Economy in trouble, as oil price crashes

...towards a better life for the people

N150VOL. 25: NO. 62477

ONLINE | www.vanguardngr.com

MONDAY, AUGUST 24, 2015**

Mr & Mrs

Economy in trouble,as oil price crashes

COLUMNISTS:

•P.42

Blessed are thepropagandists

Highexpectationfor TSA •P.40

•Massive crash puts 2015 budget in disarray•Experts, stakeholders predict future of oil market•Energy companies owe banks N3.7trn

Continues on Page 5

•P.41

Indolent NASSand dictatorialrule

By Emeka Anaeto,Economy Editor &Clara Nwachukwu

L A G O S —N I G E R I A’ S

economy may beheading for trouble, asoil price crashed evenlower at the weekend,thereby threatening the2015 budget and fiscalplan.

The international priceof crude hit a six-yearlow below USD40 perbarrel with West TexasIntermediate crude oilfutures as low as

How rot in the Army started, by Ishola Williams

UNpledgesto assistNigeriaconfrontchallenges

15

•Pages 44-46

UN SCRIBE—From left: Ambassador of South Korea to Nigeria, Noh Kyu-Duk and UN Country Representative in Nigeria,Mr Daouda Toure, welcoming the UN Secretary-General, Ban Ki-Moon on his arrival at the Nnamdi Azikiwe InternationalAirport, Abuja, yesterday, for the 4th Anniversary of the UN building bombing by Boko Haram. Photo: NAN.

Don't frustratecourse of justice,Buhari tells lawyers

9

49CMYK

2 — Vanguard, MONDAY, AUGUST 24, 2015

CMYK

Vanguard, MONDAY, AUGUST 24, 2015—3

CMYK


CMYK

POCKET CARTOONVanguard, MONDAY, AUGUST 24 , 2015 —5

Continues from Page 1

Economy in trouble, as oil pricecrashes

IT'S UP TO YOUBY AYO ADIO

TAKE HEARTBY ELLA RANDLE

TALENT in itself takes you nowhere but thesolution the talent proffers. Whatever it is you

call your talent, make sure it is making a differencein the life of someone. It’s up to you.

Life isn’t about finding yourself. Life is aboutcreating yourself — George Bernard Shaw

THINK of a role that would be your dreams cometrue. Do you wish you were a genius? A more

beautiful persona perhaps. News flash: Most of usbelieve that our favorite role identities would allowus to finally feel worthy, deserving, good enough. Ifyou’ve actually managed to attain your favorite roleidentity, thinking about it really may give you a spikeof satisfaction. But there’s a catch: No matter howpositive a role identity may seem, it comes with aprice. Any kind of label, good or bad, is inherentlylimiting if you believe it encompasses yourpersonality to the exclusion of all else. Of courseyou want to be more of everything uplifting! You aremade for more. Dream bigger.

USD39.89, while Brentcrude declined further toUSD45.10 from previousweek’s level of USD48.87per barrel. Nigeria’ssweet crude is similar tothe Brent.

It is envisaged thatprices will crash evenfurther once Iran beginsto enjoy its internationalpardon by pumpingmore oil into the alreadysaturated market.

This will spell moredoom for Nigeria, whichis producing less thanits projected 2 millionbarrels daily, therebyincreasing the cashcrunch and liquidity flowin the economy, withmany states still unableto pay salaries.

The steep decline in oil

prices had in March thisyear forced the NationalAssembly to settle forUSD53 per barrel as theoil benchmark price for2015 budget, down fromUSD65 earlier proposedby the Federal ExecutiveCouncil under ex-president GoodluckJonathan. Thegovernment had earlierin the year effecteddownward review of thebudget benchmark twicein response to sliding oilprice from USD78 toUSD73 and later toUSD65. It even said ithad planned for possibleprice fall scenarios of upto $50/barrel.

With this development,economists are expectingfurther downwardsadjustments in thebudgetary benchmark,revenue projections andultimately expenditure

provisions. Also, theyexpect further pressureon the value of Naira asthe development haswiped off any accretion tothe country ’s ExcessCrude Account.

According to the GlobalChief Economist,Renaissance Capital, Mr.Charles Robertson, loweroil price will be painfulfor the budget. It meansless money is availablefor much-neededinvestment ininfrastructure.

Budgetprojections

The 2015 budget hadenvisaged federalgovernment’s share to beabout N3.6 trillion oftotal oil componentrevenue at USD65 perbarrel, with estimatedproduction output of2million barrels per day.

At current oil price, thecomponent accruable tothe federal governmentwould drop massively toless than N2.5 trillion,putting the entire budgetin disarray. Evidently allthe projectedexpenditure, Vanguardlearnt, are already beingcurtailed in the recurrentexpenditure provisionsin the budget, whilecapital expenditure ofN634 billion iscompletely dropped.

An economist with theCentral Bank of Nigeria(CBN) told Vanguardthat federal governmentmay have abandoned the2015 budget entirely andis now focusing on

ordering the economy for2016 budget and fiscalpolicy. He added,however, that in theinterim, the apex bankwould be battling withthe external reserves andexchange rate pressuresas a result of thisdevelopment in theinternational oil market.

Analysing the currentpressures on CBN overthe external reserves andplunging oil revenue,economists at FSDHMerchant Bank, said:"Although the CBN maykeep to its currentexchange rate position,we believe that with thehuge demand pressurein the foreign exchangemarket in the face of thedeclining oil price andunsold oil production,we are inclined tomaintain our forecastexchange rates,” whichis about N216/ USD1.00in the official CBNwindow by next month.

The oil revenuesituation appears morecompounded asNigeria’s ability toproduce and availabilityof buyers have been onthe negative since thisyear. According to OPEC,the Nigerian NationalPetroleum Corporation(NNPC) cut its Julyofficial selling price forBonny light and Qua Iboto 10-year lows relativeto North Sea Brent, as anoverhang of 15mb Julycargoes were unsold.The OPEC added thatloading delays also hurtcertain Nigerian gradesas refiners looked formore reliable

alternatives.Moreover, West African

crudes were underminedby excess supply andrelatively high freightrates for their cargoesmaking cheap North Seaand Mediterraneangrades more attractive tosome European buyers.

Market glut

The ManagingDirector, InternationalEnergy Services, Dr.Diran Fawibe, noted thatthe US market and partsof Europe are no longerNigeria’s prime marketssince the advent of theShale oil, while the Arabproducers have a bettercomparative advantageover Nigeria because oftheir nearness to themarket.

He noted that what ishappening at theinternational oil marketis beyond government’scontrol, which is furtherexacerbated by therefusal of theOrganisation of thePetroleum ExportingCountries, OPEC, towhich Nigeria alsobelongs, to cut down itsproduction quota.

OPEC is unwilling tocut back production as itwould have done in thepast to shore up pricesbecause of shale oil, thusresulting to the currentglut in the market andcontinuous price falls.

Agreeing that Iran’sentry has again changedthe market dynamic, theChief Executive Officer,Oildata Energy Group,Mr. Emeka Ene, saidoffering discounts willcompound Nigeria’sproblems, since it is amono-product oileconomy.

Instead, he urgedgovernment to initiatelonger term strategiessuch as the formation ofalliances with otherproducer nations, likeVenezuela.

He said: “We (Nigeria)need to think out of thebox, and if we plan well,

we can blend Nigeria’slight crude withVenezuela’s heavycrude to make it morefriendly to therefineries.”

According to him, thereason government isfinding the price fallsvery challenging isbecause oil has over theyears been seen as anexport commodity,rather than aninvestment product.

“The time to invest inhigher field activities iswhen oil prices aredown not when they arehigh. But we are unableto this because there isno money for suchinvestments,” he added.

The slide towardUSD40 per barrelgained momentumearlier last week afterthe US EnergyI n f o r m a t i o nAdministration reporteda larger-than-expectedbuild in crudeinventories previousweek.

This added to signsthat the oil marketremains oversupplied,with unequal demand,as the 12-memberOPEC continues topump at an unrelentingpace. The group’s latestmonthly report showedthat its output surged toa three-year high inJuly, boosted by SaudiArabia, Iraq, Angola,and Iran. More Iranianoil is expected on themarket with lifting ofeconomic sanctions.

Oil is now headed forits longest weekly losingstreak since 1986,according toBloomberg. Oil is in abear market, and pricesare down nearly 35%from recent highs.

Friday’s drop comesamid a bigger sell-off inglobal markets. Themajor averages areseeing their sharpestweekly loss of the year,and the Dow lost morethan 350 points duringFriday’s session.

PILGRIMS—Intending Muslim pilgrims boarding at the Kaduna Airport, yesterday. Photo: NAN.

6—Vanguard, MONDAY, AUGUST 24, 2015

2 die inBauchi autocrash; 3injured

By Suzan Edeh

CALABAR—A mob inCalabar, Cross River State

capital, yesterday, butchered ayoung man and set the remainson fire beside Atu SecondarySchool fence along GoldieStreet, for allegedly robbing awoman of a pot of soup. His twoaccomplices escaped.

The hoodlum, in the companyof two others, were alleged tohave attacked the woman atMayne Avenue Extension in

Calabar South. They wereallegedly attracted by the aromaof the soup the woman waswarming for her family ’sbreakfast before heading forearly morning mass at nearbySt. Bernard’s Catholic Church.

A young man, who lives inthe same premises with thelady, said as the robbers wereabout to get out of thecompound with the pot of soup,the woman raised alarm,prompting neighbours to goafter them. They caught up with

the one carrying the pot of soupand dealt him several machetecuts before setting him ablaze.

An eyewitness said: “It wasalmost dawn when the boysattacked the woman and carriedaway her pot of soup. Whenthey were about getting out ofthe compound, she raised alarmand people came out, pursuedand caught up with one.”

He said the boy was not ableto run as fast as his accomplicesbecause of the pot of soup herefused to drop.

The eyewitness said: “This isnot the first time they have cometo our compound to steal. Lastweek, they removed the carbattery of one of our neighboursand once night falls, theywaylay people, especiallyladies, around Goldie by Atuand snatch their handbags andphones.”

At press time, there was nosign of security agents in thearea, while the burnt body wasstill lying by Atu SecondarySchool fence.

Man set ablaze for stealingpot of soup in Calabar

By Emma Una

BENIN—THERE waspandemonium, weekend,

at Oba Market Benin, as a 23-year-old hair dresser, MissFaith Idehen, had her left earbitten off in an attack by thedaughter of her landlord,identified as Vivian, overelectricity bill.

It was learned that troublestarted when Vivian, a singlemother of two, demanded forN1,500, being monthlypayment for electricity bill fromFaith.

The tenant’s plea that she didnot have up to that amount, butdeposited N1,000 with apromise to pay the balance ofN500 later in the day, fell ondeaf ears.

The victim was said to haveleft the compound and boardeda commercial bus to her placeof work at Oba Market. Vivianallegedly trailed and caught upwith her at the popular YangaFish Market and pounced onher. A fight started.

Faith was reported to havefainted as she bled profusely

from her left ear before passers-by and onlookers rescued herfrom the grip of her attacker,who threatened to deal with herentire family.

The assailant was eventuallyarrested by men of Oba MarketPolice Station after a 24-hoursiege was laid to her residenceby the police.

The victim recounted her

ordeal: “I did not know that Iwas being trailed, even after Ipleaded that I will pay thebalance of N500 when Ireturned from work.

“The moment I alighted fromthe bus, I heard someone callingmy name repeatedly. I turnedand behold it was Vivian. Shegrabbed my hair and startedbeating me.

“Before I knew what washappening, I saw my eardangling with blood gushingout. I was later rescued andrushed to the Central Hospitalwhere it was later stitched backon.”

A Police source at Oba MarketDivision said the suspect wouldbe charged to court for allegedassault and attempted murder.

Landlord’s daughter bites off tenant’s ear over electricity billBy Simon Ebegbulem

JOS—TWO persons, said tobe cousins, travelling along

Jos-Barkin Ladi Road, PlateauState, were ambushed andkilled on Saturday evening.

The victims, identified asIbrahim Nyiam and Jimmy Pam,were said to have been killedby unknown gunmensuspected to be Fulaniherdsmen.

Vanguard gathered that thedeceased were shot and left ina pool of their blood andexcessive loss of blood led totheir deaths.

A source told Vanguard thatby the time residents of the areadiscovered the deceased, it wastoo late to save their lives.

Plateau State Police PublicRelations Officer, DSPEmmanuel Abuh, confirmedthat the deceased wereambushed and allegedly killed

by Fulani herdsmen.He said the bodies had been

deposited in the mortuary,adding that security personnelwere working to safeguard thelives and property of residentsof the state.

Despite the existing dusk-to-dawn curfew imposed on Riyomand Barkin Ladi LocalGovernment areas by PlateauState government, isolatedattacks and killings still persistin the areas.

By Marie-ThereseNanlong

2 cousins killed in fresh Plateau attack

We suspect Fulani herdsmen—POLICE

BAUCHI—NO fewerthan two persons,

Saturday, lost their lives,while three others sustainedinjuries at Nabordo area,along Bauchi-Jos Road,when two commercialvehicles had a head-oncollision.

The State Police PublicRelations Officer, DSPHaruna Mohammed, whoconfirmed the accident, saidthe crash, which took placeat 8.50p.m., involved a whiteToyota Counter with numberplates FS 276 LND, drivenby one Mamuda Lawal,male, 45, of Nabordo town;and a Red Sharon vehiclewith number plates XA 913MAG, driven by a yet to beidentified person from BornoState, heading to Jos.

He said:”Both drivers wereconfirmed dead. The injured,Amaele Chibuike, attached toSpecial Force Batallion,Markurdi, on special duty inMaiduguri, Borno State;Abdullsalam Ibrahim, 50, ofIlorin West LocalGovernment Area of KwaraState and Mercy Gabriel, anNYSC member and her twokids, all of Jos, Plateau State,are responding to treatment.”

ABEOKUTA—OGUNState Police Command

has threatened to chargeany land grabber for armedrobbery, murder orkidnapping, saying it haddeclared war on landspeculators and grabberswhose activities had been onthe rise within the state.

The Police Public RelationsOfficer in the state said in astatement that theCommissioner of Police,Abdulmajid Ali, had givena directive that anyhoodlums caught fomentingtrouble over land mattersshould be arrested andcharged for armed robbery,murder or kidnapping.

He said the public canreach the police bossthrough his mobile line(08055885588/SMS only) incase they encountered anyland grabber or speculatoranywhere in Ogun State.

Ogun policeto chargeland grabbersfor robbery,murder

By Daud Olatunji

THE BETTER BRIDGE: Using a functional bridge constructed by villagers near Kala village, beside the failedbridge linking Hong to Mararaba, Mubi, Michika, Gulak and Madagali towns, destroyed eight months ago by BokoHaram insurgents, in Hong Local Government Area, Adamawa State. NAN PHOTO.


4 arrestedforattemptedrobbery,illegal armpossession

By EstherOnyegbula

LAGOS—OPERATIVESof the Special Anti-

Robbery Squad, SARS,Ikeja, Lagos, are currentlyinvestigating four men overallegation of armed robberyand illegal possession ofarms.

The suspects, identifiedas William Essien,dismissed soldier, 38; AdahOjoo, commercialmotorcyclist; Victor Etim,who claimed to be anofficial of Man O’ War andMonday Eguoaje, werearrested over allegedattempt to rob a mandriving a Toyota Rav 4vehicle around Iyana-Ipajaarea of Lagos State, afterthey allegedly trailed himvictim from Sango area ofOgun State.

Vanguard gathered thatstreet urchins at the scenedescended on the suspectswhen they attempted tosnatch the car.

It was further gatheredthat the commotion at thescene attracted mobilepolicemen stationed underthe Iyana-Ipaja Bridge,who arrested the suspectsand took them to ElerePolice Station in the area.

Narrating how they werearrested one of thesuspects, Ojoo, said thealleged victim hit their carand smashed the rear light.

He said they pursuedhim to Iyana-Ipaja, blockedhis car, dragged him outand were beating him whenthe touts descended onthem. He said police latercame and arrested them,arguing that it was all amisunderstanding.

On how they got the gunfound on them, he said: “Itwas Monday that asked meto get the gun for him. Ibought it from a hunter forN15,000.

“Monday said he wantedto use the gun for his jobas a security man with theNigerian Legion.”

POLICEMEN attached toArea ‘B’ Command, Apapa,

Lagos, have arrested a 54-year-old man for allegedly raping aneight-year-old girl in Ajegunlearea of Lagos.

This came as a 42-year-oldman, identified as Bala, wasarrested by police in Oyo Statefor allegedly raping an eight-year-old girl in Ibadan.

On the Ajegunle incident, thevictim (names withheld ) toldpolicemen that the suspect, whois her late father’s friend, hadhad carnal knowledge of hertwice.

The little girl gave a graphicdescription of how her latefather’s friend, whose identitywas given simply as Ayela, hadcarnal knowledge of her in hisapartment located on MissionStreet.

She disclosed that the suspecthad on both occasions called herinto his apartment while she wasrunning errands for hergrandmother and that at the endof the assault, gave her N50.

The bubble burst weekend,after a curious woman, whosighted the little girl coming outof the suspect’s apartment,reportedly asked her whathappened behind closed door.

Her revelation, it wasgathered, led to the invitation ofpolicemen and subsequentarrest of the suspect.

However, the suspect deniedthe allegation, but admitted tohave offered the girl moneyeach time he saw her becauseof the relationship he had withher late father.

He said: “How can I rape mylate friend’s daughter? They liveon Ayorinde Street, while I liveat Mission Street.

“Any time I see her passing by,I usually gave her money.Sometimes she comes to say

My late father’s friend rapedme twice, says 8-yr-old girl

I only assisted her financially—54-yr-old suspect

As man, 42, defiles 8-yr-old in Ibadan

By Evelyn Usman& Ola Ajayi

hello. On this day, she justopened my door withoutknocking. I swear I did notrape her.”

Girl’s storyThe girl interrupted him,

saying: “He is lying. He did itsometime ago. This is not thefirst time. It is the second time.”

The girl, according to policesources, had been taken to thehospital for examination. Theoutcome of the result, which isexpected to be out today, policesources hinted, would informthe next line of action on thematter.

The Ibadan incidenthappened at Ago Tapa, Mokola

area of the metropolis.Vanguard gathered that thesuspect allegedly lured thegirl into his room and forcedhimself on her.

According to sources, Balaenticed the naive girl withN100.

The girl’s mother was said tohave noticed blood stains onher dress, which prompted herto question her. The victim toldher mother how the suspectdeceived her into his one roomapartment and raped her.

Sensing that the bubble hadburst, the suspect was said tohave escaped when he heardthe voice of the enragedvictim’s mother, who was

heading towards his room.

ArrestedThe incident was later reported

at Mokola Police Station and thesuspect was arrested lastThursday.

Vanguard was further informedthat the latest rape case was notthe first by the suspect. The man,father of two girls and a boy, wassaid to be fond of defiling minorsin the area.

The source said earlier in theyear, he defiled a six-year-oldgirl, but with persistent plea bythe suspect and his wife as wellas payment of N30,000 for hisvictim's treatment, the matter wasswept under the carpet.

IGBOTAKO (ONDOSTATE)—MRS Omogbene

Adeborile, 65, mother-in-law toOba Fredrick Obateru-Akinruntan, Olugbo ofUgboland, has been abductedby gunmen in Igbotako inOndo State.

Adeborile was abducted onSaturday at her residence inIgbotako, Okitipupa LocalGovernment Area of OndoState, at about 10p.m.

Adeborile is the wife of ChiefBabatunde Adeborile,Chairman of PeoplesDemocratic Party, PDP,Igbotako Ward II.

One of the residents, whopreferred anonymity, said: “Iwas in my house when I heardgunshots. I thought they werearmed robbers; I scampered forsafety and started praying.

“I later learned that eightgunmen took Mama into a

waiting vehicle and escapedbefore the police came.”

Efforts to get a member of theAdeborile family to commenton the incident provedabortive.

Chief Solomon Bitire, theCaretaker Chairman,Okititipupa Local GovernmentArea, confirmed the incident,saying that he would meet theCommissioner of Police on thematter.

Bitire said: “The incident istrue. The Commissioner of Policeis aware of the matter. I will bemeeting him over the matter.”

Mr. Isaac Eke, theCommissioner of Police, alsoconfirmed the story. He saidinvestigation was going on tounravel those behind theabduction.

“We received a report on thematter and we are on top of thesituation,” Eke said.

Gunmen abduct Ondo monarch’s mother-in-law

NAFDAC/NSCDC:Mr. Francis Ononiwu,Assistant Director,Investigation andEnforcement Directorate,National Agency for Foodand Drug Administartionand Control, NAFDAC,(left) and Mr. Gabriel Abafi,Commandant, NigeriaSecurity and Civil DefenseCorps, NSCDC, Lagos,speaking to newsmenduring the parade ofsuspected dealers in fakebottled wine and juices inLagos.

FIDA vows to prosecute spiritualist for rape

MINNA—InternationalFederation of Female

Lawyers, FIDA, Niger StateChairperson, Fati SuleimanTakuma, has vowed toprosecute the spiritualist(names withheld) who

allegedly drugged and rapedJanila Ibrahim, a 33-year-oldwoman, in Kaduna under thepretext of delivering her fromspiritual problems.

The spiritualist, who was saidto have come from JikinKatangan in Kaduna State,mixed some local drugs with

water and gave the woman todrink for spiritual cleansing.

However, the woman, who isresident in Minna, Niger State,was said to have slept off, whilethe man had intercourse withher, which resulted inpregnancy. She gave birth to ababy last week.

By Wole Mosadomi


We are ready for salary cut —REPSDeclare support for anti-graft war

By Clifford Ndujihe

LAGOS— IN support of themove to reduce the high cost

of governance and to boost the waragainst corruption, the House ofRepresentatives has declared itsreadiness to take salary cut andback President MuhammaduBuhari’s anti-graft measures.

Making these disclosures,yesterday, in Lagos, Chairman,Ad-hoc Committee on Media andPublic Affairs, Hon. MohammedSani Zorro, said all members ofthe House of Representativesirrespective of party affiliations areon the same page with thePresident on the change agendaand ready to give him thenecessary legislative backing toactualize the agenda.

Zorro, who represents Gumel/Gagarawa/Mai Gatari/SuleTankarkar Federal Constituency ofJigawa State on the platform of theAll Progressives Congress (APC),said the need to streamline thefunding of the House’s activitiesin line with best practices acrossthe world and Nigeria’s economicfortunes was the reason the Repsset up the Dr Clement NwankwoCommittee.

Promising Nigerians a newwave of transparency in theconduct of affairs in the House,Zorro, a former national chairmanof the Nigeria Union of Journalists(NUJ), said the lawmakers willabide by whateverrecommendations the Nwankwocommittee makes as regardsoversight function allowance,sitting allowance, constituencyallowance and all aspects offunding of the House ofRepresentatives.

We'll lead byexample

On whether the lawmakers cantake salary cut, Zorro, whocommended President Buhari,Vice President Yemi Osinbajo andsome governors, who have electedto have their salaries cut by 50 percent, said they are willing to toethe same path because "we areconscious of our integrity. We wantto live by example."

He said that the decision of theHouse to review the funding ofits activities was in submission tothe wishes of Nigerians.

He said: “I am here to reveal toyou that as a result of the consistentoutcry by Nigerians, who havebeen taking critical exception tothe funding of the NationalAssembly, the House has decidedto review the holistic funding ofits activities.

"This review will also result inright sizing the funding of thevarious aspects of our activities.We have already put a mechanismin motion to achieve that. It mayalso result in the drastic cut of ourfinances be they salaries,allowances and running cost. Weare conscious of our integrity; wewill lead by example.

“What I can assure you is thatwe are submitting to the will ofthe people as a responsive andresponsible legislativeinstitution. We can no longerignore the popular wishes of theNigerian people who elected usin the first place. Even if themeasures that we will considerwill inconvenience us, we willrather make that sacrifice andrespect the views of the Nigerianpeople once and for all.”

Declare supportfor anti-graft war

On the anti-graft war, he said:“We are ready to supportunconditionally the war beingwaged against corruption asspearheaded by the executivearm of government underPresident Muhammadu Buhari.

"I can tell you this on behalf ofthe House. Whoever is averse tothe war against corruption inNigeria is not a patriot. Allpatriotic people, whether in the

National Assembly or outsideof it, must support this warbecause of the implication of thedegenerative level of our owncorruption, which hascompromised everything thatNigeria used to be. We areready to assist in the buildingof a strong and strategicNigeria. This cannot comeabout with all these reports inthe newspapers of pervasivecorruption. So, unconditionally,the House will support the waragainst corruption.”

On call that the scope of theanti-corruption probe should be

widened and extended to 1999,Zorro said it is the prerogative ofthe executive arm of government,which has control over the securityand intelligence agencies, to decide“but what the parliament does is tocheck the excesses, if any, ofwhatever process that the executiveimplements.

"Once the National Assemblydiscovers that this anti-corruptionpursuit is tilted unfairly, may beagainst a person or group ofpersons, they will query it. But asof now, we are not entertaining anyfear. We will support it, even if thatcorruption probe will involve theNational Assembly. We just haveto clean up this country becausecorruption actually reduces ourhumanity to the barest level."

PDP to strip govs of control of partyShifts Edo congresses until completion of e-registration

DINNER: From left, Mr. Tony Akiotu of Daar Communications; Governor AdamsOshiomhole of Edo State and General Manager/Editor-in-Chief, Vanguard newspapers, Mr.Gbenga Adefaye during a dinner organised in honour of Mr Femi Adesina, Special Adviserto the President on Media and Publicity, and Mallam Shehu Garba, Senior Special Assistanton Media to the President by the Nigerian Guild of Editors, NGE in Abuja, weekend. Photo:Abayomi Adeshida

By Henry Umoru

ABUJA — THE PeoplesDemocratic Party, PDP, is to

strip its governors of their gripon the running of the party, itemerged yesterday.

The party in a major policyreversal said it would revive thee-registration system and by itallow ordinary Nigerians to takecontrol of the former ruling party.

“The NWC reaffirms itsirrevocable commitment towardsensuring that the control of theparty is returned to the people,in line with the ideals of thefounding fathers, while urgingall members to remain focusedand continue to work togetherin furthering the rebuildingeffort,” party spokesman, ChiefOlisa Metuh, said in astatement issued in Abuja,yesterday.

In line with that direction, theparty said it had decided tosuspend the plannedcongresses in Edo State wherea new state executive wasexpected to be elected.

The online registration systemwas conceived by erstwhilenational chairman, ChiefOkwesileze Nwodo, during theGoodluck Jonathanadministration as a way ofdrawing the party from thecontrol of governors and givingparty members a direct say in therunning of the party.

However, though the presidentflagged off the project in August2010 at the PDP nationalsecretariat when he wasregistered, the project wassubsequently derailed after thePDP governors teamed up tofrustrate the project. Not longafter, Nwodo was eased out ofoffice as national chairman partlyon account of his allegedcontrivance with other forces tolimit the influence of thegovernors.

A subsequent effort by Dr.Bamanga Tukur to foist theonline registration system on theparty was also stoutly resisted bythe governors who fought Tukurtill he was eventually forced tostep down in January 2014.

Through the e-registration, the

party aims to open the party toall members who wouldcontribute financially at the wardlevel towards supporting theparty and through their financialcontribution take ownership ofthe party unlike the presentsituation where the governorsfund the party and dictate thetune.

The decision to commence theonline registration in Edo Statewhere there is no incumbentPDP governor was, yesterday,being interpreted as a safe betfor the party which is aiming tolaunch itself back to reckoningafter its 16 year hold on theFederal Government was brokenduring the last election.

E-registration projectMetuh giving vent to the

decision of the NWC saidyesterday: “The NationalWorking Committee (NWC),

after very wide consultationswith critical stakeholders, andin line with the wishes andaspirations of our teemingsupporters across the country,has approved the resuscitationof the e-registration project.

“This project, which wasinitially presented in the 52ndNational Executive Committee(NEC) meeting of our greatparty on August 12, 2010, isaimed, among other things, atharmonizing our membershipdata, returning ownership ofthe party to the people andstrengthening our variousstructures at all levels acrossthe country.

“The NWC believes that thee-registration is indeed adecisive step towardsenthroning internaldemocracy and giving everymember a voice in the party.

Shifts Edocongresses

“While details of the process willbe transmitted to our variousstructures across the nation, theNWC announces that Edo Statewould be used as a pilot for theexercise. Consequently, the earlierscheduled Edo State congresses areby this announcement, deferreduntil the completion of the pilot e-registration exercise in the state.

“The national leadership, by this,charges all members in Edo Stateto make themselves available for thee-registration as well as work hardto win new members and moresupporters for the party in the state.

“Finally, the NWC reaffirms itsirrevocable commitment towardsensuring that the control of the partyis returned to the people, in linewith the ideals of the foundingfathers, while urging all membersto remain focused and continue towork together in furthering therebuilding effort.”


Presidency summons NDDC mgt overcontract-splittingBuhari furious over attempt to divert N3.8bn allocation

By Soni Daniel,Northern Region Editor

ABUJA — WORRIED byalleged mismanagement

of funds of the commissionrunning into billions of Naira,the Presidency has summonedthe management of the NigerDelta DevelopmentCommission, NDDC, toanswer questions on the truefinancial status of the agency.

Competent sourcesconfirmed to Vanguard thatthe President would meet themanagement team of theNDDC and take them up onmany issues relating to themanagement of the resourcesof the commission since thenew board came on board inDecember 2013.

Buhari, according to sourcesclose to his office, is furious thatthe management has allowedinfluential politicians to hijackthe agency and made awaywith billions of Naira under theguise of executing contractswith little or no result on theground to show for suchmoney.

It was learnt that thePresident would seek answersto why the commission refusedto adhere to due process in theaward of major contractsvalued at billions of Naira,preferring instead to split themin violation of the PublicProcurement Act.

The President is reported tohave been furious that thecommission went ahead toaward multi-billion nairacontracts, paid and backdatedthem to last year to cover thefinancial misdeed even afterthe board had been sacked witha specific mandate to themanaging director to take overthe place.

Attempt to divertN3.8bn allocation

The struggle for the controlof the finances of thecommission is said to havereached its most embarrassingpoint about two months agowhen two directors of thecommission connived andwithdrew N3.8 billion from theNDDC account in the CentralBank of Nigeria and paid themoney to their favouredcontractors drawn from theirown states, leaving themanaging director in the dark.

It was learnt that themanaging director, who hadaccused the CBN ofwithholding the money wasshocked on reaching the CBNto discover that two of hisdirectors had secretly signedand collected the huge amountand paid to their ‘contractor-friends’ without his

CONFERENCE: President Muhammadu Buhari (right); Governor Rochas Okorochaof Imo State (left); Vice President Yemi Osinbajo (2nd right) and President, Nigerian BarAssociation, Mr. Augustine Alegeh during the opening ceremony of the 55th NationalConference of the Nigerian Bar Association at the African Hall, International ConferenceCentre, Abuja, yesterday. Photo: Abayomi Adeshida.

knowledge.It was also learnt that the

meeting, which is to take placeat the Presidential Villa thisweek, is to enable PresidentMuhammadu Buhari to get firstbrief from the ManagingDirector, Mr. Dan Abia and thetwo executive directors ofFinance and Projects, HenryOgiri and Engr. TuoyoOmatsuli on what they havebeen doing to move thetroubled region forward sincethey were appointed to officein December 2013 by formerPresident Goodluck Jonathan.

The briefing by the three key

officials will also determine thenext line by Buhari regardingtheir continued stay in officegiven the gamut of petitions ofwrongdoing against them byNiger Delta stakeholders,individuals and groups.

Diversion of N2.7bnIn one case and with

documents made available toVanguard, N12.5 billion wassplit by the commission andpaid to 12 companies said to besponsored by top politiciansclose to the commssion for the‘supply of security vehicles’ forthe Nigeria Police Force to

patrol the Niger Delta statesonly for the same commissionto award another N2.7 billion‘contract to individuals andgroups’ to supply thecommission with ‘intelligencegathering/management’.

A top source in thecommission said thataggrieved staff andstakeholders have alreadyraised the alarm that the so-called amount claimed to havebeen ‘paid’ to the intelligence-gathering contractors wassimply diverted for politicalpurposes.

“The truth is that no project

called intelligence gatheringwas ever carried out but it wasjust a trick by some highly-placed persons to divert themoney,” an official of thecommission confessed.

Contract splittingThe contract bazaar by the

commission also saw anotherN1.6 billion being carefullysplit among 85 companies forthe ‘procurement,transportation and delivery’ ofwaste disposal trucks to thecommission. It could not beascertained if the trucks hadarrived Port Harcourt as at lastnight.

But the most embarrassing,according to new documentsreleased to Vanguard, is theaward of another set of contractsto influential politicians worthbillions of Naira under thesubhead of “WomenEmpowerment Programme” ofthe NDDC for the supply anddelivery of tricycles to thecommission which was alsobackdated to last year to coverthe misdeed as the amountinvolved was far beyond theapproval limit o thecommission.

Findings showed that thePresident decided to invite themanagement to explain theiractions to him after receivingseries of briefings on thetroubled board by officials ofthe office of the Secretary to theGovernment of the Federation,SGF, which supervises theNDDC.

But a director in thecommission, who did not wantto be quoted told Vanguard inPort Harcourt that the meetingwith PMB was not as a resultof the adverse audit report buta deliberate effort by thecommission to brief thepresident on the activities ofthe agency.

Energy companies owe banks N3.7trnBy Michael Eboh

ABUJA— ENERGYcompanies in Nigeria

owe commercial banks in thecountry N3.673 trillion,according to data produced bythe Central Bank of Nigeria,CBN.

This was in spite of severalwarnings by the CBN andother economic analysts,against the backdrop ofdeclining fortune of crude oilin the international market.

CBN, in its StatisticalBulletin for the First Quarterof 2015, revealed that theaggregate credit to the energysector as at March 2015 stoodat N3.673 trillion, dropping byN182 billion from N3.855trillion recorded in February2015.

Giving a breakdown of thefigures, the CBN stated thatin the industrial segment, oiland gas firms’ aggregatecredit stood at N2.153 trillion

as at March 2015, comparedto N2.3 trillion in February2015 and N2.047 trillion as atDecember 2014. The oil andgas firms in this segmentcomprise downstream, naturalgas and crude oil refining.

Aggregate credit of thepower and energy sector,comprising IndependentPower Project (IPP) and powergenerating companies, stoodat N282.7 billion, compared toaggregate credit of N294.085billion recorded in February2015.

In the services segment, theCBN noted that the aggregatecredit of upstream oil and gasservices sector in the month ofMarch stood at N1.073 trillion,down from N1.096 trillion,while power transmission anddistribution companies’aggregate credit stood atN163.93 billion, compared toN172.44 billion in February2015.

Generally, the CBN stated

that aggregate credit to thedomestic economy (net)stood at N17.15 trillion inMarch, representing adecrease of N54.2 billion or0.3 per cent below the levelrecorded a month earlier, butan increase of N716.5 billionor 4.4 per cent whencompared with the level atend-December, 2014.

“Net claims on the centralgovernment stood at N3.455trillion, representing anincrease of N76.7 billion or2.3 per cent above the levelrecorded in the precedingmonth. At N13.11 trillion,total credit to the privatesector was N166.8 billion or1.3 per cent below the levelachieved in the precedingmonth,” the CBN stated.

Further analysis showedthat oil and gas,manufacturing and miningand quarrying sub-sectorssecured 47.5, 41.4 and 4.9per cent of the credit to

industry sector.“Similarly, other sub-sectors

under service sector, oil andgas, finance, insurance andcapital market and real estatehad 53.2, 18.7, 13.2 and 10.7per cent of total credit toservice sector,” the apex banknoted.

The CBN further noted thatthe total assets/liabilities ofcommercial banks in March2015 (provisional) stood atN28.711 trillion, showingincreases of N123.8 billion or0.4 per cent and N1.185trillion or 4.3 per cent abovethe levels recorded inFebruary 2015 and at end-December 2014, respectively.

The CBN said: “Analysis offoreign exchange utilisationby sectors revealed that$8,428.05 million was spenton the importation of variousitems into the country in firstquarter 2015, representing59.5 per cent of the totalforeign exchange disbursedduring the period."


Ambode wades into LASU crisis

By Daud Olatunji

Lagos task-force arrests 223suspected miscreants at Oshodi

LAGOS—GOVERNORAkinwunmi Ambode of

Lagos State has waded into thecrisis rocking the 31-year-old,State University, LASU, Ojo,which made the unions drive theinstitution’s Vice Chancellor,Prof. John Obafunwa out of hisoffice in March.

Vanguard reliably gatheredthat the decision to wade into thecrisis was reached last Thursday,at about 6:00 pm between thegovernor represented by hisdeputy, Dr. Oluranti Adebuleand the National Association ofNigerian Students, NANS asconditions for the reopeningLASU gates shut earlier in theday.

The students on that dayparalyzed activities in theinstitution, following theprotracted crisis.

