Probe Jonathan, be fair, PDP tells Buhari by Vanguard Media Limited

...towards a better life for the people

VOL. 25: NO. 62452

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MONDAY, JULY 20, 2015

DSS' search on Dasuki's houses lawful — Lawyers 8

Probe Jonathan, be fair, PDP tells Buhari •Sagay, Mohammed, Shettima, Ajulo speak •Buhari a disappointment— Ogundipe, Southwest PDP leader By Clifford Ndujihe, Henry Umoru, Dapo Akinrefon & Gbenga Oke

MINENT Nigerians and groups were unanimous, yesterday, in their support for President Muhammadu Buhari’s vow to probe the immediate past Dr. Goodluck Jonathan’s Administration. They were, however, divided over the scope, time-frame and those to be Continues on Page 5

Buhari charges DSS to stop suicide bombings

9 Mr & Mrs BUHARI GOES TO US—President Muhammadu Buhari departing the Nnamdi Azikiwe International Airport, Abuja, yesterday, to the United States of America on a three day state visit. Inset from right: Ismaila Isa Funtua and former governor of Rivers State, Rotimi Amaechi with another member of the entourage at the airport, yesterday.

COLUMNISTS: President People deserve the coach they •P.41 hire

Economy: Mr. President's unfortunate mis-step •P.40

Buhari, son, 32 others storm America •P.47

US must treat Nigeria with respect — Amb. Joe •P.42 Keshi

2 — Vanguard, MONDAY, JULY 20, 2015

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POCKET CARTOON administration can work. I truly support it. "In the process of trying to recover the stolen money, if he has to probe any government, present or past, let him probe, but the money has to be recovered. People should not come into government and now suffer from some sort of amnesia and think that state funds belong to them personally while the country is living in pains and poverty as we are now. Salaries cannot be paid in so many states, so Buhari is right in his struggle to recover our stolen wealth.” Presidency should probe, but no witch- hunt – PDP The national leadership of the Peoples Democratic VISIT—Chief of Army Staff, Major General Tukur Buratai (2nd right); Party, PDP, said, yesterday, Deputy Governor of Borno State, Alhaji Zannah Umar Mustapha (3rd right) that the Presidency was free and others during a one-day visit to 103 Battalion in Konduga Local to probe past Government Area of Borno, yesterday. Photo: Inusa Ndahi. administrations but warned that the exercise must not be carried out with malice, designed to witch-hunt some persons who worked under Dr. Jonathan. Speaking with Vanguard, PDP National Publicity Secretary, Chief Olisa Continues from Page 1 government to recover the President Buhari not to said the billions of dollars that have focus only on his Metuh, probed. While some wanted not been accounted for. investigation must be within administration, saying it the probe to be limited to Last week, the ruling All would amount to a witch- the ambit of the law and the Jonathan Progressives Congress hunt if only his respect for fundamental administration, some (APC) asked President administration was probed. human rights of citizens, countered that it should be Buhari to probe the He had said, “I think in adding that a government extended to all past immediate past Nigeria, there are a lot of must plan for the future and governments. There were administration over the things that will be probed, not necessarily spending its also calls that the probe $5.5bn dividends said to very many things, even energy looking into the should be extensive, have been paid to the debts owed by states and past. thorough, transparent and Federal Government by the debts owed by this country According to Metuh, the devoid of witch-hunt. Nigeria Liquefied Natural from 1960 up to this time. current government should Speaking through his Gas Limited. It also wanted They say it is Jonathan’s allow some persons carry Special Adviser on Media taxes and dividends administration that owed out the investigation while and Publicity, Mr. Femi accruable to the Jonathan these debts... I believe that it concentrates on providing Adesina, weekend, administration through the anybody that is coming for services to the people President Buhari, who said NLNG in the last six years probe must also ensure that especially in the area of he met a near empty unearthed. this probe is extended addressing the security treasury on assumption of When the issue of probe beyond the Jonathan challenge in some parts of office, restated his decision was first mentioned late administration. Otherwise, the country. Metuh said: “It to probe the Jonathan’s May, Dr. Jonathan urged to me, it will be witch-hunt. is the right thing to probe If we are very sincere, it is and investigate but there not only the Jonathan must be respect for administration that should fundamental human rights of the people. It must be BY ELLA RANDLE be probed.” carried out within the Follow three rules; Respect yourself, Respect oth- It’s an attempt to confines of the law, there ers, and take responsibility for your actions— Dalai recover our stolen must be no witch-hunt. There must be plans for the Lama wealth—Sagay future, the government can TAKING full responsibility for one’s life is the Throwing his weight go ahead with the probe, key to living a life of absolute freedom. It means to behind the move, stop blaming others, the unreasonable demanding Constitutional lawyer, but must put forward those employer, ungrateful children, unpredictable weather; Professor Itse Sagay, SAN, things that will move the irritating spouse, unreliable friend, unreliable govern- said the planned probe is country forward because ment, unfavorable circumstances, and even the feel- an avenue to recover the very soon, Nigerians will be ing that life’s not fair on us. Blaming everybody else nation’s stolen wealth from asking questions on is great until you’ve got no one to blame but yourself. those who pilfered the insecurity, incessant arrest, the state of the dollar, Instead, realize that you are the creator of your own country’s treasury. among others.” life story. Sagay said: “The way I Taking responsibility means a shift from being a vic- see it is this: the Buhari Probe should be tim to being a conscious creator. Consciousness is the administration met a key element here. Again, Robert Betz says it even bet- virtually empty treasury. transparent and not to ter: “We tend to be conditioned, for instance by action The treasury has been witch-hunt — Ajulo, A, which automatically triggers reaction B and, there- looted in various guises, the LP scribe fore, our days often resemble a movie on auto-repeat.” NNPC has been a source In his reaction, National Before automatically reacting to something in the of massive looting. As far as Secretary of the Labour future, let’s take a deep breath, realize that you have I am concerned, I will not Party, LP, Dr. Kayode Ajulo, a choice and that the first choice is whether we want to call what he is doing as urged the president to be simply react in a reflex-like manner or whether we probing of any transparent in his antiwant to make a conscious decision of what the best administration, it is an corruption crusade. course of action is. Choosing the latter means to con- attempt to recover Nigeria’s Ajulo, who said it was sciously create your life and to take responsibility for stolen wealth so that the imperative for the president it. not to embark on a personal

Probe Jonathan, be fair, PDP tells Buhari

TAKE HEART

vendetta said: “Buhari, on the day he was inaugurated, swore to two oaths and his primary responsibility is to follow the laws of the country and to do justice to all without fear or favour. What I say is this, if a crime has been committed, such crimes should be investigated but there should be no vendetta. He should not witch-hunt, he should not be vindictive about the probe.” He added: “I can understand that the war against corruption has started, he should be transparent about it. What are you trying people for? What is their offence? Their offence has to be known because this is democracy. They should also follow the law in their corruption war.”

Ogundipe said: “Buhari is really disappointing everybody. Having been declared winner of the last presidential elections, Nigerians had expected him to swing into action to better their lot. If the only thing Buhari wants to do is to probe everybody, then he should not limit the probe to Jonathan. He should go back to when he too was head of state, he should probe everybody around him, that is when we would know he is working. As it it is now, we see it as a witchhunt. Nigerians are expecting better performance from his administration but from what we see, we are disappointed. That is not the way he should go.”

I support the probe — Mohammed

Probe should be all In his reaction, Second inclusive — Shettima, Republic lawmaker, Dr Arewa Youths Junaid Mohammed, said it On his part, National President of the Arewa Youths Consultative, Alhaji Yerima Usman Shettima, argued that the probe should be all inclusive and not limited to the past PDP administration. His words: “Nobody is opposed to probing anybody that is found wanting but the probe should not be lopsided. We are all aware that if Buhari wants to probe, he will be totally committed. The probe should not be a witch-hunt, it must be all inclusive. There are some people, who are close to him, they should also be probed, it should be a fight against corruption and not a selected few.”

Buhari is a disappointment —Ogundipe, SouthWest PDP leader

The South-West Chairman of the Peoples Democratic Party, Mr. Makanjunola Ogundipe, expressed disappointment over the president’s decision to single out the Jonathan administration for probe.

will be unrealistic for President Buhari not to probe the Jonathan administration. According to him, President Buhari has since realised that without probing the past government he might not be able to move the country forward. “During the electioneering campaigns, Buhari said he will not probe past governments but now that he has seen the quantum of money that was looted by several ministers and former aides of Jonathan, he has no option than change his attitude and stance on the probe. “He has since realized he could not do anything without money and when revelations of the billions they stole started filtering in, there is no way he will not probe especially when some states were owing eight to 11months salaries. I support President Buhari on the probe 100 percent and I am glad he has turned down borrowing money instead he is ensuring people that stole this country dry are returning it,” he said.

6—Vanguard, MONDAY, JULY 20, 2015

Govt takes 12-year-old victim of abuse into custody By Esther Onyegbula

AGOS—RESPITE finally came the way of 12-year-old girl, Kafayat, who was allegedly beaten with a barbed wire by her father, as Lagos State Ministry of Women Affairs and Poverty Alleviation, WAPA, has taken her into government’s custody. Vanguard reported last week that Kafayat’s father, Mr. Kazeem, reportedly beat his daughter and left her in critical condition after she attempted to stop him from beating her mother over lotto game. It was learned that officials from the Ministry of Womens Affair and Poverty Alleviation took Kafayat into their custody after Vigilante Group of Nigeria, VGN, members at Ebute-Metta, led by Mr. Musbau Agbodimu, took the girl’s plight to WAPA’s office at Alausa. Mr. Agbodimu said: “Officials from WAPA came on Tuesday to take Kafayat away. She was with us at the hospital when they came to take her. “We went to report her plight to the government after all our efforts to get the police to look into her plight failed.” An official of WAPA, who declined to give her name, however, confirmed that Kafayat was in government’s custody. The official said: “I cannot give you my names, but I can tell you that Kafayat is in our custody. I cannot tell you more on this because I am a civil servant and I am not authorised to speak to the press.” In his defense, the victim’s father, Mr. Kazeem, said he beat his daughter because she inflicted injury on her younger brother. He said: “I am not happy with what I did to my daughter. Yes, it is true that I am the one that beat her, but I did not beat her with barbed wire as she claimed. “I beat her with my belt because she used a pin to pierce her younger brother’s private part and the boy started to wail. “I got angry with her because it was not the first time she will misbehave. I have received several reports from her school that she stole money.”

3 poly students, 5 others arrested for cultism, robbery in Ondo By Dayo Johnson

KURE—THREE students of a polytechnic in Ondo State and five others have been arrested for alleged robbery and cult activities. The suspected criminals were arrested with dangerous weapons including guns, knives and axes, among others, by police detectives in the state Vanguard gathered in Akure that those arrested included Akinboun Blessing 21, of the Department of Public Administration, ND 11; Fasanu Tolulope 24, Business Administration, ND11, and Alabi Oluwaseun 26, Business Administration, ND ( PT 111). Findings revealed that Fasanu confessed that he was initiated into secret cult in 2013 by one Temitope Adeyeye and others. He has also, according to police source, confessed his involvement in various operations, including rape. Items said to have been recovered from him included one short, locally-made gun, loaded cartridge, one dagger and one cutlass. Police source hinted that Alabi confessed that he was initiated into the secret cult in 2013. Items recovered from Alabi included one dagger, one bag containing one locally-made cut-to-size single-barrelled gun, one battle cutlass and two cartridges. Vanguard gathered that Akinboun said he was initiated

into the secret cult last year by one Lampard and four others. He was alleged to have robbed students who lived off campus of their property, including laptops, ATM cards and also raped female students. Contacted, the police spokesman, Wole Ogodo, said other suspects in police custody included Wale Ilori,

29; Abayomi Oluwafemi, 16; Eze Ogokwe, Taiwo Segun, 16 and Ifeanyi Obi. Ogodo pointed out that Wale was initiated in 2010. He said police recovered dangerous weapons from Abayomi, which include one UTC knife, one axe and one jack knife, among others. He added that Eze was arrested for conspiracy and

stealing. He was said to have conspired with others to steal some aluminium steel. In the case of Ifeanyi, Ogodo said he was arrested for stealing, while Taiwo Segun was arrested over unlawful possession of dangerous weapons. Ogodo said all the eight suspects would soon be charged to court after investigation.

IDP KIDS: Some children of Internally-Displaced Persons, IDPs, at a Sallah party in Malkohi IDPs camp, Yola, yesterday. NAN PHOTO.

70 Fulani mercenaries invade Nasarawa community, kill 2 By Abel Daniel

VER 70 Fulani mercenaries, yesterday, invaded Kofar Gwari in Kokona Local Government Area of Nasarawa State, killed two sons of the traditional ruler of the community and that of Sabo Gida and injured two, including a drug seller. Investigation by Vanguard in Lafia indicated that the incident happened when some members of the vigilante groups in the area were having their meeting on how to address the spate of killings and kidnapping in their area. As the meeting progressed, the mercenaries attacked them, killing one Yawel Oshawu, the son of the Mai Angwa of Kofan Gwari, a Gwandara by tribe, and Idi Ibrahim, the son to Mai Angwa Sabi. Among those injured were Sofiyanu Maidoki, a Mada by tribe, and Nura Sani, grandson

to Mai Angwan Sabo. According to an eyewitness, who would not want his name mentioned, the two people killed bring the number of those killed at Kofan Gwari to 12 in one month. Vanguard further learned that the two persons killed were members of the vigilante group. The witness said the mercenaries had earlier invaded the village and embarked on a four-hour operations, which left many homes and individuals robbed of their property. They were said to have made away with over N400,000 and valuables. Among the persons robbed was an ECWA church pastor of Kofan Gwari. A source said: “We cannot go to our farms any longer to harvest our crops because of fear of being attacked by suspected Fulani herdsmen, who have been grazing on our

farmland.” The community has been deserted for fear of further attack by the mercenaries.

Police story

However, Police Public Relations Officer, Nasarawa State Command, ASP Ismaila Numan, who confirmed the incident to newsmen in Lafia, the state capital, said members of the vigilante groups in Kokona Local Government Area were having their meeting when unknown gunmen, who were fully armed, came from nowhere, stared shooting sporadically into the air and killed two vigilante group member. He said: “The command received a report that the members of the vigilante groups were having their meeting when unknown gunmen came from nowhere and started shooting sporadically into the air and

killed two members of the groups on the spot.” He added that the two members of the vigilante group who were killed were handed over to their families for burial.

Police shut Enugu By Austin Ogwuda

NUGU—IT was a show of shame, yesterday, in Enugu as two pastors and their loyalists engaged themselves in fisticuffs at Mount Street Parish of Assemblies of God Church, Nigeria. Consequently, police was compelled to lock up the church premises. Vanguard gathered that the church was turned into a battle field, yesterday morning, as two pastors and their supporters fought over who should take control of the parish.

Vanguard, MONDAY, JULY 20, 2015—7

Police arrest 4 suspected kidnappers in Kwara

ANTI-GAY: Project for Human Development, Phd, on anti-gay marriage rally in Lagos,yesterday. NAN PHOTO.

Woman arrested over lover's death in Delta By Ochuko Akuopha

LEH—POLICEMEN at Oleh Division in Isoko South Local Government Area of Delta State have arrested a28-year-old woman in connection with the sudden death of her lover in her residence. It was learned that the deceased had visited his girlfriend at Irri, with the intention of spending the night, when she noticed that he was gasping for breath. A source, who craved anonymity, said the woman on observing the strange behaviour, raised an alarm, which attracted other residents in her neighbourhood. According to the source, the neighbours trooped into her apartment and were taking the deceased to a nearby hospital, when he gave up the ghost. He disclosed that the deceased, until his death, was a fresh graduate who had just completed his National Youth Service Corps, NYSC, assignment and had taken up a teaching appointment in one

of the private secondary schools in a neighbouring community. Efforts to reach the Divisional

Police Officer in charge of the division were unsuccessful. However, a senior officer in

the division confirmed the incident, saying police had commenced investigation.

Ondo micro-finance operator disappears with customers' funds By Dayo Johnson

KURE—POLICE authorities in Ondo State have declared a fake microfinance bank operator, identified as Segun Akindele, wanted for swindling hundreds of people at Ikare-Akoko to the tune of several millions of naira. The suspect, who fled the town with his staff, also locked up his once active office operated under the name Victory Development MultiPurpose Limited. Police source said the suspected fraudster’s real name was Samuel Adebiyi, but preferred to use the pseudo name to deceive the unsuspecting customers from tracing him afterwards. Vanguard learned that the

suspects asked his customers to obtain a registration form for N1,000 and pay another N4,000 for insurance, after which they would have to pay between N10,000 and N50,000 to qualify them for a loan of N250,000 and above. The suspects reportedly assured his customers that the loan would be made available to them in two weeks after they must have fulfilled their part of the agreement. Police sources said the harsh economic situation in the country made many people to fall for the scam. It was gathered that the office, located at Idi Mango area, Ikare, was a beehive of activities as it was opened for 24 hours a day with about 10 staff. Two weeks after his

unsuspecting customers failed to receive alert from his bank, they stormed the office only to meet the place under lock. Efforts to contact him and his managers on their mobile phones proved abortive as their lines were switched off. The customers mobilised themselves, after it dawned on them that they had been swindled, and reported the matter at Ikare Police Station. The police in the town reportedly swung into action and discovered that the suspect was actually a swindler, who came to the town to carry out the fraud. Contacted, the spokesman of the police in the state, Wole Ogodo, confirmed that the fake operator of the micro-finance bank had fled the town.

church as pastors, supporters engage in free-for-all Crisis of factionalisation of the Assemblies of God Church had been lingering for more than three years as two persons, Professor Paul Emeka and Dr. Chidi Okoroafor, are each laying claims to the leadership of the church, a position known as General Superintendent, a matter that is currently before the Supreme Court. The drama started when one of the pastors, Rev. Nathaniel Udeze, came with letters of posting and other court documents as part of preparations to be installed as the new pastor at the parish.

He was promptly resisted upon arrival with his team of supporters. Leading the opposition was current resident pastor of the parish, Reverend Amaechi Agbo, who along with his supporters, also vowed not to allow Pastor Udeze take over, accusing him of being an “intruder.” The incoming pastor Udeze, said to have been very furious, insisted that he had been officially posted there by the leadership of the church under Rev. Paul Emeka. He also insisted that Rev.

Agbo had been transferred to another parish since May 2015. Howver, Rev Agbo disagreed, insisting that he was still incharge of the parish as he was yet to be formally written by Rev. Okoroafor’s leadership of the church, which he recognised.

Factional Sunday School

Trouble started as early as 7a.m., when supporters of both pastors arrived and started sharing different versions of Sunday school manual in preparation for the main service. When the factional pastors

arrived, the situation broke down completely as the pastors started shoving each other and shortly afterwards, members of the two factions engaged in fisticuffs. Divisional Police Officer, Dennis Ayara, who later arrived the scene, made frantic efforts to bring the situation under control through negotiation, but to no avail. The police, therefore, cordoned off the church and put it under lock, while the leaders of the two factions were asked to report to the station.

M U - A R A N (KWARA)—FOUR members of a suspected kidnap gang that had been terrorising residents of Omu-Aran, Kwara State, and its environs have been arrested by the police. There had been reports of of attempted kidnappings and threat to life in the area in the last couple of months. The Divisional Police Officer of Omu-Aran Police Command, Mr. Adamu Zawah, who confirmed the arrest of the suspects, said the force headquarters in Ilorin had been notified for further investigations. One member of the gang, who is believed to be the ring leader, was said to be at large. It was gathered that the suspects had on July 9, at about 9p.m., kidnapped the head of the Fulani clan in Ekiti LGA, Alhaji Aliyu Harande. He was later freed by the suspects after the payment of an undisclosed amount of money as ransom.

Ebonyi commercial bus driver murdered by unknown assailants

BAKALIKI—EBONYI State Police Command has confirmed the killing of Mr. Augustine Obaji, a commercial bus driver in Ohaukwu LGA of the state, by unknown gunmen. The Command Public Relations Officer, Mr. Chris Anyanwu, made the confirmation yesterday. He said Obaji was killed on Saturday along OkworIdiokpo Market road. He added that the victim was found with body injuries. Sources said that the victim picked passengers at Odumoke market enroute Okwor Mgbo market, but did not return home. His wife called him on his phone to no avail without response. “The following day, his relatives commenced a search and discovered his lifeless body leaning on the car’s steering on Idiokpo Road,” a source said.

8—Vanguard, MONDAY, JULY 20, 2015

“My candid advice to the former NSA is that he should not bother going to court over the matter. Rather, he should concentrate on justifying how he acquired the items that were taken from his house. If he has justifications for the property then he will come out clean.” Another SAN that pleaded anonymity said: “What the DSS did was lawful. No law stops them from taking a warrant or searching anyone without immunity. The security agency acted within the bounds of the law. The former NSA is not above the law.”

By Abdulwahab Abdulah & Ikechukwu Nnochiri

AGOS — LAWYERS, yesterday, faulted the claim by the immediate past National Security Adviser, Col Sambo Dasuki (retd) that the operatives of the Department of State Services, DSS, carried out illegal raid of his residences in Abuja and Sokoto where some alleged incriminating items were recovered, saying the search was lawful as the operatives were armed with a search warrant. DSS, last Thursday, stormed Dasuki’s residences with a search warrant which the former NSA described as a violation of his fundamental rights. The lawyers, however, argued that having obtained a search warrant from a court of law, it is criminal to frustrate the execution of the warrant.

Search authorized by law — Falana

In his reaction, Lagos lawyer, Mr. Femi Falana, SAN, said the officials of the Department of Security Services, DSS, did nothing wrong on the search conducted on the residence of the former National Security Adviser, NSA, Col. Sambo Dasuki (rtd) last Thursday. In a statement in Lagos, Falana said rather than blaming the DSS officials for carrying out their official duty, Col. Dasuki breached the law when he refused to allow the SSS officials “free and unhindered access” to his residence for hours. According to him, contrary to “the misleading information circulated in the media by the former NSA,” his house was not illegally raided but lawfully searched pursuant to a warrant issued by a magistrate. Falana said: “The fundamental rights to personal liberty and privacy of the home of every Nigerian citizen are constitutionally guaranteed. As fundamental rights are not absolute they may be breached in accordance with a procedure permitted by law. “Hence, by virtue of section 146 of the Administration of Criminal Justice Act, 2015, the residence of any citizen can be searched with a warrant duly signed by a judge, magistrate or Justice of the Peace. Section 149 thereof imposes a duty on any person residing in any building which is liable to be searched to allow ‘free and unhindered access to it and afford all reasonable facilities for its search'.” The lawyer noted that a team of DSS officials, armed with a search warrant, had attempted to execute the warrant on the private residence of Dasuki in Abuja in the Federal Capital Territory, but the former NSA refused to allow the officials access to his house for hours until the armed troops guiding the house were withdrawn by the Army authorities. He also submitted that to prove

He is entitled to approach the court —Fashanu

HOMAGE: From left: Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele; President Muhammadu Buhari and Vice President Yemi Osinbajo during Sallah homage on the President to mark the end of Ramadan at the Presidential Villa, Abuja. Photo: Abayomi Adeshida.

DSS' search on Dasuki’s houses lawful — Falana, Agi, Fashanu, Ogunye zSay it's criminal to frustrate execution of the warrant that the search was not a witchhunt, the DSS listed the items recovered from the premises to include seven high calibre rifles, (high assault weapons), several magazines and military related gears, 12 new vehicles, out of which five were bullet proofs. Since Dasuki is presumed innocent until the contrary is proved it is not fair to comment on the “incriminating items” found and recovered from his house. He maintained that the law requires the owner or occupier of any house or apartment to allow a search once a search warrant signed by the appropriate authority is produced by law enforcement personnel. Falana remarked that “since the country operates a neocolonial legal system which confers special privileges on people of influence, Dasuki was treated with dignity in the circumstance. In other words, the DSS personnel would have executed the warrant, rather forcefully, if the search involves the home of an 'ordinary' citizen. He said: “Indeed, the special status extended to members of the ruling class has also been demonstrated in the decision of the DSS to place the retired Colonel under 'house arrest' in a country where the flotsam and the jetsam are regularly railroaded to jail even when they are not associated with any 'incriminating evidence'." Falana, however, advised the DSS to return the passport of Col. Dasuki to him forthwith since it was not authorized by a court of law. “The DSS ought to be

reminded of the case of the Director-General, State Security Service v Olisa Agbakoba (1995) 3 N.W.L.R. (Pt 595) 314, wherein the Supreme Court held that the passport of a Nigerian citizen could not be seized without due process,” he said. He further reminded the DSS of the seizure of the passport of Alhaji Sanusi Lamido Sanusi, now the Emir of Kano, by the DSS under the Goodluck Jonathan Administration which was declared illegal and unconstitutional by a Federal High Court pointing out that in addition to the order for the immediate release of the passport, the court awarded N50 million reparation to the then embattled Governor of the Central Bank of Nigeria.

DSS acted within confines of the law —Agi

In his reaction, Chief Joe Agi, SAN, said: “Everybody in this country is subject to the rule of law and the law is above all of us, except perhaps on some issues involving the president, vice president, governors and their deputies, who are covered by immunity within the period they are in office. “On the case of the former NSA, I think the DSS has done well and acted within the confines of the law. I believe the action they took was legal. The NSA cannot complain of breach of his right when there was a valid warrant that was issued by a competent court for his house to be searched on reasonable ground of suspicion. “More so, they were said to have found incriminating items during the search, a pointer to the fact that the intelligence report that led to the issuance of the warrant was not wrong after all.

On his part, Mr. Babatunde Fashanu, SAN, said: “Any warrant of arrest issued by a court of law, be it at the high court or magistrate court is deemed to be dully issued and bounded. So, no matter what the situation is, the warrant is presumed to be an order of a court which must be executed. In most cases, the police secure such warrant without due diligence, nonetheless, if it is from the court it has to be executed. "However, at the end of the day, you can still approach the court to challenge such warrant in whatever form. Now it is the duty of the court to examine the situation and lift the warrant and at the same time examine whether it was properly procured "So, to me the NSA can challenge the warrant through his lawyer if he feels it ought not be given at the first instance.”

It’s criminal to frustrate court’s warrant —Ogunye

According to Jiti Ogunye, a Lagos lawyer, “it is wrong for the NSA not to allow the DSS to execute the warrant issued by the court of law. No matter how and whoever you are, the law is taller than everybody. Nobody is above the law. So, frustrating the execution of the warrant is also a criminal offence. "Examining the criminal code, the DSS ought to prosecute him for that. Not doing that now is another issue entirely. The magistrate court under the law has the power and authority to grant the warrant and whenever it is issued, it is a duly granted court order.”

Saraki, Ambode, NHRC boss to speak at Unity Schools national dialogue

AGOS — Senate President, Dr. Bukola Saraki; Governor Akinwunmi Ambode of Lagos State and Chairman, National Human Rights Commission, Prof. Chidi Anselm Odinkalu will be leading other alumni of Nigerian Unity Schools to examine the roles of their alma maters in nation building, at a one-day national dialogue in Lagos on July 22. The 104 Unity Schools include all the Federal Government Colleges, Federal Government Girls Colleges, Kings College, Lagos and Queens College, Lagos.

Organised by the Federal Government College Kano Old Students Association (Lagos State branch), the dialogue will, among other things, examine how successful the schools have served as a platform to mould future leaders that can advance the cause of unity, peace and progress in the country in line with the vision of the founding fathers. According to a statement by Dr. Olaseinde Eletu, Chairman, Organising Committee of the event, Prof. Odinkalu will be the keynote speaker, while Senate

President, Dr. Bukola Saraki and Governor Akinwunmi Ambode will be special guests of honour at the event which is being organised by FGC Kano Old Students Association in conjunction with the National Secretariat of the Unity Schools Old Students Association (USOSA). The event with the theme: “Role of Unity Schools in Nation Building” holds at the Nigerian Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos by 10am. on Wednesday, July 22, 2015.

Vanguard, MONDAY, JULY 20, 2015—9

Nigeria sweeps MAMA, as Davido retains Africa’s Best Male Artiste of the Year award By Benjamin Njoku, in Durban, S-Africa

zWizkid, D’banj and Psquare’s Paul escape being mobbed

By Ben Agande

URBAN, South Africa — NIGERIA again dominated this year’s MTV Africa Music Awards, MAMA, carting away most of the coveted trophies. Leading the way was Davido, who retained his title as Africa’s Best Male Artiste of the Year. He won the same award last year. The Aye crooner beats his South African counterpart, AKA, Diamond from Tanzania, Ghanaian Sarkodie and Wizkid to clinch the trophy. Receiving his award, Davido declared that he is a double champion, saying: “I have won it for the second time, having been the winner last year.” Other Nigerian singers who won awards include,Yemi Alade, who emerged the Best Female Act of the Year. She beat Seyi Shay, South Africa’s Bucie and Busiswa as well as Vanessa from Tanzania to lift the trophy. Psquare also won the Best Group in Africa while D’banj won MAMA Evolution award. Mavin Records’ Dorobucci emerged the Best Song of the Year. It was another memorable outing for Nigeria at this year’s MAMA. Not only did our superstars cart away most of the awards, they lit up the stage with their electrifying performances. Opening the floor on the night was 2face, who performed his evergreen, “African Queen,” which got everyone dancing and singing along with him. Thereafter, Yemi Alade came on stage and gave a remarkable performance. But the hall erupted in a thunderous ovation when Psquare and D’banj mounted the stage. Performing his “Oliver Twist” after Psquare, D’banj returned to reckoning, using his stagecraft to relaunch his musical career.

Wizkid, D’banj, Psquare’s Paul mobbed

Meanwhile, Nigeria’s pop singers, including D’banj, Wizkid and Psquare’s Paul Okoye will live to tell their experience after they separately escaped being mobbed by their South African fans who either wanted to take pictures with them or to have the music acts spray some dollars on them. Wizkid was the first to fall victim. It happened while the music star was stepping out of the Durban International Convention Centre, venue of this year’s MAMA. Accompanied by some of his men, an army of his South African fans besieged him, demanding to take pictures with him. And before he could know

Buhari charges DSS to stop suicide bombings

TOP LEFT: D'banj and Psquare (RIGHT): Yemi Alade and Davido at the event.

what was happening, they started manhandling him. But for the quick intervention of his men, who led him away, he would have been mobbed. Also, D’banj suffered the same fate when he was leaving the venue after his performance. He was accosted

by some young men suspected to be Nigerians residing in South Africa. While walking down the staircase, the young men who were speaking Yoruba blocked him, pretending to be his fans. But when D’banj could no longer bear it, as he reacted violently,

one of them poured him a glass of wine from the staircase. For Psquare’s Paul, he was besieged while walking down the red carpet after event. He struggled his way out of the crowd that milled around him.

NNPC bans 113 vessels from crude oil lifting in Nigeria By Michael Eboh, with agency reports

BUJA — THE Nigerian National Petroleum Corporation, NNPC, has banned 113 oil tankers from lifting crude oil from Nigeria due to sharp practices recorded in the export of Nigeria’s crude. The tankers, according to a document signed by Gbenga Komolafe, Group General Manager, Crude Oil Marketing Division, NNPC, were banned from entering Nigerian oil facilities and territorial waters. The document obtained from Platts, a global energy trading information source, said: “The NNPC has prohibited 113 tankers from engaging in crude oil/gas loading activities in any of the terminals within the Nigerian territorial waters until further notice.” The letter was dated July 15 and addressed to terminal operators in Nigeria, while the tankers were listed in an attached spreadsheet. “The affected vessels have also been barred from movements within the Nigerian territorial waters forthwith. Finally, enforcement of the above

directives takes immediate effect pending a notice to the contrary by Government, please,” the NNPC noted. Shipping and trading sources disclosed that the NNPC’s grievance with the shipping companies stemmed from issues surrounding output figures related to crude oil exports at the port of discharge. The sources, who chose to remain anonymous, said there have been a few incidents between Nigerian authorities and their crude oil buyers on differences between the volume of crude that was discharged, compared to the volume on the bill of lading. A trader, who is active in the West African crude oil market said: “We hear it is about the outturn figures, as there are sometimes differences between the loading and discharge figures, especially with certain countries.” Another source with a shipowner that would be impacted by the potential ban said: “We are currently gathering information. A lot of market players have received the document and we have to take it seriously.

“The NNPC are asking for outturn figures but the receivers of the cargoes have this information, not the shipowners. They need to approach the cargo receivers, not the vessel owners.” Other sources said the ban could be related to settling dues such as port and maritime fees, adding that the majority of Nigerian crude cargoes are lifted on Suezmax and VLCC tankers. “We suspect it is part of a fallout from the level of scrutiny that NNPC is currently under,” a Nigerian crude oil trader said. He added this may be part of the new government’s drive to target vessels that have not paid dues or have been involved in incidents with the Navy. “In this new administration such lapses are being corrected,” he noted. Some trading sources also stated that the Nigerian Maritime Administration and Safety Agency (NIMASA), had previously issued advice to vessel operators and owners to comply with International Maritime Organization, IMO, directives to countries to phase out vessels that do not meet international standards.

BUJA — PRESIDENT Muhammadu Buhari has given a marching order to the Department of State Services, DSS, to strengthen its intelligence gathering capability in order to stop the state of suicide bombings in the northern part of the country. The president, according to a source at the intelligence agency office, gave the order to the Director General of the DSS, Lawal Daura, few days before the multiple suicide bombing in Damaturu during the Eid prayer to mark the end of the Ramadan fast. It would be recalled that since President Buhari took oath of office, more than 600 persons have been killed by Boko Haram mostly through suicide bombing in different cities in the northern part of the country. Worried by the development, President t Buhari summoned Lawal Daura to the Presidential Villa and reportedly told him to stop the suicide bombing in the country. A source at the DSS, who was privy to the encounter, told Vanguard in confidence that the president told the director general of the service that he appointed him to reposition the service and not to play politics. “The president told the director general that he was appointed to provide intelligence on how to stop the killings by the Boko Haram terrorists not to engage in politics. The president was very stern with the director general on his expectations and we believe that the pressure will be extended to personnel very soon,” the source, who does not want his name in print, said. Vanguard gathered that upon his return from the Presidential Villa, the director general summoned personnel of the intelligence department and charged them to deliver on the president’s directives. It was gathered that be cause of the recent mass transfer of personnel of the service by the new director general, most of the service experienced analysts were moved from their desk without replacement. To meet the presidential directives, it was gathered that some of the transferred personnel may be recalled to the headquarters, a source close to the leadership of the DSS told Vanguard.

10—Vanguard, MONDAY, JULY 20, 2015

Mrs Ambode counsels mothers over upbringing of children

AGOS—WIFE of the governor of Lagos State, Mrs. Bolanle Ambode yesterday called on mothers to raise their children with the fear of God, irrespective of gender. She made the call during a visit to a set of triplets delivered by Mrs Abbey Augustine and a set of twins delivered by Mrs Nosiru Onibon, both at the Epe General Hospital, Epe. Mrs Ambode, who was accompanied by the wife of the Speaker of the Lagos House of Assembly, Mrs Fausat Obasa, said the upbringing of a child goes a long way in determining his or her future, reminding mothers of the role they play in shaping the future of their children. According to her, “Children are wonderful gifts from God, therefore, mothers must cherish, nurture and raise them in the fear of God, so that they will grow to become good role models and be useful not just to themselves but their parents and society at large”. She seized the occasion to present gift items to the mothers of the babies. Medical Director of the hospital, Dr. Mustapha Bamidele who received Mrs. Ambode and her entourage, expressed joy at the visit, saying such was quite unusual. “It shows kindness and meekness on the part of her Excellency ”, Bamidele said. He expressed appreciation on behalf of the management and staff of the hospital for the visit and presentation of gifts to the newly born, expressing optimism that the hospital will witness such visits in future. Responding, the elated parents of the newly born expressed joy for the kindness shown to them by Mrs. Ambode just as they prayed for the peace and progress of the Governor’s family and the State at large. It is worthy to note that Governor of Lagos State, Mr. Akinwunmi Ambode and his wife, Bolanle, were both delivered at the Epe General Hospital many years back.

LCCI seeks to protect bank debtors zOpposes publication of names By Naomi Uzor

AGOS—IN a move to possibly prevent the publication of names of chronic bank debtors in national dailies as directed by the apex bank, the Lagos Chamber of Commerce and Industry, LCCI, yesterday, cautioned against the move. Although the chamber did not mention how the move will affect it, industry watchers say a sizeable number of the debtors may be its members. The President of LCCI, Alhaji Remi Bello, made this call, saying that it will be unfair to portray business failure as an act of criminality, which is what the publication of names connotes. He said, it is important to avoid sweeping generalizations and examine the context of default on a case by case basis. ''There are varying causal factors for loan default which has to be taken into account in matters of this nature. “The LCCI recognises two broad categories of debtors. There are defaults that have arisen as a result of genuine business failure (some of which are irreversible) which affected the capacity to repay; and there are defaults that have arisen as a consequence of deliberate intent not to repay. The latter borders on character quality, which is what the Know Your Customer (KYC) concept is meant to address. It is important to

VISIT: Wife of Lagos State governor, Mrs. Bolanle Ambode (2nd right) carrying one of the triplets; wife of the Speaker, Lagos State House of Assembly, Mrs. Fausat Obasa (2nd left), mother of triplets, Mrs. Abbey Augustine (middle), her husband, Mr. Augustine (left) and the Medical Director, Epe General Hospital, Dr. Mustapha Bamidele (right) during the First Lady’s charity visit to the Hospital at Epe, yesterday. distinguish between these two categories of debtors in order to guide the choice of debt recovery strategy” he said. According to him; ‘’Some of the possible factors in business failure in recent years include, but not limited to, shocks and dislocations which arose from the sudden depreciation in the Naira exchange rate and the attendant

shocks to business, especially businesses with high exchange rate exposure, sudden drop in crude oil prices which had a significant impact on petroleum product importers. ‘’Investors in the upstream oil and gas sector are also victims of the collapse of oil prices. Many are yet to recover till date. Some banks have huge exposure to this

sector, power sector investors are grappling with whole lot of issues ranging from gas availability, energy theft, billing issues quality of assets, legacy debts etc. Banks’ exposure to them is also high.’’ He said the second category of debtors have deliberate plan to default. ‘’This class of debtors took loans and from the very beginning did not intend to repay.''

