girls. Those who posted the picture demanded to know how the girls came about the bags. After a careful investigation however, it turned out that this photograph had nothing to do with Dapchi girls. Unfortunately, however, many had been misled into believing that the photograph in issue supported the conspiracy theory. No. Those who had misled Nigerians with this picture which had been in circulation before the girls were released should be bold enough to admit they made a mistake and correct the wrong impression. The lesson is clear: don’t believe everything you find on the Internet. FG Rejects Conspiracy In its reaction to the claim that the abduction and subsequent release of the girls were stage-managed, the federal government accused the PDP of plumbing the depths of infamy for making the allegation. In a statement issued in Abuja yesterday, the Minister of Information and Culture, Alhaji Lai Mohammed, said such postulation portrayed the PDP as an inhuman, insensitive, unpatriotic and unworthy party. He said since the release of the Dapchi girls were negotiated by friendly countries and reputable international organizations. According to hi, it would have taken a conspiracy of global proportion to have stage-managed the adoption and release of
Mohammed...insists no ransom was paid
the girls. Mohammed said the reaction of the PDP amounted to an expression of sour grapes, especially because the party failed woefully - when it was in power - to quickly resolve a similar abduction of schoolgirls. ‘’As we have said many times since the abduction of the Dapchi schoolgirls, no government is exempted from its own share of tragedies. What makes the difference is the way such tragedies are managed. Whereas it took the PDP all of 18 days to even acknowledge the abduction of the Chibok girls in 2014, the APC Federal Government acted promptly and responsively when the Dapchi schoolgirls were abducted 19 Feb. 2018, hence their quick release,’’ he said. The minister said it was unfortunate that the PDP that failed woefully as a ruling party had also failed grievously as an opposition party, going by its insensitive and crude response to the release of the Dapchi schoolgirls - a development, he said, called for non-partisan celebration. ‘’In its 16 years in power, the PDP redefined governance as cluelessness, massive looting of the public treasury and crude exhibition of power. In its over three years in opposition, the PDP has again shown it does not understand the role of the opposition in a democracy. How then can the PDP convince Nigerians that it has learnt its lessons and that it is ready to rule the country again? Nigerians must say ‘never again’ to this primitive and soulless party,’’ he said. Mohammed said the federal government had not been responding to the amateurish and jejune statements from the PDP precisely because the party had failed to learn the ropes of being an opposition party, ‘’even when we have advised them to take a crash course on the role of the opposition in a democracy. ‘’We broke our own rules this time because the PDP over-reached itself and scored an own goal at a time it could simply have congratulated the government and people of Nigeria on the release of the girls or just keep quiet,’’ he said. The minister assured Nigerians that the federal government would intensify the ongoing
efforts to secure the release of the remaining Chibok girls and return them safely to their families, just like over 100 other Chibok girls who had so far been released, unlike the PDP that could not secure the release of even one of the girls before it was booted out of power. What is Fuelling the Conspiracy Why is it so easy for people to turn a national tragedy of this magnitude into a conspiracy theory? To begin with, there are enough blames to go round. Be More Transparent First, the allegation and counter-allegation that the army withdrew from the area where the kidnapping took place was not well-handled by the government. For instance, there were claims that calls were made to alert the security operatives of the presence of Boko Haram in Dapchi before the abduction, but there was no response. Both allegations were not categorically denied by the government and yet no efforts had been made to explain the true position. A lacuna such as this gives room for suspicion and helps those who want to develop a conspiracy theory to do so. Rather than coming out with a harmonised position that would resolve any doubt, both the army and the police engaged in needless blame game while the Presidency watched helplessly. When government leaves too many holes to be filled, people will fill them and come up with their own theory of what they think happened. For the nation to avoid a repeat of this, government needs to be more transpar-
For the nation to avoid a repeat of this, government needs to be more transparent. Every government makes mistakes
ent. Every government makes mistakes. This government should be bold enough to say, we make so so mistakes and the insurgents take advantage of this. It is commendable that the government has been categorical in saying that no ransom was paid and that a deal was struck based on an earlier agreement. Similarly, it should not be too much to tell Nigerians the friendly countries that helped to negotiate the release of the girls before this omission leads to another conspiracy theory. Allow Access to the Girls There have been reports that rescued Chibok girls were being shielded from the public. A government that has nothing to hide has no reason to shield girls returned by the insurgents. Let the girls be free to narrate their ordeal and share their experiences. This will further clear whatever doubts and help those seeking answers to find them. Tough Security Measures One other reason people don’t want to believe that the kidnapping actually took place is the ease with which the insurgents can drive in, take the girls and drive away to a place that the federal government can not locate. It sounds like a fairytale. Given the number of girls taken, the ease with which this is done makes people to question the security arrangement in the country. It also makes the country to look like a banana republic. Protect the Borders For sentimental reason, this government is unwilling to take on the challenge of protecting the nation’s borders. The reality however, is that except the borders are protected, the country will remain unsafe. The argument that the ECOWAS treaty on free movement of people prevents government from protecting the borders is not tenable. No one is asking the federal government to close the border but we must at least know the people coming into the country for further monitoring and follow up. Until the border issue is resolved, we will simply be waiting for another disaster to happen. It is not a matter of whether it will happen, it is when it will happen.
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FEATURES
Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com
The Fight against Polio The Co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates, visited Sokoto State last week where he entered a pact with the state governor, Aminu Tambuwal, and five Northern governors to eradicate polio in the country, writes Mohammed Aminu
L-R: Kano State governor, Abdullahi Ganduje, Kaduna State governor, Mallam Nasir el-Rufai, Bauchi State governor, Alhaji Mohammed Abdullahi Abubakar, Borno State governor, Alhaji Kashim Shettima, Sokoto State governor, Alhaji Aminu Tambuwal, Co-chairman of Bill and Melinda Gates Foundation, Mr. Bill Gates and Sultan of Sokoto, Alhaji Muhammad Sa'ad Abubakar, during the signing of an MoU between Gates and six Northern states on the eradication of polio held at the Government House, Sokoto‌recently
T
he recent visit of Bill Gates to Sokoto State will for a long time remain indelible in the minds of the people. Gates' visit was in continuation of his efforts to eradicate polio and some diseases that afflict mankind. Gates' humanitarian gesture has touched millions of lives particularly the downtrodden across the globe. The humanitarian gesture is hinged on his belief that a wealth acquired amounts to nothing without service to humanity. His first visit to Sokoto was in 2009 where he met with the Sultan of Sokoto, Alhaji Muhammad Sa'ad Abubakar and other northern emirs as part of his efforts to eradicate polio in the country. Then there was no massive security presence at the palace nor at the Government House while journalists carried out their duties without much interference from the security operatives. However, his recent visit to Sokoto was discreet, as people were unaware. The trip was shrouded in secrecy as journalists were mandated not to write reports ahead of the visit for security reasons. In fact, Gates, who was accompanied by Africa's richest man Aliko Dangote, arrived the state amid tight security with stern looking American body guards and officials of the state security service. Gates had earlier met with the Sultan and other members of the Northern Traditional Leaders Council at the Sultan’s Palace where a review was conducted on the progress made so far in routine immunisation and the way forward with a view to eradicating the disease in the region in the next two years. He later proceeded to the Government House, Sokoto, where he signed a memorandum of understanding with the governors of Sokoto,
Kaduna, Kano, Bauchi, Borno and Yobe states, Aminu Tambuwal, Nasir el-Rufai, Abdullahi Ganduje, Mohammed Abdullahi Abubakar, Kashim Shettima and Ibrahim Gaidam, respectively.
The Co-chairman of Bill and Melinda Gates Foundation, Mr. Bill Gates, described the meeting with the governors as a good step in the right direction aimed at eradicating polio and diseases in the region. Gates harped on the need for increased community participation and commitment of traditional leaders and local government councils to ensure the eradication of polio. He also stressed the need for parents to follow up on vaccination in order to ensure high coverage levels
Most journalists in the state were barred from covering the visit at the Government House, Sokoto for "security reasons". Even the few journalists that covered the event were warned not to send pictures or reports until he departed the state. This is meant to avoid any undue publicity to the event. Sokoto State governor, Aminu Tambuwal along with the second richest man in the world, Mr. Bill Gates, the richest man in Africa Alhaji Aliko Dangote, and governors of Kano, Borno, Bauchi, Kaduna and representative of the governor of Yobe State attended a meeting to review the Routine Immunisation in their respective states. Tambuwal was joined by Kashim Shettima of Borno, Abdullahi Ganduje of Kano, Mohammed Abubakar of Bauchi and Nasir el-Rufai of Kaduna at the signing ceremony which held at the Sokoto Government House. The meeting was aimed at assessing the progress made so far on routine immunisation on the eradication of polio in these states, as well as the signing of the extension of memorandum of understanding between the Bill and Melinda Gates Foundation, Dangote Foundation and the governments of six other states. The signing of the MoU was witnessed by the Minister of Health, Prof. Isaac Adewole, the Sultan of Sokoto Alhaji Muhammad Sa'ad Abubakar, commissioners from the participating states, other development partners and key stakeholders of the health sector. Speaking at the community engagement meeting, the Co-chairman of Bill and Melinda Gates Foundation, Mr. Bill Gates, said all partners are committed to ensuring maximum number of children are reached, adding that the MoUs are intended to enable states achieve targeted coverage. According to him, the signing of
the memorandum of understanding can do a lot in routine immunisation with training and better management. "I am excited to be part of this meeting and the signing of the memorandum of understanding with the governors. The fact that the governors are present here is an indication of commitment. "With increased campaigns, we should be able to get high percentage coverage to check challenges and progress made. Vaccinations are phenomenal in their impact because a child that has not been vaccinated is twice likely to die. We can prevent millions of deaths through routine immunisation and we will not relent in our commitment towards that," he said. He described the meeting with the governors as a good step in the right direction aimed at eradicating polio and diseases in the region. Gates harped on the need for increased community participation and commitment of traditional leaders and local government councils to ensure the eradication of polio. He also stressed the need for parents to follow up on vaccination in order to ensure high coverage levels. He said with the election season approaching, all hands must be on deck to ensure that the targets are met. He projected that all partners were committed to reaching at least 80 per cent plus coverage in the coming year. Gates commended all the signatorystates for their commitment, adding that Nigeria is so far on the right track not just in efforts to fight polio, but on achieving targets in routine immunisation. He urged the governors and traditional leaders in the North to intensify efforts and campaigns in order to ensure maximum coverage. "My request is that all the governors should review campaigns and ensure that in the next two years, we complete polio eradication. We can
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FEATURES
prevent millions of deaths by doing work on routine immunisation," he said. Gates to this end, reaffirmed his commitment and support towards the eradication of polio in the country. Delivering the opening remarks, Tambuwal said all the states are committed to improving vaccine availability, encouraging stronger community engagement and securing financing. “In addition, we will ensure strong monitoring and evaluation while at the same time, accountability mechanisms will be put in place." He said the meeting was meant to sign a memorandum of understanding between six governors and Bill and Melinda Gates Foundation, Dangote Foundation and United States Agency for International Development(USAID). The governor noted that through the combined efforts of Bill Gates and Dangote Foundation, Sokoto has achieved modest success and shown enthusiasm in eradicating polio. Tambuwal commended Bill Gates for his service to humanity, saying his gesture has touched millions of lives across the world. "Bill Gates is a global citizen and a philanthropist who has touched millions of lives across the globe that are not from his race or country but for the sake of humanity," he stated. In his remarks, the President of Dangote Foundation, Alhaji Aliko Dangote, said the fight against the polio disease requires a sense of urgency and commitment by all stakeholders. Dangote emphasised the need for governments to be up to date on the payment of their counterpart funds, and to work hard on improving data especially at the grassroots level. “We are delighted that the MoU has been extended, reaffirming Bauchi, Borno, Kaduna, Kano, Sokoto and Yobe states’ commitment to the health of their citizens. Our expectation now is that this commitment will be translated into concrete action,� he stated. He commended both the federal and state governments for working on data improvement and for reaffirming their commitments to tackling preventable diseases. The Sultan of Sokoto, Alhaji Muhammad Sa'ad Abubakar, described poverty as an impediment to the attainment of a healthy society. He said the support and efforts of Bill Gates has gone a long way in tackling polio and made positive impact in the lives of the people in the North. He commended Bill Gates and Aliko Dangote for their support and efforts towards tackling polio and other diseases in the region, describing it as unprecedented. "Since Bill Gates visited Sokoto in 2009, he has been doing his best to see to an end to the polio scourge and other diseases. I hope Gates and Dangote will not look back until poverty and the diseases are tackled. "Somebody that is impoverished cannot be said to be healthy. So, I really commend them for their support to humanity because we have seen the positive effects on the society.�
Since Bill Gates visited Sokoto in 2009, he has been doing his best to see to an end to the polio scourge and other diseases. I hope Gates and Dangote will not look back until poverty and the diseases are tackled. Somebody that is impoverished cannot be said to be healthy. So, I really commend them for their support to humanity because we have seen the positive effects on the society
Tambuwal and Bill Gates
Sokoto State governor, Alhaji Aminu Tambuwal and President of Dangote Foundation, Alhaji Aliko Dangote, during the signing of an MoU between Gates and six Northern states on the eradication of polio held at the Government House. Sokoto
"We are committed and ready to go the extra mile to ensure that success is achieved so as to have a healthy society where everybody can feel the sense of belonging," the revered monarch added. Commenting at the event, Kano State governor, Abdullahi Ganduje, said his administration took 100 per cent ownership of the funding of Routine Immunisation exercise at the end of the extension of the
signed routine immunisation MoU between the state government and Bill and Melinda Gates Foundation and Dangote Foundation, adding that it has also entered into a new MoU on Child Health with the two foundations last year. Borno State governor, Kashim Shettima, emphasised that the present leadership in the North was determined to change the narrative by improving the lives of children
through routine immunisation. Also speaking, Kaduna State governor, Malam Nasir el-Rufai, expressed the commitment of the Northern governors to strengthen the health sector and enhance routine immunisation. "We should not be the part of the globe with the highest number of out of children and maternal mortality. We are really committed to save Northern Nigeria," he averred.
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IMAGES
L-R; A blogger, Yemisi Aiyedun;Regional Manager,West Africa, Emirate Airlines, Mr. Afzal Parambil;Publisher, Travel Port Online, Mrs Sade Williams; Airport Services Agent, Emirate Airlines, Mrs Eyitomi Kuti and Airport Manager, Mr. George lkpeahia during the departure of some journalists on Emirate familiarization tours to Dubai...recently Abiodun Ajala
L-R: Head, Corporate Communications, Lagos Chamber of Commerce and Industry (LCCI), Segun Alabi; Publicity Secretary, LCCI Mining & Solid Minerals Group, Tony Nwakalor and Chairman, LCCI Mining & Solid Minerals Group, Otunba Babatunde alatise at the Mining & Solid Minera Group’s Interactive Session on the Challenges in the Mining Sector in Lagos...recently
L-E; A land owner, Mr Ogundokun Kehinde Rasheed Permanent Secretary, Ministry of Land, Housing and Survey,Mr Babatunde Ladipo; Director of Agriculture, Allied Atlantic Distilleries Limited, Mr Rajavelu Rajasekar; Oyo State Commissioner for Land, Housing and Survey, Mr Isaac Omodewu and Group Finance Director, Lexcel Group, Mr Wale Majolagbe during the presentation of cheque to the land owners in Otu, Itesiwaju local government, Oyo State...recently
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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×
L-R; Logistics Safety Manager, Guinness Nigeria, Adebayo Oluwafemi; Head of Governance, Guinness Nigeria, Hamilton Iyogbon; Corp Commander, Federal Road Safety Corp (FRSC) Lagos State Command, Mr Hyginus Omeje; Customer Service and Logistics Associate Director, Akoji Amedu; Site Director, Guinness Ogba Brewery, Kingsely Imade and National Transport Manager, Guinness Nigeria, Adeyemi Adedeji at the Guinness Transport and Safety Week 2018, held in Lagos..recently
Graduate, Lagos State Employability Support Project (LSESP), Salako Olamide Ibrahim; Chairman House Committee on Wealth Creation, Hon. Shola Giwa; Deputy Governor Lagos State, Dr. Idiat Oluranti Adebule; Chairman, Lagos State Employment Trust Fund (LSETF), Ifueko Omoigui Okauru and Executive Secretary LSETF, Akintunde Oyebode, during the graduation ceremony of 540 trainees of the LSESP in Lagos...recently. kolawole alli
L-R: Analist, Institute of International Education, Emily Thompson; and Director, Incubation Unit, Co-creation Hub Nigeria, Damilola Teidi; during a workshop for women working in the ďŹ elds of science, technology, engineering and mathematics (STEM) organised by the Government of the United States of America held at Cedar STEM & Entrepreneurship Hub in Jibowu Lagos...recently kunle ogunfuyi
Governor Aminu Bello Masari of Katsina State (middle) receives on a condolence visit, from left, Dangaladiman Katsina and District Head of Kafur, Alhaji Rabe AbdulLahi, Galadiman Katsina and District Head of Malumfashi, Justice Mamman Nasir (rtd), Speaker of the Katsina State House of Assembly, Rt. Hon. Abubakar Yahaya Kusada and the Cigarin Katsina, Alhaji Aminu Mamman Dee, over the death of his cousin, the Madawakin Masari, Alhaji Isyaku Sulaiman in Masari....recently
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THUMBS DOWN Nigeria’s Rising Debt ProďŹ le
WOOING INVESTORS
L-R: Vice President Yemi Osinbajo in a handshake with Group Chairman, FBN Holdings Plc., Dr. Oba Otudeko, CFR, while the MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan looks on, at the Ogun State Investors’ Forum 2018, in Abeokuta, Ogun State ‌ recently
