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NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Monday, September 29, 2014 Vol. 1 No. 223

lSupporters intensify push for APC consensus candidacy

2015: FG suspends talks on Shell, others’ oil lease renewal

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Adeola Yusuf

The Federal Govern-ment has suspended talks on the renewal

of onshore and shallow waters oil leases for oil majors, including Shell

Petroleum Development Corporation (SPDC) and Chevron, as a result of the impending 2015 general election.

Investigation by New Telegraph at the weekend showed that the govern-

ment has decided to put the process for securing the 20-yearly renewal leases for the oil majors on hold until after the 2015 polls.

The leases expired six years ago and talks on

their renewal, which have been on since 2008, have been suspended again, a source close to the deal said.

“The negotiations be-tween the Federal Gov-ernment and the four oil

super-majors, including Total and Agip, for the re-newal of the licences have again ended in a deadlock and tactically moved to 2015. It will take nothing short of miracle for this

Anule Emmanuel and Emmanuel Onani

President Goodluck Jonathan yesterday attributed one the diffi-

culties his administration

is having in defeating ter-ror to lack of unity among Nigerians.

According to him, the lack of unity among Ni-gerians to challenge the perpetrators of terrorism

has made it difficult for the country to overcome the current insurgency, which has claimed about 14,000 lives and destroyed property worth billions of naira in the last five years.

The president stated this at an interdenomi-national church service at the National Christian Centre, Abuja to mark the 54th independence an-

Jonathan: Why Nigeria has not defeated terrorismlNation's woes, self-inflicted, says Oritsejafor

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EditorialPolicing Nigeria’s porous borders

Crisis brews in Enugu PDP over consensus candidate

IGI boss, Remi Olowude, dies at 63 }5

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L-R: Former Head of Interim National Government, Chief Ernest Shonekan; former Head of State, General Yakubu Gowon (rtd); Deputy Senate President Ike Ekweremadu; Senate President David Mark and President Goodluck Jonathan at an interdenominational church service to mark the 54th Independence Day in Abuja... yesterday. PHOTO: NAN

Alison-Madueke

Buhari's game plan

Monday, September 29, 20142

Monday, September 29, 2014 3

NEWS Monday, September 29, 20144

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niversary of the country. The theme of the celebra-tion is "Be Still".

The president, while re-ferring to politicians and highly-placed individuals, said it was usual to strug-gle for political space but such an action should be done with caution know-ing that the country would need to remain strong and as a united nation for the good of all citizens.

"When I listen to some comments by some high-ly-placed individuals, I feel sorry for this country. There are some of us who while struggling to get what we desire; we have even forgotten that we can-not get that if we destroy our country.

"So, if we come togeth-er, while pursuing what-ever achievements we want, I am sure we will overcome Boko Haram. I believe that we don't have any other country than Nigeria.

"We were able to defeat Ebola because all Nige-rians agreed together in waging a war against the disease. That is the strength of unity," Jona-than stated.

The president attrib-uted the challenges facing the country, whether kid-napping or Boko Haram, to the fact that Nigerians

Nation's woes, self-inflicted, says Oritsejaforhave not united to fight them.

He said the armed forc-es had done quite well and only needed the encour-agement from Nigerians to do better.

"Let's commend the se-curity services because if some of you know what they pass through, the sabotage and all other things, you will appreciate the little they have done," he added.

He told the congrega-tion that what makes Nigeria great was not its oil and abundant natural resources but the strength and resilience of its peo-

ple."Nigeria is a poor

country if you look at the resources and the popu-lation. What makes us great is the strength and resilience of our people," the president said.

Jonathan, his wife, Pa-tience; his mother, Eunice and other top government functionaries joined the procession for the com-mencement of the church service at 2.58pm.

In his sermon, Presi-dent of the Christian Association of Nigeria (CAN), Pastor Ayo Oritse-jafor, prayed for God to use the occasion of the Inde-

pendence Day celebration to bring back peace and unity to the country.

He explained that all the problems Nigeria was facing as a nation were self-inflicted, including corruption and terror-ism, perpetrated by Boko Haram.

He said corruption in Nigeria was caused by poverty and greed as many people are not sat-isfied with what they have.

According to him, the country's woes are also caused by those who are desperate to take power.

Oritsejafor who said Nigeria was being trou-

bled by Nigerians, added: "Troublers of Nigeria, get ready for judgment. It doesn't matter what level you are, the judgment of God will find those who are troubling Nigeria."

He, however, disagreed on insinuations that the level of terrorism in the country was as a result of poverty, saying; "Terror-ism is not fuelled by pov-erty, but it can create an environment where more people can be recruited."

Quoting from the book of Acts Chapter 5, the CAN president also warned Nigerian women

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2015: FG suspends talks on Shell, others’ oil lease renewalto be reversed,” the source added.

The oil majors, exclud-ing ExxonMobil, have been locked in protracted negotiations with the government for several years to renew the expired licences, which is done ev-ery 20 years, on many of their onshore and shallow water blocks.

“The vigour with which the talks on the renewal were been pursued earlier has drastically reduced. For the umpteenth time, the negotiations have end-ed in a deadlock. What we hear now is that we may not be called for any meet-ing until the general elec-tion are over,” the source said.

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had in May 2012 pledged govern-ment’s readiness to renew the licences in June of same year, but two years after, there has been no headway in the negotia-

tions.“In order to show our

commitment to a vibrant upstream sector, we have started the renewal of leas-es in good faith… renewals with Chevron and Shell are expected to be concluded by June (2012) at the latest,” Alison-Madueke had said at the signing of licence renewal for ExxonMobil in Abuja in May 2012.

The Exxon Mobil’s re-newal in February 2012, was worth billions of dol-lars, while that of Shell, Chevron, Total and Eni will also be in the same region.

Further checks showed that the stalemate in re-newing the oil leases of other oil majors was oc-casioned by the govern-ment’s inability to pass the controversial Petroleum Industry Bill (PIB) into law.

“The government does not look optimistic on the renewal of these oil blocks leases before the passage of the PIB and you are aware that the National

Assembly on the other hand, does not look opti-mistic about the passage of the bill.

“Possibility of talks on the renewal in 2014 is very faint and except a miracle happens there is not going to be further negotiations until after the general elec-tion,” the source said.

A top official of the Ministry of Petroleum Resources, who spoke to New Telegraph on the transaction, said: “I can tell you that negotiations and meetings have been held on several occasions at several times in Abuja and elsewhere between representatives of govern-ment, led by the Minister of Petroleum Resources, Alison-Madueke and the representatives of each of the International Oil Companies (IOCs), name-ly Shell, Chevron, Eni and Total. But they have not been able to come up with a way forward.

“This situation is not good for the business of

oil exploration and exploi-tation and it is the major reason why many are now saying that the licences might not be renewed un-til after the passage of the PIB, which is likely to in-crease royalties and taxes, becomes law,” the official stated.

Meanwhile, spokesper-son for Shell, Mr. Precious Okolobo, declined to com-ment on the negotiations when New Telegraph called him for more detail.

It was, however, gath-ered that the delay in concluding the deal was partly responsible for the ongoing divestment spree of these leases by the IOCs.

“Most of these leases are being divested. You are aware of the sale of stakes by Shell, Chevron, Total and Eni because I read this often in your newspa-per and what I can add to that is that the negotiation may become fruitless and may be discontinued by the time all the leases are sold,” the source added.

L-R: Executive General Manager, Total’s Egina Project, Mr. Jean-Michel Guy; Chairman, Seadrill Nigeria Limited, Mr. Tony Elumelu; Chief Executive Officer, Tenoil Petroleum and Energy Services Limited, Mr. Tony Chukwueke; Senior Vice-President for Africa and Middle East, Seadrill Limited, Mr. Eduardo Antonello and Executive Secretary, Nigeria Content Development Management Board, Mr. Ernest Nwapa, at a function in Geoje, South Korea...at the weekend.

Monday, September 29, 2014 5NEWS

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Nation's woes, self- inflicted, says Oritsejafor

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Johnchuks Onuanyim

Ahead of the All Pro-gressives Congress (APC) presidential pri-

maries, supporters of for-mer military Head of State and a leading contender for the party's ticket, Ma-jor General Muhammadu Buhari (rtd), have intensi-fied efforts to ensure his emergence as the party's consensus candidate.

Prominent members of the party and an ardent supporter of Buhari, who pleaded anonymity, said it would be in the best inter-

est of the party, which has fixed December 2 for the presidential primaries, to allow its standard bearer to emerge through the con-sensus option.

Doing so, they told New Telegraph in separate in-terviews at the weekend, would reduce the likely rancorous fallout of the presidential primaries that could negatively affect the party's chances of winning the 2015 presidential elec-tion.

So far, five APC chief-tains of the party have in-dicated interest to contest

for the presidential ticket of the party; and among the five, only former Vice-President Atiku Abubakar has officially declared his interest.

Others nursing presi-dential ambition in the party are Kano State Gov-ernor, Dr. Rabiu Kwank-wanso; his Imo State counterpart, Chief Rochas Okorocha and the Publish-er of Leadership Newspa-pers, Mr. Sam Nda-Isaiah.

The party is adopting indirect primaries to elect its presidential candidate and others vying for elec-

tive posts in the 2015 gen-eral election.

However, one of the par-ty chieftains said given the array of party members that had indicated interest in running, it would be dif-ficult for the party to hold presidential primaries that would be devoid of rancour.

The source said: "Hav-ing carefully examined the constitution of our great party, the APC, especially Article 20 and the Elector-al Act 2010, one comes to the inevitable conclusion that it is better to adopt

consensus in electing our candidates for House of Assembly, House of Rep-resentatives, Senate, gov-ernor and presidency and where it fails we adopt di-rect primary.

"It is on the record that more than 80 per cent of the ward, local govern-ment area and state con-gresses which produced the current executive of our great party were con-ducted through consensual arrangement. And more than 95 per cent of the cur-rent National Executive Committee members were

L-R: Member representing Ikwerre/Emohua Federal Constituency in the House of Representatives, Hon. Andrew Uchendu; Rivers State Governor, Mr. Chibuike Amaechi; newly-elevated first class traditional ruler of Emohua, Eze Oha V. B. Okor and another chief, after the conferment of chieftaincy title of Ugwugwu of Emohua (Pride of Emohua) on the governor in Rivers State…at the weekend

Buhari supporters intensify scheme for consensus candidacy

elected via consensus." The source wondered

why the party leadership would not adopt consen-sus, which he described as a more pragmatic, less conflict-prone and time saving mode of election.

"When one considers the bitterness, rancour and bad blood indirect primaries will most likely generate, it becomes safer to work towards a consen-sual agreement.

"We must at all time bear in mind that we are being hunted and that those who boasted to rule Nigeria for 60 years unin-terrupted are still hell bent on scuttling the yearnings and aspirations of Nigeri-ans for genuine ideological regime change.

"We must take note that our challenger, the ruling party, has just announced the nomination of the in-cumbent president as its candidate by consensus means and they had com-menced presidential cam-paign with vigour and dex-terity," the source stated.

New Telegraph also learnt that one of the understandings Buhari reached with the leaders of the legacy parties before the merger of the All Nige-ria People's Party (ANPP), Congress for Progressive Change (CPC) and Action Congress of Nigeria (ACN) was to give the former mili-tary ruler preference in the party’s presidential ticket.

A top member of the party said the APC leader-ship was disposed to the Buhari’s candidature, but

to desist from shielding their husbands who are guilty of perpetrating crimes against the coun-try.

Oritsejafor who called on the need for deliber-ate steps to be taken to de-radicalised those who are radicalised because of extremist religious beliefs, also rally support for the military.

The first reading was taken from the book of 1 Sam 30: 1-19 by Justice Walter Onoghen of the Supreme Court while Sen-ate President David Mark took the second reading from the book of Mark 4:35-41.

A special prayer, which was sent in from the Cath-

olic Pontiff, Pope Francis, was read at the service.

Meanwhile, as military operations to rout Boko Haram from the North-East intensify, New Tele-graph gathered yesterday that Konduga, a town about 35 kilometres from Maiduguri, the capital of Borno State, has remained the hottest battleground between troops and sus-pected insurgents.

A military source, told New Telegraph that Boko Haram fighters, had con-tinued to make fierce at-tempts at overrunning Konduga, which he said they needed to use as a launch pad to attacking Maiduguri.

According to the source, another daring

attack on the town was repelled by troops on Fri-day, leading to the death of scores of the fighters and recovery of sophisticated weapons, including a T-55 tank.

"The terrorists do not seem to be giving up on their dream of taking Konduga, despite the huge losses they are suffering.

"Just on Friday, troops killed dozens of them in Konduga, and recovered a T-55 multi-barrel tank and other hardware," he added.

Troops in Konduga had about two weeks ago killed a Boko Haram chief, identified as Mohammed Bashir, who had posed as the leader of sect, Abuba-kar Shekau.

A prominent insurance icon and Executive Vice Chairman, In-

dustrial and General In-surance (IGI), Chief Remi Olowude, is dead.

The top underwriter, whose company grew from scratch to become one of the biggest in the industry, with branches in at least two African countries and with major presence in oil and gas, took ill some months back and was sub-sequently flown abroad for treatment.

Olowude was said to have passed on in the early hours of yesterday in a hospital in the United States.

A statement sent to New Telegraph from the company confirming his

IGI boss, Remi Olowude, dies at 63

The late Olowude

passage, said the fam-ily would make an official pronouncement on his pas-sage soon.

"All I can confirm to you at the moment is that our Executive Vice Chairman and Chief Executive Of-ficer, Mr. Remi Olowude, OON, has passed on.

"Further details will be

contained in a statement to be issued shortly by his family and the manage-ment of IGI Group, which he founded," it said.

Born in 1951, the late Olowude bagged his first degree in Economics from the University of Lagos (1970-73) and further pro-ceeded to the University of Santa Clara, California, United States (1976) for his post graduate degree. He is also an Associate of the Chartered Insurance Insti-tute of London.

A self-motivated achiev-er, Olowude has deployed his multi-disciplinary background, professional-ism and vision to build a conglomerate with inter-ests in various sectors of the Nigerian economy.

Monday, September 29, 201466

Monday, September 29, 2014 7

NEWS Monday, September 29, 20148

lNorthern govs fault ACF's claim lAPC to Jonathan: You’re playing politics with Chibok girls

lEkweremadu, Eze set for showdown with Chime

DSS beefs up security over Boko Haram attack

Crisis brews in Enugu PDP over consensus candidate

Temitope Ogunbanke and Dan Atori

The Department of State Service (DSS) has tightened se-curity around its

headquarters in Abuja, formations and offices nationwide, New Tele-graph has gathered.

The development fol-lowed intelligence re-

ports indicating planned attacks on DSS forma-tions and personnel by Boko Haram elements.

A senior personnel of the secret service, who confided in New Tele-graph, said intelligence gathered by operatives, coupled with informa-tion from statements made by detained sus-pects, showed that Boko

Haram was planning to launch coordinated at-tacks on DSS.

Consequently, the se-curity source disclosed that an internal memo from the headquarters had been sent to direc-tors, commandants of training colleges and other senior heads, to beef up security around all facilities as well as

charging personnel to be more security conscious.

He stated that person-nel were advised to stay in quarters provided for them, and be more vigilant, even as combat-ready operatives, are said to have put on red-alert, to prevent any attack.

His words: "Available intelligence points to plans of a possible at-

tack by the terrorists on our formations and per-sonnel.

"In fact, they plan to get our personnel, espe-cially female ones, to de-humanise and possibly, post same on the internet.

"In order to make sure their latest evil plot fails like previous ones, we have placed our opera-tives on red alert, and we have also increased our surveillance and patrols.

"An internal memo has gone round, and our Ops (operations) and Intels (Intelligence) per-sonnel, are in their usual best," he said.

Meanwhile, the North-ern States Governors’ Forum (NSGF) yesterday faulted the Arewa Consul-tative Forum (ACF) over its claims that northern governors rejected rec-ommendations on how to end Boko Haram in-surgency as unfortunate.

Chairman of the Fo-rum and Governor of Niger State, Dr. Mu’azu Babangida Aliyu, in a statement signed by his Chief Press Secretary, Israel Ebije, insisted that northern governors made wide consultations towards charting a se-curity roadmap for the region on how to end in-surgency.

Aliyu stated that un-provoked allegations against the NSGF is un-fair.

Also yesterday, the All Progressives Congress (APC) accused the Jona-than administration of seeking to negotiate the timing of the release of the Chibok girls to create a maximum public rela-tions boost for itself.

APC in a statement in London by its National Publicity Secretary, Alh-aji Lai Mohammed, said the clearest evidence of the government's manip-ulation of the girls' re-lease came during Presi-dent Goodluck Jonathan's recent visit to New York to attend the UN General Assembly.

APC said: ''What should be paramount is securing the release of the girls as soon as pos-sible, not securing their release to fit with a sched-ule that benefits Jonathan politically. For the girls, their parents and indeed all good people of Nige-ria, this abduction saga has been a nightmare. It is time for it to end.”

The party called on the government to secure the release of the girls, not-ing that nothing is too much to do to get the girls back home safely.

Onyekachi Eze, Chukwu David and Uwakwe Abugu

The choice of a mem-ber of the House of Representatives, Hon.

Ifeanyi Ugwuanyi, as the consensus candidate of the Peoples Democratic Party (PDP) for the February 28, 2015 governorship election in Enugu State is causing disquiet in the state chap-ter of the party.

Ugwuanyi, a three-term member of the House of Representatives represent-ing Igboeze North/Udenu federal constituency, was announced as preferred candidate by Governor Sullivan Chime on Friday after a meeting of the party caucus in the Government House.

Investigation by New Telegraph shows that the development did not go down well with some gov-ernorship aspirants who felt that Ugwuanyi's emer-gence lacked wide consul-tations.

A source, from the camp of one of the aspirants, told

one of our correspondents immediately after the meet-ing that the governor's deci-sion was not acceptable to them, describing it as "uni-lateral and undemocratic."

The party has zoned its governorship slot to Enu-gu North senatorial zone. This had pitched the gov-ernor against the Deputy President of the Senate, Ike Ekweremadu, who was nursing governorship ambition.

Ekweremadu has since abandoned his governor-ship ambition, and is reportedly fronting Chin-edu Onuh, who represents South-East in the TED-FUND as his preferred candidate.

Ekweremadu's camp did not attend Chime's meeting where Ugwuanyi was adopted as a consen-sus candidate.

Apart from Onuh, the Speaker of the state House of Assembly, Eugene Odo; Chairman, Senate Com-mittee on Works, Senator Ayogu Eze and PDP state chairman, Vita Abba, had

indicated interest to run for the governorship.