EFCC files charges against Rana Prestige directors By Innocent Anaba

AGOS—THE Economic and Financial Crimes Commission, EFCC, has filed criminal charges against a director of Rana Prestige Industries Nigeria Limited, Mr Gnanhoue Nazaire before a Federal High Court sitting in Lagos. The company ’s General Manager, Senou Modeste and Company Secretary, Ferdinand Egede are also joined in the charge of forgery and “uttering” of forged documents. The accused persons, according to the EFCC, were alleged to have conspired amongst themselves on May 28, 2007 to forge Rana Prestige’s ordinary resolution, which they claimed was signed by Mrs Rachadatou Abdou, who co-owns the company. The commission alleged the accused forged a Corporate Affairs Commission, CAC Form 7 dated November 22, 2005, claiming it was also signed by Mrs Abdou and also uttering of forged document by presenting the Form 7 to CAC as genuine. The offences, according to the

charge violate section 516, 467 and 468 of the Criminal Code, Cap C17, Laws of Lagos State of Nigeria 2003. The accused persons are yet to be arraigned. In a supporting affidavit, an EFCC investigating officer said the board resolution was purportedly

signed and passed by the directors appointing Egede as the Company Secretary, while Mrs Abdou was out of the country. Meanwhile, Rana Prestige’s Administrative Manager, Adewale Adeniyi and Nazaire, through their lawyers have filed a fundamental rights

enforcement charge, praying the court to order the unsealing of the companies’ business premises and unfreezing of their bank accounts with Diamond Bank, Ecobank, and Access Bank. They are also asking the court to restrain EFCC from violating their rights.

Judiciary urged to key into FG’s anti-corruption stance By Ikenna Asomba

AGOS—FOLLOWING the renewed vigour by the Economic and Financial Crimes Commission, EFCC, to prosecute former public office holders accused of corrupt practices, Civil Society Network Against Corruption, CSNAC, has called on the judiciary to key into the anti-corruption mode of the administration of President Muhammadu Buhari. Speaking in Lagos, Chairman of CSNAC, Olanrewaju Suraju, flanked by Debo Adeniran, Ajayi Popoola, CSNAC Board members said for national development, the judiciary should not undermine the efforts of anti-corruption agencies to prosecute corrupt public office holders, by resorting to subterfuge

of legal technicalities. Pointing that the renewed move by the anti-corruption agencies is in tandem with Buhari’s repeatedly expressed commitment to fight corruption,

Suraju, however, urged the President to take urgent steps to strengthen the anti-corruption agencies, by allowing their heads enjoy independence and operational autonomy.

Foundation donates sick bay to school By Onozure Dania

AGOS—AS part of its commitment to safer schools, a non-for-profit firm, Daniel Ogechi Ajukobi Memorial Foundation (DOAMF) has constructed and equipped a sick bay at the premises of the Victoria Island Primary School, Lagos.

The facility which was sponsored by Mobil Producing Nigeria, was sequel to an emergency situation that affected a pupil of the school recently. DOAMF said it thought it wise to equip the premises that houses four schools with an estimated population of 2000, in order for the children to have first aid in case of injury, emergency.

Vanguard, MONDAY, JULY 20, 2015 — 11

Tension in Osun over planned education, finance summit By Gbenga Olarinoye

SOGBO—THERE is palpable tension in Osun State as some prominent citizens of the state under the aegis of Osun Stakeholders, OS, say it is planning to hold a summit aimed at finding solutions to problems bedevilling the state on Thursday in Osogbo. But the state chapter of the All Progressives Congress, APC is alleging that the summit is politically motivated and urged security agencies to perform their duties of maintenance of law and order. Addressing newsmen ahead of the summit, a former Osun State Attorney General and Commissioner for Justice, Mr Niyi Owolade, said it will involve 250 delegates that will include all former governors, national and state assembly members from the state. Owolade said both ruling APC, and Peoples Democratic Party, PDP, will nominate 20 delegates each, while other political parties in the state will be represented by 20 delegates. According to him, Governor Rauf Aregbesola and officials of his administration were not given personal invitation so as to give the gathering no political inclination and enable it achieve the already set goals. The governor, Owolade said may attend the summit, if nominated among APC delegates. Also contributing, Mr Yinka Odumakin, blamed the myriads of economic problems facing Osun in recent time on lack of right ideas in managing its affairs and stressed that this was what informed the idea of the summit, where issues affecting the state

will be dissected and solutions proffered to them. He noted that the summit was not meant to apportion blame or score cheap political points, but to assist the government tackle some difficult problems.

Planned summit, a ploy to forment trouble – APC

Reacting, the APC called on security agents to keep a close watch on the summit. “The APC has called on security agents to be doubly alert and keep a close watch on the so-called ‘Summit on Education and Finance’ planned for Thursday in Osogbo by Senator Iyiola Omisore, the Osun PDP and its surrogates christened Osun Stakeholders,” it said. According to a statement by the APC Director of Publicity and Strategy, mr kunle Oyatomi, the summit was a ploy intended to beat security and create the atmosphere for

mayhem, which the security agencies had foiled on several occasions. “The APC called attention to the fact that since the strike action of civil servants and teachers, the PDP had attempted on several occasions under spurious camouflage to create a situation of insecurity in Osun that is basically peaceful. “The APC therefore, advised all lovers of peace and security in the state to be careful, not to get trapped in a potentially violent situation that the PDP is trying to create through a voodoo summit. “The APC wondered: since when the PDP became concerned about education in the state, for it had all the opportunity in seven years to put education in the front burner, but left the sector to rot, until Governor Aregbesola came in. “Yinka Odumakin and the rest of the conveners participating in the so-called Summit do not have any superior contribution to make that could replace what Prof. Wole Soyinka, erudite professors and other professionals in

education had given to the Aregbeosola-led government. “The Wole Soyinka-led Summits’ advice and recommendation on how to reposition education in Osun is beyond what Omisore, PDP, and the so-called stakeholders can ever produce. “On the question of finance, which the summit purport to discuss, the APC said that the conveners lack any moral, political, professional or ethical basis to venture into that area. “In 90 months of their rule, they were limited to N300 million internally generated revenue, whereas in about 40 months of Aregbesola’s administration, he raised the IGR five times as much without imposing any additional tax. “Besides, the APC has it on good authority that the purpose of the summit is to create an atmosphere that can lead condusive to chaos and that the majority of those who will attend that summit are PDP thugs, criminals, and vandals.''

EID EL-FITR PRAYER: From left; Alhaji Salihu Shafii; Alhaji I. Abubakar; Alhaji BabaShafii Ibrahim and Alhaji Bashiru Shafii, Chairman, First Aid Group, Young Muslim Congress, Lagos State praying, during the Eid el-Fitr Prayer at Agege Praying Ground, Lagos. Photo by Diran Oshe.

Ladoja faults cuts in salaries by political office holders By Ola Ajayi

BADAN—FORMER governor of Oyo State, Senator Rashidi Ladoja has said Nigerians would appreciate it better if current political leaders in the country could cut their total monthly take-home package and not salaries alone. Describing the cut in salaries of the political leaders as ‘mere window dressing’, Ladoja, who spoke at the weekend in Ibadan, said there were so many unknown bogus allowances not captured in the salary cuts. President Muhammadu Buhari, and Vice President, Professor Yemi Osinbajo and some governors had announced cut in their salaries into half as a result of the economic downturn in the country. Ladoja said, “I see some of them as window dressing. If you say you cut the salaries of the National Assembly members, who knows how much they are earning? We only know what is written in the revenue allocation commission but we don’t know what their allowances are. So, if the allowances is N30 million and salary is N5 million and you say cut the salaries, what does that translate to? “Unless they tell us their full package and say from the total package they are cutting it into half, cutting basic salaries into half, is a mere window dressing.''

Adelabu Penkelemesi is my political role model — OBASANJO By Daud Olatunji

BEOKUTA—FORMER President Olusegun Obasanjo, has said that he believed in the political philosophy of the first Federal Minister of Social Services and Natural Resources, Adegoke Adelabu popularly called ‘Penkelemesi’ , describing him as his political role model. Obasanjo said the political philosophy of the late politician was devoid of ethnic and tribal considerations, but focused on a united Nigeria. He stated this while receiving the family of the late Ibadan-born politician, who visited him on Saturday in Abeokuta, saying, majority of Nigerians are still struggling to reach the pinnacle Adelabu attained in politics.

Obasanjo, who accepted the offer to be the patron of the posthumous centenary birthday celebration of the late politician, described the late Adelabu as a detribalised Nigerian. Some members of the Adelabu family, who were led by an Ibadan chief and a former broadcaster, Aare Tunde Alabi, said they were in Obasanjo’s house to seek his help in giving a befitting ceremony to the first African Manager of UAC Haberdashery, Lagos. According to Obasanjo, Adelabu was years ahead of his political contemporaries, adding that he advocated for United State of West Africa before his demise. He said, “Adelabu was not just a historic figure, he was a reality, he was a phenomenon, he was uniquely Yoruba, uniquely Nigerian, uniquely African and

uniquely a member of human race. “What you are proposing to do, I believe Adelabu deserved it in every facet. Today, we are still struggling to reach the pinnacle or the pedestrial Adelabu reached in politics, of not being swayed by linguistic, ethnic, tribal, regional,

sectional consideration but by what is best for Nigeria. “He was years ahead of his contemporary politicians. In his life time, he was talking of United State of West Africa, ECOWAS came up years after his demise. In his lifetime, he belonged to a

political party that has its base outside the western region where he came from. He was not a tribal baron, but a national politician. “So, when you asked me to be the patron of Adelabu posthumous centenary birthday celebration, I have no reason to say no.''

Ekiti PDP accuses APC of trying to stop refund by FG

DO EKITI—EKITI State Peoples Democratic Party, PDP, has alleged that a letter to stop the Federal Government from refunding money it owed the state on projects has been written by the All Progressives Congress, APC. The state Publicity Secretary of the PDP, Mr Jackson Adebayo disclosed this in a statement he made available to journalists in Ado Ekiti during the weekend.

He said that the APC leadership decided to write President Muhammadu Buhari in order to cover up their earlier allegations that the state governor, Mr Ayo Fayose had collected a sum of N22 billion as a refund for the federal road projects exeuted by the state, which has been declared to be untrue by the president. Adebayo also disclosed that one of the members of the state

executive committee of the APC in Ekiti State confirmed that the letter was written after they learnt the amount the Federal Government is owning the state is far below the N22 billion they have been brandishing as well as the folly in saying that N22bn was paid for a project that worth only N15bn, which part payment have been made to the past administration.

12—Vanguard, MONDAY, JULY 20, 2015

I didn't hand over ‘dossier of corrupt deals' to Buhari —OKONJO-IWEALA By Innocent Anaba

AGOS—FORMER Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, has described as false, baseless and without foundation, recent online and other media reports that she had handed over a “dossier of corrupt deals” perpetrated by the former Goodluck Jonathan administration to President Muhammadu Buhari. Media Adviser to Dr OkonjoIweala, Mr. Paul Nwabuikwu, in a statement, yesterday, said: “This sponsored lie is part of the political attack by the pay masters of the online media against Dr OkonjoIweala. “These attacks will continue given that these individuals are bent on a political and personal vendetta against her. Why are they angry? It is simply because she tried to bring integrity and transparency to the management of Nigeria’s public finances which obviously did not suit their

interests. “The said online media which has a long history of publishing falsehoods and distortions against Okonjo-Iweala is a paid

tool of these individuals. “But the lies of the said online media and its cohorts will never stop Okonjo-Iweala from loving her country or make her regret

serving it, not once but twice. As always, we are confident that the truth shall prevail,” the statement added.

BIRTHDAY: From left, Vice President, FCMB and chief launcher, Mr Adetunji Lamidi, Chairman, Prof. Ayodele Osibajo, Prof. Osayawe Ehigie, celebrant, and his wife, Rebecca, during the 50th birthday of Prof. Benjamin Ehigie, and book presentation/launch in Ibadan.

PROBE: Buhari bent on blackmailing Jonathan —IJAW GROUP

By Emma Amaize

ARRI—THE Ijaw Peoples Development Initiative, IPDI, yesterday, described President Muhammadu Buhari’s decision to probe the administration of former President Goodluck Jonathan as a blackmail and witch-hunt. National president of the group, Mr. Austin Ozobo, who also described it as an expression of tribal, religious and political sentiments, said the group was not against probing corrupt leaders, but the investigation should extend beyond the Jonathan administration to previous governments which leaders were corrupt. He said: “We are not against probing corrupt leaders in the country, but it must not be centered on Jonathan and his cabinet alone. We have noticed that corrupt allegations levelled against

Jonathan are cheap blackmail and attempt to rubbish his image for selfish agenda. “If Buhari is so desirous to carryying out a probe, let him extend his probe to other past

corrupt military Heads of State, democratic presidents and leaders of the country, including Buhari himself and not Jonathan alone. “Buhari and his kitchen cabinet

Bayelsa govt moves to meet financial obligations By Samuel Oyadongha

ENAGOA—BAYELSA State government says it is reworking its financial management strategies to cushion the adverse effects of the shortfalls from the Federation Account to the state, due to dwindling oil prices at the international market. Governor Seriake Dickson, on

a live radio and television interview in Yenagoa, noted that more prudent measures would be taken to enable the government continually meet its salary and contractual obligations to workers and contractors. He expressed the determination of his government to remain focused on implementing the restoration agenda of the administration,

Igbinedion, Momoh, others hail Imasuagbon

By Simon Ebegbulem

ENIN CITY—POLITICAL leaders and elders in Edo State, led by the Esama of Benin Kingdom, Chief Gabriel Igbinedion, weekend, described the philanthropic gesture of Mr Kenneth Imasuagbon, an educationist, as a great gift to the people of the state. They urged the All Progressives Congress, APC leader not to be discouraged in his service to humanity despite the opposition that might come his way from

are not sacred cows, they were same past corrupt leaders, who have ruined this country in the past. Niger Delta is watching and will resist any witch-hunt and attempt to rubbish Jonathan by the Buhari government.”

persons who may not be happy with his laudable activities. Chief Igbinedion, former Minister of Information, Prince Tony Momoh and the chairman, Board of the Ambrose Alli University, AAU, Ekpoma, Prince Gregory Akenzua, spoke when Imasuagbon gave out 200 I-Pads and cash gifts estimated at over N70 million to winners of the 7th Grand Prize ceremony of the Kenneth Imasuagbon Essay Writing competition for students in the

state, which held at the University of Benin, UNIBEN, weekend. Speaking on the occasion, Chief Igbinedion who noted that it was evil for the rich not to give to the poor, expressed his admiration for Imasuagbon, whom he said had been consistent to the service of the down trodden and youths. Chairman of the occasion, Prince Akenzua pointed out that “By giving out these I-Pads to these young youths, Imasuagbon foundation is building our youths to face the challenges of the future."

assuring that, the government was poised to complete most of the ongoing infrastructural projects, including the state cargo airport on or before next year. Emphasising the need for accountability in governance, he explained that, but for his administration’s prudence, Bayelsa would not have been ranked among the few states that do not owe workers salaries. He said the the state government was also on a clear standing in terms of payment of pensions to retirees, pointing out that “The only issue there, is that of gratuity, which has lingered for close to 10 years which we are trying to solve.” The governor, who expressed concern over unpaid salaries of local government workers in the state, described the situation as unacceptable, stressing the need for governments at all level to prioritise the payment of salaries in the face of the current harsh economic realities.

Ojougboh alleges threat to life, petitions IG

By Festus Ahon

SABA—NATIONAL Vice Chairman of the Peoples Democratic Party, PDP, South South region, Dr Cairo Ojougboh, has petitioned the Inspector General of Police, Mr Solomon Erase over alleged threat to his life. According to the petition written by his counsel, Oludotun Sowemimo, he said that during his tenure as chairman of NEPZA, “he discovered multiple instances of corruption and fraud which were brought to his attention via petitions written by various anticorruption civil society groups and in particular, the Nigeria Women against Corruption regarding the Centenary City project being an elaborate scan perpetrated by a former Secretary to the Government of the Federation. “As a result of our client’s role at unraveling the allegation of fraud, he was forcefully removed from office as chairman of the board of NEPZA. Our client has subsequently since then been serially inundated with dire threats to his life, blackmail, slander and gross intimidation.”

Hitler warns Okowa over DESOPADEC amendment bill

A R R I — A STATESMAN in Ogulagha Kingdom, Burutu Local Government Area of Delta State, Chief Beck Hitler, has warned Governor Ifeanyi Okowa to be mindful of the imminent crisis that could erupt as a result of the controversial bill to amend the law establishing Delta State Oil Producing Area Development Commission, DESOPADEC. Hitler, yesterday, in Warri, said that the proposed bill, has been rejected by the people of oil producing communities and any attempt by Okowa to shortchange the oil bearing communities shall be resisted and could generate to a serious crisis in the state. He advised members of the state House of Assembly to immediately suspend the proposed amendment bill.

Vanguard, MONDAY, JULY 20, 2015—13

Group reports oil leak from Shell's Adibawa Oil Well 8 Y

E N A G O A — ENVIRONMENTAL Rights Action/Friends of the Earth, Nigeria, ERA/FoEN, an environmental pressure group has reported that there is an ongoing oil leak from Shell’s Adibawa Well 8 in Edagberi community of Rivers State. A statement, yesterday in Yenagoa, Bayelsa State by Mr Alagoa Morris, Head of Field Operations, ERA, said the incident occurred on July 12. “When we, ERA heard about a fresh oil spill in the community at 9a.m., July 12, 2015, efforts were made to confirm it. After confirmation was received; field monitors of ERA moblised to the site, led by a community leader. “On getting to the current spill environment; some Shell personnel and some men on military uniform were seen on the tarred road near the facility while the crude oil continued to spew,” the statement stated. The statement quoted Mr Sunny Ubele, the paramount ruler of Edagberi community as saying that the management of Shell had dispatched personnel

for evaluation. “Yes, I am aware there is a fresh oil spill in our environment; Shell came to inform us. They were unable to stop it yesterday and they are expected to be back to the site this morning and I hope they will contain the situation. Surely, unless effort is made

immediately to stop the spill, recover the spilled crude oil and clean-up; the environment is bound to suffer again,” the statement quoted Ubele as saying. However, Joseph Obari, a spokesman of Shell Petroleum Development Company, SPDC, in a statement confirmed the oil

leakage. “SPDC regrets the delay to an investigation of a leak at Adibawa- Well 8 in — the Eastern Niger Delta. A suspected attempt to steal the wellhead led to a spill. SPDC received reports of the incident on July 12 and took containment measures," he said.

INSPECTION: Akwa Ibom State Governor, Mr. Udom Emmanuel listening to the Managing Director of Wizchino Engineering Ltd, Engr. Jack Zou and others, during the governor’s inspection of erosion sites in Oron Local Government Area of the state.

DESOPADEC BILL: Ijaw host communities give oil firms 7-day ultimatum to quit

By Emma Amaize

ARRI—IJAW host communities of flow stations and well heads in Diebiri Egbema, Gbaramatu, Iduwini, Ogbe-Ijoh, Ogulaghan and Kou Kingdoms, Delta State, weekend, gave oil companies operating in the state a seven-day ultimatum to vacate their personnel and contractors from their various Ijaw territories, starting from today. The host communities in a statement by Sheriff Mulade (Gbaramatu) Forcados Timinini

(Ogulagha) and others, called on the foreign embassies to advice their nationals to vacate their lands, as they would not guarantee their safety on the expiration of the ultimatum. The seven-day ultimatum is a fallout of the disagreement between the host communities and the state government over the bill by the governor, Dr Ifeanyi Okowa, to the state House of Assembly to amend the Delta State Oil Producing Areas Development Commission, DESOPADEC law.

Gov Emmanuel dissolves boards of agencies

YO—GOVERNOR Udom Emmanuel of Akwa Ibom State has dissolved all boards of agencies in the state. Chief Press Secretary to the Governor of Akwa Ibom State,

Ekerete Udoh in a statement, yesterday, said the governor appreciates the service the former board members gave to the state and wished them the best in their future endeavours.

Their words: “The proposed amendment bill is like a keg of gun powder that can explode any day and engulf the state with devastating consequences.”

By Emem Idio ENAGOA—THE Ijaw Youths Council ,IYC, yesterday, attacked former President Olusegun Obasanjo over a statement credited to him against exPresident Goodluck Jonathan, describing same as “reckless and baseless.” IYC which noted that Obasanjo’s statement was a deliberate attempt to dent the good political image of former President Jonathan while in office, maintained that if there was any region that ought to be haunted by the performance of exNigerian President, it was the South West region and the Yoruba nation as former President Obasanjo’s performance in office was abysmal. Spokesman of IYC, Eric Omare in a statement in Yenagoa, regretted that the comment by Obasanjo was a deliberate effort to dent former President Jonathan’s image in the international community, adding "Obasanjo does not want anybody in Nigeria to be greater than him." Omare who insisted that the Niger Delta region was proud of the achievements of former President Jonathan in office, said that Jonathan’s five years in office was far better than Obasanjo’s eight years in office.

APC crisis'll be over soon —OYEGUN By Simon Ebegbulem

ENIN CITY—NATIONAL chairman of the All Progressives Congress, APC, Chief John Odigie-Oyegun, has said that those prophesizing the disintegration of the party as a result of the crisis being witnessed within the party were jokers, adding that as a progressive party, the current challenges were anticipated but will be resolved soonest. He attributed the seeming

delay by the APC-led Federal Government in appointment of ministers and other boards to what he described as the over 50 years alleged misrule “Not 16 as people have been saying,” adding that the nation had always been led by conservatives therefore, it would take a little time for a progressive President in the persons of Muhammadu Buhari to correct the decay in the system which according to him will set the nation on the path of greatness.

He spoke, weekend, at the 29th Coronation and 60th birthday of the Onojie of Opoji, His Royal Highness, Aidenojie Ehidiamen 1. Other dignitaries at the event include the deputy governor of Edo State, Dr Pius Odubu, representative of the governor of Sokoto State, Alhaji Aminu Tambuwal, former governor of Edo State, Prof. Osarhiemen Osunbor, state chairman of the APC, Mr Anslem Ojezua, Gen. Charles Airhiavbere and many others.

Court issues arrest warrant on arrest the suspects, who were Segun Onyeka, Kareem 31 persons charged to court on allegation Okanlawon, Raymond Olugbami, DELTA POLL:

By Festus Ahon

SABA—A Magistrate's Court sitting in Agbor, Delta State, has issued a warrant of arrest on 31 persons allegedly hired by a former member of House of Representatives (names withheld) to perpetrate fraud and foment trouble during the March 28 presidential election. The Chief Margistrate in the warrant, ordered officers and men of the Nigerian Police Force to C M Y K

They also asked the state government to immediately release N300 billion owed DESOPADEC to enable the commission fulfil its mandate to the oil-bearing communities.

IYC slams Obasanjo over Jonathan

of being used as thugs during the election and released on bail. The suspects according to the warrant include; one Monday Egwase, Tochukwu Enock, Ibrahim Bashorun, Taiwo Olabanji, Taiwo Bolaji, Cletus Sunday, Okoh Israel, Adebola Folorunsho, Olawale Olayinka, Dauda Jamilu and Igharo Sunday. Others are, Shonibare Bola,

Apama Ogubike, Raskat Mohammed, Gabriel Ede, Idowu Balogun, Akeem Ade, Chinedu Orji, George Etuki, Peter Okugwu, Adeleke Taiwo, Abdulrasheed Kassim, Obinna Nnamdi Ogbonna, Towolan Tunde, GoddayDikeChuks,EmekaAgu,Tasfek Matthew and Segun Jeff. In the warrant dated July, 2015, the Chief Magistrate ordered that “The suspects should be brought before this ChiefMagistrateCourt1,Agbor,without delay.”

14—Vanguard, MONDAY, JULY 20, 2015

DSS calls for removal of Niger gov's CPS ...Threatens to boycott Govt House By Wole Mosadomi

INNA—THE Directorate of State Service, DSS, in Niger State has threatened to withdraw its men from the Government House, following the physical assault on one of its operatives by the Chief Press Secretary to Governor Abubakar Bello, Dr. Ibraheem Dooba. The Chief Press Secretary slapped one of the security men attached to the office of the deputy governor for refusing him (CPS) entry to see the deputy governor. The security men, who saw the action of the CPS as an insult, later mobilized and descended heavily on him in retaliation. Vanguard reliably gathered that the DSS was still desperate to teach the CPS a lesson, hence the call for his immediate removal so as to take the matter up officially. The security men had attempted to drag the governor’s spokesman to their office on the day of the incident but the quick intervention of ADC to the governor stopped the move. Meanwhile, the All Progressives Congress, APC, in Niger State has officially reacted to the development and warned all political appointees and party members in the state to respect constituted authorities in the discharge of their duties in order not to turn themselves to nuisance and cause disorder. A statement by the Publicity Secretary, Jonathan Vatsa, said that though the party was in power, members should not take the situation for granted and take laws into their hands by not respecting those in constituted authority.

Forgive me over your prison experience, Lamido begs sons By Aliyu Dangida

UTSE—FORMER Jigawa State governor, Alhaji Sule Lamido, has asked his two sons, Aminu and Mustapha, to forgive him over their prison experience, as he claimed total responsibility for their ordeal in the hands of the law. In an interview with international radio station, VOA Hausa service, monitored by Vanguard shortly after his return from Abuja, in company of the two sons, Lamido described his arrest as the beginning of restoration of confidence in political leadership in Nigeria. The 69-year-old former governor recalled that he had been incarcerated in the past for holding opposing political views, declaring that he would never be discouraged in politics. The protégé of late Malam Aminu Kano said he had gone through many political incarcerations in the past and noted that if the purpose of his recent arrest by the EFCC was to humiliate, deconstruct and destroy him and his family,

he won’t be discouraged. Lamido said his arrest by the Economic and Financial Crimes Commission, EFCC, was a political hazard that a serious politician must pass through. He said: “In the process to improve democracy, there would be some mistakes. I am not a perfect

human being; I have my own shortcomings. And in my own case, I’m outspoken, which perhaps explained why people found me too offensive and irritating”. The former Foreign Affairs Minister explained that his pains weren’t his detention, but his sons who were innocent but had to suffer simply because their father served as a governor.

INSPECTION: Governor Nyesom Wike of Rivers State (left) and Housing Commissioner, Emma Okah during the governor's inspection of the ongoing Iriebe Housing Estate.

BOKO HARAM: Buratai visits troops in Borno, launches Operation Zamman Lafiya Dole constructive criticism and Mustapha and other service chiefs country is now or never. By Ndahi Marama

AIDUGURI—THE Chief of Army Staff, Major General Tukur Buratai, yesterday launched another operational code in Konduga Local Government Area, tagged in Hausa, Operation Zaman Lafiya Dole , meaning living in peace is a must. The launch of the operation was part of his continued tour of troubled Borno State which had been ravaged by Boko Haram activities. Buratai said he took time to spend the Sallah holiday in Borno and Yobe states to meet with troops who had sacrificed their lives in the fight against Boko Haram insurgents in the North East. The Chief of Army Staff, who was accompanied by the Deputy Governor, Alhaji Zannah Umar

to 103 battalion, Konduga, appealed to the troops and other security agencies as well as the general public to collaborate with one another to end the menace of Boko Haram and other criminal activities in the region and the country as a whole. He emphasized that without cooperation, determination and discipline among all and sundry, it would be difficult to defeat terrorism, and, therefore, solicited necessary support from the troops to crush insurgents. He said: ‘’The ongoing activities of Boko Haram is assuming an alarming dimensions in Borno and other parts of the North East. ‘’We will not tolerate the killing of citizens and destruction of property. In as much as we urged you (troops) to adhere strictly to human rights abuses, the time to crush Boko Haram and other criminal activities in this

“ As Chief of Army Staff, I will be actively involved in this ‘Operation Zaman Lafiya Dole’ to end the madness of Boko Haram, if I will have your collective maximum support and cooperation. “My doors will always remain open to all of you for

By Demola Akinyemi

LORIN—THERE was pandemonium in some parts of Ilorin, Kwara State capital, on Saturday evening as operatives of National Drug Law Enforcement Agency, NDLEA, in the state stormed the hide-out of suspected Indian hemp smokers and arrested no fewer than 64 of them. Vanguard reliably gathered that the incident occurred at a popular open

advice towards restoration of peace in this part of the country. “Therefore, we are here to identify with you and to officially inform you that as from today (yesterday) henceforth, we have changed our Operational Code from Operation Zaman Lafiya to Operation Zaman Lafiya Dole.’’

...As Military lifts restriction of vehicular movement in Borno By Ndahi Marama

AIDUGURI—MEN of the 7 Division, Nigerian Army, yesterday announced the lifting of vehicular movement imposed on Maiduguri, Bornu State capital, and its environs. This was contained in a press statement signed by the

NDLEA arrests 64 indian hemp smokers in Ilorin

C M Y K

Lamido admitted he caused their detention and as such they should forgive him and be patient with the situation they found themselves. He pointed out that he is determined to serve his people, adding that he had no grudges against anybody over his arrest, and that those who see him as a corrupt person were entitled to their opinions.

space around Iloffa Road, GRA, Ilorin. Sources told Vanguard that the NDLEA operatives, who acted on a tipoff, stormed the hide-out in a commando style in about twelve vehicles shooting sporadically into the air, while the suspects, who were caught unaware ran helter skelter, during which 64 of them were arrested. Fear-filled residents and shop owners in the area took to their heels to avoid being arrested.

spokesman of the Division, Colonel Tukur Gusau. By this announcement, vehicles were allowed to move in and out of the state capital beginning from 6am yesterday.. Following the threats posed by insurgents, it has been a tradition of the military to restrict movement of vehicles during Sallah celebration and Christmas festivities for security reasons. Residents of Maiduguri and some parts of Borno state have remained indoors throughout the period of the Eid el fitr since Thursday, July 16, 2012, where peaceful celebrations were witnessed. Gusau said: “The vehicular restriction is lifted from today (Sunday). Therefore, people are allowed to move about from 6am”. He, however, called on the people of the state to be vigilant and report any suspicious movement to security operatives.

Vanguard, MONDAY, JULY 20, 2015—15

Be patient with Buhari’s appointments, Ekwueme tells Ndigbo •As Obiano eulogizes Umeh at 53 By Nwabueze Okonkwo

NITSHA—SECOND Republic Vice President of Nigeria, Dr. Alex Ekwueme has called on Nigerians to exercise more patience with President Muhamammed Buhari in running the affairs of the country,

particularly in the area of political appointments. Ekwueme stated this, yesterday, at Aguluzigbo, Anaocha Local government Area, Anambra State while speaking to newsmen during a Thanksgiving Mass marking the 25 years of marriage, successful end of tenure as national chairman of All Progressives Grand Alliance, APGA and his 53rd birthday

celebration by Chief Victor Umeh. On the appointments made so far made by President Buhari, Ekwueme said that he will not condemn out rightly the non appointment of any Igbo man into positions so far by Buhari but reminded Mr. President of the essence of adhering to the federal character principle and the six geo political zones structure. Also speaking, Adviser to former

ANAMBRA: Protests subside as FG

promises to move B/Haram detainees By Vincent Ujumadu

WKA—AFTER many days of protests by traders in all the major towns in Anambra State, calm has finally returned, even as the alleged promise by the Federal Government to remove the detainees from the state is being waited. The latest visit to Ekwulobia showed that the people were beginning to realize that the Boko Haram suspects may have been finally settled in the town. Except for glances that people make towards the Prison gate while walking along the road, life has returned to normal there. Those who normally supply the needs of the prison officials living in the barracks located close to the prison have also returned after nearly two weeks of suspension of business. Similarly, those whose relations are serving their sentences in the prison and who apparently abandoned such relations following the reported presence of Boko Haram, have also started visiting them and one of them told Vanguard that there was nothing unusual in the prison when she

sent food to her relation. In Ekwulobia town, suspicion of unknown faces which was the order of the day when the detainees were brought, has reduced considerably as people move about their businesses without fear. A resident of Ekwulobia, Mr. Everest Okoli said it would

appear that government was playing politics with Boko Haram and berated those who initially denied the presence of Boko Haram in the area as hypocrites. His only worry was that the prison has been overstretched as the number of inmates has far outstripped the capacity of the prison.

President Goodluck Jonathan on Inter-party Affairs, Senator Ben Ndi Obi and former Chairman of President Jonathan presidential campaign organization, Anambra State chapter, Chief Okey Ezenwa urged Ndigbo to wait for the remaining political appointments before they assess Buhari’s regard for Ndigbo. In his remarks, Governor Willie Obiano commended Umeh for his quality style of leadership which enabled APGA to excel, adding that he would like to woo former Governor Peter Obi back to APGA to strengthen it . In his response, Umeh commended Obiano and his political associates for their cooperation, noting that every leader "has his own style of government." He also added that it is too early in the day to judge whether Buhari meant well for Ndigbo or not.

ARELY 72 hours to the 2015 international conference and the presidential election of the Nigeria Computer Society, NCS, one of the aspirants, Chris Uwaje has said he will secure N100 billion litmus package to rebuild the Nigerian Information Technology, IT, sector if elected for the leadership of the umbrella body for all IT professionals in Nigeria. On Thursday, members of the Nigerian Computer Society, NCS, will go to poll in Akure, Ondo State during the international conference to elect the IT icon that will steer the ship of the society for the next two years. Meanwhile, based on the NCS guidelines for the election, candidates have until tomorrow (Tuesday July 21, 2015) to submit

By Anayo Okoli

MUAHIA— S E N AT O R Theodore Orji representing Abia Central District has lamented the dilapidated state of the Umuahia-Ikot Ekpene-Uyo-Calabar Federal road, saying that unless FERMA wades in urgently, it would get worse. Senator Orji also lamented the hardship users of the road pass through on account of the bad state the busy road. Orji, the immediate past Governor of Abia State, who spoke to newsmen in Enugu, noted that the level dilapidation was alarming. “If nothing is done immediately as a palliative measure, the road will likely cut into two and the hardship of the road users will be unthinkable.

350 dons for 6th African Regional Confab in Enugu

By Francis Igata

Ekwulobia Prison, where Boko Haram inmates were relocated.

COUNTDOWN TO NCS ELECTION: Uwaje shops for N100bn to rebuild Nigerian IT ecosystem By Emeka Aginam

Orji bemoans state of Umuahia-Ikot Ekpene-Uyo federal road

their nomination forms with supporting documents after which their names will be announced on Wednesday, July 22, 2015 Already, Uwaje, according to industry watchers, is favoured to win and become the next President of NCS, given the content of his manifesto and his enormous and proven contributions to the Nigerian IT Ecosystem. For the industry observers, Uwaje’s leadership experience is second to none, having successfully led Information Technology Association of Nigeria, ITAN, and the Institute of Software Practitioners of Nigeria, ISPON, in the past. Uwaje, who spoke to Vanguard in an interview, yesterday, said that without the empowerment of the IT sector, all the other sectors of the nation’s economy may not recover from the critical downfall for a longer time as all other major sectors depend on ICT and power

to register any significant growth. It would be recalled the oracle of the Nigerian IT industry had earlier unveiled his strategies if the elected the President of NCS. “My foremost task is to positively disrupt the current settings in the national IT ecosystem and take the society to where no man has been! In clear

and unambiguous terms, I want to serve the Nigeria IT community and stakeholders at large. I will do this together with the team of elected members of NEC – powered by a formidable and productive secretariat structure, infrastructure and manpower."

NUGU—AT least three-hundred and fifty academics, comprising Vice Chancellors and Deans of Science are expected to participate at the 6th African Regional Conference of Vice Chancellors and Deans of Science, Engineering and Technology,COVIDSET. The conference scheduled for October 4th to 7th, 2015 will be hosted by the University of Nigeria, Nsukka, UNN. Vice Chancellor of the UNN, Prof. Benjamin Ozumba, who disclosed this at a press briefing in Enugu, said the UNN would be the first University in Nigeria “to host such prestigious African Conference in Nigeria.”

Relocation of traders to int'l market to begin Sept, says Gov Umahi

ARRING ALL hitches, the relocation of traders from Abakpa Market to the International Market in Abakaliki will commence in September. Governor David Umahi of Ebonyi State made this known after his second round of inspection of the multi-billion naira international market on Saturday.

Before heading to the facility, he once again inspected the ongoing work on the meat market, a section of the Abakpa market. “Our priority will be Lot 1 (of the International Market). The remaining work in Lot 1 will be completed in two months for immediate allocation of traders,” he said.