THISDAY Model Portfolios Improve to 38% on Renewed Demand Goddy Egene THISDAY Model Portfolio (TMP) improved to 37.9 per cent last week after taking a plunge the previous week on huge profit taking. The TMP had appreciated to a record high of 44.2 per cent three weeks ago before falling to 36.7 per cent previous week. This had happened as price fell on sell pressure from investors despite impressive results being declared by some companies. However, the trend changed last week on renewed demand by investors who began to
CAPITAL MARKET react positively to the results being released by companies. Consequently, the TMP closed higher at 37.9 per cent, compared with a decline in the Nigerian Stock Exchange (NSE) All-Share Index. The 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 and Lead Advisory Limited. It is made up 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 judgement 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. A look at the TMP for the week ended Friday, March 23, indicated that it improved to 37.9 per cent, from 36.7 per cent the previous week. This showed that the value of the N50 million imaginary fund deployed by the five firms has improved to N68.956 million, compared with N68.386 million, the previous week. A further breakdown of Continued on page 24
House C’ttee Orders Police, HoS to Refund N40m to Federation Account James Emejo in Abuja The House of Representatives Committee on Public Accounts, has ordered the Head of the Civil Service of the Federation (HoS) and the Police Service Commission (PSC) to refund a total of N40million to the Federation Account over an alleged misappropriation of public funds and violation of financial regulations. Specifically, the HoS is to return the sum of N28 million to the treasury for violating financial regulations while the Permanent Secretary in
ECONOMY the PSC Mr. Istifanus Musa was ordered by the committee to pay back N12 million for not using such funds for the purposes for which they were appropriated. Chairman of the committee, Hon. Kingsley Chinda (PDP, Rivers) had ruled on the refunds based on a 2014 audit query raised by the Office of the Auditor General of the Federation (AuGF). The AuGF had queried the HoS seeking explanations
as to why cash advances totalling N28 million was paid to civil servants to carry out various functions for the federal government and were not retired. He said such advances that were not retired are assumed not to have been spent for such functions following lack of cooperation from the HoS to provide documents. However, the Permanent Secretary of the Office of the HoS, Mr. Kola Ayodele said that “the cash advances could not be retired as and when due because of paucity of
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Ă–Ă?Ă‹ĂŽĂ“Ă˜Ă‘ Ă‘Ă–Ă™ĂŒĂ‹Ă– ĂœĂ‹ĂžĂ“Ă˜Ă‘ Ă‹Ă‘Ă?Ă˜Ă?Ă“Ă?Ă?Ëœ ĂžĂ‹Ă˜ĂŽĂ‹ĂœĂŽ Ă‹Ă˜ĂŽ Ă™Ă™ĂœËŞĂ? Ě™ Ęś Ěš ĂœĂ?Ă?Ă?Ă˜ĂžĂ–ĂŁ Ă?Ă‹Ă&#x;ĂžĂ“Ă™Ă˜Ă?ĂŽ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ Ă‹ĂŒĂ™Ă&#x;Ăž Ă“ĂžĂ? ĂœĂ“Ă?Ă“Ă˜Ă‘ ĂŽĂ?ĂŒĂž ĂšĂœĂ™Ă?Ă“Ă–Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă’Ă‹Ă? Ă–Ă?ĂŽ ÞÙ Ă‹ ĂœĂ“Ă?Ă? Ă“Ă˜ Ă“ĂžĂ? ĂŽĂ?ĂŒĂž Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă™Ă?Þ˛ ËŤ Ă?Ă˜Ă?ĂœĂ‹Ă– ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž ĂŽĂ?ĂŒĂžĚ‹Ă?Ă?ĂœĂ Ă“Ă?Ă“Ă˜Ă‘ Ă?Ă™Ă?ĂžĂ? Ă‹Ă? Ă‹ ĂšĂ?ĂœĂ?Ă?Ă˜ĂžĂ‹Ă‘Ă? Ă™Ă? ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă?Ă? Ă‹ĂœĂ? Ă’Ă“Ă‘Ă’ Ă‹Ă˜ĂŽ Ă’Ă‹Ă Ă? Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽ Ă“Ă˜ ĂœĂ?Ă?Ă?Ă˜Ăž ĂŁĂ?Ă‹ĂœĂ? Ă?ĂœĂ™Ă— ĂŒĂ?ÖÙå ÍŻÍŽ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă“Ă˜ Ͱ͎ͯͲ ÞÙ Ă™Ă&#x;Ăœ ĂšĂœĂ™Ă”Ă?Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? Ùà Ă?Ăœ Í°ÍŽ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă™Ă˜ Ă‹Ă Ă?ĂœĂ‹Ă‘Ă?Ëœ Ă“Ă˜ Ͱ͎ͯ̋͜Ͱ͎Ͱͯ˛ ËŤ Ă’Ă? Ă?Ă?Ă˜ĂžĂœĂ‹Ă– ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă‹Ă–Ă™Ă˜Ă? Ă’Ă‹Ă? ĂŽĂ?ĂŒĂž Ă?Ă?ĂœĂ Ă“Ă?Ă“Ă˜Ă‘ Ă?Ă™Ă?ĂžĂ? Ă™Ă? Ă?Ă–Ă™Ă?Ă? ÞÙ ͳ͎ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă™Ă? ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă?Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă“Ă˜ Ă™Ă&#x;Ăœ Ă™ĂšĂ“Ă˜Ă“Ă™Ă˜Ëœ Ă–Ă“Ă—Ă“ĂžĂ? Ă?Ă“Ă?Ă?Ă‹Ă– Ă?Ă–Ă?Ă˘Ă“ĂŒĂ“Ă–Ă“ĂžĂŁË› Ă’Ă? Ă?ĂžĂ?Ă?Ăš Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă? Ă“Ă˜ ÞÒĂ? ĂœĂ‹ĂžĂ“Ă™ Ă“Ă? ĂŽĂ&#x;Ă? ÞÙ Ă‹ Ă?Ă™Ă—ĂŒĂ“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ĂŽĂ?Ă?Ă–Ă“Ă˜Ă“Ă˜Ă‘ ÙÓÖ ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă?Ă? Ă?Ă“Ă˜Ă?Ă? Ͱ͎ͯͲ Ă‹Ă˜ĂŽ Ă’Ă“Ă‘Ă’Ă?Ăœ ĂŒĂ™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘ Ă?Ă™Ă?ĂžĂ? Ă“Ă˜ ÞÒĂ? ÎÙ×Ă?Ă?ÞÓĂ? Ă—Ă‹ĂœĂ•Ă?ĂžËœËŹ ÞÒĂ? Ă‹Ă‘Ă?Ă˜Ă?ĂŁ Ă?ÞËÞĂ?ĂŽË› Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? Ă?âÞĂ?ĂœĂ˜Ă‹Ă– ĂŽĂ?ĂŒĂž ĂœĂ™Ă?Ă? ÞÙ ÍœÍŻÍśË›ÍˇÍŻ ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ě™ ͳ˛;͜; ĂžĂœĂ“Ă–Ă–Ă“Ă™Ă˜Ěš Ă‹Ă? Ă‹Ăž ÞÒĂ? Ă?Ă˜ĂŽ Ă™Ă? Ă?Ă?Ă?Ă—ĂŒĂ?Ăœ Í°ÍŽÍŻÍľËœ ĂĄĂ’Ă“Ă–Ă? ÎÙ×Ă?Ă?ÞÓĂ? ĂŽĂ?ĂŒĂž ĂœĂ™Ă?Ă? ÞÙ ͯͳ˛͡͹; ĂžĂœĂ“Ă–Ă–Ă“Ă™Ă˜Ëœ ĂŒĂœĂ“Ă˜Ă‘Ă“Ă˜Ă‘ ÞÒĂ? ÞÙÞËÖ ĂŽĂ?ĂŒĂž Ă?ÞÙĂ?Ă• Ă™Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ ÞÙ Ͱͯ˛;Ͱͳ ĂžĂœĂ“Ă–Ă–Ă“Ă™Ă˜ Ě™ÍœÍľÍŽË›ÍˇÍ° ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ĚšËœ Ă–Ă‹ĂžĂ?Ă?Ăž ÎËÞË ĂœĂ?Ă–Ă?Ă‹Ă?Ă?ĂŽ ĂŒĂŁ ÞÒĂ? Ă?ĂŒĂž Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă?Ă?Ă“Ă?Ă? Ě™ Ěš Ă’Ă‹ĂŽ Ă?Ă’Ă™ĂĄĂ˜Ë› ÖÞÒÙĂ&#x;Ă‘Ă’ ĂœĂ?ÖËÞÓà Ă? ÞÙ ĂœĂ™Ă?Ă? Ù×Ă?Ă?ÞÓĂ? ĂœĂ™ĂŽĂ&#x;Ă?Ăž Ě™ ĚšËœ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËŞĂ? ĂŽĂ?ĂŒĂž Ă–Ă?Ă Ă?Ă– ĂœĂ?Ă—Ă‹Ă“Ă˜Ă? ÖÙå ĂŒĂŁ Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă?ĂžĂ‹Ă˜ĂŽĂ‹ĂœĂŽĂ?Ëœ ĂŒĂ&#x;Ăž Ă“Ăž Ă’Ă‹Ă? ĂšĂ&#x;Ăž Ă‹ Ă?ĂžĂœĂ‹Ă“Ă˜ Ă™Ă˜ ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă?Ă? ĂŽĂ&#x;Ă? ÞÙ Ă‹Ă?Ă?Ă™Ă?Ă“Ă‹ĂžĂ?ĂŽ Ă’Ă“Ă‘Ă’ ĂŽĂ?ĂŒĂž Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă™Ă?Ăž Ă Ă‹Ă“Ă–Ă‹ĂŒĂ–Ă? Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă&#x;ĂœĂ?Ă‹Ă&#x; Ă™Ă? ÞËÞÓĂ?ÞÓĂ?Ă? Ě™ Ěš ÎËÞË Ă’Ă‹ĂŽ ĂœĂ?Ă Ă?Ă‹Ă–Ă?ĂŽ ÞÒËÞ Ùà Ă?Ăœ ͎͡ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă™Ă? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă?Ă? ĂĄĂ?ĂœĂ? Ă?Ă’Ă‹Ă˜Ă˜Ă?Ă–Ă–Ă?ĂŽ ĂžĂ™ĂĄĂ‹ĂœĂŽ ĂŽĂ?ĂŒĂž Ă?Ă?ĂœĂ Ă“Ă?Ă“Ă˜Ă‘ ĂŒĂ?ÞåĂ?Ă?Ă˜ Ă‹Ă˜Ă&#x;Ă‹ĂœĂŁ Ă‹Ă˜ĂŽ Ă&#x;Ă˜Ă? Ă–Ă‹Ă?Ăž ĂŁĂ?Ă‹ĂœË› Ă™Ă˜Ă?ÞÒĂ?Ă–Ă?Ă?Ă?Ëœ Ă“Ă˜ Ă™ĂœĂŽĂ?Ăœ ÞÙ ĂœĂ?ĂŽĂ&#x;Ă?Ă? ÞÒĂ? Ă’Ă&#x;Ă‘Ă? ĂŽĂ?ĂŒĂž Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă™Ă?ĂžËœ ÞÒĂ?ĂœĂ? Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă?Ă™Ă˜Ă?Ă?ĂœĂžĂ?ĂŽ Ă?Ă?Ă?Ă™ĂœĂž ÞÙ Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă? ÞÒĂ? ĂœĂ‹ĂžĂ“Ă™ Ă™Ă? Ă?Ă™ĂœĂ?Ă“Ă‘Ă˜Ëœ ĂŽĂ™Ă–Ă–Ă‹ĂœĚ‹Ă?Ă?ĂœĂ Ă“Ă?Ă?ĂŽ ĂŽĂ?ĂŒĂž ÞÙ Ă–Ă™Ă?Ă‹Ă– ĂŽĂ?ĂŒĂžË› Ă™ ÞÒÓĂ? Ă?Ă˜ĂŽËœ Ă–Ă‹Ă?Ăž ĂŁĂ?Ă‹ĂœËœ ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž Ă&#x;Ă’Ă‹Ă—Ă—Ă‹ĂŽĂ&#x; Ă&#x;Ă’Ă‹ĂœĂ“ Ă?Ă&#x;ĂœĂžĂ’Ă?Ăœ ÑÙÞ Ă‹ĂšĂšĂœĂ™Ă Ă‹Ă– Ă?ĂœĂ™Ă— ÞÒĂ? Ă?Ă˜Ă‹ĂžĂ? Ă?Ă™Ăœ ÍœÍłË›Íł ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ă™Ă? Ă?Ă™ĂœĂ?Ă“Ă‘Ă˜ ĂŒĂ™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘Ëœ åÓÞÒ ÍœÍą ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ ĂœĂ‹Ă“Ă?Ă?ĂŽ Ă“Ă˜ Ùà Ă?Ă—ĂŒĂ?Ăœ Ă‹Ă˜ĂŽ ÍœÍ°Ë›Íł ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ă“Ă?Ă?Ă&#x;Ă?ĂŽ Ă“Ă˜ Ă?ĂŒĂœĂ&#x;Ă‹ĂœĂŁË› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ ÞÒĂ? Ëœ ÞÒĂ? ÍœÍą ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ă&#x;ĂœĂ™ĂŒĂ™Ă˜ĂŽ Ă“Ă?Ă?Ă&#x;Ă? Ă&#x;Ă?Ă?ĂŽ Ă“Ă˜ ĂœĂ?Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă˜Ă‘ Ă—Ă‹ĂžĂ&#x;ĂœĂ“Ă˜Ă‘ ÎÙ×Ă?Ă?ÞÓĂ? ĂŽĂ?ĂŒĂž ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ?ĂŽ Ă“Ă˜ Ă‹Ă˜ Ă‹Ă˜Ă˜Ă&#x;Ă‹Ă– Ă?Ă‹Ă Ă“Ă˜Ă‘Ă? Ă™Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ͯ͜˛ʹʹ ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ă“Ă˜ ĂŽĂ?ĂŒĂž Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă‹Ă? ÞÒĂ? Ă&#x;ĂœĂ™ĂŒĂ™Ă˜ĂŽ ĂĄĂ‹Ă? Ă?Ă?Ă?Ă&#x;ĂœĂ?ĂŽ Ă‹Ăž Ă‹ĂŒĂ™Ă&#x;Ăž Ă?Ă?Ă Ă?Ă˜ ĂšĂ?ĂœĂ?Ă?Ă˜Ăž Ă“Ă˜ĂžĂ?ĂœĂ?Ă?Ăž ĂœĂ‹ĂžĂ?Ëœ Ă?Ă™Ă—ĂšĂ‹ĂœĂ?ĂŽ ÞÙ Ă‹ĂŒĂ™Ă&#x;Ăž ÍŻÍł Ă™Ăœ ÍŻÍ´ ĂšĂ?Ăœ Ă?Ă?Ă˜ĂžĂ“Ă˜ĂžĂ?ĂœĂ?Ă?Ăž Ă™Ă˜ ÎÙ×Ă?Ă?ÞÓĂ? ĂŒĂ™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘Ă?Ë› ËŤ Ă˜ Ă™Ă&#x;Ăœ Ă Ă“Ă?ĂĄËœ ÞÒĂ? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜ĂžËŞĂ? Ă?ĂžĂœĂ‹ĂžĂ?Ă‘ĂŁ Ă™Ă? ĂœĂ?Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă˜Ă‘ Ă–Ă™Ă?Ă‹Ă– Ă–Ă™Ă‹Ă˜Ă? åÓÞÒ Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽ Ă?Ă™ĂœĂ?Ă“Ă‘Ă˜ Ă–Ă™Ă‹Ă˜Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă?Ă‹Ă?Ă? ĂšĂœĂ?Ă?Ă?Ă&#x;ĂœĂ? Ă™Ă˜ ĂœĂ?Ă Ă?Ă˜Ă&#x;Ă?Ă? Ă?Ă™Ăœ Ă‹Ă? Ă–Ă™Ă˜Ă‘ Ă‹Ă? ÞÒĂ?ĂœĂ? Ă“Ă? Ă˜Ă™ ĂŽĂ?ĂšĂœĂ?Ă?Ă“Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă˜Ă‹Ă“ĂœĂ‹Ëœ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ÞÒĂ?ĂœĂ? ĂŒĂ? Ă‹ Ă?Ă“Ă‘Ă˜Ă“Ă?Ă“Ă?Ă‹Ă˜Ăž ĂĄĂ?Ă‹Ă•Ă?Ă˜Ă“Ă˜Ă‘ Ă™Ă? ÞÒĂ? Ă˜Ă‹Ă“ĂœĂ‹ Ă‹Ă‘Ă‹Ă“Ă˜Ă?Ăž ÞÒĂ? ĂŽĂ™Ă–Ă–Ă‹Ăœ ÒÙåĂ?Ă Ă?ĂœËœ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ Ă—Ă‹ĂŁ Ă?Ă“Ă˜ĂŽ Ă“ĂžĂ?Ă?Ă–Ă? Ă“Ă˜ Ă‹ ĂŒĂ‹ĂŽ Ă?Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜ËœËŹ Ă‹Ă˜Ă‹Ă–ĂŁĂ?ĂžĂ? Ă‹Ăž ÞÙĂ?Ă•ĂŒĂœĂ™Ă•Ă?ĂœĂ? Ă“Ă—Ă“ĂžĂ?ĂŽ Ă?ÞËÞĂ?ĂŽË› Ă–Ă?Ă™Ëœ ÞÒĂ? Ă“ĂœĂ?Ă?ĂžĂ™ĂœËœ Ă™ĂœĂžĂ?ÙÖÓÙ Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜ĂžËœ Ëœ Ă?Ă–Ă? Ă?Ă™Ă–Ă‹ĂŒĂ“ ĂŽĂ?Ă?Ă?Ă˜ĂŽĂ?ĂŽ ÞÒĂ? Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽ Ă?Ă™ĂœĂ?Ă“Ă‘Ă˜ ĂŒĂ™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘ ĂŒĂŁ ÞÒĂ? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜ĂžËœ Ă?Ă‹ĂŁĂ“Ă˜Ă‘ ÞÒĂ? Ă?Ă&#x;Ă˜ĂŽĂ? ĂĄĂ?ĂœĂ? ĂŒĂ?Ă“Ă˜Ă‘ Ă&#x;ÞÓÖÓĂ?Ă?ĂŽ Ă?Ă™Ăœ Ă“Ă˜Ă?ĂœĂ‹Ă?ĂžĂœĂ&#x;Ă?ĂžĂ&#x;ĂœĂ? ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜ĂžË› Ă? Ă?Ă˘ĂšĂ–Ă‹Ă“Ă˜Ă?ĂŽË? ËŤ Ă™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘ Ă™Ă˜ Ă“ĂžĂ? Ă™ĂĄĂ˜ Ă“Ă? Ă˜Ă™Ăž Ă‹ ĂŒĂ‹ĂŽ ĂžĂ’Ă“Ă˜Ă‘Ë› Ă’ĂœĂ™Ă&#x;Ă‘Ă’ ĂŒĂ™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘Ëœ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă‹ĂŒĂ–Ă? ÞÙ ĂŽĂ™ Ă‹ ÖÙÞ Ă™Ă? ĂžĂ’Ă“Ă˜Ă‘Ă?Ë› ËŤ Ă? Ă’Ă‹Ă Ă? Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă? Ă“Ă˜Ă?ĂœĂ‹Ă?ĂžĂœĂ&#x;Ă?ĂžĂ&#x;ĂœĂ?Ë› Ă™Ëœ ÞÙ Ă?Ă‹ĂŁ ĂĄĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽĂ˜ËŞĂž ĂŒĂ™ĂœĂœĂ™ĂĄËœ ĂŽĂ™Ă˜ËŞĂž Ă‹Ă‘ĂœĂ?Ă? åÓÞÒ ÞÒËÞ˛ Ă™Ă&#x; Ă?Ă‹Ă˜ ĂŒĂ™ĂœĂœĂ™ĂĄ Ă‹Ă˜ĂŽ Ă&#x;Ă?Ă? Ă?Ă™Ăœ ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜ĂžĂ‹Ă– ĂšĂœĂ™Ă”Ă?Ă?ĂžĂ?Ë› ËŤ Ă&#x;ĂœĂœĂ?Ă˜ĂžĂ–ĂŁËœ ĂĄĂ? Ă‹ĂœĂ? ĂœĂ?Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă˜Ă‘ ÎÙ×Ă?Ă?ÞÓĂ? ĂŽĂ?ĂŒĂžĂ? åÓÞÒ Ă?âÞĂ?ĂœĂ˜Ă‹Ă– Ă–Ă™Ă‹Ă˜Ă?Ë› Ă? Ă’Ă‹Ă Ă? ĂŒĂœĂ™Ă&#x;Ă‘Ă’Ăž ĂŽĂ™ĂĄĂ˜ Ă?Ă™Ă?Ăž Ă™Ă? ÎÙ×Ă?Ă?ÞÓĂ? ĂŒĂ™ĂœĂœĂ™ĂĄĂ“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă&#x;ÖÞÓ×ËÞĂ?Ă–ĂŁ ÞÒĂ? Ă?Ă™Ă?Ăž Ă™Ă? Ă?Ă?ĂœĂ Ă“Ă?Ă“Ă˜Ă‘ ÞÒĂ?Ă?Ă? ĂŽĂ?ĂŒĂžĂ? ĂĄĂ“Ă–Ă– ĂœĂ?ĂŽĂ&#x;Ă?Ă?˛ˏ
funds�. “But we have retired all the advances except two that were not actually retired because the supposed beneficiaries didn’t get the funds.� Asked further if there was a time frame for such retirements, the Perm Sec disclosed that the time frame was actually two weeks. Members therefore demanded to know why his office failed to respect the two weeks as all the Continued on page 24
Minister of Finance, Kemi Adeosun
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BUSINESSWORLD HOUSE C’TTEE ORDERS POLICE, HOS TO REFUND N40M TO FEDERATION ACCOUNT
retirement papers indicated different date schedules well above the stipulated time. The PermSec at this point explained: “In some cases, the cash advances are not retired within the time schedule and I have to apologise for the delay as I was not also the PermSec when the payments were made�. Chinda, however, upheld the query and cautioned MDAs against submitting retirement of cash advances late to the auditors. He therefore directed the HoS to return the said amount back to the treasury having failed to properly retire it. Also, the AuGF had stated the PSC spend monies on a workshop in 2014 without budgetary provisions. Chinda noted that such actions breached constitutional provisions, particularly Section 80. The violations bordered on how a workshop was conducted in Nasarawa in 2014 and payment of N12million was made in 2015 to the beneficiaries without appropriation in 2015. He said:“I’m of the opinion of the AuGF, it is a clear violation of the Financial Regulation, calling for refund of the funds into the nation’s treasury. However, the Permanent Secretary, PSC, Mr. Istifanus Musa, admitted that there were infractions,adding that, “we made all the necessary documents available to the AuGF in 2015 because the releases in 2014 came late. “I plead that the documents should be accepted as the training was conducted in November of 2014.� Ruling on the issue, Chinda said: “It’s glaring that the action violates Sections 80-81 which captures extra-budgetary expenditure. “We upheld the report of the AuGF that the sum of N12 million should be returned with a word of caution that MDAs should not unilaterally carry over expenditure.�
NEWS
THISDAY MODEL PORTFOLIOS IMPROVE TO 38% ON RENEWED DEMAND the individual portfolio put Portfolio C ahead with a gain of 61 per cent, up from 58.7 per cent. This means that the N10 million deployed by the
portfolio stood at N16.136 million as at last week. Similarly, Portfolio D maintained its second position, having gained 54 per cent, up
from 51.7 per cent the previous week. This implies that the N10 million deployed by the portfolio is now worth N15.455 million. Portfolio B,
which fell to 45.5 per cent the previous week, improved to 46 per cent last week. This shows that the N10 million deployed, has improved to
N14.602 million. Portfolio A stood at 27.9 per cent last week, indicating This shows the N10 million deployed, remained at 12.791 million.
NEXIM Bank Earmarks N5bn for Non-oil Export Projects in N’Delta
rNnanna chairs bank’s board James Emejo in Abuja The Minister of Finance, Mrs. Kemi Adeosun has inaugurated the Board of Directors of the Nigerian Export-Import Bank (NEXIM). In line with the Nigerian Export-Import Bank Act 38 of 1991, the new board has Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Dr. Joseph Okwu Nnanna as its chairman. This follows the constitution of the governing boards of government agencies by President Muhammadu Buhari. Other directors of the development finance institution include Dr. Mudashiru Olaitan, Mrs. Olubunmi Siyanbola, Mr. Ochapa Ogenyi, (Hon) Adesina Adegbenro, and Hajiya Ramatu Ahmed. The newly appointed directors join the executive management team of the bank headed by the Managing Direc-
tor/Chief Executive, Mr. Abba Bello, who is ably assisted by Bala Bello, Executive Director, Corporate services and Stella Okotete, Executive Director, Business Development. However, Nnanna, brings to bear his rich experience as an economist and banker over the last three decades, during which he has been involved in policy formulation and development of financial markets. Having joined the Central Bank of Nigeria in 1994, he rose to become the Director, Research & Statistics in 2001 and was appointed Deputy Governor in 2015. In-between his career at the CBN, he held several positions and was the Director General of the West African Monetary Institute (WAMI) from 2006-2008. He also served as a Staff Economist & Desk Officer in the African Department of the International Monetary Fund (IMF) and was a Consultant to the United Nations Conference on Trade
& Development (UNCTAD). Meanwhile, the Executive Director, Business Development, NEXIM Bank, Mrs. Stella Okotete has hinted that a seed fund of N5billion has been earmarked to promote export oriented projects and support for the Niger-Delta region. She said a Niger-Delta Development Fund had been established in partnership with the Niger-Delta Development Commission in that regard. Okotete said the bank had also offered partnership opportunities to cocoa projects and other commodity exporters in Ondo State to promote value added exports and called on exporters in in the state to take advantage of this Fund as well, being the only Niger-Delta State in the South West. Speaking when she led a team of senior management of the Bank on a two-day tour of projects in the state, she recalled that Cocoa was a leading non-
oil export commodity from the country whereby Ondo was a major Cocoa producing area. Okotete said it goes without saying that it should seek partnership opportunities in the state to enhance value addition and increase non-oil export revenues. Furthermore, she noted that currently the country exports predominantly raw cocoa beans, while at the same time spending much more than its revenue to import chocolates and other finished products, adding that the Bank was eager to reverse the trend and in the process enhance jobs and increase export revenues. During an interactive session with exporters and members of the orgnaised private sector, the Executive Director informed the audience that the Bank is now receiving applications under the N500 billion Export Stimulation Facility (ESF), which it is implementing with the Central
Bank of Nigeria (CBN) and that the Fund has been created to provide long term facilities to exporters at single digit interest rate. She also said out of the N50billion Export Development Fund (EDF), at least N1billion has been earmarked for each state of the federation for the purpose of supporting the Small and Medium Enterprises (SMEs), operating along the export value chain. She added that about N3 billion has also been set aside under a special scheme designed for women and youth. A statement by the NEXIM’s Head, Strategy & Communications, Tayo Omidiji said that the team had earlier paid a courtesy visit to the State Governor, Arakunrin Rotimi Akeredolu, during which the Bank expressed the desire to support the revitalisation of ailing projects with strong market potentials.
SON: Standardisation Key to Driving MSMEs, Economic growth Jonathan Eze
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)
The Standards Organisation of Nigeria (SON) has stated that it would be refocusing and strengthening its support to micro, small and medium enterprises (MSMEs) while also introducing initiatives to drive the nation’s agro allied sector to complement the federal government’s effort at making these sectors competitive and attractive globally. Indeed, the agency stated that a major goal of standardisation was to grow MSMEs, including the agro-allied sector so as to ensure industrial and economic development. The Director General, SON, Osita Aboloma, who stated this at a sensitisation forum on SON Act 2015 in Abuja, noted that the agency has continued to introduce several initiatives to support the industrial sector. He said: “Besides, we have
done a lot to deal with product counterfeiters primarily in the interest of manufacturers. SON has been promoting SMEs development across the country. The agency is part and parcel of the federal government’s efforts and initiatives, be it the Presidential Industrial Competitiveness Advisory Council, Presidential Economic Council as well as the Presidential Enabling Business Environment Council a.k.a Ease of Doing Business. All these are geared towards rapid industrial/ economic development.� According to him, the provisions of the SON Act gives operators and players ample room to do the right thing in order to promote their businesses and industries for the overall benefit of the nation’s economy. In his words: “SON is therefore a business facilitator rather than a body out to stifle industrial
and business development. Our products need to be acceptable and competitive locally and globally; meaning that they must meet global standards and international best practices. This, among others, is what the SON Act is meant to ensure. Local industries need to survive and enjoy fair competition with imported goods. As a regulator, this is the work of SON. The agency provides enabling environment for businesses to thrive. Let us embrace standards and all its attendant benefits, thereby advancing industrial and economic development as well as the rights of consumers and end users.� The SON boss, who was represented by the Head of Standards Library Services, SON, Abdullahi Ibrahim, said it is the responsibility of all citizens to be part and parcel of the federal government’s efforts to build
a global competitive economy using ERGP template already drawn by the government, in line with the recently launched ERGP focus laboratories initiative by the President Muhammadu Buhari. He said the aim is to drive investment and job creation, stressing that SON is already on top of the matter by deploying world class laboratories and the Act to sanitise the nation’s market. “Sub-standard products must be removed completely from our markets while the purveyors are to face severe sanctions if and when caught. We are aligning with the government in its concerted efforts to diversify the economy, with re-invigorated focus on commerce, industry and agriculture. If and when things stabilise in these sectors, there would be massive employment and job creation�, he stressed. Furthermore, he said develop-
ing SMEs through standardisation and quality assurance remains the task of SON, pointing out that most resource-based manufacturing companies are within the SMEs bracket. “We are not relenting on our commitment towards the sustainable growth and development of SMEs across the country. This is the power house to industrialisation and economic diversification. We are partnering with Manufacturers Association of Nigeria (MAN) to review our Memorandum of Understanding (MoU) in view of emerging challenges of doing business in Nigeria. Therefore, the essence of workshops, which we organise is to create a platform for mutual and robust exchanges, public- private partnership (PPP), synergising, and identifying challenges for the benefit of the operators and regulators,� he said.