With the development, Eze has vowed not to step down for any governor-ship aspirant in the 2015 election.

Addressing journalists in Abuja yesterday, Eze denied stepping down for a consensus candidate al-legedly chosen by stake-holders in Enugu.

His words: "I wish to state clearly and unambig-uously that I have not and will not step down for any anointed candidate. I'm still squarely in the race for the Enugu Lion Build-ing in the year of our Lord 2015.”

He admitted of being part of the meeting but did not support its outcome. “I was invited to a meeting of a gathering of the people of my senatorial district presided over by the gov-ernor at the Governor's Lodge in Enugu on Friday September 26.

"Prior to our arrival at the Government House that Friday afternoon, the

agenda of the meeting was not circulated. Neither was the criterion for selecting those attending the meet-ing made known to me.

"At the meeting, I point-edly stated that though I was already in their midst in a sort of an ambush I was not bound by their de-cision, to which I believe they were entitled.

"Democracy is about elections and the will of the people. Those elements of democracy will be put to test when we arrive the field for the primaries on November 29,” the senator stated.

He said he would accept the outcome of the prima-ries.

Former national chair-man of PDP, Dr. Okwe-silieze Nwodo, yesterday declared the emergence of Ugwuanyi as “a politi-cal master stroke by the Enugu North leaders who have successfully warded off political invaders keen at taking away the position zoned to us by the state PDP”.

L-R: Lagos State Governor, Mr. Babatunde Fashola; his Ogun State counterpart, Senator Ibikunle Amosun; his wife, Olufunsho; former President Olusegun Obasanjo and Chief of Staff to President Goodluck Jonathan, Brig.-Gen. Jones Arogbofa, at the 60th birthday service for the Founder/President, Living Faith Church World Wide, Bishop David Oyedepo, in Ota, Ogun State…at the weekend

that the consensus option was never discussed before the formation of the party.

“We are working to en-sure that Buhari gets the party ticket in a free and fair election. Unfortunate-ly, many of those support-ing Buhari are not helping matters. They have no stake in the party to ensure that Buhari wins the party primaries on December 2,” the source said.

One of the political asso-ciates of Buhari, Mr. Osita Okechukwu, justified why they are pushing for the former head of state as a consensus candidate.

He said: “Consensus is contained in the APC Con-stitution under Article 20 which states that in elect-ing officers or any candi-dates for the party, con-sensus should be explored and it must be affirmed so that it doesn’t become an imposition. But there are other two options: Direct or indirect primaries. So, any of them can be used in conducting election in the party.

“But we are advocating consensus so as to remove bitterness, rancour and ill-tempered that direct or indirect primaries might generate for a new political party like the APC.

“The National Execu-tive Committee (NEC) of the Peoples Democratic Party (PDP) has already ad-opted President Goodluck Jonathan through consen-sus as the sole candidate and the party has started campaign.”

Speaking on why Bu-hari supporters are advo-cating for his adoption as the consensus candidate, Okechukwu said: “Buhari is the face of the APC. If you nominate any of the other aspirants, it will more or less be like PDP vs PDP.

“The bond between Bu-hari and the masses and the middle class is celestial because of his antecedent. In a micro CPC, he won 12 million votes in the 2011 presidential election, so what he needs is a broader platform which the APC represents.”

Buhari supporters intensify scheme for consensus candidacy

CONTINUED FROM PAGE 5

jured after I fell off the motorcycle. A policeman, who was not wearing uniform, tried to arrest the motor-cycle while it was on motion. It was a terrible experience.”

The woman described the directive restricting tricycle riders from ACME route as “partial and wicked”.

“How do they expect traders to transport their goods? How do they want the riders to feed their families? It is unfair,” she added.

The motorcyclist, Mr Michael Ede, whose motorcycle was seized by the policemen after he escaped with his bleeding legs, said he was tired of life.

Ede said that after the sudden or-der that tricycle riders should not operate on ACME Road, he became tired of watching his wife and chil-dren go hungry, without being able to provide for them.

On that fateful Thursday, after waiting till sundown, he said he decided to bring out his motorcycle to make some money, just to feed that night.

Ede reasoned that since it was sundown, policemen would have left the roads, but he was mistaken.

He said: “Lagos is now hell to live in. My motorcycle has been seized. How do they want me to feed my family and pay my children’s tu-ition fees?

“The policemen were not even in uniform. So how do I know if they were police or not? My legs were badly injured when I and my pas-senger fell off the motorcycle. The policemen did not even care if we are going to lose our lives.”

A witness, Bisi Odukoya, said that the policemen had been arrest-ing tricycle and motorcycle riders

since 3:30pm that afternoon.She said: “A policeman, who was

not wearing uniform, arrested a man who appealed on behalf of the injured people.”

The names of some of the officers present at the scene were: Ezemou Abiodun and Ayodele Makinde.

Commuters pleaded with the state government, to re-instate the movement of tricycles and motor-cycles on ACME Road.

Similarly, tricycle operators at Estate Unit, Alapere Ketu area of the state, have also implored the government to look into their case.

According to them, most money they make goes into paying dif-ferent levies. These levies were imposed on them by the National Union of Road Transport Workers (NURTW).

Mr Peter Adoka, a tricycle rider, accused the chairman of cheating them every time.

He said: “Without a ticket, we can’t work. The NURTW has in-creased the amount of the ticket from N650 to N850 every day. The tickets are compulsory and how much are we really making any-way?

“The chairman also makes it compulsory for tricycle operators to contribute money for end of the year party. If we refuse to pay, they beat us up and seize our tricycles. Policemen are the major problem we encounter because they gave an instruction that we should not start work until 4pm and when it is 10pm, we are supposed to stop work for the day.”

Adoka added that any tricycle operator found working before 4pm or after 10pm, would be made to pay N2,500 fine.

Another operator, Mr Bamiro Bola, said he was thinking of leav-ing the job since the money paid to the police, the chairman and NURTW was more than the profits they made daily.

He said: “The cost of fuel in a day is always more than the gain. The policemen are not even helping mat-ters. They give us too much trouble. In other tricycle units, police there permit them to work till midnight. But in our own unit, it is different.

“Local government should be in charge of collecting money from us, not NURTW. If it is local government officials, we pay less.”

Mr Uche Ike, who corroborated the views expressed by colleagues, said he was still rider because he still made a little profit to take home.

“The police are one of our major challenges here. They are frustrat-ing us. They instructed us not to work at will, saying we use our tri-cycles to steal from people. This is not true.

“It is not possible for us to steal with tricycles. It is only possible to steal with motorcycles not tricycles.”

Sinmiloluwa Sokunbi and Ayorinde Durojaiye

A commercial motorcyclist and a female passenger almost lost their lives when policemen at-tempted to arrest the rider on

ACME Road, Ogba, Lagos. The policemen were said to be

enforcing the restriction on tricycle operations on ACME Road by the Commissioner of Transportation, Mr Kayode Olaifa.

The passenger, who gave her name as Mrs Cynthia, said the policemen tried to grab the motorcyclist at ACME junction on Lateef Kayode Jakande Road, Agidingbi.

According to her, the motorcycle summersaulted in the middle of the road while the rider was trying to evade arrest.

Cynthia said that but for divine in-tervention, the vehicle coming behind would have crushed her and the rider to death.

She was, however, thankful that she only sustained injury while blood was running down her hand and clothes.

The incident happened at exactly 5:30pm on Thursday as passers-by, commuters and sympathisers gath-ered at the scene.

When our correspondents got to the scene, some of the policemen wearing mufti, stood at the bus stop, pretending to commuters. But those in uniform sat in their van.

Cynthia narrated how she and the motorcycle rider were brutalised and left with open wounds in the middle of the ever-busy road.

She said: “It is only the Almighty God who I serve that saved me from death this afternoon. I was badly in-

monDay, September 29, 2014

NEW TELEGRAPHwww.newtelegraphonline.com/metro

abIoDUn beLLo FEATURES EdiToRabiodun. bello@newtelegraphonline.com; otuntise@yahoo.co.uk0802 393 8212

Lagos is now hell to live in. my motorcycle has been

seized. How do they want me to feed my family and pay my children’s tuition

fees?

Restriction: Riders, commuters bemoan police excesses

9

Cynthia showing her injured hand Ede, inset: Ede’s injured leg Photos: tony eguaye

Alams

Uwakwe AbuguEnUgU

Four persons inside a commercial tricycle popularly called Keke NA-

PEP died at the weekend during an accident involving two trucks in front of the Innoson Industries at the Emene Industrial Area, Enugu.

A witness said yesterday that the trucks mangled the tricycle and its occupants.

The accident drew a crowd while many sympathisers, especially women, wept at the sight of the dismembered bodies of the victims.

The crash, according another witness, occurred at an area where a construction firm, New Idea Con-struction Company Limited, is cur-rently working to fix the road from Enugu to Abakaliki in Ebonyi State.

Many of the residents of the area called on the Federal Government to extend the road into a dual car-riageway.

The tricycle, some witnesses said, was caught in between a tank-er with registration number, Lagos XR561KRD bearing oil and a lorry marked Kogi XB175KNE.

For over three hours, the inci-dent caused a gridlock on the road.

Four die as trucks crush tricycle in Enugu

Musa PamJos

The Speaker, Plateau State House of Assembly, Titus Ayuba Alams, has

advised youths to desist from drink-ing alcohol, which, according to him, is capable of destroying their future.

Alams made the appeal yester-day in Jos during the presentation of an award by the Irigwe Youth Movement to the Deputy Chief Whip, Ado Audu Adere, represent-ing Irigwe/Rukuba Constituency in the Assembly.

The event was held at the Hillsta-tion Hotel.

The speaker said alcohol would cut short their destiny without al-lowing them to contribute mean-ingfully to the development of the society.

Alams urged the Plateau youth to take a cue from the exemplary life of former Head of State, General Yakubu Gowon.

He said: “Gowon, who is a Plateau man, made us proud by assuming the leadership position of this coun-try at very tender age. If Gowon had allowed alcohol to control his life he would not have become the head of state.

“I am appealing to all Plateau

youths to desist from vices capable of destroying their lives and contrib-ute to the development of the state.”

The speaker, however, commend-ed Irigwe Youths’ leaders for efforts aimed at building an Educational and a Vocational Multipurpose Youth Centre.

Adere, who was given the award of “Selfless Service” by the youth, said he would continue to work for the betterment of the entire people of his constituency.

He said: “I will continue to do ev-erything possible to support mean-ingful projects for my people.”

speaker warns youths against alcohol

go with him to Isale-Eko. I was told on phone that he had been shot dead.”

Ibrahim added that the late Rilwan was an easy going per-son.

“I was told that they shot him and his friends at spot where they were eating at the PDP ral-ly at Isale-Eko that fateful day,” Ibrahim said.

Junior Apatira, who said he was a very close friend of the late Rilwan, said he tried to stop the deceased shortly before he

was killed.He said: “On that fateful day,

I was in my mum’s shop at Ap-atira when I saw Rilwan walk past, I tried to stop him but he did not wait. By then I did not know what was happening at Isale-Eko. A few minutes later, I saw his call. But when I picked it, to my surprise, I heard a dif-ferent voice entirely. The person asked me if I was Sobo and I said yes.

“The caller then asked me to go and pick the body of my

friend because he had been shot dead. That was how I dashed out to inform his elder brother.”

Also, the late Obabiolorun-osi’s sister, Mrs Kehinde Gba-jabiamila, said the family had done everything possible to get the police to release his body but to no avail.

She said: “My late brother was a staunch supporter of PDP. I see no reason why someone will kill his fellow human being.

“We are three from our mother and he was the only boy

Release our brothers’ bodies, families beg policeTaiwo Jimoh

Relatives of the Peoples Democratic Party (PDP) supporters killed during a clash with their All Pro-

gressives Congress (APC) coun-terparts at Isale-Eko, Lagos, have called on the Commission-er of Police, Kayode Aderanti, to release their bodies.

The deceased were identi-fied as Rilwan Saka (19), Nureni Obabiolorunosi (25) and Ogede Akeem.

The families of Saka and Obabiolorunosi told our corre-spondent yesterday that those killed were not political thugs as being insinuated.

On September 21, the PDP and APC supporters engaged in a free for all after the visit of President Goodluck Jonathan. At the end, six persons lost their lives.

Saka’s brother, Ibrahim Saka, appealed to the police commis-sioner to release the body for immediate burial.

He said: “We are Muslims. We are not interested in pursuing any court case, because we were told by the police that the party had taken the matter to court.

“The late Rilwan was just a victim of circumstance. On the day of the incident, he was with me inside my room, eating rice. When I was going out, I told him not go out.

“When I came back, I was surprised that he was not inside the room. I called him immedi-ately on his phone to know his whereabouts only to be told that one of his friends asked him to

The Late saka Aderanti

gov. sullivan Chime

Flora Onwudiwe

At the third quarterly ‘route march’ exercise organised by

the Naval Training Command (NAVTRAC), 1,000 naval person-nel were screened for the Ebola Virus Disease (EVD).

The screening preceded a 10-ki-lometre walk.

As early as 6 am on Saturday, the officers trooped out from NNS Quorra parade ground and walked as far as Liverpool and detoured at Apapa roundabout to find their way back to base.

The Navy Band was on hand to aid the ever-ready combat-ant men and women, who were chanting war songs, while an am-bulance was trailing them.

At the parade ground, an of-ficer took them on various exer-cises.

The Flag Officer Command-ing (FOC), NAVTRAC, Rear Ad-miral Goddy Anyankpele, who spoke through the acting FOC, Rear Admiral Adeniyi Osinowo, expressed satisfaction over the performance of those who par-ticipated in the exercise.

He said: “I am indeed highly impressed by our conduct… An exercise of this nature demon-strates one thing: if we decide to move together, we can accom-plish much more than you can

individually. I wonder how many of us will tell you individually to take a 10-kilometre walk on a morning like this.

“But what we have experi-enced this morning, we could see that we can do it together without any feeling or fatigue or anyone dropping; that in itself goes in line with (the vision of) those who es-tablished Nigerian Navy with the motto: Onward together.”

Osinowo said the exercise was part of annual schedule.

“The route march is among those evolutions that we conduct on a quarterly basis; that is at

the command level, not only to demonstrate the spirit of sports-manship, but also that of espirit-de-corps.”

According to him, the route march is part of the naval age-long tradition that has had an impact on the men and women who have demonstrated the abil-ity to move together.

“You could see the morale of men as they sang all through without anybody dropping. It shows that even on board the ship, which is the basic unit of the Navy, that is the way we are expected to fight,” he added.

Ebola: Navy screens officers at route march

naval officers during the march

Monday, September 29, 201410 METRO

METRO

Agbelusi goes home Oct 2

Muritala Ayinla

LAGBUS Asset Manage-ment, a mass transit bus service company provid-

ing intra-city bus transporta-tion in Lagos State, yesterday said it had commenced the training of 80 women recently recruited to drive the buses.

The company also said that it had begun the retrain-ing of 998 Lagbus drivers also known as captains to sharpen their driving skills and keep them abreast of the new driv-ing technology.

It was gathered that out of the over 200 female applicants who applied to drive the mass transit buses, 80 of the women were short-listed.

Speaking during the train-ing of the fourth batch of captains at the Public Service Staff Development Centre, Magodo, the Managing Direc-tor, LAGBUS, Mr Babatunde Disu, said the firm was com-mitted to creating a modern, secure and sustainable bus transportation service de-signed for the special needs of Lagos while also providing equal opportunities for the fe-male gender.

He said: “I think it is impor-

tant that we bring our drivers out for training to update and improve their skills and also to keep them abreast of the technology in the industry. As much as we want to keep the bus running, it is impor-tant that we train and retrain them on a quarterly basis.

“We are training about 998 captains. For Lagbus alone, we have about 400 captains and we have other captains from our franchise operators. It is part of effort to ensure that those behind the wheel

have the right attitude and skills to manage the buses.”

The General Manager, Fleet Operation, LAGBUS, Mr Seyi Osiyemi, said the recruitment of the female drivers was to create equal opportunity for the women.

He said: “We employed the female drivers to encourage the women who have inter-est in driving the Lagbus buses. I can tell you now we have currently about 80 of them. They will be starting the driving training from the

A renowned Professor of Dentistry and deaconess at Yaba Baptist Church Yaba, Prof Gbemisola Agbe-

lusi (nee Seton) is dead. She worked at the Department of Dentistry and

Maxilo Facial Surgery, Lagos University Teaching Hospital (LUTH), Idi-Araba, Lagos.

Mrs Agbelusi died during a brief illness on September 24, at the age of 56 years.

According to burial arrangements released by the family, the burial rites commence with a wake at 5:30pm tomorrow at the Yaba Baptist Church, Yaba. Her remains would be committed to mother earth on October 2, at Atan Cemetery, after a funer-al service by 10am, also at the Yaba Baptist Church.

Agbelusi, who is survived by two children, will be remembered for her passion for the work of God and humanity.

Lagos trains 80 female Lagbus drivers, 998 others

Nigerian women have been advised to pray fer-vently for a strong, steady and reliable home and not to engage in incessant fighting and

quarrelling.Rev Lucky Omenoku of the Christ Majestic

Gospel Mission gave the advice as guest speaker at the Daughters’ of Zion Annual Women Conven-tion of the God’s Covenant Christian Assembly (GCCA).

The convention, with the theme: “Total Recov-ery,” was held recently on the church premises at Asheshe Street off Jakpa Road, Effurun, Uvwie Local Government Area of Delta State.

Mrs Omenoku specifically urged the women to develop a strict recovery spirit with determined vigour.

She said: “Do not fold your hands for your en-emies to bastardise and laugh at you uncontrol-lably.”

The guest speaker also urged the women to for-give and pray for those that offended them, adding that un-forgiveness could make the enemies to fight them.

According to her, killing, stealing, maiming and destroying others are the works of the devil.

She added that well-coordinated prayer could change everything to favour them once they be-lieved steadily and fervently in God.

Omenoku explained that women should al-ways believe in God and not man during trouble comes, adding that they should avoid running from pillar to post.

She added that women should never be dejected because they could rise again “for every cham-pion was once a looser”.

“If a man laughs at you, God wants to make you, provided you jealously and rigorously guide your thoughts, words, and have self-encourage-ment,” she said.

As part of activities marking the convention, the Daughters’ of Zion of the GCCA visited the central hospital, Warri, and prayed for the sick as well as the orphanage home to show care and love.

The women were led by the wife of the General Overseer, Mrs Vivian Arutere.

The women also donated office chairs, among other items, as part of thanksgiving.