The governor also directed that work on the re-awarded contract of Lot 2 and all other new projects in the International Market should stop immediately, and the contractor of Lot 2, COSTAIN, be invited for the evaluation of work done. The governor, after looking at Lot 3, noted that what was not done there “were enormous.”

16 — Vanguard, MONDAY, JULY 20, 2015 THE Nigeria Inter-Religious Council (NIREC) is an independent union voluntarily formed by the leaders of the nation’s two recognised religious faiths – Christianity and Islam. It is composed of 50 members, made up of 25 Christian and 25 Muslim leaders and co-chaired by the Sultan of Sokoto, the leader of the Muslims in Nigeria and his counterpart, the President of the Christian Association of Nigeria. When leaders of the two groups came together to form this organisation in 1999, former President, Olusegun Obasanjo, was very supportive because he saw it as a very good thing. One of its cardinal mandates is to provide a platform for regular interaction and understanding between leaders of the two faiths to reduce the religious conflicts that have bedeviled the nation down the decades. The Council carried on very well in the past sixteen years until recently. It has organised seminars on conflict management and resolution, international relations and terrorism and offering advice to government on ways of governing to

Arresting The Storm Within NIREC impact positively on the lives of people. In fact, as recently as the first quarter of 2013, NIREC had perfected plans to organise a youth summit to sensitise our young ones to the need for mutual peaceful co-existence. However, it seems the National Conference organised during the President Goodluck Jonathan administration drove a wedge between the Christian and Muslim leaders of the Council. While the Muslim Leaders, with Ishaq Oloyede as spokesman, complained that the Conference was skewed against the interest of Muslims, his counterpart, Sunny Oibe, retorting that Sultan Sa’ad Abubakar (III) has frustrated attempts to convene meetings of the Council

until the tenure of his co-chair, Pastor Ayo Oritsejafor ends. The effects of Boko Haram terrorism has also heightened suspicion between the two sides, with Oibe saying that most Northern Muslim leaders are secret supporters of the terrorists. Though the Council has not been able to stop religious conflicts, one of its clear benefits is that it has helped to arrest the possibility of reprisal attacks since Boko Haram went haywire in 2011. Though their interfaces have not always been smooth, at least that they meet is beneficial. We encourage them to continue to meet, but as peacemakers, they must come to the table with open mind and not as gladiators. The current storm in the Council is worrisome, and unless it is arrested quickly, it might turn to something else, whereby the Council will be adding to the problem they set out to help solve. At that point, government would have to dissolve it. The National Conference was a collective Nigerian talk shop, with resolutions arrived at amicably. It need not breed bad blood between supposed peacemakers.

OPINION The Ekwulobia prison transfer

By Adewale Kupoluyi

HE reported relocation of detained Boko Haram suspects from the northern part of the country to the South-East Ekwulobia Prison in Aguata Local Government Area of Anambra State, has continued to generate controversy. The alleged prison transfer has caused panic and protests in the commercial city of Awka, Onitsha and other major cities of the state as many businesses and markets were closed down. To begin with, the protesters believe that there is no justifiable reasons for the transfer of the prisoners from far away north, where they were arrested to a local prison because their presence would create tension and fear and that such prisoners should rather be confined to the states where they committed crimes or to other states with maximum prisons. They feared that previous Boko Haram attacks, which have ravaged many parts of the north could be imported to the state due to the presence of the inmates. Secondly, it has been argued that the transfer would amount to security risk as sending such prisoners to a local facility with porous security apparatus could lead to a jail break. The Ekwulobia Prison, though not classified as a maximum security prison, originally has the capacity to house 85 inmates, is said to be presently overburdened with 135 inmates. Hence, adding more inmates would overstretch the prison with dangerous consequences such as a high possibility for the radicalisation of other inmates by the Boko Haram members. Unlike other locations where the terrorC M Y K

convicts were held in sparsely populated areas which makes isolation easy, Ekwulobia is a densely populated town, meaning that in the event ofa jail break, there is the high risk of contact between the radicalised prisoners and civilian population. Thirdly, some antagonists of the transfer feel that the decision was simply borne out of political reasons. Although Governor Willie Obiano of Anambra State had announced that the transfer was perfected in 2012 under Governor Peter Obi and that the transfer would have been carried out immediately but for the last general elections. But former Governor Peter Obi had denied Obiano’s claims. Fourthly, religious groups such as the Christian Association of Nigeria (CAN) has equally condemned the transfer while socio-political organisations such as the Movement for the Actualisation of Sovereign State of Biafra (MASSOB), have joined others in rejecting the relocation claiming that the transfer was as a result of the alleged backing by some foreign Islamic religious leaders to stifle its struggle for the actualisation of its main objectives. While the government has not really been too categorical on its stance on the alleged transfer, protagonists of the move are of the view that both the plan and choice of the South-East are okay since Ekwulobia is far from the epicentre of the insurgency in the North as the sect members would be prevented from accessing the society where they could easily be reindoctrinated or regrouped. From the concerns and fears raised by people and groups on the relocation, the one that seems to bother me most is that bordering on

security coupled with the deteriorating prison conditions and reformation process. Global experience has shown that terrorists and terror suspects are always kept in strongly, fortified and isolated places such as the Guantanamo Bay Detention Camp where the United States government keeps high-risk suspects in a military facility that is located away from the people. Unfortunately, Ekwulobia Prisons does not in anyway fit into this category. It is only hoped that with the transfer, may a jail break not occur. The incessant cases of jail breaks and the need to reform our prisons call for urgent concern as they undermine the dispensation of justice. Just in October 2014, there was a report of prisoners’ mutiny and jail break at the Kirikiri Medium Prison, Lagos that led to the death of scores of prisoners and recapture of escaped inmates. Also, about 20 inmates escaped from the Sagamu Prison, Ogun State while on November 3, 2014, the Koton-Karfe Prison, Kogi State, played host to suspected Boko Haram insurgents, who freed 144 prisoners. On December 6, 2014, about 6 armed men reportedly attacked the Medium Prison in Minna, Niger State, which led to the escape of 270 inmates, having broken into the prison armoury, carting away arms and bullet proof vests. A week earlier, armed men were said to have invaded the Federal Prison, Ado Ekiti, Ekiti State causing 320 out of the 442 inmates to escape, among several cases. Nigeria has a total of 239 prisons, housing 56,785 inmates while those awaiting trial are 38,743. Prison is on the exclusive legislative list and so the Federal

Government has complete control over prisons. Regrettably, common features of these facilities are dilapidation, congestion, insufficient personnel and vulnerability to attacks. The Nigerian prison system, which is modeled after the colonial prison administration, is overtly punitive rather than the modern functions for correction, reformation, transformation, re-integration and rehabilitation. To say the least, many inmates live in horrible conditions that are subhuman.Given the inhuman conditions a prisoner would not think twice to make good an escape. The failure of the prison authorities to secure the nation’s prisons often leads to why armed assailants easily attack the jails and release convicts. To stem the tide, there is urgent need to fast-track the ongoing prison reforms such that our apparent compromised criminal justice system. Appropriate authorities should, therefore, design better ways of stopping the indiscriminately dumping of suspects in cells and abandon them without trial. The reported moves by the Federal Government in deploying soldiers to guard the Ekwulobia prison, which ordinarily is guarded by prison guards, personnel and wardens, shows that the government is aware of the very high security implication of the purported relocation. It is when these sustainable mechanisms, as discussed, are put in place that genuine relocation of prisoners from one jail to another can be justified and frayed nerves calmed.

* Mr. Kupoluyi, wrote from Federal Universiy of Agri., Abeokuta, Ogun State.

JULY 20, 2015

Stock market investors lose N1.032trn in 2 months zStakeholders finger slow governance, high political risk, lack of policy direction BY PETER EGWUATU

EARLY two months after P r e s i d e n t Muhammadu Buhari took over the administration of Nigeria, investors in the nation’s stock market have lost over N1.032 trillion. Stakeholders have attributed the

development to slow pace of governance, lack of policy direction, high political risk, feud in the federal legislature, no ministerial appointment, amongst others. The recent drop in the Nigerian stock market indicators also shows a seventh consecutive weekly loss, the longest streak since September 2011.

Financial Vanguard analysis shows that from May 29, 2015 to end of stock market trading last Thursday, investors had lost about N1.032 trillion in the nation’s stock market , as the Nigerian Stock Exchange, NSE’s market capitalisation which represents the value of investors’ investment in the stock market declined from N11.659

trillion to N10.627 trillion. Another stock market gauge, the All Share Index declined by 9.5 per cent or 3,262.38 points to close last week Thursday at 31,047.99 points from 34,310.37 points it closed on May 28, 2015. A further review of other performance indices on the NSE shows that the NSE 30 Index declined by 1.4 per cent from 1,425.81 points during the period under review to close last week Thursday at 1.406.49 points; NSE Banking index dropped by 1.1 per cent from 342.42 points to 338.72 points; NSE Insurance Index declined by 0.63 per from 143.60 points to 143.51 points; Consumer Goods Index declined by 1.7 per cent from 772.74 points to 759.61 points; NSE Oil and Gas Index declined by 0.054 per cent from 346.87 points to 346.68 points; Lotus Islamic Index declined by 1.3 per cent from 2, 151.32 points to 2,176.29 points ; NSE Industrial Index went down by 1.5 per cent from 2.208.64 points to 2,176.29 points; NSE ASeM Index remained unchanged as it

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MEETING: From left, Honorary Life Vice President, Nigerian-British Chamber of Commerce (NBCC), Barr. Patrick Abuka; President NBCC, Prince Dapo Adelegan; Managing Director, UACN Property Development Company Plc (UPDC), Mr. Hakeem Ogunniran, and Vice President NBCC, Mr. Kayode Falowo at the NBCC Breakfast Meeting held in Lagos. C M Y K

The recent decline of the Nigerian stock market is due to several factors. First is the increase of political risks due to infighting within the ruling party at the federal level

18 — Vanguard, MONDAY, JULY 20, 2015

Cover

Vocation and technical education — A key to improving Nigeria’s development (2)

INTERACTIVE SESSION: From left, Chief Executive Officer, Highwaves Video Mart, Mr. Olurotimi Aina-Kusoro; Co-Founder, OKIKI, Mr. Oluwafemi Dada shaking Afolayan Maroof, Chief Executive Officer, Almaroof Standard Ltd. and Chief Executive Officer, Olasco Films, Chief Akeem Olatunji Balogun, during an interactive session between OKIKI and top Nollywood Movie Marketers at FAB Lounge in Ikeja, Lagos

Stock market investors lose N1.032trn in 2 months Continued from Page 17 close at 1,209.30 points. Meanwhile, the NSE dropped 2.2 percent last week Monday. The index gained 0.3 percent at the close on Thursday, snapping 11 days of losses. The market, which is closed on Friday and Monday for Eid celebrations, has dropped 7.2 percent this quarter, the worstperformance globally outside of China, according to a Bloomberg ranking of 93 primary indexes. Central Bank of Nigeria, CBN introduced several trading restrictions to support the currency of Africa’s biggest oil producer in the face of an almost-50 percent slump in crude prices in the past year. Last month it stopped importers of 41 items ranging from private jets to toothpicks from using official foreign exchange markets. That has led to a surge of demand for dollars on the black market, reinforcing investors’ belief that a devaluation of the official rate is necessary, according to Ayodele Salami, Chief Investment Officer at Duet Asset Management. Commenting on the seventh consecutive weekly loss experienced in the stock market, various stakeholders who spoke to Financial Vanguard linked the performance to the state of political, economic and financial situations in the country. The Acting President of Chartered Institute of Stockbrokers, CIS, Mr. Oluwaseyi Abe said “Currently, the slow C M Y K

governance, non appointment of ministers, lack of policy direction by the Federal Government have all contributed to affect the performance of the market . It is our hope that once the economy starts running the market will improve and begin to attract investors.” In his own comment, Managing Director/CEO of Highcap Securities Limited, Mr. David Adonri said: “The recent decline of the Nigerian stock market is due to several factors. First is the increase of political risks due to infighting within the ruling party at Federal level. Next is the declining price of crude oil. Others are Chinese stock market crisis, resurgence of Boka Haram, protracted energy crisis and macroeconomic liquidity squeeze. When the new government settles down, some of these issues should be addressed."

Investors are weary of the insecurity in the country and are waiting for the government to assure them of drastic measures aimed to addressing the situation

The Managing Director/ CEO of Capital Bancorp Plc, Mr. Aigboje Higo said: “The economic situation has affected the stock market. The foreign exchange market is a factor that affects the market. The weak naira is affecting investors to invest in the market coupled with rising inflation. Also, the non appointment of ministers is also another factor that has affected the market. We also have the insurgent situation in the country. Investors are weary of the insecurity in the country and are waiting for the government to assure them of drastic measures aimed to addressing the situation. But it is my hope that all these will soon be addressed given the fact that President Muhammadu Buhuri has started on a clean note by appointing credible people to handle the security sector of the economy.” Continuing, he said “the Nigerian Capital Market has a lot of potentials and investors should take advantage of an array of investment opportunities and do not need to wait until the boom period.” Another stakeholder, Mr. Oderinde Taiwo, National Coordinator, Proactive Shareholders Association of Nigeria, PROSAN said “What is affecting the market is the governance of the economy. The foreign investors are complaining of no policy direction of the government as none of them would want to invest in such an economy. There are no ministers appointed, so investors are watching. Also, we should

Continued on Page 19

s the Roman historian, Plutarch (AD 46-120?) had noted “The mind is not a vessel to be filled but a fire to be kindled.” Given their corrupt and greedy lifestyles, Nigeria’s leaders do not seem to care about integrity or moral values. They are good at predicting the future without creating it. As Peter Drucker has observed, “If you want to predict the future, create it.” In Nigeria, the growing problem of unemployment has contributed largely to the worsening problem of poverty among the populace. Unemployment according to Olaitan (1996) leads to frustration and disillusionment which may result in crime or drug abuse in a futile attempt to escape from and forget the pains and humiliation of poverty and lack. The problem of unemployment, he said, has worsened as millions of school leavers and graduates have not secured gainful employment over the years. Unemployment has posed a serious problem not only to the welfare of individuals but also to that of their families. Many able-bodied and highly qualified persons who could not secure gainful employment have remained economically dependent on their parents. This is because they lack the necessary occupational skills to be self-employed and to effectively function in today ’s world of work. These occupational skills can be provided by technical and vocational education. According to Abdulahi (1994), technical education is that aspect of education that involves the acquisition of techniques and application of knowledge of the science for the improvement of man’s surrounding. Technical and vocational education prepares one for the world of work with which the individual becomes reliant and can make contributions to society. As employers look for new talents from new graduates, it is important to not only have a solid education but graduates that have features that stand out from the rest of the graduating students. With the economy being more globalized than ever, it is important to have a background and a skill set that allows graduates to become immersed in the global economy right from graduation (Cote, 2007). It is important for these students or graduates to have skills in innovation in technology education and entrepreneurship to be ready to fit into the global market place on which today ’s economy depends on. Entrepreneurial skills needed by Technical and Vocational Education: Leadership is not a major cause of Nigeria’s under-development.

Unemployment has posed a serious problem not only to the welfare of individuals but also to that of their families

Nigeria can become an economic power-house (and realise its visions) only if proper attention is given to education and technological development, promotes and rewards creativity, and channels its material and human resources to productive use. The leaders must recognise the relevance of technical and vocational education in national development and adopt and adapt what works in developed nations. The resources being wasted in the on-going false re-branding campaign should have been used to re-brand the nation’s education sector. No amount of rhetoric (or fanciful slogan) would solve Nigeria’s socio-political and economic problems. The leaders could salvage Nigeria’s image by re-branding their mentality and doing the right thing: tackle corruption, reform the electoral system and fix the dilapidated institutions. Thus, without a fundamental shift in values, beliefs and thinking, and without technological capability, Nigeria will continue to dream of becoming a ‘Great Nation’. Technical education is the engine for economic growth. No nation can fight a war without an army. In the same token, Nigeria cannot develop without well-equipped technical and vocational institutions. In fact, it is the missing link in Nigeria’s development policies. Because of poor training and ineffective institutions, Nigeria suffers from low productivity. But the progress of any society lies in the productivity of its citizens.

Vanguard, MONDAY, JULY 20, 2015 — 19

he recent controversy over dividend paid by the Nigeria Liquefied Natural Gas Company, NLNG, portrayed Nigerian politicians as neophytes who do not fit well into civilized political culture. In the wake of the controversy, each side of the divide — PDP and APC — sought to outdo each other by a holier-than-thou attitude. In a cultured and disciplined society, Nigerians should have seen beyond these smart alecs who parade themselves as political leaders. The first question that should bother any right thinking person is who was the money paid to? It was paid into the federation account. Whether it was PDP or APC government makes no difference. In a society where transparency and accountability are the rule, corporate bodies publish their accounts for the public and investors to have access to information about them. This is not the case in Nigeria. NNPC, NIMASA, NPA and the rest have never made their accounts public. Many governments in the Nigeria federation have never published their full accounts. This is so because those in positions of power have so much to hide. It is the avenue from which they loot the country's treasury. In a country where there is transparency in the conduct of government business, the issue of who paid what into the federation account would not have arisen. Here we are, fighting over dividend paid into the federation account by one company. If the shameless Nigerian political class were serious, they should be asking how many NLNGs are in Nigeria to bail the country out of its present dependence on oil. In the case of the PDP stalwarts, how many new NLNG did they in their 16 years of governance, add to the Nigerian economic space? How many ailing industries in the country did PDP revive to contribute to the economy of the country in the last 16 years? What new initiative

did PDP set in motion to restructure the Nigerian economy? It is funny that APC that is currently sleep-walking has the courage to join in the fray of what was paid. The tactless politicians in APC deceived Nigerians with its mantra of change. In the first instance, they have not been able to change themselves not to talk of changing anybody. The sleep-walking members of APC believe that dividend could accrue to a shareholder in one month. APC has been in government for 40 days and would want Nigerians to believe that it received dividend from NLNG in one month. Gullible Nigerians bought the bait of these few Nigerians who on daily basis loot, pillage and cart away our resources and seek diversionary ways to cover their misdeeds. What Nigerians should be asking these shameless men of yesterday who cling to power, is what new thing they intend to bring to the sharing table, since all we do is share. Imagine if Ajaokuta Steel Rolling mill was working and making profit. It would have earned Nigeria more dividends; yet, this political class is not interested in seeing it work. What about Delta Steel Rolling mill? What of Jos, Oshogbo machine tools, the Aluminum Smelting Company? What has become of them? Their carcasses litter the whole place. Apart from these, Nigeria had Volkswagen plant, Peugeot, Leyland, Steyr and many others to name a few. If these companies were nurtured to the stage NLNG is today, Nigeria could have been earning close to $50 billion in taxes. Here are Nigerian politicians and policymakers fighting over $2.1 billion. Notwithstanding the figures being doled out from Nigeria's confused politicians, the Federal Government earned about $17.6 billion from the NLNG as dividend and tax since inception of the project. The break down showed that government earned about

Storm over NLNG dividends, Nigerian politicians are shameless $14.7 billion as dividend, being its 49 per cent stake of the $30 billion paid by the liquefied natural gas company over the last 15 years. The balance of $2.9 billion represents tax payments between 2013 and 2014, that is, $1.6 billion in 2014, and $1.3 billion in 2013. But PDP and APC sent out conflicting figures regarding the actual revenues the Federal Government, through its

Gullible Nigerians bought the bait of these few Nigerians who on daily basis loot, pillage and cart away our resources and seek diversionary ways to cover their misdeed

representative, the Nigerian National Petroleum Corporation, NNPC, may have earned from its 49 per cent equity investment in the NLNG over the past 15 years of the NLNG operations. The ruling APC and the opposition, the Peoples’ Democratic Party, have engaged in a war of words over who paid what and where the sum went to. Releasing its Fact and Figures on NLNG 2015, the Managing Director/Chief Executive, NLNG, Mr. Babs Omotowa, said in Lagos that the company had paid $30 billion in dividends to its shareholders over the years, including the government, which owns a 49-per-cent stake through the NNPC. He also added: “Just a few days ago, we paid $1.6 billion to the government as tax and this will go a long way to assist the new government in solving some of its problems.” Omotowa explained that the dividend and tax were derived from the export of natural gas worth about $85 billion since its inception. He said: “For us, it has been a success story. Between 1999 when we came on stream and now, we have realised some $85 billion from exports of liquefied natural gas to buyers in Europe, America and Asia.” Regarding its contribution to the Nigerian economy, the NLNG in its Facts and Figures also said: Payment to Joint Venture (JV) feedgas

Cover Stock market investors lose N1.032trn in 2 months Continued from Page 18 note that our market is dominated by foreign investors who are interested in the return on their investment and not in market development. Also, we have the issue of weak naira in place. The naira is dropping every day due to lack of policy direction by the Federal Government. The infighting among the ruling party is not helping matters. So the Federal Government must

start quickly to address these issues otherwise there will be continuous run on our market.” Another stakeholder, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria, and PSAN said “Our market relies much on foreign investors which is not the best. So, the political and economic situations have all contributed to the decline of the market. The foreign investors are interested in returns on their investment. They are not risk

takers like the local retail investors. So, the Federal Government should begin to implement policies that will attract local investors. It was the unattractive investment climate that affected the market in the past years.” It should be noted that following multiple rules rolled out by the Central Bank of Nigeria (CBN) in recent time, other financial experts have classified the monetary policy regime and environment as unstable, uncertain and therefore hostile to businesses.

CBN had rolled out two circulars last week declaring some items ineligible for both its foreign exchange (forex) window and the alternative sources namely, the bureau de change (BDC) and export proceed windows, citing excessive pressure on foreign reserve and the need to stimulate local production of those items. Afrinvest Group, a leading investment house in Nigeria, in its reaction last weekend said “We observe that some of the recent policies are

suppliers from inception till date is almost $21billion; 5560- per cent of this amount goes to the Federal Government via its shareholding in the NNPC.” Managing Director of NNPC should meet on the issue of NLNG dividends and report back to the IMT T. Unfortunately, that meeting has not held.” Omotowa said plans were afoot to expand the NLNG plant in Finima on Bonny Island, in the oil and gas-rich southern Rivers State, by 2017. With six trains currently operational, plans for building Train 7 that will lift the total production capacity to 30 million metric tons per annum of LNG are currently progressing,” he said. He said Train 7 would cost an estimated $12 billion, create 18,000 construction jobs and bring in an additional three billion dollars in exports when operational. The question is: What is the level of attention being given to the NLNG by the Federal Government? What was the level of cooperation it received from government agencies in the last eight years? Why has the Train 7 not taken off if the government was so keen on growing the nation's revenue base? After the clarification of the payment made by NLNG by its Chief Executive officer, I am ashamed of Nigerian politicians, I think every Nigerian should be. Nigerian politicians have no shame though.

characterized by seeming inconsistencies, conflicts, policy reversals” adding that “more clarifications that have trailed forex guidelines have considerably weakened the credibility of the CBN.” According to Afrinvest, “The financial market (equities and fixed income)”, according to them, “is in dare need of a clear cut policy direction and stability. A lot of foreign investors appear to have taken to their heels leaving only the bandwagon local investors, who also have no clue of the impact of future monetary policy on their investment position in the scene.” C M Y K

20— Vanguard, MONDAY, JULY 20, 2015

Business & Economy

Volkswagen’s re-entry into Nigeria good for local capacity — Anono

financial expert, Mr Godwin Anono, has urged the Federal Government to sustain its relationship with automobile manufacturers to develop its local potential. Anono, Chairman, Nigeria Professional Shareholders Association, said such relationship was imperative to fast track government’s effort in local vehicle manufacturing in the country and reduce capital flight. He said that indigenous manufacturing of auto spare parts would amount to an expansion of the nation’s economic base. Anono said the commencement of the assemblage of cars by Volkswagen after 25 years of inactivity in the country was highly commendable. According to him, more joint venture agreements with international car producers will go a long way to develop local capacity. The Federal Government some days ago revived its joint venture contract with Volkswagen, a German company, 25 years after the car manufacturer closed shop in the countr y. “Volkswagen’s re-entry into Nigeria’s auto industry will see it focus on assemblage of cars again which it did between 1970 and 1990 before it stopped operating.

Global firms shun Mexican oil, gas blocks bid

exico saw disappointing results last week in its first ever public bidding phase for oil and gas blocks in the Gulf of Mexico. Mexico’s National Hydrocarbons Commission (CNH) said only two of the 14 blocks on the shopping window were awarded. The consortium made up of Sierra Oil and Gas, Talos Energy and Premier Oil was the day’s only winner, having been awarded Areas 2 and 7 among the 14 shallow water blocks on offer. The two awarded blocks appeared to have been the most attractive as Hunt Overseas Oil made losing bids on both, while the bids of Statoil and two consortias were rejected for Area 7. Murphy Worldwide and Petronas teamed up for bids for Areas 3 and 4, but they were both rejected as being too low. C M Y K

PROGRAMME - From left: Chief Executive Officer, Tony Elumelu Foundation, Pariminder Vir ; Chairman/CEO Ebonylife T.V, Mrs Mosunmola Abudu; Chief Executive Officer, Bestman Games Ltd, Mrs Mimi Akinkugbe; Chairman, Heirs Holdings Mr Tony Elumelu; Former Director-Genreal, Security and Exchange Commission, Ms Arunma Oteh; Actress/Enterpreneur, Mrs Omotola Jalade-Ekeinde and Managing Director/CEO, Bank of Industry, Mr Rasheed Olaoluwa, during the Tony Elumelu Enterpreneurship Programme Booth Camp at Covenant University, Ota, Ogun State

IMF moves to help nations improve domestic revenue

he International M o n e t a r y Fund (IMF) says it is taking measures to boost access to its resources and help countries better mobilise domestic revenue. The IMF said that it would also focus more of its own work on issues such as equity, inclusion and the environment. This is contained in a document from the UN 3rd International Conference on Financing for Development holding in Addis Ababa, Ethiopia, made available to reporters in New York. It stated that the measures were

intended to better support countries in their pursuit of the set of Sustainable Development Goals (SDGs), which world leaders were expected to adopt in New York in September. It focuses on ending poverty, transforming lives and protecting the planet. According to the document, the Deputy Director of the IMF’s Strategic Policy and Review Department, Sean Nolan, said the Fund would take a look at its operations “through the lens of FFD” to see how it could improve its work. Nolan said that it had decided to expand access to

all of its concessional facilities by 50 per cent, which meant making more money available for eligible low-income countries. “Working the numbers, we felt we could lend more to lower-income countries.” “This includes doing more to assist countries with domestic resource mobilisation, or tax collection, a critical source of revenue for governments. “There is only so much amount of aid countries can rely on. Indeed, often you can’t rely on aid in the sense of relying on certain amounts

‘Nepotism, red tape in MDAs hampering FDI inflow’ BY DOTUN IBIWOYE

ureaucracy and nepotism have been identified as a major obstacle hampering the inflow of foreign direct investments and sustainable development in the country, especially in the solid minerals sector. Environmentalist and CEO of Ecologistics Integrated Service Ltd, Dr. Paul Abolo, who disclosed this in a chat with Financial Vanguard, noted: “American investors and I came up with a climate vulnerability reduction plan for Nigeria to re-frame the solid minerals opportunities but I can tell you that Nigerian bureaucracy did not allow

us to progress." Abolo, who had lived in the Unites States for about two decades as an entrepreneur said that government bureaucracy, frustrated him and his foreign partners on several occasions that were willing to create jobs and advance sustainable development business practices for productive growth in resources utilization. According to him, he and the American foreign investors met with the Minister of Solid Minerals and Steel Development and the Permanent Secretary of the Federal Ministry of water resources on separate occasions and they liked their ideas but bureaucracy stalled the project. The Colorado Technical

University trained environmentalist affirmed that he analysed and liked the Subsidy Reinvestment and Empowerment Programme (SURE-P) and invited his friends in the United Stated but were frustrated in Nigeria when they made their presentations which was initially accepted and lauded. “Last year or rather two years ago, I began to get more involved in the government’s activities and by the time the government then, launched the SURE P programme, I was in Abuja and I followed that SURE P and I did alot of analysis on it so when I got back to the United States, and I called my friends to have a good thing doing for us, he said

every single year, it goes up, it goes down and governments fall in and out of love with the donors. So it is not so reliable. At the end of the day, a state operates on the basis of its own revenue collection. “A developmentallyoriented state, a state that actually wants to promote development through infrastructure, health, education spending, needs to raise most of the money itself,” it said. IMF said that raising revenue did not necessarily mean going into the rural areas and heavily taxing people. It said this meant that taxing the better off in the society and also taxing companies, both domestic and foreign, more effectively. “Tax rates are very low in many low-income countries, in some cases under 15 per cent of gross domestic product (GDP). This could easily be increased by a series of reforms, as well as by better structuring of taxation in the extractive industries and greater attention to the transfer of money out of the country. “This includes the profits of companies that are being transferred abroad. If they’re legal transfers, that’s fine. But if the tax code is weak or inadequate, then the country is losing revenue to foreign companies. They should be doing a better job of capturing it,” the statement said. Ahead of the Addis Ababa Conference, the IMF and the World Bank launched a new initiative to help developing countries strengthen their tax systems.

Vanguard, MONDAY, JULY 20, 2015 — 21

Business & Economy

Cost controls buoys GE, Honeywell amid economic pressures

eneral Electric Co and H o n e y w e l l International Inc beat expectations for their latest quarterly results on Friday as ongoing cost-cutting efforts paid off with profit margin increases that impressed Wall Street analysts. At a time multinational industrial manufacturers face pressure from foreign currency swings and weak oil and gas markets, GE and Honeywell also showed the benefits of being diversified with pockets of strength in areas such as aerospace. “Any multinational company in this environment is seeing very little organic revenue growth and revenue growth declines when you account for currency weakness,” said Jim Corridore, an equity analyst at S&P Capital IQ. “So you have to find a way to offset that.” GE shares were up 0.9 percent and Honeywell shares rose 1.7 percent in afternoon trade, outperforming U.S. markets, which weakened slightly. Wall Street was encouraged that both companies posted revenue increases excluding currency swings: 5 percent for GE and 3 percent for Honeywell. But the companies also demonstrated they could wring more profits from those

sales. GE’s industrial profit margin expanded to 16.2 percent from 15.5 percent a year ago, while Honeywell’s margin rose to 18.4 percent from 16.7 percent. GE’s total costs and expenses were flat compared with a year ago, despite a 1.5 percent sales increase.

After focusing on sales and administrative costs, GE more recently started a drive to increase gross product margins. That includes driving down material prices and becoming more efficient with manufacturing operations, GE Chief Financial Officer Jeff

Bornstein said in an interview. “What we are trying to get is more output for the same or less cost, and on a productspecific basis how do we have the most cost-competitive products in the world,” he said.

RE-LAUNCH: From left, Ejiro Iku, Brand Manager, Mortein RB Nigeria Limited; Mr William Onyejele, Manager, Everyday Group; Mr Virendra Bhagar, Manager, Chanrai Supermarket and Mr Nwanah Chris, Area Sales Manager, RB Nigeria Limited during the official re-launch of Mortein Liquid Electric Device [LED] in Port Harcourt yesterday. Photo: Nwankpa Chijioke

ABUCCI tasks CBN on consistent implementation of forex rules T

he Abuja Chamber of Commerce and Industry Ltd. (ABUCCI), has called for consistency in Federal Government implementation policy with regards to CBN ban on foreign exchange sales on certain products. The President of Chamber, Mr Tony Ejikonyem, made the call in an interview in Abuja Speaking against the backdrop of CBN’s recent restriction on access to foreign exchange on some imported products in Nigeria, Ejikonyem said that it was important to ensure a long term implementation of the policy. According to him, the policy will help in the long term development of businesses involved in the production of local products. Ejikonyem said that consistency in policy implementation would encourage local

manufacturers to invest in the procurement of state-ofthe-art equipments needed for the production of local products. “Our take in the chamber is that we are seen to be supportive of any positive government initiative. For any government decision, it should be well informed and be consistent with other policies of government. A situation where CBN comes out with a policy only to make a U-turn six months after and make another change will not be acceptable.“ He said that Nigerian business men and women were gifted with the ability and capacity to easily adapt to changing trend. He advised the apex bank to adopt measures that would ensure its policy sustainability in its quest at encouraging local industries in the production of local

products. “Government’s intention is to promote local products, what that is going to do to the Abakaliki rice farmer is that he can now spend more money to buy tractors and threshing machines. But not after this man might have gone to borrow money from the bank to purchase needed equipments only for the same government to open the gate for importation of same goods and products.” On the 2015 Abuja International Trade fair, Ejikonyem said that preparations were on top gear to ensure the success of the fair. He said that the 2015 fair would mark the 10th year anniversary of the fair since inception. “The 10th Abuja Trade fair is going to be unique in the sense that we are celebrating a decade of having been granted a status of

international trade fair. “It is going to be a celebration that will be different from the past nine editions,“ he said. Ejikonyem said that many countries had signified interest to participate in the fair, citing the improved security situation in the FCT as the reason. There will be an increase in the number of exhibitors that will come and there are so many more international countries that will make their presence felt at the fair. Last edition, we had a lot of foreign exhibitors in spite of the security challenges and the Ebola crisis last year. “ There was a good turnout, the security situation has improved and there is no Ebola virus any more. The response we have gotten from our regular and new international exhibitors is quite encouraging,“ he said.

EU to provide solar-powered water facilities in 25 Jigawa towns

anaging Director of Jigawa Small Towns Water Supply Agency (STOWA) Mr Aliyu Umar, said the European Union (EU) has concluded plans to provide 25 towns in the state with solar-powered water facilities. Umar disclosed this to journalist, shortly after meeting with members of Water Consumer Associations (WSAs) on Thursday in Dutse. He said that the project would be executed under the EU’s Water Supply Sanitation Sector Reform Programme (WSSSR). He explained that the project would be executed by the EU, in collaboration with Small Towns Water Supply (STOWA) and Water Sanitation and Hygiene (WASH) in the state. According to him, 10 towns in Taura and 15 towns in Malam-Madori Local Government areas will benefit from the project. He said that the EU would provide 70 per cent of the funding, while the state and the benefiting local government areas would jointly provide 25 per cent of the cost. The managing director further said that the benefiting communities would provide the remaining 5 per cent of the funding. He added that the projects, when completed, would be handed over to Water Consumers Associations (WCAs) in each of the benefiting communities, for maintenance.

European Investment Bank opens office in Ethiopia

he European Investment Bank (EIB), has opened an office in

Ethiopia, according to the bank’s statement in Addis Ababa. Pim van Ballekom, Vice President for SubSaharan Africa at the EU member state-owned EIB, said the office would also manage relations with the AU Commission and other international organisations based in Addis Ababa. The Ethiopian economy is expected to grow by 10 per cent this year and the capital hosts the African Union headquarters and some regional U.N. offices. The bank will lend to water, energy and other state-run projects, as well as to the private sector in a country whose 96 million people mostly rely on agriculture.

22 — Vanguard, MONDAY, JULY 20, 2015

Banking & Finance

40 winners smile home in Sterling Plus promo

terling Bank Plc has rewarded 40 customers in the New Sterling Plus Cash Reward Scheme. The customers were selected via an electronic raffle draw and winners emerged from various parts of the country. Sterling Plus is a new proposition for the retail segment of the market. All customers with a minimum balance of N5, 000 automatically qualify for the draws with one ticket while subsequent multiples of N5,000 result in additional tickets. The New Sterling Plus is a hybrid offering with the promise of many goodies and freebies such as free Lenovo smartphones preloaded with cool financial and entertainment applications among others for individual customers. The Bank’s Executive Director, Finance & Strategy, Abubakar Suleiman explained that with applications such as the Sterling Mobile Banking (banking on the go), Solo music (which gives access to over 20 million songs from local and foreign artistes), Solo movies (an affordable pay per view with access to the latest Hollywood, Bollywood, Nollywood movies) and the Billionaire Club game(a financial and investment literacy tool) preinstalled on it, customers are assured of having an exciting experience while fulfilling their banking, entertainment and financial literacy needs.

Skye Bank redeems N5million promo prize money

hree customers of Skye Bank Plc were lifted up as they won N1 million each at the bank’s ‘Reach for the Skye’ promotional draw which took place in Ibadan, Oyo State on Thursday. The luck winners were selected in an electronic draw conducted in the presence of officials of the National Lottery Commission. The winners are Damie Morrison of Garki Junction branch, Port Harcourt; Innocent Oguabi of Katako, Abuja Branch; and Donatus Okoro of Badagry branch. In addition, four other customers won N250,000 each, while another 10 won N100,000 each in the transparent draws. The total prize money redeemed by the bank was N5 million. Speaking on the ‘Reach for the Skye Millionaires promo, Skye Bank’s Head of Retail Banking Group, Nkolika Okoli, said the bank would continue to encourage the adoption of the savings culture by the members of the public. C M Y K

PROMO: From left: Mr. Durosaro Paul, representative of Deloitte; Mr. Gbenga Adegoke, Head, Consumer Banking, Sterling Bank Plc and Mr. Oguile Kingsley of the National Lottery Regulatory Commission at the first draw of the New Sterling Plus Cash Reward Promo held over the weekend.