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Equities Market Remains Bearish on Continuing Sell Pressure Goddy Egene and Nosa Alekhuogie
Sectoral performance showed that the five closed in bulls’ territory. The NSE Insurance Index led with 1.6 per cent, followed by the NSE Oil & Gas Index with a 0.6 per cent appreciation. The NSE Banking Index and NSE Industrial Goods Index rose by 0.5 per cent apiece, while the NSE Consumer Goods Index added 0.4 per cent.
Sell pressure at the stock market persisted last week despite the release of more improved financial results and declaration of dividends by some companies for 2017 financial year. The market has remained bearish in the past weeks as investors sold to take profit in bellwether stocks. However, the negative performance was expected to cease once the full year corporate earnings began to come in. Despite the release of improved results with significant returns being recommended, the sell pressure persisted. Having declined by 2.9 per cent the previous week, the market depressed further last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 1.11 per cent to close at 41,472.10, while market capitalisation ended lower at N14.982 trillion. Similarly, all other indices finished lower during the week with the exception of the NSE CG, NSE Banking and NSE Pension Indices that appreciated by 1.07 per cent, 3.31 per cent and 1.67 per cent respectively.
Market Turnover
Daily Performance Trading resumed for the week with a decline as the bears remained in control for the fourth consecutive session. As a result, the NSE ASI fell 0.21 per cent to close lower at 41,845.92. Similarly, market capitalisation closed lower at N14.96 trillion. The depreciation recorded in the share prices of Nigerian Breweries, Ecobank Transnational Incorporated, Flour Mills, Transcorp, and Stanbic IBTC Holdings among others were mainly responsible for the decline. However, the bears were strongly in control as 36 stocks depreciated compared with 14 others that appreciated. Cadbury Nigeria Plc led the price losers with 9.6 per cent, trailed by Niger Insurance Plc with 9.5 per cent. Unity Bank Plc shed 8.8 per cent, while FTN Cocoa Processing and LASACO Assurance Plc fell by 7.1 per cent and 5.5 per cent respectively. WAPIC Insurance Plc and Linkage Assurance Plc closed 4.9 per cent and 4.8 per cent lower in that order. Other top price losers included: Wema Bank Plc, Dangote Flour Mills Plc, Skye Bank Plc, Ecobank Transnational Incorporated (4.8 per cent apiece); Continental Reinsurance Plc (4.6 per cent); University Press Plc, Tantalizer Plc(4.5 per cent); Japaul Oil & Maritime Services Plc (4.4 per cent). On the positive side, C & I Leasing Plc led the price gainers with 9.9 per cent, trailed by United Capital Plc with 5.6 per cent, while N.E.M Insurance Plc (4.8 per cent). Cutix Plc appreciated by 4.4 per cent, just as PZ Cussons Nigeria Plc and African Prudential Plc chalked up 2.3 per cent and 1.5 per cent respectively Market analysts at Cordros Capital said: “In our view, it is likely investors take advantage of soft prices to hunt bargains in the equities market, leading to a positive outlook in the short term. Also, strengthening macroeconomic fundamentals remain supportive of gains in the medium to long term.� The market depreciated further on Tuesday as more investors locked in profits, thereby depressing the market by 0.35 per cent to 41,686.36. Market capitalisation decreased by N68.6 billion to be at N14.8 trillion. The depreciation recorded in the share prices of GTBank, Lafarge Africa, Flour Mills, Nigerian Breweries, and Seplat contributed to the
negative close. The bearish trend reduced the year-to-date (YTD) growth to 8.5 per cent as at Wednesday. The bearish performance was largely driven by sell pressures in Nestle, Stanbic IBTC Holdings, and Lafarge. While the index fell, market activity improved as volume and value traded inched 22.7 per cent and 44.4 per cent higher to 488.7 million shares and N5.6 billion respectively. African Alliance Insurance Plc (82.8 million shares), Japaul Oil (75.6 million shares) and Fidelity
Bank (63.9 million shares ) were the top traded stocks by volume while Dangote Cement (N1.1 billion), GTBank (N886.6 million) and Nigerian Breweries (N867.7 million) led the top traded stocks by value. In terms of sectoral performance, three indices closed negatively, one ended in the bulls’ territory, while one remained flat. The NSE Industrial Goods Index led losers with 2.5 per cent, trailed by the NSE Insurance Index with 1.9 per cent. The NSE Consumer Goods Index shed 0.7 per cent. The NSE Banking Index was the sole gainer,
chalking up 0.1 per cent, while the NSE Oil & Gas Index stagnated. The market recovered after three days of decline on Thursday, rising by 0.33 per cent. According to market analysts, the market upbeat performance was due to the improved investor confidence in the market, driven by earnings releases. “Today’s gain was largely across the bellwether counters in the market as the NSE-30, which accounts for the most liquid and capitalised counters in the market recorded a gain of 0.45 per cent,� they said.
Top 10 Brokers by Volume Rank
Broker
Description
Quantity
% of Volume
1
CSL
CSL STOCKBROKERS LIMITED
383,111,177
8.23
2
EFCP
EFCP LIMITED
281,491,212
6.04
3
CSSL
CARDINALSTONE SECURITIES LIMITED
261,322,507
5.61
4
SISB
STANBIC IBTC STOCKBROKERS LIMITED
258,349,210
5.55
5
RSNL
RENCAP SECURITIES (NIG) LIMITED
247,206,376
5.31
6
CALX
CALYX SECURITIES LIMITED - BRD
186,006,726
3.99
7
CSEC
CORONATION SECURITIES LIMITED
166,540,975
3.58
8
MCSE
MORGAN CAPITAL SECURITIES LIMITED
155,558,542
3.34
9
UNEX
UNEX CAPITAL LIMITED
150,179,085
3.22
10
MAGF
MAGNARTIS FINANCE AND INVESTMENT LIMITED
145,043,168
3.11
2,234,808,978
47.99
Top 10 Total Volume NOTE: The top 10 Stockbrokers are responsible for 47.99% of the total volume between 19/03/2018 and 23/03/2018
Top 10 Brokers by Value Rank
Broker
Description
Value
% Value
1
EFCP
EFCP LIMITED
9,106,176,610.58
15.74
2
CSL
CSL STOCKBROKERS LIMITED
8,738,084,594.42
15.10
3
SISB
STANBIC IBTC STOCKBROKERS LIMITED
6,392,615,763.46
11.05
4
CHDS
CHAPEL HILL DENHAM SECURITIES LTD - BRD
4,689,056,741.92
8.10
5
RSNL
RENCAP SECURITIES (NIG) LIMITED
4,656,489,545.96
8.05
6
MERI
MERISTEM STOCKBROKERS LIMITED
2,715,180,350.21
4.69
7
FBNS
FBNQUEST SECURITIES LIMITED
1,746,032,402.50
3.02
8
CSEC
CORONATION SECURITIES LIMITED
1,704,882,955.74
2.95
9
CSSL
CARDINALSTONE SECURITIES LIMITED
1,493,664,660.49
2.58
10
IONE
INVESTMENT ONE STOCKBROKERS INTL LTD-BRD
1,469,677,603.08
2.54
42,711,861,228.36
73.81
Top 10 Total Value
Meanwhile, a total turnover of 2.328 billion shares worth N28.927 billion in 25,530 deals was recorded last week investors on the floor of the exchange in contrast to a total of 2.444 billion shares valued at N36.665 billion that exchanged hands last week in 26,712 deals the previous week. The Financial Services Industry led the activity chart with 1.784 billion shares valued at N20.385 billion traded in 16,823 deals, thus contributing 76.6 per cent and 70.5 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 171.111million shares worth N5.404 billion in 4,055 deals. The third place was occupied by Oil and Gas Industry with a turnover of 124.065million shares worth N296.727 million in 1,607 deals. Trading in the top three equities namely-Zenith Bank Plc, Access Bank Plc and Fidelity Bank Plc accounted for 664.391 million shares worth N10.659 billion in 6,429 deals, contributing 28.54 per cent and 36.8 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 4,165 units of Exchange Traded Products (ETPs) valued at N78,276.06 executed in 15 deals, compared with a total of 1.889 million units valued at N10.512 million that was transacted the previous week in four deals. Similarly, a total of 5,152 units of Federal Government Bonds valued at N4.562 million were traded this week in 24 deals, compared with a total of 40,566 units valued at N44.313 million transacted two week ago in 29 deals.
Price Gainers and Losers The price movement chart showed that 33 equities appreciated in price during the week, higher than 25 of the previous week, while 49 equities depreciated in price, lower than 60 equities of the previous week. Glaxosmithkline Consumer Nigeria Plc led the price gainers with 21.4 per cent, trailed by Fidelity Bank Plc with 17.7 per cent. Diamond Bank Plc garnered 11.9 per cent, just as Zenith Bank Plc and Transnational Corporation of Nigeria chalked up 9.4 per cent and 8.2 per cent in that order. Other top price gainers included: Eterna Plc (7.5 per cent); United Capital Plc ( 6.5 per cent); NASCON Allied Industries Plc 5.2 per cent); Northern Nigeria Flour Mills Plc (5.0 per cent) and C & I Leasing Plc (4.9 per cent). Conversely, FTN Cocoa Processors Plc and Unity Kapital Assurance Plc led with 21.43 per cent respectively. Niger Insurance Plc trailed with 16.6 per cent, just as Multiverse Mining & Exploration Plc went down by 16.0 per cent. Cadbury Nigeria Plc shed 14.9 per cent , while African Alliance Insurance Plc went down by 14.8 per cent. Other top price gainers were: UNIC Diversified Holdings Plc (14.2 per cent); MCNichols Plc (14 per cent); Mutual Benefits Assurance Plc (13.6 per cent); Tantalisers Plc (13.6 per cent).
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Mr. Chef Appoints Mercy Johnson as Brand Ambassador Royal Salt Limited, a leading producer of industrial and domestic salt, which includes Mr. Chef iodized salt, has signed Mercy Johnson as its ambassador. According to the company, the artist was appointed to help the brand drive the importance of Iodine in consumers’ diet and position the brand as a strong supporter of the healthy lifestyle. One of the directors of Royal Salt, Chief Reggie Uduhiri said: “As the number one salt brand in Nigeria, Mercy Johnson is the ideal personality that encapsulates what the Mr. Chef brand stands for today; she is a homemaker, a good mother and wife and a prolific actress that appeals to almost everyone, giving us joy and entertainment.� She is better suited to help us spread the message to Nigerians on the joy Mr. Chef brings to homes beyond adding taste to life.
Another director of the company, Mr. Lawal Idirisu, another director of Royal Salt said: “We are pleased to be joined by the exceptional Mercy Johnson. She is the person we have been looking forward to partner with for some time due to her story, her values, and appealing personality.� We are glad to have reached an agreement with her. For us at Mr. Chef, we believe our customers always come before everything else. Therefore, we have decided to make it a priority to share the essential nature of our product with our patrons and the public. We hope the amazing Mercy Johnson will be able to greatly assist us with using her platform to tell the Mr. Chef story. The actress was excited about her unveiling and revealed that she can’t wait to start sharing the joy Mr. Chef salt gives to
mothers and the many interest and values she shares with the brand that made her jump at the opportunity of a relationship. She said that the brand has become a stable in many Nigerian kitchens. She hopes to help enlighten Nigerians on iodine and the impact of iodine deficiency to normal human development. The occasion recently took place at Radisson Blue hotel, Ikeja GRA, in the presence of the media, Distributors and other stakeholders. Royal Salt is a Fast Moving Consumer Goods production company with a rich history within the Nigerian Market. Royal Salts has been improving the quality of life of its consumers by providing a reliable supply of high-quality and healthy Iodized Salts. They produce Uncle Palm and Mr. Chef iodized salt which is readily available in the market.
Champ Malta Gets Mancap Certification Champ Malta, one of the beverages brewed by Champion Breweries Plc, in Akwa Ibom State has received the mandatory conformity Assessment programme (MANCAP) certification of Standard Organisation of Nigeria (SON). The Mancap seal is specifically endorsed on high quality and standard products produced or manufactured in Nigeria. The Akwa Ibom State coordinator of Standard Organisation of Nigeria, Mr. Dauda Mshelia presented the Mancap Certificate after a thorough assessment of the product with his team. He noted that Chap Malta has scaled all hurdles of assessment stressing that the product is certified to be of high quality and good for human consumption. He opined that the logo
of the organisation on the label is an indication that the beverage is done in the most hygiene environment using best international recognised practices. “MANCAP certificate is done once every three years and we don’t compromise on the standard, we have taken time to do thorough assessment here and we are happy with the way and manners Champion Breweries Plc have carried on with the production of their beverages. “So we are giving this certificate to them as an encouragement to sustain what they are doing� said the coordinator�, he added. The Managing Director, Champion Breweries plc, Mr. Patrick Ejidoh in a remark, said the management will
never compromise on quality and standard of the product expressing gratitude to the SON for recertifying their product. Ejidoh noted that electricity is a major challenge faced by the brewery, stressing that owing to epileptic power, the company depends entirely on generators consuming over 10,000 litres of diesel daily. “At the cost of N190, a litre, we spend about Two Million Naira daily on diesel and this is outside the cost of maintaining the generators so you can imagine the colossal waste and what shareholders are losing. “So we are struggling to stay afloat and whatever work, we must make profits. We thank God we are meeting our obligations to our staff and making progress�.
Truecaller Appoints Director of Partnerships for Africa Truecaller has recently appointed Zakaria Hersi as the Director of Partnerships for Africa. Truecaller also announced its partnership with VConnect, Nigeria’s leading business discovery and engagement platform, where Truecaller has integrated VConnect’s Business directory to its app. This allows users to efficiently identify VConnect’s service providers. Last year Truecaller and VConnect launched Truecaller Priority in Nigeria enabling businesses on VConnect to quickly identify if a call is a potential prospect. Many users searching for businesses on VConnect.com, call the numbers mentioned in their profile. These numbers, which are routed through VConnect intermediate numbers, are marked as ‘Priority’ in the Truecaller app. Director, Growth and Partnerships at VConnect Naveen Luthra, said: “This step of integrating our business listings on Truecaller platform, will further empower SMEs in
Nigeria to get more visibility and new customers. This partnership deepens the relationships between two organisations, to bring about digital inclusion of small businesses here.� Truecaller further revealed it will be setting up headquarters in Nairobi and that the newly recruited Zakaria Hersi as Director of Partnerships for Africa, will be spearheading its expansion in the region where he forges partnerships with various eco-system players. “I’m excited to join Truecaller in such interesting juncture. My aim is to build upon the strong foundation that we have as a brand here and double up the pace of our growth and ambitions in the market. In the coming months we plan to roll out more partnerships and new services localized for the market.� Hersi said. Hersi has a background of launching marketplaces around the world, and has helped the Swedish Investment firm Kinnevik launch Saltside in
Nigeria where he was the Managing Director. He also had two stints working for Swedish based company Besedo, where he helped open offices in Colombia and Mauritius. During his period at Besedo he worked closely with some of the largest marketplaces like eBay, Match.com and OLX in Europe and South America, and was responsible for post-merger integration of the company and French AI company IoSquare. Late last year Truecaller launched its Developer Programme with Truecaller SDK, its mobile identity product for digital start-ups and app developers, and announced that they would be doubling down on their monetisation initiative, and introduce its Truecaller Priority programme in sub-Sahara Africa. Truecaller has become one of the fastest growing consumer apps in Africa, and has consistently been topping the app store charts across the continent for the past two years.
SPECIFIC PROCUREMENT NOTICE (SPN) Invitation for Bids CONSTRUCTION AND PROVISION OF EQUIPMENT FOR AXLE LOAD SCALES/WEIGH STATIONS ALONG ENUGU-ABAKALIKIMBOK (OGOJA JUNCTION)-IKOM-MFUM ROAD IN NIGERIA: LOTS 1 - 5 Date: March 26, 2018
Loan No: 2100150019643
IFB No: AfDB/NCHP/CS-Axle/002
1. This Invitation for Bids follows the General Procurement Notice (GPN) for this project that appeared in UNDB online No. AfDB 332-733/08 of 18 August 2008 (Print Version Issue No 733 of 31 August 2008), and on the African Development Bank Group's Internet Website 2. The Federal Government of Nigeria and the Cameroon Government have received Financing in May 2009from the African Development Bank in various currencies towards the cost of Bamenda – Enugu Transport Facilitation Program. It is intended that part of the proceeds of this loan will be applied to eligible payments under the contract for the Construction of Axle Load Scales/ Weigh Stations Along Enugu-Abakaliki – Ikom – Mfum (Cameroon Border) Road In Nigeria. 3. The Federal Ministry of Power, Works & Housing of Nigeria represented by Road Sector Development Team (RSDT) now invites sealed bids from eligible bidders for the execution of the works. The main works, among others, include the following: ¡ Contract for the Construction and Provision of Equipment for Axle Load Scales/ Weigh Stations Along Enugu-Abakaliki – Ikom – Mfum (Cameroon Border) Road in Nigeria under the following Lots: ¡ LOT 1 – Enugu Station ¡ LOT 2 – Abakaliki Station ¡ LOT 3 – OnuEbonyi Station ¡ LOT 4 – Mbok Station ¡ LOT 5 – Ikom Station Additionally each lot comprises: ¡ Supply of the Axle Load Scales ¡ Environmental impact mitigation measures The contract completion period shall not exceed eight (8) months and bidders are required to submit one (1) bid per lot. However, the contract award will be limited to the number of lots that the bidder has the capacity and qualifications to execute. 4. Interested eligible bidders may obtain further information from and inspect the bidding documents at the office of Unit Manager, Road Sector Development Team, No. 6 Niagara Close off Erie Crescent, Maitama, Abuja, Nigeria; Email – unitmgr.rsdt@yahoo.co.uk; Mobile No. +234-812 637 5450; commencing Monday, 26 March 2018 from 09.00 to 16.00 hours local time during working days (Monday – Friday). 5. A complete set of bidding documents for each lot may be purchased by interested bidders on the submission of a written application to the abovementioned offices in Nigeria with evidence of payment of a non-refundable fee of NGN 25,000.00 (Twenty-Five Thousand Naira. Payment made through the Nigerian office should be to Road Sector Development Team (Tenders Fee Account) with the Central Bank of Nigeria, while payment through the Cameroon office should be through the public treasury. 6. The provisions in the Instructions to Bidders and in the General Conditions of Contract are the provisions of the African Development Bank Standard Bidding Document: Procurement of Goods or Procurement of Works. 7. Bids must be delivered to the office of Unit Manager, Road Sector Development Team, No. 6 Niagara Close off Erie Crescent, Maitama, Abuja, Nigeria, on or before 12:00 hours local time, Monday,23 April, 2018and must be accompanied by a bid security of 5,000,000.00 (Five Million Naira) per lot 8. Bids will be opened in the presence of bidders' representatives who choose to attend at 12:15 hours local time on Monday, 23 April, 2018 at the offices of Road Sector Development Team, No. 6 Niagara Close, off Erie Crescent, Maitama, Abuja, Nigeria.
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Investment One Lists 10 Investment Options in Nigeria Investment One, a leading financial services group in Nigeria, has released a detailed list of 10 profitable investment vehicles for discerning investors planning to invest in Nigeria. The 10 investment opportunities that are profiled in the report are treasury bills, commercial papers, sovereign bonds, state bonds, corporate bonds, Eurobonds and equities. Others are mutual funds, real estate and venture capital.
In the report, the investment firm also highlighted financial trends in the Nigerian economy, noting, “2017 was reflective of a significant improvement in Nigeria’s oil sector. This led to the country’s exit from a recession, a boost in foreign exchange (FX) availability and an increase in foreign investor participation in the nation’s capital markets.� Speaking on the report, Managing Director of Invest-
ment One, Nicholas Nyamali, said: “In Nigeria, there are lots of investment opportunities to benefit from. I believe that knowledge about investing should not be limited to a select few. Everyone deserves to know about investment opportunities that exist in this day and age.� In reference to equities, the investment firm stated that equity markets are subject to volatilities in the short term
and therefore advised investors to take a long-term view to investing in equities with a preference for fundamentally sound quality names. The report also advised smallscale investors to look toward the potential in the government bonds. However, in the section on sovereign bonds, the report cautioned that, “Given the backing of the Federal Government; fixed income instruments are default risk-free but are subject
to interest rate risk.� Besides, the report listed a step-by-step process of how a potential investor can open an investment account, to take advantage of the opportunities listed therein, remarking that intending investors are not only advised on what to invest in, but also how to practically do so. The Investment One Top 10 Report can be downloaded from www.investment-one.
com/top10. Investment One Financial Services was founded in 2007 as GTB Asset Management Limited, a subsidiary of Guaranty Trust Bank (GTBank). Following a management buy-out in 2011, the company’s name was changed to Investment One Financial Services. Investment One provides market insight and financial solutions to help clients to achieve their investment goals.
Visionscape: Lagos Waste Condition Ogun Cargo Airport: Akinola Commends Amosun for Compensating Landowners to Improve by Easter Peter Uzoho Environmental Waste Management company, Visionscape Saniation Solutions (VSS), has assured residents of Lagos state that the current waste situation will witness remarkable improvement by Easter this year. Speaking in Lagos at an interactive session with journalists over the weekend, Head, Corporate Communications, Visionscape, Motunrayo Elias, said over 100 private support partners (PSP) operators have joined the company to aid speedy waste collection and disposal in the state. “Our plan is to service all the residential areas in the streets of Lagos state. We have a lot of black spots or illegal dump sites in the states. We want to clear all the black spots before moving into the residential areas,� she said.
Elias added: “So I say by Easter time there would definitely be a difference in the streets. I think that there is a difference as it is already. There would be a marked improvement before the end of March.� She also noted that Visionscape was embarking on an advocacy programme at the grassroots level to help them understand the proper way of waste disposal. Also disclosing some other progress recorded by the company, Director of Operations, Visionscape, Mr. Kiran Reddy, revealed that the company had cleared 2000 out of about 5000 illegal dumpsites (blackspots) identified in the state. He explained that the blackspots were found during a baseline study of the state which necessitated the company’s blackspot intervention programme, noting that the programme had moved to
door-to-door collection of waste across streets in the state. “We found out approximately 5000 black spots which weighed from five tonnes to 150 tonnes and we have cleared up approximately 2000 black spots by ourselves. Enormous work has been done, not just with Visionscape vehicles. We 50 rented trucks, used pay loaders just to clean these dumpsites�, he said. He noted that the remaining 3, 000 blackspots identified were currently being worked on, and urged residents to refrain from burning their refuse, but to bag them properly. On his part, the Chief Operations Officer, Visionscape, Mr. Thomas Forgacs, disclosed that over 15,000 bins made up of 10,000 bins of 240 litres and 5,000 bins of 1.1 cubic litres had already been deployed across streets in the state.