Pray for stable homes, cleric urges women

Some of the drivers during the training

scratch. These ladies do not have driving experience. We will first train them to drive a car; then we will train them to drive a bus after which they will learn how to drive the big bus.

“As part of that, we have signed agreement with a driving school to train them on how to drive a car and a small bus. Then they will be transferred to our own driv-ing school where they will be trained on how to drive a bus.

“We expect this process to take between three and six months. The ultimate plan is to have them drive the Lag-bus, the red bus. It takes a lot of time for people to embrace it.”

Osiyemi said the compa-ny would also recruit more male drivers because it was refurbishing 180 buses which would be added to the fleet.

According to him, 40 of the buses have been added to the fleet while the remain-ing 140 buses will be added by the end of the year.

Meanwhile, during the training, the drivers were admonished to desist from driving when under stress. They were also urged not to discuss with their passen-gers whenever they were driving.

save my life, land from OPC, man tells MankoJuliana Francis

A land owner in Lagos, Don-ald Agu, has appealed to the Assistant Inspector

General of Police (AIG), in charge of Zone II, Mr Umar Manko, to save his life from people suspected to be Oodua People’s Congress (OPC) mem-bers.

Agu said the suspected OPC members had taken from him a piece of land at Era village, Otto-Awori Local Government Area.

The man said he had heard dreadful things about mem-bers of OPC and did not want to engage them in anyway.

Agu said that the OPC men were led by two of their chieftains simply identified as Lanre and Omiale.

He said: “I want to get back my land, but I know they would kill me if I try to con-front them. These people are members of OPC. I heard they can kill anybody because of land. I decided to go to the po-lice to intervene in the matter.

“If they want the land so much, they should refund me my N4.1 million, which repre-sents the expenses I had spent on the land.”

According to Agu, he has also petitioned Manko, “in case of anything”.

In the petition, Agu alleged that Chief Augustine Okafor, Alhaji Jubril and Mr. Lukmon Quduni and two others were threatening his life.

He said that the men col-laborated and sold his land to another ‘buyer’.

According to him, the building materials he kept

on the land have disappeared, while the OPC members have allegedly started building.

He said: “All the building materials I bought for the con-struction of my building are valued at N2.5 million. The ce-ment, blocks, iron rods, woods, including N600,000 which I gave to Mr Lukman for the execution of the project and collection of documents from the local government are all gone. All efforts to recover my land and materials have been abortive.”

Agu, a businessman, said that sometimes in 2010 he bought the plot of land from Okafor and when he was about to start building, the OPC group stormed the site.

Before then, he had already given Lukman N600,000 to per-fect ‘omo onile’ receipt. He had also paid youths to clear the land.

“Okafor said he sold the land to only me,” he added.

Agu presented a letter and receipt. The receipt states that Agu paid N800,000 for the land. The receipt was issued on May 10, 2010.

The letter states that: “I Chief Augustine Okafor of H37 Alaba International Market 080 Lagos, collected the sum of N800,000 from Mr. Donald Agu of 88 Olojo Drive, Ojo, Lagos for a plot of land at Era village, Awori…

“The family receipt will be given to him by the family through Alhaji Jubrill…”

Stating his own side of the story, Lukman said he did not know anything about the land.

He said: “I sell building materials. He paid for some building materials and I’m now trying to refund his mon-ey since the materials are no longer needed. He knew that the land had issues. More than three people paid for that plot of land.”

Okafor on the other hand, said he sold the land to only Agu and was surprised by the unfolding drama.

He said: “The truth was that I handed that land to Al-haji Jubril, he showed Don-ald (Agu) the land and Don-ald paid. Later, I didn’t know what happened; Donald said that someone else had taken over the land. It’s only Alhaji who can tell us what trans-pired. The land belonged to my boss, who handed it over to me to sell for him. Donald had dealings with me, but I handed him over to Alhaji, who appor-tioned the plot to him. I have asked Alhaji and he said he did not know anything about another person taking over the land.

“I told Donald to go back to the land and confront the per-son and know who he is and how he got into the land. As far as I’m concerned, that land belongs to Donald.”

The plot of landAgu

The late Agbelusi

Monday, September 29, 2014 11

12 NEWS Sanctity of Truth

Monday, September 29, 2014

Adesina WahabAdo-Ekiti

What could have been an-other orgy of violence

was averted in Ado-Ekiti yesterday, as the quick in-tervention of policemen and soldiers foiled plans by some people to launch a reprisal attack.

It was gathered that the people were support-ers of the former State Chairman of the Road Transport Employers As-sociation of Nigeria, Mr Rotimi Olanbiwonu aka Mentilo.

Olanbiwonu's house and cars were burnt down by irate youths on Friday while protest-ing the assassination of Chief Omolafe Aderiye, a former State Chairman of the National Union of Road Transport Workers.

Following the planned reprisal attack, armed policemen were further deployed in flashpoints in the state capital.

Confirming the inci-dent, a statement issued by the Commissioner of Police, Ekiti State Com-mand, Mr Taiwo Lakanu, said the command had the intelligence report that some hoodlums were

planning further attacks, warning those without any legitimate business in Ekiti to stay clear or face the full weight of the law

The statement, signed by the Command’s Pub-lic Relations Officer, Mr Victor Babayemi, said, “The Ekiti State Police Command is in receipt of an intelligence report that some hooligans within the state and their accomplic-es outside the state are planning to wreck more havoc and disrupt further, the existing fragile peace in the state.”

But speaking yesterday, the Ekiti State Governor, Dr. Kayode Fayemi, said the All Progressives Congress was firmly on ground and will recover the state.

He also appealed to the opposition parties to stop fighting over the APC's petition before the Ekiti Governorship Election Petition tribunal sitting in Ado-Ekiti.

Fayemi spoke at State Congress held in Ado-Eki-ti where the interim chair-man of the party, Chief Jide Awe, was returned as the state chairman af-ter his completion of the mandatory eight years.

Biodun Oyeleyeilorin

Chairman, Senate Com-mittee on Environment

and Ecology, Dr. Bukola Saraki, has expressed worry over the security situation in Ekiti State. He described it as a ma-jor threat to the nation's democracy and political stability.

Saraki, a former gov-ernor of Kwara State not only condemned the vio-lent attack on judges in the state as an affront on judicial independence, but argued that the seeming silence of the presidency and the national leader-ship of the Peoples Dem-ocratic Party (PDP) over the matter should also concern Nigerians.

The lawmaker, in a statement he personally signed and made availa-ble to newsmen in Ilorin, Kwara State capital, noted that the security situation in Ekiti "is an affront to

our peaceful co-existence in our immediate environ-ment and to our nation in general".

He called on the Feder-al Government, the Pres-idency, NJC, NJI, NBA and other relevant private and public institutions to make a pronouncement without delay and con-demn the development in Ekiti which he termed a "criminal atrocity and act of affront to our collective sensibility".

The statement reads: "I am personally wor-ried and concerned as a Nigerian and as a stake-holder in the Nigerian polity. Whether the Ekiti State crisis is APC or PDP driven or is as a result of an act of commission or omission, or whether it is government, group of people or individually driven, I must say without any ambiguity that this is totally unacceptable and should be dealt with im-mediately and decisively.

Babatope OkeowoAkurE

The Peoples Demo-cratic Party(PDP) in

Ondo State has set up a nine-man committee to receive Governor Oluse-

gun Mimiko, who is set to defect from Labour Party(LP) to the party.

The committee, ac-cording to the Director General of National Sports Commission (NSC), Hon Gbenga Eleg-

beleye, is to work out an amicable working ar-rangement between the old PDP members and those coming from the ruling LP.

Elegbeleye said the committee would liaise

with the Presidency, party officials and new members, so that the integration between the two major dominant po-litical parties in the state would not bring any ran-cour.

Yekeen NurudeenABujA

The Judiciary Staff Union of Nigeria (JUSUN) has

dropped its plan to resume its suspended strike on Oc-tober 2, to press home the demand of its members for the implementation of the Federal High Court judgment on the financial autonomy of the Judi-ciary.

National President of JUSUN, Comrade Mar-wan Mustapha Adamu,

who disclosed this in Abuja at the weekend, also condemned the attack on a Judge in Ekiti State, calling on the authorities to probe the matter with a view to bringing to book those behind such shame-ful act.

According to the JUSUN President, the un-ion would soon take a deci-sion on the matter, which he said should not put the Judiciary in a bad light before the international community.

Steve UzoechioWErri

Leaders of the All Pro-gressives Grand Alli-ance (APGA) in Imo

State, have welcomed the exit of Chief Martin Ag-baso from the party as a mark of good fortune for the party.

APGA stakeholders from Owerri Federal Constituency, comprising Owerri Municipal, Ower-ri North and Owerri West, who paid a solidarity vis-it to Captain Emmanuel Ihenacho yesterday at his Owerri residence averred

that Agbaso, who had ear-lier claimed to be leaving the party with over 15,000 followers, is indeed mov-ing to PDP alone as an 'or-phan' with no member of APGA interested in mov-ing along with him.

The group, which had in attendance, members of the State Working Committee(SWC), local government chairmen, ward chairmen, women leaders, youth leaders, aspirants and other chief-tains from the area, was led by Hon. Dan Ikpeazu and Hon. Victor Mere, rep-resenting Owerri North

and Owerri Municipal State Constituencies re-spectively in the Imo State House of Assembly.

They pledged their loyalty and commitment towards actualizing the governorship ambition of Ihenacho whom they described as a beautiful bride in Imo politics.

Ikpeazu, in his speech, insisted that the exit of one man cannot in any manner affect the fortune of APGA, as the party has now grown in strength with Imo fully mobilized to support and vote mas-sively for the party in the

forthcoming elections.He expressed gratitude

to members of the party in Owerri Federal constit-uency for their steadfast-ness and loyalty to APGA, describing their decision to shun the 'self-imposed leader' as a signal that APGA has indeed been repositioned as a the win-ning political platform.

According to him, for a man to sojourn once again in the same party he vowed not to belong again in his life, defines the content of his char-acter and the quality of leader he is.

l-r: Commercial Sales Supervisor, Multichoice nigeria, Mr. Busuyi ogunduyile; nigerian Ambassador to France/ Chairman, Amlyn Petrocon, Amb. olufemi Ani and General Manager, Marketing, MultiChoice nigeria, Martin Mabutho, during the dStv Estate Activation in Victoria Garden City, lekki, lagos …at the weekend

Ekiti: Police foil reprisal

...Saraki condemns violence

PDP sets up nine-man committee to receive Mimiko

Judicial workers shelve planned strike

Agbaso’s exit from APGA is good riddance, says party chiefs

Philip NyamABujA

The House of Repre-sentatives has said its Deputy Speaker, Hon. Emeka Ihedioha acted

in accordance with the House rules in handling the controversial motion on the $9.3 million alleg-edly smuggled into South Africa by two Nigerians

and an Israeli to buy arms for the government.

Chairman of the House committee on rules and business, Hon. Albert Sam Tsokwa, made the clarification at the week-end while addressing the media in Abuja.

Tsokwa denied that the deputy speaker bent the House rules to frustrate debate on the motion, ex-plaining that what Ihedi-oha did was in line with the relevant rules of the House, which do not allow debate on infrastructure, security and investigative related matters.

"The House is precluded from discussing any issue that is pending in court. Our rules also say motions

on infrastructure; security and investigation are not to be debated. The motion on $9.3 million seeks an inves-tigation, so it shouldn’t; it couldn't and mustn't have been debated. That was exactly what happened," Tsokwa said.

According to Tsokwa : "The mover wasn't sup-posed to take it that day, because it wasn't on the Order Paper. He insist-ed on taking it because he said he was away on Speaker's errand. But any matter that is not on the order paper can't be included on the order pa-per. Some members were against taking the motion, but the Deputy Speaker al-lowed him."

He further held that by virtue of parliamentary rules and practices, if any member was not satisfied with a particular decision taken, such a member would call for the House to be divided based on the 'ayes' and the 'nays,' say-ing walking out was not appropriate.

"The decision wasn't taken on the basis of party. It wasn't all APC members that voted against it and vice-versa. Let me use this medium to call on our lead-ers to stop making provoc-ative statements that will tear this country apart. If you're ignorant of how the House operates, I'll advise that you keep your mouth shut," he said.

Reps clear Ihedioha of complicity in $9.3m arms deal rowiGnorAnCE the House has rules which some lawmakers chose to ignore. And ihedioha ruled against lawlessness

30%the percentage of population under

15 years old in Cape Verde in 2012.Source: un.org

884mthe number of people still using

unimproved sources for drinking water.Source: unesco.org

N1.16bnthe iGr realized from direct assessment sourc-

es of revenue in Akwa ibom State in 2012.Source: national Bureau of Statistics

$9.3m arms deal: reps protest amidst $20,000 bribery allegation / page 17

POLITICSNEW TELEGRAPHnewtelegraphonline.com/politics

ayodele ojo Deputy eDitor, politicsayodeleojo@yahoo.com

MONday, SepteMber 29, 2014

13

the plaintiffs, claimed that allowing Jonathan

and Sambo to contest in the 2015 elections would amount to a breach of the 1999 Constitution which

Jonathan and Sambo swore to uphold

tion. According to them, it would be a colossal waste of resources to allow Jon-athan and Sambo to run, even when they were ineligible to contest.

plot thickensThe plot, however, got thicker a day

after filing the first suit when another set of people approached the same Fed-eral High Court sitting in Abuja with the same request seeking to stop President Jonathan from contesting the 2015 poll.

In the new suit, one of the plaintiffs is a member of the PDP while the other is from the opposition party, the All Pro-gressives Congress (APC).

The plaintiffs, Adejumo Monsuru Aja-gbe (a member of the PDP from Lagos State) and Olatoye Wahab (a member of the APC from Osun State) among oth-ers want the court to restrain INEC and the Attorney General of the Federation (AGF) from allowing President Jonathan to participate in the 2015 presidential election.

In a suit filed by four Senior Advo-cates of Nigeria (SANs), the plaintiffs argued that by the 1999 Constitution (as amended), the president, having con-tested the presidential election twice, won and taken the oath of office and al-legiance twice in respect of that office, he could no longer present himself for

coNtiNueD oN pAGe 15

president Jonathan taking oath of office on May 29, 2011

of years that he has served and can serve as president, in determining the effect of the combined provisions of sections 135(2) (a) and 137(1)(b) of the constitution.

They want an order of the court re-straining INEC from recognising Jona-than and Sambo as presidential and vice presidential candidates of the PDP or any other political party for the 2015 presidential elections.

The plaintiffs, however, claimed that allowing Jonathan and Sambo to contest in the 2015 elections would amount to a breach of the 1999 Constitution which Jonathan and Sambo swore to uphold.

They said that the intervention of the court was required for an interpretation of the provisions of the 1999 Constitu-

Notwithstanding his adoption as the sole candidate of the peoples Democratic party (pDp) by the National executive committee (Nec) in the 2015 election, the adversaries of president Goodluck Jonathan are at work. two different suits, within one week, have been filed to challenge the president’s eligibility for the election, writes tUNde OyeSINa

Arising from the unanimous endorse-ment of President Goodluck Jona-than by the Peoples Democratic Par-ty (PDP) and state governors elected

on the party’s platform, two fresh suits have been slammed on the number one citizen in a bid to stop him from running in the 2015 presidential election.

Crafted and executed by the most dominant and influential political group in the party, the PDP Governors’ Forum succeeded in getting the party’s highest decision-making organ, the National Executive Committee (NEC) to endorse Jonathan as PDP’s sole candidate for the February 14, 2015 presidential election.

The endorsement did not just come to pass without reactions from some poli-ticians within and outside the party. It, however, appears that the endorsement did not go down well with such people as some have headed for the court of law seeking to stop Jonathan from contest-ing. It is amazing that within a spate of three days, two separate suits were instituted with the same subject matter.

First of the suit was filed by Mase Daphine Acho, Saeeq Umar Sarki (both lawyers) and Murtala Abubakar asking the Federal High Court sitting in Abuja to restrain the PDP from fielding Jona-than and his deputy, Namadi Sambo, as presidential and vice presidential candi-dates for the forthcoming 2015 presiden-tial elections.

Joined in the suit were Jonathan, Sambo, PDP and the Independent Na-tional Electoral Commissioner (INEC). The plaintiffs argued that Jonathan and Sambo were ineligible to be elected presi-dent and vice president respectively.

The plaintiffs through their counsel, Mustapha Ibrahim, Abdul Mohammed and Aliyu Lemu argued that by virtue of the Supreme Court’s decision in Marwa V Nyako (2012) 6 NWLR (Part 1296) at 199, both Jonathan and Sambo were not qualified to be elected as president and vice-president respectively.

According to them, Jonathan and Sambo are caught by the provisions of the constitution which state that no per-son can stay in office of the president and vice president for a period beyond eight years.

They submitted that the current hold-ers of the offices of the president and the vice president, at the expiration of their current terms in office would have held their respective office for a period of five years. They also argued

that Jonathan and Sambo had held of-fice for two terms recognised by the 1999 Constitution to wit: (i) the first term was held to conclude the un-expired term of late President Umaru Musa Yar’Adua between May 6, 2010 and 29, 2011;

(ii) the second term is still being served from May 29, 2011 to May 29, 2015.

The plaintiffs, however, asked the court to declare that Jonathan and Sam-bo do not have the capacity to serve as president and vice president respectively for another term of four years after the completion of their current terms in of-fice in view of the combined effect of the provisions of sections 135(2) (a) and 137(b) of the constitution.

They further urged the court to de-clare that Jonathan and Sambo having already spent five years in office as presi-dent and vice president respectively are not eligible to contest for the office of president and vice president for another term of four years thereby amounting to a contravention of the combined provi-sions of sections 135(2) (a) and 137(b) of the constitution.

The plaintiffs want a declaration that the first oath of office subscribed to by Jonathan on May 6, 2010, being the oath of office administered to him to occupy the office of president for the purpose of com-pletion of the un-expired term of office of the late President Yar’Adua must be taken into cognisance in computing the number

2015: Jonathan’s eligibility battle shifts to courts

Drama in Senate over $1bn loan

p-16

The first defendant (Jonathan) is on his first term of four years – if he so

wishes, he can seek the mandate of his political party to contest the

presidential election come 2015

In the past, there have been attempts to stop President Goodluck Jonathan from contesting the 2015 presi-dential election, both on legal and political grounds. The present legal battles are in continuation of the

one started in 2012. That attempt failed.In 2012, one Cyriacus Njoku filed a suit seeking to

stop President Jonathan from contesting the presiden-tial election in 2015.

Delivering judgement in the suit, Justice Mudashiru Oniyangi of an Abuja High Court, declared that the president can contest the 2015 presidential election.