Forex market now a paradise for round tripping — FDC report *MPC to maintain status quo STORIES BY BABAJIDE KOMOLAFE

he N44 gap between the interbank exchange rate and the parallel market exchange rate has turned the foreign exchange market into a paradise for round tripping. Round tripping is an illegal practice, involving buying dollars from the official market and reselling in the parallel market rate to take advantage of the gap (premium) between the exchange rates in both markets. At the close of business on Thursday, the interbank market exchange rate stood at N197.55, while the parallel market exchange rate stood at N242 per dollar, translating to a premium of N44.4 naira. Commenting on this, the Financial Derivatives Company (FDC), said, “The spread between the interbank rate and the parallel market creates an arbitrage corridor for speculators, and is now a round tripper’s paradise.” The Company in its FDC Economic Bulletin issued on Thursday also commented on the likely outcome of this week’s meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The Company noted that with inflation

rate rising to 9.2 percent last month, the MPC faces a policy trilema and may have to maintain the status quo on the Monetary Policy Rate (MPR), and rely on the Cash Reserve Ratio (CRR) and Treasury Bills sales to mop up

excess cash (liquidity) in the banking industry. The Company stated, “The National Bureau of Statistics (NBS) released the official inflation rate for June 2015 at 9.2 percent , a 0.2 percent increase from May ’s 9.0

percent. This higher inflation rate was widely expected, given the prolonged fuel scarcity and shortage of perishables. It is important to underscore the impact of this increasing trend in inflation rate on consumer expectations and behaviour. “This increase in the price level will be one of the key considerations at the next Monetary Policy Committee (MPC) meeting on July 23 and 24. The MPC is facing the typical monetary policy trilemma of increasing inflation, currency pressures and interest rate stability. While a decrease in interest rates is politically expedient to stimulate economic growth, it may not be the appropriate move due to currency and inflationary pressures. The increased liquidity in the system from the bailout funds is another factor that the Central Bank of Nigeria (CBN) would have to consider. The CBN will be reluctant to increase interest rates as monetary policy tightening is almost reaching its upper limit. The CBN could alternatively increase its use of administrative tools such as cash reserve ratio (CRR) and Open Market Operations (OMO). “Even though the CBN is committed to defending the Naira, the currency pressures facing Nigeria are becoming more intense”.

Cashless: Why NIBSS introduced eNNovation contest M

anaging Director/ Chief Executive, Nigeria Interbank Settlement System (NIBSS), Mr. Ade Shonubi has said that the eNNovation Contest was introduced to solve the challenges posed by the nation’s cashless policy. He stated this at the presentation of prizes to the ten young Nigerians that emerged winners of the contest organized by the NIBSS in conjunction with Samsung and IBM. The eNNovation Challenge is an online crowd sourcing contest, open to members of the public. “The contest seeks to promote the spirit of innovation, and showcase the depth and variety of talent available for cognitive cultivation in the national economy,” said Shonubi. NIBSS conceptualized this pan-Nigeria, multidisciplinary contest, collaborating effectively with IBM and Samsung to ensure that initiative benefitted from

the global best practices and benchmarking standards of these two technology companies. The entries were adjudicated using several parameters, including creativity, uniqueness, practical application/impact and potential for commercial viability. “The contest was borne out of our proactive measure to solve some of the challenges posed by the nation’s cashless policy programmes,” Shonubi explains. Slightly over 1,800 entries were received at the initial stage of the competition earlier this year. The screening and judging panel comprising of top Industry executives from Central Bank of Nigeria, NIBSS, eTransact, Microsoft, Paga, Konga, Samsung, IBM, TEP, Dudu Mobile, and the immediate past MD of CitiServe Ltd. Shortlisted the best thirty entries from which the top ten ideas were selected from. Eventually, only four of the

entries in this top ten group met the project/judges’ predefined standards for ‘outstanding innovation’, earning each of them the top prize of N350, 000.00 (three hundred and fifty thousand naira) in addition to other gift items. All the top ten finalists also received Samsung tablets, printers, notebooks and T-shirts. The prizes were presented to the finalists during the grand finale event, an ideas and prize presentation ceremony of the eNNovation Challenge held at the IBM Client and Innovation Center in Lagos. Expectedly, this maiden edition of the competition succeeded in harvesting innovative ideas that tackle and resolve some of the salient obstacles against electronic payments systems whilst deepening and fomenting the culture of electronic cum digital payment channels in Africa’s largest economy.

Vanguard, MONDAY, JULY 20, 2015 — 23

Banking & Finance

Fund managers move to attract N4.9trn pension assets Stories By BABAJIDE KOMOLAFE

UND Managers Association of Nigeria (FMAN) has commenced moves to attract part of the N4.9 trillion pensions into the mutual funds industry. President of the Association, Mr. Michael Oyebola disclosed this at a meeting of the Association in Lagos last week. The meeting was attended by funds and portfolio managers across the country, the Securities and Exchange Commission (SEC) and the Chartered Financial Analysts (CFA) Society of Nigeria. Listing the efforts of the Association to boost investment in mutual funds in Nigeria, Oyebola stated that with about N695 billion under management, made up about N200 billion housed under the collective Investment Scheme and N495 billion being funds under management, FMAN has commenced strategic moves to position the association to perform fund management role in the Pension industry which under the effective and efficient regulation by PENCOM has grown into a N4.9 trillion market. He said the Association is also working to develop a customised platform for distribution of mutual funds, adding, “This will operate as an open architecture platform that will enable members to distribute their mutual funds in more cost efficient means. “With the approval of the acceptance of voters’ card as a KYC document, efforts are in top

gear to put together a mobile money platform that will address the various need of member firms.” Oyebola disclosed that the Securities and Exchange Commission (SEC) is set to enforce the Asset Managers Code recently launched by FMAN in conjunction with the Chartered Financial Analyst (CFA) Society of Nigeria, Fund Managers Association of Nigeria (FMAN) and Pension Fund Operators Association of Nigeria (PENOP). The code he said include general principles of conduct and asset manager’s code of conduct. “Some of its provisions in relation to asset managers responsibilities to clients include, to act in a professional or ethical

manner at all times, to act for the benefit of the client, to act with independence and objectivity, to act with skill, competence and diligence, to communicate with clients in a timely and accurate manner and to uphold the applicable rules governing capital markets." On her part, Mrs Sade Odunaiya, President CFA Society Nigeria presented a paper on Global Investment Performance Standards (GIPS), and efforts to ensure that Nigeria is listed among the 30 developed and developing countries who have complied with the standards. She said the GIPS was created by the CFA instate which oversaw the content creation of its framework due to the

absence of a benchmark for the calculation, and presentation of firms investment performance history. She stated that GIPS was developed as a voluntary set of standard that addresses the need for a practitioners- driven ethical principle and standardized, industry wide approach to calculating and reporting investment result; consistency in reporting; and need for industry wide comparability She added that currently the CFA Society of Nigeria, PENOP and FMAN are the members of the GIPS sponsoring body in Nigeria known as Nigeria Investment Promotion Commission (NIPC).

cobank Nigeria has c o m m e n c e d MoneyGram Outbound Money Transfer Serv i c e . The newly launched ‘MoneyGram Naija Sends’ service allows Nigerians to send money abroad through any of about 500 branches of Ecobank Nigeria, while the funds are received in the specified currency in the receiving country. A customer, who wishes to use the service, would pay the naira equivalent (plus applicable charges) to Ecobank as an agent of MoneyGram for the foreign currency that would be paid to the specified beneficiary in the destination country. The initiative is in line with the recent introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of Outbound Money Transfer services in Nigeria.

FCMB named fourth most customerfocused bank

MEETING: From left, Mrs Sade Odunaiya, President CFA Society Nigeria, Mr Michael Oyebola, President of Fund Managers Association of Nigeria (FMAN), Ms Mary Uduk, Director, Investment Management Department, SEC and Mr Efiok Effiong of SEC at a meeting of FMAN held at the SEC Lagos office.

Foreign investors wary of continued slide of Naira F OREIGN investors are wary of the continued slide of the naira in the parallel market and the probable future devaluation of the currency, said Afrinvest Plc. The company disclosed this in the Afrinvest Weekly update which reviewed developments in the financial market. “Consequent on the heightened uncertainty on monetary policy and fiscal direction, the macroeconomic climate of Nigeria has been portrayed as gloomy to foreign investors who remain wary over the continuous slide in the local currency at the parallel market and probable future devaluation,” the company stated Reviewing developments in the money and foreign

Ecobank launches MoneyGram Outbound Money Transfer Service

exchange markets during the week, the company stated: “Importers banned from accessing foreign currency in the official foreign exchange market continue to scramble for hard currency in the parallel market. The local unit declined 1.7 percent relative to the dollar from last week’s close as it opened at N244.0 per dollar in the parallel market on Monday. The pressure on the naira in the parallel market continues to intensify as the Central Bank of Nigeria maintains its hawkish position to impede routes of speculation in order to protect the external reserves. In the Interbank market, the naira traded flat week on week (W-oW) as it closed to N199.05 per dollar due to the continuous intervention of CBN. At the

CBN segment, the naira continues to trade at N196.95 per dollar. “Money Market rates rose this week following the lower levels of liquidity in the financial system. Liquidity opening balance on Monday dropped to N70.5 billion relative to the previous week high of N261.8 billion, following the Open Market Operation (OMO) conducted by the apex bank last Thursday which mopped-up N179.0 billion from the system. “Hence, money market rates closed on Monday at 12.0 percent and 12.5 percent for the Open Buy Back (OBB) and Overnight (O/N) respectively. Despite liquidity opening balance rising to N77.3 billion Midweek, money market rates rose as OBB and O/N increased

to 14.4 percent and 14.9 percent respectively. This was attributable to the NNPC withdrawals from Banks that has generated controversy in recent times. “Liquidity levels however improved on last trading day of the week as N124.5bn OMO bills matured into the system. Hence, OBB and O/ N rates moderated to 8.1% and 8.8% respectively on Thursday. In the coming week, we expect liquidity level to increase as Treasury Bills worth N159.9bn will mature next Thursday while N130.0bn will be rolled-over via issues of 91 and 181 days T-bills. Consequent on the net-credit expected in the system, rates are expected to stay within single digit.”

HE various valued added initiatives being driven by First City Monument Bank (FCMB) Limited at enhancing its operations and customer experience have continued to receive positive affirmation. This follows the rating of the Bank by KPMG, a leading international consulting firm, as the 4th most customer-focused bank in Small and Medium Enterprises (SME) with a score of 74.94 percent and 5th in retail banking with 73.16 percent by bank customers surveyed nationwide. This performance, which is coming barely four years after the Bank transformed to become a retail and commercial banking-led lender, is an improvement when compared to 2014 where the Bank occupied the 8th and 7th position in the SMEs segment and retail banking space, respectively. The rating, as contained in the 2015 report of the KPMG Banking Industry Customer Satisfaction Survey (BICSS), was on the basis of Customer Satisfaction Index (CSI), which took into account convenience, product/service offering, executional excellence, and value for money and customer care.

24 — Vanguard, MONDAY, JULY 20, 2015

Corporate Finance BY PETER EGWUATU

Vitafoam expands, inaugurates new comfort centre

etermined to boost its income profile, Vitafoam Nigeria Plc has inaugurated the second Comfort Centre in Warri, Delta State at the weekend. Comfort Centre is a strategic presence of Vitafoam in any location as it provides an easy access to the company ’s products all time. Addressing the company’s key distributors at the inauguration, the Group Managing Director, Mr Taiwo Adeniyi explained that the rationale for a second Comfort Centre in Warri was to meet the increasing demand for the company’s products in view of the quality associated with them. Adeniyi explained the overriding objective of a Comfort Centre thus: “ Vitafoam Comfort Centre is a retail concept born out of need to providing convenience and complete solution for our esteemed customers’ needs for premium comfort, wellness and relaxation. “ It is an experimental centre where our esteemed customers view, appreciate and experience Vitafoan products in use and the world of Vitafoam.”, he said. Adeniyi listed the products range in the Comfort Centre as: Lifestyle products such as EcoRobust Sofa, Cox louge, Cladding Club Chairs, Cupboard, tables sets, Duvet, Bedsheet, Throw Pillows, Memory Topper etc. Others according to him are premium health products such as spring matress and twill. He noted that the company also produces baby cot, sofa and mat. “ We also have vita leisure mat, judo trendy mat, exercise mat, music pillo and multipurpose sofa in our product range.”, he said. Commenting further, Adeniyi explained that over the years, Vitafoam had moved from being a household name in the production of just mattresses and pillows into being a foremost provider of ultimate comfort products. He commended the distributors for their consistent loyalty and assured them of regular production of top-class products at competitive prices. The Chairman at the occasion, Engineer Eugene Eze expressed gratitude to Vitafoam for sustaining its leadership position through production of quality products that can compete with any of its peers worldwide. Generally, the key distributors pledged their continuous marketing of the company’s products as Vitafoam has always remained a household name.

r. Nicholas Okoye is the President and Chief Executive Officer of Anabel Group. Anabel Leadership Academy is a catalyst for youth empowerment. He spoke on how the Chartered Institute of Stockbrokers, CIS can create employment for teeming youths and how government can create jobs through entrepreneurship amongst other things. When Anabel Group signed a Memorandum of Understanding (MOU) with the Chartered Institute of Stock Brokers (CIS), one of the high points of your presentation was that Anabel Leadership Academy would do everything humanly possible to integrate the holders of the Institute’s Professional Diploma Certificate into sustainable job creation initiatives in Nigeria. Can you shed light on that? What we did with CIS is to identify an area in the capital market where young people could come in and run their own businesses. And so we identified that the CIS whose mandate and core responsibility by law is to license capital market operators in the finance and capital market industry, can create a window for young people, to create their own jobs, become entrepreneurs and become more self-reliant in the long run, which is consistent with our message and our efforts over the years. And we said okay, if we can bring more young people to take that exam, we can equally equip them to start their own businesses. And in so doing, support them to run a mini capital market operation in their community. Our approach was that we figured out that they can attach themselves to a large investment bank or an experienced brokerage house in order to enable the mentors advice accordingly. Specifically, they can identify customers that need the service of stockbrokers in their communities and those who are interested in the capital market, financial market as a whole, and then they could midwife the relationship between the brokerage firm or investment bank and their customers in the community. And what this approach does for Nigeria is that it creates an army of young men and women who can go out and mop up all the money that is hiding under the mattresses for support for financial inclusion across communities in Nigeria. This is a very powerful financial inclusion strategy which again the government needs to support going forward. You have just launched a new product called “Startup

We want to support youths run mini capital market operations – OKOYE Nigeria’, what is it all about? Startup Nigeria is very dare to my heart. Its web site is www.startupnigeriaworkshops.com. Anybody interested can go to the website. It is basically entrepreneurship in a box. We have looked at entrepreneurship in its entirety that has been our focus for the past ten years and so we have realised that there are certain specific skills an entrepreneur must have in order to succeed and we have put all these skills into a particular box or set of training modules and developed a workshop and an entrepreneurship clinic around it and it’s called www.startupnigeriaworkshops.com which means that if you come to this event and you are a budding entrepreneur, you will get everything you need to get started. First of all, you will deal with the mindset shift which is the core element of entrepreneurship called the entrepreneurial mindset. We deal with the book keeping for entrepreneur as you don’t need to learn what the mega

Our approach was that we figured out that they can attach themselves to a large investment bank or an experienced brokerage house in order to enable the mentors advice accordingly. companies are doing, you need book keeping skills for your own level. You need to know the ones at the small, micro or medium level that you need. We deal with the evaluation of business, project management, and all those areas that you need to become a successful entrepreneur, even right down to team building, time management and so on. What are those issues an entrepreneur needs to operate optimally? We identified access to capital, skills and a bankable business plan in order to raise money from investors, venture capital

Dr. Nicholas Okoye, President & CEO, Anabel Group or a bank. We were working on that and the government now called us and said they were pleased with the good work we had done and they will like to support us and work with us to meet the goals of reducing unemployment by creating and promoting Entrepreneurship. In response to this, we developed a strategy for the government which was adopted. The programme is called the Youth Entrepreneurship Strategy of Nigeria. You can abbreviate it to YES Nigeria. And that strategy though very impactful has a very simple structure. The government has over 22 different programs that support entrepreneurship and job training in several different agencies. These include but are not limited to the YOU WIN program, SURE- P which was the petroleum subsidy reinvestment scheme, the Agriculture Entrepreneurs program etc. for training we have the Petroleum Technology Development Fund, and many other programs. We have aggregated all these programs under one umbrella and young people can now access these programme through one single window. In addition YES Nigeria Initiative goes the extra mile by providing young people with additional training in entrepreneurship and technical skills to increase the art of success we experience across the board. We have not stopped working as we are passionate about the future of Nigeria and the future of our millions of young people. It is our expectation that YES Nigeria will continue to be a leading programme of the Federal Government which can be

extended to the State Governments as well. President Buhari’s administration has already made it clear that youth unemployment is one of their major priorities so we are excited to work closely with the government to support the young people of Nigeria to become entrepreneurs which invariably will eliminate unemployment in the short and long term. Finally, we have a new administration as you have pointed out in this interview, headed by President Muhammadu Buhari. If Mr. President were reading this interview what would be your advice for him going forward? Thank you. My advice is consistent with my position on Nigeria issues in the last ten years. I would strongly advise that Mr. President and his team focus almost exclusively on job creation. Having said that, I know it is wishful thinking, however whereas he has said he will be focusing on Security, Corruption, Power and Job creation, I would ask him to spend 60 per cent of his executive time on job creation initiatives. The reason is very simple, when we create more jobs the crime rate will reduce, the corruption will reduce and we will get a vibrant economic atmosphere which means that demand for stable power, world class education and improved health care will increase. Once there is sustainable demand from happy paying working customers, the entrepreneurs of Nigeria will fill the void, and ensure that those demands are met.

Vanguard, MONDAY, JULY 20, 2015 — 25

Economy BY NOEL ONOJA

INCE the National Automotive Industry Plan (NAIDP) was announced by the Federal Government in October 2013, the Nigerian automotive industry has witnessed serious interest from global and local automobile brands in setting up and doing business in a very promising sector and this has been a welcome development, but my premise has yet remained that - the Nigeria automotive industry should begin to look beyond assemblage to primary production, manufacturing and exportation because we are still trailing behind in consideration of our production capacity, availability of raw materials, political will, technological know-how and market power. However, we should nonetheless be grateful for the kind of interest the sector is already generating, Its a known fact that all over the world, big car manufacturers such as Nissan, GM, Toyota, VW produce only 30% of over 2000 parts of the vehicle components outsourcing the remaining 70% to component suppliers to provide thereby creating an avenue for growing local production capacity as well as creating direct employment. In this brief writeup, we will attempt to look at government’s effort in re-

Coming boom in Nigeria’s automotive industry establishing the sector, private initiatives in taking advantages of the conducive environment provided by government and the forray of foreign investors in the Nigerian automotive industry yet so far. Government’s effort: Government should be applauded for putting into place the National Automotive Industry plan (NAIDP) as this has proactively charted a course for a proper auto policy frame work in the country, shortly before this policy was put in place in 2013, Nigeria and Bangladesh were the only countries in the top 10 by population without a developed automotive road map. The auto sector is a key component in the Nigerian Industrial Revolution Plan (NIRP), the NIRP is a 5-years programme developed by the Ministry of industry, Trade and Investments to help diversify the country’s economy and revenue through industry and to increase manufacturing’s contribution to GDP to at least 6% this year and finally above 10% by year 2017 and the automotive industry has been classified strategic in this quest. The government believes that Nigeria is well positioned to be

a major assembly hub for the International auto companies due to our existing installed auto capacity, large labour force and significant local demand and also a strategic location for export hence government is taking steps to making sure the industry takes its pride of place by providing the necessary regulations, working business environment and even funding in some quotas. Home interest: A 2012 data estimate from the Nigerian Automotive Manufacturers Association (NAMA), the Nigeria Bureau of Statistics (NBS) and the United Nations Conference on Trade and Development (UNCTAD) have indicated that a total of about 400,000 vehicles (100,000 new & 300,000 used) valued at over N550billion were imported in that year, however, investors (foreign and local) are planning to establish and expand existing plants with appropriate incentives and fiscal measures. In an assembly plant alone, one typical job can generate three other jobs in the components supply services and furthermore seven other jobs in the raw material supply sector thereby creating an

employment chain that will push for a stronger base for the country’s Small and Medium scale Enterprises(SMEs) industry; according to a 2013 estimate, the International Organisation of Motor Vehicle Manufacturers (OICA) says the auto industry directly employs over nine million people which makes about 5% of the world’s total manufacturing employment. It is estimated that if imports were locally sourced today, it may be put at N350, 000 billion with additional value if local content programmes are vigorously pursued. Private initiatives: International auto companies who are looking at expanding their market base are already stationing in Nigeria because of the massive investment opportunity the country is providing, within a space of four months after the policy was put in place by government, private investment interest soared to an unexpected level with the announcement of plans by some reputable Original Equipment Manufacturers, OEMs to establish their assembly plants in Nigeria. It took several years for some automobile manufacturing

countries, like South Africa, to attract the level of attention and interest Nigeria got within four months of establishing the auto policy, rather than go to each of the OEMs to convince them to come, like South Africa did, they are lining up to come to Nigeria. Few weeks ago Honda announced in Japan that it was re-tooling its motorcycle plant to begin assembling its first 1000 units in Nigeria, Nissan has been on gorund since April 2014, Innosson has partnered with two major Chinese firms to expand its facilities, the Stallion group just announced last week it will begin assembling Volkswagen cars at the Lagos plant, Hyundai are already in Nigeria and Toyota are concluding their feasibility study, and so on and so on; government says the response of private investors has shown that the auto policy was a right step in the right direction and it should be sustained and implemented to the fullest. The Auto Industry in Nigeria is forecasting a positive outlook already with the potential of driving national industrial development. •Noel Onoja writes from Abuja @amgentmedia

C M Y K

26 — Vanguard, MONDAY, JULY 20, 2015

Corporate Finance

Stanbic IBTC redeems prizes in spend-and-win credit card promo

TANBIC IBTC Bank, a member of Standard Bank Group, has given out a total sum of N4.22 million in prize money to 16 lucky winners of its Visa Gold Credit card promo tagged Spend-andWin. The promo, which was in conjunction with Visa, ran between May and June 2015. The draws to pick the winners were held on Wednesday, July 8, 2015, at the company ’s headquarters in Lagos. To ensure transparency, the draws were done electronically and in batches, with eight winners each picked for May and June. Executive Director, Personal and Business Banking, Obinnia Abajue, explained that at the heart of the Stanbic IBTC Group is the customer and that the promo is the financial institution’s way to appreciate and reward its clients for their patronage and loyalty over time. “The Visa Gold Credit card promo is our way to say thank you to our faithful customers who continue to add to our bottom-line through their patronage and loyalty. It is also part of the bank’s effort to encourage usage of cards as a preferred method of payment for goods and services,” Abajue said.

150 stock broking firms to meet recapitalisation deadline BY PETER EGWUATU

HERE is the likelihood that between 100 and 150 stock broking firms are likely to meet the recapitalisation requirement in the Nigerian capital market, a capital market operator , who preferred to remain anonymous has said. Vanguard gathered that some of the stock broking firms may not be able to meet the September deadline given by the Securities and Exchange Commission, SEC, as some of the stock broking firms have commenced move to reclassify their business. The SEC had in a circular to all capital market operators titled “New minimum capital requirement: reclassification / reduction of registered functions, mergers and acquisitions” directed all Capital Market Operators proposing reclassification (e.g. Broker/Dealer to Sub-broker) or

seeking to reduce their registered functions, in view of the new minimum capital requirement, to notify the Commission not later than July 31, 2015. This directive also applies to capital market operators opting for mergers, acquisitions or any other form of business combination. Commenting on the on-going recapitalisation of the capital market operators, Managing

We believe that our African market expertise will allow us to provide the necessary tailored solutions to significantly grow the Fund, and to meet KfW’s development objectives

Director and Chief Executive Officer, Capital Bancorp Plc , Mr. Aigboje Higo explained that the recapitalisation of capital market operators is a good thing for the market . In his words “It as a development that would enhance investor value and noted that it would not lead to oligopolistic market. It is likely that between 120 and 150 stock broking firms, out of the over 200 stock broking firms may meet the recapitalisation deadline.” He explained that Capital Bancorp had met all the requirements for recapitalisation and minimum operating standard saying recapitalisation programme would promote healthy competition in the capital market. Commenting on the apathy in the stock market in recent time, he said “Investors who invested wisely would have gained from the market. In his words “There is

South African stocks rise with rand as risk appetite returns

OUTH African stocks headed for their biggest weekly gains since April and the rand strengthened as a rally in Chinese equities and moves to resolve the Greek debt crisis whetted investor appetite for riskier assets. The Greek government and the Bank of Greece are said to be examining measures to allow for the country’s banks to reopen as soon as possible. Chinese policy makers banned large shareholders from selling

stakes, ordered state-run institutions to buy equities and suspended initial public offerings to halt a rout that erased almost $4 trillion in stock value. China’s government is said to be boosting funds to support the equity market. Investors “were hiding in the hard currencies and now that people are more certain with what’s going on in Europe, and also with the financial regulators in China stepping in and trying to stabilize their stock market, people are sort of venturing out and trying to search for that yield again,” Liam Hechter, an analyst Anchor Capital (Pty) Ltd., said by phone from Johannesburg. “People are just more comfortable.” C M Y K

AGM: From left, Mr. Larry Ettah, President of Nigeria Employers’Consultative Association, NECA, and Mr. Segun Oshinowo, Director-General (NECA), at the 58th Annual General Meeting, AGM, of the association in Lagos.

empirical evidence that domestic investors who invested wisely and have stayed in the Nigerian stock market post 2009 would have benefitted immensely. So we advise Nigerians to embrace the stock market by investing via professionals that should be able to guide them through.” It will be recalled that the commission had on December 31, 2013 announced major increases in minimum capital requirements for capital market functions under a new minimum capital structure that was initially scheduled to take off by January 1, this year but which was extended to September 30. Under the revised minimum capital requirements regime, the minimum capital base for broker and dealer was increased by 329 per cent from the N70million to N300million , while a broker, who currently operates with capital base of N40million , will now be required to have N200million , representing an increase of 400 per cent. Also minimum capital base for the dealer increased by 233 per cent from N30million to N100million just as issuing houses, which facilitate new issues in the primary market, will now be required to have minimum capital base of N200 million as against the current capital base of N150million . In the same vein capital requirement for underwriter also doubled from N100million to N200million. The capital requirements set for the various categories of operators had generated serious reactions from the operators as with many claiming it was on the high side. Their argument however was that over-capitalisation could be dangerous for the market as it may lead to a situation where too much funds will be chasing few stocks.

Lion’s Head, United Capital appointed fund managers for Africa’s bond L

ION’s Head and United Capital Asset Management have been appointed Fund Managers on the Africa Local Currency Bond (ALCB) Fund, established by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development. The ALCB Fund’s mission is to support local African banks, financial institutions, agribusiness, and renewable energy companies to issue bonds and similar instruments in local currency. The Fund aims to improve and diversify access to long term funding in domestic capital markets for the benefit of Micro, Small and Medium-sized Enterprises (MSMEs). United Capital, one of Africa’s

leading investment banks, has extensive experience in high profile financial executions. In 2014 the company executed the largest corporate bond issue in the Nigerian market, which was simultaneously listed on both the Nigerian Stock Exchange (NSE) and the Financial Market Dealers Quotation (FMDQ) OTC platform. “It is an honor to be selected as Fund Managers alongside Lion’s Head in the management of the ALCB Fund. This further validates our capability and service proficiency strength at United Capital”, stated Oluwatoyin Sanni. Group CEO, United Capital. Wale Shonibare, Deputy Group CEO/Managing Director,

Investment Banking at United Capital added, “At United Capital, we are focused on delivering high impact innovative investment strategies for our clients. KfW has taken the first step in establishing the Fund to invest in local currency bonds in Africa. We believe that our African market expertise will allow us to provide the necessary tailored solutions to significantly grow the Fund, and to meet KfW’s development objectives”. Lion’s Head, a merchant bank based in London and Nairobi brings capital markets expertise to development finance initiatives for frontier markets. Lion’s Head advises across a broad range of capital markets and corporate finance initiatives across Africa,

working with both the public and the private sector. “The ALCB Fund is the latest innovative vehicle to have been established by the group, following similar initiatives in microfinance, Agri-finance, interbank lending and foreign exchange hedging. Lion’s Head is known for financial innovation and pushing boundaries in the markets in which we operate and KfW has a long track record of promoting local Financial Sector Development in Africa. We are excited to add the ALCB Fund to our asset management platform. It exemplifies our commitment to bringing about change through the use of targeted, financially viable investment strategies”, said Bim Hundal, Chairman of Lions’ Head.

Vanguard, MONDAY, JULY 20, 2015 — 27

C M Y K

28 — Vanguard, MONDAY, JULY 20, 2015

Homes & Housing

UK mortgage lending hits 7 year high

ross mortgage lending in UK leapt by 29 percent in June to its highest level in seven years, as uncertainties over the election disappeared. The latest monthly data from the Council of Mortgage Lenders (CML) showed borrowers took out an estimated £20.5 billion of new loans in June, compared with £15.9 billion in May. Year-on-year lending was up by 15 percent from the £17.8 billion advanced in June 2014. The figure was the highest since July 2008, when the credit crunch was affecting the housing market. The June jump in lending brought gross lending for the second quarter to a total of £52.2 billion, which was up 17 percent from the previous quarter’s £44.5 billion, but only by 1 percent on the second quarter in 2014 when it came to £51.7 billion. The start to the year has been quieter than anticipated, and the CML has cut its forecasts for lending for 2015 and 2016 as rising house prices made it tougher for people to buy. It said it expected gross lending of £209 billion in 2015, down from an earlier forecast of £222 billion; for 2016 it is predicting £230 billion, down from £240 billion.

Firm to host property developer exhibition

nline real estate marketplace, Lamudi Nigeria, is hosting its inaugural Property Developer Exhibition on Saturday, July 18 In Lagos. The event is expected to showcase the best in new homes, property investments and mortgage financing from its network of premium clients in Nigeria, Ghana and Dubai. The exhibition will provide visitors with the unique opportunity to meet 14 of the most trusted property developers on the market. Furthermore, visitors will have the chance to explore a wide range of homes, property investment opportunities and financing options. New projects in Lagos, Abuja and Port Harcourt will be on show during the expo, as well as investment opportunities from Ghana and Dubai. Speaking in advance of the exhibition, Obi Ejimofo, Managing Director of Lamudi Nigeria, said: “This exhibition comes as part of our natural evolution in the Nigerian real estate sector. C M Y K

Stories by YINKA KOLAWOLE

High-end housing estate

51 mortgage banks fail to meet recapitalisation requirements By YINKA KOLAWOLE

total of 51 p r i m a r y mortgage banks (PMBs) failed to meet up with the recapitalisation stipulated by the Central Bank of Nigeria (CBN) as at December 31, 2014. This was revealed in the 2014 annual report of the Nigeria Deposit Insurance Corporation (NDIC). The report noted that 32 PMBs outrightly met the recapitalisation requirements either as State or National PMBs - 22 as State and 10 as National PMBs respectively. The report further noted that the CBN granted provisional approval to 10 others which had not fully recapitalised to continue to operate pending their recapitalisation. If they eventually meet up with the requirements, it would bring the total number of PMBs licensed to operate in the country to 42. “The CBN had in August 2011 introduced a new capital requirement of N5 billion for national PMBs and N2.5 billion for state PMBs. The deadline of 31st December, 2012 was given for compliance with the new capital requirements. However, due to the inability of many PMBs to meet up with the date, the deadline was extended to 30th June, 2014. As at 31st December, 2014, 22 PMBs had met the capital requirement of N2.5 billion to operate as State PMBs, while 10 PMBs met the requirement of N5 billion to operate as a

national PMB. Also, the CBN had granted provisional approval to 10 PMBs that were yet to fully recapitalise to continue to operate pending full recapitalisation. The CBN had directed the PMBs that failed to meet the recapitalisation deadline to merge or convert to finance companies or MFBs. It is instructive to note that 51 out of the 83 PMBs failed to meet the recapitalisation requirements,” the report stated. NDIC also observed that the mortgage sub-sector continued to encounter challenges that hindered its capacity to act as catalyst for the development and

It is instructive to note that 51 out of the 83 PMBs failed to meet the recapitalisation requirements provision of affordable housing in Nigeria. Some of the challenges include: Delay in accessing NHF Funds/Dearth of long term funds – most PMBs find it difficult to provide the required bank guarantee to

access NHF and only 4 are listed on the Nigerian Stock Exchange (NSE) with access to long term funds through the Stock Exchange window; Difficulties in deposit mobilisation due to lack of understanding of the nature of business of PMBs, the public prefer to open accounts with deposit money banks (DMBs); Land Use Act, which had made the process of perfecting title to landed property burdensome, slow and costly; and Underdeveloped Mortgage-Backed Securities (MBS) market – MBS allows mortgage assets to be traded on recognised stock exchanges, at present MBS do not exist in Nigeria. The other challenges, the NDIC report noted, are: High cost of building construction and; Weak corporate governance and risk management practices weak corporate governance and poor risk management practices had continued to pose a major challenge to PMBs. The Corporation said it had continued to support the development of PMBs in Nigeria by organising sensitisation workshops for the PMB operators across the country. Specifically, it noted that it organised a 2day workshop in both Lagos and Abuja in September 2014 with the theme, “Developing and Implementing Effective Risk Management in Primary Mortgage Banks in Nigeria. A total of 384 participants drawn from mortgage banks, Mortgage Banks Association of Nigeria (MBAN), Bank of Infrastructure and NAICOM attended. “NDIC’s objectives for organising the workshop among others were to: Promote financial inclusion; Enhance availability of housing to Nigerians; and Foster the stability of the Primary Mortgage Financing subsector.

REDAN moves to boost housing delivery

eal Estate Developers Association of Nigeria (REDAN) has set up a committee to ensure mass housing delivery for Nigerians. REDAN President, Rev. Ugo Chukwu, said that the reason for the setting up of the committee is to find the easiest way to achieve affordable housing for Nigerians. He noted that there is massive unemployment and the economy is on a near state of collapse, adding that the housing sector presents a good platform for revamping our economy. “Many developers are idle, so many of the institutions and departments are talking of reducing their staff`s strength because there are no businesses to be done. That is what we have come to do today and I want to thank all the stakeholders that

came as they all presented very good documents that would move the sector forward,” he stated. Chukwu lamented that government has implemented some of the provisions of the National Housing Fund (NHF) Act and the revised National Pension Fund Act, saying the implementation is necessary to ensure that the money value at the point of contribution is comparable to the value of the money at the time of retirement. “If you contribute money, the value of the money at the point of contribution is not comparable to the value of the money at the point of retirement. You will find out that inflation has eaten up the money. What you are getting at the point of retirement as

pension funds and retirement savings account is only a negligible percentage in terms of its purchasing power. We are saying that you don’t have to have saved income for this person when you divert the same amount of money into the capital market for the use of the rich. If we can invest in food without Nigerian begging in the streets why must we allow Nigerians to be homeless and live in squatter settlements before we restructure and reform the housing sector and then inject the needed funds? That is why we say that in the National Housing Fund (NHF), there are supposed to be four sources of contributors to that fund, but it is only a source and that has been the workers.