A frontline leader in Wasinmi, Ewekoro Local Government Area of Ogun State, Mr. Bolaji Akinola, has commended the Governor of the State, Senator Ibikunle Amosun for compensating land owners in the areas earmarked for the proposed Ogun Cargo Airport. Akinola said that the proposed cargo airport will contribute immensely to the economic development of the state and Nigeria as a whole as several businesses will spring up from it. Akinola, who is a maritime expert, said: “There are different modes of transport, and each mode has its own benefits and drawbacks. Airfreight is often used for high value and low volume shipments. “Cargo airports provide fast and highly reliable means of moving high value cargoes quickly and reliably across the world. It is also a highly reliable means of transportation.
“The proximity of Ogun State to Lagos and the rapid transformation of Ogun into an industrial hub make the proposed cargo airport imperative, desirable and worthwhile.� He said the construction phase and eventual operation of the airport will provide more than 100,000 jobs to indigenes of the state. Akinola also commended the Ogun State Government for recording another giant stride with the successful hosting of the Ogun Investors’ Forum. The forum, which was held on March 20 and 21 at the Ogun State Cultural Centre, Kuto, Abeokuta, was attended by Vice President Yemi Osinbajo, the Minister of Finance, Mrs. Kemi Adeosun, other top government functionaries and captains of industries from various parts of the world. Speaking on the sidelines of the event on Tuesday in Abeokuta, Akinola said the
forum, which is in its fourth edition, will consolidate the investment drive of the Amosun administration. Amosun is an astute manager of human and material resources. He’s a leader with unparalleled vision and an impressive investment drive, and has ensured the provision of an enabling business environment. “Without any doubt, the present administration has given confidence to potential investors. Truly Ogun is open for business,� he said. According to Akinola, Amosun has boosted the state’s internally generated revenue from a paltry N730 million monthly at the inception of his administration to N7billion monthly. Amosun’s vision, according to him, has led to an improved ranking of the state in the ease of doing business from 35th to fourth in the country, making Ogun the “21st Century Industrial Hub� of Nigeria.
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NCC Partners Edo State on Smart City Devt Emma Okonji The government of Edo State is collaborating with the Nigerian Communications Commission (NCC) on smart city development for the state. The partners have reaffirmed their commitment to working together to improve access to telecoms infrastructure and provide citizens of Edo State with world class telecoms and ICT facilities. This commitment was made during a meeting between the Executive Governor of Edo State, Mr. Godwin Obaseki and the NCC, led by the Executive Commissioner for Stakeholder Management at NCC, Mr. Sunday Dare, which was held at the NCC headquarters recently. Dare who commended the forward-looking policies of the governor, assured him of the NCC’s readiness to support the achievement of the ICT aspirations of the state through the deployment of fiber infrastructure under the Commission’s InfraCo project and interventions by the Universal Service Provision Fund (USPF). He noted that the NCC is aggressively driving accessibility to telecoms networks at all nooks and crannies of the federation. He however expressed regret over multiple taxes and regulation in some states of the federation, which he said, is counter-productive for the states because they end up losing substantial revenues and developmental opportunities which could have been stimulated with the presence of telecoms infrastructure. He assured the governor that NCC would remain keen to partner the state to achieve win-win solutions in the overall interests of the good people of Edo State. In his remarks, the governor noted that the Edo State Government is focused on exploring non-oil resources and has therefore articulated developmental priorities focusing on creating a sense of order and a sense of security, safety and stability necessary to attract requisite investments to develop the state. Since its developmental goals rely on the seamless availability of telecoms/ICT infrastructure, Edo State is passionate about the need to attract robust telecoms infrastructure to drive manufacturing, education and other socio-economic activities. As an example of the state’s forward-looking approach, the Obaseki noted that Edo State had always made provision for shared fiber ducts in its road projects and looks forward to engaging with NCC and operators to agree on fiber deployment projects and routes as necessary. During the meeting, the Executive Secretary of the USPF, Mr. Ayuba Shuaibu confirmed that the USPF has evaluated and agreed to support the College of Education in Benin City and the Institute of Continuing Education in Abudu, Edo State with a grant to establish a computer laboratory and provide optic fiber connectivity to the institutions.
Tambuwal: Four Million Residents in Danger as Goronyo Dam Shrinks Governor Aminu Waziri Tambuwal of Sokoto State has urged stakeholders to work together to tackle the problem of water shortage at Goronyo dam, whose level has shrunk by almost 90per cent. The dam serves as the primary source of water for close to four million people in Sokoto and Kebbi states in the North West
of the country. It is for domestic use and irrigation purposes in the two affected states. Speaking when he led officials on an inspection visit to the dam, Tambuwal said the depletion of the dam’s water level was alarming. “The reservoir of Goronyo Dam was constructed to hold
one billion cubic meter of water but as we’ve seen today, the water in it is just about 100 million cubic meters. “This has resulted in inadequate supply of water to our water board and in effect, we had to resort to rationing water to the people. “Our farmers are also suffering because output from this year’s dry season farming will invariably be affected.
“We are urging all stakeholders, especially the Federal Government, to take the lead in rescuing this important dam considering the number of people that rely on its water for domestic use and income purposes,� he added. Conducting the governor round the dam site, Managing Director of Sokoto Rima River Basin Development Authority,
Buhari Bature, said the depletion was the worst seen in the dam in over 25 years. He attributed the problem to shortage of rainfall in 2017, climate change and lack of desilting of the dam. He said the problem has affected water supply to water board and irrigation farming in Sokoto and Kebbi states.
Vodacom Trains Next Generation on Internet of Things Emma Okonji In order to further technological development in the education sector and among the next generation, Vodacom Business Nigeria has organised a robotics
training session for thirty-six young students from the S.S. Peter & Paul Nursery and Primary School. Loving Gaze, an independent non-profit organisation that serves the underprivileged communities
in Lagos State, runs the school. The young students, aged between eight and 10, through a practical course on robotics, were given the opportunity to learn about the integration of the Internet of things (IoT) in
robotics and its growing relevance in various areas of modern life. The students were taught how to build, program and control robots, drones and other artificial intelligence. This demonstrated the essential nature of technology
in various aspects of everyday life, including securing lives and property. As a practical demonstration of this, students were shown how drones could be used for a wide range of services in today’s world.
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A view of Lagos ďŹ nancial district
AKINWUNMI IBRAHIM
Impact of Power Supply on Nigeria’s GDP Obinna Chima The attainment of improved power supply to both households and firms in the country can add at least two per cent to the growth of Nigeria’s annual Gross Domestic Product (GDP), a report by Lagos-based FBNQuest has stated. The investment bank noted that the shortage of power supply in the country had continued to make efficient business operations in the country extremely difficult, thereby stifling economic growth. Although power generation capacity from the grid has peaked at about 7,000 megawatts (MW), distribution capacity is still at about 5,000MW. The FGN currently estimates national energy demand at 22,230 MW. Based on industry sources, the federal government has secured a US$486 million from the World Bank as funding for the expansion of the Transmission Company of Nigeria (TCN). Initially, the TCN had secured US$1.55billion in funding from multilateral donor agencies for the same purpose. But analysts at FBNQuest stated that it wasstill unclear if the recently secured US$486 million was part of the previous funding received from donor agencies or an additional credit line. “If the latter is the case, we see it as a positive, given that the FGN targets a wheeling capacity of 20,000MW from the transmission grid over the next four years,� they added. According to the most recent data from the federal ministry of power, works and housing, peak generation was 4,780MWlast Monday. Its lowest generation on the same day was 3,945MW. “We understand that at least 40 per centof most business operating costs is allocated to self-generation of energy. A survey carried out by the Manufacturers Association of Nigeria revealed that N130billion was spent on selfgenerated energy in 2016. “There is growing interest around off-grid solutions. Official thinking on power now includes developing alternative energy sources. The 700MW Zungeru hydro power plant project in Niger state is now 45 per cent complete. “Besides increased energy generation, the completion of this project will boost economic activity via job creation for the host communities. “Based on our estimates, if ‘full power’ is attained and made routinely available to businesses and households, it could add at least two percentage points to annual GDP growth,� they added.
Forex Market Meanwhile, in line with trend, the CBN continued its weekly interventions last week as it pumped in a total of $549.89 million into the market during the week.
MARKET INDICATOR A breakdown of this showed that while the banking sector regulator earlier in the week, injected US$210 million viaits wholesale special interventionsauctions with the aim of maintaining stability across the different segments of the market, it sold another $339.89 million in the Retail Secondary Market Intervention Sales (SMIS). Against this backdrop, rates traded flattish within tight bands all week. The CBN spot rate opened the week at N305.70/US$1 and remained unchanged throughout the week. At the parallel market, the naira appreciated N1 at the start of the week to close at N362/ US$1 and traded at similar level all week. At the Investors’ and Exporters’ (I & E) window, the NAFEX rate opened at preceding Friday’s close (N360.16/US$1) and traded flat till mid-week before appreciating to N360/US$1 on Friday. Activity level in the I & E window stood at $835.97 million as of Friday. In the FMDQ OTC futures market, the total value of open contracts of the Naira settled OTC futures strengthened by US$198.9 million, indicative of a 2.8 per cent week-on-week expansion to US$3.6 billion. The most subscribed was the APR-2018 instrument with total market value of US$659.9m (contract price: N360.59) while the JAN-2019 instrument was the least subscribed with a total market value of US$47.5 million (contract price: N361.94). MAR-2018 instrument will be maturing next week and in line with the trend, we expect the instrument to be replaced with a new contract. The acting Director in charge of Corporate Communications, CBN, Mr. Isaac Okorafor stated that feedback from the wholesale and retail segments of the forex market showed that customers were satisfied with their level of access to forex. He also assured Nigerians that the recent confirmation of Deputy Governors and Monetary Policy Committee (MPC) nominees by the Senate will further spur the Bank towards taking sound decisions needed for economic development. Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market yesterday. Nigeria’s external reserves recently hit a five-year high of $46 billion, representing an increase of 18 per cent or $7 billion over the country’s reserves figure of $38.912 billion as of January 2, 2018. It has also significantly surpassed the $40 billion target for 2018 announced by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, last November, and is expected to inch up to $50 billion in the next few months.
Okorafor said the accretion of the country’s reserves was a result of the central bank’s continuous effort at vigorously discouraging unnecessary imports and reducing the nation’s import bill, inflows from oil and non-oil exports, as well as the huge inflows through the investors’ and exporters’ window of the foreign exchange market, which, he said, had attracted over $33 billion since April 2017, when it was created. According to him, the CBN’s interventions in the forex window also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade. Okorafor also noted that the CBN policy restricting access to forex from Nigeria’s forex market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves and boosted the supply of local substitutes for imported goods, created jobs at home, and enhanced the incomes of farmers and local manufacturers. Also, analysts at Afrinvest Securities Limited stated: “In the near term, we expect rates to continue trading within tight bands as we remain confident of the central bank’s ability to sustainforex interventions, considering sustained increase in external reserves and strong autonomous capital inflows.�
Interbank Rate However, in the money market lastweek, the open buy back (OBB) andovernight (OVN) rates fell week-on-week as system liquidity improved towards the end of the week followingopen market operations (OMO)treasury bills maturities which hit the system. At the start of the week, OBB and OVN rates rose 10.7 percentage points and 12.1 percentage points to settle at 22.5 per cent and 25 per centrespectively (from 11.8 per cent and 12.9 per cent recorded the prior week) as the impact of CBN OMO auction and weekly foreign exchange (forex)intervention offset N87 billion bond coupon payment. According to a report by Afrinvest Securities Limited, at the OMO auction, the CBN issued 101-day and 227-day instruments at 12.6 per centand 14.4 per cent respectively. But on Tuesday, the OBB and OVN rates increased 7.5 percentage pointsand 7.3 percentage points to 30 per cent and 32.3 per cent respectively, attributable to a further squeeze in system liquidity which opened at N45.1 billion. The trend reversed mid-week as the OBB and OVN rates moderated 10percentage points and 10.2percentage points to close at 20 per cent and 22.1 per cent. This was sustained till Thursday as rates further eased to at 6.8 per cent (OBB) and 8.1 per cent (OVN), attributable to improvement
in system liquidity due to N151.1 billion OMO auction and N107.9 billion treasurybills maturities which hit the system. OBB and OVN rates closed the week at 6.8 per cent and 8.1 per cent, five per cent and 4.8 per cent lower week-on-week respectively. However, performance in the treasury bills market was largely bullish as average rate across tenors traded lower on three of the five trading days. The week started on a relatively flat note although average rate across benchmark tenors declined two basis points to 13.9 per cent. Rates remained flat midweek even as the CBN carried out a Primary Market Auction (PMA) during the week. The 182-day instrument was the only undersubscribed and under allotted instrument in the auction. Average T-bills rate closed the week at 13.6 per cent, down one basis point week-on-week. “In the coming week, N140 billion of OMO bills will be maturing. Our short-term outlook for T-bills remains bullish against the backdrop of relatively lower federal government domestic borrowings and CBN policy easing bias,� they predicted.
Bond Market Review The performance of the domestic bond market was largely flattish lastweek as average yield across tenors closed at a similar level to prior week. Yields fell by a marginal two basis points week-on-week to close at 13.5per cent. On Wednesday, the DMO held its monthly Bond Primary Market Auction (PMA). At the auction, the 5-year 14.5% JUL 2021 and 10-year 13.98% FEB 2028 bonds were reopened while a near 10-year 13.53% MAR 2025 bond was offered. In line with expectation, demand for the longer dated 10-year instrument was stronger in anticipation of further moderation in the interest rate environment. The 10-year 13.98% FEB 2028 instrument received the highest subscription, 3.3 times the amount offered (amount offered: N30 billion, subscription: N98.8 billion, allotment: N10 billion and marginal rate: 13.6%). Investor sentiment towards the 5-year 14.5% JUL 2021 instrument was also positive with a subscription of 1.9x (amount offered: N10 billion, subscription: N18.9 billion, allotment: N10.1 billion and marginal rate: 13.4%). However, the 7-year new issue which was allotted at a marginal rate of 13.5% was undersubscribed as the total subscription of N25.2billion was below N30 billion offered. Marginal rates of the 5-Year and 10-Year bonds were 30 basis points and 38 basis points lower than February auction.
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Arik Gives Free Tickets to Customers, Begins PH Flights from MMA2 Chinedu Eze It is a new dawn for Nigeria’s major carrier, Arik Air as it relocates its Lagos to Port Harcourt operations from the General Aviation Terminal (GAT) of the Murtala Muhammed International Airport (MMA), Lagos to the modern, state of the art domestic terminal, known as MMA2. The airline said the choice
of MMA2 for its Port Harcourt flights was for its passengers to enjoy the comfort of the new terminal as well to reduce pressure on GAT where it is still processing other domestic destinations. Since the past 10 years, Bi-Courtney Aviation Services Limited (BASL) and Arik Air management had been at loggerheads over the relocation of the airline’s operations to MMA2.
So the relocation marks the end of the disagreement and opens new opportunity for business partnership, as the airline would benefit from the efficient services of the terminal, while BASL would gain from Arik Air’s well-known huge passenger traffic to Port Harcourt. At a brief ceremony to mark the maiden schedule flight operation from the new terminal, representative of BASL, who is
also the public relations manager at MMA2, Mr. Steve Omolale, said the commencement of Arik Air operations from the terminal is one of the greatest achievements of BASL this year. While assuring travellers and the airline of safety in all operations, Omolale said the terminal has all the facilities to accommodate all domestic airlines, adding that already, six are operating from the terminal.
“This is a facility that will make your passengers feel safe and secure, this is a terminal where you have modern facilities, we spend millions of naira in maintaining the terminal every month and we say we have the facilities to accommodate more airlines. “We assure you of the best services you can ever think of and of the sustenance of the high standards in this facility�,
he said. Also speaking Vice President, Arik Air ground operations, Mr. Murat Ozcan, commended the efforts of BASL at putting such edifice which meets standard airport terminal anywhere in the world, adding that the airline was happy to commence part of its operations from the terminal and it is looking forward to good partnership with the management of BASL.
NAMA to Install Critical Navigational Infrastructure Chinedu Eze The Nigerian Airspace Management Agency (NAMA) plans to embark on aggressive deployment of communication, navigation and surveillance (CNS) infrastructure in the next one year to further boost the safety of air travel in the country. The agency said it has put in place arrangements for the installation of Category 3A Instrument Landing Systems (ILS) at the Lagos and Abuja Airports. This was disclosed by the Managing Director of the agency, Captain Fola Akinkuotu, while fielding questions from journalists at a Gateway Forum organised by the League of Airport and Aviation Correspondents (LAAC) in Lagos. Akinkuotu said the deployment of the above hi-tech navigational equipment would ensure that aircraft can land in zero-zero visibility given the adverse weather at certain times within the year. The NAMA boss, who recently clocked one year in office listed some of his achievements to include installation of communication radios in strategic areas in the country as well as upgrade of
existing ones, deployment of ILS and other navigational aids across the country. He also revealed that a brand new ILS and a Doppler Very High Frequency Omnidirectional Range (DVOR) have been installed and calibrated in Kano. Other areas of progress, according to the NAMA boss include improvement in Air Traffic Control (ATC) capacity through training and retraining of critical personnel and others, addressing depleting ATC manpower, enhanced staff welfare through implementation of harmonisation of salaries and the signing of new condition of service which is awaiting approval by government. On critical projects to be embarked upon by his administration in the next one year, Akinkuotu said although the issue of Aeronautical Information Services Automation by the agency has dragged on since 2009, his administration was determined to see to its completion so that NAMA could migrate to Aeronautical Information Management (AIM) in view of all the deliverables that would accrue to the agency, adding that his management would also upgrade the Total Radar Coverage of Nigeria
Nigeria Still Behind in Agriculture Technology Devt Assistant Country Project Manager, Aviana Agritech Service, Segun Makanjuola, has said that Nigeria is still lagging behind in agriculture technology development. Speaking at a press conference in Lagos recently on the Aviana Nigeria International Expo 2018, Makanjuola said agriculture was being practiced technologically for better results in other countries. He said: “Some of us that have travelled round the globe have seen the way agriculture is practiced technologically. We need to import these ideas and technology, to blend with our traditional competence. Because when we begin to do things the right way, it shortens time for good result. When we make little or no mistakes, we get better result in a short while. “Before the boost of the commercialisation of agriculture started, hoes and cutlasses,
do little. Now with improved technology, tractors come in what we can plough one hour with a tractor, 100 people will not do it with their hoes and cutlasses�. According to him, over time, security of the country has been an issue but a lot of programmes still thrive and people are missing opportunities because Nigeria has potential in agric businesses. Aviana Assistant Country Project Manager said: “The expo is in partnership with Fishery Society of Nigeria, Poultry Association of Nigeria, feed mills manufacturers association of Nigeria, Crop life Nigeria, Catfish Association of Nigeria, ECOWAS Farmers Association of West Africa, all Farmers Association of Nigeria, Animal Science Association of Nigeria. Also, it has Premier Feed Mill, the producers of Top feeds brand and Olam group, the producers of chicken and aqualis feeds.
DISCOURSE ON HUMAN RIGHTS
L-R: Vice Chancellor, Redeemer’s University, Prof. Debo Z. Adeyewa; Unity Bank’s Regional Manager for South-West, Mrs. Adenike Abimbola; Dean College of Humanities, Redeemer’s University, Prof. (Mrs.) Adeola. O. Adebileje, and Unity Bank’s Branch Manager of Ede, Jelili O. Ayuba, a during Public Lecture on ‘Issues of Human Rights in Nigeria’s Development’ held at the Redeemer’s University in Ede, Osun State‌ recently
Crown Safemasters Enters Market with Fire Suppression Product Raheem Akingbolu To promote a safety environment, one of the leading fire protection services company in the country, Crown Safemasters Limited, has organised a technical session with the Original Equipment Manufacturer (OEM), under the aegis of Nigerian Institution of Electrical and Electronics Engineers (NIEEE), to discuss issues related to safety and fire suppression. The technical session was also used by FirePro, a foreign partner of Crown Safemasters, to introduce Fire Pro Xtinguish. Speaking at the session, the Business Development Manager, FirePro, George Michael, described Fire Pro Xtinguish, as an exciting and new ‘green’
fire suppression product for total flooding applications or any installation where a fire suppression system is needed to protect the contents of a space. He said: “Firepro is non-toxic, with zero ozone depletion and global warming potential. It utilizes an aerosol-forming solid compound to extinguishing fires by inhibiting the chemical chain reactions within the fire itself, breaking the chemical reaction of fire cleanly and efficiently,’’ He stated that while being very powerful, the firepro system installation is uncomplicated and that its maintenance is minimal. ‘’Fireproxtinguish and the HCVR3 Releasing fire Alarm control Panel combine to produce a perfect extinguishing solution for offices, data centers, server
rooms, warehouses, archives, banks, transformer/electrical rooms and more,’’ Also speaking at the event, the Executive Director, Crown Safemasters Nig. Limited, Alex Imegu, said the session was important to introduce the experts within the fold of OEM, who are into product manufacturing and suppression systemto global advancement in the global technological market to promote safety in Nigeria. ‘’We have other suppression solutions today that are not really protecting the environment we so much crave to protect, hence the need to embrace products that can give Nigerians value for their money. For instance, FirePro designs and manufactures flexible, efficient and effective fire
suppression systems with an innovative compound at the core of their technology. The beauty of it all is that FirePro systems are ideal for both traditional and non-conventional applications,’’ he stated. On other ways being used to promote the product, Imegu said the company has consistently collaborated with stakeholders and other organisations for product review and engagement. Reacting on behalf of the Nigerian Institution of Electrical and Electronics Engineers (NIEEE), the Lagos chapter’s Publicity Secretary, Oluseyi Basorun, said the timing of the workshop and the conversations among the stakeholders were important for industry growth and environmental safety.
Truecaller PartnersVConnect to Drive Africa’s Business Emma Okonji Truecaller has announced its partnership with VConnect, Nigeria’s leading business discovery and engagement platform, where Truecaller has integrated VConnect’s Business directory to its app. This allows users to efficiently identify VConnect’s service providers. Last year Truecaller and VCon-
nect launched Truecaller Priority in Nigeria enabling businesses on VConnect to quickly identify if a call is a potential prospect. Many users searching for businesses on VConnect.com, call the numbers mentioned in their profile. These numbers, which are routed through VConnect intermediate numbers, are marked as ‘Priority’ in the Truecaller app. Director, Growth and Partnerships at VConnect
Naveen Luthra, said: “This step of integrating our business listings on Truecaller platform, will further empower SMEs in Nigeria to get more visibility and new customers. This partnership deepens the relationships between two organisations, to bring about digital inclusion of small businesses here.� Truecaller further revealed it will be setting up headquarters in Nairobi and that the newly
recruited Zakaria Hersi as Director of Partnerships for Africa, will be spearheading its expansion in the region where he forges partnerships with various ecosystem players. “I am excited to join Truecaller in such interesting juncture. My aim is to build upon the strong foundation that we have as a brand here and double up the pace of our growth and ambitions in the market.
T H I S D AY ˾ MONDAY MARCH 26, 2018
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BUSINESS/MONEYGUIDE
CBN, NIBSS Promote Launch of Association of Financial Service Innovators Obinna Chima The Nigeria Interbank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN) have thrown their weight behind the launch of the Association of Financial Service Innovators in the country. The association is basically to encourage financial technology (fintechs) that are still at the infancy stage and is expected to drive financial inclusion through the digital platforms. The association is a crossindustry non-profit initiative, intended to be a platform designed to facilitate collaboration between all market participants and stakeholders in the fintech ecosystem. It is designed to be an effective platform for members to engage with multiple stakeholders to find solutions to issues. Members of the association have been working towards
setting up of a sandbox to be held in trust for the fintechs to host their financial assets. Speaking at the launch of the association in Lagos at the weekend, the chief executive, NIBSS, Mr. Ade Shonubi, commended the CBN and the individuals that conceived the idea. According to the NIBSS boss, the initiative would help bring about job creation and innovation in the country’s payment system. “When this idea was muted, the CBN did not have to be part of it. The CBN would have asked them to go do whatever they wanted to do. “But the CBN took an active part because they also see what is going on and that the future, not just for Nigeria, is what we can take out from what is called fintech,� Shonubi explained. On his part, the Deputy Director, Payment System
Department, CBN, Mr. Musa Jimoh, expressed the excitement of the management over the launch of the association. Jimoh explained that the association was created so that start-ups can come together, educate themselves and have a common understanding of what the entire ecosystem needs. “The CBN is also very excited with the kind of developments that have happened with the payment system. “And there are series of innovations that we are being challenged with on daily basis. This is to show that we welcome innovations and new ideas. You don’t need to be a licenced entity to approach the CBN on this. “We hope that at the end of the day this association will be able to help CBN to look beyond what we currently have to take the payment system to a greater height,� he added.