Justice Oniyangi consequently struck out the suit.In the suit, the court was asked to stop the Peoples

Democratic Party (PDP) National Executive Commit-tee (NEC) from sponsoring or accepting Jonathan as a candidate in the forthcoming poll.

Njoku had, through his counsel, Ugochukwu Osuag-wu, asked the court to stop Jonathan from contesting the presidential election in 2015 on the grounds that he was already in his second term in office.

Citing Section 137 (1) (b) of the 1999 Constitution, Njoku maintained that Jonathan could not swear to the Oath of Office three times, having already sworn to same twice – first on May 6, 2010, while assuming the office of president after the death of Umaru Yar’Adua, and again on May 29, 2011– after his victory in the 2011 presidential election.

The plaintiff, a registered member of the PDP in Zuba Ward of the Gwagwalada Area Council in the Federal Capital Territory (FCT), with registration num-ber 1622735, informed the court that he filed the suit after the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, reportedly declared that, “Every intelligent man in the country knows that Presi-dent Goodluck Jonathan is in his first term in office.”

Jonathan had, through his counsel, Mr. Ade Okeya-Inneh (SAN), insisted that he was still in his first term of four years in office as the President of the Federal Republic of Nigeria, in line with the provisions of the 1999 Constitution. Justice Oniyangi, however, held that Jonathan was free to stand for election in 2015.

The judge said the president is still serving his first term in office. Oniyangi started by dismissing the suit on the grounds that the court had no jurisdiction to entertain it because the plaintiff lacked the locus standi to bring the action before the court.

The plaintiff had raised two questions for deter-mination by the court. The questions were: “Whether Section 135 (2) of the constitution, which specifies a period of four years in office for the president, is only available or applicable to a person elected on the basis of an actual election or includes one in which a person assumes the position of president by operation of law as in the case of Dr. Goodluck Jonathan; and “Whether Sec-

tion 137 (1) (b) of the 1999 Constitution, which provides that a person shall not be qualified for election to the office of president if he has been elected to such office at any two previous elections apply to the first defendant (Jonathan), who first took an Oath of Office as substan-tive president on May 6, 2010 and took a second Oath of Office as president on May 29, last year.”

Answering the questions, Justice Oniyangi declared that Jonathan did not contest the 2007 presidential elec-tion, which produced Yar’Adua, adding that he (Jon-athan) only assumed the position of president after Yar’Adua’s death in order to complete the tenure of the late president.

He said: “It is clear to me that the tenure of office of the president is a four-year term commencing from the date he took the Oath of Office and the Oath of Allegiance. “The question is whether the first defendant (Jonathan) was sponsored by the second defendant (PDP) and con-tested in the 2007 presidential election, and whether he was sworn in after the 2007 presidential election?

“Jonathan never contested the 2007 election as the candidate of the PDP – the role of the vice president is clearly spelt out in section 51(b) of the 1999 Constitu-tion as amended.

“After the death of President Yar’Adua, there was no by-election. He (Jonathan) was merely asked to assume the position, and then sworn in.

“Jonathan did not occupy the position after any election; he was made to assume the office for the un-completed tenure of four years of President Yar’Adua.

“The first defendant (Jonathan) is on his first term of four years – if he so wishes, he can seek the mandate of his political party to contest the presidential election come 2015.

“To avoid mischief, this court is not saying that he (Jonathan) is the anointed candidate of the PDP come 2015 or any other political party, but that he can seek the sponsorship of his political party or any other political party of his choice.

“The first defendant is not running his second term; he is on his first term.

“Section 137(1) (b) is only applicable to a person that was elected, and it is not applicable to a person who assumes office like the first defendant to complete the uncompleted tenure of President Yar’Adua.

“The tenure of office of President Goodluck Jonathan did not commence on May 6, 2010, but on May 29, 2011.”

Earlier, Justice Oniyangi had struck out the suit on

Agbaje: They’ve good case but…Mr. Fred Agbaje is human rights activist and lawyer:Having regard to the fact that President Goodluck

Jonathan was first sworn in on May 6, 2010 and now he wants to re-contest, the truth is that I am worried that if he re-contests in 2015 for another four years, it would be above eight years, and that would be unconstitutional because several cases have been decided by the Su-preme Court to buttress the constitution that you can-

not spend more than eight years, and that your tenure starts counting the day you were sworn into office.

In as much I appreciate what the lawyers are doing to define and establish the law and the constitution; I just hope that the court will accord the lawyers locus standi. I am sure at the end of it; they will question the interest of those lawyers in

the ambition of the president. And that would definite-ly mark the end of that case. They might have a good case but the question is: is the lawyer’s case justifiable in view of their locus standi?

Sagay: No law bars Jonathan

Prof. Itse Sagay (SAN) is a former Dean, Faculty of Law, University of Benin:

I think those lawyers are either illiterates or parti-san politicians. Jonathan first started as acting presi-dent and then completed Yar’Adua’s tenure, he didn’t contest any election. So, his own term actually started on May 29, 2011 and he is entitled to two terms. If you look at the constitution, it says you can contest as president on two occasions. So, Jonathan has only contested on one occasion, so he is entitled to seek re-election in 2015. Any lawyer who is bringing such an action is doing so in bad faith; he is a politician who is trying to promote a Northern agenda that only Northerners can contest presidential election; that others are not entitled to it.

There is no provision in the constitution that says that a president should serve for eight years. What the provision states is that you cannot do more than two

terms in office. It doesn’t say eight years; it says you can only be elected two terms in office.

Everybody knows that I am not a supporter of Jona-than, so, I am just saying this because it is fair to follow the law and the Northerners should learn to compete and not to look for advantage and politicking, which they are always doing all the time, just like they are trying to cheat again by getting extra polling units. They are always cheating; let them compete fairly and meet President Jonathan at the poll instead of looking for a way of eliminating him and jumping to office in a fraudulent manner.

Malami: Jonathan, Sambo not qualified to run

Abubakar Malami is a Senior Advocate of Nigeria:By virtue of the Supreme Court’s decision in Marwa

V Nyako (2012) 6 NWLR (Part 1296) at 199, both Jona-than and Sambo were not qualified to be elected as President and Vice-President respectively.

Jonathan and Sambo are caught by the provisions of the constitution which state that no person can stay in of-fice of the president and vice president for a period beyond eight years.

Jonathan has held office for two terms recognised by the 1999 Constitution to wit;

the grounds that Njoku lacked both the locus standi and cause of action to file it. Njoku had claimed that he was moved to file the suit because Jonathan’s claim that he was in his first term was injurious to his (Njoku’s) ambition to contest the presidential elec-tion in 2015. Also, he argued that he had the locus standi to file the suit as a member of the PDP.

However, Justice Oniyangi held that both reasons were not enough to confer Njoku with the right to file the action, noting also that Jonathan had not declared any intention to run for office in 2015.

“The plaintiff (Njoku) intends to justify his cause for action on his being a member of the PDP, and having an ambition to run for president in 2015. All of this has not shown a sufficient cause of action for the plaintiff to pursue his case. Neither is it the time right, nor has the first defendant (Jonathan) declared an interest to seek another term in office.

“Political parties have the duty of nominating can-didates to run for elections – it is clear that a person cannot be a candidate until the political party has con-ducted a primary election. It is after that a person can become the candidate of a political party in an election.

L-R: President Goodluck Jonathan and former President, late Umar Yar’Adua

How previous attempt to stop Jonathan failed

President’s eligibility to contest 2015 poll divides lawyersLawyers are sharply divided over the eligibility of President Goodluck Jonathan to stand as the Peoples Democratic Party (PDP) candidate for the February 14, 2015 election. TUNDE OYESINA and TEMITOPE OGUNBANKE speak to some of them

Agbaje

Sagay

Malami

TUNDE OYESINA examines how previous suit to prevent President Goodluck Jonathan from running was decided

Sanctity of Truth

Monday, September 29, 201414 POLITICS

the first term was held to conclude the un-expired term of the late president, Umaru Musa Yar’adua between May 6, 2010 and May 29, 2011 while the second term is still being served from May 29, 2011 to May 29, 2015.

Toye: Why I’m challenging president’s eligibility

Wahab Toye, a legal practitioner, is a plaintiff in one of the suits:

By the 1999 Constitution (as amended), the presi-dent, having contested the presidential election twice,

won and taken the oath of office and allegiance twice in respect of that office, can no longer present himself for election to that office the third time.

The provisions of sec-tions 132(1), 135(2) (a) and (b), 137(1) (b), 142(1) and (2) and the Supreme Court’s de-cision in the case of Marwa and Nyako (2012) are clear on this.

By the provision of the constitution, the president and vice president, who were elected in the same elec-tion and sworn into office on the same date and at the same ceremony, are in law, taken to have been elected for one single term of four years notwithstanding the death or even impeachment of the president.

That being so, the reference to “two previous elec-

tions” in Section 137(1)(b) of the Constitution includes two previous oath of allegiance and oath of office as president. It is therefore safe to conclude that a vice president, who had taken the oath of allegiance and oath of office for two previous terms as president is, in law, deemed to have been elected into the office of president at two previous elections, thereby standing disqualified to contest another election into that office.

Ajulo: President qualified to contest in 2015

Chief Kayode Ajulo is a lawyer:As it is, President Goodluck Jonathan has one more

election to contest. I am aware of some arguments that if he is allowed to run and wins, he will at the end of the term have spent more than nine years in office as against the constitutional eight years. But it should be noted that the first one year and 23 days were the un-expired term of late President Yar’Adua’s presidency.

Although a lacuna has been created as our constitution is silent on what to do with the ex-tra period used and oath taken, this lacuna has been filed if one takes recourse to United States of America’s (USA) Constitu-tion. Recall that we adopted their Constitution. Section 22 of the Amendment to the USA Constitution limits the term any president could use after

the death of Roosevelt. The amendment also states that whosoever takes over the office from another as in the case of President Jonathan and Yar’Adua should only be eligible to contest another election and not two if the period he spent is more than two years.

If it is less he shall be entitled to contest two elec-tions. In view of this, President Jonathan spent less than two years of Yar’Adua’s unexpired term, and that is one year and 23 days and is just concluding the first term having won the election and is therefore eligible to contest the second election.

Nkwereum: President’s name once on the ballot

Chief Akpan Nkwereum is an Abuja-based lawyer:I believe the 1999 Constitution allows incumbents to

pursue a valid second term but no further. It has been argued elsewhere that Goodluck Jonathan has been sworn into office twice as president and thus cannot re-contest in 2015.

That argument falls flat because the first time he was merely a child of circumstances foisted by the con-stitution upon Nigeria, consequent upon the demise of his predecessor. All he took was the unexpired tenure of the Yar’Adua’s term. Second, to pursue that argu-ment that the remnant of the Yar’Adua term amounts to a first term cannot survive a scrutiny with regards to time and duration of four years, prescribed by the extant and sacrosanct provisions of our Constitution.

Third, the constitution is clear as to one being elect-ed twice and thus cannot be confused with having to take an oath of office upon assuming office.

Fourth, and perhaps most importantly, the president has only had his name on the ballot once as presidential candidate and thus can do so again.

“A member of a political party has legal right to be sponsored or nominated by his political party. Nomina-tion and sponsorship of candidates is an internal affair of a political party.

“The mere fact that the plaintiff is nursing an ambi-tion to become the candidate of his political party does not give him the legal right to challenge the eligibility of another person.

“The plaintiff ’s suit does not disclose any cause of action; at best, it is only the expression of an ambition which is at an embryo stage. It is speculative and the court does not deal on speculations.

“The plaintiff has not shown any harm or injury the said publication (of Abati’s statement that Jonathan was on his first term) has caused him.

“He has failed to show the locus standi to file the action regardless of his ambition and membership of the PDP.

“All the grounds of objection by the defendants suc-ceeded and are sustained. The plaintiff has no cause of action or locus standi and where the plaintiff lacks locus standi, the court has no jurisdiction to entertain the suit.

“The suit is hereby struck out,” the judge declared.

election to that office the third time.They relied on the provisions

of sections 132(1), 135(2) (a) and (b), 137(1)(b), 142(1) and (2) and the Supreme Court’s decision in the case of Marwa and Nyako (2012) 6 NWLR (Part 1296) 199 at 306.

The plaintiffs argued that by the provision of the Constitution, the president and vice president, who were elected in the same election and sworn into office on the same date and at the same ceremony are, in law, taken to have been elected for one single term of four years notwithstanding the death, or even impeachment of the president.

“That being so, the reference to “two previous elections” in Sec-tion 137(1)(b) of the Constitution includes two previous oath of al-legiance and oath of office as presi-dent. It is therefore safe to conclude that a vice president, who had tak-en the oath of allegiance and oath of office for two previous terms as president is, in law, deemed to have been elected into the office of president at two previous elec-tions, thereby standing disqualified to contest another election into that office.”

Posers for court to determineThe plaintiffs had raised five

questions for the court’s deter-mination and are seeking seven reliefs, to include an order of per-petual injunction, restraining the AGF and INEC from accepting as candidate in the 2015 presidential election anybody caught by “two previous election limit and eight-year term limit.”

They asked whether by the pro-visions of Section 135(1)(2) and (2a) of the Constitution, any person holding the office of the president can continue to act in that capac-ity after eight years from the date he/she first took or deemed in law, to have first taken the oath of alle-giance, safe as provided in Section 135(3).

They also asked whether a gen-eral election could be held into the office of the president when the incumbent president will only have spent a cumulative period of six years in office so that his re-election will be for no more than two additional years having regard to the time expressly specified for holding of general election to the

office of president under Section 132(2) of the Constitution and the maximum term allowed any per-son under Section 135 of the Con-stitution.

Also, they want the court to de-termine whether for the purpose of counting the maximum eight-year term limit for a person elected into the office of the president under Section 1(2), 135,136 and 137(1)(b) of the Constitution, the election and period served by a deceased elected president (who did not exhaust his term on account of death) and the reminder served to complete the unexhausted term by the vice pres-ident (successor) is attributable to the successor for determining the two previous election-limit and the maximum term of eight years to which the successor is entitled as president under the constitution.

They also asked whether by an affirmative answer to question three, the 1st defendant (AGF) can validly advise the 2nd defendant (INEC) to accept as candidate for election to the office of the presi-dent, an aspirant who is caught by two previous elections limit and the eight-year term limit in 2015 elections, or any subsequent presi-dential election.

The plaintiffs further want the court to decide whether in view of the provision of Section 137(1)(b) of the constitution, any person can present himself for the purpose of being elected as president, hav-ing participated as candidate and emerged winner at two previous presidential elections on account of which the person would have spent a period of eight years in of-fice by the time the winner of the 2015 presidential election will be sworn into office.

They also want a declaration that by the provisions of Section 135(1)(2) and (2a) of the Constitu-tion, any person holding the office of the President cannot continued to act in that capacity for a period exceeding eight years from the date he/she first took or is deemed to have first taken the oath of al-

legiance and oath of office, with the exception of the provision of Section 135(3) of the Constitution.

They also want the court to de-clare that a general election can-not be due to be held when the in-cumbent president will only have spent a cumulative period of six years in office so that his re-elec-tion will be for no more than two additional years having regard to the time expressly specified for holding of general election to the office of president under Section 132 (2) of the Constitution and the maximum term allowed any person under Section 135 of the Constitution.

The plaintiffs want the court to declare that for the purpose of counting the maximum eight-year term limit for a person elected into the office of the President under sections 1(2), 135,136 and 137(1)(b) of the constitution, the election and period served by a deceased elected president (who did not exhaust his term on account of death) and the remainder served to complete the unexhausted term by the vice president (successor) is attributable to the successor for determining the two previous election-limit and the maximum term of eight years to which the successor is entitled as president under the constitution.

They also prayed for a declara-tion that the 1st defendant (AGF) cannot lawfully advise the 2nd de-fendant (INEC) to accept as can-didate for election to the office of the president, an aspirant who is caught by two previous election-limit and the eight-year term limit in the 2015 elections, or any subse-quent presidential election.

Status of the suit

In the suit filed by Acho, Sarki and Abubakar, defendants are yet to file their response. The suit is also yet to be assigned to a judge.

However, the suit filed by Ajagbe has been assigned to Justice A.R. Mohammed but a specific date has not been fixed for hearing.

L-R: President Goodluck Jonathan and former President, late Umar Yar’Adua

How previous attempt to stop Jonathan failed

President’s eligibility to contest 2015 poll divides lawyers

Ajulo

Toye

2015: Questions over Jonathan’s eligibility

CO N T I N U E D F R O M PAG E 1 3

Sanctity of Truth

Monday, September 29, 2014 15POLITICS

CONTINUED ON PAGE 20

Drama in Senate over $1bn loan

Mark Ekweremadu Akume

tution as well as the Fiscal Responsibil-ity Act, 2007. The lawmaker, in a heated debate against the loan initiative, cited relevant sections of the 1999 Constitu-tion (as amended) and other legal docu-ments to persuade other Senators not to approve the president’s request without

allowing it to pass through what he and other APC members consid-

ered as due process.His words: “Mr. Presi-

dent, this request, to the best of my knowledge, and with the assistance of this constitution, has consequences for the existing Appropriation Act. We do not question

the right of Mr. President to ask for money, or ask

to borrow money but there is a process that needs to be

followed and the provision of the constitution for this process is what I just read.

“Mr. President, also, section 41 (a) and (b), 42 (1) and (8), section 44 (1), (2) and (3) of the Fiscal Responsibility Act give us clear guidelines of the proce-dures for borrowing and the manage-ment of such borrowing under this kind of circumstances.”

The dramaImmediately he concluded his

speech, Makarfi rose to counter him, saying that all the constitutional cita-tions and other legal issues pointed out by Adetunmbi had no relevance to the issue of $1 billion loan being considered for approval by the Senate.

Makarfi said: “Mr. President, distin-guished colleagues, with due respect, all the issues raised are not relevant to the issue we are considering now…. The loan is in kind, there is no cash outflow and repayment will be so appropriated and will only be made subject to the ap-proval of the National Assembly.

Supporting the opposition stance, the Minority Leader of the Senate, Senator George Akume (Benue, APC) expressed concern on what he considered an at-tempt to sweep the constitutional con-cerns raised by Adetunmbi under the carpet.

He said: “Senator Adetunmbi has raised fundamental issues touching on the constitution of this country. He also read the relevant sections of our Stand-ing Orders. Mr. President, our consti-tution supersedes whatever my friend and brother, Senator Makarfi is talking about, the Procurement Act. However, it is a huge document and Makarfi has not

He said the helicopters, hardware, armaments and equipment would be bought from European countries.