Vanguard, MONDAY, JULY 20, 2015 — 29

Insurance

More states keying in to pension scheme good for Nigeria — ODUTOLA By ROSEMARY ONUOHA

Mr. Wale Odutola is the Managing Director of ARM Pensions Limited. In this interview, he talked on the need for states to buy into the contributory pension scheme and other issues. Excerpt.

an you tell us about A R M Pension’s annual customer forum, what do you do at the forum? We do it every year. The objective is to engage our customers, to share with them our plans, both long and short term plans and what we will be doing as a firm. But more importantly, for us to hear from them as well, for them to tell us their pains, aspirations, what we could be doing differently or do better. We try to take their advice and improve on their area of concern the following year. It is also an opportunity for our clients to engage with each other, network, because you never know what will come out of those interactions. It is also an opportunity for us to look for subject matter experts in various industries to come and share their experiences with our clients and hopefully in that process enrich our clients and improve their lives. ARM also has some initiatives in the education sector; can you tell us about the initiatives? As a business we realise that the future is the youth. We need to continue to invest in them to ensure that when our generation moves out, we have the right talent to come in. So as a firm we continue to look for opportunities to mentor people in the universities and even secondary schools. We have a programme we call the young talent programme where we bring students over, - students in secondary schools and universities. We mentor them, we assign task to them that we also assign to our qualified staff and challenge them. We hope that in that process we are able to deposit something in them that will make a difference in them when they begin formal employment. There are people out there who may think ARM just get people to keep their pension with them and

Mr. Wale Odutola may not have the infrastructure to support their huge clientele. Is it true? I want to speak directly to people like that and address their concerns. As a business I come down to our culture and our belief system. What sets us apart from the rest is that as a group we have done investment management for 20 years. As a Pension Fund Administrator (PFA), we have been here since the inception. It is not a coincidence that we are one of the most successful PFA and assets managers in the country. It comes down to the dedication and quality of people that we have and the quality of investments that we continue to make in the quality of people that we have. The quality of our platform infrastructure that we use to service our clients is second to none. We also continue to invest in the platform to improve it to ensure that it continues to deliver the experience that our clients want. If there is one thing that can be said about ARM is that we deliver on the promises that we make. Trust is an integral part of this company; it is woven into the fabric of this company. Clients realise that when we say we are going to deliver something to them we will deliver as promised. Our clients also realise that we will look after them weather they are contributing or when they go into retirement. For us that is critical in terms of how we see the world. The clients are the reason why we are here and we never forget that. We always remind ourselves of that. The focus of the board management and staff is really on the clients. I think that as well as our belief system is

what sets us apart. There is this allegation that PFAs are just accumulating monies and warehouse them whereas Nigeria has a huge infrastructure gap. How can we unlock these funds, what specific products can we develop for the purpose of investing in infrastructure safely? I think the industry recognises that as well and

opportunity to lengthen duration in our investments is one that we all would like to take advantage of. But what is important is that the right structure and platforms are put in place to ensure the safety of investments that we ultimately will make in infrastructure. I believe that is what National Pension Commission (PENCOM) is doing as well. This is to ensure that when we do start making active investment in infrastructure, the products and the structures that we are investing in are bankable structures that will guaranty the safety of investments that the PFA is looking to make. So, clearly, I think the regulators has initiated that process and operators like us will continue to work with them to ensure that the initiative comes to life and we are able to make investments in infrastructure, support the economy and also protect the funds that have been put in our care. So you admit that there is a need for PFAs to support the Nigerian economy? Yes. Nobody can deny that. Without doubt, if the economy continues to grow and if we are able to even kick-start a larger growth within the economy, everybody stands to benefit from it. Economic growth will help businesses

Without doubt, if the economy continues to grow and if we are able to even kick-start a larger growth within the economy, everybody stands to benefit from it in the last few months the regulators have been engaging the operators to come up with bankable ways of making investments in infrastructure. As operators, we also realise that there is this huge infrastructure gap, we sit on huge investments and we realise that in order for a country like Nigeria to move forward, there has to be huge investments made in infrastructure. As investment managers in the pension industry, we also realise that there are very few assets that we can invest in currently. There is no variety in terms of asset classes or assets that we can invest in. So, any opportunity to diversify is one that we will take and any

to grow and when that happens they will hire people who will register with PFAs and the funds within the pension industry will continue to grow as well. For us, it is a win- win for everybody. How easy or tough is it for pensioners to assess their pension when they retire, what are the modalities they are to follow? Based on the current regulation, it is at the point of retirement which could start anytime from 50 years depending on your place of work. However, there are provisions within the current regulations to allow for people who are out of work to be able to access their pension once they are able to

show that they are out of employment for four months. It used to be six month but the new regulation has put it at four. This is to ensure that the money is useful, when one is out of employment. You cannot be out of employment and there is pool of money sitting with your PFAs, you are not able to access it. You should be able to do so. Like I said, the law and the regulations that PENCOM has laid down are quite clear in terms of how you can access your pension when you retire or if you are temporarily out of job. All of that is laid out very clearly in the law. At retirement, you have an opportunity to either buy another product with your retirement if you like. That is what we call programme withdrawal. We sit down with you and determine how much on a monthly basis you will get from the programme withdrawal and how much you can get from a lump sum payment, which may be used, if you want to set up a small business or you have a capital project like a house you want to complete or whatever. All of that is laid out very clearly in the law. We have qualified relationship managers that typically would sit down with the client and advise them. What we also try to do is when clients are a few years to retirement we begin to engage them as regarding retirement; we begin to have those conversations, sensitise them in terms of what they can do and can’t do, what opportunities exist so that in their minds they are prepared for it and they are also able to plan ahead. Is it possible for a next of kin to have access to the fund in the event that a contributor passes on? Yes. In the event of death God forbid, the process in the industry ensures that we don’t pay the wrong person. So there are certain checks and balances that have been put in place to ensure that there is proper verification. What can an employee do if his employer is not remitting his pension. What advice do you have for such employee? Well, PENCOM has laid down the specific rules as regard the funding of employee’s pensions and there are specific rules they have also laid down as to how to address those problems. In our part, what we try to do is to encourage our clients to engage their employers regarding the lack of funding of their pension-most employers are reasonable. The first thing to do is to engage your employer and encourage them to make those contributions. We have found out that it works over a long period. Over and beyond that PENCOM has laid down the specific process to getting that done.

30—Vanguard, MONDAY, JULY 20, 2015

Economy BY EMEKA ANAETO, Economy Editor

NVESTORS in capital market appears to be facing more headwinds in the weeks ahead as key factors that led to recent market declines are stiffening. The key factors are foreign portfolio investor ’s (FPI) apathy and weak corporate earnings. Last week investment analysts discovered that FPI agents have now started factoring in foreign exchange uncertainties in considering their returns on investments in the stock market. As a result most FPIs are downgrading the value of their investments in Nigerian equities, fueling steep decline in the overall market performance. Reacting to the development, analysts at Afrinvest Group, a Lagos-based investment house, said last weekend that ‘’equities market as at last Thursday had declined 13.1per cent since it reached its 2015 high of 35,728.12pts on April 02, 2015 following the successful conclusion of the presidential election as investors continue to price in FX devaluation risk on investment valuation’’. They added that ‘’currency market uncertainty coupled with absence of fiscal direction of the new administration and weaker earnings projection of quoted companies have sparked off a bearish run in the financial market’’. Consequently they projected that ‘’amidst domestic macroeconomic uncertainties and unexciting global events, we expect the lull state of the equities market to likely persist baring any unexpected cheery news that could turn the tide. Also, we believe local investors will still continue to find the fixed income market an attractive safe haven in order to absorb the various macroeconomic and monetary policy shocks’’. The National Bureau of Statistics (NBS) has reported that growth momentum slowed to 3.8 per cent in the first

‘Foreign exchange risk impacting negatively on FDI’ quarter of 2015 relative to 6.2 per cent in the corresponding period of 2014. This was a fallout of weaker consumer spending power, tighter monetary policy and political uncertainties that doused consumption spending and fixed capital formation in that period. But unfortunately the political uncertainties which cleared with the successful general elections and smooth hand over of political power eventually transited to lull in governance and economic policy uncertainties. In addition NBS also reported last week that headline inflation has accelerated for the 7th consecutive month to 9.2 per cent in June 2015, a 20bps increase compared to 9.0 per cent in the previous month. This, according to them, was as a result of the pressure on supply-side cost arising from petroleum products scarcity

and weaker Naira/Dollar exchange rate. While these factors continue to threaten real return on investments in the financial market, issues around the foreign exchange market, according to analysts, is

expected to dominate economy discussions in the weeks ahead. Several foreign exchange policies have left investors (especially foreign) with uncertainties about investing in the country. The most recent

•Oscar Onyema,D-G, Nigerian Stock Exchange

was the contentious removal of 41 products from items valid for foreign exchange funding at all segments of the market. This has resulted in the widening of the exchange rate spread between the official and parallel markets (now 24.4 per cent or N48.05/US$1.00), creating a fertile ground for round-tripping, currency arbitraging and speculation. We anticipate that the recent foreign exchange policies in Nigeria will affect local manufacturing companies who depend on the importation of some of the listed items for raw material. This may further have an impact on growth rate and inflation in Q3:2015. Standard & Poors (S&P) recently declared that Nigeria cannot avoid a devaluation. As the currency situation in Nigeria continues to remain a concern to both domestic and foreign parties, we expect that the CBN will maintain policy rates at the next MPC meeting, although increase in the intervention rate in the Interbank market may not be unlikely.

Importers lament CBN's enforcement of proceeds’ repatriation rule A

T the backdrop of expected positive impact of the recent foreign exchange policy changes by the Central Bank of Nigeria (CBN) on the export sector of the economy, operators in the agro-allied industry, has said they are losing billions of Naira in revenue daily, a development which has forced many of them out of the business. According to the President, Federation of Agricultural Commodity Associations, Dr. Victor Iyama, many operators in the sector are battling huge debts from bank loans, which is making them to either reduce staff strength substantially or shut down

operations. Iyama attributed the challenges in the sector to the CBN foreign exchange utilisation policy, noting that since the implementation of the policy, most non-oil exporters had gone bankrupt. He was specifically referring to the CBN’s policy on the utilisation of foreign exchange. In March this year the CBN Governor, Mr Godwin Emefiele, said the apex bank is prepared to enforce the repatriation of dollar-proceeds from exports and is planning sanctions against those not complying. In February, the CBN introduced trading rules under which banks will be able

to purchase foreign exchange only if they have a prior order from a corporate customer, such as a fuel importer or foreign mobile phone company looking to repatriate profits or dividends. Now, policy makers are looking at exporters to ensure hard currency liquidity within Nigeria, pondering sanctions against exporters who fail to repatriate proceeds and funnel them back into the official market within the stipulated 90day limit. “If they refuse to sell your export proceeds that you repatriate in the foreign exchange market … we will ban them from accessing foreign

exchange in the Nigerian foreign exchange market,” Emefiele said. He explained that much of the pressure on the Naira was due to activity of importers and exporters, the former front-loading purchases of hard currency while the latter were hoarding their overseas cash earnings. The result on the currency markets has forced the CBN to intervene, and this led to a steep drop in Nigeria’s foreign cash reserves. However forcing exporters to comply with existing regulations on their use of their foreign currency income has removed the major attraction to the export business.

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Vanguard, MONDAY, JULY 20, 2015 — 31

E- Commmerce STORIES BY JONAH NWOKPOKU

igeria, Indonesia, P a k i s t a n , United Arab Emirates, and Mexico have emerged the fastest growing online vehicle marketplace in emerging market, according to 2015 half year report released by online vehicle marketplace, Carmudi.com. According to the report, which covers the twenty countries in the Middle East and Africa where the company operates, within the past eight months, the number of uploaded listings on the site (in these regions) have increased by up to 116.6 per cent. This is even as the vehicle marketplace said it has attracted 6.4 million monthly visitors during the second quarter of 2015, a 17.6 per cent increase over Q1. In the report, Carmudi said the number of monthly visits grew in all twenty countries where it operates, but exceptional growth in traffic was seen in Sri Lanka, Ivory Coast and Vietnam, where monthly visits grew up to 68 per cent. In Nigeria, Carmudi said: “Between Q1 and Q2, Carmudi Nigeria recorded a 30 per cent increase in total visits, particularly in iOS visits where we saw over 700 per cent growth since it was

Nigeria, Indonesia, 3 others emerge fastest growing online vehicle marketplace

CONFERENCE: From left, Managing Director/CEO, Bank of Industry Limited, Mr. Rasheed Olaoluwa; Director, Banking Supervision, Central Bank of Nigeria, Mrs Agnes Tokunbo-Martins and Managing Director/CEO, Central Securities Clearing System, Mr. Kyari Abba Bukar during the Risk Managers Association of Nigeria's annual national conference in Lagos. launched in February, 2015.” The report further noted that mobile growth has continued to flourish as Carmudi hit over three million mobile visits in May, up 35 per cent from January, 2015. The report said: “Since the

February release of the Carmudi iOS app, Carmudi has seen more than 150,000 app visits per month. The highest numbers of iOS app visits can be seen in Vietnam, Nigeria and Bangladesh. Part of the reason for the

Supermart.ng launches wholesale store

igeria’s online supermarket and grocery delivery service has launched its wholesale store. In a statement, the company said the wholesale store will enable customers buy in bulk to access lower prices than available in retail outlets like supermarkets and the local market. Co-CEO/Co-founder of Supermart.ng, Raphael Afaedor, said, “the wholesale service is being introduced as a response to customer requests to be able to buy more for less while still accessing the convenience of shopping for groceries online and having it delivered. Also speaking on the launch of the new wholesale store, C o - C E O / C o - f o u n d e r, Gbolahan Fagbure said the wholesale service targets home-makers, event planners, restaurant managers and office administration managers, adding that, the Supermart.ng wholesale store offers lower prices than traditional local markets or supermarkets. He sai: “Supermart.ng believes this new store will save customers the stress and

EBay to sell enterprise unit to private equity for $925m

money, and provide them with more time for other important tasks than grocery shopping. To order, customers visit www.supermart.ng, select the items they want by adding them to their cart, click check out and pay. A Supermart Nigeria shopper then picks the items, packs and delivers them to the customer’s office or address as desired. Supermart.ng delivers across all of Lagos, encompassing all categories of groceries and everyday essentials including fresh

meat, fruits and vegetables, Nigerian ingredients, household items, beauty and cosmetics, alcohol, medicines, office supplies, etc.” He added: “Supermart.ng stocks wide assortment of grocery items in Nigeria, and will continue to expand the channel to further meet the diverse needs of its customer base which has been growing rapidly at 25 per cent month on month since launch in April, 2014.”

Uber drivers ordered to apply for taxi licenses

ber Technologies Inc. drivers in Johannesburg, South Africa should apply for the same licenses as metered taxis to be able to operate in South Africa’s most populous city as part of an agreement brokered by the provincial government. “Uber partner-drivers should apply for metered taxi licenses and they should do so as soon as possible,” Ismail Vadi, transport minister in Gauteng province, said in a

statement last week. Uber drivers in Johannesburg faced harassment earlier this month following a protest by taxi operators who compete with the personal transportation service, which operates via a smartphone application. The company has faced opposition from taxi companies globally since its founding in 2009 as a potentially cheaper and faster alternative.

app’s success stems from the fact that Carmudi specifically designed the app to work even with the slowest Internet connection as it only loads what is absolutely necessary.” Speaking on the growth, Carmudi’s Managing Director for Nigeria, Amy Muoneke said: “So far, 2015 has been a stellar year for Carmudi and we will continue to provide our users with the best car shopping experience and to be number one in the industry. We want Carmudi to be a household name, a one-stop-shop for all car related subjects.” Meanwhile, Muoneke who was named Managing Director for Carmudi Nigeria in June following the exit of former Managing Director, Christian Keller told journalists at her unveiling to the media in Lagos that the company will continue to leverage technology to drive access to convenience and information to boost the consumer segment of the auto industry in Nigeria. Munoeke, whose foray into e-commerce started with a stint at an online bus ticketing start-up, Bus.com.ng, holds a Bachelors degree in Biology with a minor in Economics from California State University-Dominguez Hills and a Master ’s degree in Business Finance, Brunel University, London with a diploma in psychology from Kean University.

Bay Inc. agreed to sell its enterprise unit to a private-equity group led by Permira and Sterling Partners for $925 million and reported sales topping analysts’ estimates, days before its breakup from transaction business PayPal. Second-quarter revenue advanced to $4.68 billion including the enterprise business, EBay said in a statement last week. The average estimate of analysts was $4.49 billion, according to data compiled by Bloomberg. Sales decreased 3 percent to $2.1 billion for the online marketplace unit. PayPal revenue topped sales marketplace sales for the second consecutive quarter. Earnings from continuing operations rose to $931 million or 76 cents a share, from $883 million, or 70 cents. Analysts on average had predicted 72 cents a share.

Chocolat Royale reopens for business

fter a few weeks’ break from operation in other to upgrade their services, one of the leading restaurants in the country, Chocolat Royale , has announced a return to full business operation. The relaxation hub which is located at the business district of Victoria Island Lagos, said that they are working very hard to maintain their standard and upgrade in their services so as to woo back their numerous customers. In a chat recently in Lagos, The Restaurant manager, Chocolat Royale, Mr. Elie Yahchouchy, said that the restaurant was shut down because NAFDAC saw that as the only way they can to check what they wanted to check and after that they have been allowed to continue with their operations. "NAFDAC is not here to shut down your business but they are here to help people and make corrections where it is necessary in building one’s brand which was what happened to us. We have done what they advised us to do and here we are. So we are promising our numerous customers out there a better service.

32 — Vanguard, MONDAY, JULY 20, 2015

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34 — Vanguard, MONDAY, JULY 20, 2015

Micro-Finance

Entrepreneurs recount experience at TEEP boot camp Stories by PROVIDENCE OBUH

S a fallout of a two day intensive boot camp session, the 1, 000 Tony Elumelu Entrepreneurs, representing 51 African countries from the Tony Elumelu Entrepreneurship Programme (TEEP) Class of 2015, emerging African entrepreneurs recount experience: Gambian, Badje Lamin, whose business is in the agricultural sector, said, “The bootcamp has been a great experience. I have been able to exchange ideas with a number of entrepreneurs. This has really changed my perspective on Africa.” Maalainine Bouya, from Morocco, said: “The boot camp has been a blast! Right from our journey from the airport down to the boot camp, we have been discussing and sharing ideas among ourselves. Africa has huge potential.” Nigerian, Obinna Chukwu, said: “The boot camp has been a wonderful experience – I have met people from all over

Africa. It makes me proud of being a Nigerian. I thank Tony Elumelu and the Tony Elumelu Foundation for making this happen.” on his part, Chairman, Heirs Holdings, Mr. Elumelu, spoke on his life experiences and the

principles that he learned from mentors, such as Chief Ebitimi Banigo, that he applied towards his own successful entrepreneurship journey. Responding to questions he said: “Entrepreneurship is not a short-term journey and I am

pleased that we can help these emerging leaders, as they seek to join me in transforming Africa. My commitment towards creating a thousand new entrepreneurs who can change Africa forever, has now become a reality. This is only

the beginning.” He challenged all the entrepreneurs by saying, “I want to go to Zambia when I am 80 years old and meet someone who shows me their manufacturing business or financial institution and tells me that it was built starting with $10,000 from Tony Elumelu. That’s what this is about and that’s what you owe me.” He added, “The return I want from this $100 million investment is your success, because your success is Africa’s success.”

Nigeria loses $200m annually in untapped traditional medicine — ESULEKE T HE Chairman, Traditional Medicine Council of Osun state, Chief Idowu Omokayode Esuleke, has said that Nigeria loses about $200 million in untapped potential in the traditional medicine, calling on the Federal Government to harness the opportunity as a veritable alternative to oil and revenue drive. He said, “Medical tourism, herbal exports, herbal cultivations, taxes, industries, among others would gross nothing less than $200,000,000 yearly at the beginning, not to talk of number of employable graduates that would be

empowered.” Esuleke made this statement in his memoir titled: “The Boy Esuleke” to be unveiled on Saturday, July 25, 2015 th in commemoration of his 75 birthday in the state. According to him,”the Federal Government needs to wake up to the reality that spiri-herbal is one of the resources almighty God has deposited in Nigeria, and if it is properly explored,

structured, packaged and regulated, it will give the country more than crude oil is contributing to our economy at the moment in terms of revenue and world recognition.” He further admonished the Government to be diplomatic about the international conspiracy to rubbish the potency of Nigerian herbs, leaves and roots, instead it should create a conducive atmosphere whereby

alternative medicine practitioners can prove themselves with verifiable evidences and be encouraged with modern technology. With knowledge of the Asian spiri-herbal practice, he claimed that the foreign traditionalists still respect their counterparts in Nigeria and always look forward to have exchange programmes/ideas with Nigerians.

Miners Microfinance Bank to close sector’s funding gap

iners Micro-finance Bank of Nigeria, has announced plans to commence operation by year 2016 in order to c l o s e sector ’s funding gap. In a statement, t h e National President, Miners

Association of Nigeria, Mr. Sani Shehu, said that the bank is meant to cater for small-scale miners who carry out about 90 per cent of the mining activities in the country. “The bank is still in process; it will no longer start operation this year as proposed because when the idea was conceived, the association thought it could be formalised in just two months. “At a recent meeting we had with our consultant handling the project, he indicated that there were procedures to be

taken; hopefully, it will now commence operation before the end of 2016,” he said. He said the terms and conditions of the bank’s loans would be favourable as the interest rate and loan repayment terms will be different from that of the conventional banks. Shehu, however, added that the bank would be supported through multiple windows, saying that investors would be involved in the bank to enable it to generate some interest from its operations.

ITF dismisses claim to relocate HQ

HE Management of Industrial Training Fund, (ITF) has dismissed insinuations of relocating its Headquarter from Jos in Plateau State to Abuja, Federal Capital Territory, (FCT). In a statement, Director General, ITF, Mrs. Juliet Chukkas-Onaeko, maintained that Plateau remains the ITF headquarters, pointing out that the evacuation of tenants from its six -story building in Abuja was part of plan to become and remain highly effective and functional in the execution of its mandate and objectives. She further noted that the evacuation of occupants of the building was because of the need to expand the Model Skills Training Center (MSTC) of the agency, expand and integrate the functions of the Abuja Area office and the corporate office located in the building. She added that the ITF have been collaborating with several international agencies and embassies in its quest to create and surpass the two million jobs it has set out to C M Y K

achieve. Onaeko said that the ongoing activities at the Abuja office will create easier access for these international organisations partnering with the agency to relate and interact with the ITF. According to her, “The people of the Plateau State do not have any reason to fear or be worried, neither do they have do anything that will lead to uproar as is being anticipated by those spreading the false rumours.” The explanation become necessary, due to the persistent and unfounded rumours that it concluded arrangements to relocate the interventionist agency to Abuja, instead of Jos where the ITF has been headquartered since it was established in 1971, she said, adding “Most embassies and our partners are based in Abuja. Making all the offices in Abuja more functional will go a long way towards achieving our goal of creating two million jobs annually, while empowering the nation’s youths with technical and vocational skills easier at the same time,” she said.

Vanguard, MONDAY, JULY 20, 2015 — 35

People in Business

Available natural resources led me into wine production — OKPALA

r. Anthony Okpala is the Managing Director/ Chief Executive Officer of Carlsbury Winery Limited, makers of Cartier wines. Okpala has a first degree in Food Technology and a master’s in Business Management from Texas A & M University, USA. He also has an associate degree in Accounting and had worked in Budweiser Brewery Company in the US before relocating to Nigeria in 1997. He went into food and beverages production. In this chat with Financial Vanguard, he speaks on this motivation, challenges and appeals to government to do more to help local producers by enforcing existing laws. Excerpts: BY EBELE ORAKPO

pon his return to Nigeria, Okpala worked briefly with a production company before going into sachet water production and in the process, saw the need for wine. “I found two of our local raw materials very viable for alcoholic and non-alcoholic wine production. The first was pineapple which is very good for both alcoholic and nonalcoholic wine production. The other amazing one is over-ripe pawpaw which can be used to produce very rich alcoholic wine." Why pineapple? “I use pineapple because it is fresher and healthier than concentrates. Some of these concentrates expire before they get into Nigeria and many of them are substandard in terms of quality. We have been involved in production since 2006 and Cartier has been accepted in the market. Motivation: “What made me go into wine production is the passion I have for production of beverages using local raw materials. What we have locally motivated me. I felt that since we have all these, why do we go abroad to import all sorts of wines, juices and concentrates? We are blessed with varieties of fruits and most of our fruits are not chemicalised or genetically modified, they are natural and that was the more reason I saw it as an interesting thing to venture into. Also, the fruits are in abundance. We have different species of pineapple in Nigeria. The type we have in Badagry is different from the ones from Edo/Delta and Ibadan,” he said. Challenges: "First is power and second is finance. The system does not encourage people to go into this type of business. Everybody wants imported wines so the challenge is government allowing these items into Nigeria, it is not encouraging us. As C M Y K

producers, we create jobs but if these items are imported, we create jobs for other countries. So banning the importation of these products is a means of creating employment for Nigerians. Although non-alcoholic drinks are banned, yet, they flood our markets; that is a big challenge." Okpala noted that although imported wines are not cheaper and sometimes of less quality, but due to Nigerians' crave for imported items, they still go for them. “They are not cheaper but just because of our mentality that foreign products are better than local products, we prefer imported items." Commending NAFDAC, he said: "They are very strict on quality. Before you can get NAFDAC number, they have to make sure the product complies with quality standards and safe for human consumption. "Some of the imported products are not certified by NAFDAC and we may never know where they are made and they pass through our ports, so I am appealing to government to look into it and

The system does not encourage people to go into this type of business

see that they enforce the law on contrabands. "Insurgency has been a problem too. There was a time our biggest market was Yola and as far as Cameroun but the insurgency has affected us greatly." Local production is expensive: Although producing locally is expensive because of power and finance, but some government agencies set up to assist entrepreneurs like

*Anthony Okpala...Govt should enforce the law on contrabands

*Some of the products proudly made and packaged in Nigeria

National Board for Technology Incubation under the Federal Ministry of Science & Technology, have been up and doing. They are assisting people with innovative ideas across the country but one of the areas hindering them is finance. According to them, some entrepreneurs collected loan from Bank of Industry and are yet to complete the payment but that has not stopped them from helping others although it is affecting new entrants. If we have enough finances, we can outrun South Africa in fruit juice and wine production. We have the technical knowhow and raw materials. We go as far as using natural sweeteners like sugar from fruits instead of industrial sugar. These are the innovative ideas we want government to help us actualise by stopping importation of wines without due process." Okpala who said the company has six staff and many marketers, noted that the industry is viable going by the rate of importation. "Nigeria has become a dumping ground where people dump whatever they produce. "I want Nigerians to look inwards and appreciate what we have." Danger of importation: "Another danger of importing unapproved food items is that you do not know exactly where they are coming from so if anything happens, there will be no trace of the producer just like what is happening in Niger-Delta with ogogoro. They have been drinking ogogoro for centuries but now, the imported one is destroying us. People decided to bring in methanol which is deadly. It kills within hours of ingestion so that is the more reason why government should step up to regulate these activities."

Karatbars debuts in Nigeria

aratbars is an investment solution company with headquarters in Germany. They are into production and sales of high quality gold. People are used to investing in stock and real estate but they have come to realise that currencies are subject to inflation while gold is not. For instance, in 1932, $100,000 cash is now worth about $2,000 while gold of $100,000, is now worth over $4 million. Speaking with Vanguard, Mr. Bernard Olatunji, a business consultant and an associate of Karatbars said because gold is expensive and the average wage earner cannot afford it, Karatbars came up with smaller units of 1 gram; 2.5 grams and 5 grams. By so doing, everybody can buy. The gold is currency graded by the London Bullion Market Association so it can be used to purchase goods. You cannot spend the naira in US but you can use gold. Just go to an exchange

centre and they will give you the cash equivalent. I was in France recently and went to shop with dollars, but they said I must pay in euro but if I had gold on me, there would not have been a problem. You can come in as a customer, (just buy and keep for future use) or as an affiliate. The affiliate program is designed for ordinary people to invest in gold and also to raise some instant cash to meet their needs. As an affiliate, it is like being employed as a marketer or an associate with Karatbars. You buy partnership rights and you can then bring in people from all over the world to invest. Karatbars is in 153 countries now. There are four levels at which an affiliate can come in - Bronze ($135), silver ($400), gold ($900) and VIP ($2,000). In addition to their gold products, Karatbars has several other products like: Branded goldcards (a customized special

greeting and business cards with embedded 1gram gold), Karatbars T-shirts and Polo shirts, Karatbars Champagne, Karatbars watches, bonus cards, etc. He noted that the best investment in these days of runaway inflation is in gold because “Gold is a bullet-proof against inflation and currency reforms." Karatbars President, HaraldSeiz predicted that “in extreme cases of hyperinflation – which have occurred repeatedly throughout history and will continue to occur in the future as well – no business, no service provider, no landlord, no neighbor and not even friends will take paper money in exchange for food, help or a roof to sleep under. Gold, in contrast, has been accepted for centuries – even in difficult times and in particular in times of crisis. He who has gold will always have money”

36 — Vanguard, MONDAY, JULY 20, 2015

International Business News

China's home price gains spread

eclines in China’s newhome prices were restricted to fewer than half of the cities monitored for the first time in 15 months as sales extended a rebound after authorities cut interest rates and eased property curbs. Prices declined in 33 of the 70 cities in June from a month earlier, compared with 41 in May, according to data released by the National Bureau of Statistics on Saturday. Twenty-seven recorded increases, seven more than in the previous month, as first-tier centres including Shenzhen and Shanghai led a rebound. Prices were unchanged in 10. The recovery has been driven by four interest-rate cuts since November and increased incomes as Chinese equities surged about 150 percent in the year to mid-June. While about $3 trillion of that wealth evaporated in less than a month as stocks subsequently plunged 20 percent, demand from owner-occupiers is forecast to sustain sales and prices in the longer term. The stock market rout won’t shake the fundamentals of the property market, Alan Jin, a Hong Kong-based analyst at Mizuho Securities Co., said ahead of the data. “Housing prices and volume are firmly on a recovery trajectory,” Jin said. New-home prices in the southern business hub of Shenzhen, which is leading the residential rebound, rose 7.1 percent from May and 15.7 percent from a year earlier. Prices gained 1.3 percent in Beijing and 1.5 percent in Guangzhou, both the most in almost two years, and 2 percent in Shanghai. The increases overshot May’s numbers in 20 cites, the statistics authority said in a statement released with the data. Less affluent cities including Shenyang and Guiyang reversed declines. The strength of the real-estate recovery will depend largely on the stability of the stock market in the second half, Du Jinsong, a Hong Kong-based analyst at Credit Suisse Group AG, said before the data release. China eased mortgage policies and down-payment requirements for some homebuyers at the end of March, adding to easing measures since September to aid an industry that has been weighing on economic growth. C M Y K

JPMorgan reaches $388m accord in MBS suit

PMorgan Chase & Co. agreed to pay $388 million to settle a suit by investors who claimed the bank misled them about the safety of $10 billion worth of residential mortgage-backed securities, a lawyer said. The suit, brought by the

Fort Worth Employees’ Retirement Fund and other investors in nine offerings made before the financial crisis, claimed JPMorgan misled them about the underwriting, appraisals and credit quality of home loans underlying the securities. After the 2008

collapse of Lehman Brothers Holdings Inc., the certificates were worth 62 cents on the dollar at most, the investors said. The settlement was disclosed in a filing Friday in Manhattan federal court. The bank denied wrongdoing as part of the

From left: Governor Kashim Shettima of Borno State and Alhaji Muneer Bankole, MD, Med-View Airline during the Airline’s Lagos-Abuja-Maiduguri inaugural flight. PHOTO LAMIDI BAMIDELE

accord. A judge must decide whether to approve the pact. JPMorgan in 2013 agreed to a $13 billion settlement with the U.S. to resolve allegations the bank misled investors in mortgagebacked securities about the soundness and risks of the investments that helped bring on the subprimemortgage crisis of 2008. “We couldn’t have achieved such a stellar recovery without the leadership of the Northern and Southern California Laborers Pension Funds,” Luke Brooks, a lawyer for the plaintiffs, said in a statement. “These funds not only stepped forward to protect their participants’ hard earned retirement savings, but equally importantly they committed themselves to the trial of this action, which allowed us to maximize the recovery for the class.” Joseph Evangelisti, a spokesman for New Yorkbased JPMorgan, declined to comment on the settlement. The case is Fort Worth Employees’ Retirement Fund v. J.P. Morgan Chase & Co., 09-cv-3701, U.S. District Court, Southern District of New York (Manhattan).

China reveals gold holdings amidst investors'doubts

reece’s third bailout agreement in five years was passed by the country’s Parliament earlier this week, despite a national referendum that rejected new austerity measures. The resulting collapse of Prime Minister Alexis Tsipras’ Syriza-led coalition and the protests that erupted in Athens showed that many in Greece are still asking themselves whether the ultimate prize — continued euro membership — is worth the pain of more austerity. History might have some answers. GDP per capita: Membership in the single currency was initially great for the Greeks. The size of their economy (on a per person basis) rose by 25 percent, and came very close to reaching the European Union average. Then Greeks watched in horror as the global recession and later their own debt crisis erased all those gains in just a few short years. By 2012, Greeks’ per capita share of real GDP was the same as in 2001 and had fallen to 74 percent of the EU average. The stock market: If we take the Athens

Stock Exchange as a proxy for the corporate sector, it’s even harder to see the euro’s benefits to Greece’s companies. While there was a prolonged recovery in the market between 2003 and 2007, the main index never returned to its pre-euro record level of 6,355 and has since fallen to below 800. Trade: One positive benefit you’d certainly expect to accrue to Greece from joining the euro is a big surge in how much trade it conducts with the countries it now shares a currency with. That’s exactly what happened. Compared to $4.5 billion in Greek exports to euroarea countries in 2000, before it joined, that figure rose to $11.2 billion in 2014. The only wrinkle is that over the same period Greece increased its exports to non-euro countries by even more, from around $6.5 billion to nearly $24.8 billion, undermining a key argument in favor of creating a currency union in the first place. Jobless youth: Turning to the labor market, it should be noted that the unemployment rate was already falling by the time Greece joined the euro. Still, the first few years in the single currency zone

saw fewer and fewer Greeks out of work, with an especially impressive drop in the country’s unemployment rate among 15 to 24 year-olds. That was particularly good news for an economy that has long sidelined far too many of its willing and able young workers. With the global recession and the continuing debt turmoil, that progress has long since evaporated. Youth unemployment is now above 50 percent, the second highest rate globally, according to the World Bank. Savings: Lastly, while Greeks had maintained savings worth over 16 percent of national GDP for much of the late 1990s, access to increasingly cheaper credit facilitated a multi-year spending spree. The savings rate then plummeted to as low as 4 percent. Now that the cheap credit is gone and a long recession has made consumers more conservative, Greeks are once again squirreling away money. By 2013 the country had the equivalent of nearly 11 percent of GDP saved up. It’s not enough to pay off the government’s crippling debt, but it’s a start.

Vanguard, MONDAY, JULY 20, 2015 — 37

Market Report

NBCC seeks legal framework for real estate sector BY NAOMI UZOR

HE Nigerian-British Chamber of Commerce (NBCC) has called on the government to come up with viable legal framework for real estate sector to provide affordable houses for Nigerians. The call was made by the Managing Director, UACN Property Development Company Plc (UPDC), Mr. Hakeem Ogunniran at the NBCC Breakfast Meeting held in Lagos. Speaking on a topic, “Real Estate: An Agenda for the New Government”, Mr. Ogunniran identified unavailability of titled land, multiplicity of regulatory authorities with oversight functions, unfriendly approval, lack of infrastructure, poor funding and labour shortage as some of the challenges confronting housing development in Nigeria. He said most of the problems were as a result of lack of clear legal framework for the industry. He however advised the government to enact quality laws that will pave way for affordable housing in the country. Prince Dapo Adelegan,

President NBCC in his opening remark said with the population of over 170 million people, Nigeria will need about 16 million housing units to shelter its citizens since over 50 per cent of people are either homeless or live in inadequate houses, saying, it has become obvious that the government cannot singlehandedly meet this crucial need of the people, hence the need for publicprivate partnership. He said: “It is important to

have some public-private partnership arrangements to come up with an ingenious ways to build cheaper homes and provide affordable mortgages to the citizens. NBCC will collaborate with UPDC to pursue passage of viable legal framework at the National Assembly to enhance provision of affordable houses for Nigerians,” . Speaking further, Mr. Ogunniran explained that affordable housing is possible

in Nigeria with a new approach in which government will be responsible for the provision of land, infrastructure and enabling environment for investors. “ At that platform, we would have financiers, developers and other regulatory agencies who will make it easy and cheaper to deliver those houses at a price point that is affordable by the people in that category. Under the present dispensation it is difficult to

deliver houses in that category because you have to buy your land in the open market, apply for permission and approval in the same way, pay all the fees, go through custom without any concession,” Mr. Ogunniran explained. He said Nigeria is currently ranked 86 out of 102 in the Global Real Estate Transparency Index which he said was not good enough for the nation. He cited success recorded by Kenya in the sector which Nigeria will need to emulate.

Stakeholders charge FG on increased revenue S

TAKEHOLDERS, have called on the Federal Government to focus on areas of boosting government revenue as a means of meeting the country’s infrastructural deficits and financial obligations. This call was made by stakeholders during the 2015 Distinguish Management Lecture of Institute of the Nigerian Institute of Management (NIM) held at Nigerian Institute of International Affairs (NIIA). According to the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, in his presentation at the annual

lecture on theme: Nigeria’s Post-Election Economic Realities, disclosed that it would be impossible for the present administration to achieve all its campaign promises against the backdrop of the continued revenue decline in the federation account. He said, “Nigeria faces a paradox of having Africa’s biggest economy but not Africa’s biggest government revenue. While Nigeria is about 155.4 percent of South African’s economy, the revenue generated by the Nigerians government is only about 79.5 per cent to the revenue

generated by the South African government. However the total revenue in the country ’s federation account has been 12 percent of the Gross Domestic Product- GDP, compared to the minimum government revenue of 25 percent of GDP in African’s next five largest economies, which are South Africa, Egypt, Algeria and Morocco.”

He however noted that the government currently has less than half of the revenue required to deliver quality governance, which was responsible for the inefficiency of the country ’s health, education, security and basic infrastructural services

provided by the government. He also lamented that the revenue leakages are some the bane of country’s revenue inadequacies. According to the Economist, government must demonstrate conscious will in ending the scourge of crude theft, petroleum subsidy payment. He also charged him to streamline tax and import duties waivers, amend existing laws to abolish the autonomy granted the revenue collecting agencies and create a single treasury account for all forms of government with all ministries, department and agencies in a single appropriation process to ensure adequate resources for good governance.