VAIDS Window Closes This Week Nume Ekeghe With less than a week to the end of the period afforded tax debtors to declare their indebtedness by the Voluntary Assets and Income Declaration Scheme (VAIDS), individual and corporate tax debtors have been approaching federal and state tax authorities to seek information on how to declare their previously unpaid taxes before the window shuts on 31 March. The rush, according to the VAIDS office in the Federal Ministry of Finance, is on account of the fact that hidden assets and incomes
have been discovered through the use of data obtained from a variety of sources, including government revenue-collecting agencies, bank verification numbers (BVN), payment platforms, land registries, Securities and Exchange Commission as well as the Corporate Affairs Commission. According to a report, the data showed that lifestyles of many do not match the taxes paid. Those in this category have had nudge letters written to them to come forward and take advantage of the tax amnesty scheme, which gives them the opportunity to spread payment over a maximum three-
year period, and have interests/ penalties waived. “Those who declare will equally escape prosecution, which the government has warned would follow at the closure of the window,�the report added. Speaking on government’s readiness to prosecute tax defaulters, Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, recently said the service has resources to prosecute those who fail to comply under VAIDS. According to Fowler, the agency increased its legal fees in its 2018 Budget in readiness for litigation arising from non-compliance with VAIDS.
Fintech
MARKET INDICATORS MONEY AND CREDIT STATISTICS 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)
Lawmakers Seek Passage of Made-inNigeria Bill Martins IďŹ jeh Some members of the National Assembly have stated that the Made-in-Nigeria Bill currently under deliberation in theSenate will help the country’s local industries and manufacturers to grow their businesses and improve the economy. They said the Bill would, among other things, mean that the government will patronise Made-in-Nigeria products, rather than materials or equipment made outside the country. Stating this, during the Senate Committee on Industry’s oversight function to the IO Furniture in Lagos recently, the lawmakers called on Nigerians to patronise locally made goods.
The Chairman of the Committee, Senator Sam Egwu, said: “Government is the greatest spender of funds, so when that Bill becomes an Act, everything, including furniture made in Nigeria will be bought by government, except such items are not made anywhere in the country.� He commended the Managing Director, IO Furniture, Mrs. Munira Shonibare for growing her business which focuses on local production and urged her to bring her expertise to bear when the National Assembly eventually call for public hearing of the Bill. Shonibare, who welcomed the committee to the corporate office of IO Furniture, said the
policy was a step in the right direction, as this would support made in Nigeria industries, and by extension the economy. She called on the managers of the Nigerian economy to bring down interest rate to drive Nigeria’s quest for industrialisation, noting that the furniture sector has the ability to transform the fortunes of the nation if given the necessary support. “The already burdened sector is faced with myriads of challenges and it lacks the manpower skills required to operate some of the machineries used in most industries in the country, maintaining that there is an urgent need to bridge the dearth of skills gap.
ACCA, CITN Strengthen Partnership Following previously signed MoU between the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Taxation of Nigeria (CITN), the parties held a follow-up meeting recently. The meeting was led by the chief executive of ACCA and thePresident, CITN, Dr. Ede Ikemefuna. According to a statement, Ikemefuna expressed delight with the development of the relationship following the MoU signing and the unveiling of the partnership last November. The scope of relationship between both parties will cater
for all members of CITN through the Continuous Professional Training Programmes (CPTP) and exemptions through accreditation of CITN programme. The partnership provides support for the development of the local tax variant and helping CITN members including non-accountants to acquire qualification through various pathways and support the capacity building for its members. In her opening remarks, Brand said: “ACCA has established alliances with other professional bodies around the world and it is willing to contribute to the development of coherent tax
systems by collaborating with government and agencies to put tax cooperation ahead of tax competition in Nigeria. This partnership is considerate of the diversity of the institute� Potential areas for collaboration include policy and research as well as ACCA/IFAC research, which highlights importance of cross-border collaborations. The Partner & Head of Tax, PwC and ACCA Council member, Taiwo Oyedele, who was also present at the meeting expressed his pleasure at the progress made and hoped the benefits can be fast racked across sub-Saharan Africa for ACCA.
(MILLION NAIRA)
AUGUST 2017
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 TUESDAY MARCH 20, 2018
The price of OPEC basket of fourteen crudes stood at $66.19 a barrel on Thursday, compared with $65.39 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
Capital Reconstruction: NSE Halts Trading in Prestige Assurance Shares Goddy Egene The Nigerian Stock Exchange (NSE) last Friday placed the shares of Prestige Assurance Plc on full suspension to enable the Company’s Registrars update the register of shareholders for the planned share capital reconstruction of the company. This implies that there will not be trading in the shares of the insurance firm for now. Prestige
Assurance had last year made an application to the NSE for a “No Objection� to its proposal to reduce the company’s share capital from N2, 685,216,000 being 5,370,432,000 ordinary shares of 50 kobo each to N1, 908,705,000 being 3,817,410,000 ordinary shares of 50 kobo each in the issued and fully paid up ordinary shares of the Company. According to the company, the share capital so reduced
P R I C E S MAIN BOARD
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will be applied in writing off the capital of the company which is lost or unrepresented by available assets. Prestige Assurance had explained that the essence of the capital reconstruction was to enable it wipe out its accumulated retained losses of N776, 511,000. It added that the reconstruction will reposition the company on a trajectory for
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MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
subsequent accumulated retained profit, create more value to its shareholders, allow the company to declare dividend and improve its perception in the market thereby making it more competitive. The management of Prestige Assurance Plc late last year told the capital market community of strategic initiatives being taken that would ensure sustained growth over the next
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five years. According to the company’s forecasts, pre-tax profit is expected to rise to N877 million by the end of 2017 and thereafter rise consecutively to N8.08 billion by 2021. Profit after tax is expected to increase to N596 million in 2017 and N2.09 billion in 2021. Chief Financial Officer, Prestige Assurance Plc, Mr. Oluwadare Emmanuel, said
O F
the company’s strategic growth plan focused on prompt payment of claims to customers and dividend payment to shareholders. He disclosed that the company has restructured its balance sheet in order to be able to make dividend payments while it has implemented many digital transformation initiatives and robust software to ensure prompt claims payment.
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QUANTITY TRADED
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MARKET NEWS
Okomu Oil Palm Raises Dividend by 100% to 300k for 2017 Okomu Oil Palm Plc has announced a dividend of 300kobo per share for the year ended December 31, 2017, showing an increase of 100per cent compared with 150 kobo paid the previous year. Although details of the audited financial results could not obtained, the company in a filing with the Nigerian Stock Exchange (NSE) said the dividend would be paid on June 25 to shareholders whose names are on the registrar
of the as at May 15, 2018. The company had in the company posted a revenue of N14.365 billion, showing an increase of 47 per cent over N9.738 billion. Finance income improved from N43 million in 2015 to N291 million, while finance cost equally surged from N429 million to N1.340 billion. Profit before tax (PBT) jumped by 103 per cent from N2.898 billion to N5.906 billion, while profit after
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
tax (PAT) rose by 84 per cent to N4.910 billion, from N2.659 billion in 2015. In terms of efficiency measured by profit margin, Okomu Oil Palm did well as net profit margin improved from 27.3 per cent in 2015 to 34.1 per cent in 2016. Based on the improved results, the company declared a dividend of N1.43 billion, which translates to 150 kobo per share.
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 22-Mar-2018, unless otherwise stated.
The company consolidated on the 2016 performance during the first quarter (Q1) ended March 31, 2017. Revenue stood at N5.896 billion in Q1 of 2017, up from N3.326 billion, cost of sale jumped from N529.775 million to N1.264billion. Despite the jump in cost of sale, gross profit improved significantly from N2.796 billion to N4.632 billion, while profit after tax
rose to N3.069 billion, showing a growth of 92 per cent above the N1.595 billion in the corresponding period of 2016. Looking at 2017 Q1 performance, FBN Quest said sales grew by 77 per cent to N5.9 billion, PBT grew by 108 per cent to N3.4 billion while PAT of N3.1 billion advanced by 92 per cent. “Although gross margin contracted by
-551bps to 78.6 per cent and operating expenses increased by 11 per cent, these negatives were more than offset by the strong sales growth, and to a lesser extent, a 94 per cent y/y decline in net finance costs leading to the strong bottom line. PAT growth was softer due to an effective tax rate of 9.6 per cent compared with 2.4 per cent in the corresponding quarter of 2016,” they said.
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 187.66 188.39 5.58% Nigeria International Debt Fund 241.64 242.38 4.44% 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 0.87 4.56% ACAP Income Funds 0.63 0.63 4.68% 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 15.55% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 19.67 20.26 7.64% ARM Discovery Fund 415.32 427.84 6.75% ARM Ethical Fund 28.60 29.47 4.69% ARM Money Market Fund 1.00 1.00 15.26% 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 162.51 163.65 7.13% AXA Mansard Money Market Fund 1.00 1.00 15.16% 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 14.95% Paramount Equity Fund 12.66 13.00 2.48% Women's Investment Fund 103.17 105.81 2.52% 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 N/A N/A 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 15.64% Coronation Balanced Fund 1.12 1.13 6.07% Coronation Fixed Income Fund 1.09 1.13 5.65% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,195.40 1,196.57 4.14% FBN Heritage Fund 147.23 148.58 5.63% FBN Money Market Fund 100.00 100.00 15.10% FBN Nigeria Eurobond (USD) Fund - Institutional $114.87 $115.32 1.69% FBN Nigeria Eurobond (USD) Fund - Retail $114.90 $115.34 1.81% FBN Nigeria Smart Beta Equity Fund 177.66 180.41 10.45% 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 1.38 1.41 5.94% Legacy Debt Fund 2.97 2.97 3.07% 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 3,129.81 3,162.86 4.85% Coral Income Fund 2,549.64 2,549.64 4.21% 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 12.18% 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 14.98% Vantage Balanced Fund 2.18 2.21 3.45% Vantage Guaranteed Income Fund 1.00 1.00 16.42% Kedari Investment Fund (KIF) 118.27 118.63 2.83%
LOTUS CAPITAL LTD fincon@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 1.16 1.19 1.22% Lotus Halal Fixed Income Fund 1,061.44 1,061.44 2.93% 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 16.33 16.48 15.85% Meristem Money Market Fund 10.00 10.00 14.17% 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 1.31 1.33 9.85% PACAM Fixed Income Fund 11.46 11.50 3.71% PACAM Money Market Fund 10.00 10.00 13.46% 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 142.28 144.78 10.48% 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 1.53 1.53 3.36% 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 2,362.60 2,382.04 5.33% Stanbic IBTC Bond Fund 180.43 180.43 2.26% Stanbic IBTC Ethical Fund 1.07 1.09 6.93% Stanbic IBTC Guaranteed Investment Fund 229.17 229.26 4.07% Stanbic IBTC Iman Fund 192.51 194.67 7.49% Stanbic IBTC Money Market Fund 100.00 100.00 14.79% Stanbic IBTC Nigerian Equity Fund 10,280.89 10,421.59 6.32% Stanbic IBTC Dollar Fund (USD) 1.08 1.08 1.89% 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 1.34 1.36 0.73% United Capital Bond Fund 1.61 1.61 3.02% United Capital Equity Fund 1.01 1.03 9.94% United Capital Money Market Fund 1.00 1.00 13.58% United Capital Eurobond Fund 104.85 104.85 1.90% United Capital Wealth for Women Fund 1.12 1.13 3.10% 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 13.31 13.51 5.83% Zenith Ethical Fund 13.97 14.14 5.59% Zenith Income Fund 19.67 19.67 3.98% Zenith Money Market Fund 1.00 1.00 13.50%
REITS NAV Per Share
Yield / T-Rtn
10.00 134.17
-11.35% 1.29%
Bid Price
Offer Price
Yield / T-Rtn
12.44 158.67 118.31
12.54 162.08 120.53
2.63% 11.10% 8.30%
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 Griffin 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
5.19 9.66 19.00 22.50 155.36
5.23 9.74 19.10 22.70 157.36
9.43% 0.92% 6.94% 14.29% 4.54%
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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MILAN INDUSTRIES LIMITED {IN – RECEIVERSHIP}
& 2 5HFHLYHU 0DQDJHU¶V 2I¿FH House 192A&B, Isale Eko Avenue, Dolphin Estate, Ikoyi, Lagos. Tel: 0909 – 4444 – 470; 0909 – 2222 – 270
Our attention has been drawn to advertorials in various Newspapers by one DODCO SERVICES LTD. purporting to be the Company Secretary of MILAN INDUSTRIES LTD., and other reports circulating in the media to the effect that MILAN INDUSTRIES LTD. is no longer in receivership. We hereby urge the discerning members of the PUBLIC to ignore such assertions, as they are untrue. While we do not wish to join issues with the peddlers of such palpably false statements, it is necessary for us to state our position in order to set the records straight and for the PUBLIC not to be misled. MILAN INDUSTRIES LTD. went into receivership pursuant to a Mortgage Debenture created over the assets of the company, particularly the Hotel in question, as security for the indebtedness of the company, which had fallen due and was not repaid. The debenture and the appointment of receiver/ manager were duly registered at the Corporate Affairs Commission, Abuja. Following the appointment, the Bank applied to the Court for protection of the receiver/manager in executing his duties. Even though it struck out our suit for perceived procedural irregularities, the &RXUW XSKHOG RXU FODLP WKDW WKH GHEW LV GXH IRU SD\PHQW DQG DI¿UPHG ZLWKRXW DQ\ HTXLYRFDWLRQ whatsoever, the Bank’s right to appoint the receiver/manager. We emphasize that, contrary to the falsehood being peddled, the Court did not annul the appointment of the receiver/manager, who remains ¿UPO\ LQ FRQWURO RI WKH DVVHWV RI WKH FRPSDQ\ LQFOXGLQJ WKH +RWHO It is important to state that since the debt was secured out of Court and the receiver/manager was appointed out of Court, the proceedings, which merely sought the protection of the Court prior to takeover by the receiver/manager, became academic after the successful takeover of the Hotel. Be WKDW DV LW PD\ DQG IRU WKH VDNH RI JRRG 2UGHU RXU ODZ\HUV KDYH ¿OHG WKH UHTXLVLWH $SSHOODWH DQG interlocutory processes to rectify the anomaly. An entity, which owes is responsibly expected to own up to and pay up its debt and not to play to the gallery by parading an empty victory, which cannot under any guise obliterate its enormous debts. )RU WKH EHQH¿W RI WKH GLVFHUQLQJ PUBLIC, we would be glad to countenance any evidence of the payment of the massive debt or any semblance of a genuine attempt to liquidate the same. MILAN INDUSTRIES LTD. {LAGOS CONTINENTAL HOTEL} remains in receivership. D Dated this 26TH day of MARCH, 2018
GEORGE C RU ESQ C. DUR DURU ESQ., FOR: MILAN INDUSTRIES LIMITED {in – receivership}
T H I S D AY ˾ MONDAY MARCH 26, 2018
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CITYSTRINGS
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×
Anambra First Lady Unites Families David-Chyddy Eleke recounts the outpouring of emotions when the wife of Anambra governor, Mrs. Ebelechukwu Obiano, reunited 11 hitherto mentally ill persons with their families
Wife of Anambra State governor, Mrs. Ebelechukwu Obiano (3rd right) having a light banter with some of the discharged 11 inmates from the Nteje Rehabilitation Centre, Anambra State...recently
Wife of Anambra State governor, Mrs. Ebelechukwu Obiano (1st left) presenting a sewing machine and other items to Mrs. Rose Anene (3rd left), during the discharge of 11 inmates from the Nteje Rehabilitation Centre, Anambra State‌recently
I
t was a normal event for the reuniting of 11 mentally ill persons who had regained their sanity and reunited with their families, after they were treated at the Nteje Rehabilitation Centre by the Caring Family Enhancement Initiative(CAFE), an NGO owned by the wife of the Anambra State governor, Mrs. Ebelechukwu Obiano. Families of most of the patients who had come to pick up their loved ones were all happy, but the happiness of one of the families, which culminated in tears of joy was overwhelming. It was the Anenes, an Awka family from Umudioka, who were also at the event to collect their mother, Mrs. Roseline Anene.
First to speak during the turn of the Anenes was Mr. Chukwudi Anene, a 45 years old business man, and first son of the Ma Anene.
We give God Almighty all the glory for the recovery of the 11 inmates we are discharging today especially the remarkable case of our sister Rose
He told the crowd that his mother had been missing since 38 years ago, and had been declared dead, as there was no hope of ever finding her alive again. He recounted that several searches during the early days of her disappearance proved abortive, just as he stated that he and his four other siblings, of which he was the eldest were young then. Enquiries by THISDAY showed that her disappearance hastened the death of their father who couldn't bear her absence. If the family was pained by the disappearance of their mother, their father's death made everything worse. "We were all made orphans at a very tender age, but today, through the help of the wife of the governor
of Anambra State, I can now proudly proclaim that I am among people who have mothers," he cried, drawing tears from the eyes of everyone around. Her second child and first daughter, Mrs. Ifeyinwa Uzoezie, a business woman, wife and mother said she barely knew her mother, as she was very young when she disappeared. She added in tears that she and her siblings had counted themselves out of people who had a mother until a week ago, "when officials of Anambra State government brought this woman, saying that she had been with them in a rehabilitation centre and later confessed that she was from Awka. Though we didn't know her very well because we were young
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CITYSTRINGS
Wife of Anambra State governor, Mrs. Ebelechukwu Obiano (m), Mrs. Roseline Anene, the discharged inmate (2nd left), Mrs. Ifeyinwa Uzoezie (right) daughter of the discharged inmate and co-wife of Mrs. Anene (left), at Nteje Rehabilitation Centre during a ceremony to reunite her with the family
Wife of Anambra State governor, Mrs. Ebelechukwu Obiano (6th left) , former Commissioner for Women Aairs and Social Welfare, Mrs. Victoria Chikwelu and family members of Mrs. Anene and other indigenes of Awka who came to witness her handing over to her family
when she was declared missing, but our step-mother recognised her and confessed she was her co-wife." The then Commissioner for Women's Affairs and Social Welfare, Dr. Victoria Chikwelu told THISDAY that from the record of the woman which she met when she assumed office, she was brought to the state in 2004 from Lagos State, which had apparently sent out mentally ill persons from the state, and had since then been picked from the streets and kept in the rehabilitation centre, with less care, until 2014 when Mrs. Obiano took special interest in the mentally challenged people in the state. She said that Mrs. Obiano started by relocating the home to a centre in Nteje, which used to be a skills acquisition centre. "She moved the skills acquisition centre to Umuleri and then renovated the place and turned it into a rehabilitation centre, where she brought our brothers and sisters who have mental challenge. Sometimes, I will get phone calls from Her Excellency and the kind of thing you hear is; 'commissioner, can you please rush to Aroma junction. I was passing there and I saw one woman who is insane, and we need to take care of her.' That is Her Excellency for you. When she drives in a convoy, you will think she doesn't
take notice of things, but she does. As for Madam Rose, we called her Patience. We bring these people here and because they
The wife of Anambra governor, Mrs. Ebelechukwu Obiano, assured of post recovery rehabilitation for the inmates by making sure they were meaningfully engaged after their discharge, while also providing stipends to the discharged inmates. Children of the rehabilitated inmates who thronged the centre to take their relatives home were full of praises for Mrs. Obiano
cannot even say their names, we give them names. So we knew her as Pashe. "She was a foundation member of this home, and a friend of the governor's wife. Anytime Her Excellency comes here, both of them engage each other in Yoruba language. She does not speak Igbo, and we were even wondering if she was from Anambra, but four days ago when we came to check on the inmates, she magically started speaking Igbo. We noticed it was Awka language, and when I alerted Her Excellency, she asked that we take her to Awka and look for her family. We went round the entire villages of Awka and that was how we eventually found her family and everyone was so happy in the village." The 72- year-old widow who was said to have long recovered, but could not be discharged because her family was unknown while speaking briefly to THISDAY expressed thanks to the wife of the governor. Though she could not recollect the circumstances that led to her insanity, she remembered that she had travelled to the western part of Nigeria before her problem started. She also confirmed that she was from Awka, but could not say why it took her so long to recall so. In a brief ceremony organised to reunite some discharged inmates with their family,
Mrs. Obiano said over 62 inmates of the Nteje home, drawn from different states including Abia, Ebonyi, Edo, Oyo and Anambra, had been treated and rehabilitated since her husband became governor in 2014. “We give God Almighty all the glory for the recovery of the 11 inmates we are discharging today especially the remarkable case of our sister Rose. We have touched many lives positively across our communities through the houses we built for indigent widows, toilets to promote hygiene in rural markets, training and empowerment of over 3,020 women, free cleft lip surgeries for 45 children and care for the mentally challenged and so on." She assured of post recovery rehabilitation for the inmates by making sure they were meaningfully engaged after their discharge, while also providing stipends to the discharged inmates. Children of the rehabilitated inmates who thronged the centre to take their relatives home were full of praises for Mrs. Obiano. In fulfilment of her promise, the Anambra State First Lady gave out empowerment tools such as sewing machines, grinders and others to the discharged inmates, while also handing them stipends as start ups. The discharged inmates in appreciation of her gesture to them put up several performances such as singing and dancing.
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MONDAY, MARCH 26, 2018˾ T H I S D AY
INTERNATIONAL
email:foreigndesk@thisdaylive.com
France Pays Tribute to Victims of Jihadist Attack
Hundreds of mourners packed a church in a rural French town rocked by a deadly Islamist attack for a Sunday service in tribute to the victims, who included a policeman hailed as a hero for offering himself in place of a hostage, AFP reported. Lieutenant-Colonel Arnaud Beltrame, 44, was shot and stabbed after taking the place of a woman whom Radouane Lakdim had been using as a human shield during his attack Friday at a supermarket in the town of Trebes. The sleepy town of 6,000, located on the picturesque Canal du Midi, is just eight kilometres (five miles) from the famed medieval walled city of Carcassonne, where a silent march is planned next Saturday, the eve of Easter
Day. The bishop of Carcassonne and Narbonne celebrated the mass in Trebes’ Saint-Etienne Church to honour the four killed and three wounded in the attack claimed by the Islamic State group. Representatives from the Muslim community attended the mass. “Your presence tells us that the creators of hatred will not win,” Bishop Alain Planet told them in his homily. “Now is the time only for prayer and compassion,” he said. “May such events help us find the strength to build a society in which they will no longer be possible.” Leaving the 14th-century church, Carcassonne imam Mohamed Belmihoub told reporters: “The (Muslim)
community has been stabbed, Islam itself has been stabbed... by people who use symbols that are dear to our hearts.” After the mass, which had an overflow crowd listening through loudspeakers outside, pensioner Emile Acco said: “I am very sad. All of France is unhappy. We want this to end.” A national tribute will be held at a later date for Beltrame, who President Emmanuel Macron said had “died a hero” and deserved “the respect and admiration of the whole nation”. Following the worst jihadist attack of his presidency, Macron has called a meeting later this week of the security services monitoring individuals suspected of radicalisation.