In concluding his presentation, Ma-karfi urged the Senate to approve the request, because of the urgent need to quell the insurgency and all the terror-ist activities and restore nor-malcy in the country.

Manager, Adetunmbi disagree

As soon as Makarfi made his presenta-tion, the President of the Senate recog-nised Senator James Manager (Delta, PDP) to make contri-bution towards the re-port. Manager, applying under Order 70 of the Sen-ate Standing Orders 2011 (as amended), urged the Senate to approve the loan request without subjecting it to debate because of its security impli-cations.

Immediately Manager ended his contribution, the members of the APC rose up to challenge the constitutional-ity and legality of the borrowing pro-posal, thereby frustrating the plan to expressly approve the loan.

Leading the opposition against the approval of the loan, Senator Olubunmi Adetunmbi (Ekiti North, APC), raised a point of order, challenging the consti-tutionality and legality of the proposed borrowing, which he argued would vio-late some provisions of the 1999 Consti-

Makarfi committee’s reportWhile presenting the report for Sen-

ate consideration, the chairman of the Joint Committees, Senator Ahmed Makarfi, took time to explain in detail the nature of the loan and purpose for which the Federal Government seeks to borrow the money. He said the loan facility would come in form of supply of military hardware, of which the mon-etary value would be spread and paid over seven years.

He also explained that the request would be for a ceiling of $1 billion, and that the whole amount would not be utilised at the moment. He further said that the request was with security implications, thereby making it impera-tive for the committees not to divulge de-tails of everything involved in writing.

Makarfi also pointed out that since the borrowing would not be in cash, cer-tain terms such as interest rate could not be indicated. He stated that since it was not every country or supplier that could agree to such terms, Nigeria should not hesitate to take advantage of the opportunity so that it would not elude the country in view of the dire need to restore peace in the system.

The former governor of Kaduna State made it clear that the loan was for the purchase of helicopters, ships, armaments and hardware equipment. He said that the 12 M135 helicopters be-ing requested for now by the Nigeria Air Force were appropriate for the nature of the terrain of the war zone and the operations to be carried out in combat-ing the terrorist sect.

The maxim that change is the only constant thing in the universe came to the fore in the Senate on Thurs-day, last week, when the Upper

Chamber approved President Goodluck Jonathan’s request for external borrow-ing of the sum of $1 billion to tackle the deteriorating security challenges in the country.

Just like the tidal movement of the ocean wave, which direction of flow can-not be predicted at any time, Senators surprised Nigerians again, when the chamber pushed the touted harmony to abeyance and went into cantankerous arguments and parallel constitutional and legal citations that lasted for about 45 minutes. In fact, by the time the pan-demonium abated, following the even-tual approval of the loan request, some members of the opposition All Progres-sives Congress (APC) attempted to walk out of the Chamber in protest.

This action was considered belated because they ought to have walked out when they saw that their position was not given attention by the presiding offi-cer and President of the Senate, Senator David Mark.

President Jonathan, had on July 15, requested for the approval of the Na-tional Assembly for external borrowing of not more than $1 billion to combat the security challenges posed by the Boko Haram insurgency in the North Eastern states of Adamawa, Borno and Yobe. Sequel to this request, the Senate at its sitting on Tuesday September 16, considered the request and committed it to the Committees on Finance, and Local and Foreign Debts for further leg-islative action and to report back to the Chamber in one week.

The Joint Committees, in compli-ance with the mandate given to it, laid the report on the floor of the chamber on Tuesday last week. Subsequently, the Committee on Rules and Business scheduled it for consideration and pos-sible approval last Thursday.

MakarfiAdetunmbi

CHUKWU DAVID reports on how members of the All Progressives Congress (APC) in the Senate, laboured in vain to stop the approval of President Goodluck Jonathan’s $1 billion loan request to tackle security challenges in the country

16 Sanctity of Truth

Monday, September 29, 2014POLITICS

cy in our country be the chief breaker of that policy by moving such amount of cash if indeed, it was a legitimate transaction of the Federal Govern-ment.

“Why were the officials of our em-bassy in South Africa not on hand to make the entry easier and smoother? Since the South African government has said the amount is above the limit of cash allowed into the country, why would a whole government like Nige-ria not know the simple immigration law of a sister country and why would they have to take it out of the Oliver Tambo International Airport and went to land in a village where you have a local airport?

“Why would government of Nigeria seek to smuggle $9.3 million? A coun-try that is regarded as the giant of Af-rica, smuggling amount worth N1.5 billion, in a country where citizens are wallowing in poverty for unexplained reasons?

“Is it just a wicked coincidence that the aircraft belonging to a personal friend, and an unapologetic ally of the president in the person of the Presi-dent, Christian Association of Nigeria (CAN) was used to smuggle the cash.

“Does it amount to an offense of money laundering under our laws for the Federal Government to have allowed that company to attempt to pay for the equipment by cash to the tune of that amount without passing through financial institutions?”

He said the APC lawmakers “find this unacceptable, unethical, and ille-gitimate. And in our view, it is an ille-gal transaction. Nigerian government owes the Nigerian people an explana-tion as to what that source of money came from.”

Leadership defenceBut reacting to the development,

Sam-Tsokwa, who is the attorney general of the House noted that “what transpired today on the floor of the

CONTINUED ON PAGE 20

2015: 500 POLITICIANS TO WATCH

Ihedioha Kawu

Exactly a week after resumption of plenary, the All Progressives Con-gress (APC) lawmakers staged a walk-out from the chambers in

protest to what they termed a manipu-lation of the House of Representatives’ proceedings by the presiding Deputy Speaker, Emeka Ihedioha.

The plenary sitting of Tuesday, Sep-tember 23 was marked by rowdiness and protests as a motion to investigate the seizure of $9.3 million flown into South Africa by two unnamed Nige-rians and an Israeli purportedly to purchase arms for the Nigerian gov-ernment was tabled for debate.

The motionIt all began when the deputy mi-

nority leader, Hon. Abdulrahman Suleiman Kawu (APC, Kano) through a point of order sought the leave of the presiding deputy speaker to pres-ent a motion under matters of urgent national importance on the seizure of the money.

The motion entitled: “The need to investigate the attempt to smuggle $9.3 million cash into South Africa” was stood down the previous week because Kawu was absent during plenary. But upon Kawu’s request, the deputy speaker however sought the advice of the chairman of the House Commit-tee on Rules and Business, Hon. Albert Sam-Tsokwa as to the appropriateness of Kawu’s request.

In his advice, Sam-Tsokwa told the House that since the motion was stepped down last week due to Kawu’s absence and no excuse was also given for his absence, “there was nothing we could do about that. I advise we step it down.” Sam-Tsokwa had explained that: “He did not inform the Rules and Business Committee that he was trav-eling with the Speaker and we were not given enough notice for the motion to be taken.”

Kawu’s insistence that the speaker was aware of his absence from the chambers was corroborated by the deputy speaker who subsequently in-quired if Kawu would take the motion the next day but Kawu told Ihedioha that: “Mr. Speaker, I hope you are giv-ing me the assurance that my motion will be taken tomorrow if it is stepped down today.”

Although, the rules and business chairman’s earlier position, in line with the provisions of the House rules was for the motion to be stood down again, Kawu’s unyielding stance com-pelled the deputy speaker to consult with the chief whip, Hon. Ishaku Bawa and Sam-Tsokwa. Eventually, Kawu was given the nod to proceed with his motion. Kawu rose and reeled out the content of his motion that, “the report in the City Press Newspaper of South Africa on September 5 that two Nigerians and an Israeli citizen flew into Lanseria International Airport, Northwest of Johannesburg in a Chal-lenger 600 Jet piloted by one Captain Tunde Ojongbede while carrying the sum of $9.3 million cash.”

Kawu sought for a “thorough inves-tigation of the matter” by the House committees of defence and aviation, which should report back within two weeks, explaining that if legislative action was not taken on the “national

For two days, the House of Representatives was embroiled in crisis over a botched motion seeking the investigation of the $9.3 million seized in South Africa and the ensuing bribery allegation against lawmakers. PHILIP NYAM recounts the proceedings

embarrassment, the situation may further degenerate and overheat the polity.”

But instead of allowing debate on the motion, the deputy speaker ruled that “this motion does not need to be debated, rather we will vote on it.” Ihedioha immediately put the motion to a voice vote and the nays nullified the ayes of the APC members. This marked the beginning of the drama that played out and has snowballed into allegations of bribery and im-pending investigation of a House member for alleged rumour peddling.

The walk-outAs soon as the deputy speaker hit

his gavel signifying that the motion could not be debated, Kawu rose from his seat and shouted “this is unaccept-able” and beckoned all APC members who instantly left the chambers pro-testing.

Kawu described the manner Ihe-dioha handled the motion as “shame-ful and a national embarrassment.” A visibly angered Kawu declared that ‘this is a fraud.”

Ably supported by the minority whip, Hon. Samson Osagie (APC, Edo), the duo addressed a press conference to register their disapproval of the deci-sion of the deputy speak-er. They abandoned the day’s sitting and never returned. At the press conference, Osagie who was the anchor said: “We are here this after-noon to bare our minds on a very scandalous, very disgraceful and very ap-palling event that took place a week ago that borders on the image of our country, Nigeria. Let me state clearly that we are not just here as the members of the APC caucus of the House.

“We are also here as concerned Nigerians who hold the mandate of the Nigerian people to defend their

interest, to ensure that corruption is reduced to the barest minimum if not totally eliminated, to ensure that our country’s integrity remains intact in the eyes of the international commu-nity.

The unanswered questionsOsagie posed the following ques-

tions: “Is it faster or safer to do an international transaction of such magnitude by ferrying cash across the continent or simply wire transfer that can go through in matter of seconds or matter of few minutes?

“If indeed, the matter involves security issues like the purchase of arms by Nigeria, why was the South African government not brought into the picture beforehand and how could the South African government be sure that the arms were purchased legiti-mately by the Nigerian government and not by the insurgents when there were no officials of the National Se-curity Adviser’s (NSA) office, or the Director, Department of State Security (DSS) that accompanied such money?

“If indeed the manufacturers of such equipment were expecting large

sums of money by cash, why did they not make adequate

arrangement with the authorities in South

Africa to declare the cash on arrival since it was the law in South Africa that you must declare any amount in ex-cess of $25,000.

“Why was the money belonging to

the Federal Govern-ment and meant for the

purchase of equipment for the Federal Government moved by a pri-vate jet when we have over five to six airplanes in the presidential air fleet? Why was the money not accompanied by officials of NSA and DSS?

“Why would the government that is at the peak of promoting cashless poli-

Reps protest amidst $20,000 bribery allegation

$9.3M ArMS deAL17Sanctity of Truth

Monday, September 29, 2014 POLITICS

18 Sanctity of Truth

Monday, September 29, 2014

OPINION

John Anusie

Best. This phrase and this phrase alone qualifies the desires of man. He wants the best parents, the best clothes, the best shoes,

the best education; a neighbourhood as calm as Elysium, bereft of thugs and hoodlums and other heirs of de-pravity.

I have been told of my lineage, that I came from a father. As a kid, I struggled with this knowledge; I struggled to be-lieve that he, indeed, is a father, because what I see of him they say is my father embarrasses my idea of what he should be. My idea of a father: he is self-respect-ing, self-reliant, and encourages unity and harmony among his children; he en-courages his children to chase the sky; he acts with wisdom like King Arthur and the Knights of the Round Table... something perfect or close to perfection.

As I grew older I found that I had been too robust in my idealism; I found that I had set too high a standard for a father, that “best” and “perfect” are both subjec-tive. I found that fathers often make

mistakes which the children have to live with; that fathers can sometimes be as stupid and unreasoning as the chil-dren they seek to correct; that the sup-posed carapace of perfection usually

spots a wart as well. I rejected my findings initially. But

I realized I couldn’t have appeared from nowhere. I have long since accepted that I have a father. And, annoyed at unful-filled expectations, I modified my idea of a father: If he is not the best, he should at least be closest to that description.

I have, however, realized that even with my modification my father is no closer to being the best and he doesn’t care. He, in fact, revels in his mediocrity. He despises the best of his children and encourages the worst of them. He has taught his children many great tricks. He has taught them how to dupe people, how to frighten people and take their money; he has taught them to steal – not to think – and grow rich. He has taught his children to swear, to curse, to fight themselves. He gives his children rifles and swords and grenades and watches with a sigh of luxury as they burst and suck one another’s skulls in the street. My father is in stasis and he couldn’t be happier. He had, in fact, once been voted the happiest father anywhere.

I have been wondering how he came to be the happiest even with all his hand-icaps and patent foolishness. Little by little I began to see why.

Every day he loses himself in rev-erie, hoping his problems solve them-

selves. When there is food, he eats; when there isn’t, he just sleeps and is happy. He thinks he is powerful even when it is piercingly obvious that he is not. He calls himself the giant in the land of Cassava.

Often, too, probably because he wants to be seen as powerful and in control, he makes peace among squabbling strang-ers; and in his backyard he sweats and wobbles and staggers in search of peace. To sate his fantasies of power, he sends his children to strange lands to die of foreign shots and shells. He gives aid to strangers and he refuses to see that most of his children, stranded on the bread-line, gasp in garbage bins, pay fealties to bacilli.

Now, my father’s house overflows with religious fanatics, conmen, rob-bers and tricksters, the tired and the retired, the starving, the hungry, the angry. Caterwauling. Throwing bombs. Detonating grenades.

Performing duplicitous tricks. Kill-ing the innocent. Shielding the guilty. A rotund confusion stalks the street. My father scratches his chin, yawning wildly.

The world watches in uproarious mirth at my father’s chronic disorien-tation. The world gloats over the vir-gin imbecility of my father’s actions.

My father fumbles and gropes and is desperately impotent against the odds before him. And at his age he deserves to be called a fool. He was born October 1, 1960.

My father was 51 years October 1, 2011, and (typical of him) had wanted to mark his birthday with a wild party. But his disillusioned, hungry and angry children disrupted it as they had most of his fatuous schemes. My father’s incompe-tence and ineptitude is known worldwide and he is in disgrace.

But of my father, who is 54 today, I am not ashamed. He is my father and always will be. I love to write, and I hope to use my writing to drive some sense into my father’s head. My brothers and sisters reading this article should themselves do something. The current zeitgeist, the rabid denunciation of Nigeria by Nigerians, has to give way to an inter-lude of cogitation on how to move the country forward. Scepticism has stood sentinel for too long at the doors of our mind, blocking eloquent visions and the roads to their actualization. Need this be so? Our history is a tortuous one, with numerous bends in blood and tears and agony, and it is important every Nigerian acknowledges he has a role to play, and plays the role, in this cosmic quest for a place in the sun.

The nonsense house: On Nigeria at 54

Femi Fani-Kayode

Ordinarily religion should not be brought into politics but sadly the APC has done precisely that. They have introduced religion into politics in a very irresponsible, divisive and dangerous

manner and they are using it as a political tool and as a means to capture power.

Those of you who are Christians and moderate Mus-lims, who believe in a secular state but are still in APC, need a rethink. It is like having black people as members of Ku Klux Klan or having Jews as members of Hitler's Nazi party. It is like having black South Africans as members of the apartheid-loving, white-supremacist Boer Nationalist Party or having Christians and mod-erate Muslims as members of Al Qaeda, the Taliban and Al Shabab.

The difference between the APC and the PDP is that the former is a party that will only field a Muslim Presidential candidate at every point in time whilst the latter is quite capable of fielding either a Christian or a Muslim Presidential candidate at any point in time. The former is divisive whilst the latter is inclusive.

The former breeds and engenders a philosophy that is no different from that which was espoused by the Boers in apartheid South Africa: a philosophy that is established and enshrined on a platform of hate and division and that prides itself on the boastful assertion that some ethnic nationalities were ''born to rule'' and that some faiths are more equal than others. The lat-ter, on the other hand, encourages religious harmony and seeks to establish and build a plural society where adherents of all faiths, all ethnic nationalities and all

tribes are regarded as equal. The PDP is for both Christians and Muslims and it

believes in racial integration, religious tolerance and ethnic harmony. The APC is a Boko Haramite party that is for Muslim extremists only and a handful of Christians who really don't know what they have got themselves into.

Such lost souls are in need of counselling. They for-get that the wise ones say ''woe be unto any believer that seeks to join hands with others to bury Christ's Church and to shame His people and His gospel.''

One of the more credible leaders in the APC is Sam Nda Isaiah, the Kakaki Nupe. He is the most formidable columnist in Nigeria and the publisher of the influen-tial Leadership Newspaper. I know Sam very well and he is closer to me than a brother. We may not agree on everything but there is no doubt in my mind that he is a profoundly good man and a very serious-minded Christian. He is also forthright, cerebral, courageous, decisive and very tough.

He has presidential ambitions and, in my view, he is just what Nigeria needs. The truth is that he would have made an excellent President. The only problem is that he is in the wrong party. Given the type of character and integrity that he has, I really don't know how Sam manages in the APC. I imagine that he spends a good deal of his time holding his nose and silently praying for his fellow party leaders. How I wish he was in the PDP. I consider it as a personal failing on my part that I could not persuade him to leave the APC when I parted ways with them.

If the APC had been a sensible or serious-minded set of people, they would have fielded Sam as their

candidate and paired him up with a muslim running mate from the south west but this will never happen because the Haramites and Islamic fundamentalists in that party consider it to be ''their'' platform.

Femi Aribisala made a very good point in his col-umn in the Sunday Vanguard Newspaper and Premium Times last week when he wrote about the deep wisdom there was in the APC fielding a northern Christian can-didate for next year’s Presidential election if they really wished to get rid of their Muslim fundamentalist tag. I agree with him.

Sadly, the truth is that the APC will never allow a Chris-tian to be the candidate of their party and, as one of its key leaders once said to me in very plain and simple terms, such a thing would happen only over his ''dead body''.

Expecting the APC to field a Christian as its presiden-tial candidate is like expecting ISIS to declare the Pope as its leader. It is like expecting Al Qaeda to declare the Archbishop of Canterbury as its Supreme Commander. It is like expecting Al Shabab to declare Pastor Enoch Adeboye of the Redeemed Christian Church of God as its Field Marshall. It is like expecting the Al Nusra Front to declare Dr. Olukoya of the Mountain of Fire Ministries as its political facilitator.

It is like expecting the Muslim Brotherhood, the Jan-jaweed, Daesh, Hamas, Islamic Jihad, Khorasan and the Taliban to declare Bishop Mike Okonkwo, Pastor Kumuyi, Bishop Oyedepo, Archbishop Nicholas Duncan-Williams, Bishop T.D. Jakes, Rev. John Hagee, Rev. Creflo Dollar, Dr. B.O. Ezekiel and the late Archbishop Benson Idahosa as their spiritual mentors and elder statesmen. Such a thing can never happen. Those that think otherwise are simply naive.