C M Y K

38 — Vanguard, MONDAY, JULY 20, 2015

International Business News

Yellen maintains outlook for first rate increase in 2015

EDERAL Reserve Chair Janet Yellen, speaking after weeks of financial-market turmoil over China and Greece, maintained her call for an interest-rate increase this year as the U.S. economy improves. “I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy,” Yellen said in her first public remarks since the June meeting of the Federal Open Market Committee. Yellen added a note of caution, saying that “the course of the economy and inflation remains highly uncertain, and unanticipated developments could delay or accelerate this first step.” In her only mention of Greece in a 14-page speech delivered Friday in Cleveland, she identified that nation’s debt crisis as one cause of uncertainty. Yellen, 68, is moving cautiously toward the first rate increase in almost a decade as the economic expansion enters its seventh year and unemployment falls. In a generally upbeat assessment of the economy, though, she said the job market “still has not fully recovered.”

Ghana considers FX swaps to stabilise currency

HANA is considering using currency swaps to help stabilize the cedi, which has surged 22 percent against the dollar in less than two weeks. The Ministry of Finance has begun talks with the Bank of Ghana about the contracts, Minister of Finance Seth Terkper said in an interview in the capital, Accra, on Friday. The cedi will probably continue its advance and then stabilize, he said. “We will not be complacent about the currency’s gains,” Terkper said. “We are also encouraging more flows and managing the reserves.” The cedi recouped almost all of its losses this year since the International Monetary Fund on June 30 said the government was on track to meet goals set as part of a loan of about $1 billion. The currency had plunged as much as 27 percent before then. Ghana has a few options for swap contracts, including turning to local banks for dollars or large central banks like the Federal Reserve or European Central Bank, said Chris Becker, lead economist at African Alliance Securities, by phone from Johannesburg. “They will then use the dollars or euros to maintain the currency or slow depreciation for a couple of months or a year,” he said.

Google stock in record one-day windfall of $66.9bn

oogle Inc.’s stock closed at a record $699.62 on Friday, delivering $66.9 billion to investors in one day - a record for Wall Street. Shares of Google skyrocketed 16.3 percent on Friday, the company’s biggest one-day percentage gain since April 2008. The increase raised Google’s market capitalization by $66.9 billion to $478 billion, according to FactSet. The one-day market cap gain is the largest on record, eclipsing Apple’s one-day market-cap gain of $46 billion on April 25, 2012, and Cisco Systems Inc’s $66.1 billion valuation gain on April 17, 2000, according to The Wall Street Journal. The market-cap gain is bigger than the valuations of more than 400 companies in the S&P 500, including major corporations such as Caterpillar Inc. (market cap: $50 billion) Ford Motor Co. ($58 billion) and Netflix Inc. ($49 billion). And at least five brokerages — J.P. Morgan, Bernstein

VISIT - From left, EITI chairman, Clare Short, former Ekiti State Governor, Kayode Fayemi and Vice President Yemi Osinbajo during a visit to the Vice-President in Abuja. Photo by Abayomi Adeshida.

Research, Nomura Research, Jefferies and Evercore — think Google’s stock will can and will go still higher. After Google reported a sharp rise in earnings and sales that trumped Wall Street’s expectations, they all raised their 12-month targets on the

company’s stock Friday morning to $800. At that price, Google’s market cap would catapult above the half-trillion-dollar mark to $547 billion, making Google only the second company, along with Apple to be valued above the halftrillion-dollar threshold.

China reveals gold holdings amid investors'doubts

hina released data on its gold holdings for the first time in about six years, but investors say the guessing game about the country’s actual inventory continues. The People’s Bank of China on Friday published figures on its gold reserves for the first time since 2009. Its official gold reserves stood at 53.3 million ounces, or 1,658 metric tons, in June. The last time China reported official figures was in April 2009. Back then, the figure stood at 1,054 metric tons, according to Ross Norman, chief executive officer at Sharps Pixley. The latest total is about half what the market thought it was. The market was generally expecting a total of well over 3,000 metric tons, according to Brien Lundin, editor of Gold Newsletter. “There is much evidence that [China’s] holdings are actually at those higher levels, which makes one wonder why they would feel compelled to understate the total now,” he said. Ken Ford, president of Warwick Valley Financial Advisors, said China has

been pressing to be included in the International Monetary Fund’s Special Drawing Rights, or SDR, currency basket. “So they want to show that they have accumulated enough, but do not want to show their whole hand because it may spook the markets,” he said. China has undertaken economic reforms aimed at persuading the IMF to include the yuan in the basket, which would accelerate its acceptance as a reserve currency. Or, China could be “lowballing” their reserves to maintain confidence in its

China has ambitions to create a global reserve currency to challenge the hegemony of the U.S. dollar

substantial U.S. dollar holdings, according to Mark O’Byrne, research director at GoldCore in Dublin. But lifting the yuan’s potential as a global reserve currency is what’s behind China’s move to lift the shroud of mystery surrounding its hoard of gold. “China has ambitions to create a global reserve currency to challenge the hegemony of the U.S. dollar and fill the void created by the declining holdings by central banks of the euro,” Norman said. And the Chinese “clearly recognize gold’s role in providing credibility and status to what would be a new currency on the international stage,” he said. The IMF will be considering the inclusion of the yuan “under the special drawing rights in October - evidently the PBOC has more legwork to do if they want to be taken seriously,” he said. That could mean China will be adding a lot more gold to its reserves in the months to come.100 metric tons of gold

Apple is currently trading at a $740 billion valuation. “Google hasn’t delivered a quarter like this in a long time,” said J.P. Morgan analyst Doug Anmuth, reiterating an outperform rating on the stock. A number of other banks raised price targets for Google shares beyond the $700 mark, including Deutsche Bank, which lifted its target to $780 from $625; Wells Fargo, to $780 from $760; RBC Capital, to $750 from $640; Pacific Crest, to $745 from $675; Raymond James, to $720 from $625; and Cantor Fitzgerald, to $720 from $625. BMO Capital Markets was the only brokerage to upgrade Google’s stock on Friday, to buy, but the vast majority of analysts already rate Google the equivalent of buy, according to FactSet. A few banks kept their targets below $700, including Morgan Stanley, Goldman Sachs, UBS, Barclays and Morgan Stanley, which raised their targets to $620, $660, $670 and $675, respectively. Those targets would have represented slight increases from Google’s closing price of $601.78 on Thursday, but they all represent declines from current trading prices. The average price target among 40 analysts surveyed by FactSet is $711.62. The most recently completed quarter marked a reversal from the four prior periods in terms of paid-clicks growth, which came in above the consensus estimate at more than 18% on a year-over-year basis versus the forecast 14 percent growth.

Vanguard, MONDAY, JULY 20, 2015 — 39

Advertising & Promotions

New TVC showcases Harpic power, unveils brand ambassador STORIES BY PRINCEWILL EKWUJURU

n a bid to consolidate its position, new Harpic All-In-One television commercial has showcased the reinforcement of its triplepowered content, unveiling Helen Paul as brand ambassador. According to the company, ‘this is expected to give the needed impetus to the brand

as the new product challenges our traditional cleaning methods’. Reckitt Benckiser ’s Marketing Director, West Africa, Mr. Oguzhan Silivrili, said the main goal of the new campaign was to enlighten consumers on the superiority of Harpic over traditional toilet cleaning techniques. In his words, “we know that consumers want products that can remove tough stains, kill germs and freshen their toilets. This is why you see

some people buying detergent, bleach and toilet fresheners for their toilet. This campaign is good news to such consumers. They will now realize they can conserve their cash for other things since they do not need to buy three different products for their toilets. Now, they can get all they need in one productHarpic”. Speaking further, Silivrili restated the rationale behind the choice of Helen Paul as the brand’s ambassador. “We

CAMPAIGN - From Left: Mc Omini, comedian, Maria Akpan, Assistant Brand Manager – Stout Category & Life Lager, Nigerian Breweries Plc and Samuel Oaikhena, winner of a brand new generator at the Legend Extra Stout Taste and Tell campaign that held at the Arcania Bar, Port Harcourt.

place strong premium on the importance of educating and informing our consumers so we had to dig deep and based on consumer preferences through research to identify a special celebrity whose character is congruent with our brand. We all will agree that Helen Paul will create great impact in the minds of all our consumers with her double personality profiles that made her the ideal candidate to reach out to different facets of our consumers in this campaign and beyond. In the next few days, Nigerian consumers would be interacting intimately with Harpic as Helen embarks on the Harpic All in One Challenge where she would be putting our traditional toilet cleaning methods to the test to prove Harpic efficacy to our consumer’s through Mystery Home visits as well as other door- to- door activities.” The new Harpic Ambassador who is also the main character in the new TVC, while speaking to pressmen in Lagos said her major concern is to project the image of the brand positively. Responding, Helen Paul expressed her joy for the honour of being engaged as the Harpic Brand Ambassador. “To have been chosen as the face of Harpic amongst the galaxy of Stars in Nigeria is humbling and encouraging”. She said that she is poised to bring joy to consumers and drive home all the important messages the brand wants to convey in this campaign.

Posterscope launches in Nigeria, hosts OOH conference

osterscope, a out-ofhome communication agency is set to officially launch in the Nigerian market. Managing Director of Posterscope Nigeria, Dan Oshodin who disclosed this in a brief chat with the media, saying Posterscope’s arrival in the market is bound to cause a significant shift in how the medium is considered as it will deploy new systems and methodologies that put consumers at the heart of OOH planning and buying. To herald the entry, Posterscope said it is partnering with the Outdoor Advertising Association of Nigeria, OAAN to host key stake holders in the Nigerian advertising industry in a thought provoking leadership conference where Posterscope experts from around the world will discuss how technology, convergence and connection are redefining the way brands use out-of-home media. The conference tagged:

“Pioneering Change OOH Conference,” will be held st 21 July 2015,in Lagos, and will feature David Gordon, Posterscope’s Global Insight Director, the man who helped midwife Route, the UK’s OOH audience measurement system and OCS, Posterscope’s OOH Consumer Survey which is set to be

launched in Nigeria. Other speakers at the conference include Charles Chijide, President of OAAN, Bruce Burgess, Development Director, Posterscope SubSahara Africa; Vikrant Tandle, Chief Operating Officer of Isobar; and Uzoma Okoye, Managing/Creative Director of Etu Odi.

With 53 offices in 32 countries, Posterscope is the world’s leading media agency with specialist focus on out-of-home communication and a better understanding of emerging technology and consumer behaviour when out-of-home and how these two combine to create new opportunities for advertisers.

Richards speaks at Lagos NIPR lecture strategy and reputation hief Keith Richards, Mudashiru Obasa as Special management consulting firm, C N o n - e x e c u t i v e Guest of Honour. Ken Egbas, Chairman of the Chapter, Director at Promasidor Managing Director, Tru Joseph Okonmah, said, “The Nigeria Limited has been confirmed to speak at the 2015 Lagos Nigeria Institute of Public Relations, NIPR public lecture titled: Corporate Social Responsibility: Prospects & Challenges in a Growing Economy. The lecture which is scheduled to hold in Lagos on July 23, 2015 will feature the Speaker, Lagos State House of Assembly, RT. Hon

Contact, a renowned CSR monitoring organisation and assessor and Calixthus Okoruwa, Managing Director/Chief Executive Officer, XLR8 Limited, a leading Public Relations Consultancy in Nigeria are distinguished Discussants. Speaking at the pre AGM/ PR Week Press Briefing sponsored by Chain Reactions Nigeria, a leading

theme was inspired by the desire to focus the Klieg lights on the impact of CSR on national development; to inspire more corporate organisations to embrace sustainable development; stimulate more investment in CSR projects; and educate government to champion the cause of sustainable CSR in Nigeria through appropriate legislation”.

Nobel carpet wins Africa Quality Award

n recognition of its commitment to continuously produce top quality and durable products, Nobel Carpets and Rugs from the stables of Lucky Fibres Plc has been declared Africa’s Best Quality Rugs and Carpet brand at the 2015 Africa Quality Achievement Award. The company was presented with the award in Lagos. Speaking at the awards ceremony, General Manager Lucky Fibres Plc, Mr. Jitesh Pamnani said that the award is a confirmation of the company’s commitment to producing top quality product offerings. He said, “The award is a reaffirmation of what lucky fibres is doing in this country. We are a proudly made in Nigeria carpets and rugs brand. We are an ISO Certified company and this award highlights our commitment to continuously offer consumers products of the highest quality that meets international standards. Our products are also environmental friendly”. In addition, Jitesh said, “Lucky Fibres started operations in 1989. Since then, we have been delivering carpets and rugs with consistent quality.

Top More healthy drink in market

ECON Global Service Limited, a player in the food and beverages sector in the Nigerian market has introduced Top More healthy drink. The drink which is a blend of health and social lifestyle made purely from natural herbal supplement with ginseng and ginger extracts. Unveiling the product in Lagos, the Chief Executive Director, EECON Global Ser vice, Engr. Nnamdi Nnachukwu, said Top More drink is in the market to offer consumers pleasure, healthy lifestyle and robust satisfaction. “Top More is not an alcoholic drink or sugary product but a simple combination of healthy herbs for healthy living. The bproduct is made from purely natural herbal supplement with more prominence of ginseng and ginger extracts. “These two herbs, he continued have many health benefits, ginseng is known for blood sugar control, reduces stress, gives energy and mental stimulant among others. C M Y K

40 — Vanguard, MONDAY, JULY 20, 2015 Email:lesleba@lesleba.com, lesleba@gmail.com Blog page:www.lesleba.com/blog2 Website: www.lesleba.com Tel:0805 220 1997

HE recent announcement by the Federation Accounts Allocation Committee, of over N760bn disbursement to cash famished states, was popularly regarded as a bailout package, despite clarifications from the President’s Media Adviser that the income was actually the constitutional entitlement of the three tiers of government. The payment package apparently included the sum of $2.1bn earlier paid into the Federation Account as tax receipts from the Bonny LNG and Shell Producing Company; nevertheless, beneficiaries received Naira equivalent of over N400bn (at an exchange rate of N197=$1). Additionally, government also shared N360bn, which was reportedly collected as Internally Generated Income by the Federal Inland Revenue Service. In addition, a loan package of between N250-300bn would also be put in place by the CBN for distressed states to access, after fulfilling the requirements to guarantee appropriate fund application and repayment. Furthermore, the CBN was also directed to intercede with commercial banks and the Debt Management office to restructure the tenure of over N600bn outstanding short term loans of the state governments. Regrettably, the consolidated package may be grossly inadequate to address the depth of distress in most states; nonetheless, the package was welcomed by thousands of workers who had barely managed to survive without salary for several months. Conversely, some Nigerians, have expressed concern that the allocations had become the reward for unrepentant profligacy in the management of public resources; such

Economy: Mr. President’s unfortunate mis-step critics further argue that since the funds were clearly inadequate, states would inevitably still require more cash to clear their huge backlog of salaries and contractor’s debts for several months to come. Worse still, in addition to a consolidated External debt stock of over $10bn, both federal and states governments would also need to service their existing domestic debt stock of over N10Tn and N2Tn respectively. Thus, with the current paucity of internally generated revenue, both federal and state governments may ultimately depend on refinancing and further increase of their already oppressive debt stock just to fund recurrent expenses; in this event, unless, the political class becomes born again and seriously commits to a massive reduction in the cost of governance, any expectation of a boost in social and economic welfare will remain a very dismal prospect. However, in consonance with the abiding culture of self service, any attempt at promoting frugality, probity or accountability in public service may be stoutly resisted by the current class of political investors, who will, as usual, rely on a weak regulatory system and the support of ethnic and religious adherents to escape sanction for the pillage of our common wealth. Nevertheless, let us take a closer look at the potential impact of the N760bn which was recently shared to the tiers of government. In reality, the constant pressure of the unusual burden of systemic surplus Naira, has consistently made it impossible for inflation to

recede to best practice levels below 3%; furthermore, the prevailing high cost of funds above 20% is also the result of CBN’s failure to manage the scourge of excess cash, while the Naira exchange rate is unceasingly pummeled by the constant juxtaposition of huge Naira surpluses against dollar rations in the market. Consequently, persistent overwhelming Naira liquidity has made it clearly impossible for CBN to achieve its core objective of price stability, such that inclusive economic growth has remained elusive for decades. However, in response to the above dilemma, common sense would advise, that if a glass is already full, it becomes wasteful to continue to pour more water into that glass, especially when it is very expensive to simultaneously mop up the excess spill. Similarly, since an unending flood of surplus Naira already distorts the critical indices of monetary strategy, it will also be counterproductive to continue to swell the extent of surplus cash in the system, especially

Mr. President’s failure to adopt this strategic CHANGE can only mean more of the same Economic menu with the attendant suffering and gnashing of teeth

when government turns round to reduce the naira excess by mopping up the “overflow” with Treasury bill auctions which bear high interest rates (12-15%), which are clearly inappropriate for Sovereign risk free loans, which normally attract below 3% interest rate in better managed economies everywhere. Indeed, with the bonanza returns on such ‘easy’ government loans, commercial banks will clearly care less about job creation or the survival of the real sector. Thus, In the light of the persistent challenge of excess liquidity in the system, additional bloated Naira denominated monthly allocations to the three tiers of government become counterproductive as a strategy to grow the economy, and improve social infrastructure and the welfare of our people. Thus, the latest infusion of over N760bn into an already Naira suffocated market, will inadvertently also instigate greater stress in the economy. Observers will recall that the CBN Governor was clearly ecstatic when he gleefully announced in a recent TV broadcast that its erstwhile depleting forex reserve base of about $29b had suddenly spiked above $31b on receipt of the sum of $2.1bn from Bonny LNG and Shell. Inexplicably, however, despite the resultant swell in dollar reserves, somehow, the Naira equivalent of over N400bn also became simultaneously available for sharing as allocations to the tiers of government! Thus, in a magical twist of fortune, Nigerians could have their ‘dollar’ cake domiciled with the CBN and at the same time still voraciously gulp up the same cake as Naira allocations which further

compound the existing problem of Naira surplus. Alarmingly, this “magic” has been practiced with disastrous consequences in our economy for several decades. Consequently, the more dollars we have earned from crude export, the greater was CBN’s reserves and the higher also became the Naira values substituted as allocations, to make it extremely challenging for CBN to successfully manage inflation, and reduce the cost of funds or to indeed reduce the pressure on the Naira exchange rate against the dollar. Instructively, therefore, with the uncontrollable consistent Naira surplus, the impact of all the extra budgetary ‘well intentioned’ cash interventions by the CBN would clearly also increase the challenge of creating an enabling environment that will preserve income values and stimulate consumer demand to propel industrial growth, economic diversification and also create increasing job opportunities. Instructively, Mr. President had a great opportunity to begin to reverse the ugly trend in monetary mismanagement with the recent $2.1bn LNG revenue; thus, if this income was shared as dollar allocations (with dollar certificates) instead of the substitution of over N400bn, the pressure of excess Naira would be checked with salutary impact on inflation, interest rate, and the Naira exchange rate. Sadly, Mr. President’s failure to adopt this strategic CHANGE can only mean more of the same Economic menu with the attendant suffering and gnashing of teeth. SAVE THE NAIRA, SAVE NIGERIANS

Business & Economy Investors hope tech giants repeat Google surge

oogle Inc’s strong quarterly results, which unleashed a massive surge in its shares on Friday, has investors feeling upbeat heading into this week’s techheavy slate of earnings reports. Among the numerous tech companies releasing earnings next week are International Business Machines, Microsoft Corp and Apple, all of which are expected to show growth. Wall Street analysts expect earnings of the S&P C M Y K

technology sector to grow by 2.7 percent for the second quarter. So far, big-name tech companies have provided the two biggest reactions from investors in this reporting season. After Netflix reported strongerthan-expected subscriber growth on Wednesday, its shares increased 18 percent, while Google’s results triggered the biggest oneday move in the stock in more than seven years, as

shares surpassed $700 for the first time ever. “Right now, investors are looking for growth and tech is one of the sectors where growth may not be as great as they want, but it’s there year-after-year,” said Dan Morgan, vice president at Synovius Trust Company in Atlanta. Investors will be looking closely at each major tech company’s latest innovations to see if new platforms and tools have the potential to drive long-term growth.

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Vanguard, MONDAY, JULY 20, 2015—41 Send Opinions & Letters to: opinions1234@yahoo.com

People deserve the Coach they hire

IGERIA is a reservoir of skillful footballers. From Thunder Balogun to Haruna Ilerika, Inua Rigogo to Emmanuel Okala, Tony Igwe (World Two) to Chairman Christian Chukwu (CCC) Sanni Mohammed to Muda Lawal, Kanu Nwankwo to Jay Jay Okocha, Nigeria produced them all. ‘Danger Man’ Jossy Donbraye was no terrorist; he earned the sobriquet on the field; ‘Mathematical’ Segun Odegbami did not earn his in the classroom, but on the field where he was an artist, and the amazing Adokiye Amiesimaka was not made ‘Chief Justice’ by the National Judicial Commission, but earned it on the field even when he was still a law student at the University of Lagos. Our league was so good that fans paid gate fees to watch their darling clubs like Stationary Stores practice. In 1972, the leading Scottish football club, Dundee United came on a playing tour. It was so mercilessly whipped by local Nigerian clubs, that Dundee United became another word for a fool in Nigeria.

So how come a footballing nation like Nigeria which ranked fifth in FIFA World Ranking in 1994 tumbled to the 43rd position in 2014 and 57th in 2015? How come a country that produced a team at the 1994 World Cup which topped the Group that included Argentina, Bulgaria and Greece and almost defeated Italy to qualify for the Quarter finals, could some years down the line, not even qualify for the African Nations Cup? At the 1996 Olympics Games in Atlanta, Nigeria produced one of the most beautiful orchestras in world football; beating all other nations to win the gold medal. Why is that same Nigeria ranking behind non-footballing nations in Africa like Cape Verde and Congo, politically troubled countries like Tunisia and even Egypt that has been virtually engaged in a civil war? The fault is not in our football stars, nor have Nigerians become less enthusiastic with the round leather game; the fault is in our football administration and the coaches they hire.

It is good that we are no longer insulted by the argument that we need a foreign coach. After eighteen of such coaches with Germany supplying us with five, Holland, four and England, Hungary, Brazil and former Yugoslavia supplying two each, such arguments have waned. The once dominant mentality of hiring a foreign coach ( by the way one of them came from Israel!) is like the culture of hiring foreign companies to build our roads when the technology has been available for hundreds of years. After the Swede, Lars Lagerback left, we had made the good move of hiring Samson Siasia in 2010. He is a coach with passion for the development of young talents who would produce a continuous nourishment for the Super Eagles. He had successfully coached Under 12, 17, 20 and 23 teams taking Nigeria to world finals in those categories. The logic was that since many of the boys pass through him to mature into the Super Eagles, he could build a

Replacing a Siasia with a Keshi was like a family in need of security replacing its guard dog with a monkey; of course, the family will be entertained by the antics of the monkey, but not get the security it needs

Nigeria's economy through NDIC’s stethoscope By Bashir Hassan

NCREASINGLY analysts and the Nigerian public are looking up to the annual report of the Nigerian Deposit Insurance Corporation (NDIC) to grasp the true situation of the nation’s economy, especially from the perspective of the banking sector. The 2014 report is out and remains as pungent as ever. Knowing how its report has become critical in decision-making, NDIC expectedly attaches much importance to the report. Ideas are only interesting if they lead to results. The idea of deposit Insurance in Nigeria is blossoming year after year. The overall verdict of the 2014 annual report pronounces a positive outlook of the economy. “The banking industry performance and level of soundness in 2014 indicated that 23 Deposit Management Banks (DMBs) were rated sound and satisfactory; only one DMB was rated marginal during the period under review. Overall the banking industry was safe and sound in 2014,” the report asserts. The barely two-month old administration of President Muhammadu Buhari is very likely to welcome the report for the assurance that the administration has not much to worry about in the fundamentals. So he’ll be able to concentrate his energies on tackling corruption and other financial crimes. He will do well to give special attention to the cyber variant of financial crime that has reared its ugly head in the banking sector. As the report shows, a whopping N6.2 billion was lost by Nigerian depositors and banks in 2014 to cybercrimes, with the majority of cases related to internet banking and ATM scams. According to the report, the total number of such scams grew astronomically from 3,786 cases in 2013, to 10,612 cases in 2014. While it involved about N5.61billion in 2014 (compared to N21.80billion the previous year), the actual loss was N6.19 billion.

This is obviously a worrying signal that has the potential to erode the confidence of account holders and scare away those yet to enter the banking net. Nigeria, with 170 million population, has only about 28.5 million adult bank accounts holders. In February 2014 the Central Bank of Nigeria (CBN) introduced Bank Verification Numbers (BVNs), an initiative which obliges customers to do biometric registration and obtain a unique number for proper identification, which is part of measures to stem bank account fraud. By the end of June when the deadline for obtaining the number expired, only around 12 million account holders had complied. On a positive note, the report reveals that total loans and advances granted by banks across the country climbed from N10.04 trillion in 2013 to N12.63 trillion in 2014. The report is however quick to point that, despite significant improvements in banking industry’s asset quality, the volume of non-performing loans rose from N321.66 billion in 2013 to N354.84bn in 2014. But it allays any fears by stating that the ratio of the bad debts to total loans is within the regulatory threshold of 5 percent. Accordingly “all the DMBs in the industry had liquidity ratios in excess of the minimum prudential requirement of 30 per cent, as at 31st December 2014, indicating that all DMBs were sufficiently liquid,” the report says.

A whopping N6.2 billion was lost by Nigerian depositors and banks in 2014 to cybercrimes, with the majority of cases related to internet banking and ATM scams

formidable senior team for the future. However, Siasia was not a politician who could dribble past the country ’s football administrators. When they denied him funds for the junior team, rather than read the match correctly, he approached the Bayelsa State Government to bail out the team and refused to bring the money into the pool that the bureaucrats control. He was clearly the best coach we had and the bureaucrats in the Glass House had no choice but to appoint him the National Coach. But in ten months, he was kicked out after orchestrated media campaigns and the use of star footballers like Peter Osaze Odemwingie to insult him and create the impression of division in the team. The final excuse used was the failure of Nigeria to qualify for the 2012 Nations Cup. With that, the team Siasia was building, was destroyed, and in came the super football politician, the ‘Big Boss’ himself, Stephen Okechukwu Keshi. Replacing a Siasia with a Keshi was like a family in need of security replacing its guard dog with a monkey; of course, the family will be entertained by the antics of the monkey, but not get the security it needs. Keshi was a great footballer who captained the Super Eagles. But he was quite controversial. He had his own team within our national team, and ran the Super Eagles with another politician and public relations ’guru’; Clemens Westerhof, the then Technical Adviser. Players not in their good books, may not even be called to the National Team, or were like Rasheed Yekini, treated as

The NDIC, as part of its mandate, carried out the risk assessment of all deposit banks in collaboration with the Central Bank of Nigeria to provide reliable information on the banks’ risk assets quality, adequacy of loan loss provisioning and capital adequacy positions. And the result is something quiet promising: the assessment reveals that 15 banks have “high” and “above average” composite risk rating, while eight others had “low” and “moderate” rating, showing their level of compliance with banking rules and regulations, their risk appetite and the adequacy of their risk management frameworks. Credit risk, one of the many types of risks banks are exposed to, has a significant impact on the profitability of Nigerian banks. Therefore, while on the one hand the regulatory bodies (CBN, NDIC etc.) need to be cautious in setting up a credit policy that might negatively affect profitability, on the other, the banks’ boards also need to know how credit policy affects the operation of their banks to ensure judicious utilisation of deposits. After all, approaches to risk management in general have changed across organisations and the whole world in recent times, as economists observed. This necessitates the recognition by many business leaders that risks are no longer mere hazards to be avoided -- they also, in many cases, constitute opportunities to be embraced. This balancing act can be seen in the result of the report on credit distributions in the 2014 NDIC annual report. The report said the oil and gas sector led the banking industry sectoral credits distribution, accounting for 25.74% of the top 10 of 22 sectors of the economy that accounted for 87.35% of total credits, compared with 81.99% in the previous year. The manufacturing sector was next with 13.19%, while the other sectors accounted for 12.65%, as against 18.01% of the total credits extended by the DMBs in 2013. On the international scene Nigeria has earned respect in areas of peace-keeping and diplomacy, which is complemented by NDIC’s achievements in the financial sector. An example is the Memorandum of

outsiders. Our best outing in the World Cup; the 1994 edition, might have been better if there was team cooperation. Keshi went on to coach the Togolese National team and qualified that country for Germany 2006, the first time Togo would play at the World Cup. Then the team virtually disintegrated in Germany with all sorts of petty quarrels with Keshi at the centre. The most explosive were the quarrels between him and the Togolese star player, Emmanuel Sheyi Adebayor whom Keshi accused of being indisciplined. On an occasion, Keshi had to be restrained in the team bus from physically attacking Adebayor who accused Keshi of wanting a cut from his transfer from Monaco to Arsenal. Keshi’s high as Super Eagles coach was winning the 2013 Nations Cup. With that, he began his theatrics. Showing complete disrespect for Nigerians and dampening their joy of winning the cup after nineteen years, he announced right there on a South African radio that that he had resigned. Many Nigerians including then President Goodluck Jonathan had to appeal to him to withdraw his threat. With that, he tried to arm twist the football authorities primarily on pecuniary matters. Of course, he brought Nigerian football to its lowest ebb before being finally given the boot. I was trying to assess the new coach, Sunday Ogorchukwu Oliseh when Westerhof roundly condemned him claiming he and Keshi are far better. A lesson from our African American brothers is, when the white man viciously attacks a black man, the latter must be good or capable of doing something good.

Understanding (MoU) signed between the NDIC and the Poland-based Bank Guarantee Fund (BFG) in 2014. The issues included cooperation around Cross Border Supervision; Cross Border Resolution Colleges; Early Warning Models and Macro Prudential policy etc. Similarly, the World Bank granted technical assistance to the NDIC for development of Target Fund Ratio Framework. The assistance will enable the NDIC determine adequacy of its DIF as well as address the deficiencies identified during the 2011 assessment of its compliance with the IADI Core Principles for effective Deposit Insurance System (DIS). At the regional level NDIC is in the forefront of the effort to articulate a collective vision for the continent. This was displayed at the Kenya meeting of the African Mobile Phone Financial Service Policy Initiative (AMPI) roundtable on the future of mobile phone financial services in Africa. Clearly, this is a fast growing area of e-commerce that needs effective regulation, especially with the vulnerability of the webbased platforms. With the speed at which telecommunication is evolving and breaking barriers to sharing information and accelerating collaboration across different markets, the role of regulatory bodies has become, more than ever before, imperative and urgent. The report also reminds the public of the state of the NDIC’s efforts at seeking the bill for the repeal and re-enactment of the NDIC Act 2006, which was pending before the just concluded 7th National Assembly and had scaled through second reading and was subjected to public hearing. One of the major issues contained in the proposed amendment is granting the NDIC power to pay insured amounts to depositors in the event of imminent or actual suspension of payment by an insured institution before the revocation of its licence. This is to forestall legal actions such as the ones shareholders of Fortune International Bank Plc. and Triumph Bank Limited instituted challenging the revocation of their licences, which is still pending in court.

•Mr. Hassan, a economist, wrote from Abuja. C M Y K

42 — Vanguard, MONDAY, JULY 20, 2015

US must treat Nigeria with respect — Amb. Joe Keshi Hugo Odiogor, Foreign Affairs Editor

What should be the position of Nigeria in this meeting where American officials are saying that Washington will pressurize President Buhari to review the Same-Sex Prohibition law?

S President Muhammadu Buhari meets with his US counterpart, Mr. Barack Obama in Washington, today former Permanent Secretary in Foreign Affairs Ministry and Chairman of UBA, Ambassador Joe Keshi in this interview with Vanguard said that we must insist on being treated with respect. What is your perspective on the invitational visit of President Muhammadu Buhari to the US, against the background of Washington’s cold disposition to our anti terrorism war? First of all, let me say, since the return of democracy in Nigeria, America has always shown interest in maintaining cordial relationship. There have been ups and downs along the way and sometimes this has resulted in some kinds of frustrations. But every now and then, we have the opportunity to bring things back on track. I disagree with those who say that it is condescending for President Buhari to visit Obama. I can recall that in 1999, when Obasanjo came to power, he also visited the US, not once or twice and he stayed at Blair House. Former President Goodluck Jonathan was also invited. He also stayed in the Blair House. So it is not true as reported in some newspapers that President Obama was breaking tradition to put President Buhari in Blair House. Former President Goodluck Jonathan was also invited. Let me say that Buhari’s election has renewed interest in our foreign relations and will provide us the opportunity to look at some of the critical issues that America has put its focus on, such issues will be on the table. When Madam Clinton came to Nigeria at the early stage of the Jonathan administration, before things fell apart between his administration and the U.S, she focused on three main issues. Security was one of them, the militancy in the Niger Delta was key. The two other issues were corruption and investment. Of course, corruption featured strongly in the theme of President Obama’s speeches during his visit to various African countries. He spoke against corruption in Africa, not in Nigeria. The third point was investment and you will recall that throughout the campaign of President Buhari, these were basically the key issues that he focused on.

•Ambassador Joe Keshi, Chairman UBA For me, there is a convergence of views right now, we are interested in the twin issue of Boko Haram and terrorism, which has become a global challenge to the world today. As we speak, US remains the most challenged country in the world on the issue of terrorism. It has not been able to degrade the fighting capacity of ISIS. Only last week we had a domestic terrorist attack at a military base in Chitaagona in Tennessee. The two countries have opportunity for a new beginning. I sincerely hope that we will deal with each other from a position of mutual respect that recognises the commitment of the new president to tackle these issues and to get the support of the United States, that means that if our president insists that we require some assistance. We should be able to resolve the issue of military relationship. I can confidently predict that before the end of his tenure in 2016, President Barack Obama will visit Nigeria. I will not be surprised if this will be one of the outcome of President Muhammadu Buhari’s visit.

How would you look at the issue that the US stopped sale of weapons to Nigeria because of human rights concern?

I have always made the point that in a war of this nature, you cannot close your eyes to the challenges that face the military around the world. There is no military that is confronted with the same situation as our troops found itself that it would not do something that is abnormal. We are fighting a bunch of people you don’t know, who do not follow conventional rules of war fare. They have no formation and structured command, they have no rules of engagement, they just hit soft targets and kill innocent children, women and men and commit other atrocities. One

thing that annoys soldiers is for them to see their colleagues being killed in defenceless situations. Most armies in the world would react violently to such a situation, I expected that the US which has gone through similar experiences several times, should be in a better position to understand the challenges faced by other countries in such military situation, that we were faced with in combating Boko Haram terrorists. You do not spend time condemning us or raising human rights issues and deny sale of arms to contain terrorist because there is going to be human rights abuses. This was contradictory to a country that has made global commitment to fighting terrorism. I sincerely hope that this new engagement should be built on mutual trust, better understanding. Inspite of the challenges that we face, this country is big enough and we still have a lot of international credibility to be able to lead the continent.

They should not compel us to accept what we do not want. If they decide to live in a certain way that they chose, they cannot tell us we should go the same way with them. They must recognise the cultural differences between the two people and nations

For me it is not an issue, it is a legal issue, it has been enacted into law and it has the support of over 99% of Nigerians and that is where I go back to the issue of respect. There are certain things Americans would not accept from us and there are certain things we would not accept from them. They should not compel us to accept what we do not want. If they decide to live in a certain way that they chose, they cannot tell us we should go the same way with them. They must recognise the cultural differences between the two people and nations. So let us focus on the more critical issues of security and investment. If President Obama gives a signal that there is a new beginning in the relationship between Nigeria and US, if Americans turn down on the issues of corruption, not because corruption is not there, but because President Buhari will live up to expectation in the anticorruption war, you will see that this will provide encouragement to American investment. We need massive US investment in agriculture, power, solid mineral sector etc. We need the US investment to diversify the economy. With the Iran oil coming into the market, we need to get other sources, manufacturing industry, these are some of the issues, we should focus on, we need to begin to engage on the use of other social issues like education. In the past, there were a lot of educational exchanges which have collapsed, for instance we used to have crop of American university lecturers who were doing their sabbaticals in Nigeria. Apart from the American university in Adamawa, I don’t know where else you will find American professors and lecturers. These are some of the areas we need to focus on.

What is your view on the new Iran nuclear deal with world power?

Let me say that I am happy that President Buhari has expressed support for this deal during the visit of an Iranian Minister to his office in Abuja. I sincerely hope that our president will express this support when he meets with President Obama. I have always said that we need to speak out on world issues because at the end of the day, some of these global issues have a way of affecting us. We should not look at them and say we are not

involved. If you look at what is going on in the Middle East, today especially, the activities of Boko Haram in Nigeria, you will find a lot of correlation, especially in the influence of ISIS. You could see that when ISIS began to hoist flags in the areas that they controlled, Boko Haram in Nigeria, began to do the same thing in the North East. When ISIS began to destroy historical sites and monumental, Boko Haram began to do the same thing here, when they began to capture women and children and took them hostage, Boko Haram imitated them. When ISIS began to behead their victims, it was copied by Boko Haram. These are some of the things we have seen in the Middle East. The point here is that this agreement is an audacious gamble by the Obama administration, in the hope that it will result in a rapprochement with Iran and enable them to deal with a number of other issues, like restoration of diplomatic ties between both countries. It will have impact in dealing with the situation in Syria. As long as there is crisis in the Middle East, we will continue to have this pockets of insurgencies as we have in Yemen, Kenya, Somalia, Nigeria, Mali, etc. You could see that occasionally we have cases of domestic terrorism in the US and European countries. It is the best thing anybody can get for now and as President Obama said, those who are opposed to the deal should provide a better alternative. I have listened to most of the Republicans especially Mr. Donald Trump on their views on the deal. I can tell you that if he was to bring those views to the negotiation table, the Iranians would walk away. We must bear in mind that this agreement has taken three to four years to hammer out. As at today nobody in that negotiations had the capacity to dictate to each other. I believe that the deal will lead to an improvement in relations and help to normalise other things in the whole of Middle East.