Sources said that the deputygovernor, who used to teach inthe institution before herappointment as the Secretary tothe State Government, SSGunder ex-governor, BabatundeFashola in 2011, promised toinvite the warring parties on howto resolve the crisis.

Public Relation officer of LASUStudent Union, Mr. FataiAdebanjo said that the stategovernment, through Adebulepromised to invite the unions fordiscussions to resolve the crisis.

Confirming the ongoingmeeting between the union andthe state government, theChairman of Senior StaffAssociation of nigerianUniversities, SSANU, LASUbranch, Mr. Oseni Saheedwhen contacted said “I do notwant to comment on any issueconcerning the Institutionnow. We are negotiating withthe state government.”

ABEOKUTA—THEOgun State Police

Command has threatened tocharge anyone caught as aland grabber for armedrobbery, murder orkidnapping.

The command said it hasdeclared war on landspeculators and grabberswhose activities have been onthe increase within the state.

The Police Public RelationsOfficer in the state in astatement said theCommissioner of PoliceAbdulmajid Ali, has given adirective that any hoodlumscaught fomenting troubleover land matters should bearrested and charged forarmed robbery, murder orkidnapping.

The PPRO said, “TheCommissioner of Policevowed to deal decisively withany land grabbers,particularly in Otta, Ifo,Mowe, Ibafo and Ogijo areasor other part of Ogun Statewho may want to truncate thesecurity arrangement beingenjoyed in present OgunState.

“The Commissioner ofPolice, has however assuredthe people of Ogun State tobe calm and go about theirlawful businesses as allstructures have been put inplace to checkmate any illegalacts or undesirableindividuals who engage increating crises in the state.

LAGOS—A lawyer, Mr TopeAlabi, has initiated contempt

proceedings against the FederalRoad Safety Corps, FRSC, ChiefExecutive, Mr Boboye Oyeyemi forallegedly disobeying a court orderstopping the corps from imposingfines on motorists in the country.

Justice John Tsoho of a FederalHigh Court sitting in Lagos, hadon September 26, 2014, nullifiedFRSC’s powers to fine motorists forviolating traffic rules.

Justice Tsoho held that only acourt of law can pronounce amotorist or driver guilty of violatingtraffic rules and order them to paya fine.

The court in a judgment, in a suitby Alabi, held that FRSC was notempowered to impose fines undersections 10 (4) and 28 (2) of theFRSC (Establishment) Act 2007because it is not a court.

According to the court, FRSC canarrest motorists for traffic offences,but it must take them to mobile orother courts which have the powersto punish traffic offenders.

Alabi in the committalproceedings initiated againstOyeyemi is contending that FRSCofficials have not complied with thejudgment which he noted was yetto be set aside by the Court ofAppeal.

According to him. FRSC did notapply for nor obtain any stay ofexecution of the judgment.

In the form 48 and 49, Notice ofconsequences of disobedience toorder of court, dated August 20, theCorps Marshal Oyeyemi is warnedof being held liable for contempt ifhis men continue to violate theorder by arresting and imposingfines on erring motorists withouttaking them to court.

The notice read, “Take notice thatunless you obey the directions

contained in this order, you willbe guilty of contempt of court andwill be liable to be committed toprison.”

Justice Tsoho had held thatFRSC cannot turn itself into acourt of law by punishing thosethat commit traffic offences.

By Monsuru Olowoopejo

Police tocharge landgrabbers forrobbery,murder

Lawyer moves to commit FRSC boss to prison

By Innocent Anaba Alabi in his suit had prayed thecourt to declare that only a court ofcompetent jurisdiction canpronounce a person guilty underSection 10 (4) and 28 (2) of theFRSC (Establishment Act) 2007and Regulation 143 of the NigerianRoads Traffic Regulation, 2011.

IBADAN—THE decision of Governor Abiola

Ajimobi of Oyo State to stoppayment of West AfricanExamination Council fees forfinal year students in publicsecondary schools haspitched him against hispolitical opponents in Accordand the Peoples DemocraticParty.

The governor, who is achieftain of the All ProgressivesCongress, APC, in the state saidhe stopped the payment of feestemporarily as one of themeasures to ease the state of itspresent economic challenges.

The opposition parties hadfrowned at the decisiondescribing it as anti-peoplemeasure.

But, defending the governor,his party, through Mr. WaleShadare, the Director ofPublicity, said the decision tosuspend payment of the fees aswell as the sponsorship ofpeople on holy pilgrimages toSaudi Arabia and Israel werenecessary in view of currenteconomic challenges.

The party said; ‘’The governordeserves accolades for resistingthe temptation to agree with

some concerned individuals andgroups who had come up withpieces of advice consideredinevitable for the state to jerk upits internally generated revenueat all cost but the governor, outof his love for the masses,declined to accept most of thesuggestions made as he was ofthe opinion that such wouldaggravate the suffering of thecommon man.

“We recall that the stategovernment had earlier takenmajor measures in that directionand these include; reduction ofcost of governance whichbrought about the pruning ofministries from 23 to 13,stoppage of daily feeding offasting residents at GovernmentHouse and distribution of fooditems to the needy duringRamadan fast, postponement ofall political appointments,turning down of sponsorshiprequests from many partners andn o n - g o v e r n m e n t a lorganizations.

''Interestingly, all of thesehad little or no direct negativeeffect on the common and itwas when further measureswere needed to beintroduced that the governorconsidered the options of WAECfees and pilgrimage stuff.’’

LAGOS—IN a fresh operation, Lagos State

Taskforce on Environmental andSpecial Offences EnforcementUnit, yesterday, raided some blackspots at the popular Oshodi areaof the state arresting at least 223suspected miscreants in theprocess.

The taskforce, also demolishedillegal structures erected by streethawkers and roadside traders whohad earlier been served notices tovacate the area.

The chairman of the unit,Superintendent of Police, SPOlubukola Abe, who led theoperation said it was a follow upto the sensitisation visit officials ofthe taskforce to the market a weekago as well as the stakeholdersmeeting organised by the unit onthe need to relocate and desist fromcarrying out their illegal activities

around the market.He further said that most of

the suspected miscreants werearrested between 2 and 4amon the Oshodi bridge betweenAnthony and Charity busstops.

Abe explained that “Amongthose arrested were ninechildren, 189 adults and fivewomen. But of utmost concernis the case of the children whowere out on the roads at thatungodly hour.”

He therefore, urged parentsand guardians to take better careof their children to prevent thembeing used as tools by criminals.

On the removal of shanties andextensions, the chairman said thestate government had no choicebut to enforce the “zero tolerance”for street trading rules since thetraders had remained recalcitrantand we will not fold our armswhile such illegality continues.

By Ola Ajayi

WAEC FEES STOPPAGE:Opposition tackles Ajimobi

By Olasunkanmi Akoni

HAJJ AIRLIFT: First batch of 2015 pilgrims from Ogun State boarding Medview Airline to Medinafor the Hajj at Murtala Muhammed International Airport, Ikeja,yesterday. Photo Lamidi Bamidele.

Vanguard, MONDAY, AUGUST 24, 2015 — 11

RECEPTION FOR ADESINA: Governor Rauf Aregbesola of Osun State (2nd right); Special Adviserto President Muhammadu Buhari on Media and Publicity, Mr. Femi Adesina, (2nd left), his wife,Adenike (left) and Apetumodu of Ipetumodu, Oba James Akunraledoye, during a thanksgivingreception organized in celebration of Adesina’s new appointment, at Ipetumodu Township Hall,Ife-North Local Government,Osun State, on Saturday.

Yorubasin Cubacommiserateover Ooni

Afenifere condemns Buhari’s styleof governance

By Dayo Johnson

AKURE—AFENIFERE, asocio-political group

weekend condemned PresidentMuhammadu Buhari’s style ofadministration saying he isbehaving like a dictator.

The group’s Chairman, PaReuben Fasoranti said this inAkure while assessing thePresident’s actions so far.

“President Buhari is runninga one-man show. Let himappoint his cabinet and startserious business,’’ he said.

Fasoranti also added that it willbe a disaster if the report of theNational Confab organised bythe immediate pastadministration is dumped bythe president.

According to him; ”I think thePresident should sit down andhave a package. What peopleare saying is very correct thathe is just picking people hereand there.

“He seems not to have settleddown to governance yet and timeis flying.

“Let him constitute the cabinetand start working. As it is now,

Buhari is still behaving like amilitary dictator. Just picking onpeople, he should sit down towork. He is running a one manshow now.

Speaking on the report of theNational Conference, theAfenifere boss said the group willcontinue to engage the

administration on theimplementation of the report forthe betterment of the country.

On the possibility of dumpingthe report, he said; “We will waituntil then, because at that time wewill still want to express ouropinion. When we are convinced,we will say it.

“The reason we supportedJonathan of course was becausehe agreed to carry out the

decisions of the NationalConference. The presentgovernment is not workingtowards that and when the timecomes, we shall speak.’’

Speaking on Ooni, he said;‘’His death is a sad loss, veryheavy loss. Ooni was aquintessential monarch ,veryhumble, friendly and broadminded. He towered aboveother monarchs.''

EKITI State chapter of thePeoples Democratic Party,

PDP, has called on the AllProgressives Party, APC, in thestate to stop what it described asthe shielding of former governor,Dr. Kayode Fayemi from beinginvestigated by the Economic andFinancial Crimes Commission,EFCC, for alleged financialrecklessness.

The party, in a statement by itsState Publicity Secretary, MrJackson Adebayo also accusedFayemi of distracting thecommission’s investigationthrough his recent utterances inthe media.

This came as the APC describedthe allegation against Fayemi asa pack of lies, noting that the stategovernor, Mr. Ayo Fayose

Stop shielding Fayemi from EFCC, Ekiti PDP tells APC...As APC says Fayose is doomed

By Charles Kumolu misrepresented the latter’s view.The PDP said: ‘’Why is he

coming out almost a year after hewas voted out of government bythe Ekiti people, when he knowswell that some security agenciesare after him if not because he wantto mislead and coerce them tobelieve that he was prudent.

‘’We still insist that theleadership of the APC is hell-benton protecting Dr. Kayode Fayemifrom the searchlight of the EFCCand other security agenciesbecause they know that he ranEkiti government aground beforehe was booted out by the popularvote, which has been judged tobe the most peaceful, freest andfairest in the recent time.

‘’Anybody or person foundwanting of mismanagement ofthe state resources must bebrought to book.’’

On its part, the APC instatement by its PublicitySecretary, Mr. TaiwoOlatunbosun, said: ‘’Instead ofregaling in the destruction ofFayemi’s legacies, whichpresented the best opportunitiesfor Ekiti State to grow, Fayoseis not only destroying himself,but also mortgaging the futureof Ekiti people throughstomach infrastructure thatprovides a kilogramme of riceand three-month-old chickenat every Christmas.

''Fayemi’s projects presented

the best opportunities for the stateto grow, but Fayose has beenhiding under non-existent debtsto deny Ekiti people neededdevelopment.

‘’Fayose said that Fayemibought N50 million bed evenwhen there is no N1 million bedin Government House. He saidFayemi built the newGovernment House with N3.5bnwhile in truth the building costN2.1bn and is the cheapest ofsuch in the country, the sameway he said that Ekiti bondwas taken to plant flowers.”

GOVERNOR RaufAregbesola of Osun has

attributed the negative focus onthe state by a section of the mediaover unpaid salary to the role heand the state played in defeatingthe PDP-led Federal Governmentin the last general elections.

Aregbesola gave this hint inIpetumodu at a reception in

honour of theS p e c i a lAdviser onMedia andPublicity toP r e s i d e n tMuhammaduBuhari, Mr.F e m iAdesina.

T h egovernor saideven thoughit was not

only Osun that was caught inthe salary crisis, yet somedisgruntled oppositionelements orchestratedunnecessary media campaignsagainst the state due to the roleits government played incontributing to their electoralfailure at both states andnational level by exposing theseveral financial recklessness,abuse of power and other poorleadership qualities of theousted PDP government.

Describing it as campaignsof hatred and bitterness, henoted that those who aresponsoring disparagingnews on Osun are doing it toretaliate against hisgovernment for the defeatsuffered by their leaders,which led to eventual loss ofpower by the PDP.

UNPAID SALARIES: Attacks due toanti-Jonathan stance – Aregbesola

A Cuban Associationcomprising of Yoruba

people, named: AsociaciónYoruba de Cuba hascommiserated with the Yorubarace and the Governor RaufAregbesola of Osun State onthe transition to glory of theOoni of Ife, Oba OkunadeSijade.

The Association in acondolence letter sent to thegovernor joined other Yorubaworld over to mourn thetransition of a worthyambassador and a pride of theYoruba race with deep sorrow.

The letter signed by itsPresident, Sir. Awo. JoséManuel Pérez Andino, notedthat the organisation and herpeople in Cuba share in thepain and sorrow of otherYoruba people, praying thatGod will console the familyover the loss of the latemonarch.

The letter read, “With deepsorrow for the passing awayof the Ooni of Ife, ObaOkunade Sijuwade, Yorubatraditional leader and friend ofCuba, we join wholeheartedlythe pain of the Yoruba Peopleand his family for the loss ofsuch a dear friend.”

A B E O K U T A —FORMER President

Olusegun Obasanjo,haseulogised the immediate pastVice Chancellor, FederalUniversity of Agriculture,Abeokuta (FUNAAB),Prof.Olufemi Balogun forrepositioning the University.

Obasanjo who described theformer Vice Chancellor as agreat scholar, said he did notleave anything to chance in allhis years in the academic world.

The former President, whowas a special guest at thethanksgiving ceremony for theretirement of Balogun, at achurch service, held at theChapel of Christ The GloriousKing, an arm of OlusegunObasanjo Presidential LibraryComplex, described thecelebrant as a worthyambassador.

He said Balogun haddemonstrated the quality ofsuccess in which Egba sonsand daughters are known forin all his years in service.

At the ceremony, the ViceChancellor of FUNNAB,Professor Olusola Oyewole,was represented by DeputyVice Chancellor, ProfessorPhillips Salako.

Obasanjo eulogisesFUNAAB’s ex- VC

By Daud Olatunji


Oil firms prefer war to peace in N-Delta —REPEmma Amaize, Egufe

Yafugborhi & AkpokonaOmafuaire

Rivers APC dismisses corruptionallegation against Amaechi

By Festus Ahon

Okowa urges cooperation in fight againstcrime

By Jimitota Onoyume

By Emma Amaize

IkimicounselsLori-Ogbeboragainstcourt actionoverDESOPADEC

By Chioma Obinna

NAFDACdeclaresbread inRivers safe

Families sue Delta poly over allegedillegal acquisition of farmland

PORT HARCOURT—RIVERS State chapter of the

All Progressives Congress, APC,yesterday, dismissed thecorruption allegations againstimmediate past Governor of theState, Mr. Rotimi Amaechi.

The party in a statement in PortHarcourt by its state Chairman,Dr. Davies Ikanya, said the latestallegation by Governor of RiversState, Mr. Nyesom Wike's campthat Amaechi, had foreign bankaccounts lacked substance.

“These stories flooding theInternet and Social Media aboutformer Governor Amaechi aremere fabrications intended toridicule him and poison the mindof President MuhammaduBuhari, who is expected to makeAmaechi a key member of hiscabinet.

"For the avoidance of doubt,Amaechi has no account with aBank in Minnesota, USA, asalleged by these devious rumourmongers. It is also not true thatCNN’s Christiane Amanpouraccused Amaechi of corruption,as being claimed by his detractors.Besides, at no time did Amaechiwrite to Bancorp or any bank inSwitzerland, stating that he

W A R R I —EXECUTIVE

Director of the Centre forthe Vulnerable andUnderprivileged, Warri,Delta State, Mr.Oghenejabor Ikimi,weekend, advised NigerDelta activist, Chief RitaLori-Ogbebor, to abandonher plan to drag the DeltaState Government, to courtover the newly signed DeltaState Oil Producing AreasDevelopment Commission,DESOPADEC, law, sayingit would be a futile exercise.

Ikimi, also an activist, saidLori-Ogbebor’s observationon host communities beingowners of the 13 per centderivation fund wasunquestionable, but Section162 (2) of the 1999Constitution of the FederalRepublic of Nigeria (asamended), was silent on theway the funds should bemanaged.

Lori-Ogbebor had, lastWednesday, given the stategovernment a seven-dayultimatum to repeal the lawor she would head for thecourt.

OLEH—OWNERS of theland where Delta State

Polytechnic, Ozoro, is sited, haveinstituted a N5 billion suit againstthe institution seeking forcompensation over allegedillegal acquisition of 500 acres oftheir farmland.The owners whodragged the polytechnic to the

WARRI—IT was a hotsession, weekend, in

Effurun, near Warri, Delta State,as the Member representingBurutu Federal Constituency inthe House of Representatives,Julius Pondi, said oil companiesoperating in the Niger Deltafavoured war to peace from thenatives.

He spoke at a communicationempowerment programmeorganized by the Association ofCommunication Scholars andProfessionals of Nigeria, ACSPN.

Oil companies invited for theseminar boycotted the event,which further infuriated oilcommunities and otherstakeholders.

Pondi cited an instance withOgulagha, an Ijaw community inWarri South-West localgovernment, where there hadbeen no power failure in the last20 years, saying the people onlystarted enjoying electricity aftera serious protest against an oilcompany in the area.

He disclosed that the agitationwas bloody and claimed manylives.

The lawmaker said thesubmission by the guest lecturerand university don, Dr. VictorAyedun, for effectivecommunication strategiesbetween oil communities and oil

PORT HARCOURT—AFTER campaign and

comprehensive on-the-spot- assessment of loavesof bread in Rivers State,National Agency for Foodand Drug Administrationand Control, NAFDAC, hasdeclared bread in the statefree from potassiumbromate.

Giving the assurance inthe state capital, theNational Agency for Foodand Drug Administrationand Control, NAFDAC,Rivers State Coordinator,Mrs. Mercy Ndukwe, saidthat the state achieved 100per cent success in theannual bread monitoringexercise due to effectiveregulation andenlightenment campaignby the agency over theyears on the harmful effectof using potassium bromatein bread baking.

Rubbishes reports on foreign accounts, slams saboteurs

ASABA—DELTA StateGovernor, Senator Ifeanyi

Okowa, has called for cooperationand intelligence sharing amongstates in combating crimes andinsecurity in the country.

Okowa spoke weekend during2015 South-East/Delta StateSecurity Summit held in Awka,Anambra State.

He noted that cooperation andintelligence sharing among states

deposited any funds in error.These are wicked lies concoctedby evil-minded personsdesperate to pull down Amaechi.But they are bound to fail,” RiversAPC said.

The party expressed regret thatsome saboteurs within the partyhad made themselves available

for use by Wike in tarnishingAmaechi’s reputation just becauseof pecuniary benefits.

“We wish to warn these saboteursto stop playing Judas and returnWike’s money to him or beprepared to face the consequenceswith their new-found master whosewrongful occupation of the Rivers

State Government House willsoon be ended by the StateGovernorship ElectionTribunal,” Rivers APC said.

It assured Amaechi of theparty’s unflinching support,saying that he would bevindicated at the end of the day.

multinationals was a mere“Utopia, “ that had no place inthe current relationship manualof the oil producing communitiesand oil multinationals.

According to him; “Whenevercommunities dialogue with thecorporate organizations, they get

little but when confrontational forceis applied, they get more.”

He berated the oil companies forrefusing to adopt thecommunication strategies neededfor the peace and development oftheir host communities.

However, Pondi advised

stakeholders and communitiesto keep hoping to see if thecorporations operating withintheir domains would live up totheir responsibilities, asespoused in the trainingprogramme.

would go a long way in addressingsecurity issues bedevilling thesociety.

The governor said: “Until stategovernments are able to providepeace and ensure that the peopleare secured they will not get theright atmosphere for desiredinvestments that are needed for thecreation of employment. I want tothank Governor Willie Obaino ofAnambra State for putting ustogether at the Summit and Ibelieve that the cooperation

between the states and thepeople of the various stateswould help a lot in trying tocombat crime.”

The Summit which has thetheme, “ Security: Bedrock ofGovernance” was attended byGovernor Ifeanyi Okowa(Delta), Ifeanyi Ugwuanyi(Enugu), Okezie Ikpeazu(Abia), Willie Obaino (Anambra),Director-General, Department of StateServices, Lawan Musa Daura amongothers.

By Ochuko Akuopha High Court sitting in Ozoro, IsokoNorth Local Government Area ofthe state, accused the institution ofviolating their fundamental rightsto acquire and own immovableproperty anywhere in Nigeria asguaranteed by section 43 of the1999 Constitution.The landlords;Mr. Pius Akpoyibo, Mr. ObaroUgweh, Mr. Vincent Imiko and Mr.

Lawrence Okiemute in suitnumber HCZ/M/9/2015, alsoprayed the court to order aperpetual injunction restrainingthe respondent “from furtherillegal and unconstitutional actsof violation of fundamentalrights of the applicants asguaranteed and protected bysection 43 and 44 of the 1999constitution of the FederalRepublic of Nigeria.”

INSPECTION: Rivers State Governor, Mr. Nyesom Wike (middle), Senator George Sekiboand Senator Olaka Nwogu, during the inspection of ongoing projects in the state by thegovernor.


Oil producingcommunitiesurge Buharito legalise‘local'refineris

Why I'm against Wike's probe panel—AMAECHI

WORLD BANK TO STATES: Build strong institutionslike Lagos, Edo, benefit from our loans

By Simon Ebegbulem

Gov Emmanuel laudsfirm over shopping mall

BENIN CITY—THE WorldBank has assured other states

in Nigeria that they can enjoy theloan facility granted to Lagos andEdo states if they embark onreforms that will build strong andlasting institutions that willendure successive governments.

The World Bank through thebank’s Country Director forNigeria, Marie Francoise Marie-Nelly, who stated this in astatement backing the 75 milliondollars World Bank loan to EdoState which was approved onApril 29, 2015, said: “We expectthat this budget support to Edo,like that granted to Lagos Stateearlier, will have a positivedemonstration effect on otherstates in Nigeria by inspiringthem to take on important reformsto build strong systems andinstitutions that will endure oversuccessive governments”.

W A R R I — O I LProducing Area

Association of Nigeria,OPAAN, has appealed toPresident MuhammaduBuhari, to halt thedestruction of “illegal”refineries in the creeks, butlegalise their operations toboost local refining capacityand the economy.

OPAAN contended that itis sad that while Nigeriacannot meet up with theinternal consumption ofpetroleum products, itengages in the destructionof local refineries at thecreeks simply because thereis no legal frame work forsuch production in thecountry.

In a statement titled, “TheNeed to Legalise Localrefineries in Nigeria”, by thePresident of the association,Chief ObiuwevbiOminimini, the group saidif legal framework was putin place through whichNigerians couldincorporate business outfitsfor the production of dieseland other petroleumproducts with minirefineries, it would createjob opportunities forNigerian teeming youths,increase the country grossdomestic products, GDP,reduce criminality andcrude oil theft in thecountry.

UYO—AKWA Ibom StateGovernor Mr Udom

Emmanuel, has commendedthe decision of ResilientAfrica, a shoppingconglomerate inestablishing a ShoppingMall, Shoprite in the State,saying the initiativeunderscores the avoweddetermination of hisadministration to place thestate among comity ofindustrialised Nations.

Governor Emmanuel spoke

VISIT: From left: Governor Ifeanyi Okowa of Delta State, Vice Chancellor, University ofPetroleum Resources, Effurun Prof. Akaehomen Akii Ibhadode, and the Registrar, Mr.Ejike Ichendu, during a courtesy call on the governor in Asaba. Photo: Nath Onojake

PORT HARCOURT—IMMEDIATE past

governor of Rivers State, Mr.Rotimi Amaechi, has againexplained why he wants to stopthe Judicial Commission ofInquiry set up by his successor,Nyesom Wike, to probe someselected government transactions,while Amaechi was governor.

In a statement by the formergovernor ’s media officeyesterday, Amaechi insisted thathe was not afraid of a fair anddecent probe or investigation orinquiry of his administration; andwould cooperate and supportsuch inquiry in as much as it wasdone within the ambits of thenation’s laws.

According to the statement;“However, what Wike has set outto do is anything but a fair probe.The commission will not be fairto Amaechi because it was set upto indict him. Wike hadrepeatedly held that Amaechi, theperson to be investigated, actedillegally in the disbursement ofpublic funds and that Amaechiran a corrupt government.Clearly, Wike has prejudged thematter and shown his bias thatAmaechi is guilty even beforeinvestigations. This means Wike,with his prejudiced, made upmind has taken a position of aguilty verdict even before theoutcome is known orestablished.The same Wike whohad adjudged the yet-to-be-

investigated conduct of Amaechias illegal and Amaechi as corrupt,is the same person that has goneahead to set up a commission ofinquiry and will have the final sayon the findings of the commission.

“This bias and pre-determinedagenda to indict Amaechi isobvious even in the terms ofreference of the commission. Inone of the defective terms ofreference, Wike said theCommission should investigate

....Ex-Agriccommissionerto appearbefore Wike'srobe panel

PORT HARCOURT—FORMER Commissioner

of Agriculture, Mr EmmaChinda, is expected to appearbefore the Rivers StateJudicial Commission ofInquiry set up by the stategovernment today.

He is the first member of thecabinet of former GovernorChibuike Amaechi to beinvited by the commission andis expected to speak on howhis office managed about fourbillion naira agricultural loansecured by the pastgovernment.

By Jimitota Onoyume

While urging the states to workhard in the area of transparencyand accountability to enjoy loanfacility, the bank pointed out that“ Edo state is strengthening itsfinancial managementinformation system for budgetmanagement, strengthening thealignment of the state’s annualbudget to the strategic prioritiesof the government as well asimproving financial accountabilitythrough timely audits andpublication of the stategovernment’s audited financialaccounts.

“The programme will alsoensure professionalization of thestate’s procurement function toimprove the management ofpublic procurement in the state.In the area of education, one keyreform undertaken by Edo stateis the strengthening ofgovernance at the basic educationlevel through the involvement of

the established school-BasedManagement Committees inthe monitoring of teacher andpupil attendance at schools” itstated.

during theground breakingceremony ofS h o p r i t eShopping Mall atIbom TropicanaComplex, Uyo.

The governorsaid the groundb r e a k i n gc e r e m o n i e sperformed in recenttimes across the

state, had been complimentedwith training of youths to imbuein them requisite skills that wouldmake them fit into the companieswhen operational.

He observed that the companyhad built a fantastic profile for itselfin countries where they operatedand enjoined them to maintainthe standards they were knownfor.

Governor Emmanuel expresseddelight on the proposed use ofeighty percent local content inhuman and material resourcesand charged them to complete theproject in a record time.

Earlier, the Commissioner forInvestment, Commerce andIndustry, Mr. EmmanuelEnoidem, noted that ShopriteShopping Mall would be locatedat the Tropicana Complex andthat the project would stimulatecommercial activities as well ascreate employment for theyouths.

the circumstances that led to the‘sale of the state Hotel Olympia.’With a fair and decent probe, theInquiry should have been ‘toexamine (or investigate) thetransaction concerning HotelOlympia.’ The difference is soclear: In the former, jaundicedWike’s Term of Reference, it hasbeen prejudiced and concludedthat the Hotel was sold, while inthe latter, the Inquiry is open andfair, and may lead to a finding ofa sale or a lease or even a gift or

even a pledge. Now, havingso concluded that HotelOlympia was sold, would Wikebe decent and humble enoughto reverse himself if documentsshowed it was never sold butconcessioned or leased? Thisis one of the dangers of Wike’scommission that harbours apredetermined outcome in thename of an Inquiry andAmaechi will not subjecthimself to Wike’s deceit andshenanigans."

CMYK


FLOOD: Relocate to safer grounds,NEMA warns Imo communities

By Chidi Nkwopara

OWERRI—NATIONALEmergency Management

Agency, NEMA, has advisedresidents of flood-pronecommunities in Ohaji/Egbema

and Oguta local governmentareas of Imo State, to immediatelyrelocate to safer grounds.

The advice came on the heelsof the early warning from relevantFederal Government agencies,including the securityorganizations, about the

impending flood that would hitthe affected communities.

The Head of NEMA Operationsin Imo and Abia states, Dr.Innocent Ezeaku, explained thatthe agency preferred giving theadvice early enough to avoid arepeat of the ugly experience of

2012, which sacked severalfamilies and submerged so manycommunities in the affected localcouncil areas.

“The relocation is to avoid theunpleasant experiences of thepast, which is likely to repeat,especially with the heavy rainsand the release of excess waterfrom the Cameroonian dam,” Dr.Ezeaku said.

According to the NEMA official,the excess water from Cameroonwould affect the banks of RiversNiger and Benue, as well asUrahsi River.

“The high risk areas are theriverine communities close to theUrashi River and Njaba River.These rivers will not only receivewater from the River Niger, butwill likely overflow their banks,”the NEMA official said.

Answering a question, Dr.Ezeaku passionately appealed toresidents of the flood-pronecommunities to temporarilyrelocate until the water levelrecedes.

Vanguard recalls that floodravaged large proportions of allthe communities close to the riversin 2012, and rendered thousandsof families homeless, while a fewreportedly died.

It would also be recalled thatthe Federal Governmentremitted a staggering sum ofN400 million to Imo State, toenable it soothe the nerves ofthe people sacked by flood.

....Anambra mobilizes against disasterBy Vincent Ujumadu

AWKA—FOLLOWINGpredictions that many

states in the country, includingAnambra, would be affected byflood disaster this rainyseason, the Anambra StateEmergency ManagementAgency, SEMA says it hastaken necessary proactivemeasures to minimize theenvisaged adverse effects.

The executive secretary ofSEMA, Chief Paul Odenigbohad already begun asensitization tour of 10 flood-prone local government areasof the state to prepare theminds of the people on theimpending disaster.

The concerned localgovernment areas areAyamelum, Anambra East,Anambra West, Ogbaru,Onitsha North, OnitshaSouth, Idemili South, AwkaNorth, as well as Ekwusigoand Ihiala.

He said that the stategovernment had procuredenough speed boats and otherbasic logistical needs ofpotential victims of the flooddisaster in the InternallyDisplaced Persons, IDPs,camps already set up.

Obi advises CBN to re-consider monetary policies

THE FORMERGovernor of Anambra

State, Mr. Peter Obi has calledon the Central Bank ofNigeria, CBN, to re-considersome of the recent monetarypolicies, especially those,according to him, whoseadverse effects outweighedtheir positive impacts.

Obi was speaking tojournalists during theordination of 2015 set of priestsby the Awka Diocese of St.Patrick’s Cathedral, Awka, onSaturday.

Obi, who confessed that heappreciated the motives

THE ACTING DirectorGeneral of the

Nigerian MaritimeAdministration and SafetyAgency, NIMASA, Mr.Haruna Jauro has restatedthe agency’s commitment toremove all barriers toseamless facilitation oftransit cargo to the Republicof Niger through Nigeria’ssea ports.

The DG, who gave thisassurance when theNigerian/Nigerien JointCommission on TransitCargo led by the DirectorGeneral of the ShippersCouncil of the Republic ofNiger, Mr. OumarouIssoufou, paid a courtesyvisit to the Agency in Lagosrecently, also noted thatNigeria and Niger couldwork together withoutbarriers to ensure smoothpassage of goods betweenboth countries.

NIMASA boss alsoexpressed satisfaction withthe activities of theCommission, in the area oftrade relations betweenNigeria and Niger, saying"both countries have a lot tobenefit from each other onissues concerning trade.

“We will continue to shareideas on how to make therelationship better andremove all barriers tosuccessful transit of cargobetween the two countriesusing global bestpractices.”

Earlier in his address, theDirector General of NigerRepublic Shippers’ Council,who spoke through aninterpreter, commendedthe agency’s efforts inensuring safety and securityin the nation’s ports andalso pledged the readinessof Niger Republic to co-operate with the Nigeriangovernment for the interestof both countries.

“We have been to theApapa and Tincan portsand observed the quality ofsafety and security availableon the Nigerian waterways,which are commendable,”Oumarou stated.

NIMASAassures NigerRepublic ofseamlesscargo transit

CAMP: Anambra State governor, Chief Willie Obiano lights the Scout Association Camp Fire Night, at theGovernor’s Lodge grounds Amawbia,weekend

Odenigbo said, weekend, thatthe State Executive Council,EXCO, has directed SEMA tocommence what he called ‘earlywarning interactivesensitization meetings withstakeholders in the flood-proneareas of the state ahead of theannouncement by theCameroonian government thatit would release excess waterfrom Ladgo Dam into RiverBenue in Nigeria.

According to him, SEMAhad prepared itself for anyeventuality, even as he statedthat the expected flooddisaster this year would not beas devastating as the 2012incident which took mostNigerians unawares.

Odenigbo said the earlyprediction by the NigerianMeteorological Institute,NIMET, about heavy rainfalland another flood disaster in

2015, in addition to theannouncement by Cameroon,gave Nigerian authorities andcitizens ample time to prepareto mitigate the adverse effectsof the predicted deluge.

He also called on localgovernment authorities, theclergy and town unionexecutives to assist his agencyand take the message of theimpending flood disaster to thegrassroots in order to save lives.

behind some of the recentregulations, said the issue ofdomiciliary account needed tobe re-considered as it washurting the economy due to itseffects on small and mediumscale businesses, which henoted were the biggestemployers of labour in thecountry.

He insisted that any policynot favourable to small andmedium scale businesses bothin short and long terms,should be re-examined,especially now that one of thebiggest problems facingNigeria remained that of

unemployment. “Besides,”he said, “those small andmedium businesses are pivotalto the fight against extremepoverty.”

Obi, who said that a surveyof small and medium scalebusinesses in cities such asOnitsha, Nnewi, Aba, Lagos(Alaba, Trade fair complex),among others, would revealthat traders were sufferingand that the unintendednegative impacts of the policydwarfed its positive effects,called on the CBN tocommission a study so as toobtain the realities on ground.


UN pledges to assist Nigeria confrontchallenges

By Henry Umoru

ABUJA — THE SecretaryGeneral of United Na-

tions, Mr. Ban Ki-Moon, saidyesterday that the world bodywas ready to support Nigeriain confronting the challengesof security, education, powerand development.

The UN chief who was inNigeria for the 4-year anniver-sary of Boko Haram attack onUN secretariat in Abuja thatclaimed 21 lives, disclosed thiswhile meeting with the 36 stategovernors under the aegis, theNigeria Governors Forum,NGF, in Abuja

The UN Secretary Generalwho noted that Nigeria wascurrently passing through acrucial moment, expressed thehope that the governors woulduse sustainable developmentgoal for the development oftheir respective states.

Ki-Moon said, “Nigeria isnot a small country and there-fore your passion and commit-ment is commended. Manypeople are looking up to you.The first word charter of theUnited Nations is “We the peo-ple” and it was this basis thatthe United Nations was found-ed. We are working to solve theproblem of the people.

“This is a crucial moment forNigeria. And you have to takecrucial steps to move the coun-try forward. The United Na-tions is ready to help you. Wehave to work together to movethe country forward.

“You (the governors) under-stand the peoples’ challenges

and you have the power tohelp the people on education,power, development, institu-tion building, security andothers “Nigeria occupies apivotal place in the comity ofnations. This is time of hopewhen we have a lot of chal-lenges. I want to commendyou for a successful election.Elections should serve as arally point for the people. Butmany often, it serves as ameans of destruction. Niger-ia has done well.”

In his address, Chairman ofthe Forum and Governor ofZamfara State, Alhaji Ab-

dulazizi Yari, who spoke on be-half of the governors, howeverassured Ki-Moon of the resolveof the governors to eradicatepolio from local governments,states and the country as awhole.

According to him, he was gladthat the NGF has become aproduct of the success recordedin the last general elections andthat the governors have cometogether irrespective of partyaffiliation, to cooperate, collab-orate and share ideas on bring-ing development to the elector-ates.

He said, “governors and oth-

er stakeholders are workingfor the eradication of thescourge. For us, there hasbeen no better developmentalpartners than the UN. Manystates now anchor their devel-opment plan along the lines ofdevelopment goal. We areready to embrace this pro-gramme as soon as possiblewith the same zeal. The NGFhas just established a very suc-cessful peering group.”

The Governor of KadunaState, Mallam Nasir El-Rufai,spoke on challenges facingstates, using his state as a casestudy.

APC TO IGBO LEADERS OF THOUGHT: Stop desecrating our traditionBy Francis Igata

ENUGU—SOUTH-EASTZonal Chapter of the All

Progressives Congress, APC,yesterday, lashed out at theleadership of Igbo LeadersThought, ILT, accusing themof defending ex-PresidentGoodluck Jonathan’s adminis-tration, which was allegedlyfraught with widespread loot-ing of public funds.

In a statement made avail-able to newsmen by the South-East spokesperson,Mr. OsitaOkechukwu, APC said: ”Ourworry is that the timeless Igbotradition which admonishes usnot to steal, and neither todefend nor associate withrogues or even alleged roguesis being flagrantly breached byprominent Igbo sons, cryingmore than Ijaw sons anddaughters.