The APC and a dream that once was (1)

The disclosure by the Nigeria Immigration Service (NIS), that Nigeria has over 1,400 illegal border routes

is worrisome, to say the least. Addressing the National Confer-ence Committee on Immigration a few weeks back, the Comptroller General David Parradang lamented that even though the country had only 84 approved land border con-trol posts designated in the 1980s after the Maitatsine riots, ‘there are more than 1,400 illegal borders in the country’.

“The number of illegal routes is 100 times more than the number of approved routes,” he agonised. “In Adamawa State for instance, we have about five control posts but we have 80 illegal routes in the state through which people come into the country.” Similarly, in Ogun State, there are 83 illegal routes. This trend, he said, runs throughout the country and poses a lot of security threat.

To address the problem and carry out its duties effectively, the Service, he said, requires an an-nual recruitment of 5,000 person-nel for a period of five years. There are currently 22,300 immigration officers in the country, a number Parradang described as grossly inadequate for the Service to ef-fectively carry out its mandate of

issuance of passport, border patrol and other security-related duties.

Manpower shortage apart, the Service also contends with the challenge of poorly-marked borders, which makes it difficult to distinguish between Nigerian bor-der communities and the ones in a neighbouring country. As he put it, “Nigeria has some people who have their bedrooms in another country and their sitting rooms in Nige-ria; the windows open to another country, so, how do you tell that person that he should not cross the border?” This, he said, makes stringent border control rather difficult.

“We need to add 5,000 people on an annual basis for the next five years to be able to reasonably pa-trol our borders,” he stressed. “We need communication gadgets and scanners because our border posts are not interconnected with the E-pass system.” He also canvassed better welfare and insurance for officers, better budgetary alloca-tion, supply of modern border patrol aircraft and a review of the service’s policy to meet modern day challenges. He announced that the NIS would open 30 new con-trol posts this year to effectively monitor the borders, adding that the Service would have two border bases for each of the 30 control posts while the border patrol-base

would be stationed 40 kilometres hinterland for easy patrol.

To be sure, the Boko Haram insurgency in the North East has largely been exacerbated by Nigeria’s porous borders with Cameroon (1,690 kilometres) in the east, Niger (1,497 kilometres) in the north, Benin (773 kilometres) in the west, and Chad (87 kilometres) in the northeast. Most of these border areas are either mountain-ous or in the jungle. Boko Haram has been able to smuggle arms into Nigeria using various means, such as the specially crafted skin or thatched bags attached to camels, donkeys and cows where arms are concealed and moved across the borders with the aid of nomadic pastoralists or herders.

The widespread availability of Small Arms and Light Weapons (SALW’s) has helped stoke the deadly insurgency in the North East. This demands that something urgent must be done to stop the inflow and proliferation of arms into Nigeria. The porosity of the nation’s borders is an important factor inBoko Haram’s survival, offering it a lifeline to external support from transnational groups in the form of weapons, training, radicalization, and funding. Thus, thorough shoring up of border security constitutes a critical com-ponent of any short-term measures

to degrade the sect. The Nigeria government, therefore, needs to evolve a new approach to secur-ing the border, one that includes an integrated mix of development interventions for border communi-ties, trained and dedicated border officials, and enhanced border situ-ation awareness infrastructure.

Hence, the government must as a matter of policy and priority strengthen the NIS operationally, logistically, personnel recruitment and other needed incentives to ad-equately secure Nigeria’s borders, accede to its entire requests and ensure a formidable nexus between the NIS and other security agen-cies. All the war against insur-gency and terror will amount to nothing at the end of the end of the day, if the borders are not properly secured. Nigeria should have the capacity and capability to close and open its borders at any given point in time. Nigeria cannot allow the war on terror to extend to other parts of the country. The nefari-ous activities of these miscreants must be promptly curtailed. For, if this is not urgently done, all the funds voted to address terror-ism would just have gone down the drain. Hence, the very exigent need to give NIS utmost attention to function optimally and play a pivotal role to deal with terror in the country.

Policing Nigeria’s porous borders

MONDAY, SEPTEMBER 29, 2014

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Monday, September 29, 201419Sanctity of Truth

quoted the relevant sections to support what he is saying. Our distinguished senator here (Adetunmbi) has quoted extensively from the constitution. If they collide, let us know which one overrules.

“This is not politics. We are talking law. We are talking about the constitu-tion. We don’t want breaches. Breaches have been recorded in this country for so long. If they want to borrow let them follow what has been put down in the constitution so that we know that this is where they are going, but whereas here we have raised fundamental issues that have not been overridden by anything. So, Mr. President please, I want to ap-peal to you to be guided by the consti-tutional provisions as far as this matter is concerned.”

As the argument progressively raged on, the Deputy President of the Senate, Senator Ike Ekweremadu, who is a lawyer, intervened to offer politi-cal cum constitutional advice towards ending the controversy fronted by the opposition senators. He appealed to his colleagues not to give Nigerians the im-pression that the legislators were sub-jecting the fight against terrorism to partisan politics.

He also faulted the views canvassed by Adetunmbi, explaining that the Section 80 of the Constitution cited by the Ekiti-

POLITICS

ist over the telephone about the bribe was that he was aware that each of the PDP member was bribed $20,000 but not $50,000 as it was reported.

Following Madaki’s confession, the House was again enveloped in rowdi-ness for almost 10 minutes before order was eventually restored necessitating the deputy speaker to refer the matter to the Ethics and Privileges Committee for investigation. The committee will investigate Madaki’s allegations and submit its report within two weeks. If found guilty, Madaki may be sus-pended from the House for a minimum period of two weeks without pay.

This issue may certainly drag on for a long while and the House may witness more rowdy sessions as some lawmakers seem to sacrifice national interest on the altar of party loyalty and pecuniary considerations.

so you are not going to add anything extra. It is the point of order that we are still discussing.”

However, when he was allowed to speak, Ojudu said: “Distinguished col-leagues, Order 53 (7) and (8). Order 7 says it shall be out of order to use of-fensive and insulting language and Order 8 says no senator shall input improper motive to any other senator. Mr. President sir, we are discussing a very important issue; there is no single Nigerian, not to talk of a senator that is not concerned about the security of this country. All we are saying is that this money issue should be done properly in a manner that all of us can go out of here and defend.”

From an obvious antagonistic stand-

point, Mark tackled Ojudu, saying, “who has inputted improper motive, please distinguished colleagues, who has inputted improper motive here? I said so because I want to rule on it.”

“Ojudu, all of us here understand English, nobody is speaking any other language here. Make your point of order so that I can rule on it. Please,” he said.

When the already agitated Mark finished with Ojudu, he then turned to address the comments made by Akume, especially his insistence that the Presi-dent of the Senate should address the constitutional questions raised by Ad-etunmbi.

Mark said: “Because he is quoting the constitution doesn’t mean he is right. Please, I want us to address the issue properly, I know he quoted the constitu-tion and he quoted from our Standing Order but that is not what makes him to be right. I will take few comments and I will put the question because this is de-mocracy. I am not a lawyer and so I can’t say that these are legal issues, and if they are legal issues, they have to be addressed separately. Our understanding here is not exactly like in the court of law.”

At the end of the prolonged alterca-tion and pandemonium that accompa-nied the debate, Mark put the question to the Chamber and the $1 billion loan request was approved in spite of at-tempt by the APC senators to shut it down by a resounding voice vote.

House is nothing new because in ad-vanced legislature of the world, law-makers walk-out of the assembly.” He said: “It will not start here and it will not end here but my advice to Kawu and other lawmakers is that next time they should lobby their colleagues be-cause the nays carried the day.

“We had advised Kawu to step down his motion for another legislative day but he refused and the majority had their way and like you know the mi-nority will always have a say but the majority always have their way.”

Sam-Tsokwa maintained that: “They would have studied the mood of the House before going ahead with the motion; they had the option of step-ping down the motion till the time they would have more members on their side. Kawu made the House to move a motion of urgent public importance and Mr. Speaker directed that the mo-tion should be taken the next legisla-tive day.”

The $50,000 bribery allegationCoincidentally, a day after the rowdy

session, Sam-Tsokwa who defended the action of the deputy speaker in disallowing debate on the motion be-came the complainant. At the resumed plenary of the House on Wednesday, Sam-Tsokwa raised a point of order bordering on breach of privilege. Cit-ing order 8, rule 20 of the House Rules, Sam-Tsokwa complained that he was embarrassed by stories in some of the nation’s dailies on the walk-out by APC members at Tuesday’s plenary indicat-ing that PDP members in the House were given $50,000 each to stall debate on the motion to investigate the $9.3 million arms deal.

He denied the bribery allegation, saying “As the House chairman of the rules and business committee, this is-sue is not to my knowledge. No money was received by any member of my party or myself.” Although, Sam-Tsok-wa did not mention anybody’s name, he alleged that the story was the handi-work of a member of the House, add-ing that the news story breached his privilege as a member of the House.

Rationalising Ihedioha’s ruling of the previous day, which led to the dis-agreement on the floor, the rules and business chairman explained that: “We are all aware that infrastructure motion can be raised, seconded and voted upon. This is not the first time issues like this have been brought to the floor of the House and rejected.” He submitted that the protest and sub-sequent walk-out from the House by APC lawmakers was uncalled for and condemnable. He consequently prayed the House to mandate the ethics and privileges committee to investigate Hon. Aliyu Madaki’s allegations. Re-acting to Sam-Tsokwa’s point of order, the deputy speaker cautioned his col-leagues that the House “is at trying times” and “we should be careful as circumstances like this could lead to casualty. It is not my wish that such

born politician has to do with appro-priation while the issue of borrowing is guided by the Fiscal Responsibility Act.

“I am too worried about the charac-ter of the debate. I don’t want a situa-tion where, if we leave this chamber, the public will believe that one politi-cal party is supporting a fight against insurgency and another political party is not supporting it.

“I am only asking for caution espe-cially as it concerns the political par-ties we belong so that Nigerians do not misunderstand us. Now, looking at the constitution sir, I agree that we must have to follow our constitution in what we do here, but regrettably, sections 80 and 81 which are cited have absolutely nothing to do with what we are doing here. Those points are only there in respect of appropriation. Borrowing is guided by a different legal framework, a different legislation which is in the Fiscal Responsibility Act. And as far as I am concerned, even in regard to what he read, we are in full compliance, both this parliament and the president.”

While Ekweremadu was still speak-ing, Senator Femi Ojudu interjected and shouted, “Point of order, point of order, Mr. President.”

At this juncture, the President of the Senate, who was no longer comfortable with the way the opposition was drag-ging the issue said, “all the points we are discussing are points of order and

CO N T I N U E D F R O M PAG E 1 7

Mr. President, this request, to the best

of my knowledge, and with the assistance of this constitution, has consequences for the

existing Appropriation Act

Osagie Sam-Tsokwa Madaki

$20,000 bribery allegation rocks House

Insurgency: Senators bicker over $1bn loan

should happen. It is regrettable that despite the fact that I bent over to take the motion, there was still a walk-out,” he regretted.

Madaki’s confessionUpon the deputy speaker’s advice,

Madaki (APC, Kano) who is the origina-tor of the bribery allegation, raised a point of order, thereby creating pande-monium on the floor. Although Madaki was consistently shouted down by his colleagues, the minority whip, Osagie, intervened and pleaded that Madaki be allowed to speak. To the consternation of members, Madaki confessed that he was the person that broke the bribery allegations to the press. He confirmed that he told a journalist that he heard on good authority “that PDP members were given $20,000 each.”

He said what he told the journal-

CO N T I N U E D F R O M PAG E 1 6

20 Sanctity of Truth

Monday, September 29, 2014

Marriage made in hell (1)

21

 

INVESTIGATIONMONDAY, SEPTEMBER 29, 2014

NEW TELEGRAPHwww.newtelegraphonline.com/investigation

ISIOMA MADIKE EDITOR, INVESTIGATIONisioma.madike@newtelegraphonline.comisiomamadike69@gmail.com

Marriage in Nigeria, in most cases, is not pleasurable. This has led many to often describe it as hell on earth, with some couples en-

during and suffering the excesses of their partners in silence. At present, no day passes without screaming headlines of the news media of some mind-boggling tales of domestic violence in and around the country. This, indeed, has somehow turned many Nigerian women into en-dangered species. Many are wondering how, a man, who, during courtship promised to cherish and take care of his woman could later turn her tormentor. Majority of marriages have also degenerated into humiliation. While in other cases, a promised love has suddenly taken flight and replaced by hate and violence. Is it not strange that a man could hit a woman so violently as to maim,

or even send her to untimely grave? This was the puzzle a couple of weeks back that returned Plateau State back in the news. Benjamin Toma, a resident of Foron junction in Barkin Ladi Local Gov-ernment Area of the state on March 4, at about 7:30 p.m., reportedly beat his wife, Victoria, aged 25, to death. He, thereafter, hung her lifeless body to give the impres-sion that she committed suicide. The state Commissioner of Police, Chris Olakpe, who confirmed the incident, said Toma took such phony decision to cover up what he did. However, investigations have revealed that Toma took such a heinous action be-cause of his wife’s purported refusal to summit herself to sexual intercourse. It was also gathered from a reliable source that the suspect is allegedly infected with the dreaded Human Immuno Virus (HIV).

This, according to the source, was why his wife had consistently denied him sex. “On the 04/03/2014, at about 7:30 hours, Chuwang Sambo of Larwa village in Heipang District of Barkin Ladi Local Government, reported that one Benjamin

Toma of Foron junction, also in Barkin Ladi, beat his wife, Victoria aged 25, to death and later hung her body” the police boss confirmed.

Women, the world over, are described as homemakers, custodians of social, cultural and fundamental values of the society. In Nigeria, however, many of them are violently treated by their intimate partners. While some take the form of physical abuse, others are sexual, psychological or arbitrary deprivation of liberty. In extreme cases, those in this “hell” often suffer in silence, and could be sent to their untimely grave, reports ISIOMA MADIKE

CONTINUED ON PAGE 22

Project Alert in a protest after the killing of Titilayo

A man beating his wife outside their home

For every woman, who is violently attacked, we reduce our humanity—Nelson Mandela

22 Sanctity of Truth

Monday, September 29, 2014INVESTIGATION

Marriage, a burden to most couples

CONTINUED ON PAGE 23

While mouths were still agape over what happened in the Plateau, another man in Jerin Duwatsu village in Zamfara, Mal-lam Umar, got into Police net for slapping his wife, Inno, to death. The incident, ac-cording to the village head, Magaji Hami-du, occurred when the deceased protested against the alleged perpetual injustice shown by the husband in favouring the senior wife on issues relating to matrimo-nial affairs.

Women should leave when their husbands refused to change Inno, sources said, had always com-plained about the attitude of her husband, who always personally fetched water for the senior wife. Umar was also said to be in the habit of often instructing the chil-dren of the deceased to fetch water for her rival. She had 12 children through 40 years of matrimonial life. Umar, sources fur-ther suggested, may probably have been provoked by the confrontational attitude of the wife, who he slapped when she was openly venting her anger on him. Before then, a tragic drama had unfolded in Ago Palace Way at Okota area of La-gos State on April 8, 2012. In what could be likened to unbelievable horror movie, residents of the neighbourhood woke up to the gory sight of Mercy Nnadi, who al-legedly had been burnt by her husband, Henry. The 36-year-old Mercy got a hellish baptism from the one she swore to love and live with till “death do them part.” Though, she may not have bargained that her world would be shattered with hot pressing iron on her legs, stomach, parts of her back, chest, breast and close to her private part. But that was what she got from confessed love. Henry had earlier, according to reports, killed his one-year-old son, Ebuka. He was said to have been irked by his wife’s alleged amourous affair with his father, 65-year-old Pa Theodore Nnadi. Reacting to the cruel manner Mercy was hacked down, Executive Director of Proj-ect Alert on Violence Against Women, Dr. Josephine Effah-Chukwuma, said mem-bers of the public, particularly women, should learn from Mercy’s experience, adding that domestic violence should never be tolerated. She noted that though, Mercy had reported her husband to the Okota Police Division on various occa-

sions, she should have left the marriage when her husband did not change. She said: “Mercy had been suffering at the hands of her husband for a long time before the incident and had she left the marriage on time, this wouldn’t have happened and her son would have been alive. Even till now she does not know that her son is dead because if we tell her, she probably would stop fighting for her life and could die.” Her Non-Governmental Organisation ( NGO), in collaboration with Centre for Organisational Development, and Nigeria and Zahara Women Foundation, nonethe-less, worked round the clock to ensure the victim got specialist medical care for her third-degree burns. Incidentally, domestic violence is not a preserve against women alone. Men have

been known to suffer equal fate in some circumstances. For instance, a female banker, Mrs. Bimbo Daniju, was report-edly under police investigation in Lagos a few years ago after she allegedly assaulted her husband, Olalekan, during a domestic argument. The argument, which started as a result of her husband's inability to provide enough money for the family's needs for Christmas, later degenerated. Bimbo, according to reports, got angry and attacked her husband, cutting off his joystick with a knife. “Olalekan was eating when his wife came and started shouting at him, calling him unprintable names. She poured his plate of food on his head and proceeded to beat him with a bucket she found in the compound,” investigations had revealed. The man was said to have run to his

sister’s shop to seek refuge from his an-gry wife but Bimbo followed with broken bottle threatening to stab him. They were settled and returned to bed in peace. But, Bimbo was not done yet. About 2a.m., there was shouting in the couple’s apart-ment. She had woken up her husband, tore his pants and held his joystick. She, thereafter, cut it off with the knife she was holding and ran away leaving him writhing in anguish. “That is where you will die,” she reportedly mocked him af-terwards. In like manner, police detectives from the Edo State Police Command equally ar-rested and detained a housewife and her lover, a pastor, over the murder of her hus-band, Victor Nsongbunyo. Until his death, Nsongbunyo was a Deputy Manager with the Nigeria Petroleum Development Com-pany (NPDC), in Benin. The woman and her deceased husband, a native of Cross River State, who, before the incident, was promoted to Deputy Manager by NPDC and was due to retire from service the following year, had, ac-

CONTINUED FROM PAGE 21

Titilayo being laid to rest

Arowolo and Titilayo on their wedding day

Wife battery (before and after)

Victim of domestic violence

23Sanctity of Truth

Monday, September 29, 2014 INVESTIGATION

CONTINUED ON PAGE 24

What would you say is the major cause of domestic violence in Nigeria?