For Nigeria, how can we manage the impact of this deal?

Look, the problem is that we have not invested our oil resources very well, the crisis we have now should provide an opportunity for us to focus on other areas like agriculture, solid mineral and so on. When you look at the cultural industries and improve on their capacity to produce some of these items that are exportable, we can maximise our foreign exchange earning power. My fear is that it require tenacity and courage to start. We can lead by example to make us focus our attention. We are trying to encourage the governors of South East to go back to plant millions of palm trees to recreate the economic scenario that we have in the area during the First Republic. Imagine what could have happened if South West replicate similar effort in Cocoa farming and the Northern states go back to production of cotton. This will boost agriculture and spin off in creation of employment for millions of people. We need investors in the solid mineral sector.

Vanguard, MONDAY, JULY 20, 2015 — 43

C M Y K

44—VANGUARD, MONDAY, JULY 20, 2015

Agbeyegbe family, they say they know one of them and they mention my name even in my presence because they don’t know me personally. Some described me as a journalist, some have described me as a civil defence person, some have described me as a lawyer and some as a business man. Whatever they call me, provided they don’t call me a thief there is no problem. Do you think the judiciary is leaving up to expectations? When I came back from England 45 years ago, things were not like this. I think that the mistake started from 1999. It is from 1999 that things became even more rotten. Corruption in Nigeria is not by accident. Even the 1999 constitution that we are operating today is a corrupt document. To start with, it is a lie that Nigerians made a constitution for themselves. It never happened. The contents of that constitution cannot be something that a willing people would impose upon themselves.

Root cause of corruption

•Agbeyegbe: People get a government that they deserve

You can't judge Buhari in two months — FRED AGBEYEGBE •Says change can’t come overnight CALL him a playwright, lawyer, author or activist and you will not be wrong. Chief Fred Agbeyegbe, who turns 80 years on Wednesday is many things to many people depending on the angle you are viewing him from. In this engaging interview, he speaks on the state of the nation, his experience in the last eight decades, how to check graft and the way forward for the country.

By Japhet Alakam & Gbenga Oke

T 80, how do you feel? I thank God for keeping me this long and I owe him all the gratitude. Activities have been planned for your birthday celebration, what can you say about that? I was given an award by the National Association of Theatre Practitioners, NANTAP. The award was called the Grand Living Legend of Nigerian theatre. They said they were tired of

waiting for people to die before they celebrate them. So, they wanted to change the tide by giving me the award. Some of them have said to me that it is their prophecy that is taking place now that I am going to make 80. Let us celebrate people while they are alive so I am happy to be one of the pioneer celebrities for this new philosophy in Nigeria. You are a playwright, lawyer, activist and so on. How exactly can we describe you?

•Agbeyegbe I don’t know. So many times people ask me what I do. I, too,

am confused as to what to tell them but there are people who know me in certain regards. For example, not so long ago I got into a waiting room where people were arguing about who Fred Agbeyegbe is and I sat down and joined them. They didn’t know me, a lot of people don’t know me but they know my name. In fact when some are talking to people about the

Therefore, all attempts at stopping corruption might even be a waste of time until you tackle the root cause of corruption. I am Itsekiri, I have never heard the word ‘corruption’ in my language. Is corruption a Nigerian word? No! Corruption is an English word. Those things that make it impossible for Nigeria to progress are what I call corruption. Having said all these, are you trying to say Nigeria was built on falsehood? I have written poems and several articles on it. One of the books is called Budisco. It was a play that was commissioned by the Nigerian Bar Association when they celebrated 100 years of law practice in Nigeria. I was the one they picked to do something to celebrate that period. Buhari, Idiagbon and Sowemimo, that is what Budisco means. It also means something vulgar in Yoruba language. Who is the President today? The same Buhari. So what explanations are you looking for? A people get a government that they deserve. Nigerians are getting what they deserve because when it is happening to you, the other person says it is not happening to me, by the time it comes to happen to you, all the people who could have stood behind you will be gone. n 2011, my movement came out to say Nigeria was a failed

Continues on page 45

VANGUARD, MONDAY, JULY 20, 2015—45

Change can't come overnight — AGBEYEGBE Continues from page 44 state, those who thought they can patch it and repair it, by the time the Americans said 2015 is going to be a terrible year, they started calling them names. Thank God, Jonathan saved all of them. If Jonathan had stood up and said that election was rigged against him this country would have been in flames. On NADECO We live under this illusion that we are operating a democracy. And the way this country is organized is that when any issue comes up, Igbo man, Yoruba man, the Ijaw and Itshekiri, and other groups would have different interpretations. This country is organized such that there will never be consensus. For example , I am an Itsekiri man and my neighbours are Urhobo and Ijaw, but these ethnic groups hardly live in harmony. NADECO fought against the trampling of the right of Nigerians. So we did not come out in NADECO to show that we are brave, we came out to fight against the military because we felt they forced themselves on us. NADECO can function now because it was put together for a purpose. How will you rate this administration putting in mind some of the decisions that has been taken so far? From what I have told you, you don’t expect me to be a pro-Buhari person. But I am neither anti-Buhari. Like I

said earlier, he was the people’s choice and they voted for him. Whether I voted for him or not does not stop him from being our President and he also said it that he is the President of everybody and that is how it ought to be. But I can say that is it too early to judge him, it was the same type of judgement that Jonathan got. From day one, even before he won the last elections, he was told not to contest. Some said they will make the country ungovernable for him. And he dared to contest and he dared to win. And what happened to him, they made the place ungovernable for him and behold it is the same people who came back to judge him on performance after they had told him they will make it impossible for him to govern. That was what they did. So the guy had no opportunity.

Achieving change I say the same thing about Buhari, give him a chance. I called him a magician and the media also called him a magician. People think he will just come and change things overnight, he is no longer a military man. We cannot achieve change in two months. He has been criticized for the appointments he has made so far. I laughed because a lot of people do not understand the politics of this country. All the people he has appointed

•Agbeyegbe: Any document that tells a lie against itself is forgery

•Agbeyegbe: All attempts at stopping corruption might be a waste of time so far are all Northerners from his area of this country, I don’t know if the guy has a choice because psychologically, he cannot feel comfortable with anybody else. He doesn’t know what people are going to do to him if he comes to Warri to pick me. But I will tell Nigerians to wait, if he then continues in that line of appointment then you can begin to blame him. Do you think the proposed merging of the Economic and Financial Crimes Commission, EFCC, and Independent Corrupt Practices and other relataed Commission, ICPC, will strengthen the fight against corruption? When I heard that President Buhari is trimming down the number of ministries from 40 to 19, I concluded that the man is truly a magician. The ministries are one of the ways

To make democracy work, we need to have a redefinition of the content of that word ‘democracy

we fritter away this country’s resources. Why do you need over 40 ministries? Is it that the work load is so much such that a few people cannot do it? Is that what government business is all about? Thank God somebody has come and has seen reasons to reduce them.

Prosecution of governors The EFCC and ICPC, were they actually meant to work? How many governors have they prosecuted? Is it that there are no more corrupt governors? What has ICPC done? What examples have any of those two entities given to us? This is a situation whereby the institutions are used to serve the whims and caprices of individuals. What do you then think needs to be done to move this nation forward? There are many issues that divide us in Nigeria. And it is my hope that those issues will disappear for things to get better. Our beliefs are not the same in every aspect. Sadly, religion has become a divisive tool. You remember at a time, I lost a cousin to assassins. He was Captain Jerry Agbeyegbe, how can you convince me that Nigeria is not a place where people are killed any how? You may convince some other people but not me. Also, the one document that is supposed to bring all of us together called the constitution is itself a lie. Any document that tells a lie

against itself is forgery. The 1999 constitution is not our constitution. We had no agreement on it. Having criticised democracy as being practised in Nigeria, what form of government will you recommend to make the country work? To make democracy work, we need to have a redefinition of the content of that word ‘democracy.’ I recently wrote an article that the Europeans came here last time and certified our last elections saying democracy is now thriving in Nigeria.

Meaning of democracy What did they know and what did they see? I lived and worked in England for so many years, I know the meaning of democracy as an English word and I know the meaning of democracy as a Nigerian word. The only thing Nigeria accepts about the word democracy is that the majority must have its way. They don’t even buy the other half of that same statement which says the minority must have its say. So those things God has given me as of rights as an Itsekiri man in Warri, democracy makes it easy for somebody to come from the desert in Sokoto to teach me how to swim in Warri river where God has put me. The time Mandela started fighting their oppressors and they eventually got to where they got now, did they change the definition of democracy?

46—Vanguard, MONDAY, JULY 20, 2015

Nsukka Assembly tasks Ugwuanyi on Adada State By Francis Igata

NUGU—THE Nsukka General Assembly,NGF,has urged Governor Ifeanyi Ugwuanyi to redouble effort for the actualization of the creation of Adada state as the quickest way to find respite from the unending neglect suffered by the people of the area in terms of denial of allocation of infrastructures and abandonment of on-going projects. This is even as Ugwuanyi said his administration will remain committed to addressing all imbalances in the state‘s socio-political life for the promotion of justice,equity and fairness to justify the massive support of the people enjoyed by his administration. Ugwuanyi who spoke during a special meeting of Nsukka General Assembly at Nsukka, however, called for continued prayer of the people for the improvement of the economy to enable the government to actualize its development target.

Nsukka renewal c'ttee seeks council’s cooperation By Francis Igata

NUGU—THE Chairman of Nsukka Urban Renewal Committee, Chris Offor has urged the Chairman of the Council, Charles Ugwu to redouble the efforts of his administration in assisting the state to clean up the clogged drainage system in the area in order to allow easy flow of water during rainy season. The Chairman made the appeal during the committee’s fact-finding and assessment visit to Nsukka town and its environs, as part of its plan to identify locations that need the intervention of the state government. Offor, who visited the areas with other members of the committee, noted that it is only when the council partners with the committee to address some of the challenges identified, that the government efforts will be fully achieved.

Abia govt receives N3bn bailout fund •Says workers' salary arrears N6bn By Anayo Okoli

MUAHIA—ABIA State Government said it has received about N3 billion from the Federal Government as bailout fund for payment of arrears of workers' salary arrears.

The government, however, said that the total arrears of salary owed workers in the state stood at about N6 billion, and explained that it would soon commence the clearance of the arrears, as it was looking inwards to make up the shortfall. According to the Special

Adviser to Governor Okezie Ikpeazu on Media, Mr. Ugochukwu Emezue, who disclosed this in Umuahia, "the government is current with the payment of salary from the time Ikpeazu assumed office." Emezue said that workers, who had not received their May

BURIAL: Pascal Dozie, Founder of Diamond Bank Plc (right), and Barth Nnaji, Chairman, Geometric Power Limited with Ike Chioke, CEO of Afrinvest (West Africa) Limited (left), during the burial ceremony of Igwe Alexander Chioke, in Enugu

salary were being delayed by the current verification exercise going on in the state’s work force to fish out ghost workers. Those, who had done the verification, according to him, had since received their May salary and will soon get their June pay. Emezue dismissed rumours in some quarters that Governor Ikpeazu was not ready to pay the arrears of salary owed Abia workers. “The government has received the bailout fund. It is in the neighbourhood of N3 billion. Abia needs about N6 billion to clear the arrears. The money is here and Governor Ikpeazu is looking inwards to augment the money and clear the arrears. “Current salaries are being paid, though some agencies have not received theirs. The reason is that government is carrying out workers' verification; the workers that have not completed the exercise are those who have not received current salaries. Those who have done theirs have since received their current salaries. “By Tuesday [tomorrow], those who have completed their verification exercise will continue to receive their salaries; government will by then know clearly who the genuine workers in its payroll are,” Emezue explained.

....No FG bailout given to Ebonyi, says govt Stories by Peter Okutu

BAKALIKI—EBONYI State government, weekend, categorically stated that no Federal Government bailout fund was given to the state contrary to insinuations in some quarters. Briefing newsmen on the outcome of the State Executive Council meeting at the Government House, Abakaliki, the state Commissioner for Information and State Orientation, Dr. Emmanuel Onwe stressed that the Federal Government gave an option of borrowing to the state government which would be deducted from its federal allocation each month. Onwe, who agreed that the non-payment of workers' salaries had an adverse effect on the lives of the people, reiterated that the state government was still talking

with Nigeria Labour Congress on the best way of resolving the impasse. He advised that industrial action was not the best option for the workers at the moment. The Commissioner further

described the ongoing Independent Power Plant project and the construction of three hostels at State University as economic waste targeted at increasing the financial burden of the state.

According to him, the power project which was started by former Governor Martin Elechi’s administration was not realizable as it had gulp billions of naira from the state government coffers.

Labour/govt negotiation deadlocked over payment of salaries

BAKALIKI—THE negotiation between the State chapter of the Nigeria Labour Congress, NLC, and Ebonyi State government, Thursday, deadlocked as both sides are yet to shift ground towards the payment of salaries to workers in the state. The workers in the state were said to be groaning over the inability of the present administration to pay their salaries since it came on board in May 29, 2015. Whereas the workers were insisting on the payment of the

new salary wage, the state government was of the view that the monthly federation allocation to the state was not sufficient for the implementation of the new salary wage. A worker, who spoke to Vanguard on condition of anonymity, stressed that it was wrong for the government to withhold their salaries as they were finding it difficult to feed their families. “We are no longer happy with this administration. Workers now find it difficult to come to work because of lack of funds. We voted

for this government; we even embarked on strike because of Governor Umahi during the last election and we wonder why he should forget all the good things we did for him.” Addressing newsmen immediately after its meeting with representatives of Ebonyi State government, the state Chairman of NLC, Mr. Ikechukwu Nwafor, who noted that negotiation with the state government was still ongoing appealed to Governor Umahi to pay June salary to workers.

OPEN HEART SURGERY: 25 children undergo operation at UNTH,

fee slashed by 25% By Austin Ogwuda

NUGU—NO fewer than 25 children are currently undergoing heart surgery at the University of Nigeria Teaching Hospital UNTH, Ituku-Ozalla in Enugu State, with medical bill slashed by 25 per cent. Medical Director of UNTH

Enugu, Dr. Christopher Amah who disclosed this weekend, expressed joy about the success recorded in the hospital since the open heart surgeries was restarted three years ago, noting that this was the tenth occasion the hospital was carrying out such massive kind of surgeries. According to him, “you can imagine what it could have been

if we did not relocate a ward here and rehabilitated it for the Open Heart Surgery programme. It would have just resulted to our people, especially those without means to die daily from heart related ailments. “We have a growing list of patients waiting to be attended to. Again, you could imagine that here, we are charging less than

25 per cent of what it takes to get cure for heart diseases overseas”, he stated. According to statistics, three of the patients are from the Kanu Nwankwo Heart Foundation, while others were referrals from other hospitals in the country that are being handled at the Intensive Care Unit of the hospital.

Vanguard, MONDAY, JULY 20, 2015—47

Union clashes with NAFDAC's Finance Director

Osanebi preaches religious tolerance at Sallah

By Sola Ogundipe, Chioma Obinna & Gabriel Olawale

HE Medical and Health Workers Union, MWHUN, of National Agency for Food and Drug Administration and Control, NAFDAC, is currently at loggerheads with the Director of Finance of the agency, Mr. Ademola Mogbojuri, over allegations of insubordination. At a press conference in Lagos weekend, the Union called for disciplinary measures against the finance director, who they claimed had become bigger than the agency. According to the Union, the director, over the last few years, had continued to disregard the authority and position of senior colleagues and even the Director General of the Agency, Dr. Paul Orhii, on numerous occasions. Chairman of MWHUN, NAFDAC branch, Mr. Atah Ibrahim Isah, said: “Most of the issues we have with the agency revolve around the Directorate of Finance and Account, Administration and Human Resources.” In a swift reaction to the union’s allegations, Mogbojuri said he was being victimised for refusing to be part of the massive corruption going on in the agency. On his refusal to move to the training school, he said: “I do not know what training institute is. I have been in NAFDAC for some time now, I have not heard of training institute. “In any case, I have not got a letter to a training institute. As far as I am concerned, I am still in Planning, Research and Statistics. “I am an accountant. I came into NAFDAC through advertised position, did written and oral interview for the job. I am a thorough-breed accountant. I cannot frustrate the agency. “The question is ‘can you give what is not available?’ If money is not available, where do I go and bring it?”

AWARD: From left— Dr. Kwabena Adjei, Founder, Kasapreko Company Limited, makers of Alomo Bitters, with the award for West African Personality of the year; Professor Evara Esu, Deputy Governor of Cross River State; and Mrs. Elizabeth Ofosu-Adjare, Ghanaian Minister of Tourism, Culture and Creative Arts (right), during African Travel Market’s maiden Weizo Accra Conference, in Accra, Ghana.

Buhari, son, 32 others in US P

R E S I D E N T Muhammadu Buhari, yesterday, arrived the Joint Base Andrews Airport, Washington DC, to begin his four-day official visit to the United States. With him is an official entourage of 33, including his son, Yusuf. On the President’s entourage are Governors Umaru Tanko Al-Makura, Nasarawa; Adams Oshiomhole, Edo; Kashim Shettima, Borno; and Godwin Emefiele, CBN. Others are Abiola Ajimobi, Rotimi Amaechi, Senator Hadi Sirika, Ambassador Paul Bulus Z, Ambassador Ayodele Oke, Alhaji Aliyu Ismaila, Ambassador A. A. Musa, Ambassador. G. B. Igali, Aliyu Yahaya Gusau, Dr. Mahmud Mohammed, Pastor Tunde Bakare, Ismaila Isa Funtua, Mr. Femi Adesina and Dr. Sanusi Rafindadi. The rest are Malam Garba, Mohammed Sarki, Kalu Abba-Snr, Ambassador Lawal A. Kazaure, Air Commodore N. B. Bali, Nura Rimi, Bashir Abubakar, Lt. Col. M. Lawal Abubakar, Abdulkarim Dauda, Yau Abdullahi, Sabiu Yusuf, Yusuf Maiyaki, Adamu Sambo, Emmanuel Anrihi, Bayo Omoboriowo, Baba Ujah, Lawal Mato (Snr), Gbenga Folagbade and Shehu Lawal Abubakar. He was welcomed at the White House with a breakfast meeting of five at the Naval Observatory, the official residence of the US Vice President, Senator Joe Biden. Apart from issues of common interest to Nigeria and the US such as security and trade, one of the high points of the visit is Buhari’s

zTo meet Nigerians tomorrow expected lecture at the United States Institute of Peace, USIP, Wednesday. The lecture, which would have been held last February at the peak of the March 28 presidential campaigns, will offer Buhari an opportunity to highlight his policy direction and expectations to a large audience of US policy makers, academics, business leaders, and Nigerians in the Diaspora. Among other engagements, President Buhari will hold talks with Dr. Muhammad Ali Pate of the World Health Organisation, WHO, on economic assistance programme for the NorthEast and other important stakeholders on Internally Displaced Persons, IDPs, a bilateral meeting with Secretary of Commerce Penny Pritzker, US Trade Representative, Michael Froman. The President will also hold talks on corruption with Loretta Lynch, US Attorney General; talks on strengthening the Nigerian economy with Jack Lew, US Secretary of the Treasury, Governor of the Central Bank, Godwin Emefiele, Permanent Secretary, MFA and Director General of the Budget as part of his team. Apart from receiving in audience the US Black Caucus in the House of Representatives, Buhari will be at the Capitol Hill, the equivalent of the National Assembly, holding sessions with the Senate and House committees on Foreign Affairs, with lunch hosted by US Secretary of State, John

Kerry. After his meeting with the US Director of Central Intelligence Agency, CIA, President Buhari will host his colleagues of the Class of 1980 of the US Army War College at the Nigerian Embassy and later meet with a group of potential investors in the agricultural sector, among others.

HE Deputy Speaker of Delta State House of Assembly, Mr. Friday Osanebi, has called on residents of the state to embrace peace and religious tolerance during t h e E i d - e l Fitr celebration. He urged Muslims in the state not to forget the tenets of forgiveness and brotherhood, which characterised the period of the holy month, saying the nation needed peaceful co-existence to overcome insecurity. While condemning the wave of violence being perpetrated by members of the Boko Haram sect, he called on Nigerians to return to the value of brotherly love. Osanebi said: “As we celebrate, let us renew our faith in our nation and implore the Almighty Allah to restore to us those values that place high premium on human lives, love of neighbours and sharing, even as we ventilate our faith in the unity of our dear country and the possibility of taking its proper place in the comity of nations.”

Jonathan's ex-CSO denied medication, food, water— FAMILY

z‘He's on hunger strike’

HE detained ex-Chief Security Officer to former President Goodluck Jonathan, Gordon Obua, has complained of being denied his medications despite being diabetic and hypertensive. In a statement issued on his behalf by his lawyer, Mr. Onochie Onwuegbuna, he complained about the conditions under which he was being detained. He also asked for Obua’s unconditional release. Onwuegbuna alleged that his client was being witchhunted as part of a plan against “marked” individuals, who served and held offices in the Jonathan administration “to implicate them for phantom crimes or offences.” Although he said Obua had been denied food and water, it was learned that he was on a hunger strike to protest his being held in solitary confinement. His lawyer in the statement

said: “We have been briefed and our services retained by the family of Mr. Gordon Obua, Chief Security Officer to former President Goodluck Jonathan, in respect of his present harassment and detention by Department of State Services, DSS. “Has been in detention without being informed what offence (if any) he is alleged to have committed or the reason for his detention. Our client is hypertensive and diabetic to the knowledge of his employers, the DSS. Our client has also been denied access to members of his family, his doctor and his lawyers and even more worrisome is the information obtained by his family that he has not eaten or drank water ever since he was detained. “The actions of DSS constitute gross violation of his fundamental rights to respect for the dignity of his person and personal liberty as guaranteed by Sections 31 and 35 of Nigeria's Constitution.”

48 — VANGUARD, MONDAY, JULY 20 , 2015

Philippines hail containment of China on South China Sea

Obama presents Nuclear deal to Congress

RESIDENT Barack Obama’s administration sent a nuclear agreement with Tehran to Congress yesterday and Israeli Prime Minister Benjamin Netanyahu urged U.S. lawmakers to reject a deal he said would only feed an “Iranian terror machine”. In a first concrete sign of European determination to quickly rebuild economic and political ties with Iran after a 12-year standoff, German Economy Minister Sigmar Gabriel arrived in Tehran with an economic delegation. Other European powers were expected to follow. Obama has promised to exercise his veto if Congress rejects the deal, which curbs Iran’s nuclear program while allowing an easing of economic sanctions. Overriding it would require a two-thirds major-

•President Obama ity of both the House of Representatives and Senate, so the administration is working to win over enough of Obama’s fellow Democrats to offset strong Republican opposition. “I think the right thing to do is merely not to go ahead A staff member removes the Iranian flag from the stage after a group picture with foreign minis-

ters with this deal,” Netanyahu said on CBS’s “Face the Nation” as he continued a string of U.S. media interviews denouncing the deal reached on Tuesday between Iran and six major powers. “There are many things to be done to stop Iran’s aggression and this deal is not one of them,” he said. Tehran denies Western and Israeli accusations it has

been using a research program as cover for ambitions to develop atomic weapons. President Hassan Rouhani said on Saturday he expected the deal would lead to closer relations with Tehran’s neighbors in the Gulf region, while Supreme Leader Ayatollah Ali Khamenei said Iran remained at odds with the West. It was on Khamenei’s words that Netanyahu seized, speaking to his cabinet on Sunday. “The Iranians are not even trying to hide the fact they will take advantage of the hundreds of billions they will receive via the agreement to arm their terror machine,” he said. “And they say explicitly they will continue their struggle against the United States and its allies, Israel of course above all.”

... No change in diplomatic relations with Iran

HE historic nuclear deal with Iran isn’t likely to restart diplomatic relations with Tehran, Secretary of State John Kerry told ABC News’ “This Week.” In an interview with Jonathan Karl, Kerry all but ruled out a visit to Tehran during the his tenure. “It’s not being contemplated,”

Kerry said. “We don’t have relations at this point.” In a joint interview with Energy Secretary Earnest Moniz, the two lead U.S. negotiators said they’d be on Capitol Hill next week urging members of Congress to accept the deal, even though many of them have expressed frustration

that the United Nations will get to vote on passage of the agreement before they do. “They have a right to do that,” Kerry said. “I mean honestly, it’s presumptuous of some people to suspect that France, Russia, China, Germany and Britain ought to do what the Congress tells them to do. They’re in-

dividual countries and they have sovereignty. They’re members of the United Nations and they have a right to have a vote.” Congress now has 60 days to consider the agreement and would need a veto-proof two thirds majority vote to strike it down.

Pentagon moves to reinforce ties with Israel

N the face of Israeli out rage over the Iran nuclear accord, the Pentagon is moving quickly to reinforce arguably the strongest part of the U.S.-Israeli relationship: military cooperation. But officials say WashIsrael’s Prime Minister ington has no plans to ofBenjamin Netanyahu fer new weaponry as compensation for the Iran deal. talks on ways the U.S. can Defense Secretary Ash further improve Israel’s Carter left for Tel Aviv yes- security — not just with Iraterday to push ahead with nian threats in mind, but

an array of other challenges, including cyberdefense and maritime security. Israel also has expressed concern that U.S. sales of

Deposition: Cosby paid women to keep affairs secret

ILL Cosby, in sworn testimony a decade ago, said he had paid women after sex to keep the affairs from his wife, suggested he was skilled at understand-

Buckingham Palace slams images of queen’s Nazi salute as child

RITAIN’s royal fam ily suffered a highprofile embarrassment Saturday after a newspaper published images showing Queen Elizabeth II giving a Nazi salute as a young child in the 1930s. Buckingham Palace voiced disappointment after the front page of

The Sun carried a blackand-white image of the queen, then aged around six, raising her right hand in the air as her mother, the late Queen Mother, does the same. The headline on the story read: “Their Royal Heilnesses” — a reference to the “Heil Hitler” greeting used in Nazi

advanced weaponry to Gulf Arab states has the potential of offsetting, to some degree, Israel’s qualitative military edge.

Germany. An investigation into how The Sun got the footage has been launched and the palace could take legal action against the newspaper depending on its findings, a royal source speaking on condition of anonymity told AFP.

ing nonverbal cues for sexual consent and called one of his accusers a liar. The New York Times reported the revelations Saturday after obtaining a copy of a transcript from a deposition Cosby gave in a lawsuit filed by a former Temple University employee who alleges he drugged and molested her. According to excerpts from the deposition released a month ago, and first obtained by The Associated Press, Cosby admitted he procured quaaludes with the intent of giving them to young women he wanted to have sex with.

HE Philippines yester day hailed what it termed growing international support for its efforts to counter China’s claims to most of the South China Sea. The comments from a presidential spokesman came as the US Pacific Fleet released photographs of its commander in a surveillance flight over the sea, where tension is rising between Manila and Beijing. Herminio Coloma, spokesman for President Benigno Aquino, said that

“there are additional voices supporting our move for a peaceful resolution to the debate over... the South China Sea.” He said many nations agreed that the dispute “must go through legal process as signatories to the United Nations Convention on the Law of the Sea”. “We welcome the growing support for the position of our country,” Coloma told reporters, citing the European Union, Australia, Japan and fellow members of the Association of Southeast Asian Nations.

Merkel rules out ‘haircut’ for Greece

HANCELLOR Angela Merkel yesterday suggested that Germany would show flexibility in negotiating how Greece deals with its massive debt, but again ruled out writing off part of the money. Speaking on ARD television’s Bericht aus Berlin program, Merkel said that “a classic haircut of 30, 40 percent of debt cannot happen in a currency union.” But Merkel, who persuaded German lawmakers on Friday to give their overwhelming backing to another financial rescue package, suggested that she was open to discussing ways to lessen the burden

•Angela Merkel on Athens. She said, for example, Greece previously has been given more favorable interest rates, time extensions and other relief. “We can talk about such things again,” she said, but added such talks could only begin after details of Greece’s bailout program are finalized.

Hollande calls for the creation of euro zone govt

RENCH President Francois Hollande yesterday called for the creation of a euro zone government and for citizens to renew their faith in the European project, which has been weakened by the Greek crisis. Reviving an idea originally put forward by former European Commission chief Jacques Delors, Hollande proposed “a government of the euro zone (with) a specific budget as well as a parliament to ensure its democratic control”.

•Francois Hollande The French president said the 19 member states of the euro zone had chosen to join the monetary union because it was in their interests and no one had “taken the responsibility of getting out of it”.

Ex-President George HW Bush leaves hospital

spokesman for George H.W. Bush says doctors are pleased with the progress the former president is making since he fractured a bone in his neck during a fall last week. Jim McGrath said Sunday that Bush is doing better and his spirits are good. The 91-year-old Bush took a tumble at his summer home in

Kennebunkport on Wednesday and remains hospitalized. The 41st president fractured his C2 vertebra, the second one below the skull, but doctors say it didn’t impinge on his spine or lead to any neurological deficits. Doctors say they expect Bush to make a full recovery in three to four months.

VANGUARD, MONDAY, JULY 20, 2015 — 49

Boko Haram: Buhari to hold talks with Obama

IGERIA’s new Presi dent Muhammadu Buhari left Nigeria yesterday for United States for a meeting with President Barack Obama to mend relations battered by his predecessor’s failures to fight an Islamic uprising and corruption in Africa’s biggest oil producer. Buhari’s March election, hailed as the first democratic change of power in the West African nation that has suffered decades of military rule, has already resulted in pledges from the U.S. to help hunt down stolen funds and increased military aid to fight the insurgency. Suicide bombings and village attacks blamed on Nigeria’s homegrown Boko Haram extremists have killed hundreds of people at home and in neighboring Chad, Niger and Cameroon just in the past two weeks. Buhari’s May 29 inauguration was followed by a

President Barack Obama President Muhammadu Buhari surge in attacks by the 6year-old uprising that aims ering stolen funds and reto form an Islamic state and viving flagging investment has killed more than 13,000 in Nigeria’s corruption-ridpeople while driving 1.5 dled petroleum industry. Ahead of the meeting, million from their homes. Buhari has also inherited Buhari, a dictator in the a firestorm of other prob- 1980s lauded as the only lems, including near-empty Nigerian leader not to have coffers, tens of thousands of enriched himself from state unpaid civil servants and an coffers, has been cleaning income slashed by halved house. He laid off scores of former oil prices. Nigeria, the world’s seventh most popu- ruling party members that lous nation at 170 million, is had been given lucrative the U.S.’s biggest trading positions on the boards of state owned companies and partner in Africa. The Monday meeting with fired the entire top echelon Obama is expected to focus of the military he has acon more military aid, recov- cused of corruption.

Senegal to stage ‘historic’ trial of Chadian former despot Habre

HAD’s former dicta tor Hissene Habre will make history today when he is tried in Senegal over his regime’s brutality, the first time a despot from one African country has been called to account by another. Once dubbed “Africa’s Pinochet”, the 72-yearold has been in custody in Senegal since his arrest in June 2013 at the home he shared with his wife and children. Rights groups say 40,000 people were killed during his eight years in power under a regime marked by fierce repression of his opponents and the targeting of rival ethnic groups. Habre, who held power between 1982 and 1990, is charged with crimes against humanity, war crimes and torture. He will be tried by the Extraordinary African Chambers, a special court established by the African Union under an agreement with Senegal, led by a judge from Burkina Faso. Delayed for years by Senegal, where Habre has lived since being ousted in 1990, the hear-

File picture shows Mobutu Sese Seko, president of Zaire (L), and Hissene Habre, president of Chad, waving to wellwishers, in August, 1983, on Mobutu’s ar rival in N’djamena ings will set a historic precedent as until now African leaders accused

of atrocities have been tried in international courts.

Zuma discharged from hospital after gallstone operation

OUTH African Presi dent Jacob Zuma was discharged from hospital yesterday after undergoing an operation to remove gallstones, his office said, adding that he would continue to work during his recuperation. Zuma, 73, went into hospital for the scheduled procedure on Saturday after the gallstones were discovered during a routine check-up two months ago.

“President Jacob Zuma has been discharged from hospital where he underwent a successful procedure to remove gallstones last night,” the presidency said in a statement. “Doctors are pleased with the outcome of the operation. The President will spend the next few days resting and recuperating at home. He will also work from home during this period.”

50—Vanguard, MONDAY 20 20,, 2015

• L-R: National President, Association of General and Private Medical Practitioners of Nigeria, AGPMPN, Dr. Frank Odafen; Secretary General, AGPMPN, Dr. Kayode Adesola and former commissioner for health, Lagos-state, Dr. Leke Pitan during AGPMPN NEC meeting in Lagos.

Establish health intervention fund now — Private doctors tell FG By Chioma Obinna

RIVATE Medical Practitioners have called on the Federal Government to urgently establish a Health Intervention Fund that would enable medical practitioners in reposition the country ’s healthcare system. The medical doctors argued that the establishment of the intervention funds have become imperative following the current harsh economic condition of the country which they said has put the medical practitioners at disadvantage. Addressing a press conference shortly after a two-day National Executive Council Meeting of the Association of General and

Private Medical Practitioners of Nigeria, AGPMPN, National President of the Association held in Lagos, Dr. Frank Odafen said the Federal Government has the responsibility to ensure that medical entrepreneurs are helped to overcome what he described as “strangulating” period. Odafen explained that the fund when established would assist medical practitioners, particularly, those in private sector to develop and upgrade their facilities as well as build the capacity of their personnel. “The socio economic environment is really strangulating. We are calling on government to help us with health

intervention funds as obtains in other vital sectors of the economy such as entertainment, housing and agriculture. If man is the prime mover of the economy and the private doctor is the one taking care of the man, a healthy populace is the only populace that can create wealth and prosperity for the nation. It therefore becomes very imperative, compelling and desirable for government to submit to the national assembly an executive bill at both state and federal levels devoting significant aspect of budget to health intervention funds so that doctors can have ac cess to fund for the development and upgrading of their facilities and the personnel that work in the hospitals.”

He further posited that the fund would help in stepping down the very bad health vital statistics as it affects the country. “We should remember that we in private practice are helping government in absolving unemployed Nigerians; we are inherently helping government to wipe away social vices,” he stated. Declaring their support for the administration of President Mohammed Buhari, he urged Governments at all levels to create conducive environment for them to practice their profession with sense of fulfilment and profitability. “Government should step down multiple taxations and lower the bar for dues and fees for registration. They should collaborate with private medical practitioners by ensuring that they help in capacity building of private medical practitioners and in infrastructural development of their facilities.”

Infrastructural development “We have resolved to support the government in their quest to ensure that Nigeria becomes one of the reference centres amongst the comity of nations in terms of accessible, universal, qualitative and acceptable healthcare delivery. He said already the association is reviewing policies and strategies to fashion out strategies that would ensure that healthcare delivery in Nigeria is at its best. Odafen however urged the general public to see doctors as their friend and protect them wherever they are practicing; alleging that doctors have become in recent times victims of kidnappers.

Experts deliberate on pain management strategy ...As Nurofen debuts in Nigeria By Etop Ekanem

UROFEN, one of the world’s pain relief brands from the stable of RB Nigeria Limited, has been launched into the Nigerian market with its unique proposition of being able to work at the site of pains as well as offer instant relief. The new product launch, which held in Lagos, enjoyed the presence of a large number of international and national health experts alongside key leaders of various medical associations in Nigeria; all affirming the efficacy of the Nurofen brand. Speaking at the launch, General Manager, RB West Africa, Mr. Rahul Murgai, said the development of Nurofen speaks to the positioning of the company as one that puts priority

on providing innovative solutions to Nigerians to make life easier and healthier for them. “Our vision is a world where people are healthier and happier; our purpose is to make a difference by providing Nigerians with innovation solutions to ensure they lead healthier lives in happier homes,” he said. He said in order to achieve its purpose and to be meaningful partner for the pharmaceutical industry, RB Nigeria Limited had continued to invest in research and product development thereby able to come up with high quality brands that promote health and hygiene among families.While stressing the significance of Nurofen’s launch into the Nigerian market, he revealed that the product was intended to help Nigerians overcome body pains, fe-

ver and flu caused by the prevalence of stressors such as perennial traffic logjam, work overload and poor weather condition. Speaking on the topic, “Ibuprofen for children and its role in pain and fever control”, Professor in Anesthesiology, University of Eastern Finland, Prof. Hannu Kokki stated that “pain in

Eighty-eight per cent of Nigerians who are 60 years and above have had at least one episode of low back pain in their lifetime

children and adult can be adequately managed with Ibuprofen which is the active agent of Nurofen. In her remark on pain, President, Society for the Study of Pain, Nigeria (SSPN), Dr Ikeoluwa Ajayi, said “Globally, one in five adults suffer from pain and on the average 40-8 per cent of consultations in primary care settings have been reported to involve a complaint of pain in several countries across the globe. In Nigeria, there is a paucity of empirical evidence on the prevalence of pain complaints; 88 per cent of Nigerians who are 60 years and above have had at least one episode of low back pain in their lifetime” Category Manager, Nurofen, Qaiser Rashid said the launch of Nurofen is to empower Nigerians to continue to live active life and be able to achieve their dreams in an atmosphere devoid of pains and other health risk factors that can slow them down.