“We are yet to locate any sen-tence where any of them, evenour revered icon, erudite andconstitutional lawyer, Profes-sor Ben Nwabueze in any formdenied the mindless, perva-sive and unbridled corruptionwhich governed ex-PresidentJonathan’s regime. We stand

to be corrected. Then whysplash us with the mud?

“It is our considered viewfirst that Ndigbo like all hardworking groups in the coun-try stand to gain more from atransparent regime, whichcaters for both the talentedand the needy; than a preda-tor regime, which dispensedonly patronage to cronies.

“The Igbo ethnic merchantsand gossip-terrorists, whobandy all manner of conspiracyhate theories against PresidentBuhari must come to terms thatan eight-year tenure of the manof uncommon integrity is thesurest route to actualisation ofpresident of Igbo extraction,given the zoning convention.

“In the context submitted

above, it is time to think out ofthe box and reason thatNdigbo’s support for PresidentMuhammadu Buhari is a win-win-game for all Nigerians.

“Therefore, stop desecrationof Igbo tradition and our greatancestors by supporting theless than transparent ex-presi-dent.”

Gov Ikpeazu tasks Ndigbo on curbing crimesBy Anayo Okoli

U M U A H I A —GOVERNOR Okezie

Ikpeazu of Abia State hasappealed to well-to-do Ndigboand people from the old EasternRegion of Nigeria to invest in theregion to create jobs, saying it isthe only way to curb the risingrate of crimes and criminality andother forms of insecuritybedevilling the region.

Governor Ikpeazu, who saidthat government alone could notprovide the needed employmentopportunities to curb insecurityin the region, also called forcollaborative efforts of stategovernments in the region in the

fight against insecurity. Ikpeazu spoke, weekend, in

Awka, at one-day South-East/Deltastates’ Security Conference hostedby the Governor Willie Obiano ofAnambra State.

Speaking at the conference whichwas aimed at finding a lastingsolution to the security challengefacing the South-East and Delta,Dr. Ikpeazu said that he was“convinced that crime withcriminality is a great threat to ourprosperity and progress as apeople.

“Crime has really touched andaffected our values. We are a hard-working people, but crimes havebeen imported into our lexicon,lifestyles that have derailed us andit is fast destroying our values. Not

until we come together to fightcrime, our hopes and aspirationsas the people of old EasternRegion will remain a mirage.

“We must rise up to protect thevalue which we are known for,which is hard work. We must doeverything we can to hold downcrime and criminals in our areas.

“I want to call on Ndigbo, like Idid in Lagos during the week, tolook back home and join in ourcurrent fight against crimes andcriminality in our region.

"We expect our people to join inthis fight by investing in theregion, and help in findingsolution to the problem ofunemployment that has createdrooms for all kinds of crimes andcriminality in our region.”

EEDClamentshighincidenceof meterby-pass

By Francis Igata

ENUGU—ENUGUElectricity Distribu-

tion Company, EEDC, haslamented high incidence ofmeter by-pass and tamper-ing by consumers in the fivestates of the South East,saying it was responsible forthe delay in the roll-out ofits metering programme.

This is as consumers ofelectricity in the zone hadexpressed dissatisfactionwith the services of the com-pany in estimated bills, ab-sence of meters, delay inrepairing faulty transform-ers, prolonged power out-ages and fixed charges andcalled on the company toimprove their services be-fore considering tariff re-view.

Addressing her custom-ers in the five South Eaststates as part of the consul-tation for applying the tar-iff review, EEDC’s Manag-ing Director, Mr. RobertsonDickerman, said the newmeters needed to be de-signed to check the inces-sant by-pass and tamper-ing.

The consultative meeting,he said had taken the com-pany to all the states of theSouth East, adding that itwas also a requirementfrom Nigerian ElectricityRegulatory Commission,NERC.

He disclosed that EEDChad commenced procure-ment and installation ofmeters for its maximumdemand customers, add-ing, however, that procure-ment and installation of pre-paid meters for its single-phase and three-phase cus-tomers had advanced.

Dickerman said EEDCwas poised to continue toprovide effective services toall electricity consumers inthe zone, adding that it hadmade huge investments toreduce aggregate techni-cal, commercial and collec-tive losses and addressingcustomers’ complaints.

According to him, thecompany had earmarkedN25 billion for investmentin Geographic InformationSystem, GIS, and enu-meration of customers andassets in its licencse area,adding that the investmentwoud cover transformers,construction of relief sub-stations and network ex-pansion.

AWARD: From left, Dr. Ofulue Uchenna, Director, Cargo, Federal Airport Authority of Nigeria,FAAN; Miss Sa’ada Dunoma, Engr. Saleh Dunoma, Managing Director, FAAN; Mrs. MaruDunoma; Hajia Salamatu Umar-Eluma, Director, Human Resources, FAAN; Engr. OlufemiOgunode, Director, Maintenance & Engineering, FAAN, and Miss Nse Ikkideh, GeneralManager, Planning, FAAN, during the 2015 National Produtivity Order of Merit Award, atNicon Hotel, Abuja, weekend.

CMYK

OPINION


OPINION

Re:If only it was O'Tega in DeltaBy Sunny Onuesoke

*Mr.Onuesoke, a public affairsanalyst, wrote from Asaba, DeltaState.

I READ with consternation the myopicand uninformed piece by one Jesutega

Onokpasa in the 19th August 2015 editionof Vanguard on page 39 of paper titled "Ifonly it was O’tega in Delta". Intrying to dwell on wishes rather thanreality, Onokpasa tried to mislead thepublic with wrong information bydistorting facts while basking in thesophistry of fiction, falsehood and fables.Clearly, I do not intend to give anyrelevance or credibility to Onokpasa’spiece except that we need to set the recordsstraight, and perhaps educate him a littleon good governance, political expediency,and jusxtaposing, the morality of truth.I doubt if the writer knows anything aboutthe pedigree and experience of hisprincipal who has never held anygovernment position before and thereforelacks the requisite experience to govern astate like Delta.For instance, how would an O’tegaOmerhor-led government ‘impress withparadigm shift in governance’ if theavailable resources are not enough to eventake care of recurrent expenditure?Government is not Santa Claus, and thehalting of the recruitment of 3000workers who bought job slots is not a

metaphor for economic hardship asOnokpasa suggested; rather it is blessingin disguise. Delta state, with a bloated civil service ofover 60,000, struggles labouriously to payworkers. No responsible government willtake overdraft every month to payworkers and neglect other critical sectorsof the state. We are all witnesses to thechange happening in a state like Osunwhere workers are owed more than ayear’s salaries! That is not the kind of change we desire inDelta state. Governor Okowa’s five-pointSMART agenda is the kind of change wewant in Delta State at this critical point inour history: Strategic wealth creation andprovision of jobs for all; Meaningful peace

building platforms aimed at political/social stability; Agricultural reforms andindustrialisation; Relevant health andeducation policies and Transformedenvironment through massive urbanrenewal. SMART is not a political jingo; it is aneconomic blueprint to reposition the statein the face of adversity, harness availableresources into productive ventures, createvalue for money, accelerate growth, drivepotentials into performance and enhancethe well – being of the people. We all know that falling crude oil pricesmeans dwindling revenue from the centreas monthly allocation to Delta state hoversaround N6billion, even as the governmentfights to grow the IGR beyond N4billionmonthly. Yet, recurrent expenditureremains a cesspool, draining the state’smeager finances and slowing downinvestments in capital projects and criticalsectors like infrastructure, agricultureand industrialisation. A sensible government must shedunnecessary weight and look for ways toblock all leakages in order to create valuefor the people. Yes, it is not going to bebusiness as usual. That is why Dr. Okowaseeks to reform the 8 year-old Delta StateOil Producing Areas DevelopmentCommission (DESOPADEC) which hasreceived not less than 200 billion nairasince inception and yet cannot point to anymeaningful achievement. That is whyOkowa has surrounded himself withtested, credible, honest, pragmatic andsleeve-to-the-elbow people to repositionand drive growth in the state in order to

deliver superior value to the people. I don’t know if Onokpasa has visited otherstate capitals in the country and comparethem to Asaba, the capital of Oil-rich Deltastate. You will agree with me that Asabais in a parlous and decrepit state, and doesnot befit the status of the capital of an oil-rich state. And if a conscientious andvisionary leader like Senator Okowadecides to retrofit or refit the state capitalby setting up the Asaba CapitalDevelopment Authority, I don’t think thatthis is out of place. He is not building aDubai or engaging in any profligacy; he isjust going to make sure our state capital isnot an eye sore. Dr. Okowa has a vision and a mission touse available resources to manage thestate and transform it into a splendourthat is not only enduring and sustainablebut one that will impact positively onfuture generations. That is legacy. Andthe chronicle of his feats has just begunwith momentum. It can only get better. Finally, we are all witnesses to theoverwhelming support that SenatorOkowa garnered prior to the last elections,and how he campaigned vigorously andreached out to all interest groups in thestate. The people trusted him, votedmassively for him, and gave him theirmandate. Deltans made the right choiceand are now poised to see good governancein action. Let us all join hands and buildthe Delta state of our dreams.

RIGHT OF REPLY

A sensiblegovernment mustshed unnecessaryweight and look forways to block allleakages in order tocreate value for thepeople

LAST week the Presidency issued adirective to all Federal GovernmentMinistries, Departments and Agencies(MDAs) to begin retirement of theirrevenues into a unified account, aTreasury Single Account (TSA) main-tained by the Central Bank of Nigeria(CBN). Several state governmentshave also commenced similar meas-ures.

The regime of former PresidentGoodluck Jonathan had initiated asimilar measure in December 2014with February 2015 as the deadline,though implementation suffered dueto the campaigns and general elec-tions.

TSA, as defined by the IMF, is a uni-fied structure of government bank ac-counts through which the governmenttransacts all its receipts and payments.

The nation’s banks would be losingabout N2 trillion in deposits to CBNwith the implementation of the TSA.This would obviously affect liquidityin the banking system and end upputting pressure on interest rates andavailability of credit to the economy.

Even before the Presidency’s direc-tive, the Nigerian National PetroleumCorporation (NNPC) had begun with-drawing its funds from banks for re-mittance into CBN last month leadingto adverse liquidity levels in the bank-ing system and resulting in a surge inmoney market rates during the periodas banks scrambled for funds to covertheir liquidity positions.

The structure of deposits in the com-mercial banks indicates that the im-pact of full implementation of TSAmay not be too negative. Data from

the CBN as at the end of June 2015put total deposits in the financial sys-tem at N13.5 trillion. Analysis of thisshows that the private sector accountsfor 90.7 per cent (N12.2trillion) whilepublic sector funds accounts for 9.3per cent (N1.3trillion) which will belost to TSA.

While we do not think the 9.3 percent deposit loss is likely to throw thebanking industry into adversity, wecall on the CBN to put some shockabsorbers against unforeseen conse-quences.

Beyond this, the public finance policybenefits of TSA would compensate forthe negative impacts on the moneymarket.

TSA will bring about a consolidatedview of government accounts and aidefficient management of governmentcash flow. This will enable increasedtransparency of government financesas relevant fiscal and monetary agen-cies will have more oversight of MDAaccounts and cash positions.

Furthermore, the implementationwill save the CBN the burden of mop-ping excessive liquidity (at expensiverate) caused by government revenueallocation and distribution to herMDAs. More importantly, the TSAwill check round tripping of govern-ment deposits by banks due to thearbitrage between government depos-its (bearing close to zero per cent in-terest rate) and government borrow-ing (at over 13.0 per cent interest ratecost to the government).

We commend the federal govern-ment for introducing the TSA andurge Nigerians to support it in full.

TSA, a welcome policy

CMYK

CMYK

AUGUST 24, 2015

How shareholders frustrated board'srefinancing, restructuring plan

Indications emerged weekendthat Afren Plc may be sold inbits as no company has agreed

to acquire it because of its currentfinancial crisis. Afren is an oil and gascompany specialising in oil and gasexploration and production.

Seplat had wanted to buy it over butwithdrew its bid when it found out thatthe company was highly indebted. Asat the time of going to press, it wasnot clear if the staff had been paid offor have had their appointmentsterminated.

Those who have working knowledgeof development in the company toldVanguard that the shareholders ofAfren are to be blamed for the currentfinancial woes the company has beensubjected to as the decision by itsBoard of Directors to put thecompany in administration couldhave been averted.

An analyst revealed to Vanguardthat Afren has been forced intoadministration following its inability toclose a $200 million funding gap dealcaused by the drop in Brent crudeprices. As it stands, stakeholders andcustomers of Afren stand the risk oflosing millions of dollars of theirstakes in the company. For instance,in Nigeria, three banks that lent over$185 million (N31.45billion) to Afrenstand the chance of losing thisamount if the company goes ahead tosell its assets where the cash flow isnot sufficient to repay the loans

How crisis startedAfren, which was valued at about

1.64 billion pounds ($2.56 billion) ayear ago, has been hit by a slump inoil prices, the dismissal of topexecutives and the absence of provenor probable reserves at a key field inIraqi Kurdistan. The company has

since lost nearly all of its market value.The suspended shares of Afren closedat 1.785 pence on July 15.

The full scale of Afren’s funding crisiswas first revealed in January when thecompany said it needed a $200 million(£132m) cash injection. In its bid tostay afloat, Afren tried to persuadeshareholders to agree to a financialrestructuring which would havesubstantially diluted their holdings.It had planned to appoint new chiefexecutive, Alan Linn once the interimfunding deal had been completed.

But the Nigeria-focused oilcompany’s woes started towards themiddle of last year when pricesstarted sliding. Having dipped as lowas $45 per barrel in January 2015, theyare currently hovering around the $50mark. Afren’s struggles werecompounded by the suspension and

subsequent firing of chief executive,Osman Shahenshah, and chiefoperating officer, Shahid Ullah overthe receipt of unauthorised paymentslast year.

Afren Plc said its board had decidedto put the company into administrationas it failed to secure support from itsshareholders for a vital refinancingand restructuring plan.

Vanguard gathered that Afren inthe first quarter of the year, held talkswith bondholders, banks and itspartners on its possibility of meetingtargets after the company cut itsproduction forecast for the year earlierthis month, just as its shares weresuspended on the same day.

The board believes that all thepossible routes have now beenexplored during the course of its planto refinance and restructure operations

which was subject to a strict timetable,driven by the company’s short-termliquidity issues.

According to a statement by Afren onits website, “These discussions havefailed to deliver support for a revisedrefinancing and restructuringproposal that would result in Afrenbeing able to pay its debts as they falldue.

“As a result, the board has taken stepsto put Afren Plc into administrationand appoint Simon Appell, DanielImison and Catherine Williamson ofAlixPartners as administrators. Therelevant documentation will be filed incourt during the course of the day.

“Whilst the overall capacity of theassets to deliver field life productionremains broadly unchanged, the near-

By PETER EGWUATU

Continues on Page 18

AFREN'S INSOLVENCY:

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Cover

The focus is on the roles of technology and vocational education inenhancing entrepreneurial skills that will equip students for

entrepreneurship education in Information and CommunicationTechnology (ICT)-driven technological environment. The world hasbecome globalized and the future prosperity depends on comparativeadvantage. This comparative advantage hinges on people and theirtechnical or technological sophistication. Towards this, some crucialentrepreneurial and technical skills needed by the students in collegesof education (technical), polytechnics and universities to meet the trendsin a global economy is analysed.

Technology education is to be considered as the key agent oftechnology development, either as a way of developing human capacity,increasing the shield work force for modernisation, industrialisation,environmental development or as a matter of personnel freedom,developing capability and empowerment. Technology education isincreasingly recognised to be central to both the origins oftechnological development and challenges and to the prospects forsuccessfully dealing with them (Alam, 2009). Decision-makers atall levels, need timely, reliable access to knowledge generated bytechnology and technical education to introduce rational policiesthat reflect a better global understanding of complex technical,economic, social, cultural and article issues concerning the society,and our environment. Technical decision-making and prioritysetting is an integral part of overall development planning andformation of technology development strategies. Above all,technology education is a human right and as such, should receivepriority in the allocation of national resources. It has become verynecessary not to only keep technology education bound to the role ofmanufacturing skilled manpower but also to economic developmentand global economy. In Nigeria, technology education was

VVVVVocation and tocation and tocation and tocation and tocation and tececececechnical educationhnical educationhnical educationhnical educationhnical education– a key to improving Nigeria’s– a key to improving Nigeria’s– a key to improving Nigeria’s– a key to improving Nigeria’s– a key to improving Nigeria’s

development. Part 4development. Part 4development. Part 4development. Part 4development. Part 4

previously not seen as fundamental for national development, orfor the economic development, but for the school dropouts, and othersocial and political development within the nation and for individuals.Hallak (1990) argues that technology education is also linked to humanresources development and that this has an impact on more than justeconomic growth, but also an impact on the wider development ofindividuals and societies. According to him, it contributes to:

(a). Individual creativity, improved participation in the economic,social and cultural roles in society.

(b). Improved understanding of an individual and heir respect forothers, thus promoting social cohesion and material understanding

(c) Improvement in health and nutrition.(d). Improved chances of economic development.(e). Improved technological development.(f). Socio-cultural change.(g). Democracy and equality(h). Ecological development/quality of life (increasing people’s

awareness of their environments).From our analysis so far, it is clear that modernization and economic

development, depends on investment and appreciation of modern trendsin technology education. According to Woodhall (1997) investment intechnological education and training produces benefits for theindividual and for society as whole.

The roles of technical and vocational education in enhancingentrepreneurial skills using information and communicationtechnology is very important in training for self-employment, self-reliance and skills acquisition now that government cannot employevery graduate. This could be achieved through the development ofentrepreneurial skills in technology and vocational education throughinformation and communication technology.

Technology and vocational education programme of our tertiaryinstitutions should be directed to focus on enhancing the trainingfor entrepreneurship in ICT so as to be functional in today’s world of workand the global economy. In this period of mass unemployment and globaleconomic fortunes, only the best can survive by being self-employed. Thetertiary institutions where technology and vocational educationprogramme is offered should encourage and enhance entrepreneurialskills of students through constant review of the curriculum to reflect thetechnological changes and emerging technology in today’s ICT driventechnical environment. Technical educators should involve technological,technical, and business organization, government, NGOs and evensuccessful industrialists in their service delivery to the students.

Technical decision-making andpriority setting is an integral part ofoverall development planning and

formation of technology developmentstrategies

term deferral of productionrevenues has undermined theimmediate liquidity positionof the business.”

Afren also ended takeovertalks with Nigeria’s SeplatPetroleum Development CoPlc in February, 2015 andbegan defaulting on its debtpayments, before agreeingto a $300 million fundinglifeline from bondholders.The deal, which was thoughtto be too complicated byanalysts and investors alike,would have reduced existingshareholders’ stake to 11 percent. As at January 7, 2015,Afren’s largest shareholderwas Nigeria's South AtlanticPetroleum with a 7 per centstake.

Standard Life Investments,another shareholder, cut itsmore than 8 per cent stake inAfren to 1 per cent in Januarythis year.

Analysts’ views:“The core issue of Afren has

been governance andcommunication,” FirstEnergyCapital analyst, StephaneFoucaud told Reuters,adding that the company wasfar too leveraged and hadmisunderstood the risk profileof its Nigerian assets. AlsoRenaissance CapitalResearch, in its report madeavailable to Vanguard said“Afren is in administrationand in this note, we explorethe possible implications forNigerian banks. We concludethat Zenith Bank is in themost comfortable position,followed by Access Bank andthen Stanbic IBTC.”

According to Afrendocuments, Nigerian bankshave at least a $185mnprincipal exposure to Afren.Zenith Bank has $100mn(N17 billion) to OML26, $5mn(N850 million) to Ebok;

Afren insolvency: How shareholders frustratedBoard over refinancing, restructuring plan

Access Bank has $50mn(N8.5billion) to Okwok/OML113 (Aje), $5mn (N850million) to Ebok; and Stanbichas $25mn (N4.25 billion) toEbok.

According to Rencap:“From our discussions withZenith management andRenaissance Capital’s oil &gas analysts, we believe thatof all the banks with creditexposure to Afren, Zenith isin the most comfortableposition. The asset isproducing, located onshore,and has a low operating cost– which implies that itsproduction economics stillmake some sense atcurrently low oil prices.

The February 2014 facility isprimarily secured by acharge over Afren’s interest(via FHN 26 – the SPV) inOML26, and its cash flows.According to Zenithmanagement, other Afrencreditors do not have claimto OML26. We do not thinkAfren plans to sell this assetand our oil & gas analystsbelieve that its cash flowsshould be sufficient to repaythe loan, valuing the asset at$114million.”

Rencap in the report, said:

“According to Accessmanagement, it has a first-ranking lien on the Okwokand Aje fields, though wenote that some of the bank’sclaims are subject tocounterparty consent. Bothassets are offshore and notproducing. While most of the$50million was spentdeveloping Okwok, Aje isexpected to produce first, bylate 2015; Okwok productioncould happen in 2016/2017.At $50/bl, our oil & gasanalysts value Okwoknegatively at -$161millionand Aje at $45million,implying 90 per cent potentialcredit recovery for Access.”

Rencap further stated thatEbok is located offshore andis Afren’s largest producingfield. Afren has a $300million syndicated facilityfrom a series of local andinternational banks on thisasset. “While the loan wasoriginally secured using Ebokreserves, cash flows andmaterial contracts, thecreditors’ rights wererelegated via an inter-creditoragreement on April 30,2015, when Afren securedlife-saving interim funding of$200 million. This impliesthat in a liquidation scenario,the providers of the interimfunding have a superior liento the Ebok creditors andbondholders. At a $50/bllong-term oil price and at 15per cent WACC, our oil & gasanalysts value Afren’s sharein Ebok at $158 millionunrisked NPV, leading us toconclude that the creditorswould likely have to write offthis exposure,” it noted.

In conclusion, Rencap said“After speaking to bankmanagement teams andreading multiple documentson Afren, we think the devilis in the detail. We view the

Continued from Page 17


We believethat of allthe bankswith creditexposure toAfren,Zenith is inthe mostcomfortableposition

CMYK


Continued from Page 18

Cover

What has changed in NNPC?

PRESIDENT Muhammadu Buhari recently appointed a new ManagingDirector for the Nigerian National Petroleum Corporation, NNPC. The

appointment drew applause as usual from ever-ready Nigerians to sing thepraises of those in power. Many did not look closely at the process involvedin the appointment and the implication for the future of NNPC and theNigerian oil and gas industry. The new Managing Director, many have said,hit the ground runningbecause on the first day of hisassumption of office, he firedthe existing executivedirectors and brought in newpersons. This, to Nigerians,is good enough to get rid ofthe perceived corruption inthe NNPC. To anymanagement consultant,what happened is just a merereplacement of personneland the culture of impunitycontinues.

The NNPC GroupManaging Director wasappointed and given amandate on what to do. Whathe did is not from hismanagement insight but anorder that has to be carriedout. Nigerians have beenfooled to believe that it is theold hands at the NNPC thatwere the problems of thecountry, certainly not. Theproblem at the NNPC isgovernment interference withthe operations of thecorporation.

The man appointed by thePresident reports to thepresident and does thebidding of the president.Under a workingenvironment that follows dueprocess and laid downprocedures, theappointment of such a topofficial of a corporationshould go through a rigorousexercise, with members ofthe board. Several qualifiedindividuals should havegone through the process ofselection. The managingdirector should have beengiven the free hand to selecthis team.

As it stands, the man didnot select his team, they werehand-picked for him.Executive positions shouldnot be by politicalappointment, it should be by

demonstrated competenceand through competitiveselection process. It isunfortunate that thePresident has started on awrong footing in theappointment of the GMD andhis team.

The thinking is that thechange the President and hisparty talked about is aboutbringing new ways of doingthings. The NNPC example isthe old Nigerian way ofmaking such appointments.The way the GMD and histeam were appointed hasalways been the norm, that iswhy things do not work. Thatis why those in such positionsowe their allegiance to thosewho appointed them orrecommended them for suchappointments and Nigerianscomplain. What is wrong withNNPC is lack of goodcorporate governance.

The issue with Nigeria isthat things are done behindclosed doors. Nigeria needstransparency in its politicaland economic life. For NNPCto deliver on its mandate, itmust be free from politicalinterference and operateunder a good corporategovernance culture. ThePresident must learn from hispast mistakes. When he cameinto the Nigerian politicalscene as a military leader in1984, Buhari instilled fear inthe hearts of Nigerians byintroducing the War AgainstIndiscipline. While in office,the nation attempted to imbibethe culture of taking theirturns, but because the war wasprosecuted on the person of

Buhari/Idiagbon, it failed assoon as they were overthrown.Nigeria needs strongleadership no doubt. A strongleadership without stronginstitutions will face terriblefrustration as things will neverwork out the way he wants.

If Nigeria has leadershipwithout institutions, it is a hugejoke to expect things to workout well. If you have thePresident who is Mr. Clean andthe institutions around him aremanned by corrupt individuals,the President’s idea of achanged nation will not work,he will end up being veryfrustrated and then not gettinganywhere.

What Mr. Buhari should dois to ensure that theinstitutions are there, and thatthey work under his watch asthe leader, then things will workwell.

Once institutions are built

and Mr. President is there toencourage them, that is whenit is going to work. The fact isthat you have institutions thatare not empowered. In thecase of NNPC, the FederalGovernment should haveappointed a board with themandate to search for aqualified Nigerian to run theNNPC. The board andmanagement of the NNPCshould be made up ofprofessionals and notpoliticians. The change thatNigerians are looking up forfrom Mr. President is that theNNPC should be free frompolitical interference in itseveryday activities. It mustbe open in its operation.There must be transparencyin its daily activities.Nigerians are entitled to knowwhat the financial situation inthe company is. This shouldbe made available to theNigerian public on regularbasis. Its account must andshould be rendered toNigerians and not to the fewwho sit in judgment over everyother person and then enrichthemselves with the fortunesof the NNPC.

It is sad that in the last 20years or so, the account of theNNPC has not been published.The only time one could say asemblance of an auditedaccount of NNPC waspublished was during theperiod of Gaius Obaseki as theManaging Director.

Perhaps, sensing the moodof the nation of the need for abreak from the tradition of thepast, the newly appointedGMD of NNPC, Dr. Ibe

Kachikwu, has agreed to usherin a new dawn oftransparency through theperiodic publications of theCorporation’s financialtransaction insisting thattransparency must be thewatchword of every staff in thenew NNPC.

Dr. Kachikwu who stated thisat his maiden Town Hallmeeting with the staff of theCorporation at the NNPCTowers, Abuja, said the newNNPC of his dream is aCorporation anchored on thefoundation of transparency.Charging the staff to breakaway from the old culture andbring creative solutions to thenumerous challenges facingthe Corporation, the GMDsaid with the kind of changehe has in mind, the staff couldnot afford to continue withbusiness as usual.

He challenged staff not toobey any directive from him orany superior officer that runscontrary to the rules, addingthat President MuhamaduBuhari will not ask him to doanything shady just as hehimself would not ask any staffto carry out any unlawfulduties. “I want transparency.Beginning from next month, Iwant to be able to publish whatthe company makes. I havetold the President that as fromnext week, I will be sendinghim weekly reports,” he said.

Will the GMD be able tostand the pressure from withinand from outside thePresidency who appointedhim? Will this man keep hisword when the going getstough? Time and time only willtell how this will play out. Thisman certainly needs theprayers of Nigerians to betransparent.

Will the GMDbe able tostand thepressure fromwithin andfrom outsidethe Presidencywho appointedhim? Only willtell how thiswill play out

feedback from the banks asthe optimistic scenario andnote that there are legal andcontractual technicalities thatcould cause significant losseswith regard to exposure toAfren.”

Afren in administration:The board has appointed

Simon Appell, Daniel Imisonand Catherine Williamson of

AlixPartners as administratorsand said it was working withits partners to continueoperations. Theadministrators were appointedon July 31, 2015. The JointAdministrators are licensed inthe UK by the InsolvencyPractitioners Association. Theaffairs, business and propertyof the company are beingmanaged by theAdministrators, who act asagents of the company withoutpersonal liability.

According to Afren, “ For theavoidance of doubt, no othercompany in the Afren Grouphas appointed administrators ortaken any other step tocommence insolvencyproceedings.”

About Afren:Afren Plc is an international

independent exploration andproduction (E&P) companywith a Premium Listing on theLondon Stock Exchange and aconstituent of the FTSE 250Index.

Afren insolvency: How shareholders frustrated Board over refinancing,restructuring plan

Afren is a dynamic,entrepreneurial organisationwith a portfolio of world-classassets located in several of theworld’s most prolific and fast-emerging hydrocarbon basinsin Africa and the Middle East.Its activities span the full-cycleE&P value chain ofexploration, appraisal anddevelopment through toproduction. Its successdepended on its ability todeliver long-term value for allstakeholders through a clear

and consistent strategy, whichrecognises that itsresponsibilities go beyondoperations.

To leverage its track recordof operational delivery andeffective portfolio and financialmanagement, its business hasbeen strategically positionedinto three core business units,Nigeria and other West Africa,Afren East Africa Explorationand the Kurdistan region ofIraq.

20— Vanguard, MONDAY, AUGUST 24, 2015

CMYK

Business & Economy

African Caucusof IMF/WorldBank meets

Republic of Angola willhost the Meeting of the

Ministers of Finance andGovernors of the CentralAfrican Banks, the AfricanCaucus, with the aim ofstrengthening the voice of thecontinent’s representatives onimportant issues relating to thesocio-economic development ofthe Bretton Woods Institutions(BWIs).

The meeting being held atthe Talatona Convention Centreis an important opportunity forthe African leaders,represented by their Ministersof Finance and Planning andGovernors of the CentralBanks, to jointly present in acoordinated and organised waythe major and current concernsaffecting the economies of theAfrican continent, namely thebuilding of infrastructure andindustrialisation of productionprocesses.

Hosting an event the size ofthe African Caucus in Angolashould help our country tostrengthen its relationship withinternational financialinstitutions such as theInternational Monetary Fund,the World Bank and the AfricanDevelopment Bank, with theaim of mobilising support forthe financial needs of thecountry’s development.

PROJECT managementexperts in the country

say the country records justabout 39 per cent success inall its projects due tovariations in plans, defectiveplanning and inefficientmanagement resulting in 60per cent of projects failure.

Project Management is aninnovative managementpractice that tends to achievestated or specified objectiveswithin specific time andbudget limits through optimumuse of resources.

Speaking in Kaduna at theProject Management andTeam Building Workshop bythe United Nations IndustrialDevelopment Organisation(UNIDO) in collaborationwith the Federal Ministry ofIndustry, Trade andInvestment (FMITI) for ProjectManagers in the Ministries,Departments and Agencies(MDAs), Mr MarkEngelhardt, Consultant andTrainer for UNIDO said thatprojects are vulnerable to failure because of myriad problems including lack ofinitiative and properplanning.

Though Engelhardtacknowledged that theproblems of project failure arenot peculiar to Nigeria, he saidprojects success in the last 20years have been within 38- 39per cent.

“It is a problem, a universalproblem and it is universalproblem because projects are

THE value of capitalimported into thecountry in the second

quarter of the year stood at$2,666.36 million, representinga marginal drop of $5.24 millionor just 0.20% quarter onquarter

Capital importation thusremained relatively unchangedfrom the $2,671.59 millionrecorded in the opening quarterof 2015, suggesting that thisnew, lower level will bemaintained as long as anuncertain economicenvironment remains.

A report released by theNational Bureau of Statistics onNigerian Capital Importationfor second quarter, Q2 2015shows that the second quartercapital imported was $3,137.53million or 54.06% lower thanthe $5,803.89 million importedin quarter two of 2014.

Capital importation by

investment type, according tothe report, shows thatPortfolio Investmentremained the largest of allinvestment types, with$2,183.15 million in Q2 of2015, representing 81.88% ofall capital imported.

This was $322.50 million or17.33 per cent greater than the$1,860.65 million PortfolioInvestment recorded in theopening quarter of 2015, whenit represented 69.65% of thetotal.

The report added thatnonetheless the result returnedby Portfolio Investment year onyear, its decline remained largeat $2,733.99 million or 55.60%.

The key driver of the portfolioinvestment for the period underreview was Equity, which at84.56% of portfolio investment,increased by $706.70 million or62.02% from the precedingquarter.

Growth in Money MarketInstruments further

contributed, increasing by$270.39 million or1,674.78% from $16.14million in Q1 to $286.53million in Q2 of 2015.

The remaining component,Bonds, declined on a quarterlybasis, $654.58 million or92.83%,

so that its share of totalPortfolio investment declinedfrom 26.39% to just 2.31%.

Year on year, all sub sectorsdeclined, with Equity sufferingthe greatest losses, down by$2,029.27 million or 52.36%,accounting for 74.22% of theoverall decline.

Other Investments, at $272.07million, represented 15.58% oftotal Capital Imported, andheld the second largest capitalinflows by investment type.

Other investments weremainly comprised of Loans,which at $153.23 millionrepresented 56.23% of the total,and Other Claims, which at$117.85 million represented43.32% of the total. Currency

Deposits held the remaining$0.99 million or 0.36%, whilstTrade Credits recorded zero.

Other Claims were up $86.34million or 274.03%. Year onyear, declines in OtherInvestments were similar, at$141.69 million or 34.24%,although this time were drivenby both Loans, which werelower by $83.76 million or35.34%, and by Other claims,which were lower by $57.55million or 32.81%.

Foreign Direct Investment(FDI), according to the Bureaureport posted the smallest of theinvestment types in Q2 of 2015,representing $211.14 million or14.77% of the total. It remainscomprised mostly of Equity, at$211.01 million or 99.94% of thetotal, whilst Other Capitalholds the remaining $0.13million. Declines wereobserved both on a quarterlybasis and annual basis, of$183.47 million or 46.49% and$261.85 million or 55.36%respectively.

complex and unique, itrequires specific skills tomanage these problems.”

He believed that the countrycan improve its chances ofsuccess from the current 39per cent to about 50 per cent.

“There is a StandardOperating Procedure (SOP);how to initiate and plan aproject so that your chances ofsuccess are substantiallyhigher. So instead of having 39per cent success rate, maybeyou can go up to 49 or to 50.

"They can stand anywhere inthe world and use the samevocabulary, use the sameterminology and the key thingto this advantage of aninternational standard is thatyou don’t have to reinvent thewheels; other people have thesame problems."

Mr. Mithat Kulur, ProjectLead Advisor of UNIDO saidcountries including Nigeria,invest millions of dollars onprojects, bring on board theservices of internationalexpatriates using localresources to meet thecompelling demands of thoseprojects, yet experienced over60 per cent project failurewithin the framework ofgovernmental systems.

"He said: "In projectmanagement, a project failsnot only when the projectdelivery refuses to meet theuse or the needs of the projector when the project’s productrefuses to satisfy the end-user,but when the project is notaccomplished within theallowed time frame, projectbudget, scope defined for the

project and even when theoutcome of the project isrejected by the stakeholder.

"Most often, the reasonproject fails is the inability ofthe government to separatethe political games fromprofessional demands onprojects."

He added that, "anotherreason why a lot of projects failis because of the lack ofcommunication betweenproject managers, theprogramme managers andpeople who designed theprojects.”

In view of the last reason,Kulur explained that UNIDOwants to establish team-building between Nigeriangovernment and the differentinstitutions that are involvedin projects execution,particularly the NigerianIndustrial Revolution Plan(NIRP) and to get people tohave a realistic understandingof what is involved inmanaging projects.

The National ProgrammeOfficer of UNIDO, Mr Reuben

60% of projects fail in Nigeria— UNIDO

Capital inflow drops by 0.20% in 1st halfBY BABATUNDE JIMOH

BY FAVOUR NNABUGWU

Bamidele saidparticipants fromthe various MDAsinclude the Bank ofIndustry (BoI),Industrial TrainingFund (ITF), NigeriaExport ProcessingZones Authority ( N E P Z A ) , M a n u f a c t u r e r sAssociation ofNigeria (MAN),Nigeria InvestmentP r o m o t i o nC o m m i s s i o n(NIPC), the CentralBank of Nigeria,S t a n d a r d sOrganisation ofNigeria (SON) and Consumer PriceIndex (CPI).

In a bid to buildand strengthen staff

capacity to win in theNigerian business space,Customer Passion PointLimited (CPPL) holds anintensive training as part ofher August 2015 edition tomark one year anniversary.

The monthly trainingprogram targeted at ownersand core staff of small andgrowing businesses inNigeria, is a one-dayintensive training whichcurrently holds in Lagos withthe theme “BusinessStrategies for Growth andProfitability.

“We have in the last 12months trained over 130participants from over 50businesses. This Program isour flagship program and hasgiven us the initial access toour target audience. Besidesthe fact that the program hascontinued to attract moreparticipants, month onmonth, it has also given usthe opportunity to developthe market place.”

Firm boostscapac i t ybuilding todrive growth


Business & Economy

THE FederalGovernment’s efforts

towards achieving inclusiveeconomic growth throughindustrialization has receiveda major boost following thetraining of Project Managersin the country by the UnitedNations IndustrialDevelopment Organisation(UNIDO) on theimplementation of the Nigeria Industrial RevolutionPlan (NIRP).