The major course of domestic vio-lence in Nigeria is poverty. A lot of Ni-gerians are frustrated in so many fronts. And instead of finding alternative so-lution to their problems decide to visit their frustration on either their spouse or close relations. Other major causes include: family background, unemploy-ment and economic instability.

Does it happen to only uneducated women?Domestic violence knows no bound,

and has no boundaries; it happens to both the educated and uneducated women.

What about men. Do they also experience domestic violence?

Well, there is no prevalence of domes-tic violence against men. Though, there are pockets of men, who experience this form of violence but it is very insignifi-cant. Women experience it the more.

Should victims stay on the marriage or relationships when they are being abused?

It is not advisable for victims to stay in the marriage or relationship. It is dan-gerous to remain in such relationship. Experience has shown that over 60 per cent of major causalities or severe cases happened because the victims want the

marriage to work. Most of the victims and their relations usually confirm that there have been several abuses, which are settled or resolved as “family mat-ter”. So, once the early warning signals of abuse such as strong language, slap on the face are noticed, it is better to reconsider review of the relationship.

What are the early signs of domestic vio-lence that should be guarded against?

Early warning signs are: strong lan-guage, threat to beat up and emotional torture.

What should victims do when they start experiencing any form of domestic abuse?

Victim should immediately seek counsel from a non-governmental or-ganisation (NGO), Government welfare Unit or report to the police. They should also not make themselves available to the abuser.

Is it a problem inherited from abusive parents?

It has been proved beyond every rea-sonable doubt that most abusers or per-petrators inherit it from their parents or guardians. Most men that grew up in abusive homes find it difficult to detach themselves from it.

Is there any law against domestic violence

in Nigeria? If yes, how can victims access the laws to protect themselves?

There is no paucity of laws against domestic violence per se. Some laws that are applied for domestic violence are scattered in various other laws such as the criminal code. However, Lagos State has a law that is specific to Domestic Vio-lence: It is called Law of Prohibition of violence Against Human Persons popu-larly known as Domestic Violence Law (DVL). Like I said, in Lagos State victims can access the DVL. Recently a practice direction has been given to that law. Also the office of the Chief Judge of Lagos

State is collaborating with some Chief Security Officers (CSOs) to make the law more popular and accessible to victims. Other states of the Federation may have to emulate this.

What advice would you give to women experiencing this kind of violence?

Women experiencing domestic vio-lence should speak out. They should not keep slid lips. They must report all cases of violence and also seek counsel. They must allow perpetrators to face the music instead of “in-house” settlement and gratifications.

cording to investigations, been having is-sues with the paternity of their children. The man had suspected that his wife was having extra marital affair with the Pas-tor. The issue had taken them to their home town where they complained to their families when Nsongbunyo sus-pected that the pregnancy his wife was carrying was not from him. The families were said to have resolved to take a DNA test after the wife gave birth to the child. This arrangement, according to sourc-es, incensed the wife, prompting her into plotting to murder her husband with her lover-Pastor. According to police sources, the deceased returned from work on Fri-day, October 22, 2013, to meet the suspected killers, who mowed him down, and taking the mutilated body into one of his old cars. The car was driven to Sapele road, Benin, where it was set ablaze with his body.

Domestic violence, a serious crime As if that was not enough, the woman left for her late husband’s office the fol-lowing Monday, October 25, to report that Nsongbunyo was missing. She was also said to have reported the incident of the husband’s death to the police. Thereafter,

she went to Nsongbunyo’s bank where she allegedly withdrew N4 million from his account. It was further gathered that following information to a staff of the NPDC that a burnt car was sighted some-where along Sapele Road, a team from the company rushed to the scene where they discovered the burnt car to be that of Nsongbunyo’s. The NPDC staff, in tears, went back to

the deceased wife at their home to inform her of the findings without suspecting any foul play. But surprisingly, what they found was confounding. They met the woman comfortably watching African Magic movie in a relaxed mood, a situ-ation, which prompted police suspicion. The police, nevertheless, launched a search for the car given to the deceased by NPDC following his promotion, and

reportedly traced it to a compound at Ekenwan road in Benin. But, the drama had just begun. The detectives were said to have accosted a lady in the compound where the car was packed and she reportedly informed them that the car was packed by a Pastor, who lives in the compound. Further investi-gation by the police led them to observe burns in the Pastor’s left hand and face, even as he (the pastor) had lied to them that one of his daughters in the church sowed a seed with the car. When the police insisted, the pastor led them to the resi-dence of the said daughter, who turned out to be the deceased wife at the residence of Nsongbunyo. Edo State Police Commissioner, Foluso Adebanjo, who confirmed the incident, said “it is a serious crime, which we are investigating and until we conclude, dis-closing things might jeopardise investiga-tions.” There was also a story of a 46-year-old unemployed man, who, on October 7, 2013 at Agbado in Ogun State was arrested for allegedly killing his wife by throwing her into a pit latrine over a domestic misun-

CONTINUED FROM PAGE 22

Nnadi on hospital bed and before the attack

Don’t tolerate violence –Effah-Chukwuma

Dr. Joe Okei-Odumakin is the President of Women Arise, a coalition of international women’s groups and organisations from around the world, working together to galvanise and promote a common agenda on women and girls’ rights. She tells ISIOMA MADIKE in this interview that though men experience pockets of domestic violence, it is more prevalent among women.

Take a walk when your spouse starts behaving phony –Okei-Odumakin

Okei-Odumakin

24 Sanctity of TruthINVESTIGATION Monday, September 29, 2014

‘No relationship is worth dying for’

derstanding. Yet, the one that most Nigerians would not forget in a hurry was that of Mrs. Titi-layo Arowolo, a 29-year-old banker, who was allegedly murdered by her husband, Akolade, 30, at their Isolo residence in La-gos, on June 24, 2011. A report said a few moments after the heinous crime, Ako-lade was sighted by the police at a road block in Isolo with blood soaked shirt driving an equally blood stain Honda Ac-cord 2006 model car. He was suspected and promptly accosted by the police. Though, he could not give a satisfactory account of himself, he, nonetheless, de-ceived policemen on his trail and escaped on a bike. But, that was not to last as he was eventually arrested a few days later. The police at Aswani Isolo that intercept-ed him in the blood stained car later trans-ferred the matter to the State Criminal Investigation Department (SCID), Yaba in Lagos for thorough investigation. However, neighbours and family mem-bers could not fathom what exactly must have transpired between the couple be-fore the gruesome incident. They had only married for three years and had a two-year-old daughter. The immediate younger sister to the late banker, Folake Oyahire, however, alleged, while testifying before an Ikeja High Court, Lagos, where the case was handled, that the accused had been vio-lent to his wife even before the incident.

“They quarreled a lot and the last quar-rel eventually resulted in Titilayo's death,” Oyahire had told the court. Led in evidence by the state Director of Public Prosecution (DPP), Mrs. Olabisi Ogungbesan, Oyahire said on several occasions, her sister had told her of the rough time she was having in the hands of her husband, especially while at home with him in their Akindehinde Street, Iso-lo, Lagos, residence. Oyahire, who was a law student of the Nigerian Law School at the time, said the eventual death of her banker-sister was the cumulative events of fighting between the couple. Folake, who also said she was close to her sister, said: “My sister, Titilayo, had in-vited me over to her family friend’s house, where she was visiting with her husband. When I got there and saw her, every part of her face was swollen and her eyes were bloodshot. She told me she got the injury when she and Akolade went out the night before. She told me that on their way back, Akolade had kept raining blows on her in the face despite the fact that she was carrying her baby in her arms.” Akolade maintained his innocence all through his trial even though they both inflicted knife wounds on each other. But, he never denied the fact that his marriage to Titilayo was hellish. Project alert, which followed the case, rose to the occasion by making sure that Due Process was observed in the prosecu-tion of the suspect, which, according to

it, would serve as a deterrent to others. Titilayo’s family lawyer, who also doubled as her family spokesperson, Nelson Ekoh, said he suspected Akolade might have used two knives and a hammer to murder his wife. He added that at the scene of the crime, he saw a hammer and two knives. “I also suspected that Akolade might have murdered Titilayo for money making ritual because one of her internal organs was on the floor inside their flat,” Ekoh further said.

Domestic violence has somewhat become an affliction many women face in their marriages Arowolo was eventually sentenced to die by hanging after two and half years of legal battle on February 22. Prosecutors were able to present compelling evidence that led to his conviction and his sentenc-ing by Justice Lateefat Okunu of the Ikeja High Court to death. Okunu held in her over three hours judgment that evidence before the court proved that Arowolo actually murdered his wife in their matrimonial home. Testi-mony in the form of a forensic report from Prof. John Oladapo Obafunwa, a patholo-gist, was what the court used to determine that there was no way the deceased could have stabbed herself to death. Obafunwa had testified that his autopsy report revealed that Titilayo was killed through 76 knife stab wounds. He noted that the knife wounds affected Titilayo’s left eye, right eye, upper chest area, right chest and collar bone, insisting in his tes-timony that the deceased could not have inflicted such wounds on herself. Incidentally, domestic violence has somewhat become an affliction many Nigerian women face in their marriages today. Behind the façade of a blissful and happy marriage that most women portray in the public lurks the horror of a violent and heartless husband. For some women, life-threatening abuse by their husbands is their worst kept secret. To others, mar-riage has become a burden, a trap to keep them perpetually subdued. There are also others, who keep up ap-pearances and endure a violent husband because of the sentiment of their chil-dren. But, most women, who are victims

of violence, dread their homes. In their fright, the sight of their husbands could make their heart jump. For those whose husband owned a car, a horn could send them melting into distress. It is usually a nightmarish dream they never wished. Yet, they often are too horrified and trau-matised to quit the marriage.

While some, would not easily leave in the hope that the man will change. Oth-ers, surprisingly, would hide their injuries from friends and family. And yet, there are those, who would even defend their violent husband. In the last few days, reports of some mind-boggling tales of domestic violence have left many in shock. Spousal violence has also led people into asking some hard questions about a scourge that is gradu-ally turning many Nigerian women into endangered species. Unfortunately, the malaise is cutting across social divide. It is not only perpetrated by the illiterate but also by the elite and the wealthy. There have been cases where even the so-called “men of God’’ turn their wives into punch-ing bags. According to investigations, some wom-en could be battered for a flimsy excuse of meals not ready on time. They could be beaten also during a simple argument. A woman once confessed that her husband got angry and beat her to stupor for tun-ing a television channel off his favourite station. In some cases, irate husbands, who may not have any cogent reason for their constant fit of rage only begged for underserved forgiveness. Yet, there is another troubling form of domestic violence, which bothers on mat-rimonial rape. This, according to legal ex-perts, is not even recognised by the laws in Nigeria at present. This, perhaps, may be why there is little talk on it at the moment. Cases of spousal abuse have, indeed, be-come rampant in recent times. It is also prevalent among unmarried couples. Boys now beat up their girlfriends as if in competition for the new craze. In most cases, however, these young women are often too vulnerable to stand up to their abusive men. Many of them have been forced to accept their fate as the norm.

Mrs. Omolewa Ahmed and Mrs. Toyin Saraki leading a protest in Kwara State against violence against women

CONTINUED FROM PAGE 23

Acid from a jealous husband

Another victim of domestic violence

BUSINESS | BRANDS & ADVERTISING 25Sanctity of Truth

Monday, September 29, 2014

Bayo Akomolafe

Government is losing revenue to neighbouring ports over high tariff.

The specialised roll-on roll-off terminal, Port and Termi-nal Multi-services Limited, is gradually being deserted by Roro vessels.

Investigations by New Tele-graph revealed that only one vessel, MV Hoegh Kunsan,

berthed at the terminal this month with 465 units of used vehicles.

It was learnt that importers shunned the terminal due to the new automobile policy be-ing enforced by officials of the Nigeria Customs Service at the terminal.

Imports of new vehicles into the country crashed 43 per cent in the first six months of the year.

Sources said that auto deal-ers preferred to ferry their ve-hicles through the neighbour-

ing ports in order to cut costs.The Nigerian Ports Author-

ity (NPA)’s records revealed that only 154,846 vehicles were shipped through Nigerian ports between January and June.

But records from roro ter-minal revealed that in January, 11,563 units of new and used ve-hicles arrived at the terminals in Lagos ports.

In February, a total of 9,735 units of used and new vehicles were recorded. March recorded

Youths should embrace agro-processing, saYs boi md}p-42-43

Banks’ 12,000 ATMs under fresh threat

What's neWsNigeria loses N31.8bn to gas flaring in one month, says reportNigeria lost N31.8 billion ($190 million) to gas flaring in February, a report obtained by New Telegraph has revealed.}p-26

Aging workforce in aviation worries expertPresident, Aviation Round Table (ART), Capt. Dele Ore, has expressed concern over the aging workforce in the aviation industry, stressing that many of the pilots and maintenance engineers would be “time expired within ten years.”}p-31

Delivery of 800,000 homes annually to cost $700m, says FGThe Federal Government has said that it would cost $700 million (about N11.5 billion) to facilitate annual delivery of 800,000 houses in the country through partnership with the private sector.}p-31

60% of planes operated in Nigeria on lease financeThe Nigerian Civil Aviation Authority (NCAA) has listed aging aircraft, cost of aircraft leasing/financing, high cost of aircraft insurance and fuel, as some of the challenges facing Nigerian airlines.}p-26

NEW TELEGRAPHwww.newtelegraphonline.com/business

ayodele aminu, DePuTy eDiTOR, BusiNessayodele.aminu@newtelegraphonline.comayodeleaminu@yahoo.comMondAy, SepteMber 29, 2014

Auto policy: Vessels shun roro terminal

BUSINESSdows Server 2003 and Windows Server 2003 R2, as from July 14, 2014.

This means that financial institutions would need to mi-grate all their payment applica-tions currently running on the existing Windows Servers 2003 to newer versions of Windows Server 2008, Windows Server 2012 or Azure.

Windows Server is the Win-dows Operating System (OS) on which all ATMs of the banks in the country are running cur-rently.

It was gathered that apart from the over 12,000 ATMs al-ready deployed by the commer-cial banks in the country, there are over 25 million ATM cards in the circulation using the ma-chines, according to figure from the CBN.

Experts say Microsoft’s plan to stop further support for the Windows Server 2003 means that all forms of update that can protect the ATMs from possible cyber attacks will be withdrawn and any bank that continues to use the old Windows Server 2003 exposes itself to cyber risks.

However, New Telegraph checks have revealed that most banks in the country are yet to begin ‘serious moves’ to proac-tively deploy the new Windows Servers.

“I am not aware that the banks are already taking this announcement seriously for now as most of their systems still run on Windows Server 2003 as we speak. I don’t know why they should be vacillating in deploying the new Windows Server version. In our bank, we have not started the process,” a source in the IT unit of a bank said.

The source, however, stated that banks are always very sen-sitive to technology investment because it costs them a lot of money in their operations with-out the additional cost necessar-ily being passed onto the bank-ing customers.

“Though, banks are mind-ful of their technology invest-ment, I know they also want convenience in their opera-tions and I guess that they just

CONTiNueD ON PAGe 26

FRAuDsLenders lost an estimated N40 billion to various cases of cyber frauds in 2013

LOssesOnly 154,846 vehicles were shipped through Nigerian ports between January and June

CONTiNueD ON PAGe 31

Kunle Azeez

Unless the financial in-stitutions in Nigeria be-gin to show seriousness in deploying the latest

version of Windows Serv-ers, the country’s over 12,000 Automated Teller Machines (ATMs) may be vulnerable to cyber attacks, which might

lead to loss of revenues, be-ginning from next year, ac-cording to New Telegraph's investigation.

Nigerian banks lost a total of N159 billion to electronic fraud between 2000 and the first quar-ter of 2013, according to the Ni-gerian Inter-bank Settlements Systems (NIBSS) data.

In 2003 alone, CBN's Chief

Information Security Officer, Mr Taiwo Longe, said an esti-mated N40 billion was lost to various cases of cyber frauds by the commercial banks.

It was learnt that the poten-tial increased vulnerability that may set in next year is coming on the heels of Microsoft’s an-nouncement that it would stop all forms of supports for Win-

AYODELE AMINU, Deputy Editor (Business)

SIMEON OgOEgbULEM, Dep. Business Editor

bAYO AKOMOLAFE, Asst. Editor (Maritime)

SUNDAY OJEME, Asst. Editor (Insurance)

gODSON IKOrO , Asst. Editor (Money Market)

DAYO ADEYEMI, Property Editor

ADEOLA YUSUF, Energy Editor

WOLE SHADArE, Aviation Editor

CHrIS UgWU, Capital Market Editor

AbDULWAHAb ISA, Finance Editor

KUNLE AZEEZ, Senior Correspondent

CHUKS ONUANYIN, Energy

NNAMDI AMADI, Reporter

JOHNSON ADEbAYO, Asst. Production Editor

BuSineSS CReW

LendInG rAte

interBank Rate . . . . . . . . . 11.57%Prime Lending Rate . . . . .16.93%Maximum Lending Rate .25.83%

rates dashboardeXCHAnGe rAte

(Parallel As at sept 26)usD . . . . . . . . . . . . . . . . . . N156.75Pounds . . . . . . . . . . . . . . N254.68euro . . . . . . . . . . . . . . . . . .N198.08

eXCHAnGe rAte (Official As at sept 26)

usD . . . . . . . . . . . . . . . . . . . . . N169Pounds . . . . . . . . . . . . . . . . . N280euro . . . . . . . . . . . . . . . . . . . . .N222 Source: Cbn

inFlaTion RaTe

August 2014............................8.5%July 2014.................................8.3%May 2014.................................8.2%

• Foreign Reserves – $39.60bn as at 22/09/2014

L-R: executive Director (Corporate services), Nigerian Deposit insurance Corporation (NDiC), Omolola Abiola-edewor; Head social Media, sterling Bank Plc Kelvin igbodo, and Chairman, sterling Bank Plc, Mr Asue ighodalo, receiving the Most innovative Bank Award (for social Lender) at the Nigeria Telecoms Award. PHOTO: GODWIN IREKE

(12,474units), April 9,171 units and May 13,768units.

The Customs’ Federal Opera-tions Unit (FOU) Zone ‘A’, Lagos, raised the alarm last month that exotic vehicles were being smuggled through the borders into the country.

The zone intercepted 22 new vehicles, comprising 19 Toyota Hilux pickups, two Izuzu-DMAX and one Toyota Land Cruiser 2014 model, along N186.5 million.

The drop in the shipment of used vehicles from the port of loading to Nigerian ports was first noticed in the first quarter of the year due to the new auto policy as Roll On Roll Off ships sailed to Nigeria half empty.