NAPTIP, British, Spanish Operatives Burst Human Trafficking Gang Rescue 39 victims of sex exploitation in Spain Alex Enumah in Abuja Operatives of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), National Crime Agency (NCA) of the British Government and Guardia Civil, the Spanish Law Enforcement Agency have in a joint operation disrupted activities of a Nigerian organised crime gang, Eiye Confraternity in Spain. rescuing 39 women victims of sexual exploitation in the process. The international investigation into the organised criminal network began when a victim made a report to the Spanish authorities, detailing how she arrived in Spain along with a number of other girls According to a statement by NAPTIP, the victims, all Nigerian nationals, and many under the age of 18, are believed to have undergone ‘Voodoo-Juju’ rituals in Nigeria to coerce them if they did not comply with orders given by the gang leaders. NAPTIP s Head of Press and Public Relations, Josiah Emerole, who signed the
statement said the victims were moved by boat to Libya and Italy, before arriving in Spain. He said: “The women were forced to live in cavelike houses, in unsafe and unsanitary conditions, unable to leave and sexually exploited for the sole purpose of financial gain for the gang leaders, with all money eventually ending up in their hands in Nigeria. “The money are said to be laundered through the honour-based Hawala system, popular with organised crime gangs. Investigators found the gang had numerous women under their control working as prostitutes to pay off their debts with Eiye Confraternity – upwards of 30,000 euros each – for the cost of moving the victims into Europe,” he said. Speaking on how the suspects were caught, Emerole said the NCA officers worked with partners to develop intelligence on the network, including carrying out surveillance on those suspected to be involved, and working with NAPTIP colleagues to build up information about the scale of the abuse and
exploitation. “The investigation was aided in Nigeria by NAPTIP investigators who are members of the British assisted Joint Border Task Force (JBTF) who travelled to Spain to participate and support the Guardia Civil and NCA during the arrest phases. “A total of 89 people – including the leader of the gang – have been arrested on suspicion of association to criminal organisations, modern slavery and money laundering. Forty three remain on remand in prison in Spain, following raids at 41 addresses across the country in November last year. “On January 16, 2018 NCA officers also arrested an alleged Nigerian Madame living in Middleton, Greater Manchester, believed to be controlling some of the victims in Spain, and paying money to the Organised Criminal Gang (OCG) back in Nigeria. She remains in custody awaiting extradition to Spain where she faces prosecution,” the statement read in part.
Killer Mike: Rapper Defends Gun Ownership in NRA Video Run The Jewels rapper Killer Mike has spoken out against anti-gun activists following the March For Our Lives rally in Washington, according to BBC. In an interview with the National Rifle Association he accused those wanting to change gun laws of being “the lackey” (obeying someone else’s orders). His comments have caused a backlash on social media, with people criticising his decision to
speak to the NRA. He’s defended himself on Twitter. Celebrities including Miley Cyrus, Jennifer Hudson and Ariana Grande have shown their support for anti-gun activist in America. They all delivered passionate performances at the March For Our Lives rally in Washington, which took place after 17 people were killed in the Marjory Stoneman
Douglas High School shooting in Florida last month. Since then, students have been leading a political movement to tighten gun controls and end school shootings in America. Support for gun control is highest among 18 to 29-year-olds, a study by the Pew Research Centre says. There was a spike after the Orlando nightclub shooting in 2016.
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NEWS
Ă?ĂĄĂ? ĂŽĂ“ĂžĂ™Ăœ Davidson Iriekpen Ă—Ă‹Ă“Ă– davidson.iriekpen@thisdaylive.com, 08111813081
FG Completes Investigations into 534 Whistle-blower Cases, Recovers N145bn TSA grosses N8.9tn in three years
Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;ÔË The federal government has completed investigations into 534 cases and made recoveries totalling about N145 billion in various currencies, including N7.8 billion, US$378 million and ÂŁ27,800 since the Whistleblower Policy made its debut in 2016. It has also received 1,231 tips, carried out 791 investigations with 534 completed , and referred 40 to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC) and the Department of State Services (DSS). The Director (Special Projects)/Secretary, Presidential Initiative on Continuous Audit (PICA), Dr. Mohammed Dikwa, provided the update at the weekend at a seminar organised by the Ministry of Finance for financial journalists. Dikwa disclosed that PICA had led to the removal of over 50,000 ghost workers from the federal government payroll while 800 ex-employees of government collecting salaries from various ministries, departments and agencies (MDAs) were stopped. According to him, 400 staff from different MDAs collecting double salaries were identified and recovered, just as 30,000 staff on the payroll not in the nominal roll of MDAs are being verified. He said: “Over 32,000 employee records on IPPIS
(Integrated Payroll and Personnel Information System) with pension and other deficiencies are being presently investigated.� Dikwa stated that about 12,024 staff collect their salaries in non-commercial banks, adding: “The number of noncommercial banks involved was 75, comprising 62 microfinance banks, seven mortgage banks, three finance companies, 2 Bureaux de Change and 1 development finance Institution. “A total of 681 employees used more than one salary account (changing from one salary account to another and with all the accounts held with non commercial banks),� he said. Also in his presentation, the Accountant-General of the Federation (AGF), Alhaji Ahmed Idris, disclosed that the Treasury Single Account (TSA) had recorded N8.9 trillion gross inflow to date with 1,674 MDAs enrolled since full implementation commenced in September 2015 by the present administration. Idris, who was represented by the Director/Coordinator,TSA/eCollection (Funds Department), Mr. Sylva Okolieaboh, said since its implementation, TSA had led to savings of over N40 billion monthly in Ways and Means charges. The AGF, whose presentation was captioned: “The TSA: A Veritable Tool for Transparency and Accountability in Public Financial Management,’ said the TSA was imbued with such advantages as the ability to determine consolidated federal government cash position, and
Northern Govs Meet with Miyetti Allah over Herdsmen-Farmers’ Clashes The Northern States Governors’ Forum has held a meeting with the national leadership and state chapters of the Miyetti Allah cattle Breeders Association as part of efforts to find lasting solutions to the continued clashes between herders and farmers across the country. The meeting, which was held in Sokoto, had in attendance NSGF Chairman and Governor of Borno State, Kashim Shettima; host governor, Aminu Waziri Tambuwal, and their counterparts from Kano (Abdullahi Ganduje), and Kaduna State, Nasir El-Rufai. El-Rufai joined the meeting after it started. Though no formal communique was issued at the end of the meeting, reports indicated that the gathering discussed the genesis of the crises, efforts to contain it and how to entrench permanent solution. In his opening remarks, Shettima said the 19 northern states are worried by the rising cases of insecurity involving herder and farmers, and expressed optimism that their intervention will help in finding
lasting solution to the conflicts.  He said they are intervening in order to complement efforts of the federal government, adding that they hope to adopt local-conflict resolution mechanism to bring back trust and understanding among all the people of the region. “We have seen enough crisis in the North-east with Boko Haram. We cannot afford to let any other conflict linger without a solution. We hope to hear from all sides and finally come up with a workable plan that will restore confidence and entrench lasting peace in our region,� he added.  Revealing the position of MACBAN, a source at the meeting said: “The leadership of Miyetti Allah, led by the National President, Muhammed Kirowa, told the meeting that the approach to conflict resolution adopted by political leaders in some states is not helpful in finding lasting peace. “In his views, political leaders, especially governors, should approach issues of peace in neutral perspective, not as biased party.�
improved monetary policy implementation through the elimination of costs associated with liquidity management arising from deposit money banks (DMBs). It also offers better traction in inflation management through reduction in Ways and Means and money supply, significant improvement in federal government liquidity position, improved budget implementation due to enhanced liquidity, and better control and oversight over MDAs’ operations, he said.. However, Idris pointed out that the TSA was fraught with implementation challenges,
which have institutional, operational and technological colouration. According to him, institutional challenges are experienced as capacity deficit, lack of clarity in stakeholder roles, conflicting directives and signals, institutional resistance based on limited understanding of TSA, and non-enrolment of key arms of government such as the National Assembly. Idris also listed the operational challenges of TSA as lump sum transfer of MDAs’ balances by DMBs, transfer/payment to wrong TSA (Sub) accounts, difficulty in accessing bank statements and associated
reconciliation issues, difficulties in processing foreign currency receipts and payments as well as multiplicity of sub-accounts. Technological challenges also include limited IT infrastructure leading to slow consummation of transactions and generation of reports, lack of robust data management system for analysis and decision-making, nonimplementation of spending limit controls by extra-budgetary entities/funds, and lack of robust reporting and budget implementation capabilities. The AGF disclosed that prior to the full implementation of TSA, there were multiple bank accounts totalling over
17,000 and countless dormant accounts with huge balances, as well as inability to determine consolidated cash position of government. He stressed that there also existed a problem of borrowing and incurring charges when there were idle balances in MDAs’ accounts as well as lack of coordination among key fiscal agencies. The AGF noted that poor cash planning, inability to fund government budget, and non/ delayed remittance of revenue/ collections were rife, adding that over N70 billion of federal government funds were lost to failed banks.
MEETING WITH DEVELOPMENT PARTNER
Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele (left), with Co-Founder, Bill and Melinda Gates Foundation, Mr. Bill Gates, after a meeting on financial inclusion in Lagos‌..weekend
Saraki Queries Chief of Staff over Role in Northern Leaders’ Summit Olawale Olaleye It has emerged that Senate President Bukola Saraki has queried his Chief of Staff, Dr. Hakeem Baba-Ahmed, over his “brazen involvementâ€? in the summit held at the weekend by northern leaders, where about 18 northern groups, including the Arewa Consultative Forum (ACF) and the Northern Elders’ Forum (NEF), condemned the current leadership of the country, pointing out that his chief of staff acted without his knowledge and clearance. THISDAY learnt yesterday that a disappointed Saraki was shocked to learn like every other person that it was Baba-Ahmed, who read the communiquĂŠ of the group and subsequently became uncomfortable with the interpretations which immediately followed it and created the perception that must have acted on the instructions of his principal. Although Saraki was said to have appointed Baba-Ahmed chief of staff, based on his
administrative competence as a former federal permanent secretary and his understanding of the politics of the North, he however did not envisage that he would abuse such privileges at the risk of his position and office as the Senate President. A source close to the Senate President hinted THISDAY that on hearing the news, Saraki immediately called Baba-Ahmed on the phone and expressed his disappointment at taking such a dangerous and politically discomforting position at a time when circumspection should have been his watchword. “One, he didn’t seek clearance from the Senate president and was at the summit in his personal capacity. Even at that, he should have known that as the incumbent chief of staff to the Senate president, a majority of his actions would be interpreted to mean they were on behalf of Saraki. “But on this particular occasion, he has been warned to always take his boss in consideration whenever he
is doing anything in the North, because of the likely interpretation this might be extended to his actions. “He is getting too emotional with his northern and Kaduna politics, unfortunately, at the risk of his job,� the source said. He noted that the Senate president reminded him that he once went on air to say that he (Saraki) was not going to compete in 2019 for the presidency without clearing with him and that combined with the meeting with the northern leaders, the chief of staff appeared to be overreaching himself. “It is true that the Senate President has never said anything to anybody about 2019 but to go on air to state categorically that he would not run in 2019 was too absolute coming from his chief of staff, it is not something anyone would brush aside. “It was for this reason the Senate President said his seeming excesses were getting out of hands and next time would make the query official.� No fewer than 18 northern
groups last Saturday rose from a crucial summit in Kaduna State and criticised northern politicians for the poor state of the region’s security and economy. In a communiquĂŠ issued at the end of the summit held at the Arewa House, Kaduna, and read by Baba-Ahmed, the groups said the region’s political leaders had failed to lift its people from poverty and want, saying they needed to be replaced at the next general election in 2019. Although they did not mention the name of President Muhammadu Buhari, the general conclusion was that the meeting was targeted at Buhari, especially when the group said: “The hopes that leaders, who have exercised power since 2015 will reverse the abuse and neglect of the region in the previous decades have been betrayed. “Weak governance, gross insensitivity and unacceptable levels of incompetence have been compounded by battles of attrition in which northerners have sapped each other’s strength.â€?Â
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Adeosun Asks Magu to Account for Looted Funds Says letter aimed at improving controls over recovered funds
Iyobosa Uwugiaren ËØÎ Ndubuisi Francis ÓØ ÌßÔË The Minister of Finance, Mrs. Kemi Adeosun, has asked the acting Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, to clarify where the cash recoveries from May 2015 to January 2018 have been deposited and provide accompanying evidence. In a letter dated with reference number: FM/HMF/EFCC/SEFCC-REC/2018/1 dated February 9, 2018 and entitled: ‘Summary of EFCC Recoveries from May 2015 to January 2018,’ Adesoun said the clarification became necessary based on the information available to the Office of Accountant-General of the Federation. ‘’This is to notify you of the
records of cash asset recoveries in the custody of the EFCC from May 2015 till date based on information available to the Office of the Accountant-General of the Federation (attached),’’ the minister stated. ‘’It is however come to the attention of the Ministry of Finance, the use of recovery figures in media reports by the EFCC that do not reconcile with the records of the ministry. ‘’You are therefore kindly requested to clarify where these cash recoveries have been deposited and provide accompanying evidence. Please, accept the assurances of my best regards.’’ While later reacting to the letter, Adeosun stated that it was a standard letter aimed at improving controls over recovered funds.
She added that there was no ulterior motive was intended at the time she wrote the letter. In a statement by her media aide, Mr. Oluyinka Akintunde, the minister described the letter as “innocuous” The statement read: “The attention of the Minister of
Finance, Adeosun, has been drawn to media reports misrepresenting her innocuous letter to Magu on cash recoveries by the federal government. “The minister wishes to state explicitly that the letter dated February 9, 2018, was a standard letter aimed at
improving controls over the recovered funds. “There is no ulterior motive behind the letter as alleged in some media reports but to enable the reconciliation and harmonisation of the figures on recovered funds by the government,” the statement
said. Efforts to get the EFCC to respond to the letter proved abortive. Calls by THISDAY, as well as text messages were not responded to by the EFCC Head of Media and Publicity, Wilson Uwajeren.
Cambridge Analytica-linked Firm Accused of Interfering with Nigeria’s 2007 Polls The company that became Cambridge Analytica boasted about interfering in foreign elections, according to documents seen by the BBC. Cambridge Analytica is embroiled in a storm over claims it exploited the data of millions of Facebook users. The BBC has seen a brochure published by parent company, SCL Elections, it is believed prior to 2014. It claims, for instance, that it organised rallies in Nigeria to weaken support for the opposition in 2007. The UK Foreign Office said it was unaware of this alleged activity before SCL was awarded British government contracts in 2008. Cambridge Analytica says it is looking into the allegations about SCL. Speaking on the Sunday Politics show, Conservative former International Development Secretary, Andrew Mitchell, said the claims about SCL were “absolutely appalling” and “run totally counter to the policy of the British government in promoting free and fair elections in the developing world.” He added that it is “perfectly clear that the British government should have nothing to do with it.” In the document, SCL Elections claimed potential clients could contact the company through “any British High Commission or Embassy.” It also claims SCL received “List X” accreditation from the UK’s Ministry of Defence which provided “Government endorsed clearance to handle information protectively marked as ‘confidential’ and above.” The brochure outlines how SCL Elections had apparently organised “anti-election rallies” to dissuade opposition supporters from voting in the Nigerian presidential election in 2007. The election was described by EU monitors as one of the least credible they had observed. The document claims SCL
Elections deliberately exploited ethnic tensions in Latvia in the 2006 national elections in order to help their client. SCL also claims that ahead of the elections in Trinidad and Tobago in 2010, it orchestrated an “ambitious campaign of political graffiti” that “ostensibly came from the youth” so the client party could “claim credit for listening to a ‘united youth.’” Most of the examples detailed in the brochure took place before the British government entered into at least six contracts with SCL. The former Labour Foreign Office Minister and Cabinet Minister, Lord Hain, has tabled a written question in the House of Lords on Monday for urgent clarification on the matter of Embassy endorsement. He said the SCL case was “lifting the lid on a potential horror story” of other companies using data to manipulate voters. The Ministry of Defence has confirmed SLC were given a provisional List X accreditation but had not had it since 2013. A Foreign Office spokesperson said: “It is not now nor ever has been the case that enquiries for SCL ‘can be directed through any British High Commission or Embassy’. “Our understanding is that, at the time of the signing of the contract for project work in 2008/9, the FCO was not aware of SCL’s reported activity during the 2006 Latvian election or 2007 Nigerian election.” In a statement, the acting CEO of Cambridge Analytica, Dr Alexander Tayler, said “Cambridge Analytica was formed in 2013, out of a much older company called SCL Elections. “We take the disturbing recent allegations of unethical practices in our non-US political business very seriously. The board has launched a full and independent investigation into SCL Elections’ past practices, and its findings will be made available in due course.”
WEDDING GUESTS
Former Vice President, Atiku Abubakar (right), and Prresident, Dangote Group, Alhaji Aliko Dangote, at the wedding reception of his daugther, Fatima, in Lagos, Friday
CBN Pumps $18.1bn into FX Market in 13 Months Mulls regulatory framework for fintechs Obinna Chima The Central Bank of Nigeria (CBN) has injected a total of $18.067 billion into the interbank segment of the foreign exchange (FX) market since it started its forays into the market in February last year, figures compiled by THISDAY have shown. According to the weekly FX sales by the central bank between February 21, 2017, and March 23, 2018, compiled by THISDAY, the CBN sold the greenback to authorised dealers in a total of 76 sessions. A breakdown of the dollar sales showed in 2017 alone, the bank intervened with a total of $15.043 billion. Also, between January 12 and March 23, 2018, it has offered a total of $3.024 billion through wholesale forwards and retail Secondary Market Intervention Sales (SMIS). Market analysts stated that the interventions by the central bank have helped in eliminating the pressure on the FX market, ensured exchange rate stability and eliminated currency speculators. The naira exchange rate has remained stable since last year when the central bank commenced the FX sales. In April 2017, the CBN introduced a new exchange rate window, the Nigerian Autonomous Foreign Exchange
Fixing Mechanism (NAFEX), commonly known as the Investors’ and Exporters’ (I &E) window. The I & E window and the interbank market have been seen as the main exchange rate windows utilised in foreign currency trading. The interbank market window trades at around N326-N345 to $1 while the I & E window trades around N360/$1. The aggressive interventions, notwithstanding, Nigeria’s external reserves recently hit a five-year high of $46 billion, representing an increase of 18 per cent or $7 billion over the country’s reserves figure of $38.912 billion as of January 2, 2018. It has also significantly surpassed the $40 billion target for 2018 announced by the CBN Governor, Mr. Godwin Emefiele, last November, and is expected to inch up to $50 billion in the next few months. CBN spokesman, Isaac Okorafor recently pointed out that the interventions in the FX window helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade. Okorafor also noted that the CBN policy restricting access to FX from Nigeria’s foreign exchange market to importers of some 41 items had made a
huge impact on the status of Nigeria’s reserves and boosted the supply of local substitutes for imported goods, created jobs at home, and enhanced the incomes of farmers and local manufacturers. Meanwhile, as part of efforts to encourage start-ups that are financial technology (fintech) companies, the CBN at the weekend disclosed plan to develop a regulatory framework for operators in the sub-sector. The Deputy Director, Payment System Department, CBN, Mr. Musa Jimoh, who revealed this during the launch of the Association of Financial Service Innovators in Lagos, also said a regulatory sandbox would be developed for members of the association. A sandbox is a security mechanism for separating running programmes, usually to mitigate system failures or software vulnerabilities from spreading. According to Jimoh, the regulatory framework would be out before the middle of the year. “One of the things we have done now is to start the process of introducing a regulatory sandbox that would lower the barrier for entry. “We (CBN) are actually working in partnership with Bill and Melinda Gates Foundation. They are the ones giving us technical assistance in developing
the framework,” he explained. He pointed out that the objective of the association was to empower start-ups, innovators, technology companies and young Nigerians that have great ideas, but lack the financial wherewithal to bring out their products or even integrate with the banks. “We don’t want those ideas to just die off. So, what the CBN and the Nigeria Interbank Settlement System did was to bring all these start-ups together and try to understand their pains and constrains and see how we can give them helping hands. “Our believe is that if we give them helping hands, we are basically building the economy. We are bringing a new categorisation of companies called fintechs. “So, the essence of this association is so that they can come with one voice to tell the regulators and the banking community how we can support them and how we can leverage on some of the digital services that they have. “Overall, their contribution would lower the barrier for financial inclusion. There is this global understanding that digital technology would aid financial inclusion because it would be able to provide tools that from your house, your homes and the gadgets you carry, you are able to access financial services,” he added.
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Presidency: How over N100bn was Removed from CBN before 2015 Polls Omololu OgunmadÏ ÓØ ÌßÔË Few days after Vice-President Yemi Osinbajo alleged that former President Goodluck Jonathan took and shared some N150 billion from the public purse two weeks before the 2015 elections, the presidency last night revealed how the Central Bank of Nigeria (CBN) got instructions from the former president to move over N100 billion from the CBN to his private residence. The former president had denied the allegation, challenging the vice-president to present evidence of his allegation. But a presidential source who did not want to be named, disclosed yesterday that fresh discoveries by the presidency showed how several tranches were illegally removed from the public treasury by the former administration ahead of the 2015 presidential election. According to him, the former National Security Adviser (NSA), Sambo Dasuki, personally supervised the physical transfer of the money from the CBN vault to the private residence of the former president, revealing that in one particular instance, over N70billion was released in tranches from the CBN between January 8 and February 25, 2015. He also said the sum of over $289 million which was referred to last week by Osinbajo was part of this particular series of alleged illegal transactions, adding that in another illegal disbursement, the minutes of meeting of the CBN board meeting of 25th August, 2014, showed that the board approved
another N60 billion requested by the former president and released later by the central bank. The source further said the sum approved by the CBN board was not connected to any project or procurement but was disbursed purely for campaign purposes through the office of the then NSA, who is currently being prosecuted, and the leadership of Department of State Services (DSS) at the time. “Specifically, that N60 billion that was okayed by the CBN on August 25, 2014, was said to have been shared between the two security agencies thus: N40 billion went to the NSA while N20 billion was released to the DSS. “While some of these funds’ disbursement have been traced to the former NSA, there are indications that some of the funds were unconnected to his ongoing defence contract trial,” he said. The source also said that the sum of $289 milliom mentioned by Osinbajo was released on February 25, 2015, pointing out that the cash vouchers obtained showed that $289,202,382 was released in cash to the National Intelligence Agency (NIA) by the CBN from the joint venture (JV) cash call account number 0000000-11658-366 of the NNPC/ NAPIMS with JP Morgan Chase Bank, New York, USA. Furthermore, he said at the exchange rate of $199 to one naira at the time, the $289million was equivalent to approximately N57.55 billion, noting that if the money had not been stolen, it would have amounted to N88.5 billion at today’s the exchange
Danjuma’s Comments on Killings an Invitation to Anarchy, Says Defence Minister Paul Obi ÓØ ÌßÔË The federal government yesterday said the statement credited to former Minister of Defence, Gen. Theophilus Danjuma (rtd), was an invitation to anarchy and a resort to unconstitutional means. Danjuma had during the convocation of Taraba State University urged Nigerians to defend themselves against killers herdsmen on a killing prowl in Taraba State and other parts of the country. Danjuma also accused the army of bias and colluding with killers to cause havoc across the country. Responding, the Minister of Defence, Brig-Gen Mansur Dan-Ali (rtd), speaking through his media aide, Col. Tukur Gusau, said: “The attention of the Ministry of Defence was drawn to a recent comment by one of the elder statesmen alleging that the military collude with bandits to kill people and therefore, call on them to rise and defend themselves outside constitutional provisions. “This is highly uncalled for and is invitation to anarchy
and should be disregarded by well meaning Nigerians.” Gusau added that “the efforts of the Nigerian Armed Forces towards restoration of peace, security and order in Nigeria are evidently clear and Nigerians continue to show appreciation for changing the security environment from what it was before. “The Nigerian armed forces is well organised and highly professional in discharging its constitutional mandate. “Therefore, if any one has evidence of wrongdoings or dereliction of duty against our troops should please bring forward such evidence through the appropriate channels for necessary action.” He stressed that “for the avoidance of doubt, the military will not be distracted from performing its statutory duties in accordance with the rules of engagement. “Nigerians should please continue to support the military so that all security challenges will be overcome within the shortest possible time,” Gusau submitted.
rate of over N306. The source added that further findings showed that in yet another set of illegal withdrawals within one week between January 8 and 16, 2015, the sum of N1.5 billion was released in three tranches of N300 million, N400 million and N800 million, respectively. “This money was released from the MEA Research Library Account to the Jointrust Dimension reportedly owned by Danjuma Yusuf and Nenadi Esther Usman,” he quoted an official source whom he said had knowledge of the disbursements as stating, disclosed further that
the sums were transferred to their various political associates whom he said included a former Minister of Aviation, Mr. Femi Fani-Kayode. He added: “Further findings showed that N350 million was allegedly transferred to Femi Fani-Kayode through his Zenith Bank Account No. 1004735721 on February 2, 2015. “Also, another N250 million was allegedly transferred to Fani-Kayode through the same Zenith Bank Account on February 19, 2015. “A document further showed that yet another N10 billion was released to the Office of the National Security Adviser by
the Central Bank of Nigeria (CBN) on September 15, 2015. The money was said to have been released in tranches of foreign exchange of $47 million, $5 million, 4 million Euros and 1.6 million Euros. A letter from the Office of the NSA in November, 2014 further showed that the monies were released by the CBN as ‘funds for special services’.” Reading from a letter signed by Dasuki, the source said: “Further to our discussion, you are pleased requested to provide the sum of $47,000,000 cash out of the N10,000,000,000 and the balance in euro to this
office for special services.” The presidency source noted that findings have shown that this particular CBN release of N10 billion was sourced in November 2014 from N40 billion CBN had released funds meant for corporate social responsibility, revealing that tt was the said sum that Jonathan had instructed the CBN governor and the then NSA to deliver to him personally at a private residence in Abuja. He said the money was illegally transferred a using CBN van for the use of the “PDP presidential primary,” adding that more illegal transactions would soon be unearthed.