UNIDO in collaborate withthe Federal Ministry ofIndustry, Trade andInvestment (FMITI) during a3-day Workshop held inKaduna on Monday for ProjectManagers in ministry and itsagencies along with otherstakeholders on ‘ProjectManagement and TeamBuilding’ may have preparedthe country ahead of NIRP’simplementation.

The agencies represented atthe workshop are the Bank ofIndustry (BoI), IndustrialTraining Fund (ITF), NigeriaExport Processing ZonesAuthority (NEPZA), Manufacturers Association ofNigeria (MAN), NigeriaInvestment PromotionCommission (NIPC), theCentral Bank of Nigeria(CBN), StandardsOrganisation of Nigeria(SON) and Consumer PriceIndex (CPI).

UNIDO’s ProgrammeTrainer, Mr Mithat Kulur saidthe country’s project managersand other stakeholders in theNIRP must have a wide rangeof understanding of projectmanagement so as to toachieve significant success.

Kulur believed that one ofthe reasons why a number ofprojects failed in Nigeria, isbecause of lack ofcommunication betweenproject managers, the

countries.“This is the reason, why every

well meaning Nigerian shouldsupport the efforts of the CBN,particularly in this difficult timeof low oil prices,” he said.

The group howeverrecognised the fact that,although there might be sometemporary pains, as the CBNimplements the policy, “wemust realise that we asNigerians ought to be willingto bear sacrifices that are for theultimate good of the nation.

“If we become more productiveand succeed in diversifying oureconomy, it will only serve tocreate more jobs, reducepoverty and increase thecommonwealth of our nation.”

comparative advantage, suchas vast amount of arable land,great variety of fish stock,excessive wood that could beused for furniture andtoothpicks.”

Bassey maintained that theclamour by some quarters topaint the CBN in bad light andto give credence to importationof such goods would amountto impoverish the country,while empowering the foreigncountries.

“ By allowing the importationof items like rice from Thailand,eggs from South Africa, beeffrom Zambia, furniture fromItaly and textiles from China,we are simply importingpoverty into Nigeria andexporting jobs to these

of the Naira, while creating jobsfor the teeming population.

According to him, “Given thefact that our major source offoreign exchange earnings hasreduced drastically, we mustcommend efforts by the CBN toconserve on our foreign reservesby preventing excessive importsof items like; rice, eggs, privatejets and toothpicks, which areeither luxurious or can beproduced in Nigeria.

“By this action, the CBN isindirectly creating a hugeopportunity for Nigerians tobegin to look inward to producethese items here at home,thereby creating jobs for ourteeming youths.”

The coalition wondered “whyshould Nigeria keep importingitems for which we have strong

programme managers andpeople who designed theprojects.

“One of the things we try toestablish in the workshop isteam building among thedifferent institutions that areinvolved in the NIRP and toget people to have a realisticunderstanding of what isinvolved in managingprojects.”

He frankly admitted thatproject management is acomplex one which involves a lot of learning. “We expectthat the participants from thevarious agencies will go back

to their different institutionsand check some rudimentaryunderstanding of thedifficulties involved while headded that the approach toproject management is farabove assumption.

On why the NIRP has tosucceed in Nigeria, Kuluremphasized that theGovernment Plan mustsucceed to avert the countryfrom running into troubledwaters. “NIRP has tosucceed because if NIRPdoesn’t succeed, Nigeria isgoing to be in a lot of trouble.”

“I think NIRP is essential in

Nigeria because withoutindustries Nigeria cannotreach international levelbecause there will not besufficient employment, therewill not be enough labour,productivity and productsproduced in Nigeria cannot besold to the world.”

Drilling the over 30Managers on the complexitiesof projects, Senior Consultantand Trainer of UNIDO, MrMark Egelhardt noted thatproject management all overthe world has a uniformStandard Operating Procedure(SOP) such as how to initiateand plan a project in order toensure that a country ’schances of success aresubstantially higher.

OVER 200 Civilgroupshave endorsed theeconomic policy of the CentralBank of Nigeria (CBN), sayingit is for the good of the country.

Recently, CBN decried theincreasing use of “foreigncurrencies in the domesticeconomy as a medium ofpayment for goods andservices.”

The Coalition of Civil SocietyGroups said the recent measureby the bank was “designed toconserve our dwindling foreignexchange reserves.”

The President of the coalition,Com. William Bassey in a pressconference in Abuja, said thepolicy would ensure stability

CSOs canvass support for CBN’s economic policy

UNIDO, FMITI train MDAsmanagers on NIRPimplementation

BY FAVOUR NNABUGWU

BY CALEB AYANSINA

TOUR - From left: Head of Brewery Operations, Nigerian Breweries Plc, Samson Aigbedo,His Excellency, Governor Samuel Ortom of Benue State and the Brewery Manager, Makurdi,Tayo Ogundana during a familiarization tour of the revamped Nigerian Breweries’ operationin Makurdi, Benue State.

Half year:GTBank records18% growth inprofit

Guaranty Trust Bank,GTBank Plc has

recorded a Profit Before Tax,PBT of N63.11 billion in itshalf year result ended June30, 2015, representing agrowth of 18 per cent overN53.39billion recorded in thecorresponding period of June2014

A review of the half yearperformance shows positivegrowth across key financialmetrics and improvedstrategic positioning of thebrand. Gross earnings for theperiod grew by 15 per centto N153billion fromN133billion reported in theJune 2014; driven primarilyby growth in interest income.

The Bank’s loan book grewby 2 per cent fromN1.276trillion recorded as atDecember 2014 toN1.299trillion in June 2015and total customer depositsincreased by 5% toN1.71trillion fromN1.618trillion in December2014.

The Bank closed the halfyear ended June 2015 withTotal Assets and Contingentsof N3.04trillion andShareholders’ Funds ofN385Billion. The Bank’snon-performing loansremained low at 3.73 per cent. On the backdrop of thisresult, Return on Equity(ROAE) and Return onAssets (ROAA) stood at 28.1per cent and 4.4 per centrespectively. The Bank isproposing interim dividendof N0.25k per ordinary shareof 50 kobo each for periodended June 30, 2015.

Segun Agbaje, ManagingDirector/CEO of GuarantyTrust Bank Plc attributed thebank’s strong performanceduring a tough half yearperiod, to the continuedsupport of its customers, thecommitment and hard workof its Staff, Management andBoard, and strong corporategovernance standards.

According to SegunAgbaje, a major objective forthe Bank this year is to addvalue to all stakeholders andimprove the customerexperience. “We willcontinue to drive customerengagement, underpinnedby a single view of thecustomer, and build anecosystem that will guaranteeincreased customerinteractions and satisfactionat every touch point”.


CMYK

More millionairesemerge in FCMB

promo

It was excitement galore last week as another set of 646

customers of First CityMonument Bank (FCMB)Limited smiled home with variousamounts of cash and otherfantastic gifts at the grand finaledraws of the bank’s millionairepromo.

Following this development andthe huge success recorded duringthe course of the reward scheme,which commenced in Februarythis year, the bank has announcedan extension of the promo tillJanuary 2016. At the end of theelectronic selection exercise lastweek, three lucky customers of thebank were each rewarded with thestar prize of N5million, while threeothers won N1million each at theregional draws held in Lagos, Uyo(Akwa Ibom state) and Abuja. Atotal of 640 other account holderswent home with LED televisions,generating sets, decoders, tablets,smart phones and otherconsolation prizes at the Zonaldraws held in different parts of thecountry. The winners emerged atthe electronic selection exercisewhich took place across the 3Regions and 25 zones of the Banknationwide.

UBA’s Awoofpromo to take 20

customers to Dubai

Customers and non-customers of UBA Plc

who receive MoneyGram andWestern Union money transfers atthe bank are in for an amazingtreat courtesy of UBA RemittanceAwoof Promo. Now in its firstseason, the promo will give 20people the opportunity to go onan all-expense paid trip to Dubaiwhile 60 others will wininteresting prizes such asgenerator sets, water dispensersand rechargeable fans. This offeris on-going and will end onSeptember 14, 2015.

Speaking on the UBARemittance Awoof promotion,Group Executive PersonalBanking, Oliver Alawuba,enjoined the bank’s existingcustomers and new customers totake advantage of the promotionby receiving their money transfersthrough UBA.

“This is a great opportunity forcustomers and even non-customers to receive their fundsthrough UBA and at the same timewin something great. Nocustomer should miss out on thisopportunity. There is no minimumor maximum amount to receivein order to qualify for any of theprizes on offer. Just walk into anyof our business offices all overNigeria to receive your money,and you could be the lucky winnerof an all expense paid trip to Dubaior any of the other fantastic prizeson offer” said Mr. Alawuba.

Corporate Finance

STERLING Bank Plc hasrecorded a growth of

12 per cent in its earnings forthe half year ended June 30,2015.

Key extracts of the auditedreport and accounts of thebank for the half year underreview released at theNigerian Stock Exchange(NSE) showed appreciablegrowth in key performanceindices, validating theresilience of the lender in spiteof the harsh operatingenvironment and regulatoryheadwinds.

Highlights of the account

Sterling Bank grows earnings by 12%

market and a better access inbecoming a stockbroker sincethe Diploma would qualify themto write the Final Examinationsdesigned for professionalstockbrokers.

Mr. Nwobu noted that everyreasonable nation is expected tooptimally develop its capitalmarket, which is one of the mostimportant factors in fundinginfrastructure with strong socio-economic impact. He advocatedfor the evolution of a dominantcapital market based financingstructure and investment – ledgrowth strategy for Nigerians inorder to engender broad-basedor pro-poor growth in theeconomy.

The capital market, he said,catalyzes industrial growthfaster and create more jobopportunities among otherseveral advantages. Heencouraged the students todevelop interest in the securitiesand investment profession,

Stories byPETER EGWUATU

showed that gross earningsrose by 12 percent to N55billion. This was driven by a32.2 percent increase in non-interest income to N15.2 billionfrom N11.4 billion reported inthe corresponding period of2014. Similarly, profit after taxrose by 6.9 per cent to N5.4billion during the period underreview from N5.1 billionrecorded a year earlier.

Operating expenses wasrelatively flat at N24.2 billionleading to an improvement incost –to-income ratio. The

Bank’s balance sheet also camein stronger with shareholders’funds increasing by 4.4percent to N88.4 billion asagainst N84.7 billion in2014.Total assets (excludingcontingent liabilities)increased by 1.2 per cent toN834.0 billion as againstN824.5 billion in 2014.

The Bank continued tostrengthen its mid and bottom-line performances, as itsincreasing focus on costreduction, credit riskmanagement and operating

efficiency cushioned macroheadwinds and retained valuefor shareholders.

Commenting on the results,Managing Director of theBank, Mr. Yemi Adeola said:

“I am pleased to report onthe steady progress made bySterling Bank in the first sixmonths of the year. Ourperformance further validatesour resilience in the face ofregulatory and othermacroeconomic headwinds.

“We prioritized performanceoptimization and operationalefficiency leading to a 260-basis points improvement incost-to-income ratio. We alsoachieved pre-tax Return onAverage Equity of 14 per centwith a double-digit growth intop-line earnings. Our capitalposition remained strong withcapital adequacy ratio at 15per cent, 50 per cent higherthan the regulatorybenchmark”.

For the remaining half of theyear, the Sterling Bank ChiefExecutive Officer said theBank will complete theongoing implementation of anumber of technology-ledservice improvementinitiatives across core andsubsidiary systems in order toimprove operating efficiencyand employee productivity.“Furthermore, we remainconfident that we willcomplete the final tranche ofour capital program in orderto build additional resilience inview of the prevailing difficultmacro-economic conditionswhile also strengtheningearnings capacity”, he added.

operator in the capital market.Nwobu who was accompanied

by the institute’s Marketing andMedia Liason Officer, Mr.Olumide Coker explained thatthe financial system remainedthe life blood of the economyand axle on which the wheel ofthe economy revolves. He notedthat financial system’s stabilityengenders macro-economicstability.

According to him, capitalmarket, he said, is a segmentof the financial system whichconsists of a web of institutionsand mechanism through whichlong term investible funds aremobilized and channeled fromsurplus ends, to deficit ends forentrepreneurship, innovation,research, job and wealthcreation.

He explained that once theyenrolled and pass the DiplomaExamination, they are alreadyon a steady career path towardsemployment in the financial

IN its efforts aimed at integrating the youths

into the capital market throughstrategic investor education,the Chartered Institute ofStockbrokers (CIS) hasadvised the students ofUniversity of Nigeria, EnuguCampus to take advantage ofan array of opportunities in thecapital market for theirprofessional advancement.

Addressing the students andtheir staff at a symposiumorganised by ConfidenceConsult, a professionalassociation of Banking andFinance Department of theUniversity, an AssistantDirector and Head, Researchand Technical Department ofCIS, Mr. ArinzeNwobuadvised the students to availthemselves of the uniqueopportunity provided by theinstitute’s ProfessionalDiploma in Securities andInvestment to become an

which he said is esoteric andoffer lucrative careeropportunity in investmentbanking, stockbroking,financial advisory, assetmanagement and in otherareas of business andgovernance. He advised thestudent to register and write theCIS qualification examination, totake position in the industry forthe now and in readiness for thegreater things anticipated in thecapital market.

In his response, Head,banking and FinanceDepartment, University ofNigeria, Enugu AssociateProfessor Chuke Nwudeappreciated the laudableinitiative of CIS and promisedthat the Department would makeit mandatory for students to takeup the value proposed by theInstitute before the graduationseven as he indicated interest fora repeat visitation by CIS infuture.

CIS engages banking students on capitalmarket investment


Corporate Finance

In 2012, the Nigerian StockExchange, NSE,

reconstituted the Board ofTrustees of InvestorsProtection Fund, (a vehicle forcompensation of investorsthat lost money tostockbrokers in the stockmarket). However, the Boardwent into oblivion for a periodof three years before makingannouncement penultimateweek about first payments tobe made to 154 claimants. Inthis interactive session, theNSE Chief Executive Officer,Mr. Oscar Onyema, who isalso member BoT of the IPFaddressed some concerns onthe proposed payment ofN40.63 million to 154claimants, reason for delay intake-off of the Fund amongother issues. Excerpt:

What has been delayingtake-off of payment of topinvestors since thereconstitution of the Boardabout three years ago?

In 2012, the board wasinaugurated, and then wewent through preparing termsof reference, the governanceframework, the rules, and howit will operate. In our rulemaking process, we draft rules,we send it to the industries forcomments; there is s commentperiod, then they give us backtheir comments, and we makenecessary adjustments andthen we send them to theSecurities and ExchangeCommission, SEC. The SECthen takes their own time to gothrough the processes beforefinalizing those rules. Nowafter putting those rules inplace, you won’t start payingout immediately; you have toreview all the claims that theyare genuine and put themthrough a process. I believe wereceived about a little over 400such claims and painstakinglywent through each of them toconfirm if they are legitimateand how much is eligible andall of that. The broker-dealerregulation team of theexchange did a very good jobof reviewing all of that, andsending it to all the Board ofTrustees.

We also went through athorough process in bringingin professionals, and selectingthe consultants to doverification exercise for us.That included calling each ofthe claimants and verifyingtheir identities and all of that.So, that is just on that side.Now, if you are going to pay,you must know how much youare starting with. So, did allthat including converting thefinancials to InternationalFinancial Reporting Standard,IFRS, standard. We selectedworld class auditors to do thereview of our financials and thatwas done and submitted to theSEC. We also put in place anappropriate website, and thatwas only a portion of the NSEwebsite, to give information.With that and using the print

media, we were able to get asmuch information as possiblefrom the claimant to allow uscomplete the process ofverifying if the claims werelegitimate and how much willbe paid out, and actually thenputting them through theprocess of payment.

What is the current situationof payments made as at todayby the IPF Board to investors.Has anybody been paid?

You have only 23 that havebeen paid N7.2 million beenpaid because as part of thepayment process, you have toprovide us with certaininformation. As you know weare now in the new age whereyou can transfer paymentdirectly into the account andthings like that. So we doverification of identity, and theclaimants provide us withappropriate releases, becausethese are very legaltransactions and they have todo an indemnity. Once youhave completed those steps,then you receive your money.

People are in different stagesof completing those steps andthat is why it’s only 23 thathave been paid. I am sure thatif you check with usperiodically, you can continueto update the numbers ofpeople that received payment,and how much they are paid.

You said that investors mustexhaust all avenues of disputeresolution set out by theNigerian stock Exchangebefore approaching the IPFfor any claim. So, is theInvestment and SecuritiesTribunal (IST) also included asone of the avenues for disputeresolution?

As you know, if you have adispute with a dealingmember of your exchange

that you have tried to sort outwith the dealing member andyou are unable to, when youreport to their exchange, wedo have dispute resolutionmechanism which is widelypublished and is available onour website as well. We wouldencourage the dealingmember to settle with theinvestor. If that is not possible,we will do an all party’smeeting, where we invite allthe parties, and we try tomediate, so we have themediation event. If that solvesthe problem, that is good, if itdoesn’t, we let it go to the nextstage which is the investigationpanel.

The investigation panel willthen do further review anddecide whether to take whatwe have come up with in themediation or to discard it fullyand come up with newsolutions. If that does not solvethe problem, we then go to ourdisciplinary committee, which

reviews such matters and theycan end it at that point. Again,if it is not ended there, you canappeal to the full NationalCouncil of the Exchange, andthey can make the decisions.So, that is the framework for thestock exchange. Now, if you arenot satisfied by what the stockexchange does, you can go tothe SEC or the IST.

I think the hope forinvestors lies in the recoveryof the assets, which the rulesalso provide for. Whatstructures have you put inplace to ensure that this ispursued very well and toensure that investors getmaximum benefits from theIPF?

The first thing we try to dois to recover the assets, andthat’s why we said you mustexhaust all the disputeresolution mechanism that wehave in place. But the IPF itselfcannot be a mechanism forrecovering all of the assets. So,it is the equivalent of theNigeria Deposit InsuranceCommission (NDIC) in thebanking side of the business,or the Securities InvestorsProtection Corporation, SIPC inthe U.S. You will see that mostof the bodies that are like theIPF don’t t work with themethodology of recoveringeverything. What they do isthat they give you a statedmaximum just to help soothsome of the pains. So, we gothrough the dispute resolutionmechanism to help recover theentire asset. When that fails,that’s when you can then cometo the IPF.

What is the net asset ofthe IPF?

AS of today, we have aboutN872 million in variousaccounts.

IPF not mechanism to recoverall lost assets — ONYEMA

By NKIRUKA NNOROM

•Oscar Onyema

NBC plansi n c r e a s e dp r o d u c t i o ncapacity by2020

By Princewill Ekwujuru

The Nigerian BottlingCompany Limited, NBC,

says its involved inaccelerated investment planaimed at increasing itscapacity by 2020.Public Affairs &Communication Officer ofNBC, Uzo Odenigbo, whodid not reveal the amount ofthe investment involved saidthe company is currentlyexecuting an acceleratedinvestment plan that is aimedat doubling productioncapacity of the company’sproduction line by 2020.Some of the plants in Nigeriaare being upgraded while anew plant will be establishedin Okigwe, Imo state.The NBC spokesman furtherstated: “The already existingoperations in Imo State wouldbe significantly enhanced,hence the need to drivemomentous investment intoits operations and site a world-class, state-of-the-art factoryin Okigwe. When completed,the facility would be thebiggest NBC manufacturingand warehouse site inNigeria, supporting otherexisting production lines todeliver more to yearningcustomers and dealers in theEastern Nigeria and beyond,in an environmentallysustainable way.”He added: “Demand for ourproducts is high, and in a bid tomeet up with the sales projectiontrajectory in a very competitiveenvironment, more productionlines would be installed, most ofwhich will be in our new Okigwemega production facility.”The Company’s operationssupports the socio-economiclives of its stakeholders,providing employmentopportunities, improvinglivelihood and economicallyempowering communitieswhere they operate and withutmost need for basicinfrastructure.NBC Limited is also partneringwith communities on its sharedvalues of water stewardship,youth development and womenempowerment. Collaboratingwith state governments,supporting female entrepreneurswith trade asset financing andbusiness training for womenentrepreneurs in the Coca-Colavalue chain remains a toppriority and a strategic part ofthe company annual businessplan.


Banking & Finance

Nairaappreciates atparallelmarket

Bank customerswin in CBNe-payment incentivescheme

Ecobank customer, JulieChioma Ukwosah has

emerged one of the winners in theongoing Central Bank of Nigeria(CBN) Electronic PaymentIncentive Scheme (EPIS). At theraffle draw conducted in Lagos,Adeyinka Adejuwon, who bankswith GTBank emerged the firstprize winner. He went home withN100, 000; the first runner-up wasJulie Chioma Ukwosah whobanks with Ecobank won N50,000while the second runner-up, JerryBoakye-Mensah banks withDiamond Bank and got aN15,000 cash prize.

Commenting, FunsoOyelohunnu, Head, AcquiringCards and e-BankingDepartment, Ecobank Nigeria,commended the CBN rewardinitiative, stressing that it wouldfurther encourage the use of e-payment channels. She noted thatthe emergence of Ecobankcustomer as one of the winners ofthe draw attest to the efficiency ofthe Bank’s e-payment channels.“This is a great initiative. As abank we are glad that one of ourcustomers is one of the winners.This is a further proof that ourvarious e-payment channels areefficient. This is an opportunityto urge both customers and noncustomers of the bank to makeour e-payment channels theirchoice,” she said.

THE Central Bank ofNigeria, CBN hasnamed twelve

approved centres acrossEurope, North America, Asia,Middle East and Africa tofacilitate the Bank VerificationNumber, BVN registrationexercise for Nigerian banks’customers in the Diaspora.

The approved centresinclude the ones inWashington DC, Atlanta, NewYork and Houston, UnitedStates of America;Johannesburg, South Africa;Beijing, Guangzhou andShanghai, China; New Delhi,India; London and Leicester,United Kingdom; and Dubai,United Arab Emirates.

CBN also disclosed that,“Online Integrated SolutionsOIS has been engaged toestablish stations for datacapture and generation ofBVN at a fee of GBP30 pertransaction, payable by thecustomer. The company isexpected to capturenecessary data for onlinetransmission to the NigeriaInterbank Settlement System,NIBSS who would thereforegenerate the BVN andcommunicate same to thecustomer. The customer mayapproach OIS for the BVN,where the communicationfrom NIBSS is not receivedwithin 48 hours after theenrolment. Thereafter,Nigerian banks’ customers inDiaspora are expected toforward their BVN to theirbanks for linkage with theiraccounts.”

Besides Leicester andLondon where enrolment hadalready started, enrolment atall the approved centres isexpected to kick off from

August 24, 2015 forWashington DC, and August 19for Dubai, UAE whileSeptember 7, 2015 has beenslated for the possible go-livedate for the registration inJohannesburg, Beijing,Shanghai, Guangzhou and NewDelhi.

September 14 has been slatedfor possible go-live date for theexercise in Atlanta, UnitedStates of America whilepossible go-live dates for NewYork and Houston Centres haveyet to be determined.

The circular added thatinformation on otherenrolment centres not listedabove will be communicated

Access Bank recorded a grossearnings of N168.3billion,representing an increase of43 per cent over theN117.9billin recorded in thesame period in 2014. TheBank proposes an interimdividend of 25Kobo per share.

Growth in gross earningswas boosted by an 18 per centincrease in interest income toN98.9bn in the first half of2015 from N83.6 billion in thecomparative period of 2014.There were also increases inother financial indices; non-interest income rose 101 percent to N69.4billion in 2015from N34.6billion in 2014;Operating income ofN17.6billion grew by 42 percent in half year 2015compared with N83.1billion inthe corresponding period of2014 and Return On AverageEquity (ROAE) of 21.6 per

cent in 2015, from 16.5 percent in 2014. Commenting onthe results, Herbert Wigwe,Group Managing Directorstated, “The results reflect theBank’s concerted efforts todeliver on its growthobjectives for 2015. The firsthalf of the year was definedby significant macro-economic and policyheadwinds with major impacton all aspects of our business.The group despite thosechallenges reported improvedprofits in the first half of theyear with significantcontributions from oursecurities trading business.

We are particularly pleasedwith the strong support fromour shareholders as theyexercised their Rights duringthe recently concluded Offerwhich raised N41.8 billion.The successful Capital Raise

underscores theoverwhelming support of ourshareholders and their beliefin Management’s ability todeliver long term value. Withour capital position secure,our priority will be to focus on;driving migration of ourcustomers to alternativeplatforms to boost profitabilityof our channels;implementing our customerservice improvementinitiatives; generating low-cost liability from continuedengagement with customers;growing risk assets bydeepening market share intarget sectors; optimising andimproving penetration of ourcustomers’ value chain anddriving operational efficiencythrough cost containmentand procurementoptimization measures.”

soon and that customersshould visit the NIBSS websitefor updates on the go-livedates.

The apex bank also directedcustomers intending toregister through OIS to make abooking first and confirm anappointment through theorganisation’s website beforethey could be attended to.

In the circular entitled:“Circular on the framework forthe enrolment of NigerianBanks’ customers in Diasporafor bank verification exerciseissuance’ CBN presented twooptions for the Diasporacustomers to participate in theBVN registration exercise.

It said: “Nigerian banks’customers in the Diasporacould present themselves forenrolment for the BVN withouttravelling to Nigeria. The firstoption is for the customers ofNigerian banks to presentthemselves to the offshorebranches/subsidiaries of anyNigerian money deposit bank,where such facilities have beenmade available, for theenrolment for the BVN. Thedeployment of scanners andother devices to these locationshave started in earnest.

ACCESS Bank Plc hasrecorded a Profit

Before Tax, PBT of N39.1billion for the audited halfyear result ended June 30,2015, representing a growthof 44 per cent overN27.1billion recorded in thecorresponding period of2014.

Profit after tax was up 39 percent in 2015 to N31.3billionn,compared to N22.6billion inhalf year 2014. The Grouprecorded a strongperformance in the first sixmonths of the year,reasserting its capacity andresolve to deliver strongreturns in spite of a tighteroperating environment. Inthe audited financial resultsreleased to the Nigerian StockExchange (NSE) last week,

CBN sets up centres in North America,Asia, others to facilitate BVN registration

...Confirms payment of 30 pounds

Access Bank records N39bn profit in six monthsBy PETER EGWUATU

The naira sustained thegains recorded last week,

edging higher on Fridayagainst the U.S dollar at theparallel market at N208 tothe dollar. On Monday, thenaira traded at N223 and atN212 on Thursday.The British Pound Sterlingand the Euro also traded atN330 and N230,respectively, at the parallelmarket on Friday, accordingto a survey by the NewsAgency of Nigeria (NAN).The official interbankexchange rate, however,remained at N197 to theDollar.The naira’s gain could beattributed to the newregulations on foreignexchange introduced by theGodwin Emefiele led CentralBank of Nigeria to curbspeculation anddollarisation of the nation’seconomy.

STORIES BY JONAHNWOKPOKU

“Nigerian banks abroad areexpected to capturenecessary data, generateBVN and communicate sameto the customers.


CMYK

Banking & Finance

Heritage Bank, EDCexplore emerginghorizons for SMEs

BY JONAH NWOKPOKU

Heritage Bank Plc and the EntrepreneurshipDevelopment Center, EDC of the Pan African

University, PAU have partnered to bring together top chiefexecutive officers to discuss emerging horizons for Smalland Medium Enterprises, SMEs in Nigeria.

The chief executive officers, among other things, willdiscuss with SME operators on a variety of issues duringthe 9th EDC annual SME conference sponsored byHeritage Bank and scheduled to hold next month inLagos.

The CEOs scheduled to speak during the conferenceinlcude Mrs Mary Akpabome, Executive Director,Heritage Bank, Prof Pat Utomi, CEO, Centre for Valuesin Leadership, Dr Cosmos Maduka, Founder, President/CEO, Coscharis Group, Mrs. Ifeyinwa Ighodalo, CEO,Design Options, Mr. Emmanuel Ijewere, CEO, Ijewere& Co, Mr Raphael Afaedor, CEO, Supermart.ng, MrOlalekan Olude, Co-Founder, Jobberman and Mr VictorAfolabi, CEO, GDM.

Others include Senator Babajide Omoworare, DrEmeka Osuji, Ms Ebi Atawodi, GM, Uber.com, MrEmeka Ezomike, Manager, Tax Regulatory Services,KPMG, and Mr Daniel Oparison, Marketing Strategist,Pagatech.

Speaking on the conference, Managing Director/ChiefExecutive Officer, Heritage Bank, Mr. Ifie Sekibo said“Partnering with EDC to organize this conference is partof our efforts to help SMEs get better and bigger, whichis one of the strategic objectives in our acquisition ofEnterprise Bank. Each of these CEOs have proven trackrecord in various business endeavours which arenationally acclaimed. We believe that their testimonialswill serve a big boost of inspiration for SME operatorsthat would attend the conference.”

Over the years, Heritage Bank has partnered with EDCand other organizations to help SMEs build competence,access new opportunities and develop necessaryleadership skills required for success in the businessworld. These include the Heritage Bank SME Clinic,Heritage Governance Model, the Paris Club CreditScheme and the Enterprise Stories, a radio programmewhich focuses on stories of successful entrepreneurs. Thesponsorship of the Annual EDC’ SME Conference is tocomplement these initiatives, which are aimed atpromoting SME development in Nigeria.

The SME Conference is a forum for members of EDCBusiness Network, and other SMEs alike to cometogether to learn, interact and share experiences. Lastyear, the conference which had the theme: ‘Model, moneyand market - positioning your organization’ broughttogether more than 500 people made up of SME owners,SME stakeholders, representatives of financialinstitutions. In the past 3 years, Heritage Bank haspartnered with the centre on this annual event.

Heritage Bank, since inception in 2013, has been atthe forefront of promoting SME development in thebanking industry. To demonstrate its commitment toSMEs, the bank designed and offers an array of productsand services based on the perceived and expressed needsof SME businesses.

Skye Bank haskicked off the sec-

ond draw of the SkyeMillionaire” Reward scheme in two marketlocations in Lagos. In a statement, the banksaid the August drawwould hold during mar-ket activation in Alabamarket and BBAAspamda, simulta-neously. According to theHead, Retail Banking,Skye Bank Plc, Nkolika

Skye Bank kicks off phase2 reward promo

Okoli, the Reach for theSkye Millionaire reward ispart of Skye Bank’s strategyto encourage customers tosave. Okoli said, “at Skye Bank,we encourage our custom-ers to build a savings cul-ture with this scheme. Weare rewarding customers forsaving their money. In theend, the scheme is a win-win for both our esteemedcustomers and Skye Bank,because it also helps us togrow our customer base.”


CMYK

Homes & Housing

Refinancingpushes USmortgage

applications up

U.S. borrowers tookadvantage of China’s

economic woes last week. Asinterest rates fell on concernsoverseas, mortgage refinancessurged. Total mortgageapplication volume rose 3.6percent on a seasonallyadjusted basis for the weekending August 14 vs. theprevious week, according tothe Mortgage BankersAssociation (MBA).

Refinance applications werethe driver, jumping 7 percentfrom the previous week to thehighest level since May, 2015.The refinance share ofmortgage activity increased to55.5 percent of totalapplications from 53.1 percentthe previous week.

This, as the average contractinterest rate for 30-year fixed-rate mortgages withconforming loan balances($417,000 or less) decreased to4.11 percent, its lowest levelsince May, 2015, from 4.13percent, with points increasingto 0.37 from 0.31 (includingthe origination fee) for 80percent loan-to-value ratio(LTV) loans, according to theMBA. The 30 year fixedinterest rate is down 15 basispoints over the last eightweeks.

UK mortgagelending hits 7

year high

Mortgage lending acrossthe UK in July was at

its highest level for sevenyears, according to the Councilof Mortgage Lenders (CML).

Home-owners borrowed atotal of £22 billion in the month,the highest amount since July2008. CML said totalmortgage lending for the yearwas likely to hit £209 billion,which would mean a 3 percentincrease on 2014. It also saidit expected lending to pick upin the second half of the year,following “subdued activity”earlier.

“We expect lending activityin the rest of the year to beunderpinned by improvingeconomic fundamentals, butkept in check as any upwardpressure on house pricesfurther stretches affordabilityfor some buyers,” said CMLeconomist Mohammed Jamei.

The total amount of moneylent naturally gets bigger ashouse prices rise, and home-owners need to borrow more.

the state.Odusolu said the

development is for all classesof career workers in bothpublic and private sectors, indifferent categories - low-cost,middle class and upper classindividuals, group ofindividuals and corporateorganisations. He added thatthere will be a three yearpayment plan. He said theintention is to break barrierspreventing access to homesand property ownershipthrough 30 percent initial

Ogun State government istargeting the construction

of over 1, 000 housing units perannum for property buyers andinvestors as part of itsurbanisation scheme.

Managing Director of OgunState Property and InvestmentCorporation (OPIC), BabajideOdusolu, said the move isaimed at meeting the state’srising population and the desireto bridge wide gap of housingdeficit. He said construction ofthe housing units will cut acrossthe three senatorial districts of

deposit and three-year tenor.“In the past, OPIC did not

focus on housing development,what we focused on was toopen up various estates andsell service plots to the people.So, if you are talking aboutlands, OPIC, in the last 30years , sold well over 5,000plots cumulatively to people,but if you talk about housingstocks, we probably developed100 housing units within thefirst 28 years. However, in thelast two years, the dynamicsand mind-set have changed.

Now we focus not just onopening our various estates,but we also develop housingstocks. In the last two years, wehave developed and we are stilldeveloping well over 2,500housing units cumulatively inAgbara and Abeokuta. Thisyear, we are going to deliverat least another 200 housingunits. Our goal is to get to thepoint where, on an annualbasis, we can develop anddeliver over 1,000 housingunits across our various estatesin the entire state,” he stated.

The Lagos Stategovernment retains 35percent equity holding in

the concession agreement toredesign and redevelop theFalomo Shopping Centre inaddition to the payment of N50million which was meant forexpression of interest only, theconcessionaire, AfrilandProperties Plc, has said. Managing Director/CEO of thefirm, Mrs Uzo Oshogwe, madethe disclosure in a statement,last week, in response to thewidely reported revocation ofthe concession agreement bythe State Governor, Mr.Akinwunmi Ambode.Oshogwe however refutedclaims that the stategovernment was short-changed in the deal, noting thatthe transaction was donetransparently and inaccordance with best practice.It also denied the claim thatonly N50 million was paid forthe lease, noting that the moneywas just for expression ofinterest. The statement reads:“The management of AfrilandProperties Plc notes withconcern, recent reportsrelating to its transaction toredesign and redevelop theiconic Falomo Shopping Centrein Lagos. These unverified

reports have implied that, thecontract with the Lagos StateDevelopment and PropertyCorporation (LSDPC) wasterminated on the groundsthat the concession terms are “grossly detrimental” toLagos State and its residents. The reports also claimedthat Afriland Properties onlymade a payment of N50million for a 50-year lease ofthe government-ownedland.“Though the authenticity ofthese reports isunconfirmed, Afrilandstrongly refutes thesuggestion that it has engagedin any misconduct or that thetransaction is in any waydetrimental to the peopleand government of LagosState. We are stronglycommitted to creating aworld class project, whichwill act as an economicmagnet for central Lagos,creating opportunities forLagosians and whichcrucially has been structured

to ensure ongoing value willaccrue to Lagos State and toLagosians. The contract wasnegotiated transparently andin accordance with bestpractice.“Afriland Properties andLSDPC, acting on behalf of theLagos State government,established a Special PurposeVehicle (SPV) which is jointlyowned by the parties for thespecific purpose of developingthe Falomo project. Under the

terms of the agreement, theSPV - Falomo ShoppingCentre DevelopmentCompany Ltd – was granteda concession to, amongstother things, develop, build,operate and maintain theProject on a Build, Operate andTransfer (BOT) basis. Afrilandpaid N50 million to LSDPC asan expression of interest in theredevelopment project. TheLSPDC will receive a 35percent interest in the SPV forits land contribution andthrough this significant EquityHolding, will continue toreceive significant ongoingvalue. Afriland is obliged tofund the entirety of thedevelopment costs which isprojected to exceed N30billion without recourse to theNigerian taxpayer.”A renowned propertydeveloper, who pleadedanonymity, said thetransaction was fair since thestate government willcontinue to earn 35 percent ofthe income generated by theproject for the duration of theconcession. “The project ofabout N30 billion, with 35percent equity in thepartnership, for 50 years, thevalue of that land would beabout N3 to N4 billion. A plotin Ikoyi is between N300 to400 million, this implies thatfor the N50 million given toLagos State plus 35 percentequity seems fair owing to thefact that the property beforenow was not generating anysignificant revenue,” hestated.Afriland further stated that ithas consistently adhered tothe terms of its agreementwith LSDPC, as outlined in theMemorandum ofUnderstanding (MoU) andJoint Venture Agreement thatwere signed and executed bythe parties.