MDCN certifies MedEnhanz as online CPD provider

HE Medical and Dental Council of Nigeria, MDCN, has endorsed and issued licence to MedEnhanz Resources Limited as an online Continuing Professional Development, CPD, provider in the country. MedEnhanz is an online medical information company based in Nigeria providing a web-based medical information and clinical reference tool for Nigerian medical professionals. Over the years, efficiency, effectiveness, sustainability and profitability witnessed by the financial and telecommunication sectors in Nigeria have eluded education and health sectors particularly medical care delivery. This development has, however, been attributed largely to inability to embrace digital revolution that has become the cornerstone of every human activity and existence. Also, since the MDCN mandated participation in CPD activities in January 2011, many physicians have had challenges acquiring up to 20 CPD units required for renewal of their practising licence. Efforts to bridge the gap motivated MDCN under the leadership of the Registrar, Dr. Abdulmimni Ibrahim to accredit and issue license to MedEnhanz Resources Limited as an online CPD provider. Reacting to the endorsement, Registrar of MDCN, Dr. Abdulmimni Ibrahim said that efforts to bridge the gap motivated the medical council leadership to accredit and issue licence to MedEnhanz. Also speaking, the Chief Medical Officer at MedEnhanz, Dr. Dokun Dairo, explained that the purpose of the programmme is to ensure doctors regularly update their knowledge while also creating a path for lifelong learning in the constantly changing field of medicine. MDCN mandated MedEnhanz to conduct a pilot study on delivering online CPD for medical practitioners in Nigeria with the aim of providing insights on technical feasibility and effectiveness, as well as serving as a reference point for MDCN to develop guidelines specific to deployment of online CPD in Nigeria. The study, Dairo explained, started toward the end of April 2014 and lasted for a period of one month using the MedEnhanz’s Learning Management System.

Vanguard, MONDAY, JULY 20, 2015—51

From soldier’s fatal stray bullet: Sad end of a cop By Esther Onyegbula

T was an action gone terribly wrong. A soldier ’s attempt to prevent officials of the Lagos State Transport Management Agency, LASTMA, from towing a military truck he was escorting to Kaduna State, has led to the tragic death of a police officer on patrol around the area. The incident which occurred between Idiroko and Anthony Busstop in Lagos, caused a stir at the ever-busy Ikorodu Road as motorists and passers-by scampered in different directions for safety. The soldier who is attached to AHPQST (Apapa), 81 Division Headquarters, Nigeria Army located at 3, Kofo Ababyomi street, Victoria Island, Lagos, was officially detailed to convey an unregistered white and yellow truck belonging to the Nigerian Army to Kaduna State. On his way out of Lagos, the truck broke down at Idiroko Bus-stop close to Anthony. He decided to sleep inside the truck till dawn. It was gathered that while Peter was sleeping, some LASTMA officials who were on patrol from Oshodi unit sighted the truck from the bridge and decided to tow it to their office.

Indiscriminate shooting The 40-year-old suspect identified as Peter Haruna, a lance corporal, was said to have immediately come out with his military rifle and started shooting indiscriminately into the air and at the LASTMA officials. Scared to their bones, the officials reportedly took to their heels. It was gathered that while Peter continued shooting, a stray bullet hit a police man identified as Christian Anawo, who was a member of a patrol team made up of four police men led by one Sergeant Timothy. He was later confirmed dead. The team was on routine patrol of the area. His colleagues immediately called their Divisional Police Officer, SP Abubakar

*The bullet’s point of entry

*Christian Anawo...victim of stray bullet Abdulkarim Umoru, who rushed to the scene. Having been briefed on what transpired, the DPO was said to have radioed the Lagos State Police control room, Ikeja, to notify the authorities of the incident. He also met Lance Corporal Peter who confirmed that he fired some gunshots into the air to scare officials of the LASTMA who had come to tow the truck he was guarding. But he, however, denied that one of the

The suspect shot indiscriminately into the air when we came to tow his truck; we had to run for our dear lives

bullets he fired hit a police man.

One of the LASTMA officials who witnessed the incident told VM: “The suspect shot indiscriminately into the air when we came to tow his truck. We had to run for our dear lives. We later re-enforced and came back to the scene with police men before we could tow the truck. There is no way he can deny that he didn’t fire any shot when used cartridges littered the scene of the crime.” When VM visited the Lagos State Criminal Investigations Department at Panti, the suspected soldier was seen in

leg chains in company of military police men who had brought him for interrogation. When contacted, the Director, Army Public Relations, 81 division of the Nigerian Army, Colonel Mustapher Anka, said that there is a concerted effort by the Division and the Lagos State Police Command through collaborative efforts to unravel the circumstances surrounding the incident. He assured that the relationship between the two organisations remains cordial.

Student in the dock over stolen motorcycle By Chinenyeh Ozor, Nsukka

two suspects. ‘’In the course of evidence in the charge, the two suspects confessed that they were teleguided and sponsored by Stanley Ogwo’s adversaries to frame him up and pleaded for forgiveness.

T was the end of the road for a National College of Education graduate who specialised in motor cycle theft and receipt forgery in the university town of Nsukka. He was nabbed while attempting to dispose of a motor cycle stolen from a lady, using a forged sales invoice of one Stantly Ogwo, a motor cycle dealer at Obollo- Afor in Udenu Local Government Area, Enugu State. The suspect, Sunday Nwaeze, 27, a 300-level student in the institution while on interrogation admitted that he forged the sales invoice of the said motor cycle and could not produce the genuine papers and registration number of the vehicle at the time he was caught trying to dispose of it. Vanguard Metro, VM, gathered that the motor cycle dealer had in 2011 been accused of complicity in a motor cycle theft by two suspects, Victor Joseph and Ejiofor Eze, for receiving a motor cycle stolen from St. Patrick’s Catholic Church Oboll-Afor. Items recovered from the student include forged sales invoice of Stanley Ogwo Number 0016 dated March 3,2012 with the

*The accused, Sunday Nwaeze value of N120,000.00 for the sale of the lady’s motor cycle. Sunday has since been charged to court on two counts of stealing and forgery at ObolloAfor magisterial district, in suit NO CMO/TC/368/2015 where he pleaded not guilty to the charges. The presiding magistrate F.E Chukwu granted him bail with a surety N80,000.00. Meanwhile, counsel to the motor cycle dealer, Mr. Emeka Agundu, in an interview with VM absolved his client of complicity in the case linking him with two suspected motorcycle thieves, explaining that he(Stanley) was arrested and detained and later arraigned in respect of suit number MOB/65/2011 at ObolloAfor magistrate court along the

Pleading for forgiveness But based on police prosecutor’s investigation on the suspects confession, the court, presided by His Lordship, Vera Ajougwu (Mrs) struck out the charge, released all his confiscated motor cycles and discharged the framed Stanley Ogwo who genuinely purchase his motor cycles at Nnewi motor cycle market in Anambra State,” he said. Agundu noted that the arrest and prosecution of Nwaze has vindicated his client whom he said was seen in bad light by the congregation of St. Patrick’s Parish in Obollo-Afor and its environs, pointing out that his client had never indulged in the purchase of stolen motor cycles since he started his business as a motor cycle dealer in the area. C M Y K

52—Vanguard, MONDAY, JULY 20, 2015 Map of Delta State

OKIRIKA TO GOV OKOWA:

Your DESOPADEC bill is invitation to anarchy in Delta By Emma Amaize, Regional Editor, Niger- Delta

IONEER Chairman of the Delta State Oil Producing Areas Development Commission, DESOPADEC, Chief Wellington Okirika, weekend, slammed the Delta State Governor, Senator Ifeanyi Okowa, over his executive bill to amend the Commission’s law, saying his action is an invitation to mayhem in the state. Okirika, popularly known as Mr. 13 Per Cent, advised the governor in an interview with Vanguard, weekend, in Warri, to immediately withdraw the bill, summon the producing communities in the state and their leaders to a frank meeting before the matter gets out of control. His words, “The bill sent to the state House of Assembly by Governor Ifeanyi Okowa to amend the Delta State Oil Producing Areas Development Commission, DESOPADEC, law without consultation with the leadership and people of the oil producing communities in the state is an invitation to chaos.

Oil producing communities It was the oil producing communities in Delta State, the Itsekiri, Ijaw, Isoko, Urhobos and Ndokwa that proposed and initiated the DESOPADEC bill in 2006, presented and lobbied the members of the House of Assembly and they passed the bill, not the state government.” Ibori didn’t interfere in his time: According to him, “The governor in Delta State at that time was Chief James Ibori, he did not interfere in all the proceedings because it is a community-based bill. When eventually the bill was passed, it gave power to the governor to approve the nominations from the producing communities and that was why I, who was in the forefront of the struggle, was made the pioneer chairman. This was because I was the driver of the process and since it is a community-based commission, Ibori understood that the communities should operate and manage it themselves without interference. Uduaghan listened to advice: “Now, during the regime of the immediate past governor, Dr. Emmanuel Uduaghan, in the last days of his regime, he sent a bill on the same DESOPADEC to the House of Assembly. When the communities raised alarm, Uduaghan invited me and other leaders of the oil-producing

•Delta governor, Okowa...met with HOSTCOM to do something better of our people.” •Chief Wellington Okrika...the governor should Contrary to your stand, I consult with DESOPADEC stakeholders first understand that Governor communities to a meeting in must look at that provision by the Okowa met with leaders of the Asaba to see how we can reach National Assembly. If there is Host Communities of Nigeria, anything that is contrary to that a common ground. HOSTCOM, (Producing Oil and Why is Okowa rebuffing the provision in the constitution, it Gas) in the state and they made becomes invalid. real leaders? input before this bill was sent to “The operation, management “This has not been done by the the House of Assembly. Were present administration, why and allocation of funds in you not part of the meeting? can’t they invite the leadership DESOPADEC are based on Vanguard asked. and the people to Government production quantum, it is not Okirika responded, “I was not House in Asaba to tell us this is based on ethnic nationalities, it is part of the bill and you know that what they want to do and we will not based on senatorial districts, if you are talking of tell them our own submission it is not based on population. In DESOPADEC, I am the mover the producing and marry the same before Nigeria, and creator of that commission sending the bill the House of communities are in states. Akwa in this state, everybody knows Ibom State produces the highest Assembly? me as Mr. 13 per cent. I am the now, producing communities are founding father of the 13 per cent in Rivers State, they produce the Invitation derivation fund, so if you are second, producing communities for chaos doing things and you are in Delta State produce the third, dealing with the youths and That is why I am saying that it Bayelsa is fourth in that order. some persons without consulting is an invitation for chaos. Now I the recognized leaders, it is at want to say that 13 per cent Production your own peril. There are leaders derivation fund as enshrined in quantum in Itsekiri, Ijaw, Isoko, Urhobo the Constitution of the Federal and Ndokwa. In Ijaw, you have In the hierarchy of management me, Chief Ebimami, others from Republic of Nigeria, 1999, is unambiguous that 13 per cent and disbursement of 13 per cent Egbema, Ogulagha, Ogbe-Ijoh, derivation fund belongs to the derivation funds, it is based on who are all producers. oil and gas producing production quantum. Akwa Ibom communities exclusively. The oil is not the first by means by communities are the legal and population, but it the first as we recognized beneficiaries of the speak now on the list of oil producing states because 13 per cent derivation fund.” Derivation fund belongs to oil producing communities from the communities, not state state produce the highest. “Derivation is based on government “The oil and gas producing production quantum and any communities are the source of action that has to be done must derivation, so the Federal be done in conformity with that Government is returning 13 per derivation principle. Anything Derivation is cent of what it takes from the done outside it is contrary to the communities to the communities. law and is unacceptable. It, based on Therefore, it is very clear the therefore, means that if the production rightful owners of the 13 per cent government wants to do anything quantum and any derivation are the producing about the amendment of communities and any attempt to DESOPADEC law, which is action that has to alter the DESOPADEC law must explicit that 50 per cent of the 13 be done must be be in consultation with this same per cent derivation that comes to people. So, 13 per cent is the state goes the commission done in conformity enshrined in the Constitution of unimpeded, unchallenged, with that derivation the country and any attempt to undistorted, the people must be amend the DESOPADEC law contacted if it has good intention principle

Government knows the leaders of the producing communities; HOSTCOM is not in-charge. “The producing communities in Ijaw have their oil wells and flow stations, the people he is dealing with are politicians and if you are dealing with politicians, who call themselves host communities and all that, I wish you luck. Those people that held a meeting with them never came to inform anybody before they held a meeting with the governor. The governor knows me but if he says he does not know me, fine, but there are other people. However, I do not think anybody in the state can push me aside on the issue of oil communities and even the governor that just left knows that as a fact. And I told him to his face when he invited me, this is wrong and he asked me to go.” What grouse do you and others hold against Okowa, who said his plan is to pattern the DESPOADEC law according to the NDDC model? “We are saying that there was no due consultation and that any amendment to the DESOPADEC law should come from the same people, who proposed, initiated and got it passed in 2006. We are still living, we are not dead, and we are very much around. If he wants to make amendment, he should call the leadership of the producing communities, not host communities that are politicians. We know the leadership, in Itsekiri, we have the Ayomikes, the Jemides, are you telling me you do not know them, you (reporter) know them yourself. In Isoko, we have the Okpozos and all of them, what are we talking about.

Actual owners of oil wells Therefore, because they are politicians, we do not exist again, this is a constitutional right belonging to the oil producing communities from Itsekiri, Ijaw, Urhobo, Ndokwa, Isoko, they should call everybody. Are you trying to take our oil wells because we are quiet and docile. “I want to make it clear that the law is very clear on DESOPADEC; any amendment must come from the people after discussion. We have not discussed, since we have not discussed, they have discussed with political stooges I understand, I wish them luck, but you can see that those people that they held meeting with did not consult the actual owners of the oil wells and they are coming forward to say clearly that they are dealing with the wrong people. My advice is that having found out that they have been dealing with the wrong people; they should stop forthwith and deal with the right people before they move forward.” •Tomorrow, National Coordinator of Host Communities of Nigeria, HOSTCOM, Prince Maikpobi Okareme, sheds light on Governor Ifeanyi Okowa’s talks with leaders of oil communities in the state. He also gave reasons why he supports the bill

Vanguard, MONDAY, JULY 20, 2015—53

Vanguard CLASSIFIED

C M Y K

AKETU—I, formerly known and addressed as Miss Aketu J o s e p h i n e Oseahumen, now wish to be known and addressed as Mrs. Okongko Josephine Oseahumen. All former documents remain valid. General public please take note.

NLIAM—I, formerly known and addressed as Miss Nliam Ugochinyere SandraMary, now wish to be known and addressed as Mrs. Ohaegbulem Ugochinyere SandraMary. All former documents remain valid. General public please take note.

T H O M A S — I , formerly known and addressed as Miss Ruth Punarimam Thomas, now wish to be known and addressed as Mrs. Ruth Linus Shadrach. All former documents remain valid. General public please take.

OKOTIE—I, formerly known and addressed as Evelyn Tobore Okotie, now wish to be known and addressed as Esiri Tobore Evelyn. All former documents remain valid. General public please take note.

NWOKOLO—I, formerly known and addressed as Miss Nwokolo Patricia Ebele, now wish to be known and addressed as Mrs. Oshebor Patricia Ebele. All former documents remain valid. General public please take note.

E N W E R E — I , formerly known and addressed as Miss Priscilla Okechi Enwere, now wish to be known and addressed as Mrs. Priscilla Okechi Asiegbu. All former documents remain valid. General public please take note.

AMUCHI—I, formerly known and addressed as Miss Amuchi Nneamaka, now wish to be known and addressed as Mrs. I g b o n e k w u Nneamaka. All former documents remain valid. General public please take note.

ODEGENE—I, formerly known and addressed as Miss Odegene Phibian Chinedu, now wish to be known and addressed as Mrs. Mogbolu Phibian Chinedu. All former documents remain valid. General public please take note.

BAADI—I, formerly known and addressed as Peter Chukwuemeke Baadi, now wish to be known and addressed as Peter Emmy Legacy. All former documents remain valid. General public please take note.

OFSE—I, formerly known and addressed as Miss Ofse Justina Charity, now wish to be known and addressed as Mrs. Ezinwoke Justina Charity. All former documents remain valid. General public please take note.

MFON—I, formerly known and addressed as Miss Mfon Benson Etuk, now wish to be known and addressed as Mrs. Mfon Umoh Umoh. All former documents remain valid. General public please take note.

AZEEZ—I, formerly known and addressed as Miss Azeez Adejumoke Bolanle, now wish to be known and addressed as Mrs. Ologere Adejumoke Bolanle. All former documents remain valid. General public please take note.

KIKACHUKWU—I, formerly known and addressed as Charles Kikachukwu, now wish to be known and addressed as Charles Ofuani. All former documents remain valid. General public please take note.

HOPE—I, formerly known and addressed as Mr. Enobakhare Hope Orobosa, now wish to be known and addressed as Mr. Enobakhare David Orobosa. All former documents remain valid. Nigerian Ports Authority, National Open University of Nigeria, Kwara State Polytechnic and the general public please take note.

RAMADAN: From left: Kwara State Governor, Alhaji Abdulfatah Ahmed, Senator Kabir Gaya and Jigawa State Governor, Alhaji Badaru Abubakar, during Ramadan Tarawih prayers in Mecca, Saudi Arabia.

EID-EL-FITRI: NLC laments rising

insecurity, unemployment zTasks political leaders on selfless service By Victor Ahiuma-Young

AGOS—NIGERIA Labour Congress, NLC, weekend, called on the nation’s political leaders to in the spirit of Eid-El-Fitri celebration rededicate themselves to the service of Nigerian people and provide selfless service to the citizens. The Ayuba Wabba faction of NLC in a statement implored governments at all levels to ensure social justice, provision of gainful employment, improved security, improved standard of living improved health and qualitative education as issues that are germane to the well-being of Nigerians.

Tasks Muslims on spiritual values

While urging Nigerians especially Muslims to imbibe the noble spiritual values and virtues of the Eid-el-Fitri, which include

self-denial, chastity, sacrifice, forgiveness, sharing and giving, the faction in the statement by its President, Mr. Ayuba Wabba, implored governments at all levels to consistently act fairly, transparently and justly to earn the confidences of Nigerians. The statement read in part; “the end of the month long Ramadan fasting and purification period offers us a unique opportunity to reflect not only on our personal lives but also on the teachings of the Holy book and our obligations to it. Against the background of the challenging times we are facing as a nation occasioned by the mindless acts of terror that the Boko Haram insurgence has over the last few years inflicted on us as a nation, I urge all Nigerians to rejoice with our Muslim brothers and sisters and be part of the process of national

renewal and rebirth which the fasting and supplication to the almighty Allah seeks to enthrone.

Boko activites

Haram

“The activities of Boko Haram have continued to pose enormous challenges as they have sought to destroy our sense of community, destroy the harmony that existed among Muslims and Christians and adherents of other religions. Their tactics of committing mass carnage in churches, mosques, markets and other such soft targets are desperate and despicable tactics intended to turn citizens against each other, and create a situation full of religious hatred. As we mark this year’s Eid-ElFitri, we call on our leaders-religious, traditional, political and community-to unite in denouncing the evil that

this extreme fanatics represent. They have no place in modern society like ours, and we must work together to defeat them, and bring them on their knees.”

Lauds military

The statement commended “the gallantry demonstrated by our armed forces in their recent victories against the insurgents," and urged them not to relent until ultimate victory is achieved. "On this occasion of the end of the Muslim holy month, we identify with all those that have been affected by the unjust atrocities of this sect. We must reassure them that the Nigerian spirit will ensure that we triumph against this evil. We call on our political leaders on the occasion of this celebration to rededicate themselves to the service of our people and provide selfless service to our nation.

Damaturu-Biu road now free of mines, safe for use —ARMY

BUJA—THE Nigerian Army, yesterday, said the Damaturu-Bui road which insurgents littered with mines had been cleared and now safe for use. The Acting Director of Army Public Relations, Col. Sani Usman, made this disclosure in a

statement he issued in Abuja. He said that in addition to the removal of the mines, measures had been put in place to ensure adequate safety for road users on the axis. ‘’Good morning, please inform the public that Damaturu-Biu road

has been cleared of mines. ‘’This was done by a team of Nigerian Army Special Forces, with support from the Nigeria Police and local vigilante,” the statement stated. According to it, four Improvised Explosive Devices, IEDs, planted by the suspected Boko Haram terrorists were

discovered and successfully detonated. The spokesman urged commuters to use the road as adequate security was being provided. ‘’The Nigerian Army wishes to further enjoin the public to be more security conscious and report any suspicious persons and movements to the security agents,” he said.

54 — Vanguard, MONDAY, JULY 20, 2015

OUR years ago, in a piece entitled “ One visa denial too many”, I wrote “ From September 1-11 2011 in Ravenna Italy, Nigerians sat through a harrowing experience as their decimated beach soccer team, faced a herculean task in the 5th FIFA beach Soccer competition. “Vice champions of Africa, Nigeria competed with 15 other countries for the prized beach soccer trophy. “Contesting in Group C the Beach Eagles as the country’s national team is known and called faced Russia in the first match and lost 4-8. It was in the course of that match, during the commentaries, that Nigerians got to know that Nigeria arrived the competition with 9 players instead of 12 as stipulated in the rules and regulations. “On enquiry it was discovered that the remaining players were denied visa by the Italian Embassy. “ By the time Nigeria lined out against Venezuela in their next match, Emmanuel Zabi, Shehu Maijana and Musa Najare were still yet to arrive Italy.” We trudged on against Tahiti. On September 8 at the Stadio del Mare in Ravanne, the Nigerians got to the quarter final and came against defending champions Brazil and at full time had tied at 8-8 only to lose 8-10 at extra time. In the FIFA website it was reported that the Nigerians ‘sprawled on the ground’ after the energy sapping encounter. FIFA had entitled the match BRAZIL OUTLAST BRAVE NIGERIANS. ‘outlast’ was definitely the word that best describes a team that was not complete even for a top class tournament of that nature. Question. Why did the three players not make it to Italy? We asked the NFF to make noise through the media, we thought the National Sports Commission should protest through the Ministry of External Affairs that never again should any Embassy on flimsy excuses deny legitimate application for visas especially when it has to do with National teams of this country. I have no doubt that certain Federations are still suffering that ignominy in unreported cases. Let us fast track to 2015, the World Youth Athletics Championships in Cali, Cambodia. The AFN timely drafted our Youth hopefuls to Port Harcourt for a two week intensive camping preparatory to Cali. In doing that some parents had to be consulted to please allow their children and wards to skip school for the period to guarantee a decent showing in Cali! The next thing we heard was that the children could not travel because the Brazilian Embassy denied them transit visa! Yes TRANSIT VISA. I have asked

The Cali no show, Falcons on the brink... questions, tried to find out from all concerned why we were denied transit visa. A bitter AFN I was told did all that had to be done and in good time too. When it was discovered that the Brazilians were playing funny, it contacted the IAAF, appealed to the Brazilian Athletics Federation to intervene all to no

Why did the three players not make it to Italy? We asked the NFF to make noise avail. We cannot take this lying low. We have to get to the bottom of this. I remember quite vividly that a couple of years ago, track and field was our fall back sport when football d isappointed. We had surplus Nigerian athletes competing on the world stage in as many events. Today you can hardly find one. The ongoing Diamond League series is a clear testimony of our disappearance from the surface of the track and field earth. The day Blessing Okagbare decides to compete, we look forward to a cheer. If she is not there, no one else. This is the position that led to applaud the emergence of some quality junior athletes that made us proud in African Championships in Warri and Ethiopia. Though their Mauritius consolidation was botched, they still gave a good account of themselves. Cali was to be a veritable pedestal from where these

Enyimba beat Rangers 2-1 A

2-1 win against fierce rivals, Rangers, their first since 2007 helped sixtime Glo Premier League Champions, Enyimba keep in competition with Sunshine Stars at the top rung of the log yesterday. Sunshine Stars claimed the honour of mid- season leaders courtesy of a hard fought 2-1 home win against basement side, Taraba United, but the Peoples Elephants will go into the break with a more sense of accomplishment after securing a well deserved victory against their Oriental rivals, Rangers. Both sides cancelled each other out in the first half and it was no surprise the opening goal of the game came via a penalty. Ranger’s Kalu Orji was adjudged to have handled the ball in the area by the centre referee in the 52 minute and Christain Obiozor calmly slotted the ball home for his sixth goal of the campaign.

We'll succeed with Oliseh — Ayansi BY JUDE ABUJA

OPARA,

P PA R E N T LY basking in the euphoria of the accolade that greeted the appointment of former national team captain, Sunday Oliseh as the

Chief Coach of the Super Eagles, Chairman of the Technical Committee of the Nigeria Football Federation, Chief Felix Ayansi-Agwu says the country will win laurels with the new gaffer. “We worked as a team and the choice of Oliseh

was taken after a lot of evaluation of many factors and he came up tops in most of the parameters we used. As a federation, our aim is to make sure that Nigeria returns to its original place in international football.''

Sunshine are mid-season champs

UNSHINE Stars survived a scare from bottom club FC Taraba yesterday to claim a 2-1 home win in a Week 19 match and end the first round of the

Nigeria league as the leaders. Sunshine thus lead the 20-team table with 36 points from 19 matches. Taraba took the lead in

the 12th minute through Stephen Adah’s header but Tunde Adeniji equalised for the hosts and added the second in the 50th minute.

Siasia blasts wasteful team N

IGERIA’S Under-23 team head coach, Samson Siasia has admitted that his side were wasteful against Congo in yesterday ’s game at the Adokiye Amiesimaka Stadium in

Port Harcourt. The Dream Team V1 managed a 2-1 win against their Central African opponents in the 2016 Olympic qualifying clash. “We missed lot of chances in the 2-1

victory against the Congolese Under-23 opposite. “We could have scored more than four unreplied goals in the encounter to actually make the reverse fixture a bit easier.

youngsters would have launched themselves to glory. It is painful that Supersports is carrying the event live, a daily reminder that we have denied some Nigeria youths a life changing opportunity for no fault of theirs. Given the frequency of the World Championship, I do not know how many of the youth will be among the age bracket next time around. Just as I did four years ago, I am calling on this country to ask questions. The Brazilian Embassy owes this country an explanation why those children were denied visas. Whoever is guilty of denying us an opportunity to empower our youth should be brought to book for next time’s sake. THE FALCONS WALK A TIGHT ROPE. Immediately after the wobbling and fumbling at the FIFA Women and U20 World Cups, the NFF came to the conclusion that the technical and tactical acumen of Nigerian coaches was suspect and commenced efforts to replace them with foreigners, but with a plea that we still needed to develop and encourage our coaches. The Manu Garba and Nduka Ugbade experience had other ingredients …….which needed to be trashed out. In the case of Coach Okon of the Falcons, aside his lack of respect for Sweden, USA and Australia which led to constant unguarded press reports of how he was going to come back with the cup……proverbial pride going before a fall….I have said it again and again that Okon is the best Women football coach in this country TODAY by a mile and his records speak for him. The support I gave for a foreign coach could only be made concrete when coaches like Okon are made to assist them and improve their coaching savvy. With some key matches coming at the heels of our world cup ouster, the dropping of Coach Okon was ill advised especially when his assistants were told to take over, giving the impression that he was solely responsible for our woes in Canada. The team that drew with Sweden in what was considered one of the best matches of the World Cup, the team that held eventual winners the US with ten players for over 60 minutes, that team would have beaten Equitorial Guinea last Saturday. Yes we may, we can beat Equatorial Guinea in a forth night in Bata or Malabo, that is the complexion of football, but let us realize that we are walking a very tight rope, one that is threatening our second Olympics qualification and all hands and feet must be on deck. See you next week.

Danger looms Continues from B/P by Etor Daniel. But just when Dream Team VI were cruising to a comfortable home win, Congo pulled a goal back through Moise Nkonkou in the 66th minute. A penalty appeal by Nigeria in the 59th minute was overlooked by the Kenyan referee, but television replays later showed it should have been given as Etebo Oghenekaro’s shot was handled by a Congo defender inside the box. Nigeria made three changes thereafter with Musa Yahaya, Taiwo Awoniyi and Umar Aminu coming in as they went in search of more goals. Awoniyi failed to connect a low drive across the Congo goal in the 75th minute. Oghenekaro was then denied in stoppage time by the Congo goalkeeper. Congo were the happier of the two teams going into the dressing room after scores stood at 0-0 at a packed Adokie Amiesimeika Stadium in Port Harcourt. Samson Siasia’s Dream Team VI attacked all of the

first 45 minutes and visiting Congo were happy to sit back and defend with their lives. Nigeria enjoyed 67 percent of the possession and forced 11 corners, but they still could not manage to translate the final ball into goal. Saviour shot at goal after just six minutes, but it screamed across the Congo goal. In the 12th minute, Junior Ajayi could have put the home team in front but he scooped away from target from inside the box after he was superbly set up by Oghenekaro. Skipper Azubuike Okechukwu’s shot from the top of the box after 22 minutes was also off target. In the 31st minute, Segun Oduduwa shot from a free kick was put out for a corner by the Congo goalkeeper Mafoumbi. Three minutes later, Saviour goal-bound shot was headed off the goal line as Congo continued to hang on. And in stoppage time, Saviour again forced a double save from the Congo shot stopper.

Vanguard, MONDAY, JULY 20, 2015 — 55

TRANSFER, TRANSFER, TRANSFER

Benteke set for Liverpool medical

IVERPOOL chief ex ecutive Ian Ayre has been in discussions with Aston Villa counterpart Tom Fox to sort out the details around the structure of payments for Christian benteke

Guardiola: Bayern to decide Gotze’s fate

•Gotze

EP Guardiola backtracks from earlier comments about Mario Gotze, admitting a move to Juventus ‘depends on the club’. The Bayern Munich Coach emphatically denied the playmaker would leave in a Press conference earlier today, but has now backed down slightly. “For me, he’ll stay here,” Guardiola told journalists, as reported by Calciomercato. “However, I know it’s not only down to the Coach. It also depends on the club.” For his part, Gotze hinted that he would accept a move to the Bianconeri, who will reportedly offer him a •6m per year contract.

They finally agreed terms and the Belgium striker will undergo a medical with the club on today. Liverpool have sent a doctor back from Adelaide – where the team is currently on tour – to do the medical in London. Benteke, 24, will not travel to meet up with the rest of the Liverpool team, who are currently in Adelaide on the latest leg of their pre-season tour. He will instead train at Melwood and will be joined by fellow new signing Roberto Firmino and Philippe Coutinho who are due back on Wednesday after being given extra time off following their exploits at the Copa America with Brazil. Benteke is the Reds’ seventh signing of the summer and takes their spending to over £80m.

•Benteke

Ibrahimovic free after Super Cup I

T’s reported Zlatan Ibrahimovic will be allowed to leave Paris Saint-Germain and

join Milan after the French Super Cup on August 1.

Enrique to decide Pogba’s fate B

•Pogba

Mourinho: I want one more signing J

OSE Mourinho says Chelsea are looking to make one more signing this summer, but

•Mourinho

The Rossoneri have been involved in a very public pursuit of the striker, who left San Siro

are not interested in Barcelona forward Pedro. “I am looking for a defender to finish this balance in our squad and after that we are ready to answer anything that can happen to our players,” he told Sky Sports News HQ. “If one of our players in a specific position wants to leave, we agree

a deal for a player to leave and we have to answer immediately and bring in somebody else, because at the moment we have balance in the squad and we cannot lose that. “I have five wingers, if I lose one maybe I am interested in another but at this moment I have balance and quality and numbers. “It’s a big challenge

for us to go through the season with basically the same team and squad from last season.”

ARCELONA board member Jordi Mestre has revealed the club will continue their pursuit of Juventus midfielder Paul Pogba if Luis Enrique gives the move the green light. And Mestre has confirmed news of Barcelona’s interest in the highly sought-after 22-yearold. ‘If the coaching team ask for Pogba, we will study it,’ Mestre told Cadena COPE. ‘In principle, the squad for next season is finished. ‘But if Luis Enrique asks for some reinforcement somewhere, the door is open.’ Pogba would not be allowed to represent Barcelona’s senior team until January 2016 if he was to join the club.

•Ibrahimovic

Cavani ignores Man U

•Cavani

in 2012, with even new signing Carlos Bacca talking up a return. According to Alfredo Pedulla’s website, Ibrahimovic has agreed to play the French Super Cup in Montreal on August 1, and will be allowed to leave after that. The website believes Milan have prepared a three-year contract, with an annual salary of •7.5m, something which the Swedish international has already agreed to in principle.

DINSON Cavani’s agent has declared that the Uruguayan striker is ignoring interest from Manchester United this summer, after receiving assurances about his role at Paris Saint-Ger-

main. "This summer Edi has received interest from top clubs who are chasing a centre forward,” Walter Guglielmone told Journal du Dimanche. “He is ignoring them though."

Vanguard, MONDAY, JULY 20, 2015

Danger looms for Siasia’s Olympic Eagles N

FOR AFCON 2017: Barcelona star, Lionel Messi lays the foundation for the new stadium in Port-Gentil, Gabon, which will host games of the African Cup of Nations in 2017. Close to Messi is President of Gabon, Ali Bongo Ondimba

IGERIA’S hopes of playing at the CAF U-23 Championship hang on a cliffhanger following yesterday ’s slim 2-1 victory over Congo at the Adokiye Amiesimaka Stadium in Port Harcourt. The result has left this CAF U23 Championship qualifier wide open with the second leg in PointeNoire in a fortnight set to decide which team progress to the maiden edition of the CAF-

organised tournament. After a scoreless first half completely dominated by home team Nigeria, Junior Ajayi finally opened scoring in the 48th minute after Congo goalkeeper Christoffer Mafoumbi failed to hold on to an acute-angled shot by Godwin Saviour. Shooting Stars striker Ajayi completed his brace in the 54thminute, when he headed home a low cross from the left

Continues on Page 54

Sunshine Stars are NPL mid-season champs•P.54 Glo Premier League Results Enyimba beat Rangers in Enugu — P.54 Prince Aggrey and Odunlami Ebenezer of Sunshine Stars celebrate.

TODAY'S

PUZZLE

FRI DAY'S FRIDAY'S

ANSWERS

Heartland Kwara United Warri Wolves Shooting Stars Rangers Abia Warriors Nasarawa United Sunshine Stars Akwa United Lobi Stars

ACROSS 1 Fashionable (4) 4 Mouthful (3) 6 Shortage (4) 8 Gaol (6) 9 Character (6) 10 Cur (3) 12 Plant (5) 14 Brush (5) 15 Skinflint (5) 18 Consent (6) 20 Combined (6) 24 Sum (5) 26 Muzzle (5) 28 Clearing (5) 30 Beer (3) 32 Decent (6) 33 Imagined (6) 34 Slight (4) 35 Obscure (3) 36 Certain (4)

4 3 2 2 1 1 1 2 1 3

Wikki Tourists Giwa FC Sharks El-Kanemi Enyimba IfeanyiUbah Dolphins FC Taraba Bayelsa United Kano Pillars

0 1 1 1 2 0 0 1 0 3

•Siasia

Benteke for Liverpool medical today — P.55

DOWN 2 Discordant (5) 3 Dress (7) 4 Remit (4) 5 Twinge (4) 6 Subsequently (5) 7 Rust (7) 11 Mineral (3) 12 Ocean (3) 13 Offer (3) 16 Fixed (3) 17 Groove (3) 19 Regulate (7) 21 Horse (3) 22 Sickness (7) 23 Expire (3) 25 Bird (3) 27 Higher (5) 29 Object (5) 30 Parched (4) 31 Cheese (7)

YESTERDAY'S SOLUTIONS ACROSS: 2, React 7, Index 8, Expel 10, Build 12, Has 13, Steed 15, Defiled 17, Teller 19, Cab 20, Demonic 23, Late 25, Trip 26, Emerged 30, Awe 31, Dampen 34, Madness 37, Metre 38, Boa 39, Sprat 40, Petty 41, Geese 42, Under.

DOWN: 1, Unite 2, Rebel 3, Exuded 4, Cold 5, Exhibit 6, Beset 9, Pal 11, Decoded 13, Stall 14, Elite 16, Fan 18, Repress 21, Crypt 22, Spine 24, Emanate 27, Ewe 28, Damage 29, Label 32, Meter 33, Erase 35, Dot 36, Spin.

How to Play Sudoku

lace a number (1-9) in each blank cell. (No line can have two of the same number). Each row (nine lines from left to right), column, (also nine lines from top to bottom) and 3 X 3 block within a bold block (nine blocks) contains number from 1 through 9. This means that no number can appear twice in any block, column or row. No mathematics is involved – no adding, subtraction, division or multiplication, just plain logic and your imagination. Printed and Published by VANGUARD MEDIA LIMITED, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Phone: Newsroom: 018773962. Deputy Editor: 01-4548355. Advert Dept Hotline: 014544821. Abuja Advert Hotline: 09-2921024. E-mail: editor@vanguardngr.com, news@vanguardngr.com, letters@vanguardngr.com. Advert:advertproduction@yahoo.com Website: www.vanguardngr.com (ISSN 0794-652X) Editor: MIDENO BAYAGBON. Phone: 01-7742861, All correspondence to P.M.B. 1007, Apapa Lagos.

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