LOYAL SUBJECT
Deputy Senate President, Senator Ike Ekweremadu (right), discussing with the traditional ruler of Mgbidi community, Awgu Local Government Area, Igwe Pius Uzochukwu, during a solidarity visit to the senator by the community at his Enugu residence ...yesterday.
Missing Factional Kaduna APC Chairman Resurfaces Says he was abducted at gun point John Shiklam ÓØ ËÎßØË The factional Chairman of the ruling All Progressives Congress (APC) in Kaduna State, Alhaji Dalandi Wada, who was reported missing last Saturday by his family members has been found. He was said to have been abducted by some unknown persons at about 6a.m. last Saturday after his morning prayers at a nearby mosque in his Angwan Rimi GRA residence by 5:30a.m. The Director of Administration of the faction of the party, Major Yahaya Shinko (rtd), who confirmed that he has returned home, said the party leader was released by his abductors in Zaria at about 5:30a.m. yesterday and was brought home by an acquaintance. “They released him, so we are taking him to the hospital for blood test. He has high blood pressure and the bread and water his abductors gave him, may be poisonous, we don’t know, we want him to run medical test.” Shinko said on arrival, Wada
went straight to the police headquarters in Kaduna to report the incident. “We have been to the police headquarters together and he has narrated his ordeal to the police, I was there and I can tell you everything,” Shinko said in a telephone interview. According to him, “After the prayers, at about 6a.m. as Wada was heading back home, he was approached by somebody wearing a white agbada. “The man saluted him in accordance with the usual Hausa culture. Suddenly the man removed a pistol from his side pocket and pointed to his chest and ordered him into a waiting vehicle - a Sienna. “There were about six people waiting in the car. They put him at the back seat, sandwiched by two of his abductors. “After the car moved some metres away, he sighted about three rifles in the booths of the car. “One of his abductors asked him why he was looking back? The leader of the gang ordered that his eyes be blindfolded,” Shinko said.
Quoting Wada’s statement to the police, Shinko, said the abductors of the factional party chairman drove about two to three hours, “but he could not say whether they were driving within or outside Kaduna city.” According to Shinko, Wada was taken to a compound with his eyes still blindfolded. “They kept him for sometime and when it was around 1p.m., they asked him whether he would pray after they had performed their prayers. It was then that it dawned on him that his abductors were all Muslims. “At about 1a.m. on Sunday, they fired about four gunshots in the air, then they brought plain papers to him and asked him to sign his signature. “He said at that time they had removed the blindfold on his eyes, but because he was blindfolded for too long, he couldn’t see clearly . “He told them that he cannot append his signature on any plain paper. He told them to write something and he will sign it for them. “When he insisted that he
will not sign a plain paper, they went out and in the process of their conversation he overheard some of them saying that after all what they are doing, Mr. X (name withheld) may not even recognise their efforts. “When they came back to meet him, they told him that they had written something and asked him to sign. “At the end of the day they force him to sign three documents.” Shinko said they had wanted him to denounce his ‘chairmanship’ (factional) of the APC in Kaduna. They said he should sign that he has withdrawn his membership of the APC and that he is no longer interested in politics. “They said if he cannot sign, he should allow them to record his voice, telling the world that he has resign from being the ‘acting state chairman’ of the APC Kaduna for peace to reign. “So he refused to allow them record his voice. But they took his signature. We have told the police that whoever presents his signature anywhere, that person should be considered as the prime suspect.
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Buhari’s Comment on Alleged Politicisation of Security Issues is Undemocratic, Says PDP Alleges APC plots president’s sole candidacy in 2019 Onyebuchi Ezigbo ÓØ ÌßÔË˿ The Peoples Democratic Party (PDP) has described as undemocratic and completely unacceptable, President Muhammadu Buhari’s comment that security agencies will deal decisively with any persons or group that dares to criticise the handling of security under his administration. The party said after a thorough review of all issues and the fact that nobody, apart from the president himself, politicised the Dapchi issue when he boasted that his response time was faster than that of former President Goodluck Jonathan, it feels that President Buhari’s pronouncement on alleged politicisation of security issues is targeted at emasculating opposition and those with contrary opinions to the views of the All Progressives Congress (APC) interests. “The president’s statement completely betrays a dangerous political intolerance and utter disdain for the rule of law and constitutionally guaranteed freedom of speech and opinion of citizens in a democracy,” it said PDP however said President Buhari should note that Nigerians can no longer be intimidated or cowed as they are now, more than ever before, ready to protect their constitutionally guaranteed rights as enshrined in our c The party also accused the ruling APC-led federal government of planning to strangulate the main opposition party and plot the way for the self-succession plan of their candidate, President Buhari. It alleged that part of grand plan is to exterminate all known and perceived political opposition platforms in our country. It said it has been following
up on the activities of the APC ahead of the 2019. “Our attention has been drawn to a press statement by the Minister of Information, Alhaji Lai Mohammed, wherein he demanded that the certificate of registration issued to the PDP by the Independent National Electoral Commission (INEC) should be withdrawn because the PDP lost in an election and according to him, does not know how to function as an opposition party. “We want to alert all Nigerians of a clandestine plot by the APC-led federal government to strangulate the main opposition party and plot the way for the self-succession plan of their candidate, President Buhari. “Our party has been following all the schemes and shenanigans of the APC as 2019 general election draw nearer. “The main plank of the plot is to ensure that President Buhari runs as a sole candidate in 2019. To achieve this grand plan, they must work to exterminate all known and perceived political opposition platforms in our country,” the opposition party said. Also, the PDP described the statement by the former Minister of Defence, Gen. Theophilus Danjuma (rtd), that Nigerians should defend themselves against killers as yet another testimony of the tragic situation which the Buhari pesidency and the APC have dragged the nation. It restated its call for a UN monitored independent inquest on the “security situation in the country. The party said Danjuma’s statement justifies its stand that the Buhari presidency and the dysfunctional APC must be held responsible for the agonising state, adding that Nigerians are now daily paying the supreme
price because of the failures of a grossly incompetent leadership and a deceitful ruling party. The PDP, in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, yesterday, said the pronouncement, coming from an army general, a former Chief of Army Staff and former Defence Minister of Danjuma’s status, is weighty and directly reflected the ugly situation in the country under the APC. “It said the fact that citizens and communities across the country are now resorting to self-defence is also a clear demonstration that Nigerians, across board, have completely lost confidence in President Buhari and the APC. “It is instructive to recall that former Presidents Olusegun Obasanjo and Ibrahim Babangida, both former military leaders, army generals and patriots, had earlier raised the issue of unabating bloodletting and pogrom in our country under the APC and the Buhari presidency. “Painfully, the APC-controlled federal government has not only failed in finding solution but is also contending with allegations of conspiracy and acts that are believed to have emboldened attacks against innocent Nigerians. “Nigerians are no longer feeling secured in their land. Our country has, in close to three years, assumed a status of killing field where defenceless citizens are despoiled, raped and mowed by insurgents and marauders in Benue, Taraba, Yobe, Gombe, Kaduna,Adamawa, Borno, Plateau, Nasarawa, Rivers, Enugu, Kogi, among other states. “Unfortunately, the Buhari-led APC federal government remains aloof and has failed to take decisive steps that will apprehend the masterminds of the carnage.”
Ndoma-Egba Matriarch for Burial April 7 The final burial rites for Mrs. Adeline Ndoma-Egba (nee Wilson) will begin in April. She died on December 31, 2017, barely nine days to her 92nd birthday. In a statement released by the head of the NdomaEgba family, Prof. Rowland, yesterday. To kickstart her funeral rites, Rowland said the Mourning House would open on April 2, at her home, Dr. Bassey Ndoma-Egba Hills, Bokomo, Ikom at 7a.m. prompt. A night of tributes holds at No 1, Ndoma-Egba Crescent, off Parliamentary Road, Calabar Municipality, on April 5. Thereafter, Vigil Night will be at her residence, Dr. Bassey Ndoma-Egba Hills, Bokomo, Ikom, from 6.30p.m. till dawn on April 6.
She will be interred on April 7 at Memory Acre, ‘ITHACA’NKPANJEN, Akparabong, Ikom. A memorial service will hold at Presbyterian Church, Akparabong, April 8 at 10a.m. prompt. Mrs Adeline Ndoma-Egba was born on January 8, 1926 to James and Elvira Wilson in St. Catherine’s Jamaica, The West Indies, where she had her early education. She left for England to join her brothers, Brad and Aston, on the death of her father. While in England, she trained as a nurse at the Lewisham School of Nursing (affiliated to Guys Hospital, London), University of London, London School of Tropical Medicine and Diseases and the North Middlesex Hospital. Upon qualifying, she worked
at Kings College Hospital, London and the Bristol Royal Infirmary (where she also did Theatre Technique). She got engaged to the patriarch of the Ndoma-Egba family, late Justice Emmanuel Takon NdomaEga (famously known as E.T.) on her birthday, in 1958, and they got married on December 16, 1960. Late Adeline joined her husband in Nigeria in 1962 and worked at the University of Nigeria Teaching Hospital (former General Hospital) Enugu, and Park Lane Hospital, Enugu, as the first Theatre Matron. At the outbreak of the civil war in Nigeria, she was matron at the Queen Elizabeth Hospital, Umuahia. She also worked with the International Red Cross at the Awomama Reference Hospital, Awomama.
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Debt Recovery: National Assembly to Vest More Powers on AMCON Obinna Chima The Chairman of House of Representatives Committee on Banking and Currency, Hon. Jones Chukwudi Onyereri, has disclosed that the House is currently
working towards amending the Act establishing the Asset Management Corporation of Nigeria (AMCON). He said the proposed amendment would further empower and embolden the corporation to go after its
Oil Marketers, Private Sector Reject Single Regulator Proposed under PIGB Ejiofor Alike The oil marketing and trading companies, as well as the Organised Private Sector (OPS) has rejected the single regulator for both the upstream and downstream sectors of the Nigeria’s oil and gas industry as provided in the Petroleum Industry Governance Bill (PIGB) passed by the National Assembly. In a joint press conference in Lagos last night, the OPS and the marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) urged President Muhammadu Buhari to ensure that the PIGB provides for two regulators before signing the bill into law. Executive Secretary of MOMAN, Mr. Femi Olawore, noted that the bill harmonized by the Senate and the House of Representatives provides for only one regulatory, contrary to the position of the marketers, who recommended for two regulators during the public hearing conducted by the National Assembly. “Our position is that one regulator is inadequate for the entire industry. Historically, from the beginning, we had one regulator but we found out that the regulator was not able to police the industry very well. That was why PPPRA came up to deal with pricing. The upstream deserves one regulator because the activities are very massive. The downstream deserves one regulator because the activities in the downstream are quite different from the activities in the upstream. Each of them requires different specialists as the regulator. The two have little or nothing in common. One regulator for both will lead to excessive
bureaucracy. Having one regulator will be detrimental to the industry and the Nigerian economy,” he explained. Olawore argued that the board of the two regulators should be autonomous and not subject to removal by the President except with the support of two-third of the members of the National Assembly. He noted that the board members of the single regulator in the PIGB are mostly civil servants, representing different ministries and government agencies, adding that the private sector is excluded from the board. According to him, the board will not enjoy vibrancy as there will be no input from the private sector. In his remarks, the Chairman of the Economic Policy Group of the Manufacturers Association of Nigeria (MAN), Mr. Reginald Odiah, who represented the OPS, said the exclusion of the critical stakeholders in the board of the single regulator is detrimental to OPS. He added that as Nigerians, the OPS is a critical stakeholder in the oil and gas industry because their machines and equipment use petrol, diesel, gas and other petroleum products. “As OPS, we are interested in having two regulators for the oil and gas industry. The board of PPPRA has critical stakeholders as members and this gives OPS voice and capacity to make contribution,” Odiah added. Also speaking, the Executive Secretary of DAPPMAN, Mr. Olufemi Adewole disclosed that the marketers had recommended for two regulators at the public hearing conducted by the National Assembly but the lawmakers ignored their recommendation.
Former Minister, Hassan Lawal Dies at 64 Emmanuel Ukumba ÓØ ËʨË Former Minister of Labour and Productivity, and later Works and Housing, Dr. Hassan Lawal, has died at the age of 64, a family source told THISDAY yesterday. According to the source, the deceased passed on at about 8:30 p.m. last Saturday at a Turkey Hospital in Abuja after a protracted illness. Late Lawal was appointed a federal minister in 2004 by former President, Chief
Olusegun Obasanjo. He was equally retained in that capacity by late President Umaru Musa Yar’Adua in 2017. Similarly, former President, Goodluck Jonathan, appointed late Lawal as the Minister of Works and Housing on December 17, 2008. His remains were laid to rest yesterday at the Kofar Hausa Cemetery in Keffi, headquarters of Keffi Local Government Area of Nasarawa State, by 2p.m. according to Islamic rites.
debtors, especially those that had been recalcitrant. According to a statement, Onyereri made the disclosure in Abuja at a one-day technical session with stakeholders such as the Central Bank of Nigeria (CBN); Nigeria Insurance Deposit Corporation (NDIC) and members of the House Committee on Banking and Currency; AMCON management among others where the challenges inhibiting AMCON from recovering efforts were extensively discussed. The committee also used the occasion to listen to presentations from the representatives of the CBN, NDIC and legal luminaries among others on how AMCON could function optimally as well as meet its mandate before sunset.
Onyereri reiterated that the National Assembly had also been monitoring the behaviour of AMCON obligors and expressed displeasure over their behaviour of some of them. He said the National Assembly would not leave any stone unturned until the AMCON Act is amended to speed up recoveries. Earliers, speaking at the forum, Managing Director/ Chief Executive Officer of AMCON, Mr. Ahmed Kuru, described his assignment at AMCON as “very difficult,” but said there was need to change the recovery approach at the corporation with the backing of the National Assembly especially since the remaining crop of AMCON debtors are defiant, recalcitrant and business heavyweights
who have the financial wherewithal to repay their debts but have refused to pay by going to court to tie AMCON up. The AMCON boss explained: “We have been doing this for the past seven years and we have realised that what we need now at this time in the life of AMCON is legislative help that would make it possible to recover these debts effectively and efficiently. “At AMCON, we believe that the Act establishing the corporation can be amended as many times as possible by the National Assembly as long as they think it is appropriate to do so in the interest of the Nigerian economy. “Given the difficulties we are facing presently, we are of the opinion that the Act establishing AMCON should be
amended to reflect our sunset period. “We are making this suggestion because we have over the years realised that some of our obligors have since established another lifestyle that are different from what brought them to AMCON so the best we can do as a law abiding agency of the government is take them to court. “But the wheel of justice grinds slowly in the country so something drastic must be done if we all want AMCON to meet its mandate at sunset. The National Assembly, Kuru argued, must do everything within its constitutional powers to protect the corporation and pay more attention to AMCON’s sunset to enable the corporation fully recover its debts from the hard-core obligors.
PDP AFFAIRS
L-R: Enugu State Governor, Ifeanyi Ugwuanyi; Deputy Governor of Ebonyi State, Dr. Kelechi Igwe; former National Secretary of the Peoples Democratic Party (PDP), Senator Ben Obi, during the South East zonal meeting of the party in Abakaliki, Ebonyi State capital.... yesterday
Oando Leads Nigeria Delegation at Africa CEO Forum
Tonye Cole to share road map for Nigerian economy Heads of States, public decision-makers, bankers, capital investors as well as African and international corporate leaders are today gathered at the Africa CEO Forum in Abidjan, Cote d’Ivoire, to discuss and take lessons from the success stories of the African private sector as well as dialogue and propose strategic solutions regarding the development of African enterprise and markets. Nigerian representatives including Wale Tinubu, Group Chief Executive, Oando Plc, alongside other executives from the company; Olusegun Obasanjo, former president of Nigeria; Alhaji Abudulsalam Rabiu, Chairman and Chief Executive Officer, BUA Group; Akinwunmi Adesina, President, Africa Development Bank; Akin Dawodu, Chief Executive Officer, Citi Nigeria, would be share their experiences and the Nigerian perspective at the two-day event. Africa CEO Forum is the
foremost annual meeting of the private sector in Africa. The event has recorded over 3,000 participating businesses from over 63 countries since its first edition in 2012 and continues to grow in popularity as an important setting for public-private sector dialogue. The forum presents CEO’s and investors with the opportunity to meet high-level government officials of African counties to gain deeper insights into economic development strategies on subjects ranging from the business environment to the most important public and private investment projects being implemented in their countries. The forum also serves as a platform for attendees to expand their network of high-level business contacts, promote their companies, take and share country and sector specific business learnings, identify new financial partners and be a driving force in the development of Africa’s private
sector. Meanwhile, Sahara Group co-founder and Executive Director, Tonye Cole, will draw global attention to the need for diversification and collaboration in the quest for sustaining Nigeria’s economic growth at the Africa CEO Forum which commences on March 26 in Abidjan, Cote d’Ivoire. Cole will join a panel discussion on ‘The New Nigerian Economy,” which is expected to focus on some of the milestones achieved by the oil-rich nation as well as the recurring challenges associated with 50 years of oil wealth dependency. Speaking ahead of the event, Cole said: “The architecture for diversification in any sector must include a design for diversification and production in volumes that satisfy domestic and international buyer appetite. We still do not have a solid blueprint for this. What we have is a strong opportunity
to repurpose and reposition Nigeria as a globally recognised economic powerhouse.” Cole added: “If we are going to sustain the momentum, the political class should end its suspicion of the private sector players and instead seek opportunities for developing shared values and interests. We need continuing collaboration between the government and business community to achieve sustained economic growth.” He listed a number of factors which bode well for diversification not just in Nigeria but Africa at large including, economic reforms, dynamic and youthful entrepreneurial spirit and the sheer size of the population. Nigerian music and film are generally considered to be its greatest export to the rest of the continent and possibly the most inelastic in terms of consumer demand.
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Melaye: I Didn’t Flee Nigeria, Police, Kogi Gov Desperate to Kill Me We have no problem with senator, says Kogi govt Yekini Jimoh ÓØ ÙÕÙÔË The embattled senator representing Kogi West senatorial district of Kogi State, Dino
Melaye, has said he did not flee the country, rather, that the state Governor, Alhaji Yahaya Bello, and the Nigeria Police were planning to kill him.
Ekweremadu: Asset Forfeiture Case is APC’s Attempt to Intimidate Me Benjamin Nworie ÓØ ÌËÕËÖÓÕÓ Deputy Senate President, Dr. Ike Ekweremadu, yesterday alleged that the presidential committee headed by Okoi Obla to recover his assets is an attempt by the All Progressives Congress(APC) to intimidate him. Ekweremadu spoke in Abakaliki, the Ebonyi State capital during the South-east Peoples Democratic Party (PDP) zonal meeting which took place at the Government House. He accused the ruling the APC of using intimidation and blackmail against the opposition members of the PDP to retain power in 2019. He said what he and other members of the PDP are currently passing through in the nation was unfortunate and embarrassing, adding that he would not succumb to intimidation. The Deputy Senate President said: “As my people, I owe
you the fact to tell you the truth which is that I committed no offence. Because the matter is already in court I don’t intend to go into details but let me just add that is only the politics of 2019. “What we find out in 2019 is that the PDP will be the David that will save Nigeria from the hands of goliath and no amount of intimidation or blackmail will stop it. The APC government believed that it can capture power by intimidation and blackmail and it has never happened and it will never happen. “I want to state clearly that what we are witnessing is unfortunate and embarrassment to us as a country a situation where a government in power have tried to use established anti corruption agencies to harass and intimidate opposition. What we have found out over two weeks is that bunch of APC lawyers assembled themselves
Melaye has been accused by the police of allegedly sponsoring thugs to disrupt general election in the state in 2019. In a statement issued by the senator of which a copy was made available to THISDAY in Lokoja yesterday, he stated that he ordinarily wanted to ignore the antics of the state governor and the Nigeria Police, which has openly taken side in the state political crisis, “save for the latest but coordinated lies in the garb of exclusive news by the notorious online blackmailer.” He noted that he did not flee Nigeria and have no reason to flee “my country leaving behind my family as the online medium wants Nigerians to believe. “The lies in the online report is nothing but to cause serious disharmony in the Senate and among united majority senators, who are resolute in defending democracy and its institutions no matter whose ox is gored.” According to him, for the avoidance of doubt, he did not receive any court summon either in person or by proxy in his house or office for him to appear on March 28 as being insinuated by the police regarding the latest allegation against him.