Modern mini housing

Ogun targets 1,000 housing units annually

‘LASG holds 35% equity inFalomo Mall concessioning'

By YINKA KOLAWOLE

The N50 milliongiven to LagosState plus 35percent equityseems fair owingto the fact thatthe propertybefore now wasnot generatingany significantrevenue

*It's a fair deal, says developer


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Insurance Consolidated Hallmarkleverages on technologyto drive retail market

Strongfoundation hasbeen laid forWapic– Desai

Mr. Ashish Desai,outgoing Chief

Executive Officer, CEO, ofWapic Insurance Plc hassaid that strongfoundation has been laidfor future success of thecompany.

Desai said this at asend-forth party in hishonour having indicatedhis intention to resign inview of the expiration ofhis contract early nextyear.

Desai would bereturning to South Africato join his family andpursue his businessinterests. The send-forthparty which was wellattended by staff of thecompany was held inLagos.

Recall that WapicInsurance recently re-introduced its motorinsurance product suitewhile its Life subsidiary,Wapic Life AssuranceLimited announced itsrevamped Group Lifeinsurance product. TheMotor insurance suitehas been rebranded andis now called “Moov”while the Group LifePolicy has been re-designed to addresscritical consumer needswhile keeping themadequately protectedagainst the financialimpact of life’s riskswhilst in employment.

Moov, the motorinsurance product in itsnew form has beendesigned to meet theyearnings of customersfor budget and life styleflexibility. An integralfeature of the newproduct, is the fact thatthe consumers cancustom-create their motorinsurance cover.

Stories byROSEMARY ONUOHA

CHAIRMAN ofConsolidatedH a l l m a r k

Insurance Plc, CHI, Mr.Ralph Ekezie, has saidthat the company willtake full advantage oftechnology to drive theretail segment of theinsurance market goingforward.

Ekezie, who disclosedthis to shareholders ofthe company in thecompany's annual reportand financial statement,stated that there are alsoplans in place to partnerwith Nigerian banks todrive the bancassurancemodel for which theCentral Bank of Nigeriarecently issued aguideline.

On financialperformance of thecompany, Ekezie said,“CHI was able to post apremium income ofN4,678,556,485 whencompared to theN 4 , 1 5 1 , 2 9 8 , 7 0 4recorded during the2013 financial year. Yourcompany also recordedan underwriting profitof N863,244,006,compared toN1,057,117,228 in 2013.Profit before tax movedfrom a loss situation ofN 181,101,830 in 2013 toN205,621,179 in 2014.The profit after tax alsotook a forward leap froma negative position of(N200,555,035) in 2013to a profit ofN193,076,785 in 2014.”

The CHI Chairmansaid that the results haveplaced the companyagain on the path ofprofitability, a trendwhich was only brokenbriefly during the 2013financial year whensignificant provisionwas made forimpairment charges.

“It is good to know thatthe temporal set backhas now been reversedwith these results. Wehave remained firmlycommitted to the growthin shareholder valueover the years. Paymentof dividend was beingmade, although notyearly as envisaged. Weare unable to effectpayment from theresults of the 2014operation since we haveonly just bounced backto profitability. Ourprofits, as indicated inthe details of theaccounts are beingreinvested in thebusiness. However, I ampleased to inform youthat the unauditedfinancial statements ofyour company for thehalf year ended 30thJune, 2015 is indicativeof the improved healthin our finances. OurProfit before tax for theperiod currently stands

at N469,860,599 withretained earnings ofN148,015,245. It ishoped that this trendwill be sustained for therest of the year, and onthe account of that, theboard has decided topay an interim dividendof N120 million uponapproval,” he said.

Ekezie said that thefuture economic outlookof the country will bequite challenging,against the backdrop offalling crude oil pricesand fall in the value ofthe Naira, adding, “Thefuture of the insuranceindustry remains verybright giving theexisting low penetrationrate.”


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Interview

Last week at the University of Lagos main auditorium,Mr. Emeka Ugwu-Oju, President of ConcernedNigerian Professionals and Entrepreneurs'

Forum spoke of the fears of Nigerian professionalsover the appointment of foreign audit firms to auditrevenue-generating agencies of the FederalGovernment by the President. He said doing sowithout regard to competent and qualified Nigerianfirms is sending the wrong signal to the outsideworld that this government does not trust Nigerianprofessionals.

‘Using foreign auditing firms tothe detriment of locals is killing’

BY OMOH GABRIEL

Excerpts:

What is your concern in theappointment of foreignauditing firms to auditrevenue generating agenciesof the FederalGovernment and whoseinterest are yourepresenting?

I coordinate differentprofessionals, South-East,South-West and SouthernProfessionals and concernedNigerian Professionals andEntrepreneurs' Forum.Today, we are talking aboutthe Concerned NigerianProfessionals andEntrepreneurs’ Forum.

I am an active member.Professionally, I retired as anaccountant and right now, Iam on sabbatical with anNGO. South-East, South-South are regional but thisone is national. I am todayspeaking on behalf ofNigerian Professionals andEntrepreneurs' Forum. Thisorganisation came intoexistence before the lastpresidential election. Whathappened was that my friend,Sanni Dangote, youngerbrother to Aliko, said to methat instead of South-East,South-West, why not anational platform? What wetried to do during the electionwas to get the two presidentialcandidates to address theNigerian people on issuesand how and what they woulddo if they are electedpresident. Unfortunately, weended up not having that butwe have published some ofthe key issues Nigerianswanted them to address, wealso circulated it on theinternet and we did sometown halls in various regionsto sensitise the people onsome of the issues. That is abit of the background but fortoday, I will talk about someof the objectives we want toachieve and that is the issuefor lack of better words - localcontent as far asprofessionals and firms areconcerned, then the issue ofrestructuring orrepositioning NNPC, my takeon Nigerian Content Act inthe oil and gas industry, you

may ask what is the update.

You talked about localcontent and the Presidenthas just come out to saythat he wants to probe allr e v e n u e - g e n e r a t i n gagencies and he wants aforensic audit that hasbeen contracted toforeign firms. NoNigerian auditing firm isamong them; areNigerian professionalshappy with this or is ityour recommendationto the President to takeforeign firms?

I am not speaking for thePresident but I think whatmight have informed thedecision is his lack ofconfidence in the Nigerianfirms. We have firms that candeliver like theircounterparts anywhere inthe world. Before we startputting the blame on thePresident, if there is going tobe a blame on him, I think hisdecision orrecommendation which wasaccepted was made by thecommittee of governors

to fellow professionals in themedia at the same timeseeking the assistance toscream and let the President,National Assembly andevery Nigerian know that thisact of using internationalauditing firms withoutfollowing due process andwithout trying to encouragenational accounting firms, isa killer. In an academicenvironment, what you aretelling the students,especially the accountingstudents, is that theycannot be the PriceWaterhouse Coopers oftomorrow, that theycannot find internationalaccounting or auditingfirms, because if theirown government doesnot encourage them,how will they grow?If they leaveuniversity degrees,they cannot dreamof trying to startand grow andbecome the PWCsof Africa andglobally. We aretalking ofc o n s e r v i n gf o r e i g ne x c h a n g e ,people mightbe overlookingthis job, but it is a big job. Ifyou use international auditfirms, the way it is structuredis that the seven percentagewill go to the home office, soinadvertently, we areencouraging some sort ofcapital flight. We are notsaying they should not

engage international firms,many of their staff of course,are Nigerians but what we aresaying is as much as possible,and where the capacity isthere, they should as a matterof urgency, give Nigerianfirms priority. In a worst casescenario, local firms inpartnership with aninternational firm, and atbest, only local firms will doit. We have a newgovernment and this act ofgovernment will send awrong signal showing that thegovernment does not havetrust in our local professionalfirms. If we do not have trustin them, then we cannotgrow, it means that we can

headed by Edo StateGovernor, AdamsOshiomhole, under theauspices of NigerianEconomic Council, NEC. I donot think it is the Presidentthat fixes it.

If the Federal Governmentis going to foot the bill for thisaudit, then we are going tosay to the President, thisrecommendation should notstand, it has to be reviewed.Let me now address theissues, saying whether asprofessionals especially thosewho are directly affected asaccountants, whether they arehappy with it; they are veryunhappy and that is one ofthe reasons why I am talking

also bring in foreign judges,lawyers, governors, to comeand rule this country but ofcourse, we know we can domuch better.

Forensic audit is aspecialised area inaccounting, isthere enoughe x p e r t i s e /competenceto do at h o r o u g hjob thati srequired

in this moment ofchange?

The people that will do thejob even for the internationalaccounting firms areNigerians, PWC, KPMG andtheir managing partners areNigerians but the ownershipis not Nigerian so there is nodoubting the ability ofNigerians to do the job, butwe are saying Nigerian-owned firms should be givenopportunity, because there isa big difference betweenownership and management.

If you want to do aforensic audit and thereis an external influencethat might colour thejudgment, would youthink that Nigerian firmshave that integrity to sayno to external influence?

Globally, there are goodand bad people, there aregood and bad firms, I do notthink that Arthur Andersonis a Nigerian accounting firmand you remember the storyof Anderson, if I may say, mygood friend, Itua Ighodalo, Ithink he is a man of integrity,these are people who arepatriots and this issue offorensic audit at the end of theday, you think they arecertain things impactingnegatively on the country, weneed to find out how to fixthem, who can do this better

than ap a t r i o t .

For this sortof forensic audit,

you do not needsomebody whodoes not have astake in Nigeria,because for him, itis just a job, this isone of the reasonswhy we want theforensic audit to

help fix our country andthen there are accountingfirms that have partners whoare very patriotic and haveintegrity and they have moreat stake, so they would try todo the best they can toensure that we are sitting infront of the system. What weare trying to do is go roundand try and see how we canfix the leakages in therevenue collected; that is theessence of the audit.

Some of theseinstitutions have beenaudited and the auditswere done by Nigerians,the fear is that they didnot do what wasexpected of them. Youhave cases of firmshaving three or fouraccounts done byaccountants, one for tax,one for the regulator andone for themanagement, these areissues that people shouldbe worried about.

I said there are good andbad firms, it is not like someof these firms or companieshave not been audited bythese firms you talked about.Many of the jobs in thiscountry are being done byforeign audit firms, if thereare issues, it does notexclude internationalaccounting firms, check yourfacts to see whether all thebad audits are done byNigerian firms and the goodones by international firms.

Globally there are good and badpeople, there are good and badfirms, I do not think that ArthurAnderson is a Nigerianaccounting firm and youremember the story of Anderson


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The Senate by announcing its plan toprobe the Federal Governments since

1999 till 2015 has not only demonstrated itsindependence frpm the Executive branch, asshould be the case, under the principle ofseparation of powers, it is embarking on apatriotic mission. The reason is simple. Morefunds have been embezzled from allocationsto power projects than on anything else exceptpetroleum deals. At the very least, close to $20billion remains unaccountedfor, while power generationhad remained almost staticsince 2007. But, beforepresenting the evidence, letme digress a little.

Each time a call to probeObasanjo had been made, anuisance message comes inasking why someone who leftoffice eight years ago shouldnot be left alone. It is the sortof defence of dishonest publicofficials which hadencouraged looting. But, thesender cannot figure out, forhimself, the correlationbetween our relativebackwardness in powergeneration and the activitiesof looters. So, permit me toprovide three examples fromother countries.

Mr Spiro Agnew, was inhis fifth year as the Vice-

President of the United States,under President Nixon, whenhe received summons fromMaryland State where he wasGovernor before he wastapped to run with Nixon.Inquisitive investigativejournalists had uncoveredevidence of tax evasion morethan six years before. Agnewwas forced to resign as VP,prosecuted and sentenced. NoAmerican, in his right sensesin America protested againstthe probe. France, last year,prosecuted and sentencedformer President Chirac for acrime committed thirteen years

ago when he was aPresidential candidate.Nobody in France who doesnot need a psychiatrist foundanything wrong with thematter. Israel beat that recordwhen a former President wasprosecuted and sentenced fora crime committed twenty-fouryears earlier. No Israeliquestioned the punishment.Our high tolerance forcorruption committed by publicofficials is one of the reasonsUSA, France and Israel aredeveloped and will continueto distance us. For them thereis no statute of limitation

preventing anyone from beingprobed – even hundred yearsafter. OBJ’s friends will neverlearn that. I expect to receivetheir messages.

But, for those who stillhave their marbles intact,permit me to provide theevidence supporting probingObasanjo’s government.Obasanjo had at least twoaccomplices however. He wasEngineer Lyel Imoke, whowent on to govern Cross RiverState, and his Minister ofFinance, , whowent on to become a Senator.Their exploits are recalledbelow.

The Obasanjo/Imoke/Nenadipower project started withclear violation of theconstitution, proceeded withimpunity, consumed between$13 and 16 billion. Yet, it failedto achieve its stated goal oflifting power generation inNigeria to 10,000MW. One ofthe most important question forNigerians today is whathappened to N2.8 to N3.5trillion, or more, of publicfunds spent on power underObasanjo. Those against theprobe must have a skeleton intheir cupboards.

In support of Senate probe ofObasanjo, Yar’adua and Jonathan — 1

The Obasanjo/Imoke/Nenadipower projectstarted withclear violationof theconstitution,proceeded withimpunity

Micro-Finance

Govt should give us subvention, not taxus —BELLOBY PROVIDENCE OBUH

Mrs. Nadia Bashir-Bello, is the Proprietress of BellinaSchools (Bellina College, Nursery and PrimarySchools). She is an astute, hardworking and

forthright woman, a disciplinarian, lover of children and aprofessional educator. Holds a B.Sc (Mass Comm.) PGDE,M.Ed (Admin). In this interview, she highlighted some of thechallenges faced by good private schools in the countrymaking recommendations on the way forward and urginggovernment to aid private schools with subventions ratherthan tax them. Excerpt:

Most Nigerian parentstake their childrenabroad to study due to adrop in educationalstandard.

Is very true that thestandard of education hasdropped drastically from mytime till now, a lot of thingsneed to be put in place, someof the parents do not haveconfidence in Nigeria, not justthe educational system but inNigeria as a whole. Many ofthe these countries parentstake their children to,England and America, theireducational system too is badespecially the junioreducation system is reallybad, unless they go toexpensive private schools andthey don’t have the sameculture and values that wehave, they don’t have thesame ambition and drives thatwe have. But unfortunately,many people don’t realisethat until they get there andit is too late. The educationalsystem in Nigeria is poor butthe private schools have cometo the rescue.

What is Belina doingdifferently?

We are doing our best to

provide the kind ofeducation that is global sothat our children are mostcomfortable where ever theyare in the world or whereever they go for furthereducation. We are seeking thesupport of government, ifthere are more publicschools more people will goto school, if there are moresupport from thegovernment, for instance wewho have private schools arehaving a lot of problems withthe government and we arehoping we will get moresupport and that thegovernment, should see uspartners not as competitors, tosee us as people trying to helpto augment that which thegovernment is giving. Theyshould not see us as cash-cowtrying to take everythingasking us for money all thetime, asking us to do someexams we are not interestedin, all sorts of rules andregulations trying to frustrateour efforts. Some of us areresilient because we are hereas business people not onlyto make money but we have apassion for education, someof us does and some of usdon’t. In Belina school we

have a passion, we do all wecan to make the childrenhappy and successful and tobe able to challenge theirqualifications where ever theygo in the world because weexpect them not to stay inNigeria only but to be able tofeel comfortable whereverthey go the world.

Employment of unqualifiedteachers by private schools

First of all I said some of ushave a passion for education,we are not just in it for themoney, some do not have apassion but they are there forthe money, they don’t haveany commitment or anything,they just want to make moneyand that is what matters tothem. Sometimes you cannot

b l a m esome oft h e s es c h o o l sb e c a u s ethere is aninspectionteam thatgoes rounds c h o o l s ,why didt h e ya p p r o v ethem, thatmeans thegovernmentis a party tothis. Afterapproval ,many atimes theycome toinspect thiss c h o o l ,w h yh a v e n ’ tthey goneback toi n s p e c tt h o s es c h o o l sand seethat theyare notdoing the

right the thing, why are thoseschools still learning, is thegovernment’s fault. If thereare rules and regulations andthere are no way to monitorthose rules and regulationseverybody does what theywant so the governmentneeds to monitor and stopgiving approvals to schoolsthat you would know for suredo not deserve the approval,there is even a governmentregulation that no schoolshould be 500 meter from oneanother and yet they keepapproving schools that arejust next door to each other. Iblame the government and Ialso blame the level ofeducation, sometimes youwant to employ, you will

interview probably 50teachers with certificatesfrom all sorts of Universitiesand they cannot even speakor write English, yet theyhave the paper qualification,sometime you wonder if theyactually seat for exams, butthey actually did. Theeducational system we aretalking about is right up to theTertiary not just primary orsecondary. The kind of peoplethat graduate fromuniversities these days isappalling and that is whywhen people say there are nojob I say there are lots of jobbut there are no people to fillthe vacancies.

What could be the causes?Sometimes out of frustration

and desperation you recruitone or two people you knowyou shouldn’t whilst waitingfor that person you know youare going to employ but againthe government needs to lookinto the educational system.Because there are not enoughUniversities, many people tryto get into the universities andmany of them go through theback door and therefore thoseare the people we see outthere to employ, some work sohard and with their result theydon’t get anywhere and thenwe have all these quotasystem where you ask somepeople to answer onequestion and you give themadmission where as otherpeople would have answeredalmost all right and they don’tmeet the quota because fortheir state the quota is sohigh. Is it a crime to comefrom a state that many peoplebelieve in studying, do youknow how many years it tookthat state to develop to thatlevel and yet we keep givingthe other states theadvantages, it is not fair andbecause of that some students

Nadia Bashir-Bello


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E-Commerce

The e-commercesector has beengrowingstrongly overthe past threeyears andexpected tocontribute about10 per cent tothe GDP by 2018

NIGERIA’s Informationand Communications

Technology, ICT sectorcontributes about 8.4 per centto the gross domestic product,GDP. This sector in turncontributes significantly indriving the trade sector whichhas grown to about 16.4 percent according to the 2014 datafrom the Nigerian Bureau ofStatistics.

The use of ICT to drive tradehas received significant boostwith the emergence ofelectronic commerce. The e-commerce sector has beengrowing strongly over the pastthree years and it is expectedto contribute about 10 percent, valued at N2.5 trillion tothe GDP by 2018.

This growth has been drivenby pockets of internetentrepreneurs who venturedinto the retail sector, leveragingthe advantages offered bytechnology. Thisexperimentation with onlineshopping has driven economicgrowth to unprecedented levelfor the past three years,creating enormous wealth andleading employmentgeneration in the technologysector.

However, the most recenttrend in the sector, which hasbeen seen to be driving thisgrowth, is the evolution of theonline marketplace.

Online marketplace is a typeof e-commerce site whereproduct or service informationis provided by multiple thirdparties, whereas transactionsare processed by themarketplace operator. It is theprimary type of multichannele-commerce.

In an online marketplace,consumer transactions areprocessed by the marketplaceoperator and then deliveredand fulfilled by the participatingretailers or wholesalers.

In Nigeria, one of the e-commerce pioneers, Konga.comhas led the way in the onlinemarketplace evolution.

Started as vendor specificonline retail store in 2013, theretailer launched itsmarketplace HQ in April, 2014opening up its store for thirdparty merchants across thecountry.

Konga’s Director ofMarketplace Operations, KunleOguneye told Vanguard thatover 25,000 merchantspresently trades from theplatform. He said over 800,000 orders have beenprocessed from the platformsince launch, with orders fromthe marketplace accounting forabout 50 per cent of all ordersmade on the Konga onlinestore.

He said the marketplace have

been driven by the naturaldesire by merchants toexplore more marketopportunities to reach morecustomers who demand fortheir goods, a need that theKonga marketplace hasperfectly met.

According to him, “Peoplewant to sell. People want tomake money. So everybodywho is selling wants to sellmore. So we did come with avery simple proposition, thatwe can help them to sellmore.We ship to all the 36states every day and the FCT.So somebody who is based inYaba or Tejusoho market, all ofa sudden starts getting ordersfrom Akure, Kogi or fromNasarawa and he does nothave to bother about how todeliver to these places becauseKonga already made thelogistics provision to make thatpossible. They may also decideto use other logistics option ifthey choose but then we arealways there to make the entireprocess as seamless aspossible.”

To sell on the platform, hesaid, a merchant must haveinventory, that is, products tosell.

He said: “Wherever you keepthe products, whether underyour bed, or shop or insideyour car trunk, we are notconcerned about that. But itmust not be a situation whereyou get the order and then youstart looking for the item. Andthen for certain types ofproducts, you have to show usproof of purchase. This is toensure that we do not sell fakeproducts on the platform. Thisspecifically has to do withbranded products wherepeople may get the fakeversion from a third partymanufacturer but still presentit as the original brand. So wecheckmate that because we donot want someone coming tobuy a branded product andgetting a fake. So for thosekinds of products, the seller hasto present proof of purchase,pictures of samples, and thenwe take a decision as towhether it is authentic or not.”

He disclosed that over 100

sellers are admitted daily tosell on the platform and theyare verified to start sellingwithin 24 hours.

One of the sellers on theplatform, Blessing Olurin,whose shop, Little Angelsdebuted on the platform onMay, 2014 told Vanguard sheprocesses about ten orders aday, through the platform andgrosses about N1 million everymonth.

Inspired by the high cost ofbrick and mortar shop toexplore the online alternative,Mrs Olurin said the visibilitythat the marketplace providesis the most significantadvantage that selling onlineoffers, including the logisticssolution provided by Konga.

Another seller, ChukwuOnwuka whose informationtechnology store, Systematics,has been selling on Konga forten months said its presence onthe marketplace has drivensales up by 30 per cent.

He said, Systematics whichalso operates as brick andmortar in several locationsacross Lagos city, processes, onthe average, six to seven ordersand grosses about N500, 000monthly in its online sales.

Also speaking, TokunboKalejaiye who sells electricalgadgets on the Kongamarketplace said Konga’s localcontent posture has been amajor attraction for so manybusinesses selling on theplatform.

He has been selling on Konga

for eleven months andprocesses about eight to tenorders a day averagingbetween N50, 000 to N80, 000daily on sales.

Kalejaiye who believes thatwhat Konga marketplace offersheralds huge potential for e-commerce in Nigeria, saidentrepreneurs should embracethe opportunity as they do nothave to face the rigours ofgetting brick and mortar shopswith its attendant limitations.

ChallengesBut, Konga marketplace, he

said, still needs to improveupon its distribution systemespecially as it regardsdelivery.

He said: “The efficiency of thedelivery is what that will makethem succeed in the business.And if they don’t develop thatarm very well, all the effortsthey have put in place toensure free flow of servicesmight be jeopardised. Thiswould happen because quite anumber of customers havedifferent reasons for buyingand then if the delivery systemis not persuasive or committedto the business, you will endup having a lot of returnedorders.”

He also wants Konga toexplore other payment optionsbesides the popular pay ondelivery.

According to him, “Thepayment system does not haveto be pay on delivery always.Konga should encourage a lotof customers to pay online. Theseven day return policy thatcustomers have is alreadyenough of an encouragement.This cash on deliveryencourages a lot of unseriousbuyers to come to the platform.People just place orders todayand the next day, they havecancelled the order saying theydon’t like the product again.Those are some of thedifficulties that we face.”

The Director of theMarketplace, Mr.Oguneyealso believes challengesremain, especially aroundpublic infrastructure, and alsoas it relates to fraud and othersafety concerns in logisticsservices.

He said: “Infrastructureremains a big challenge. Thisis because at the end of the day,you are trying to deliver butyour trucks cannot go out atnight because of fear ofinsecurity and bad roads. Youare also dealing with all sortsof societal challenges, a lot ofpredisposition to fraud. So weare constantly chasing peoplewho are trying to use ourplatform to perpetrate fraud.Educating Nigerians about e-commerce is also a challengebecause it takes most sellersthat come into our platform,two to four weeks to actuallybecome comfortableunderstanding how to interactwith a customer and how tooffer additional services. Butthen all that remains part ofthe growing process for all theparties concerned.”

How online marketplace drivese-commerce growth in Nigeria

VConnect evolvesinto online

marketplace

VConnect Global ServicesLimited, Nigerian

based search engine, hasexpanded its scope of businessby evolving into a completeonline marketplace wherepeople can find, buy and sellgoods and services. With over1.1 million business listings onthe website, consumers haveaccess to a wide array ofproducts and services.

According to the GeneralM a n a g e r / C o - Fo u n d e r,VConnect Nigeria, Mr.Deepankar Rustagi,VConnect’s online marketingplatform offers unrivaledshopping convenience.

He said, “Our long termvision is to connect buyersand suppliers, providingconvenience to buyers andgrowth to suppliers whileboosting the Nigerianeconomy. Users can find aproduct by its name or bysearching the name of the store;compare brands and prices sideby side, and buy qualityproducts at the best prices”.

Deepankar urged SME’s toleverage e-commerce solutionsto grow and improve theirbusiness outputs, saying:“Technology allows SMEs toincrease their productivity andgrowth at a much faster pace.

‘Why wealthyNigerians should

invest in technologystart-ups’

Managing Director/ChiefExecutive Officer of

InfoGraphics Nigeria and ViceChairman, Demo Africa 2015edition, Chinenye Mba-Uzoukwu, has urged richNigerians to start investing intechnology start-ups, arguingthat returns on investment intechnology businesses hasproved to be one of the mostattractive in the world.

According to Mba-Uzoukwu,start-ups in other parts of theworld are attractinginvestments more than they doin Nigeria.

He pointed out that within thefirst half of 2015 alone,Indian technology start-upshave raised $3.5 billion, addingthat almost every other day anew start-up is being fundedin India with mind blowingideas and innovations.

“Interestingly rich Nigeriansstill look to the West or evenChina to save Nigeria. That hasbeen our colonial legacy.However, we must start to lookinwards. Demo Africa is a greatstep and a new class ofindigenous Nigerian investorsmust rise up and be countedbecause technology is thefuture of Africa,” he added.

Stories byJONAH NWOKPOKU


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CMYK

Economy

STORIES BYEMEKA ANAETO,

ECONOMY EDITOR

There are indications thatsustained decline in globaloil prices and glut in the

supply end is now pushing bothmultinationals and Nigeriancompanies to consider mergersand acquisitions (M&A).

This was contained in report bythe Financial Times of London(FT) at the weekend whichshows that for smaller oil firms,usually known as independents,to wade through the tough timessuccessfully a new wave ofindustry consolidation isinevitable, as they struggle toremain afloat.

According to FT, ‘’several smalloil companies are limping along,labouring under heavy debts anddwindling cash flows’’.The lowoil price is already reshaping theindustry landscape driving RoyalDutch Shell’s USD55 billiontakeover of smaller rival BGGroup, and triggered the fall ofNigeria-focused oil explorerAfren, which enteredadministration last month. Moreconsolidations are thereforeexpected to occur in the comingmonths if oil prices continue toplunge further south.

Commenting on the report atop executive of one of theindigenous upstream oilcompanies in Nigeria toldVanguard that many of the localsare already talking to the strongermultinationals for take overs.

According to him ‘’Withcommodities’ prices hitting lowsfor the current decade, companiesbecoming even more focused oncapital discipline, significantcurrency movements and accessto capital being limited in certainquarters and increasing financialpressure on certain industryplayers, 2015 is likely to see arenewed level of M&A activityacross the oil and gas sector inNigeria as it is currently globally.

This activity is likely to includefurther takeovers among mid-cap

companies, as well as the first“mega-mergers” for nearly adecade. Within the oil serviceindustry, consolidation is alreadywell underway, being all themore necessary due to the currentcontracting and pricingscenarios’’.

The oil company executive who

Mergers and Acquisitions loom in oilindustry as price crash continues

said his company was hosting abusiness combination meetingwith some foreign investors lastweekend added ‘’it will also beinteresting to see who the mainbuy side players will include, notjust the International OilCompanies (IOCs) and NationalOil Companies (NOCs) with

access to liquidity, but alsowhether there will be a continuedappetite for the sector moregenerally amongst the petrodollar based sovereign wealthfunds, private equity houses andcommodities houses. Hedgefunds and other strategic playersare also likely to be interestedgiven the financial stress that we

are increasingly seeing in thesector’’

The drop in global oil prices hasinflicted massive pain on oilexporting countries, wideningbudget deficits and weakeningcurrencies. Other than Nigeria’splummeting finances, oilcompanies in the country’s oiland gas sector, as is the case withoil producers worldwide, havebeen forced to scale down oninvestments, slash their budgetsand lay off staff as plunging oilprices takes a toll on crude oilexporting countries and industryoperators.

Brent crude has more thanhalved since June last year, withthe slide accelerating after theOrganisation of PetroleumExporting Countries’ (OPEC)decision last November not to cutoutput, despite a US supply glutand weaker than expecteddemand in Asia.

Brent sold at USD45.54Tuesday afternoon, down 20cents but still some way from its2015 low of USD45.19, while UScrude futures hit an intra-day lowof USD41.43 close to their lowestsince early 2009 – before pickingup when they traded atyesterday’s close price ofUSD41.87 a barrel.

To further boost his regimesinternational economic

exposure PresidentMuhammadu Buhari is expectedto lead Nigeria to the first forumof the Commonwealth Enterpriseand Investment Council(CWEIC) holding alongside themeeting of the CommonwealthHeads of Government, CHOGMin Malta, November 2015.

The CWEIC, formally knownas the Commonwealth BusinessCouncil was transformedrecently with a specific mandateto promote trade and investment

Buhari to canvas for foreign investment atCommonwealth Forum

among Commonwealth countriesof which Nigeria is a majormember. The CWEIC isexpected to host the businessforum which will offeropportunities for commonwealthmembers to exchange andproject their businesses.

The forum will be attended bythe heads of government,ministers from across theCommonwealth and about 1,200business leaders.

CWEIC was established in July2014 with the support of theCommonwealth Secretariat. It

helps CommonwealthGovernments attractinvestments, promote enterpriseand improve the businessenvironment. It also work withmember companies to expandtheir businesses and help withnew investments in anyCommonwealth country

Initially the CWEIC will focuson a small number of priorityprogrammes including economicgovernance and good businesspractice, infrastructureinvestment, sustainability,supporting SMEs access newmarkets through CommonwealthFirst initiative, women inbusiness and youthentrepreneurship.

CHOGM is held every twoyears and is theCommonwealth’s highestconsultative and policy-makingbody. While announcing theprograme for November sessionJoseph Muscat, Prime Ministerof Malta said “theCommonwealth is an institutionwhose strength lies in itsdiversity, a diversity which hasalways been underwritten by asubscription to a common set ofvalues which include thepromotion of democracy, human

rights, good governance, freetrade, inclusive globaldevelopment embracing allmembers of the worldcommunity, and world peace’’.

According to CHOGMSecretary-General KamaleshSharma, “The CommonwealthHeads of Government Meetingbrings together leaders of animmensely diverse yet cohesivegrouping of 53 countriesrepresenting one third ofhumanity. They assemble fromislands and continents at varyingstages of development to work oncommon approaches and to planpractical action motivated by theshared values and principles ofthe Commonwealth Charter.Goodwill and cooperation,supported by an enduring senseof affinity between the peoplesof the Commonwealth, pave theway to fresh approaches tocollective benefit.

“When Commonwealth leadersgather, innovative solutions arefound to today’s globalchallenges for the benefit of all,particularly the vulnerable andmarginalised. At the MaltaCHOGM the wider world willsee the Commonwealth in action,as a great global good.”

‘’Several small oilcompanies arelimping along,labouring underheavy debts anddwindling cashflows’’.The low oilprice is alreadyreshaping theindustry landscapedriving RoyalDutch Shell’sUSD55 billiontakeover of smallerrival BG Group,and triggered thefall of Nigeria-focused oilexplorer Afren,which enteredadministration lastmonth

•Dr. Emmanuel Ibe Kachikwu, NNPC boss


CMYK

Motivation:

This has been my passionsince I was young. I

have always been a fan ofsomebody doing what heloves and I feel so muchempowered by this. I starteddoing programming and ITstuff as early as in juniorsecondary school. I first learnthow to use DOs system sobefore I got into theuniversity, I knew I wanted tostudy something that has to dowith ICT but unfortunately, Idid not get the course Iwanted.”

Combining major with ICT:While studying agric

engineering, Atere pursued hisfirst love, ICT, by doingcomputer programming andwriting professional exams -CISCO, Networking etc.

“I made a second classupper, meaning that I was notbad with my agric engineering.Again, agric engineering issomething I will go back tobecause when I retire and canno longer go up and down withICT, I want to retire to a homewith a large expanse of landwhere I can do mechanisedfarming. This will bring meback to agric engineering," hesaid.

"During my industrialtraining, I ensured that I wroteone exam or the other so by thetime I got back to school in yearfour, I started working incybercafés because I alreadyhad the certification that couldhelp me. All these boosted myCV when I finished schoolbecause I started working inmy third year. In fact, we werestill waiting for NYSC call upletter when I got a job in Lagos.

Just before I went for theyouth service, we got a jobwith the Cross River StateGovernment (to connect allthe ministries to theheadquarters) and I was madeto head the team. I wasshuttling between Lagos andCalabar and by the time I gotback to Lagos, I started doingtraining too. I was actually oneof the first Fibre OpticAssociation's trainers in WestAfrica on fibre optictechnology.

Starting my own business:"After a while, I felt it was

time to be on my own. I had apartner, Mr. Sheriff Adeyanjuand co-partners, Mr. Oponleand Daramola Alayande.Along the line, we got a verybig job from the AhmaduBello University, Zaria toconnect the campuses -Kongo, Samaru and Shika. Iwas head of the technicalteam.

"Our mentor and my firstboss, Mr. Babajide, taught usthat we could actually makesomething out of this. Thatwas how we started growing,bit by bit and here we aretoday!"

What we do:"The whole thing is about you

knowing what you want to doand what you actually enjoydoing. I enjoy lecturing so Itrain people on fibre opticsapart from the normal job. Ienjoy imparting knowledge.

I have trained people fromNCC, former NITEL, NEMA,etc. I have a contract to trainin East Africa with Africa e-Development Centre in Kenya,Tanzania and Uganda in fibretechnology. We trainprofessionals who are alreadyin the field. Because we also dodeployment to site, we are ableto meet both site deploymentand classroom work; so that isone of our major strengths. Wealso train children. I believe incatching them young.

Starting early enough is goodbecause years of experiencewere what helped me. My bossthought I had already workedfor two years and he waslooking for someone with twoyears experience and becauseI started when I was in school,I got those years of experiencebefore I left school.

"Even when you get to theuniversity and you don’t getthe course you wanted, thatdoes not mean that you will notdo something. I had wanted toread electrical engineering butI didn’t get that but my readingagric engineering was ablessing in disguise becausenow, I know that there isanother way I can use agricengineering when I retire.

"However, most of my mateswho actually got that samecourse never liked it so theyended up with bad results.

Those that got what theywanted felt they were on top oftheir game and so did not gothe extra mile of learning thenew technology. What I didwas to learn the newesttechnologies then that peoplein electrical engineering andcomputer Science shouldhave been learning.

"So it's all about knowingwhat you want, starting earlyenough, and all things beingequal, being prepared foropportunities, the sky is thelimit."

Start-up capital:"Initial capital was zero. It

was just being prepared foropportunities because weknew what we wanted to do.Our first job was actually avery big job and we hadnothing so we went to meetwith a finance house in Lagos.They asked us what we had andwe told them we can deliverthe professional side of theproject such as services,consulting etc. This means thatthe only thing we had then tostart up the business was whatI had in my head, so when wetook that part of the bill, it wasup to the minimum

percentage that we weresupposed to have for thefinance house to partner withus. For example if the projectis worth N10 million, thatmeans you must have at leastN3 million so on the value ofthe project, we were able to atleast with all the things wecould do, come up to thatpercentage so I will say theinitial capital was what I hadin my head. We were luckythey were able to help andagain, because they had seenthat I had actually headedsome previous projects in thatline successfully. Sopreparedness was part of theinitial capital.

Challenges:"People saw me as a small

boy. It was very ironic. Theylook at me and think 'oh, youare too small,' you cannot dothis. In fact, the very firstmajor job we got, we actuallywent to rent a CEO because we

were too small/young and wewere competing with the bigguys in the industry. So thechallenge was getting peopleto believe in us and luckily, wehad people who believed in usthat time and that was whathelped. It was always ‘can youdo it? You are too small for thejob.’ That was then. Imaginestarting a company at the ageof 25 years. In fact, the job wewent to do, a company hadactually done it and it failed sowe were going to salvage theentire thing.

Finance was anotherchallenge but we were bailedout by the finance house.Getting the right people withthe right mindset was also achallenge because now,people do not want to work forexperience or passion, theywant money. My first salarywas N4,000 which could noteven fuel my car when I was inschool but I was doing itbecause I needed theexperience. People would callme to help them solve some oftheir problems and as I wasdoing that, I was learning.Nowadays, people are notwilling to do that kind of thing,they just want money. I tellinterns who come here that Iwill not pay them and I will nottake them until they acceptthat condition. I actually getto pay them later but if theycannot accept that condition,I won’t take them because wewant to remove that moneyconsciousness.

"The business environment ischallenging. Nigeriansgenerally do not give out jobson merit, it is always on whoyou know and sometimeswhen you are not in that circle,it might be a challenge for youeven when you can do the job.You have to know somebodyin the environment before youcan actually get the job.

Finally, I will want to say toanybody or parent who has ayounger one, whateveranybody wants to do in life,the first thing is to ensure theystart early."

Our initial capitalwas the idea in myhead — AHMED ATERE

Engineer Ahmed Atere is the Chief Operating Officer ofMeed Networks, an ICT consultancy and trainingoutfit that is into Integrated Network, LAN, Fibre Optic

and Telecom Infrastructure solutions, Cabling and Wiringsystems, Biometrics, Test and Security Network solutions. In thischat with Financial Vanguard in Abuja, the AgriculturalEngineering graduate from the Obafemi Awolowo University, IleIfe, speaks on why he went into ICT, the challenges, and sayshis start-up capital was the idea in his head. Excerpts:

BY EBELE ORAKPO

Oil spill confab holds in Lagos

Kaku ProfessionalEngineers (KPE) Ltd.,

an indigenous energy and oilspill management andcontrol company inconjunction with theNigerian EnvironmentalSociety will hold its 4th OilSpill conference.

The conference with thetheme: Oil Spill Prevention,Clean-up and Remediation inthe Niger-Delta, comes up onAugust 25 and 26 at theColonade Hotels ConferenceCentre,21 Alfred RewaneRoad, Ikoyi, Lagos.

Delegates are expected topay a fee of N80,000 orUS$400 while students areto pay N30,000 or US$150.

In a release made availableto Vanguard, the CEO of KPELtd, Prof. Sylvester Egwu said

the organisation has a three-dimensional approach tosolving the spill problem oneof which is the oil spillconference.

“We are approved by DPRto provide training andmanpower development tooil workers. We have alsopartnered with the USNational Spill Control Schoolin Texas.

"We sensitize the publicabout oil spills throughconferences and seminars.

We back up our efforts byintroducing remediationtechnology forenvironmental restoration.We are exclusivedistributors of US PetroleumRemediation Product (PRP)for spill responseremediation."

The very firstmajor job we got,we actually wentto rent a CEObecause we weretoo small/youngand we werecompeting withthe big guys inthe industry

*Engr. Ahmed Atere.. It's all about knowing what you want,starting early enough and being prepared for opportunities

People in Business


Aviation

NCAA tasks information officers onaccident reporting

By LAWANI MIKAIRU& DANIEL ETEGHE

Director General ofthe NigerianCivil Aviation

Authority, NCAA, CaptainMuhtar Usman hascautioned informationmanagers and PublicRelations officers at thecountry’s airports to do a critical review of informationdissemination duringaccidents and incidents.

Capt. Usman who made thecall few days after the BristowHelicopters crash that killed6 passengers on board saidthat information managersshould tinker with thesubsisting approach ofinformation flow when thereis an accident or incident.

He further calls for anintegrated and unifiedapproach among allinformation managersduring emergencies.

He said: “We should put onthe table a synergy and arobust working relationshipwithin this group. When I sayall of you this includes thepublic relations apparatchikof NCAA.

“If we commence integratedinformation, there will be aconcerted approach whenthere are accidents andincidents. On the reality,airline operations worldwideare not without its fair shareof incidents.”

The DG continued, “thepublic character of aviationimposes on it a dual role.Commercial airlines shouldadvance their privateinterest, stimulate growth

and compete in the realms ofoperations. However, thisshould be done within thestipulates of NCAA’sregulations.

“In Nigeria today, we have30 certified air operators, over400 in-service aircraftregistered in Nigeria. Inaddition, there are about 46

corporate jets, 130helicopters and 100 foreignregistered private jets.”

Usman used the opportunityto assure Nigerians that theNigerian Civil AviationAuthority (NCAA) willcontinue to progressivelystrengthen oversightresponsibilities to entrench

safe and secure airtransportation in the country.

He reminded the airlines toclear all outstandingindebtedness as theregulatory Authority will sooncommence severe sanctionson all defaulters.

Araba cautions FG on proposed merger ofaviation agencies

Former Rector, NigerianCollege of Aviation

Technology (NCAT), CaptainAdebola Araba hascautioned the FederalGovernment against mergingthe aviation parastatals sayingit is against internationalpractice to merge regulator,that is , Nigerian CivilAviation Authority, NCAA,with the parastatals it issupposed to supervise.

Araba who disclosed this tonewsmen in Lagos, addedthat the Federal Governmentshould critically evaluate thesituation before taking action.He said that all over the worlda regulator in the aviationindustry has never beenmerged with an operatoradvising that the governmentshould be careful beforetaking any step in the processof merging the variousagencies in the aviationindustry.

He noted that if the agencieswere merged, the operatorsand stakeholders as well asthe country at large could notget the best out of themerger.

Araba said: “We really needto look at it critically and weneed to define what we areexpecting, you know, weshould come with a vision,merging a regulator and anoperator, we might not getthe best out of it. NCAA is aregulator, other agencies arethere and they are supposedto be regulated by NCAA butmerging them together in myperception, I don’t think thatwe are going to get the bestout of it.

“The way we are going now,we have to be very careful,you just mentioned AIB andFRSC. We are talking aboutground operations with airoperations now, you see AIBhas no business with FRSCand merging them together, Idon’t think that we are goingto achieve anything, that isthe way I look at it in my ownperception. I am not sayingthat I have the monopoly ofwisdom concerning this issuebut I feel it is not right tomerge Accident InvestigationBurea, AIB, with FederalRoad Safety Commission,FRSC, because what they aredoing is quite different fromeach other completely, so

merging them, I would notknow what we are trying toachieve”.

“Like I told you, NCAT is anoperator, NCAA is a regulatorand merging NCAT withNCAA, I don’t think that weare going to have the best outof it in the sense thatsomebody has to regulate

VISIT - From left: Deputy Managing Director of Arik Air, Capt. Ado Sanusi, Ireland'sAmbassador to Nigeria, His Excellency, Sean Hoy and Chairman of Arik Air, Sir JosephArumemi - Ikhide during the visit of the ambassador and Enterprise Ireland delegation ToArik Air in Lagos

By LAWANI MIKAIRUwhatever that is been donein NCAT, if the regulator isnow turning to be theoperator, my guess is as goodas yours, the quality willsuffer anyway you look at it,so I think it is better to keepthem apart for NCAA to stillregulate NCAT.

Dunoma commends Nigerian engineers forcontributing to aviation industry

By LAWANI MIKAIRU& DANIEL ETEGHE

Managing Director ofthe Federal Airports

Authority of Nigeria (FAAN),Engineer Salem Dunoma has commended Nigerianengineers for contributingpositively to the developmentof the Aviation sector.

Engr. Dunoma who madethis known during the 2015Annual public lectureorganised by the AeronauticalDivision of the NigerianSociety of Engineers (NSE)said that the engineers wereworking hard to safeguardthe integrity of the profession.

He however called onaviation agencies to initiatequality control procedures tostrengthen controls over JetA1.The MD, himself anengineer commended theorganisers for picking arelevant topic that hasstimulated robust debate bythe participants.

While speaking on thetopic “Procurement;Avoiding and Navigatingthrough the Iceberg” theGuest Speaker at theoccasion, Eng Emeka EzehFNSE, Director General ofBureau of Public Procurement(BPP) called on the engineersto work in line with the tenetsof the BPE.

IATA training:NCAT lauds Bi-Courtney’sinitiative

The management of theNigerian College of

Aviation Technology, NCAT,Zaria, Kaduna State, hascommended Bi-CourtneyAviation Services Limited,BASL, operator of theMurtala Muhammed AirportTwo (MMA2), Lagos, for itsunique contribution tohuman capital developmentin the aviation sector.

This commendationfollowed the full sponsorshipof four instructors in theinstitution to a one-weekcourse in ‘Airport RouteDevelopment andCommercial Management’,organized by theInternational Air TransportAssociation (IATA), in Lagos,in May this year.

In a ‘letter of appreciation’signed by the institution’sHead of AviationManagement, Engr. E. O.Onwuka, on behalf of theRector, Captain SamAkinyele Caulcrick, NCATlauded the strategic traininginitiative being promoted byBASL, promising tostrengthen its collaborationwith the company widelyrenowned for its pioneeringefforts in the aviationindustry.

In the letter, NCAT said:“With great sense ofresponsibility, the Rector/Chief Executive and entiremanagement of the NigerianCollege of AviationTechnology (NCAT) wish toexpress our deepestgratitude and thanks to Bi-Courtney Aviation ServicesLimited (BASL) for yourmagnanimity in providingfull sponsorship to fourNCAT Instructors in theAirport Route Developmentand CommercialManagement Courseorganized by IATA, whichyour company hosted.”

“I wish to assure theManaging Director thatNCAT, as a Centre ofExcellence, is prepared andwilling to strengthen thestrategic partnershiptraining initiative with Bi-Courtney Aviation ServicesLimited especially in humancapacity developmentrequirements of the Aviationindustry.”

By LAWANI MIKAIRU


CMYK

Advertising & Promotions

Intercontinental Distillers,IDL Limited has spent

the sum of N313 million in cashand gift items to boostbusinesses of its distributors inthe 2015 fiscal year. Of theN313 million, N55 million andMrs. Dorothy Anegbe ofOgbohu Enterprise winning aPlatinum Award of N9.25million and a 4.5 tonne truck.

Generating sets of 15 to 20KVA and other gift items whichinclude Washing machines,Television sets, home theatresetc to the distributors who haddistinguished themselves inthe sale of the company’sproducts.

The cash and gift prizesearmarked for the distributorsinclude the award ceremonieswhich will be held in threedifferent regions of Lagos,Ibadan and Port-Harcourt.

This was disclosed by theManaging Director of IDL,Engr. Patrick Anegbe, during the 2014 distributors forumand award ceremony tagged:Living-it-Up, in Lagos, wherehe said the ceremony hasbecome an age long traditionof appreciating distributorswho performed exceedinglywell.

Engr. Anegbe maintainedthat the essence of celebratingexcellence and rewardinghardwork is to encourage thedistributors to invest more intheir businesses and alsorekindle the drive to grow theirbusinesses.

Engr. Anegbe emphasized onthe company’s commitment tobe the leading distillersprovider saying its continuousinvolvement in researching,producing and marketing offirst choice quality drinks, willmake Nigerians get the best ofproducts for their enjoyment.

He expressed satisfaction ofthe fully integration of thecompany’s re-branded productthat were unveiled last year,into the market.

PRESENTATION - From Left: Esijolomi Rewane, former Chairman, Board of Directors,Inntercontinental Distillers Limited (IDL), Mrs Dorothy Anegbe, Platinum winner of the IDLcustomers award , Prof Samuel Odeyemi, Director, IDL at the presentation of the 4.5 tonne truck toher in Lagos.

IDL spends N313m ondistributors

According to him, while allthe changes made in respect ofre-packaging have beenaccepted in the market, it hashelped to reduce counterfeitingof IDL products. He howevernoted that silent gratitude isnot much of use to anyonehence; the company willcontinue to carry out thetradition of motivating itsdistributors who have movedlarge volumes of sales, with

cash sums and gifts.Also, the Managing Director

pointed out some activities thathave been carried out by thecompany this year saying theywere all successful.

Among the activities weredonation of a block of fiveclassrooms and two offices inOgun State and completeexecution of its Bull Fuji TalentHunt Season 3 programmewhich was held in Ibadan,

Ijebu-ode, Abeokuta, Oshogbo,Akure and Ilorin.

In concluding his speech, hesaid, although unsteady powersupply and instability of theNaira against the dollar werethe major challenges facing thecompany, manufacturers areunable to pass on their costsdirectly to consumers taken intocognizance that the purchasingpower of the consumer is weak.

Infinix Mobility companyLimited, a mobile

device manufacturer, mobileoperator MTN in partnershipwith Google, said they arecollaborating to bring the

Infinix,Google collaborate to bringlow-cost phones ...As MTN offers data

By PRINCEWILLEKWUJURU& MICHAEL ODOH

Stories byPRINCEWILL EKWUJURU

Android One empoweredtelephone program toNigeria; the Infinix HOT 2-X510. The companies said thisis part of an on-going initiativeto bring high-quality andaffordable smartphones tomillions of people in Nigeria andother Africa countries includingEgypt, Ghana, Ivory Coast,Kenya and Morocco.

The Infinix HOT 2smartphone, which is the firstdevice to run on Android one inAfrica, will be available viaonline retailer Jumia and atselect retail outlets.

Speaking, Benjamin Jang,Managing Director, Infinix , atthe unveiling in Lagos, said theInfinix HOT 2 phone is offeringa high-quality experience,running the latest version ofAndroid (5.1 Lollipop). He alsosaid the phone will get the newAndroid M release — an updatethat will offer Google’s newmaterial design, improvedbattery life, enhanced securityfeatures, and smarternotifications. The phone hestated comes in two variants; thestandard version, which will be

available in black, white, blueand red, and the premiumversion which willbe available ingold. While Speaking, CaesarSengupta, Vice President,Product Management, Google, noted that over three billionpeople worldwide are using theinternet to live better, richer livesand create opportunities forthemselves and theircommunities, explained thatthe driving force behind thegrowth particularly in Nigeriaand many other African countries- is smartphones.

According to him, “in Nigeria,over 70 per cent Online usersaccess the web via their phones.Thus Android one via infinixmobile device offers thatopportunity and affordablility.”

In terms of hardware, he statedthat the phone features front andrear-facing cameras, 1G or 2G ofmemory, fast quad-coreMediaTek processor, long batterylife and other features,particularly of importance toNigerians, include the dual SIMslots, a FM radio tuner, 16GB on-device storage and a microSDcard slot for additional storage.

Advertising agency, NoahsArk, has deployed

series of campaign material inprint, radio and online aimedat renewed attention in thecampaign to remind relevantauthorities to expedite actionsto rescue the Chibok Girlskidnapped by the Islamistterror group, Boko Haram, overa year ago.

Speaking to newsmen, theagency’s Managing Director,Mr. Lanre Adisa, said thedecision to approach theChibok Girls issue throughadvertisement campaign wasborn out of concern for the girls

Noah’s Ark deploys new campaignfor #Bringbackourgirls

and their parents who for ayear have been in agony on thewhereabouts of their children.

It would be recalled that thegirls’ plight garnered attentionon Twitter last year using thehashtag #BringBackOurGirls,attracting high-profile politicalfigures such as first lady of theUnited States of America, Mrs.Michelle Obama, formerSecretary of State, HillaryRodham Clinton and BritishPrime Minister David Cameronwho endorsed the social mediacampaign. But the conversationon social media never renderedpolitical action.

Indomie offers Indomie offers Indomie offers Indomie offers Indomie offers N32m in ‘FlashN32m in ‘FlashN32m in ‘FlashN32m in ‘FlashN32m in ‘Flash&Win’ promo&Win’ promo&Win’ promo&Win’ promo&Win’ promo...First millionaireemerges

Indomie noodles owned byDUFIL Prima Foods

Plc, said it has earmarked overN32million for its customers towin if they buy its 120gramsuper pack noodle sachet, asfirst millionaire emerges..

The brand says two personswill win N2million in twomonths and n30 million airtimeand N100,000 everyday if thecustomer flash a number writtenat the back of the seasoningsachet.

Speaking at the first chequepresentation of N1 million andN100,000 each to winners,Brand Manager of the brand ,Amba….. said the promotionis to celebrate Indomieconsumers to give them achance to go out for theirdreams.

According to him,immediately a consumer buysa pack of the 120 gram Indomiesuper pack the consumerstands a chance to win instantrecharge cards ranging fromN50to N1,000 and N100,000every day and N1,000,000 fortwo months in the firstmonthOlamide Ayeni becameN1million richer.

Experiential Agencypledges improvedvalue to businessesFollowing her winning

two awards at the justended fifth Nigeria BrandAwards, NBA, Oracleexperience says it will continueto improve and add value toclient’s businesses.

The awards won by the agency;Best Experiential MarketingAgency and Most InnovationDriven Brand Activation Agency,Gold and platinum respectivelywas won at the expense of otherexperiential agencies.

Speaking, Oracle’s logisticdirector, Andrew Eiremiokhai,said the agency has become arespected face in Nigeria and thecentral West African countries asa result of the awards, whilstpledging the agency’scontinued improvement inclient’s businesses.

CEO Oracle experience, FelixEiremiokhai


CMYK

Business & Economy

Email:[email protected], [email protected] page:www.lesleba.com/blog2Website: www.lesleba.comTel:0805 220 1997

Omoh Gabriel - Group Business EditorBabajide Komolafe - Deputy Business EditorClara Nwachukwu - Energy EditorPeter Egwuatu - Asst. Business EditorYinka Kolawole - Snr Bus. CorrespondentFavour Nnabugwu - Insurance CorrespondentGodwin Oritse - Maritime CorrespondentGodfrey Bivbere - Maritime CorrespondentMichael Eboh - Energy ReporterFranklin Alli - Industry/Agric. ReporterIfeyinwa Obi - Maritime ReporterRosemary Onuoha - Insurance ReporterNkiruka Nnorom - Capital Market Reporter

CONTRIBUTORSPrincewill Ekwujuru - Media/MarketingJonah Nwokpoku - E-CommerceNaomi Uzor - IndustryProvidence Obuh - Micro FinanceLAYOUT - Graphics Department

Only 6 MfBs have national licence—CBN

BY PROVIDENCE OBUH

& BUSAYO SAMUEL

There are indications thatonly six Microfinance

Banks (MfBs) in the countryhave meet minimumrequirements and licenced tooperate on National category,according to the Central Bankof Nigeria’s (CBN) report.

The report was madeavailable on the CBN websitein a circular released by theFinancial Policy andRegulation Department,

penultimate week, with thetitle: “Updated List ofConfirmed MicrofinanceBanks Limited.’

Meanwhile, the apex bankfurther reported that there are949 MfBs who are confirmedand licenced to operate as atJuly 31, 2015, with 95 in theState category and about 848in the Unit category.

Operators were given threeoptions of recapitalisation bythe apex bank to operate eitheras a unit, state or nationalMfB.

Recall that the CBNcategorised microfinancebanks into three categories

which include Unit licenceMfB with minimum capitalrequirement of N20 million,State licence MfB whichrequires minimum of N100million to operate andNational licence MfB whichrequires N2 billion ascapital requirement.

The unit MfB is to operatein one location only and isprohibited from havingbranches or cash centres.However, the national MfBsinclude: AB, Accion, Lapo,Parallex, FBN and NPF,Microfinance Banks

respectively.

“First of all, you have gotliquidity surplus in thebanking industry; … there isover N1.3tn or so sitting inbanks and belonging togovernment agencies. Nowbasically, they (these funds)are at zero percent interestand the banks are lendingabout N2tn to the governmentand charging 13 to 14%! Now, that is a very goodbusiness model, isn’t it? (You) Give me your money forfree and I lend it to you at14%; so why would I go andlend to anyone?”

The above is an excerptfrom comments fromLamido Sanusi,

former Governor of CentralBank, after a Monetary PolicyCommittee(MPC) meeting inJuly, 2013, when hedenounced the apparent follyof government’s financialstrategy. It is howeversurprising that inspite of theoutstanding level of intellectin the CBN and theMonetary Policy Committee,this odious practice wassustained, with the attendantoppressive interest rates,which increasingly expandedgovernment’s indebtednessfor several decades;expectedly, the stupendousreturns from thismisadventure increased theprofitability of banks evenwhen they neglected thegrowth of the real sector of theeconomy.

Government revenuedomiciled in commercial bankaccounts also providedopportunity for, civilservants, to divert publicfunds into interest yieldingdummy accounts andselfishly cream off the profit,notwithstanding, that suchgreed led to protracted delaysin the payments of staffsalaries and the settlement ofcontractors’ bills. Similarly,banks’ appetite forgovernment deposits becameso keen, that “physicallycorrect” young females wereengaged and promptlydeployed to target thedeposits of high net worthcivil servants and related

High expectation for TSAgovernment agencies;consequently, successfulbudget implementation wasoften sacrificed on the altar ofgreed. Incidentally, by Junethis year, MDAs operatedabout 10,000 bank accountsnationwide.

Indeed, the FederalGovernment’s EconomicReform and GovernanceProgramme recognized thereckless tradition of placingpublic funds in commercialbanks and thereforerecommended theimplementation of a TreasurySingle Account (TSA) for theFederation as from 2004. TheTSA is defined as “acentralized cash position ofthe Treasury, where therevenues of all MDAs areconsolidated and all cashoutflows (payments andtransfers) are executed in asingle account within thecustody of the CBN”.

The initial attempt tocommence implementation ofthe TSA, was set aside indeference to intense pressurefrom the banking communityin 2005. However, the TSAproject, apparently,commenced partially in 2012after other false starts duringthe tenures of formerPresidents Yar Adua andJonathan respectively.However, in order to fast trackc o m p r e h e n s i v eimplementation, governmentestablished electronicplatforms in 2014for the TSA,as well as, Government’sIntegrated FinancialManagement InformationSystem (GIFMIS), and theIntegrated Payroll andPersonal Information System(IPPIS).

According to the CBN, the“Integrated Systems wouldunify government’s bankingarrangements, assist thefederal government in theeffective utilization ofgovernment funds forapproved projects, promote

transparency andaccountability in governmentoperations, and reduce thecost and amount ofgovernment borrowing bymaximizing the use ofavailable governmemtresources to deliver projects”.Full implementation of theTSA for payments of salaries,taxes, suppliers, and thecollection of independentgovernment revenue did notcommence in Feb 2015 asearlier scheduled byJonathan’s administration,probably because of the‘distraction’ of electioncampaign, but fullimplementation hasaccelerated since PresidentBuhari’s latest directive inAugust 2015.

Under the TSA initiative, allgovernment payments arerouted from the GovernmentIntegrated FinancialManagement InformationSystem (GIFMIS) to CBN’sPayments Gateway, to effect e-payments into the accounts ofindividuals or corporatebeneficiaries in commercialbanks, microfinance banksand primary mortgageinstitutions, while salaries arealso electronically routedthrough an Integrated Payrolland Personal InformationSystems platform to create afully automated payment and

collection process for theFederal Government.

There is palpable optimismthat, with diligentimplementation, the TSA willenhance transparency andaccountability in themanagement of public funds;furthermore, the practiceshould expectedly captureadditional revenue toeffectively fund more capitalprojects that lift the socialwelfare of Nigerians.Nonetheless, some criticshave cautioned that the nobleobjectives of TSA may not berealized if the peculiarities ofsome MDAs are notrecognized; for example,revenue generating agencieswith multiple collection centreswill encounter seriouschallenges if they cannotpatronize commercial banksnearest to them where CBNoutlets do not exist.

Furthermore, if a “one sizefits” all principle is employedfor disbursements from theTSA to MDAs for budgetimplementation, we may endup, for example, inadvertentlyreleasing huge funds for roadconstruction in the rainyseason rather than the dryseason when it becomes moresuitable for such undertaking.In other words, disbursementsmust be finely programmed tomatch the peculiarrequirements of each MDA.Indeed, this may not be toodifficult if each MDAsprovides projected annual cashflow statements that arerealistically in tune with theirrespective income andexpenditure expectations.There are indications thatMDAs have undergoneorientations exercises, tofacilitate transition to TSAproject since 2013, nonetheless, it may still take awhile longer, coupled with astrong political will for theprogramme to gain a firmfoothold as best practice in thejudicious management of

public resources. Similarly,the traditional lackadaisicalconsolidation process andextended delays associatedwith budget enactment mayalso negate the highexpectations from theoperation of the TSA.

Clearly, with the TSA, latepassage of budgets will alsodelay disbursements and maystrangulate operations of keyrevenue generating agencies,such as the NNPC, NPA etc,and ultimately, inadvertently,jeopardize revenueprojections from suchagencies. Consequently,some analysts haverecommend the retention of acertain percentage of receiptsto ensure the unhinderedoperations of thesegovernment cash cows.

Similarly, forex generatingagencies like NNPC shouldalso be allowed to retain apart of their receipts in dollarsin order to facilitate thesmooth running of theirbusinesses wherevertransactions are notdenominated in Naira.

The Treasury SingleAccount is also speculated torestrain the scourge of excessliquidity that fuels inflation,high interest rates and asliding Naira value, whichinadvertently makes theremoval of fuel subsidy anuphill task. A closerexamination may nothowever, support suchexpectation; for example, thelevel of systemic surplus cashclearly diminished veryminimally when CBN’sliquidity mop-ups remainedunrestrained after 75% ofgovernment deposits weresequestered from the cashreserve base of commercialbanks; clearly, if 100% ofgovernment deposits i.e. arelatively paltry 9.3% of alldeposits (N13.5Tn) includingstates and local governmentswere sterilized, the impact onliquidity would not be muchdifferent, in this event,government’s debtconsolidation may only beimpacted marginally by theadoption of TSA.

TreasurySingle Accountis alsospeculated torestrain thescourge ofexcess liquiditythat fuelsinflation, highinterest ratesand a slidingNaira value


OPINION

CMYK

Indolent NASS anddictatorial rule

Curtailing violent cult clashesBy Adewale Kupoluyi

ACTIVITIES of cult groups in the country haveassumed a more frightening dimension as there is

hardly any day that passes by without reported cases ofclashes being recorded. The last few months have been aharrowing experience as hoodlums, social miscreantsand cultists have engaged themselves in bloody battlesfor supremacy in many states while the law enforcementagents appear helpless in abating the tide despite theincreased number of people being injured, maimed,killed and enormous properties destroyed.

Due to the secret nature in their modus operandi,taming cult-related activities could really be herculeanbut this is not insurmountable. Cult activities are oftenassociated with rituals that are characterised by set ofpractices, belief system or thinking usually disclosed onlyto their inner caucus. Many studies have been carriedout on cult-related matters in the country, unfortunatelymany of the researchers have failed to come up withworkable solutions that could curb this social problem.

Ritual killing, which is associated with cultism, havebecome the lot of many in our society today. Bodies ofunlucky victims are usually dumped on roadsides, bushpaths and in gutters with their vital organs removed.Cult and ritual killings have become pronounced as aresult of the perceived inordinate ambition for powerand show of affluence, get-rich-quick syndrome, a meansof conflict resolution and for religious practices.

Students of secondary schools, tertiary institutions and

WE have been complaining aboutPresident Muhammadu Buhari’s

snail’s pace in appointing people tocrucial posts in his government,especially the federal cabinet. At least,the president has proffered a presentablealibi: he is taking his time to look for“angels” to help him run hisadministration. He does not want torush to pick crooks and thus run intoavoidable embarrassments. Being “MrClean”, he wants his team members tobe clean as well.

This sounds like sweet music to the earsof his teeming admirers, particularlythose panting for a clean departure fromthe past spate of sleaze and scandals ingovernment. We are waiting for Buharito unveil this angelic team. Who knows,the wait could be worth the waste. Eventhe children of Israel took forty years toarrive the Promised Land from servitudein Pharaoh’s Egypt. All that matters isthat they got to the Promised Land.

If Buhari has a plausible excuse for his“slow and steady” approach, how do wejustify how the National Assembly (theSenate and House of Representatives)are going about theirs? Take a look atthis: the two chambers of the EighthAssembly were inaugurated by apresidential proclamation on 9th June2015. Between then and now, they haveembarked on FOUR expensive recesses.After the controversial election of theSenate President and his Deputy, as wellas the Speaker of the House of Reps andhis Deputy, NASS recessed for two weeksto enable their members get properly“checked in”. They had sat for only threedays before the recess that started onJune 11th.

They reconvened on June 25th, sat foranother three days and went on a four-week recess that was scheduled to runfrom June 25th to July 21th, after ashameful “royal rumble” on the floor ofReps. The resumption date waspostponed to July 28th to give themajority All Progressives Congress(APC) lawmakers more time to sort outtheir power tussle mess. On resumption,they sat for plenary business for ninedays and on August 13th, bothchambers proceeded on what they calledtheir “annual leave” which will last forsix good weeks. This means they wouldresume on September 28th 2015.

Now, between June 9th and September28th, you have 101 days; nearly a thirdof the year is gone. From my owncomputations, I was able to establish thatthe Eighth National Assembly has satfor only 15 days for plenary business,though I admit that the committees arealways busy behind the scenes. No bills

have been passed; all we have seen is alot of fisticuffs for posts and the screeningof Buhari’s Service Chiefs. For this thecountry has spent about 12 billion Nairaon our indolent lawmakers. It isestimated that so far, each senator hasgone home with 36 million Naira, whilethe Reps members took 25 million each.There is nothing in the way these chapsare carrying themselves to reflect thefact that majority of those who electedthem have not been paid their salariesfor months in their states, and thatNigeria is groping for funds to cope withthe latest oil bust.

The danger in this lack of legislativepresence and impact is hydra-headed.We have just experienced anunprecedented power transition fromone political party to another. PresidentBuhari is forming his touted reformistgovernment with very little legislativepartnership and oversight. A lot ofirregularities are being injected in theappointment of some officials. The dueprocess has been largely circumvented,and the constitutional imperative of

carrying every section of the countryalong has been ignored with impunity.A section of the country continues topredominate, and a cult of nepotism andmarginalisation has been enthroned.These are the things a virile andvigilant National Assembly is supposedto check in order to ensure a balancedfederal government.

Dangerous andvexed issueThe dangerous and vexed issue of

irregular and unconstitutionalappointment of Hajiya Amina Zakari as“Acting” National Chairman of theIndependent National ElectoralCommission (INEC) is waiting for theattention of the federal legislators. ThePresidency has ignored all calls toremove Zakari and appoint asubstantive, credibly independent INECChair through the constitutional dueprocess. Meanwhile, Zakari, at the topof a thoroughly emaciated INEC Boardthat cannot even form a quorum, ispreparing to conduct the impendinggovernorship elections in Bayelsa andKogi States! The legal consequences thatlie in ambush against the outcome ofsuch elections are obvious, but nobodyseems to care.

The Directorate of State Services (DSS)under President Buhari’s kinsman,Lawal Daura, has been meddling in theelection tribunal proceedings in Riversand Akwa Ibom States. These are twooil-rich Niger Delta states which collecthefty sums of monthly allocations fromthe Federation Account which, someallege, the ruling APC is desperate to addto their electoral haul by all meanspossible. The law does not permit oursecret police to meddle and subornofficials of the otherwise independentINEC and the Judiciary in the dischargeof their duties. The National Assembly

which has the power to intervene andsave the situation is nowhere to befound!Only last week, anothercontroversial set of appointments weremade by President Buhari. He dissolvedthe Board of the Assets ManagementCompany of Nigeria (AMCON). Its MD,Mr. Mustapha Chike-Obi, was fired andAlhaji Ahmed Lawan Kuru sent toreplace him. Three new ExecutiveDirectors were also appointed. Inflagrant violation of the AMCON Act of2010, Buhari appointed these chapswithout due regard to legal requirementthat the president must consult withAMCON’s owners – the Central Bank ofNigeria (CBN) and the Federal Ministryof Finance (FMOF), which shall nominatethe appointees, while the presidentforwards their names to the Senate forconfirmation before they assume office.If the NASS were active and alert totheir responsibilities, they would haveraised the alarm to this act of impunityand insisted on the due process beingfollowed.

Besides, it is obvious that when Buharieventually unveils his ministers inSeptember, the nation may have to waitfor the Senate to end its expensive recessbefore the usually lengthyconfirmations are carried out. We willhave only three months left of the year,during which the screening of ministersand other presidential appointees andthe budget of 2016/2017 must be done.There will be a lot of bills to debate andoversight functions to carry out withinthis little time. From the look of things,it is very likely that the NASS will missthe constitutional minimum of 181 daysthey must sit in a year. It will be recalledthat the Seventh National Assemblymissed the timeline by one day in the2014/2015 legislative year.

It is very dangerous for the NASS tocontinue on its current path of allowingthe Executive Branch to carry on justas it likes without being there to call itto order. The pity of it all this is that thePDP legislators, who are supposed tospearhead the effort against the growingimpunity of the Presidency, areapparently unconcerned. It is not evena case of the Presidency or Executiveundermining the independence of theNASS; it is a case of the NASS abdicatingits responsibility and thus creating theroom for dictatorial rule.

We are lying supine and clappingwhile a violation of our democracy andthe rule of law are being perpetrated.We might wake up one day and findourselves back to 1984, or worse. Havewe willingly surrendered the gains ofthe past 30 years, without even a fight?

hoodlums are mostly part of the criminally-mindedindividuals that have made our campuses, the streetsunsafe while various groups have been known to attackeach other when they cross the path of members of theirgroups. No doubt, living under environments whereterror is the norm could have severe consequences forthe human mind, security and the general well-being ofthe people, as children risk developing negative traithabits because of exposure to constant violence andbloodletting. Capital flight should be expected from sucha nation as foreign investors could easily be discouragedfrom coming to such domains.

Recent media reports across the country on this issueshould give us cause for serious concern. Just a few daysago, a Catholic priest and lecturer at the Imo StatePolytechnic was allegedly killed by cult members. It wasgathered that the assailants had waylaid him, slit histhroat, cut through his stomach with a knife, dragged

Some cult boys reportedly stabbed another 22-year-oldboy to death in Ekpoma, Edo State as over 30 persons werereportedly killed resulting from clashes near the Ugbowocampus of the University of Benin. A number of studentswere said to have been hacked to death when two rivalunidentified cult groups battled for supremacy on campus,affecting a 500-level student of the Ambrose Alli University,Ekpoma.

At least, nine persons were reportedly killed whilemany were severely injured in clashes between two cultgroups in Ijebu Ode, Ogun State. The two cult groupswere said to have been terrorising the city for some time.In Ishawo area of Agric in Ikorodu, Lagos State, rival cultgroups and street gangs allegedly pervaded the area as a57-year-old woman and her one-year-old grandson weresaid to have become victims of the bloody gang clashes.In the Iwaya area of Yaba still in Lagos State, rival cultistswere said to have clashed over a woman alleged to bedating two men that belonged to separate rival groups.In the pandemonium that ensued, people scampered forsafety while the hoodlums vandalised several vehicles.A few days later, youths from another area were said beon the rampage on a reprisal attack, hacking down theirtargets with machetes and damaging vehicles parkedby the roadside before disappearing.

The death toll of the lingering bloody war between tworival cult groups in Idemili North council Area ofAnambra State was said to have led to the murder oftheir victims in cold blood.

•Mr. Kupoluyi, Iwrote from the Federal University ofAgriculture, Abeokuta, Ogun State.

him into a nearby bush andtied him to a tree. Also, nofewer than six persons wereallegedly killed in arenewed cult war in BeninCity, Edo State. The clash,which was said to havestarted between suspectedmembers of rival groups,claimed lives in the courseof sharing booties frompoliticians.?

It is not even a caseof the Presidency orExecutiveundermining theindependence of theNASS; it is a case ofthe NASS abdicatingits responsibility andthus creating theroom for dictatorialrule

Continues tomorrow on pg 18

A 57-year-oldwoman and herone-year-oldgrandson weresaid to havebecome victimsof the bloodygang clashes


CMYK

Send Opinions & Letters to:[email protected]

By Bobson Gbinije

•Mr. Gbinije, a social critic, wrote fromWarri, Delta State.

Blessed are thepropagandists

BISHOP Matthew HassanKukah, the Catholic Bishop

of Sokoto Diocese has almost beenburied in a pile of criticism. Thisfollowed his comments as aspokesperson of the NationalPeace Committee, on the waragainst corruption. If thecerebral Bishop has erred, I pleadhe be forgiven. After all, to erris human, to forgive is divine.Having known the Bishop forseveral years, I want to testifythat he has no inheritance in theHouse of Jonathan.

I am certain he had no stake inthe Peoples Democratic Party(PDP) administration which isbeing dragged to the stake. Also,given my association with a fewmembers of the PeaceCommittee, I doubt it was on anerrand for former PresidentGoodluck Jonathan as widelyspeculated. I am sorry to say thatthe ruling All ProgressivesCongress (APC) which inreaction, had issued an angrystatement warning opinionleaders to steer clear of the anti-corruption war, might bemistaken.

The Bishop is mistaken whenhe argues that “…a lot of talk andspeculations about probes, aredistractions nobody needs”Actually, they are needed to fill

the vacuum. I am sure he thinksthat it is better the governmentconcentrates on hunger thatstruts the country like anunfeeling conqueror, on massunemployment that rules theland, and putting the basics ofgovernment in place. He mightbe thinking that theadministration needs focus onimplementing campaignpromises like payingunemployed graduates and 25million poor Nigerians, N5,000monthly stipend and providinga meal daily for children inpublic schools. But what theBishop fails to realise is thatNigerians will not live by breadalone. He ought to know thatthere is time for everything; atime to sow and a time to harvest;a time to accuse and a time tothrow the accused into jail. Thisis the time to kill corruption, orcorruption will kill Nigeria.When it is finished with thecorrupt administration ofJonathan, then governmentwill focus on issues of governanceand campaign promises.