“Last Monday’s stagemanaged parade of crime suspects in Lokoja by the Force Public Relations Officer, Mr. Jimoh Moshood, where a suspect was tutored to implicate me is just a continuation and expansion of the police attempt to have me arrested at all cost and ultimately kill me. “The public will recall that on March 1, 2018, when the federal government arraigned me for allegedly giving “false information” to the police in a case of failed assassination plot against me, at the FCT High Court in Maitama, Abuja, SARS operatives from Kogi State Police Command laid siege on the court premises in order to prevent me from enjoying my bail with the intention to kidnap me to Lokoja to be poisoned, although it turned out to be another failed attempt on my life. “It is worrisome that the police headquarters has got itself entangled in the state political crisis and has taken side. “It is however bizarre and unprecedented that Moshood will have to travel to Lokoja last Monday in order to act a script written by Bello. “A discerning mind will
ask that how many times has Moshood travel to Sokoto, Enugu or Lagos State to parade suspects on behalf of a Police Commissioner? “It has become expedient for me to issue this statement to the public and to let you know that I have taken the matter up with the international community in order to report this undue intimidation and harassment. “Let me reiterate here for the umpteen times that no amount of intimidation, blackmail, arrests or threats will stop me from championing the cause of the masses. However, Moshood in a statement issued recently called on the senator to appear before court in Lokoja next Wednesday to face charges leveled against him. However, the Kogi State Government has said as far as they are concerned, they have no problem with Melaye. The Director General of Media and Publicity to the state governor, Mr. Kingsley Fanwo, while reacting to Melaye’s allegations that the police and state government wanted to kill him, said it was the police that sent him invitation for questioning based on their investigations.
Fanwo said: “He should face the issue and leave the state governor out of the issues surrounding his face-off with the police. “The governor is a lawabiding citizen of Nigeria who would not involve himself in such criminality. Home or abroad, no organisation has ever indicted the governor of such crime. He has respect for human life. He noted that he did not believe these issues are as complex as the senator wants the world to believe. “If any law-abiding citizen is invited for questioning, he or she should go and give his or her own side of the story to the police.” He asked what has the governor got to do with that? “Criminals were nabbed by the police and those criminals disclosed the person behind the supply of arms to them. The simple thing to do here is for him prove his case and leave the governor out of it. “On our part as a government, we are pleased that our anti-crime efforts are yielding fruits. Bello is committed to ensuring the safety of all Kogites and Kogi residents. That is his primary responsibility to the people of the state,” the governor’s aide stated.
Truckit Wins World Submit Awards in Austria It was all pomp and excitement at the Global Congress, Vienna, Austria when Truckit, an indigenous company in Nigeria that provides a technology platform facilitating cost effective and secured transportation of goods and cargos with real time monitoring for individuals and companies, grabbed a prestigious international innovative award for its application - UTruckit. After a rigorous selection by WSA Grand Jury, UTruckit was selected as one of the 40 WSA Winners in the Smart Settlements and Urbanisation category of the World Summit Awards, bringing Nigeria back on the international award map since 2016. The award ceremony which started with workshop for winners and local entrepreneurs at Festival Hall, Vienna City, was a three days event. It also saw each 40 winners from different countries make a five minutes presentation of their innovations to emerge the grand winner of the WS Awards. Initiated in 2003 in the framework of the UN World Summit on the Information Society (UN WSIS), the World Summit Awards is a highly diverse and democratic award system that selects and promotes the world’s best in digital content and innovative applications with impact on the
society. Truckit launched its application in July 2017 and stands out on the strength of its innovation within the digital space. Mr. Tom Roberts, the CEO and Founder of Truckit Trucks Solutions Limited, who stormed Austria with his Business Director, Mr. Valentine Anozia, to bring home his company’s international trophy feels very proud of the international honor. “We feel very proud of this award as it is a great honor that the international community recognised the exceptional value in the UTruckit APP. Almost 400 submissions from 180 UN member states participated in this year’s WSA contest. The competition was tough and the selection process was highly competitive and we are so glad we scaled through,” he gushed. “We are pioneers of the first Truck booking solution (UTRUCKIT App) in Nigeria and Africa. Managed by experienced professionals with a track record of delivering logistics solutions. It has been good doing such business in Nigeria,’’ the soft spoken CEO added. The application UTRUCKIT can be downloaded from Google play for Android and the Apple store for IOS users.
INNOVATORS
R- L: Chief Executive Officer, Truckit Trucks Solutions Limited, Mr. Tom Roberts; Business Director, Mr. Valentine Anozia; and Head of IT, Mr. Deji Kuye,at World Summit Awards in Austria...recently
Unions Threaten to Shut down Airspace over NAL Workers’ Severance Payment Chinedu Eze
Labour unions in the aviation industry have threatened to ground flight operations all over the country to draw government’s attention to the plight of exworkers of the defunct Nigeria Airways Limited (NAL) who have been denied their entitlements after the liquidation of the airline despite the approval of N45 billion by the federal government. The unions, National Association of Aircraft Pilots and Engineers (NAAPE), the National Union of Air Transport Employees (NUATE) and the Air Transport Senior Staff Services Association
of Nigeria (ATSSSAN) said they would not wait until the entire workers of the former national carrier died before taking steps to ensure that they were paid their benefits. The unions expressed disappointment that many months after the approval for their payment, government has not taken any step to pay the former workers of the national airline whose invaluable contribution to the development of the aviation industry cannot be overstated. They noted that the failure of the federal government to pay the N45billion final severance packages to the almost 6,000
workers of the defunct national carrier would force the workers to down tools in the next two weeks and jolt the aviation industry, which has enjoyed stability in the last few years, The industry unions expressed their anger on the alleged insensitivity of the Ministry of Finance to pay the workers over 10 months after the approval of the sum by the Federal Executive Council (FEC). In a petition, dated March 19, 2018, signed by Ocheme Aba, for NAAPE, Comrade Frances Akinjole, ATSSSAN and Alayinka Abioye for NUATE and addressed to Senator Hadi Sirika, the Minister
of State for Aviation and copied to the Ministers of Labour and Employment and Finance, the union leaders demanded urgent payment of the ex NAL workers. Few months ago the ex-workers had accused the Minister of Finance, Mrs. Kemi Adeosun of willfully delaying the payment of the severance packages despite approval by the government. The unions also pointed out that they had commenced the mobilisation of the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and United Labour Congress (ULC) in a bid to gather wider support for the action.
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Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com
Super Eagles players listening to instructions from the coaching crew shorty after their first training session in London…yesterday morning
Super Eagles Train in London ahead Serbia Clash Super Eagles players who arrived London on Saturday after defeating Poland 1-0 in Wroclaw on Friday night trained at The Hive yesterday morning ahead of their second warm up game for the World Cup 2018 in Russia. Today’s match at The Hive, Canons Park is scheduled to start at 8pm.
Just like Friday’s opposition in Wroclaw, the three-time African champions will be up against another Russia 2018 World Cup –bound squad, but this time, with more playing personnel, following the arrival of strikers Junior Ajayi and Gabriel Okechukwu, and midfielder Mikel Agu. Agu was called up owing
to the inability of captain John Mikel Obi to travel from China to Europe for the international friendlies. Midfield workhorse Oghenekaro Etebo, though still nursing an injury, watched from the side lines as Eagles braved the chilly London weather for the first training. The squad of 26 players and
technical and backroom staff are staying at the Hotel Crowne Plaza Ealing. Nigeria will hold a pre-match press conference at The Amber Suite of The Hive at 6pm today ahead of the clash with Serbia. Victor Moses scored from the penalty after being clipped on his way to goal to give Nigeria
victory over world number 6 Poland at Wroclaw’s Stadion Miejski on Friday, affording the Super Eagles a splendid start to their FIFA World Cup build-up. At the World Cup finals in Russia, Serbia will play five-time champions Brazil, Switzerland and Costa Rica in Group E, while the Eagles battle Croatia,
Iceland and Argentina. Serbia is ranked 34 in the world by FIFA (18 places above Nigeria), but the Eagles have become accustomed to tearing apart paper ratings and bookmakers’ odds, as they did in dismantling Cameroon, Algeria and Zambia in the African qualifying series.
NPFL: Lobi Stays Top Onyali Hails Okagbare for Erasing Her 22 as Ifeanyiubah’s Kone Year-old 200m African Record Sinks Plateau Utd Duro Ikhazuagbe
Lobi Stars consolidated their leadership of the NPFL after they came from behind to beat Rivers United 3-2, while Yaya Kone fired a hat-trick for FC Ifeanyiubah to drub champions Plateau United 3-0. Lobi Stars now have 26 points from 16 matches. Closest rivals Akwa United could only draw 1-1 at home with Abia Warriors, while Kano Pillars fell 2-1 at bottom club Kwara United even after striker Junior Lokosa put them ahead with his 12th goal of the season. But the individual performance of the day will belong to Yaya Kone, who scored thrice to sink champions Plateau United. It was the sixth loss of the season for the defending champions, who lost a penalty through Tosin Omoyele in the closing moments of the game. Despite Destiny Ashadi controlling the midfield and
Katsina United scoring first, ‘The Changi Boys’ still fell 2-1 at MFM FC, while Yobe Desert Stars dropped their first points at home this season after they forced Enyimba to a 1-1 draw. There were also home wins for Heartland, Wikki Tourists and Niger Tornadoes, while hosts Go Round FC held Enugu Rangers to a 2-2 draw. A total of 29 goals were scored today – the highest tally this season – with seven home wins and three draws.
MATCH-DAY 14 Heartland 2-1 Nasarawa Lobi 3-2 Rivers Utd Akwa Utd 1-1 Abia War’ Wikki 3-0 El-Kanemi FCIU 3-0 Plateau Utd Kwara Utd 2-1 K’ Pillars Tornadoes 1-0 Sunshine Yobe DS 1-1 Enyimba Go Round 2-2 Rangers MFM 2-1 Katsina Utd
Former Nigerian Queen of the Track, Mary Onyali-Omagbemi has congratulated Blessing Okagbare-Ighoteguonor for erasing her 22 year-old 200m African record of 22.07secs at the weekend. Running in her season opening race at the 2018 Wes Kittley Invitational inside the Elmer J. Gray Stadium in Abilene, Texas, on Saturday, Sapele-born Okagbare raced to a new 22.04 African record to win the longer sprint event. The Beijing 2008 silver medalist in the women’s long jump lost the 100m African record to Cote d’Ivoire’s Murielle Ahoure who bettered the Nigerian’s mark of
10.79 secs by just 0.01s in 2016 with her PB of 10.78secs. Okagbare has effectively consign to history the 22.07 clocked by Onyali in Weltklasse Zurich in 1996. Onyali was particularly pleased that her 22 year-old African record has been broken by her compatriot. “My 200m African record went to my little sister yesterday. Congrats Ble-Ble Baby ! Now we are back on track !! Thanks for keeping this in the family Kitty; While we hunt for the other one ! On a mission. Stay tuned,” Onyali gushed with enthusiasm at the feat of Okagbare yesterday. Cierra White placed second behind Okagbare in a distant 23.26s, while Natasha McDonald
Okagbare settled for third in 24.23s. Another Nigerian sprinter, Omotayo Abolaji placed fourth in the race with a Season’s Best (SB) of 24.42s while competing for South Plains College. Okagbare’s previous Personal
Best (PB) in the event was 22.23s, set at the 2014 Eugene Diamond League. She now holds the Nigerian women’s records in the 100m (10.79secs) and 200m (22.04secs). With this new form, it is going to be difficult for the Delta-born sprinter to avoid defending the double sprint medals she won at the Commonwealth Games in Glasgow, Scotland four years ago. The former Team Nigeria captain had earlier signified her intention to race only in the 4x100m relay at the Games scheduled to hold in Gold Coast, Australia between April 4 and 15. She remains the favourite for both the 100m and 200m gold medals at the Games.
Team Nigeria Departs for Commonwealth Games in Gold Coast Team Nigeria’s first batch of 70 athletes and coaches for the XXI Commonwealth Games left Abuja at about 6pm on Saturday aboard Emirates Airline for the Gold Coast, Australia as the Games Village formally opened for business yesterday. 46 athletes in athletics, para-
athletics, table tennis, para - table tennis, basketball, gymnastics, para powerlifting, weightlifting, boxing and 17 coaches, loaders and helpers as well as seven medical personnel made the trip to the Games. The athletes were in high spirit at the time of departure as all allowances were paid to
them. Each athlete received N15,000 per day for 21 days being the period of the last phase of camping. They were also given specific competition kit and equipment. The second batch of nine athletes and four coaches will leave this week as soon as their visas are issued while
the wrestling team comprising 12 wrestlers and four coaches will depart on April 2, 2018. The XXI Commonwealth Games is scheduled to start on April 4 and run through April 15, 2018 in Gold Coast, Australia with 71 commonwealth countries taking part in the Games.
SWAN President Condemns Assault on its Member in Plateau
Seriki Adinoyi in Jos
The President, Sports Writers Association of Nigeria (SWAN), Mr Honour Sirawoo has condemned in the strongest terms and described as barbaric the alleged actions of Chairman of Plateau United Supporters Club, Mallam Audu and the club’s General Manager, Mr Pius Henwan, that led to the
battering, assault and abduction of a sports presenter with Jay FM, Jos, Plateau State, Mr Mbum Ferdinand. According to a statement from Jay FM Station Manager, Mangna Yusuf, Mr Ferdinand was abducted and taken to an unknown destination. However, it took spirited efforts from the station through its lawyer to get
the journalist released on bail after he was traced to a police station in Jos. Sirawoo described the alleged actions of the two club officials as “reckless, irresponsible, shameful and disgraceful” to football administration in Nigeria, while calling on the Plateau State government, Nigerian Football Federation and League
Management Company to apply appropriate sanctions on the suspected assailants. According to him, nothing could have warranted the actions of the clubs officials who are entitled to right of reply if they felt the journalist didn’t present the facts well, rather than resorting to self help in clear contravention of laws on
human rights. He commended the management of the radio station for their prompt action and the Plateau State Police Command for the timely release of Mr Mbum, whose only sin was to have reported issues around the club as part of his responsibilities as enshrined in Nigeria’s Constitution and international
charters on human rights. The SWAN president gave an ultimatum of 48 hours for the management of Plateau United Football Club to tender an unreserved apology to Mr Mbum, treat any injuries he may suffered in the process of his abduction, in addition to the accused officials being given appropriate sanctions.
Monday March 26, 2018
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MISSILE Malami to Senate “I have to state that threats and intimidation by one arm of government against another concerning this matter are unfortunate.� Attorney General and Minister of Justice, Abubakar Malami accusing the Senate of undermining the judiciary following a protest from the Senate to the Chief Justice of the Federation, Walter Onnoghen on an injunction placed on the Senate by a High Court Judge.
ALEXOTTI OUTSIDE THE BOX
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As Obiano Starts His Last Dance
H
is Excellency, Chief Willie Maduaburochukwu Obiano, FCA, FCIB, Akpokuodike Aguleri, dances very well. In a recent piece in his column titled, “Lessons for Nigeria from Anambra� Mazi Sam Ohuabunwa, OFR, argued that one of the reasons Obiano trounced his opponents in the November 18, 2017 Governorship election, where he won in all the 21 local governments in the state, is his humility. Mazi Ohuabunwa noted that he demonstrated this by the fact that he, Obiano, dances to, and with, his people. Even though the jury is still out as to whether dancing speaks to humility, there is no denying the fact that humility, which is lacking in a lot of people, is critical in endearing leaders to their people. Today, we are not talking about dancing and dance steps. We are discussing the enduring legacies that Governor Obiano would leave behind as he starts his second and last term as Executive Governor of Anambra State. As earlier noted, Obiano was engaged in a fierce battle to get a second term in office. The first was an intra-party crisis that started with some dissatisfied members of the National Working Committee of the All Progressive Grand Alliance, (APGA), the platform under which Obiano ran and won the election, suspending the National Chairman of the Party, Chief Victor Ike Oye, and replacing him with someone else. The leadership of the Party rejected this insurrection and in response, applied a big hammer on the “mutineers�, expelling them from the Party. The expelled members subsequently regrouped and appointed an Acting Chairman in the person of Chief Martin Agbaso. To give legal teeth to their action, they secured a high court judgement from Enugu, which recognised Agbaso as the Chairman of the Party. This started a fierce legal battle which is still on till this day. The court judgement was reversed by several judgements from courts of concurrent jurisdiction, but what cleared the way for the primaries to hold was the judgement of the Court of Appeal sitting in Enugu that reversed the original High Court judgement. Governor Obiano thereafter proceeded to win the primaries unopposed thus clearing the way for the main election to eventually hold. Prior to the main election, there were a lot of scheming by the opposition. You could hear some of the candidates boast that they were going to sack Obiano. The major contender, the All Progressive Congress and its candidate, scared the hell out of everyone, with its reference to deep pockets and the Federal might. PDP’s Oseloka Obaze, with the support of the former Governor, Peter Obi, was all over the place convinced that he would win the election. Days before the election, the Governor’s security details were recalled, which in some way gave an impression that the government at the centre was going to fight dirty. With protests from the Governor and other interested parties, the security details were restored. The election was eventually held on November 18, 2017 amidst fear and tension. INEC, it must be said, did a fantastic job of organising a free and fair election that produced, for the first time in the South East, results that were not challenged by any of the contenders, (though I read there was a pretender who went to court and the matter was promptly dismissed). The rest, like they say, is now history. On Saturday, March 17, 2018, Obiano took the oath of office in Awka for a second term.
Obiano The well organised event was attended by a lot of people from within and outside the state. Going by the speech the Governor made, one was left in no doubt that he knows his onions and has his priorities right. There was clarity about what Obiano wanted to leave behind by the time he would be ending his second tenor in the next four years. His zeal, his patriotism and his passion for service to his people, were palpable and simply infectious. It is important to state here that second term for a Governor is never a right. That one Governor did a second term in office is not enough reason for another who was a non-performer in his first term to seek a second term. I don’t think there should be any argument about this. Second term should also not be seen as an opportunity to correct the ills of the past. There is this joke, (and I really hope it is a joke) about a former Governor’s father who was campaigning for a second term for his son. He was quoted as saying that since there was agreement amongst the people of the state that his son failed in his first term, then, everyone should support him for a second term. His logic was that just like in an examination, if someone failed, the natural thing was for him to repeat! I believe that Obiano was rewarded for his performance in his first term, to which everyone, including his enemies conceded. This is unlike his counterpart in a sister state in the South East who recently spent tax payers’ money to assemble a miserable collection of compromised party leaders, lazy-minded elite, coerced and defeated traditional rulers and hapless marabouts, native doctors and ritualists, all to endorse him for a second term. Meanwhile, this said Governor is owing over 8 months salaries to civil servants, teachers and other government workers, and over 2 years of pensioners’ stipends. In this “propaganda-assisted� state, governance only happens in the social media where government agents tout non-existent projects as their “giant strides�. A few of the articulate party leaders who attended the shameful ‘endorsement’ event, alluded to the failure of the Governor, but were quick to blame it on the numerous court cases against him, which, according to them distracted him from his work. They, however, failed to say what the Governor did that landed him in court. The rest of the people at the event argued that because his two predecessors who came from different zones did two tenors, their non-performing ‘son’ should be allowed to go for a second tenor, otherwise, the heavens would come down. He would need to repeat the examination
he failed woefully. What a tragedy! The good and refreshing news is that in Obiano’s case, he earned his second tenor and Anambra people kept faith with him and elected him accordingly. It is a known fact that in recent times, South East states have not been particularly lucky with leadership. This is where Obiano has his work cut out for him as he has to use this second term to immortalise his name. In the South East, there are a few names that are always in people’s lips for good reasons. The likes of Nnamdi Azikiwe, Emeka Odumegwu Ojukwu, Michael Okpara, Akanu Ibiam, Sam Mbakwe and Alex Ekwueme, to mention but a few, are remembered for their qualitative leadership to their people. I have no doubt that Obiano is well on his way to joining this exclusive league. In order to make this league, he should work towards institutionalising what he has done and what he is doing. This becomes necessary to ensure that no charlatan shows up after him to dismantle his legacy. I must admit that this is a very tough call given our penchant to destroy and the fact that it is easier to destroy than to build. Still on this, there should be a process that throws up the best in the state for governance at all levels. This is the only way to permanently keep mediocrity away. Care must be taken to ensure that the succession planning we are talking about does not descend into godfatherism, which is the bane of many states in the country. I am of the opinion that the most important task facing Obiano does not lie in Anambra. It resides in the entire South East. Simply put, it is about replicating the successes in leadership and governance recorded in Anambra in other states of the South East. Leadership is urgently required in the South East if the region must get its act together and achieve its potential. Beyond the infrastructural decay and deindustrialisation of the entire region, there is the ravaging unemployment and restiveness of the youth. The crime rate remains very high as abject poverty, existing alongside pockets of wealth, seems to be masked. Individually, the people seem to be very successful, but collectively, the region is a complete failure! Furthermore, we seem to have engaged the reverse gear politically. I had a discussion with a friend from Adamawa recently who had this to say “in 1979, the South East produced the No. 2 man in the country. In 1999, they produced the No 3 man, in 2007 and 2011, they produced the No. 4 man and in 2015, they managed to retain the No. 4 man against the wishes of the powers that be. If care is not taken, in 2019, they will produce no one�. He attributed this to the falling quality of the politics the Igbos play in the country. Of more significance is the little impact the Igbo in leadership have on the generality of the people as against individual selfish interests. For selfish reasons, some people have made arguments about ‘mainstreaming’ the South East. While I have no problems with this, I am concerned that they do not understand that power is about negotiation from a position of strength. To negotiate well, you must bring something to the table. When you show up empty handed, at the negotiation table, you are likely to end up “as part of the meat to be shared, rather than part of the people to share the meat�. It is against this background that I dare say that the South East has little or no influence in the so called major parties in the country. Those from the zone, who
are prominent in those parties, are what is called peripherals in technology language. The leadership that I will like Obiano to embrace is to ensure that APGA goes beyond Anambra to control other parts of the South East. This is an opportunity that Peter Obi apparently missed. Obiano must seize the moment to ensure the emergence of APGA governments in all the South East states. This is not the kind of project that has not been done before. Senator Bola Ahmed Tinubu won election under the platform of AD in 1999 and 2003. After his second term, he held on to and expanded that platform which became AC, ACN and eventually merged with other parties to form APC which is the ruling party in the country today. Had he jumped ship like most of our politicians are known to do, his party would not be in power today. As I was concluding this piece, someone forwarded me a post by a mutual friend, Chief Sonny Oruche. I will quote excerpts from this message that I consider apt and fitting for this discourse. “We must not always be in a winning party. We must have strategic alliances, build consensus across the entire nation, make friends of our neighbours and not hate speeches about other ethnic groups‌.. Our selfishness and money at all cost politics, cannot lead us anywhere. Now is the time for some of us to fill the gap and change the negative narrative of Ndigbo ‘politics of food is ready’. I can say without fear of contradiction that the OBJ and GEJ administrations were very benevolent to Ndigbo, in terms of political appointments in key positions, especially in the banking and finance sector. What the occupants made of it is totally different from what Awolowo did in his position as finance minister in the late 60s and 70s. After the First and Second Republics, Ndigbo have not presented serious selfless and purposeful leaders, particularly at State and LGA levels. If you stand on Aburi with these third rate politicians, from Igbo land, we shall collapse in no time. We can only stand on Aburi on the foundation of men of character, courage and competence. Ndigbo are better and greater than where we are. Ndigbo are too big to be small.â€? You may not agree with some of the points made by Oruche. It is your right to disagree, but the truth remains that it summarises the sorry state of the Igbo nation that is fast losing grip and relevance. I had argued elsewhere that a major part of our problem is that we seem to have left politics in the hands of jobless people who have no track record in doing anything else. These jobless people consolidate their hold on power with our money and reproduce themselves in less competent successors who they can control. Some other regions have transited from this, most part of the South East hasn’t. It is this assignment that this column wants to drop on the laps of Obiano using the instrumentally of the party, APGA. Given his pedigree as a thoroughbred professional, I have no doubt that he is capable of delivering on this. It is also important to note that it is in the interest of Anambra APGA and the party in general, to ensure the right leadership is put in place in the other states where the party stands to win power. The fallouts of the decay in neighbouring states will always rub off on Anambra if not properly addressed. In fact, it is the way to ensure that APGA survives and thrives as a party of national relevance. This time calls for clear headed and selfless thinking.
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