When the Bishop said “Thepoint we want to make very clearis that we are in a democracy”not a military regime. He failedto define democracy which inthis case, is the government of

the progressive people, by thegovernment, for theprogressives. Perhaps Bishop’sgreatest blunder was to ask forinvestigations before people arefound guilty. He compounded hisindiscretion by arguing “Wedon’t think any one should becriminalised when nobody hasbeen brought to court. We arespeaking on behalf of ordinaryNigerians.” Who else can speakon behalf of ordinary Nigerians,but the party that won theelections? After the Americansare rumoured to have handed alist of corrupt PDP politicians; thePresidency had announceduncovering massive fraud, andthe APC, exercising party

supremacy, had announcedmonumental looting, with aninitial figure of over N11 trillion,what other investigation isneeded?

Given the party’s legendarytradition of thoroughness,truthfulness and honesty, I amconvinced, like many Nigerians,that the unnamed formergovernment functionaries areguilty. So there is no need forprobes, investigation or evencourt trials which can be long,expensive and in which thecorrupt may go free based ontechnicalities. All that should bedone is that the accused arerounded up and thrown into jail.Bishop should learn from the trialof Barabbas, the highway robberin the Bible who was freed aftertrial by the mob. Also, he shouldnot forget that the culprits havebeen given fair trial by themedia, especially the socialmedia, and the jury’s verdict isthat they are guilty. We surelycannot discard the voice of thepeople; vox populi, vox dei.

From my investigations,another area Bishop angered thepeople was to hint on Dr.Jonathan’s role in ensuring apeaceful electoral process. Heshould know that it is a sacrilegeto mention him underprogressive skies. More annoyingwas his warning that the whipbeing used to whip Jonathantoday, may also be used to whipBuhari tomorrow. This is indeed,a serious disrespect for the personof His Excellency, the Presidentand Commander-in-Chief of theArmed Forces.

I want to plead with our leadersangered by the Bishop’scomments to temper justice withmercy. They should not letmatters escalate by allowingangry Nigerians to demand thatthe Catholic Church denouncethe Bishop. I am sure he has

learnt his lessons. There is alsothe humiliation that, people whowere hiding under theirgrandmothers beds whenNigerians like Kukah stood upagainst military dictatorship,are today having diarrhoea ofthe mouth insulting the Bishop.I think it is enough disgrace forhim that the cubs who hid in thebushes when Kukah numberedamong the fighters fordemocracy, are the Facebooklions of today claiming to lecturehim on democracy.

Given Bishop’s propensity to befair minded, he might actuallybe trying to warn PresidentBuhari to avoid the pitfalls of hisfirst coming. Back in 1984, thecrowds thronged the streetssinging his praises for tossingpoliticians into jail andintroducing draconian policiesplus a war against indiscipline.But when his party men in themilitary hierarchy later turnedagainst him, so did the crowdschange sides. Perhaps, Bishopcan see that those shoutinghosanna today make cry, crucifyhim, tomorrow. But if thepropagandists lay out the paththat must be followed, what canthe righteous do? As I pleadedbefore, let us bury the hatchet inthe head of the Devil. Let usforgive Bishop’s short comings.

Another man of God I want usto forgive is Pastor EnochAdeboye, the General Overseerof the Redeemed Church whosaid “I have houses in at least 188countries in the world, so I amricher than Bill Gates”. Hemeant this figuratively, not thathe actually owns houses in allthose countries. It is like the poorworker on minimum wageproclaiming “In my Father’sHouse, there are manymansions” when in reality, he isowing rents for the one roommatch box he calls home.

Buhari’s probe and the monstrosityof corruption

FROM independence in 1960 tilltoday, Nigeria has been turning out

99.9% corruptionists and psychoticallycorrupt leadership at all levels, so muchso that corruption has become thedomineering mantra and ingrainedculture of Nigerians. Nobody is free, no,not one is free.

We are not short of ideas on how to wipeaway corruption hook, line and sinkerfrom Nigeria in all its ramification, butwe lack men and women of integrity andcourage to take the bull of corruption bythe horn and drive it out of our socio-economic, religious, educational andpolitical china shop.

The eradication of corruption in Nigeriahas always constituted the MissionStatement of our leaders and all coups inNigeria, from Abubakar Tafawa Balewa, Dr.Nnamdi Azikiwe, Chukwuma KadunaNzeogu, Yakubu Gowon, MurtalaMohammed, Buka Suka Dimka, Gen.Olusegun Obasanjo, Shehu Shagari, Gen.Muhammadu Buhari, Gen. IbrahimBadamasi Babangida, Earnest Shonekan,Gen.Sani Abacha, Gen.Abubakar,President Olusegun Obasanjo, PresidentUmaru Musa Yar’Adua, PresidentGoodluck Ebele Jonathan and nowPresident Muhammadu Buhari.

Their Mission Statements have neverbeen fraught with flaws. It has always beena patriotic call to serve and totalsubmission to the principles ofcommitment to building a virile, vibrantand corruption-free nation. In Gen.Murtala Mohammed’s glowing speechtitled “Africa has Come of Age and Nigeria

Must Move Forward” and many othersincluding the Retreat at Kuru, Jos whichcame out with the Kuru Declaration andmany other evocational speeches it hasalways been the same story of so muchmotion but no movement. Buhari has nowin his second coming made the fightagainst corruption the fundamentalobjective and directive principles ofNigeria’s policy.

Can Buhari succeed in this weirdest offight against the tyrannosaurus monsterof corruption that has become a tradition,custom and culture that has not onlypermeated Nigeria not only fromgrassroots level, but from root hair bass totree top heights. Corruption has becomedeified, mummified, institutionalised,exhaustively glorified, consummatelyidolised and placed in the sacred Pantheonof revered untouchability. Agreed,relatively speaking Buhari is a man ofintegrity and has the disarmingcredentials to fight corruption. But willthe democratic process, rule of law andserpentine legal manipulations allow

him?Will Nigerians at all levels join him in

this macabre St. Vitus dance of death? Canhe unbundle and sanitise NNPC, NDLEA,ICPC, EFCC, CCB, DPR, PPMC, Federal andState agencies, Parastatals, Ministries,Corporations, the Judiciary, the NigerianPress, the Governors, Local GovernmentChairmen, Nigeria Labour Congress,Trade Union Congress, NUPENG,PENGASSAN, NURTW, NANS, JOHESU,Market Women, Captains of Industries,Traditional Rulers and RATTAWU, etc.ARE NIGERIANS READY?

The answer is a clear, concise and preciseNO. To make the fight against corruptionwork, Buhari must be trusted andfurnished with power through theamendment of the constitution and freedfrom the frivolous use of the Law Courtsthrough judicial processes of hiding undercourt adjournments, Machiavellianmanipulations through the Press, rent-a-crowd phenomena, excuses of I’m beingblackmailed, oppressed, lampooned,persecuted, etc. We must be prepared tosacrifice some of our precious freedoms.

In the Dictionary of Criminal Justice,Fifth Edition by George E. Rush,corruption is defined as evil, depraved,debased and a dishonest act, like taking ofbribes, cheating etc. In the broadest legalsense, it is any illegal act by a sworn peaceofficer, including all violations offiduciary trust and the professional Codeof Conduct and Ethics- specific examplesinclude, taking bribes, selling favours,accepting gifts and committing, aiding orabetting criminal behaviour.

In his dissertation on corruption inAfrica, Professor Benard Ikeguoha of ImoState University (Department of PoliticalScience) defined corruption as the totalreprobate act of systemic and structuraldebasement, desecration anddecomposition. At personal level, it is aperverted character, depraved and

putrescent in integrity and honesty and givento bribery. But, indeed a functionaldefinition with regard to corruption inNigeria is that, corruption is thesystematic manipulation of socio-economic, political, legal, religious andtraditional rules for parochial personal,tribal and pietistic interest like taking ofbribes, inflation of contracts andchampioning family, personal or tribalmyopic interest to the detriment ofnational interest.

To forestall the tentacles ofcommunication blackout in the light ofour current domestic chaos andcorruption, the Buhari government mustdialogue with International Agencies,Institutions and Governments and actthrough the instrumentality of the UnitedNations Convention against corruption,United Nations convention againstTransnational organised crimes, UnitedNations Global Compact Tenth Principle,Organization for Economic Cooperationand Development Convention on theBribery of Foreign Public officials inInternational Business transaction,Revised Recommendations of the Councilof the OECD on combating Bribery inInternational Business Transactions. Atthe African regional level, there are theAfrican Union Convention on Preventingand Combating Corruption, SouthernAfrican Development CommunityProtocol against Corruption and ECOWASProtocol on the Fight against Corruption,amongst others.

In Nigeria, there is the prevalence ofpsychotic misappropriation,horrendously unbridled acquisition offilthy lucre, assets, deification ofmaterialism and institutionalisation ofunexplained wealth.

After theAmericans arerumoured tohave handed alist of corruptPDP politicians;the Presidencyhad announceduncoveringmassive fraud,and the APC,exercising partysupremacy, hadannouncedmonumentallooting, with aninitial figure ofover N11 trillion

Continues tomorrow on the Viewpoints pg

To make the fightagainst corruptionwork, Buhari must betrusted and furnishedwith power throughthe amendment of theconstitution and freedfrom the frivolous useof the Law Courts

Vanguard,Vanguard,Vanguard,Vanguard,Vanguard, MONDAY, MONDAY, MONDAY, MONDAY, MONDAY, AUGUST 24, AUGUST 24, AUGUST 24, AUGUST 24, AUGUST 24, 2015—43 2015—43 2015—43 2015—43 2015—43

IN natural health circles, coconut is famous throughout the

world as a "superfood". Over thedecades, it has been known thatdietetic supplementation with co-conut oil promotes reduction inabdominal obesity.One of the reasons coconut is afavourite of dieters and weightloss enthusiasts is because the oilcontains fats that aid weight loss.

A peer-reviewed Brazilianstudy has also found that consum-ing just 30 milliliters of coconutoil a day can help treat abdomi-nal obesity - providing yet moreevidence that healthy saturatedfats are essential for long-termweight loss.

The study, published in themedical journal Lipids, involved40 female volunteers aged 20-40who suffered from abdominal obe-sity.

Reduces BMI& waist size

Over a 12-week period, thewomen were given 30 millime-ters of either soybean oil or coco-nut oil on a daily basis. Duringthis time, the volunteers were in-structed to follow their regular dietand walk 50 minutes per day.

At the end of the period, re-searchers found that the womengiven the coconut oil experienceda significant reduction in bothBody Mass Index, BMI, andwaist circumference, as well as anincrease in "good" HDL choles-terol. Similar results were notfound in the group given soybeanoil.

Though coconut oil was demon-ized for decades due to its con-siderable saturated fat content,scientists now understand thatthere is a big difference betweenthe long-chain triglycerides foundin foods like cheese and meat andthe medium-chain triglyceridesfound in coconut oil.

While the long-chain triglycer-ides must be broken down in theintestines and transported to theblood before they can be used forenergy, the medium chaintrigycerides are metabolized veryquickly and actually bypass fat

How the fat in coconut can makeyou slim down

COCONUT: Contains fat that fights obesity andpromotes weight loss.

By Sola Ogundipe

Nigeria targets 5% malaria elimination by 2020

THE National Malaria Elimination Programme, NMEP,

of the Federal Ministry of Health,is targeting less than 5 percentpre- elimination of malaria by2020. Disclosing this at the media pre-sentation tagged Mortein ‘Own ACommunity Campaign’ in Lagos,the National Coordinator,NMEP, Dr. Nnenna Ezeigwe saidthe prevalence of malaria, ac-cording to the 2010 IndicatorSurvey was 42 per cent nation-ally.

Speaking on her behalf, the Se-nior Programme Officer, GlobalFund Malaria Project Elimina-tion Programme, Dr. DiweEkweremadu, said 16 percent ofhospital visits and 30 per cent ofhospitalisations for children be-low five, are attributed to ma-laria.

She said the 2014 – 2020 Stra-tegic Plan of the government was

By Chioma Obinna

cells in which they might other-wise be stored.

For this reason, dieters whochoose fats from medium-chaintriglycerides-rich foods like coco-nut oil will experience the great-est long-term results.

Pure extra virgin oil: How-ever, the best kind of coconut oilto purchase is organic, raw coco-nut oil. Refined coconut oil, whichhas been bleached and deodor-ized, is unhealthy and might evencontain harmful trans fats.Choose raw coconut oil extractedfrom fresh coconut. It possessesthe unmistakable scent of coco-nut, signifying minimal process-ing.

Pure extra virgin coconut oil isone of nature’s most abundantsources of medium-chain fattyacids that can work wonders for asluggish metabolism. Fats con-taining medium-chain fatty acidscould increase the metabolic rateby up to 48 percent and for up to24 hours.

If you are obese, the increasecould be as high as 65 percent. Ifyour metabolism has been dam-aged by dieting or stress, a dailydose of coconut oil can do won-ders for getting it back on the righttrack.

But avoid long-chain fatty ac-ids, like those in polyunsaturatedoils, because they are more diffi-cult for the body to break downand use for energy. The long-chain fatty acids are usuallystored as fat in the body.

Dons eulogiselate Fagbenro-Beyioku

Research inKosofeIn the meantime, Reckit

Benckiser, RB, in collaborationwith the Nigerian Institute ofMedical Research, NIMR, hascommenced research on ma-laria in Kosofe area of LagosState.

The Marketing Director,Mortein, RB West Africa, Mr.Oguzham Silivrili, theprogramme was initiated in2012 and planned to reach500,000 new mothers this year.

Oguzham said the programmeis all about visiting hopitals thatis why we are going to hospitalsto educate them because it is verycritical. The ‘Mortein Train’ thatwe call “From Community toCommunity” also reach out to pri-mary healthcare centres. We arecommitted to theseprogrammes and determined tojoin hands with the governmentto kick malaria out of Nigeria.”

In an overview of the cam-paign, Head of Research Group,

Nigeria Institute of Medical Re-search, NIMR, Dr SamsonAwolola said the research inKosofe Local Government was toeducate and generate evi-denced- based research that in-tervention can go beyondimplemention.

Calling for a multi-pronged ap-proach, Awolola urged for clearevidence that the intervention isworking. “Evidenced -basedimplementation cannot beproven without research andthat is where NIMR is coming in.RB is supporting research to pro-vide evidence that interventionworks. No single interventioncan eliminate or control malaria.A combination of allinterventions,”he said

He said choice of Kosofe wasdue to the nature of the water-logged environment. Noting thatoutdoor malaria transmissionwas a major challenge, he saidthe result of the research wouldbe disseminated by Decemberthis year.

designed to tackle the diseaseheadlong by ensuring a pre-elimination level of less than 5percent by 2020.

“We are targeting universalcoverage that will ensure that ev-eryone gets to sleep inside a longlasting insecticide net. None ofthese interventions can do themagic by itself it has to be multi-pronged. I think we will get thereby 2020.”

... As NIMR, Mortein commence research in Kosofe LGA

One of the reasonscoconut is afavourite of dietersand weight lossenthusiasts is be-cause the oil con-tains fats that aidweight loss

THE cream of medical profession in the country over the

weekend poured encomiums onthe late former Professor of the De-partment of Medical Microbiol-ogy and Parasitology, School ofBasic Medical Science, Univer-sity of Lagos, Professor AdetayoFoluso Fagbenro-Beyioku duringthe order of commendation ser-vice held for the deceased.

Notable among them were theUnilag Deputy Vice Chancellor,Professor Babajide Alao; the Pro-vost, CMUL, Prof. FolashadeOgunsola; Registrar, NationalPostgraduate Medical College ofNigeria, Prof. Wole Atoyebi; andformer CMD, LUTH, Prof. AkinOsibogun.

Fagbenro-Beyioku, an astuteacademic will be remembered forcontribution to science and hu-manities and particularly for pro-moting student welfare throughthe indigent students' scheme ofthe CMUL.

Late Professor AdetayoFagbenro-Beyioku

Mr. Oguzham Silivrili.

CMYK

44 —VANGUARD, MONDAY, AUGUST 24, 2015

G eneral IsholaWilliams was atpeace with himself

that Friday afternoon whenthe Vanguard team arrivedat his office, in the Iju area ofLagos. This was the man whomade news in 1993 when hewalked out on the army andGeneral Sanni Abacha on thepremise that the armytakeover was immoral. Farremoved from the life ofpleasure and putridabundance that is the lot ofmany other retired generals,the Vanguard team met thegeneral engrossed in hisresearch work in peace andconflict studies.

General Williams, erstwhilehead of the Nigeria chapter ofTransparency International, ispresently on the faculty of thePan African Strategic andPolicy Research Group, aforum he is using to espouseissues that generate conflict inAfrica among otherdevelopment issues.

Given his exchange with Gen.Abacha and another squabblewhen as a colonel he querieda chief of army staff, GeneralWilliams was asked whetherhe considered himself atroublesome officer. Inresponding to the contrary, henevertheless admitted that hemay be controversial.Undoubtedly so, as is revealedin this interview during whichhe spoke on the rot in thearmy, the fight againstcorruption among many otherissues. Excerpts:

What have you been doingsince leaving the army in1993?

Since I left the army, I havebeen engaged in the runningof an organization that wasinitially into peace and conflictissues in Nigeria, West Africaand Africa for some few years.We are also looking at howEconomic Community of WestAfrican States, (ECOWAS) cansituate itself in a very goodposition to be able to mediateconflicts happening in Liberia,Sierra Leone at that particulartime.

When President Carter left asthe President of the UnitedStates, he created the CarterCentre and he started cominginto African nations. His centrewent into two major areas;health and democracy andgovernance issues. He came todiscover some of the challengesof governance, elections andelements leading into conflictsand after looking at the studiesthat were conducted by somany compatriots, hediscovered that there was needfor Africans themselves to studythose conflicts to be able tocover the gaps and for Africansthemselves to be re-involved in Continues on page 45

By Emmanuel Aziken,Political Editor & Gbenga

Oke

How the rot in the armystarted — Gen Ishola Williamsmediating those conflicts.

At the time, African countrieswere dependent on the UnitedStates academically,intellectually and even formediating its own conflicts.

So they told us that if we arenot very careful, our ownpeople will believe we cannotresolve our own conflicts andwe must not get ourselves intosuch situations. So we wereadvised to form a group ofpeople that can do thesestudies since several Nigerianstudents then studied in theuniversities abroad.

We then formed a group withsome people from the Institute,some of them at theuniversities and with some fewmilitary officers interested in

West Africa.

Did your group envisage the

crises gripping the countrynow?

(Cuts in) No, no, no. You didnot even need to envisage thatbecause I was in the militarywhen we had this Maitasaineall over the place and the Armyhad to call in the Air Force tobomb places like Kano evenwithin the urban areas. As wewere dealing with them inKano, they were coming up inMaiduguri, Yola and otherplaces. Maitasaine taught us alesson but did we adopt thelesson? And even if we did, didwe make use of the lesson?Some few years after that, whenI was Commander of ArmyTraining and DoctrineCommand (TRADOC), I wrotea letter to the commandant of

the Nigerian DefenceAcademy, (NDA) and theMinister of Defence then thatwe need to learn a lesson fromMaitasaine. We were lucky toovercome them then becausewe had far superior arms andthe people of Kano did not likeMaitasaine. The rich peopleliving in Kano then could notunderstand what Maitasainewas about, they were wearingexpensive wrist watches andcouldn’t accept their teachingsof don’t do these or that.

The situation was like that ofgovernors who wanted tointroduce Sharia, of course therich Muslims in those statesdidn’t want it.

What did theretired Chief ofDefence Staff,Alex Badeh sayrecently whenleaving office?How can a wholeChief of Defencestaff of a countrytalk about its ownmilitary like that?

•Gen. Ishola Williams: We have not been having thinking governments

CMYK

VANGUARD, MONDAY, AUGUST 24, 2015—45

Continues from page 44

I remembered in my letter tothe military authority then, Itold them that we must learnfrom it. The thing about us isthat we don’t look at events fromoutside and how they can affectus. We have not been havingthinking governments. Whatwe have are governments thatonly live for today, so if there isa problem, government cannotdeal with it because there areso many issues that have beenswept under the carpet.

I will give you an example.See the Ogoni issue thatPresident Buhari has justassented to. How long agohave they submitted thatreport? Why was it neglected?Something that is as importantlike that and the Ogoni peoplehave been protesting about itand even said they will notallow Shell in, nobody cared.One sentence, ‘I will do it’ andthat was all.

See the victims of Boko Haramin the North East. The FederalGovernment promised tocontribute N5 billion. What isa N5 billion in a trillionbudget? How can you delaythat kind of thing when yourfellow human being issuffering? So in countrieswhere people are thinking andpeople are compassionate,once such reports come, youact. So sometimes I do notbelieve those in governmentare human beings, it is eitherthey come from Mars or theycome from Venus.

There is no system forincubating good ideas inNigeria. No system at all, howmuch more to want to talk ofthe future. Why? Because onceyou become a permanentsecretary, what you arethinking of is how to makemoney, you think of when toretire and you don’t want toretire a poor man. So in puttingthat first, you will first think ofthings that will bring money foryou that will enable you to retirecomfortably. And if you are apermanent secretary and youhave two children studying inGhana or United Kingdom andyou require about $30,000 or$40,000 to pay school fees, putthat to naira, where does he orshe get that from? These are thedynamics of corruption. So evenif you see what is good that canbenefit us today and the future,you don’t care because you aremore concerned in your pocketfirst. It is just like a popularsaying in Nigeria when peopleask what is there for me.

So, why did the army notrespond to your letter?

As a Commander ofTRADOC, I looked at thesituation and said, see, we

need to restructure the Armysuch that it will be able to tacklesuch problems in the future andwe need to change our ways ofthinking before the civil war toa new type of war that we haveto face in the future. Butinstead of them to look at theletter, they pushed the letteraside and that was the end ofit. What did the retired Chiefof Defence Staff, Alex Badehsay recently when leavingoffice? How can a whole Chiefof Defence staff of a country talkabout its own military like that?

Some would have expectedhim to have resigned. Why doyou think he did not resign?

Integrity. It is an integritymatter.

What do you mean?Integrity is simple. When you

see that your boss wants you todo something that is wrong,you tell him sir, you are goingthe wrong way, then you putin your papers. But that is notcommon in Nigeria.

If you were in his situation,what could you have done?

(Cuts in) I could have left.

That was the situation I was in1993 when General SanniAbacha came into powerthrough a coup and I said no,it was wrong for us to have a

coup d’état and he said, nodon’t worry. It took me threedays to leave, the couphappened on the 24th and onthe 27th, I just left.

When you were putting inyour papers, did you not havepressures from family, friendsand colleagues?

It was not the business of myfamily; it was the Army that wasputting pressure on me not togo. Even General Abachahimself wrote me a letter not toleave but I said no because Ibelieved the coup was wrongand I knew we were headingfor a disaster.

Did you respond to Abacha’sletter?

No I did not respond to him.

Did he speak to you or didyou call him to tell him whathe did was wrong?

There was no need to callhim. He understood why I leftbecause I worked with him atthe Ministry of Defence, withGeneral Diya and heunderstood my position.

It was very clear. He knewthere was no way he couldchange my mind. I left theArmy with an empty bank

account. I left because I toldmyself I must leave and thirdly,I must use my head to find away.

So how did you and yourfamily cope?

My wife was lecturing at theuniversity then. So we wereable to manage through. Onceyou don’t get used to the lifearmy wants to provide for you,you will not have any problem.

Are there men of such mindsstill in the military?

That is what I am saying thatthere is no organization in theworld where you don’t havesome thinking people butunfortunately, those thinkingpeople don’t get to the top. Lifeis very interesting and that iswhy you have this word peoplecall “destiny”.

Have you asked this questionthat what kept drivingPresident Buhari over fourtimes for over 16 years? Whatkept driving him andeventually ended up winning.And how many people haveattempted before him and hadgiven up? That’s life.

Do you think PresidentBuhari is a thinking man?

I don’t know because I havenever worked with him.

And you never crossed hispath in the Army?

No we never crossed eachother’s path. Buhari was aninfantry officer and I was in thesignals. So we never crossedeach other’s path.

Can you compare themilitary of your time and thatof now?

What has been happening inthe military is very sad. Likeeverything in Nigeria, it hasbeen very wasteful.

I was in charge of researchand development in theMinistry of Defense for aboutthree years, every proposal thatI put across was killed. Evento produce ordinary militaryuniform, I got the textile firmsto do some research for the typeof uniform our military willwear, we will have only onetextile material and the colourwill be different for the variousservices, we don’t need toimport anything at all.

I was taken to Panama by theUnited States Army to go andsee how they test the materialsused including camouflage.

I wrote the report and cameback and gave it to a textile firmin Nigeria and they were readyto produce it, that could havesaved this country millions ofdollars but no, they refused.

We have not beenhaving thinkinggovernments.What we have aregovernments thatonly live for today,so if there is aproblem,governmentcannot deal with itbecause there areso many issuesthat have beenswept under thecarpet

•Gen. Ishola Williams

The army did not learn from civil war


46— VANGUARD, MONDAY, AUGUST 24, 2015


Why?(Laughs) Because somebody is

making money from it. Ichallenge everyone of them to sayI did not do that.

Was it when you were inTRADOC?

No. I was in charge of researchand development in the Ministryof Defense and that was before Iwent to TRADOC. There was atime when I was in charge ofsignals, I made the Chief of Armystaff then to write a letter that Ihave advised you don’t buy thisequipment and you still want togo ahead and buy thisequipment and you know that sirit is wrong. I asked him to writethe letter to that effect and he toldme that he will write the letterand he did.

You asked the Army Chief towrite the letter that he was doingthe wrong thing and he did?What was your position then?

I was a Colonel then and I wasnot afraid of anybody.

Which equipment was that?It was radio equipment for

signals.

Which Army Chief was that?I don’t want to mention names.

(Laughs)

And he wrote the letter that youadvised him not to buy theequipment?

Yes he wrote the letter!

And which year was that?I won’t tell you the year.

Is that Chief of Staff still alivetoday?

Yes he is.

You must have beentroublesome in the Army then?

I was not but I was only tryingto say things the way they are.Maybe controversial because Iwas insisting for them to dothings the right way and theyshould stop wasting publicmoney.

In what other ways were theArmy wasting money that time?

Several ways but I can tell youthe whole system was rotten; thewhole public sector system inNigeria is rotten.

How will you describe it now?I will say even worse. It is worse

now. Once they do not acceptthinking people within the

system to help the system dobetter, it is a waste of time.

What is your perception offormer President, GoodluckJonathan and the way hehandled the Boko Haram crisis?

I was never part of thegovernment. From part of hissecond term, I was out of Nigeriafor about four years, I only cameback to Nigeria only twice. So Inever had the opportunity oflooking critically at whathappened under him. I onlyheard stories from people whocame to the United States then.

But what I have to say is thatyou don’t need to be smart tobecome a good President, butsurround yourself with smartpeople, surround yourself withsmart and people of integrity,once you can do that, nobody willknow whether you are smart ornot. Even if you are smart andyou surround yourself withstupid people, then you will lookstupid yourself as President.

So what was the situation withJonathan?

If I were to say things abouthim, I think Jonathan asPresident was not on that moralhigh ground and that was thenumber one problem but he hadthe opportunity to be. He hadbeen a Deputy Governor,Governor and Vice President. Sohe had all the opportunity. And Ithink he didn’t display that senseof integrity and I was expectinghim having been through thefour walls of the university.

I expected him to be a thinkingpresident and to encouragethinking people around himespecially his advisers andministers. People at that levelshould have what is called akitchen cabinet of some peoplecompletely outside governmentthat will be helping them to lookat issues. I think Jonathan wastoo much consumed by politics.If as president, you allowedyourself to be consumed bypolitics, you are going to fail.Normally, what usually happensis that your political party willmake too much demand on youbut you must carry yourself to liveabove certain level and look forpeople outside your politicalparty which interest is justNigeria. Those are the peoplethat you can fall back on.

I think it will be good in thenearest future to get Jonathan totalk about his time ingovernment, it will be veryinteresting. In fact, when I looklike people like Okonjo-Iweala

and others, if those people toowere professionals, with what isbeing revealed by thegovernment now, they shouldhave left before now. So that isNigeria for you.

Have you been able to see thekind of changes that the newgovernment promised to bringduring the campaigns?

I am not looking for a Change;I am looking for a difference. Themere fact that Nigerians voted foranother person other than asitting president that is alreadya change for me. I am lookingfor a difference and not change.Change is a nonsensical wordbecause change occurs all thetime; we see it in our way of lives.But I am looking for a differenceand I am yet to see thatdifference. A lot of time is beingwasted in looking for saints whowill run Nigeria, he cannot find

them except he makes up hismind to find them outside thepolitical spheres. And even if hewants to find them in the politicalspheres, it must be those peoplewho have no influence at all.

He has made a difference inone way by not allowing thegovernors to give him a list ofministers as they did in the pastwith Obasanjo and we can alltestify that people whoeventually emerged ministersturned out to be crooks.

For example, where did he getKachikwu, the new NNPCManaging Director from? Howmany Nigerians knew there wassuch a brilliant man hiding in anAmerican company and he isneither a member of APC or PDP.Not only that the man is bright,but the wife too is very bright andif I were the man, I will appointmy wife deputy GroupManaging Director of NNPC.After I read through the wife’sCV, I said this is something andthere are so many people likethat in Nigeria. In fact, I wouldhave made that man the Ministerof Petroleum Resources becausehe has every backgroundnecessary.

So what I am saying is that, hehas no excuse between May andSeptember looking for people tomake ministers. Who told him tobelieve that PermanentSecretaries too are saints? I amlooking for one man or womanwho has served as PermanentSecretary who can come out anddeclare his/her assets after beinga Permanent Secretary. I amlooking for one and I challengethem. So what is the big deal?

What are the specific areasyou actually want thisdifference?

If he says he wants to deal withthe issue of corruption, in fact Itell people, that is the simplestarea to deal with from 15 to 16years of dealing withTransparency International.

First, we read in thenewspapers about Halliburton,the United States has jailedeverybody involved in thatscandal, what about Nigeria?Secondly, where is the EFCCnow getting all these people theyare now questioning andindicting? How come the ICPCis just waking up? Therefore,there are files and records of allthese people. It has beensuggested over the years that weshould have a special anticorruption tribunal in every state.See the tribunal for elections,they have been set up and theywere given three months toconclude the cases. I can tell youthat the Chief Justice is alreadywaiting and I know he is readyto set up that kind of tribunal.The judges also know they arecorrupt and the lawyers dealingwith them know. If you asklawyers today who the corruptjudges are, they will give youtheir names. So that is why I amsaying the issue of fightingcorruption is not rocket science.So for the issue of corruption, Ihave not seen any difference atall.

But people are now beingcharged and taken to court?

Have people not be taken tocourt before? And how manycases have they lost? They saidEFCC is supposed to fightmoney laundering activities butis it only money laundering thatEFCC has been fighting? Theysaid ICPC is supposed to fightcorruption, did you hearanything about ICPC at all? Whydon’t they merge them together?I think what they should do is toseparate the board from themanagement. The two anticorruption agencies we have, themanagement and the board arethe same because you have anExecutive chairman. How do yourun an anti corruption body withan Executive Chairman andCommissioners? Who checks themanagement? I think we needto adopt the South African systemwhere when appointing judges,they invite civil societies workingin the area of justice, membersof the political parties and so on.They will interview the judgesbefore they are appointed. Sopeople know the kind of judgesthey are putting on the bench.Can that happen in Nigeria?

That is the difference. We havealso seen a competition amongthe security agencies, what is thebusiness of SSS in pursuing thepeople accused of corruption?EFCC is there and ICPC isthere. Now you even see CivilDefence corps saying police isdisturbing them and the Policewill say civil defence is doingtheir job.

A lot of time isbeing wasted inlooking forsaints who willrun Nigeria, hecannot find themexcept he makesup his mind tofind themoutside thepolitical spheres

•Gen. Ishola Williams

Why theNigerian systemis rotten


Attacks by land grabbers: Embattledcommunity appeals to IGP, Amosun

THEIR story is a patheticone, hence most of those

who heard it, especially moth-ers, could not help but weep.The story is that of TokeOdusile and Rokibat Oyetun-ji whose world seem to havebeen turned upside down bysome heartless land grabberspopularly called Ajagung-bale.

Toke is five years old, whileRokibat is three. They wereeach living peacefully withtheir parents in a sleepy com-munity called Ipetoro/Lowa,Sagamu Local GovernmentArea of Ogun State untilWednesday December 3, 2014when the unexpected hap-pened. First was the threat offorcible eviction from their res-idences.

On the fateful day, the duohad been sent on an errand withRokibat strapped on Toke’sback. It was while on their wayback from the errand that theystarted hearing gun shots intheir community. Frightened bythe shooting, they fled inconfusion in the event of whichToke ran into a group ofhoodlums feeding flame to abonfire. This heightened herfears.

Though both children es-caped death and serious harmfrom the attack, they were laterhospitalised for months follow-ing partial burns they sus-tained from the fire.

But Toke and Rokibat can besaid to have escaped lightlycompared to four-year-old AliatSobajo who was allegedlyinflicted with machete cuts byher assailants in the presenceof her parents.

Another victim is 45-year-oldBiodun Ore who was forceful-ly evicted at a time his wife,who was in labour and waspreparing to go to hospital,needed him most. Recountinghis ordeal to Vanguard Metro,Biodun said he escapedthrough the window with hiswife when the suspected landgrabbers struck. But theirescape was short-lived. This isbecause before they could getto the hospital, they ran into thesuspected land grabbers whoended up grabbing the womanwhile Biodun escaped. Thewoman was later released in aneighbouring community

where she is presently stay-ing with the baby she was lat-er delivered of. Her husbandwas only able to set his eyeson the baby for the first timeon Monday August 10, 2015.

Before these incidents, Ipe-toro/Lowa, which has producedthe likes of former Ayangbu-ren of Ikorodu land, Oba Sam-usdeen Oyefusi and the currentOba of the town, Kabiru Sotobi,had been enjoying somemeasure of peace. But theugly event of Wednesday, De-cember 3, 2014 changed all

that.Following the invasion of

the community, many resi-dents, which included wom-en and their children, wereforced to relocate to otherplaces. Those were the luckyones. Some who had no placeto run to, reportedly died.

VM learnt that the tradition-al head of the community ispresently being treated forshock arising from the invasion.He was said to have suddenlybecome sick when he heard ofthe fate that befell his subjectsand other residents of the town.

Months after that invasion,some of the displaced residentsreturned to the community lastweek to discover that theirproperties had either been van-dalised or encroached upon bythe invaders. When VM visitedthe community, some of thoseaffected were seen protestingwhat they claimed was theunlawful encroachment of theirland. They used theopportunity to call on both theOgun State and Federal gov-ernments to bail them out.

The protesters made up ofmen, women and children, andbrandishing placards, sangsolidarity songs. According tothem, they have becomestrangers in their own land. Butlast week Monday was ahappy day for Biodun Ore ashe was able to reunite with hiswife and their new baby whowas christened in his absence.

Aliat’s father, Saheed, told

VM that his only daughterreceived machete cuts fromthe land grabbers while tryingto escape from the community.

The residents alleged that thesuspected land grabbers wereled by a member of the OoduaPeoples Congress who wasidentified as Dauda Olawale,aka ‘’Authority’’. But in a swiftreaction Olawale dismissed theallegation, insisting that hehad nothing to do with theproblems in Ipetoro/Lowa land.He told VM : ‘’Ipetoro/Lowa isin Gagamu while I hail fromOsun State. How can I takepossession of another person’sland when I am not in the po-sition to do so? ‘’

The spokesperson for Ipetoro/Lowa Family, Jamiu Bamgbelutold VM that after eight monthsin exile, he had been able tobring the displaced residentsback. He, however, expressedworry over threat messagesfrom unnamed sources.

‘’Our case is peculiar in thesense that there was no inter-nal crises in our family becausemany of us are educated. Butonly God knows where the landgrabbers came from. The mostpainful aspect of this incidentis that our children have notattended school for the pasteight months, while theartisans among us have theirbusinesses put on-hold andsome families have taken tobegging as a way of survival,”he said.

He claimed their effort to

register their plight with thePolice in both Lagos and Ogunstates had proved abortive.This he attributed to the al-legation that the leader of thesuspected land grabbers waswell-connected. ”We haveseverally registered ourplight with both Ogun andLagos Police commands butas soon as one leaves the sta-tion, the leader of the landgrabbers will call and threat-en us. He will tell us that theNigeria Police Force is in hispocket and their officers givehim information wheneveranybody comes to reporthim,”he further claimed.

Last Tuesday, about 100 eld-erly women among the resi-dents allegedly stripped them-selves naked to protest thereturn of the land grabbers tothe community. The land grab-bers allegedly suspended ac-tion on sighting the nakedwomen. No fewer than 10 per-sons were injured while threeothers were declared missingwhen the land grabbers at-tacked the community.

But the Lagos State PolicePublic Relations Officer,Muyiwa Adejobi, told VM hewas yet to be briefed about theattack.

“The command was notaware of the present attack butpreviously a suspect called Se-gun was arrested on August 7with a gun and he has beencharged to the MagistrateCourt in Sagamu” he said.

...Stages peaceful protestBy Bose Adelaja

Our childrenhave not attendedschool for thepast eightmonths, while theartisans amongus have theirbusinesses puton-hold and somefamilies havetaken to beggingas a way of sur-vival

*Some of the protesting residents of Ipetoro/Lowa community


Goodgovernance,servicedelivery, mypriorities—Jigawa Gov

By Aliyu Dangida

Kwara govt, PDP at loggerheadsover N5bn bailout loan

By Demola Akinyemi

ITF takesvocationaltraining toIDPs camps

By Marie-ThereseNanlong

PDP moves to avoid acrimonious partyprimaries in Kogi

DPR shuts 39 filling stations in Benue, NasarawaBy Peter Duru

LOKOJA—THE nationalleadership of Peoples

Democratic Party, PDP, has putmeasures in place to avoid arancorous primary in Kogi State.

PDP has been in power in thestate since 2003 when AlhajiIbrahim Idris defeated the thenincumbent, Prince AbubakarAudu, of the defunct All

M A K U R D I — T H EDepartment of

Petroleum Resources, DPR, hassealed off 39 filling stations inparts of Benue and Nasarawastates for alleged over-pricingand under-dispensing ofpetroleum products tounsuspecting members of thepublic.

The DPR OperationsController, Makurdi FieldOffice, Mr. Isa Abdullahi, whoalso superintends overNasarawa state, made thisknown at the weekend inMakurdi, the Benue Statecapital.

Abdullahi, who led theoperation, listed some of theaffected filling stations to includeAY Ashafa, Makurdi, MelochOil and Gas, BecostreamsPetroleum, David Ogah Oil andGas all in Otukpo and MRSKeffi, TAEN Oil Mararaba andLunkman in Lafia, amongothers.

He said: “Of the total numberof 39 sealed stations, 16 wereshut in parts of Benue, while 23others were sealed in NasarawaState for under-dispensing andover-pricing of petroleumproducts.

“Though owners of some ofthe effected stations have paid

DUTSE—GOVERNORMuhammad Badaru

Abubakar of Jigawa Statehas listed good governanceand sustainable servicedelivery at both the stateand local governmentlevels as cardinal prioritiesof his administration.

Speaking at an inductiontraining course organizedby the Ministry for LocalGovernment, ChieftaincyAffairs and CommunityDevelopment for the newlyappointed localgovernment secretariesand education secretaries ofthe 27 local governmentareas in the state, thegovernor noted that localgovernment was the closestadministrative structure tothe people.

He said that hisadministration intended toset the stage for the tortuousjourney to the socio-economic development andempowerment of people,especially at the grassroots.

JOS—THE Director-General of the

Industrial Training Fund,ITF, Mrs. Juliet Chukkas-Onaeko, has expressedconcern over the increasein the number ofunemployed youths in thecountry, saying the agencywas set to train 1,000 youthsfrom the 36 states of thefederation to address thetrend.

She added that thetraining would be extendedto the internally displacedpersons, IDPs, camps in thecountry to touch their livespositively and empowerthem to fend for theirfamilies.

The DG stated that theFund was focused atrepositioning the economyof the country as aMemorandum ofUnderstanding, MoU, hadbeen entered with DangoteGroup of companies andthat over 4,000 youths hadbeen trained in variousskills acquisitions.

B A U C H I — T H ENational Obstetric Fistula

Centre in Ningi LocalGovernment Area of BauchiState, has concludedarrangements to offer freesurgical service to fifty VesicoVirginal Fistula VVF victims

ILORIN—GOVERNORAbdulfatah Ahmed’s All

Progressives Congress, APC,administration in Kwara Stateand Peoples Democratic Party,PDP, are currently at loggerheadsover the proposed N5 billionbailout bond approved by thestate assembly to offset thebacklogs of salaries, pensionsand gratuities of the workersacross the 16 local governmentsin the state.

The PDP argued that the pastloans obtained by the stategovernment didn’t translate intoany positive results to the peopleof the state but ratherimpoverished them

The state Publicity Secretary ofthe PDP, Mr. Rex Olawoye, whospoke with journalists in Ilorinat the weekend over thedevelopment said: “The desireof the state government at thispresent time to source for suchhuge loan for councils in thestate is uncalled for, moreso, alot of multi billion naira federalallocations had come to 16 localgovernment councils withoutanything to show for it.”

But the state government ina statement issued by the SpecialAssistant to the Governor onMedia and Communications, DrMuideen Akorede, in Ilorinyesterday countered the claimand said that the N5 billion

Federal Government bailout loanwas the cheapest and mostefficient means of payingaccumulated arrears of salariesand allowances owed to primaryschool teachers and other localgovernment employees.

The loan also covers arrears ofpensions and gratuities owed toretired local governmentworkers, some of which go backseveral years.

According to the statement,theN5 billion loan, when received,will bring relief to local councils,

their staff and retirees asfederal allocations arecurrently inadequate to meetsalary, pension and gratuityobligations at state and localgovernment levels.

A breakdown of the N5billion liability shows that asat July 2015, the total salaryarrears for local governmentworkers wasN2,012,999,522.40, whilesalary arrears for primaryschool teachers stood at N2,143,414,338.55. Total localgoverment pension arrears

stood at N523,160,259.38, whilearrears for local goverment'sStatutory Contribution to KwaraState University, KWASU, isN70,464,259.89. Outstandingpayments for sundry services wasput at N267, 806,538.40.

Providing further clarification,the state government said it wasclear from the figures that the N3.6billion combined June and Julyallocation to the 16 localgovernment councils wasinadequate to meet current andoutstanding salary and pensionarrears let alone developmentprojects.

into the coffers of government,the stipulated penalty fee ofN100,000 so as to have theirstations reopened but we havealso cautioned that if they floutour rules again, we will beforced to mete out stifferpenalties on them.

“As I speak with you, ourofficials are still on the field onsurveillance to ensure thatevery station in Benue andNasarawa states which is ourjurisdiction, complied withgovernment’s directive thatpetroleum products should be

sold at the approved pump price.”Abdullahi disclosed that he had

been holding series of meetingswith product dealers in both stateswhere he made it clear to marketersthat failure to comply with the directivesof government would be mete with stiffpenalties as provided by the law."

By Kingsley Fanwo Nigerian Peoples Party in atense election.

Sources told the Vanguardthat the party was worriedabout the activities of someleaders in the state pushingagainst the governor.

A chieftain of the party whocraved anonymity, said thenational leadership wasdeploying its machineries to

ensure that the party was unitedahead of the governorship election.

“It is true that the nationalleadership of the party is notcomfortable with the behind-the-scenes activities of some of ourleaders who are based in Abuja.

‘’A handful of them are kickingagainst the candidature of thegovernor," the source said.

Centre offers free treatment for 50 VVF victimsin Bauchi

By Suzan Edeh

in the state, beginning nextMonday.

According to a pressstatement by the Head ofClinical Services of theCentre, Dr. HalimaMukaddas, the surgicalservice will be conducted incollaboration with UnitedNations Population Fund,UNFDA,

It stated that patients

would be attended to for a week.The statement read: “The

UNFDA has been involved withfistula programmes as part of itscountry programmes andcurrently working with theNigerian government and otherstakeholders to eliminating the life-shattering condition of victims ofobstetric fistula in NorthernNigeria”

SEMINAR: From left: Managing Director, FrieslandCampina WAMCO Nigeria, Mr. RahulColaco, wife of Lagos State Governor, Mrs. Bolanle Ambode, FrieslandCampina WAMCO’sCorporate Affairs Director, Mrs. Ore Famurewa, and Marketing Director, Mr. Tarang Guptaat the 10th Nutrition seminar of the company, in Lagos. Photo: Joe Akintola, Photo Editor.


SAMSUNG: From left— Mr. Olumide Ojo, Business DevelopmentManager, Information Technology and Mobile; Mr. Emmanouil Revmatas,Director, Information Technology and Mobile; Ms Olajumoke Okikiolu,Marketing Manager, Information Technology and Mobile; Mr. Brovo Kim,Managing Director, and Mr. Daesong Ra, Business Development Director,Information Technology and Mobile, all of Samsung Electronics West Africa,at the launch of the Samsung Galaxy S6 Edge+, its newest flagshipsmartphonein Lagos.

A BUJA—PRESIDENTMuhammdu Buhari has

urged legal practitioners in thecountry not to frustrate thecourse of justice whiledefending public officials.

Buhari, who spoke at theopening of the 55th Annual

Don’t frustrate course of justice, Buhari tells lawyersBy Levinus

Nwabughiogu &Ikechukwu Nnochiri

General Conference of theNigerian Bar Association,NBA, in Abuja yesterday,argued that the legalprofession would achievemore credibility if members ofthe Bar and the Bench upholdtheir professional ethics.

He noted that exposingvarious misdeeds of thecorrupt officials was the onlyway to arrest corruption and

restore the glory of the land.He said: “I am convinced

that law, lawmakers, lawyers,law courts and the lawenforcement agencies all havepivotal responsibilities todischarge, if the change weseek is ever to materialise.

“This administration hastaken on the challenge ofimproving security, fightingcorruption and revam-ping the

shady deals and the court isunable to check them.

“Ability to manipulate andfrustrate the legal system isthe crowning glory of thecorrupt and, as may beexpected, this has left manylegal practitioners and lawcourts tainted in an ugly way.

“In a gathering such as this,I do not need to elaborate onthe way that corruption andimpunity have damaged oureconomy. But I would like tosay more on what, I believe,should be your role as legalpractitioners, in helping usback to the path of rectitude.

On ethics“First, we need to make our

courts functional andeffective again. This meansthat we must have lawyerswho take the ethics of theprofession very seriously;lawyers who will not frustratethe course of justice, eventhough they defend theirclients with all legitimatemeans and resources.

“Nigeria needs ethicallawyers who always keep theend of justice in mind andwill never sacrifice theintegrity of the legal system

to cover the misdeeds of theirclients, no matter how lucrativethe brief may be.”

Corruption asrights violation

Noting that lawyers were oftenin the vanguard of the defenseof human rights, PresidentBuhari urged them to viewcorruption too as a gross violationof human rights.

The President said: “For themillions still wallowing in wantand diseases, corruption is amajor reason why they cannot goto school; why they cannot begainfully employed; and whythere are few doctors, nurses anddrugs in their hospitals andhealth centres.

“It is the reason whypensioners are not paid andpotable water is scarce.

“In effect, corruption divertspublic resources meant formillions of people into the privatepockets of a greedy few, therebycausing a lot of suffering,deprivation and death.

“In my view, there can be nogreater violation of humanrights. Viewed in this way, Ithink we can all fully appreciatethe gravity of this oppressive anddestructive evil.”

e c o n o m y ,among manyothers.

“The fighta g a i n s tcorruption is astruggle forthe restorationof law ando r d e r .Corruptionand impunityb e c o m ewidespreadw h e ndisrespect forlaw is allowedto thrive insociety.

“Disrespectfor law thriveswhen peopleget away withall sorts of

VIRGINIA

KAPTAIN AFRIKA in “Hey” By Andy Akman

[email protected]

TERROR MUDA in “Scanvenger Elites” By Lanre Kehinde

HOME & ABROAD By Lawrence Akapa

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Counselling, PCounselling, PCounselling, PCounselling, PCounselling, P.M.B 1.M.B 1.M.B 1.M.B 1.M.B 100000000007, Apapa, Lagos7, Apapa, Lagos7, Apapa, Lagos7, Apapa, Lagos7, Apapa, Lagos

YOUR LUCK TODAYYOUR LUCK TODAYYOUR LUCK TODAYYOUR LUCK TODAYYOUR LUCK TODAY

By Joshua Adeyemo Phone 08056180139


L E I S U R ETHOUGHT FOR TODAYTHOUGHT FOR TODAYTHOUGHT FOR TODAYTHOUGHT FOR TODAYTHOUGHT FOR TODAY

By Richard EromoseleCANCER: Whatever anybody says or does, you will haveboth your say and way. Venus and Jupiter may tempt someof you to embrace illicit (or secret) romance within yourbase of operation.

LEO: Venus and Jupiter at positive angles may tempt youto join some of your friends who are already onboard ofmerry making train. Watch your health.

VIRGO: Good luck will smile at many and induce love ofluxury merry making and romantic association. Genuinelovers will need to be on guard against deceit from newadmirers.

LIBRA: Both financial success and emotional satisfac-tion are closed to you than before. Those of you travellingbecause of maters-of-the-heart are in for an exciting ro-mantic day Those ambitious career-wise will succeed afterfew struggles.

SCORPIO: Many members of your opposite sex will goout of their ways to attract your romantic interest. This isthe wrong time to engage on unnecessary argument.

SAGITTARIUS: If you priority is love, much of it wouldcome your way as desired. But here is a better day for moreambitious in the business world. Don’t allow anybody todeceive you over money.

CAPRICORN: Those of you with secret admirers withinyour working area will have the needed opportunities tomake the needed moves. Resist the temptation to deceiveothers.

AQUARIUS: Although matters-of-the-heart may give youcause to smile broadly, if care is not taken, you would causefriction that can’t help you r case at work. This is the wrongtime for unnecessary scheming within your working arena.

PISCES: Those of your who are red-blooded for romancemay have an exciting and satisfying day. Happenings withinyour social circles must be taken more seriously.

ARIES: Confrontation may come your way in the circlebut the heavens are working favourably for you. Some dosesof romance is not too much for you on a day like this.

TAURUS: Provided you don’t allow your innate ability tobe as diplomatic as necessary desert you, things workfavourably for you to the betterment of your finances.

GEMINI: Many of you will be in sentimental mood andexhibit strong romantic desire openly. But then, if care isnot taken, you may be carried away to the detriment ofyour finances. Serious minded lovers are in for happy day.

Dear Joshua,I was born on September 11, 1960. I want you to give me mycomprehensive horoscope, especially what my special gift is.Which day of the week was I born? Where were my natal plan-ets and their meanings? Who am I?Blessing, Abuja.

Dear Blessing,There is no space for comprehensive horoscope but what you’llhave here -under is answer to your questions/ You were born ona Thursday and your special gift is LEADERSHIP quality.YOUR HOROSCOPE DATADate of Birth: Thursday, September 13, 1962Sun Sign: Virgo: Sun in 20th Degree of VirgoMoon Sign: PISCES: Moon on 10th Degree of PiscesMercury in 16th Degree of LibraVenues in 5th Degree of ScorpioMars in 13th Degree of CancerJupiter in 6th Degree of PiscesSaturn in 5th Degree of AquariusUranus in 2nd Degree of VirgoNeptune in 11th Degree of ScorpioPluto in 10th Degree of VirgoNorth Node in 6th Degree of LeoSouth Node in 6th Degree of AquariusQuality and ElementCardinal and air star signs hosted two planets each fixed andearth three each, no planet in fire while mutable and water starsigns hosted five planets each.Push-full influence = 20%Non- push-full element = 80%Final dispositor = Lucky JupiterGeneral AnalysisJust 20 per cent of push-full influence in your chart can decep-tively present you to others as a soft (or even timid) person butpractical Virgo that hosted nothing less than three heavenlybodies when you were born and Astrological aspects betweenMercury (mental focus) and aggressive Mars in you r chart arepointers to the contrary.Yes! You are highly intelligent and your mind works the sameway detective’s minds do. It is true, there are little contradic-tions between your inner self and your emotional being as indi-cated quality, water element and Virgo characteristics.One moment, you can be very emotional, exhibiting temperwith stinging tongue but a few hour later you are amiable, easygoing, friendly and compassionate. You are the adaptable typewho will see changes as sources of good opportunities.LEADERSHIP quality is one of your greatest gifts from God.placement of your natal sun (basic-selfhood) and moon (youremotional being) in Virgo and Pisces respectively mean thatcharacteristics of both Virgo and Pisces are highly pronouncedin your inner-self.

WHAT’S MY HOROSCOPE ?

God is watchingRIGHT from ages

man has contin-ued to look for ways ofclothing his naked-ness. Nakedness doesnot just mean notwearing clothesalone. It includes cov-ering our evil deeds,

wicked acts, ways andsins etc.

As it was the days ofthe biblical Adam andEve, so it is today.When we commit hei-nous crime, we run forcover under the stone,

under the water andunder the dark, hop-ing and praying thatwe will not be caught.We live a lie. We for-get that air bear wit-ness to our cruel act;the sun by our shadow

takes our photograph,and our conscienceconvicts us daily.

Beware, God iswatching. Your sinswill find you out.

Think about it!


Man City maintain perfect startMANCHESTER

City maintainedtheir flawless start to thePremier League season togo top of the table withvictory at Everton.

Aleksandar Kolarov andsubstitute Samir Nasristruck after the break tomake it three wins fromthree for City, who have yetto concede a goal as theylay down another markerthat they are determined toreclaim their crown fromChelsea.

Everton, buoyed by a finewin at Southampton lastweekend, gave City a realrun for their money butDavid Silva had already hitan upright before Kolarovtook advantage of poorgoalkeeping from TimHoward to take RaheemSterling’s pass and score at thenear post on the hour.

Vincent Kompany came toCity’s rescue late on when hecleared Gareth Barry’s headeroff the line and the destiny ofthe three points was settledwhen Nasri played a neat one-two with Yaya Toure to lift afinish over the advancingHoward with two minutes left. Moses will go for £10m,

Chelsea tell Hammers

CHELSEA have puta price tag of

£10m on winger, VictorMoses.

The Nigerian inter-national is wanted byWest Ham who reportedlymade a £6million transferbid. Tottenham Hotspursand Aston Villa are alsointerested in Moses whospent two season on loanto Liverpool and StokeCity. He was called backby Jose Mourinho thisseason, but the arrivalof Pedro from Barcelonamade it certain thatMoses has to move on.The Hammers are keen

K A R I MBENZEMA

is ready to swap RealMadrid for Arsenal.

Only last week theFrench striker wasinsisting he would bestaying put in Spain –and not joining ArseneWenger ’s men in thetransfer window.

But that will changeshould the Gunners make their interest inBenzema, 27, officialwith a £50million bid inthe next 48 hours.

That figure wouldmeet Real’s valuationand, if accepted, set anew transfer record forArsenal – eclipsing the£42m splashed on

Benzema ready to join ArsenalMesut Ozil two yearsago.

And, most importantly,it would prove beyonddoubt to Benzema justhow badly he is wantedat The Emirates. Arsenalhave been linked allsummer with a big-money swoop for Real’sprolific hitman – 87goals in 188 La Ligaappearances.

But so far there hasbeen no formal approach– leaving Benzema withno option but to pledgehis loyalty to the Spanishgiants.

Yet, according to asource close to theBernabeu, the ex-Lyonstar WOULD seriously

consider a move to northLondon.

Our Real insider said:“It’s up to Arsenal tofight for Karim with abig offer.

“Then he could betheir player in thiswindow.”

One major concernfor Wenger is thatPremier Leaguerivals Man United are st i l l hunting aworld-class striker.

The Frenchman fearsthat as soon as hisinterest in Benzemabecomes off icial ,United will enter therace with asignif icantly betteroffer.

to bring the 24-year-oldto Upton Park as he hasstruggled to break intothe first team atStamford Bridge.

Moses joined Chelseain 2012 but has onlymanaged to score onegoal for the Blues.

The Nigeriainternational came offthe bench in theCommunity Shielddefeat to Arsenal andwas on the bench for theopening PremierLeague game of theseason againstSwansea.

City Delight... Samir Nasri (C) celebrates withteammates Aleksandar Kolarov (L) and DavidSilva after scoring Man City’s second goal duringthe EPL match between Everton and ManchesterCity at Goodison Park in Liverpool.

Federer beatsDjokovic inCincinnati final

ROGER Federer haswon the Cincinnati

Open title after a straight-setsvictory over world numberone Novak Djokovic.

Neither player looked togive an inch in the first set,with Federer extending hisrun of service games withouta break beyond 40 this week.

Indeed, it was Djokovicwho was forced to save fourbreak points before taking theopener to a tiebreak.

Federer had a point for adouble-break in the sixthgame of the set, but didn’tneed it as he wrapped upthe match 7-6, 6-3.

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IGWE—I, formerly

known and addressed

as Mr. Victor Igwe,

now wish to be known

and addressed as Mr.

Victor Obu. All former

documents remain

valid. General public

please take note.

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Okagbare

Boltdeath to win the men’s100m gold with9.97seconds yesterday atthe IAAF WorldChampionships in Beijing.

Bolt, who holds the worldrecord at 9.58 seconds wasa major doubt followinginjury and subsequent lossof form. He almost didn’tmade the final as hestumbled in the semi-finalsbut he was able to make upfor the loss of pace despiteposting a semi-finals timeof 9.96 seconds.

And with most athleticsfollowers grudginglyexpecting USA’s JustinGatlin to win but by thetime the dust settled, it wasBolt who breasted the tapewith 9.79 seconds aseason’s best for theJamaican, who is a posterboy for a sport tainted withdoping allegations. Gatlin,battling to convince the

athletics family that hisdoping past has nothing todo with the present,finished at 9.80 seconds.Trayvon Bromell of theUSA clocked 9.92 secondsto occupy the last podiumposition.

“I came out here relaxed,no stress and brought ithome,” Bolt said. “My aimis to be the number oneuntil I retire, and thereforeI am pushing myself andpushing myself. It is allabout running the race andgetting it done. You can callthat race rusty. I could haverun faster.”

Gatlin, the 2005 world100m champion, finishedin 9.80, well off his season’sbest of 9.74 recorded inMay. With 20 meters to go,it appeared he might beable to out-sprint Bolt butGatlin lost his rhythm withabout five paces remainingand was off balance as he

headed for the finish.“I stumbled a little bit and

it cost me momentum,”Gatlin said. “I think it wasa great race, and I feelhonored to be out here.

“Of course everybodywants to come out here andwin, but I came out here,got nipped at the line bythe great Usain,” headded. “Hopefully I havemore great races to come.”

Bolt nearly did not makethe final at all. Running inthe first of the threesemifinals, he got off to aquick start by his standardsand then scuffed a toe onthe track and stumbled. At50 meters, he was wellbehind the leaders butfought his way back.

He managed to cross justahead of De Grasse, withboth finishing in 9.96seconds. But while DeGrasse looked delighted,Bolt was shaking his headand pursing his lips as heslowed down.

continued from B/Page

it is a wake up call for theNigerian hopeful as sheheads into the semi-finalsand finals billed for todaybetween 12.44pm and14.35pm. Towie Bowie ofthe USA and defendingchampion, Shelly AnnFraser-Pryce had a jointbest time of 10.88 secondsin the heats. From the lookof things, it is going to be ahard race and Okagbare-

Ighotegunor has to be ather psychological best towithstanding the pressure.

One of the women towatch out for is Cote’dIovire’s Marie Jose Ta Louwho had the fastest Africantime in the heats. She ran10.95 seconds, while hercompatriot MurielleAhoure finished 11.10seconds in her heat.Ahoure denied Okagbarea podium performance in

Moscow 2013, she alsobeat the Nigerian sprintqueen to the silver in the200m. South Africa’sCarina Horn with 11.08 isanother African in the race.

Nigeria’s IhunomaOsazuwa is also battling tomake her name in theheptathlon event. She ranher personal best in the800m yesterday a2.21.36mins. With 5951points, she is in the 18th

position after six events.

continued from B/Page

Sunshine drub ElKanemi 5-0 to go top

SUNSHINE Stars areback on top of

the Nigeria league tableafter they drubbed ElKanemi Warriors 5-0 inAkure yesterday.

The Akure Gunnersnow have 46 points, apoint more than closestrivals Enyimba, whosegame at home againstFC taraba was shifted tillMonday due to heavyrain which caused thepitch at the EnyimbaInternational Stadium tobe unplayable.

Man of the match was

hard working midfielderand new Eagles inviteePaul Onobi, who scoreda brace.

Prince Aggreh alsoscored a double withTunde Adeniji also onthe scoreboard to staytop of the goals chartwith 13 goals.

Incidentally, all threeSunshine goal scorerswill return this week tothe Eagles training campin Abuja.

Enyimba can return tothe top if they defeatTaraba today in Aba.

Nasarawa end Pillars 12-year home invincibility

N A S A R A W Ay e s t e r d a y

rewrote the historybooks when theydefeated home teamKano Pillars 2-1 to enda 12-year unbeatenhome run by Pillars atthe Sani AbachaStadium.

Pillars last lost 2-1 toJulius Berger at home inthe league on June 21,2003.

Ex-Pillars forwardMunir Ubale opened thescoring in the 12thminute off EugeneSalami’s assist to stunthe home fans.

Four minutes later,

Eagles new invitee YaroBature doubled the Lafiateam’s lead.

Skipper Rabiu Aliscored for Pillars in the46th minute to make it 2-

1. Nasarawa Unitedstarted well with IfeanyiNweke forcedgoalkeeper TheophilusAfelokhai to make a bigsave in the seventh

minute.Pillars striker Gambo

Mohammed, returned toaction when he replacedEneji Otekpa in the 67thminute.


Give it to AkwaUnited...thanks

I HAVE been mandated by the Government andgood people of Akwa Ibom State to ask that the

Federation Cup, in the true spirit and character ofthe Cup be handed to Akwa United FC.

Even Journalists have joined in this honest ap-peal. According to them, should Lobi win the cup,God forbid, there will be no news. They have won itbefore, appeared in the final and semi final so manytimes and are guided by Dominic Iorfa, an astuteadministrator and former national team star.

There will be lots and lots of Cinderella and re-freshing news if Akwa United, debutants, a bunchof relatively unknowns, get to the final and win it atfirst attempt. The victory of Akwa United will meanCAF will have no problem whatsoever approvingthat magnificent edifice christened Godswill Akpa-bio International Stadium, “The Nest of Champi-ons” for CAF Confederation Cup matches next sea-son…….

Jokes apart, I write my column today with a lot ofpride as an Akwa Ibomite, one who has a lot to cheerand to expect. Historically, I feel fulfilled. It wasthe Government of Retired Captain Joseph Adeusithat thought Akwa Ibom should have a football teamin the national league. I was entrusted that respon-sibility alongside the late Christo Davies, then SoleAdministrator of the State Sports Council.

The search landed us in Lagos, where anothertop football son of the state, Ini Edoho alias Ama-ma, was in charge of Vasco Da Gama football Clubas Team Manager. Vasco wanted out of the leagueand we went into a bidding process and astute ne-gotiations that finally landed the club and the changeof name to Ibom Stars Football Club, dexterousmanagement under the guidance of Captain Adeu-si and the eventual promotion to the elite cadre

19 years on, there has been a lot of near misses, asemi final qualification, relegation, back to back pro-motion and now this……. treshhold of a Continen-tal ticket.

When I appeared at the MKO Abiola stadium forthe semi final match, most of my friends and col-leagues appeared surprised. What, they said hasdragged Paul Bassey to Abeokuta? They said theythought I was a CAF and FIFA Official, how come Ihad come to watch a “local match”?

I said to them that even in FIFA and CAF, youare designated with your country in tow and welaughed. I could not allow the opportunity to passme by, history making opportunity.

When therefore coach Baraje obliged me the op-portunity of talking to the boys before kick off, I toldthem to go for it. That this was one chance in amillion, they should grab it with both hands ( andlegs…) That I was aware they were owed some sal-ary, some bonuses not paid etc, but that today wasnot a day to remember all that. “ “……Today is aday to launch yourself into the history books of thestate as the first set of players since the club werefounded, to play to the final.

“ Today you will be playing for yourselves andyour families, today you have a pedestal to climb togreater heights and I implore you to climb and ex-cel……”

They did. What a difficult match. Nassarawa Unitedgave it their all. Probed, shot, dribbled……yet theymet a brick-wall in a determined bunch of historyseekers who stood their ground till the final blast ofreferee Adigwe’s whistle.

I don’t remember the last time I was so tensewatching the dying minutes of a football match.

Let me digress a bit to talk about my disappoint-ment about a semi final match that did not attractup to five hundred spectators. I was told since itwas mid week, with a 3pm kick off time it was diffi-cult attracting spectators, even as the two teams didnot possess names that could make you deceive yourboss and sneak out of the office.

What about the decay that the stadium befittinglynamed after one of Africa’s greatest sons had un-dergone? The lights were not on, ( The First VicePresident of the NFF, Barrister Akinwunmi whowas the guest of honour could not use the State Boxbecause of heat) dressing room facilities not availa-ble, toilets not functional.

Before now we have written and written about the

need to return the Federation Cup to its former Chal-lenge Cup glory. I saw this year as a realistic be-ginning of that call, given the surprises that her-alded preliminary matches with the eliminationof top clubs in the country due to good officiatingand an improved organization.

As we pause for the final date and venue, wepray for the best.

Meanwhile, let us return to Uyo where there isso much expectations and dreams. Akwa Ibom ispregnant with expectations, of Governor UdomEmmanuel stepping out to receive the cup fromthe Skipper after he had been handed over to himby the guest of honour……the triumphant land-ing of the trophy at the Ibom International Air-port, triumphant entry in a motorcade into Uyo,grand reception at the Banquet hall, presenta-tion of the glory boys and the board of Akwa tohis Excellency by Chairman Akparawa NseUbeh…..

The Governor ’s speech, well written, deliveredand full of a reward package, applauseunlimited……glory…glory….glory…

Before then, we must get to work. The board of

Akwa United in collaboration with the sports min-istry must ensure that the players are fully pre-pared for war . welfare packages and incentivesare to be put in place to motivate them and theirhandlers. Buses must be hired to transport asmany supporters as possible to the final to cheerthe team to victory.

This belief is best captured by Amos Etuk whoin an articulate article entitled “ Federation CupFinal, Gov Udom Emmanel must cheer Akwa Unit-ed to Victory”, wrote “Your Excellency, you arethe number one supporter of Akwa United Foot-ball Club and this feat is coming at a time whenthe Nest of Champions has also become a fortressto this darling side of Akwa Ibom State.

The team have vastly improved so far and thefans have thronged out to cheer the team to victo-ries in all their home matches. The dynamics ofthe success story of Akwa United today also fallin line with your vision to make sure that the pri-vate sector has a strong investment status in al-most all the sectors of the state and despite yourlandmarks so far in less than a hundred days inoffice, the final of the 2015 Federation Cup willbe the first unique selling point of your successstory to Nigeria and a strong message to Africathat Akwa Ibom State has arrived.

Your Excellency, this is obviously a new dawnin sports renaissance in Akwa Ibom State and youare the face of this history and expected victory.Your presence at the final of the 2015 FederationCup will be a defining moment as you hopefullysit with your counterpart from Benue State, Sam-uel Iortom and the host Governor waiting for nine-ty minutes as the Stadium will erupt in the BLUEcolours of Akwa United Football Club and mil-lions of fans at home watching on television thevictory of our first national trophy for Akwa IbomState, a feat achieved in the first one hundreddays of your administration.” Amos argued.

I want to believe that my long standing friendDominic Iorfa will share my emotions and senti-ments, and take it easy ( Don’t laugh)

See you next week.

Pedro inspires Chelsea to beat West BromPEDRO Rodriguez pro

duced a goal and anassist on his debut as Chel-sea survived the dismissalof captain John Terry to pre-vail 3-2 at West BromwichAlbion on Sunday.

30 million euros signingfrom Barcelona earlier thisweek, reportedly snatchedfrom beneath ManchesterUnited’s noses, Pedroscored and set up DiegoCosta as Jose Mourinho’sside went 2-0 up.

Having earlier missed apenalty, James Morrisonscored twice in responsefor West Brom, but despiteTerry’s red card for a last-man foul, CesarAzpilicueta’s first leaguegoal proved enough to giveChelsea a first victory of thePremier League season.

Pedro announced his ar-rival in English football bydarting infield from theright, exchanging passeswith Eden Hazard andfinding the bottom-rightcorner with the aid of adeflection.

Chelsea’s fans launchedinto a chorus of “Are youwatching Manchester?”and United’s supporterswill have found themselveslooking away again 10minutes later when Pedro’scross-shot was turned in byCosta.

Morrison reduced thearrears by bludgeoninghome when Salomon Ron-don hooked James Mc-Clean’s cross back into thebox, only for Azpilicueta torestore the visitors’ two-goal cushion in the 42ndminute by rolling in a shotafter Costa had chesteddown Cesc Fabregas’spass.

Terry saw red nine min-utes into the second half forimpeding Rondon as hebore down on goal beforeMorrison reduced the ar-rears with a glancingheader, but Chelsea heldout, Courtois thwartingRondon in added time.

SAVIOUR ...Pedro celebrates after scoring for Chelseaagainst West Brom. Chelsea won 3-2

MANCHESTER United boss Louis van

Gaal claims he is not con-cerned about signing a newstriker, despite Wayne Roon-ey failing to score for the10th game in a row in thegoalless draw with Newcas-tle at Old Trafford.

Asked if he needed a new

forward to support Rooney,Van Gaal said: ‘No, becausewe have been the betterteam all three times this sea-son. My [only] worry is thatwe have to dominate the op-ponent and we did it today.We did it against Tottenhamand Aston Villa. We didagainst Bruges [in the

Champions League] andagainst Barcelona and SanJose Earthquakes in ourpreparation games. It’s notbad”.

Of the bid to sign Neymar,he added tersely: ‘I don’tenter into this discussion.You can ask me about all theplayers in the world.''

Van Gaa: I don’t need a new striker

CMYK


CMYK

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How to Play Sudoku

Place a number (1-9) in each blank cell. (No line canhave two of the same number).

Each row (nine lines from left to right), column, (alsonine lines from top to bottom) and 3 X 3 block within abold block (nine blocks) contains number from 1through 9. This means that no number can appear twicein any block, column or row.

No mathematics is involved – no adding, subtraction, divisionor multiplication, just plain logic and your imagination.

FRIFRIFRIFRIFRIDAY'S ANSWERSDAY'S ANSWERSDAY'S ANSWERSDAY'S ANSWERSDAY'S ANSWERSTODAY'S PUZZLETODAY'S PUZZLETODAY'S PUZZLETODAY'S PUZZLETODAY'S PUZZLE

Vanguard, MONDAY, AUGUST 24, 2015

YESTERDAY'S SOLUTIONS

CMYK

QUICK CROSSWORDQUICK CROSSWORDQUICK CROSSWORDQUICK CROSSWORDQUICK CROSSWORD

Bolt still fastestman on earth

Okagbare on course for 100m gold

BLESSING Okagbare-Ighoteguonor

kept her title hopes aliveyesterday as she won herheat, with 11.07seconds inthe women’s 100m at the

IAAF World Champions-hips in Beijing, China.

Though her time was theslowest amongst the biggirls gunning for the title,

Stories ByBen Efe


IT was a tight race, butUsain Bolt still

managed to defeatJustin Gatlin at the


Sunshine drubEl Kanemi5-0 to gotop —P.52

•Okagbare

CHAMPION.....Usain Bolt wins gold in the men’s 100m final as Justin Gatlin of the USA wins silver atthe IAAF World Athletics Championships in Beijing on August 23.

Pedro leadsChelsea to

victory—P.53

ACROSS1 Aperture (4)4 Fellow (3)6 Mirth (4)8 Influence (6)9 Menace (6)10 Beer (3)12 Dispute (5)14 Moorland (5)15 Test (5)18 Rescind (6)20 Stupidity (6)24 Loaded (5)26 Room (5)28 Darkness (5)30 Fuss (3)32 Abdicate (6)33 Clergyman (6)34 Employed (4)35 Pale (3)36 Place (4)

DOWN2 Tender (5)3 Perform (7)4 facts (4)5 Observe (4)6 Furze (5)7 Stretchy (7)11 Meadow (3)12 Tune (3)13 Epoch (3)16 Sick (3)17 Cover (3)19 State (7)21 Lair (3)22 First (7)23 Still (3)25 Append (3)27 Infant (5)29 Hurry (5)30 Afresh (4)31 Frank (4)

ACROSS: 1, Plot 4, Rim 6, Slab 9, Pal 10,Confused 11, Edit 14, Asp 16, Order 19,Spirited 21, Deter 23, Damaging 24, Tense27, Lag 31, Cure 33, Industry 34, Doe 35,Deep 36, Sad 37, Ramp.

DOWN: 2, Look 3, Tiff 4, Resisted 5, Made6, Spear 7, Lad 8, Alive 12, Islet 13, Sirene14, Aid 15, Petal 17, Drain 18, Range 20,Demanded 22, Rag 25, Elude 26, Sleep 28,Miss 29, User 30, Cram 32, Roe.

NPLPillars 1 Nasarawa 2Rangers 1 Dolphins 1Wolves 1 Wikki 0Akwa 2 Giwa 2Abia Warriors 1 Heartland 0Sunshine Stars 5 El-Kanemi 0Bayelsa 0 Sharks 1Lobi 1 Ifeanyi Ubah 0Kwara 1 Shooting 0EPLWest Brom 2 Chelsea 3Everton 0 Man City 2Watford 0 Southampton 0LA LIGAAthletic Bilboa 0 Barcelona 1

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