It was revealed that fewer roro vessels sailed to the PTML and Five Star Logistics termi-nal at Tin Can Island port, La-gos, compared with previous months.

Despite this, the Federal Government said there was no intention to reverse certain as-pects of the implementation of the Nigerian Automotive Indus-try Development Plan (NAIDP).

The National Automotive Council (NAC) said that the government had not revised its promise to shift the imple-mentation process of certain aspects of the NAIDP till Janu-ary 2015.

According to the Director-General, NAC, Mr Aminu Ja-lal, “government had already shifted the implementation of the full tariff on new vehicles from January 10, 2014 to July

1, 2014, to enable importers to clear the vehicles they had ordered at the old duty rates. Government only extended the concession on the importation of used vehicles by another six months till December 31, 2014.

“This was because up to three out of four imported cars are used and time needs to be given to the assembly plants to produce affordable vehicles to replace the imported used ones. Unfortunately, this levy on new cars was misinterpreted to mean that all vehicles, includ-ing new FBU imports, were exempted from levies until De-cember 31, 2014.”

The DG stressed that a spe-cial package under the NAIDP was being worked out for dealers, who had made some commitments, to enable them import new FBUs at concession-ary import duty rates (minus the levy) until they set up local assembly operations.

Jalal added: “The response to the policy by investors has exceeded our expectations. The existing assembly plants have a new lease of life, with VON as-sembling the Nissan and Hyun-dai vehicles, and PAN resuming assembly of Peugeot cars. IN-NOSON will soon start car as-sembly to complement its com-mercial vehicles production.

“Twenty-two companies have indicated interest to as-semble vehicles and four will start assembly operations be-fore the end of this year, and the rest next year. The imple-mentation of the policy is now focusing on local content devel-opment.”

business | NEWS

Adeola Yusuf

Nigeria lost N31.8 billion ($190 million) to gas flar-ing in February, a report obtained by New Tele-

graph has revealed. The report by FBN Capital

Research however added that gas supply shortages remain one of the main constraints on the development of the power sector, which in return is the bane of development in the country.

"In February N31.8 bil-lion (US$190million) was lost through gas flaring," the report showed.

These losses are, however falling, according to the re-port, "as a result of increased demand from heavy industries such as fertilisers and petro-chemicals."

Quoting industry sources, the report suggested "a 70/30 split for gas utilisation between power and heavy industry.

"We should stress that gas supply shortages remain one of the main constraints on the development of the industry.

"The Bureau of Public En-terprises argues that the priva-tisation of the ten national in-tegrated power projects (NIPPs) is blocked by the shortages because they prevent the sign-

Nigeria loses N31.8bn to gas flaring in one month, says report

C O N T I N U E D F R O M PA G E 2 5

ing of the gas purchase agree-ments, which would make them viable entities.

"An attractive gas price for suppliers is essential and the recent review from US$1.50 to US$2.50/scf (excluding trans-port costs of US$0.80) is a good starting point."

The report entitled: "Unlock-

ing Nigeria’s gas potential," added: "One element of Nige-ria’s much-cited potential is its huge gas resources, which have been relatively untapped.

"However, the FGN is work-ing to create a regional hub through the increased utili-sation of gas as feedstock for the power sector and heavy

industry."The Gas Revolution Initia-

tive launched in 2011 by the president is gaining some trac-tion. An encouraging step in our view is the start of the first phase of the Ogidigben gas in-dustrial park in Delta State.

"The park will house fertil-izer, petrochemical and meth-

anol plants. "More broadly, we see a

boost to gas (as to oil) when the PIB is finally passed on the grounds that the law will set out the new organisational structure and fiscal regime for the industry.

"We attended a briefing by the NNPC’s group executive director for gas and power, David Ige, and heard that 850mmscfd of gas is currently being supplied to the power sector."

This, the FBN capital re-search said, "supports the total generation capacity of 4,100MW (including hydro). A programme underway is scheduled to deliver a further 370mmscfd of gas by Decem-ber 2014.

"Last month the FGN dis-closed plans for a US$450m Eurobond to finance gas infra-structure, notably the exten-sion of the Calabar-Ajaokuta-Kano pipeline.

"The NNPC’s vision is a private-public partnership for the project at a total cost of US$5bn. Lagos is a major hub in terms of demand."

Ige, according to the report, noted that the Lagos segment of the Escravos to Lagos Pipeline System is close to completion."

26 Sanctity of Truth

Monday, September 29, 2014

Wole Shadare

The Nigerian Civil Aviation Authority (NCAA) has listed aging aircraft, cost

of aircraft leasing/financing, high cost of aircraft insur-ance and fuel, as some of the challenges facing Nigerian airlines.

The Acting Director General of the agency, Benedict Adeyile-ka, however told New Telegraph that it is not the age of aircraft that is the issue, but effect of aircraft aging on maintenance and operating cost.

Some of the effects of age-ing aircraft on Nigerian air-line industry according to him, includes but not limited to the number of non routine findings during routine main-tenance such as C or D checks increases, as the aircraft age in-creases, which in turn increases maintenance cost.

He noted that fuel consump-

tion increases as the aircraft age increases due to weight, non-flush repairs and panel warping, which he said in turn increases operating cost.

Speaking on the huge cost of leasing, he disclosed that more than 60 per cent of the aircraft operated by major Nigerian airlines are on lease financing, which is a reflection of how short-term airline business has become in Nigeria.

It would be recalled that ma-jor aircraft leasing firms such as GE Capital Aviation Services (GECAS), International Lease Finance Corporation (ILFC), Cab Tree and Aercap had raised lease on aircraft to Nigerian air-lines by over 40 per cent, with a plan to hike it to 50 per cent soon after the frequent air mishap re-corded in Nigeria.

Prior to the Dana accident, a B737-500, which was leased for $120,000, now attracts $200,000 monthly.

For the new generation air-planes that are in high demand and popularly referred to as Next Gen (that is, aircraft below 15 years), the lease, according to airline operators, has risen to $280,000 per month from $160,000.

The charter remained stable from 2006 to June this year fol-lowing near impeccable safety recorded in the aviation indus-

try.Added to this, is the belief in

the international aviation sec-tor that Nigerian operators lack skills in negotiating for aircraft lease; which has led most airlines to be on the receiving end.

Most local airlines are said to lack the ability to understand minimum flight hour and engine cycles for aircraft under lease.

The NCAA chief stated that most of the Nigerian airlines prefer aircraft lease financing, which he noted, is a reflection of how short-term airline busi-ness has become in the country.

According to him, “one of the major challenges for our airlines is that lease rates are paid in US dollars, while pas-sengers’ fares are in Naira and the exchange rate usually fluctuates. Nigerian banks shy away from financing the avia-tion sector because of the high risk involved”.

He reiterated that most Nige-rian financial institutions pre-fer to support business aviation at the expense of commercial aviation, which has less risk when compared with commer-cial aviation.

He added that insuring air-craft that are based or operating in Africa costs on average, four times more than it would cost to insure the same aircraft in other continents.

EUROBONDFG discloses plans for a US$450m Eurobond to finance gas infrastructure

DIRE STRAITSOne of the challenges of Nigerian airlines is that lease rates are paid in dollars while fares are in naira

60% of planes operated in Nigeria on lease finance

Vessels shun roro terminal

Country’s high-risk status jacks up aircraft lease

L-R: Winner of the promo, Mr Frank Kelechukwu; Group Managing Director, FirstBank Limited, Mr Bisi Onasanya and Director-General, National Lottery Regulatory Commission, Mr Adolphous Ekpe, during presentation of a house to the winner of FirstBank Big Splash Savings promo in Lagos. PHOTO: SULEIMAN HUSAINI

‘Lagos CMC handles105,712 cases in four years’

(: 08023151382 sms only

Muritala Ayinla

A former Attorney- General of La-gos State, Professor Yemi Osin-bajo, has said that the Lagos State Citizens Mediation Centre, CMC,

had settled about 105,712 cases involv-ing citizens on various disputes in the last four years.

The ex-commissioner also said that every mega city society like Lagos, rests on three pillars, which include :security, social justice and the economy. He added that the efficiency of the three pillars rests on the rule of law.

Speaking at a Stakeholders’ Confer-ence organised by Citizens Mediation Centre, Osinbajo, who was represented by Mr Tunde Irukere, said an average of 1,893 cases were treated by the me-diation centre monthly, while 22,716 cases were handled yearly.

According to him;” In 2010, the CMC handled a total of 14,797 cases; in 2011, 17,134 cases were handled; in 2012, no fewer than 22,509 cases were also handled. In 2013, 28,556 cases were recorded to have been handled by the

CMC. In 2014, January- August, 23,019 cases have so far been handled. The Citizen Mediation Centre has settled 51,537 cases from 2011 till date”.

Giving the breakdown of different cases handled by the CMC, Osinbajo, said 96,916 cases were landlord/tenant related issues while 475 of the cases were dispute involving employees and employers.

Osinbajo added that 635 cases of land dispute were also resolved by the mediation centre, while cases relating to inheritance handled by the agency were 1036.

He said that the agency treats about 95 cases daily and has tried 22,828 cas-es in different courts in the last three years.

But commenting on the rationale for setting up the mediation centre 15 years ago, the state Governor, Mr. Babatunde Fashola (SAN) assured residents that he would ensure that no citizens in the state is deprived of justice on account of his financial status or geographical location. Fashola, who was represented by the Commissioner for Commerce

and Industry, Mrs Olusola Oworu, also said CMC had settled over 14, 000 cases in the last eight months, saying his administration was working towards ensuring that the CMC office is located in all the Local Government Areas and Local Council Development Areas.

He said: “Within this year alone, the centre has been able to facilitate amicable settlements in not less than 14,297 cases. Among these are cases which, but for the establishment of CMC, would not have been brought up for resolution at all, thereby adding to the misery of society, the feeling of alienation for aggrieved and a tenden-cy towards self-help. Also, on the part of the aggressor or oppressor, absence of this forum would have endangered a feeling of impunity.”

He added: “I’m happy that from its modest birth 15 years ago, as a small unit within a Directorate in the Min-istry of Justice, the Centre has now grown to be an autonomous agency in the state and a model of ADR system in Nigeria. With the passage of our Lagos State Citizens’ Mediation Centre Law

in 2003, Lagos State became the first state in the country to give legal back-ing to the establishment of an agency for citizen’s mediation.”

Also speaking, the Director of the CMC, Mrs Odusanya Oluwatoyin, said the agency treated over 28,000 cases in 2013, adding that the major challenges confronting the CMC are enforcement of Memoranda by the parties.

According to her, most of the MOUs are not honoured and such matters of-ten end in court.

“ The new focus was to reflect the concept of “Justice for all” premised on the argument that government’s goal of providing access to justice is comparable to the goals of providing health care service and education. Just as government provided subsidies for the cost of education or health servic-es, it should pay for or subsidise the cost of justice for those who could not afford it,” she added.

Harping on the success story of the centre, Oluwatoyin said the CMC has recovered unpaid wages and compensa-tion for over 70 complainants in Lagos.

FACT FILEProject Title: New Multi-purpose Building of 27 FloorsClient: Eko Hotels LimitedGenral Contractor: Cobel contracting Limited1684, Sanusi Fafunwa Street, Victoria Island, Lagos, NIGERIAElectrical and Mechani-cal Contractor: Lambert ElectromecBuilding Location: Eko Hotel Round/About, Victoria Island, LagosPhoto: SULEIMAN HUSAINI

IN NUMBERS12,500

Numbers of highway cleaners in Lagos.

Lagos State commissioners

2214

Special Advisers

This is an adverT space

for hoTels

This is an adverT space

for hoTelsMONdAy, SEPTEMBER 29, 2014www.newtelegraphonline.com/megacity Edited by: OLUWATOSIN OMONIYI

The Mega CityMEGA CITY EVENTS MY CITY, MY WORLD (Kehinde) INTERVEIW

...for the love of Lagos

Ifako-Ijaiye needs human capital development -Oke, council boss

Lagos is functional -KehindeThe glamourous Ita-Giwa’s daughter’s wedding

Muritala Ayinla

Lagos State Governor, Mr. Babatunde Fashola, has said that the state government is leaving no stone

unturned to explore the possibility of generating power through nuclear energy.

The governor said his administration’s decisions to consider nuclear energy as an alternative source of energy was borne out of the resolutions of state’s Economic Summit (Ehingbeti) held early this year.

He added that the state government recognizes the importance of power supply to the economic devel-opment of the state, hence its resolve to explore all possibilities to addressing the challenge.

Addressing captains of industry at the 4th Corpo-rate Assembly, tagged ‘BRF Meets Business’ held at the Lekki Free Zone, Fashola assured that the prob-lem of erratic power supply in the state would be resolved and the state would provide adequate power supply for the residents in with its new strategies within the next 15 to 24 months.

He said the State Executive Council had at a meet-ing, devoted two hours to deliberate on nuclear energy for the state and how it could be deployed to into use within shortest possible time.

He added: “That shows you how we intend to ad-dress issues of power in the state. We sat down with one of the foremost practitioners, who is a Nigerian and he took us through all the protocols that is needed for the establishing, because in less than three years, especially when we need not do distribution but places like the Lekki Free Zone can have the nuclear power between 15 and 24 months”.

The governor said the state government will do everything possible to ensure the best for citizens of the state in it drive to solve the power problem.

Iyana-Ipaja bus stop, Alimosho. INSET: a bad spot on the road to Alimosho

NEWSWhy Lagos wants nuclear energy- Fashola

Lagos Deputy Gov, CJ, seek end to child abuse, domestic violence

Market leader queries Lagos state multiple taxation

The Lagos State Deputy Governor, Mrs Adejoke

Orelope-Adefulire, on Thursday urged Nigeri-ans to intensify efforts to-wards ending the scourge of child abuse and domes-tic violence in the society.

Orelope-Adefulire made the call while de-livering a keynote ad-dress at a Stakeholders Summit on Child Rights Law and Domestic Vio-lence Law in Lagos.

The News Agency of Nigeria (NAN) reports that the summit is part

of activities lined up to mark the 2014/2015 Legal Year celebration of the Lagos State Judiciary.

The deputy governor said it was disheart-ening that in spite of government’s advocacy and sensitisation, per-petrators of domestic violence seemed to be on the increase.

She noted that do-mestic violence had left many families with scars that would never be forgotten, adding that the vice occurred in all

societies of the world.``The world we live

in is characterised by violence against women and children in many forms like battery, sexu-al assault and abuse, fe-male genital mutilation, rape and child labour.

``It is a universal real-ity existing in all societ-ies regardless of status, class, income and culture.

``Exposure of chil-dren to domestic vio-lence puts them at risk and this can have very lasting consequences.

``These consequences can lead to psychologi-cal imbalance in behav-iour, produce negative effects on their academ-ics and can lead to ex-posure to sexual abuses and other juvenile ten-dencies,” she said.

According to Orelope-Adefulire, the Child Rights Law 2007 provides that the best interest of the child shall be of pri-mary consideration in all actions to be undertaken whether by an individu-al, public or private body.

Dr. Bolaji Kuranga, the Market Leader,

Amu Timber Market Mushin, Lagos State, on Friday said that multiple taxation in the state was affecting busi-nesses negatively.

Kuranga told the News Agency of Nige-ria (NAN) in Lagos, that there were too many tax-es and levies imposed on traders and business owners in the state.

‘’There is a lot of op-

pression of traders going on in Lagos State and this is as a result of the multiple taxation adopt-ed by the government.

‘’And this has to be brought to the knowl-edge of the state gover-nor that his policies on taxation are seriously affecting business, most especially the small scale businesses.

“We are made to pay corporate tax on our shops, street permit,

local government taxes and several other taxes that look too similar.

“There are other tax-es you pay pertaining to the type of goods you sell and this is regard-less of the corporate tax you have paid to cover your business.

‘’We are made to pay tax on our vehicles that take goods to the other destinations, and as we move from one local gov-ernment to another we

also pay tax.‘’I think that tax paid

on our goods should eas-ily cover those goods and also local govern-ment levies should cov-er those goods as well,’’ Kuranga said.

According to the market leader, a lot of businesses have folded up, while some business owners have moved to other states because of duplication and multi-ple taxes in Lagos state.

28Monday, September 29, 2014FEATURE /MEGA CITY

Alimosho: The sprawling melting-potIt is reputed as the biggest local government in Lagos State. But as MOSES KADIRI found out, Alimosho is a city of many parts. It is also home to all classes of people, with its businesses and never-stopping daily life.

From a distance, you could feel the buzz. You are about to enter a busy part of Lagos State. Sounds of mu-

sic from Compact Disc (CD) sellers, howling drug sellers soliciting buyers for their merchandise; intermittent noise from bus conductors calling passengers to board buses from Iyana Ipaja Motor Park to Lekki, Ajah, CMS, Idimu, Ikotun, Egbeda, and other plac-es in the state and even to neighbour-ing states. They are screaming : “wole pelu change e,” meaning, ‘enter with the exact fare’. The cacophony is gar-nished with blaring of horns from cars, making unpleasant noises. It is complete bedlam as you approach Ali-mosho, the biggest local government in Lagos, if not in Nigeria.

For a first time visitor, the scenario painted above is typical of Iyana Ipaja Motor Park, at the famous Iyana Ipaja, the gateway into Alimosho Local Gov-ernment Area on a daily basis. Despite all these, Alimosho is a peaceful settle-ment, and home to many Igbo, Hausa, and other tribes, but mostly dominated by the Yorubas.

The settlement is the largest local gov-ernment area in the state with 1,288,714 people according to the official 2006 Popula-tion Census. But Lagos State Government disputes the official Census figures and claims a population of more than two mil-lion residents lives there. Notwithstanding,

Alimosho local government area cuts a pic-ture of scenic urbanisation, with dualised, and upgraded roads, banks; the number of people, businesses, schools, hospitals and other attachments that make a sprawling big city.

The settlement also boasts of re-markable architecture, a sprawling landscape that makes people patron-ize the area. No doubt, these have made accommodation skyrocket within the area, though some areas are relatively higher than others.

“This place is over populated; that is why there’s traffic everywhere,” Os-homah Anthony, who resides in Ikotun cried out. “Accommodation in this area is very expensive these days; l think it is be-cause of the way people are coming to the area that made things go up,” he observed.

When Mega City inquired about the accommodation rates in some areas in Alimosho, it matches with those living in Surulere and other areas in Lagos State.

A beautiful three bedroom flat in Okooba, swings between N400,000 - N350,00 per annum; in new Okooba Beckley Estate, a 3 bedroom flat com-prising 4 toilets, 3 bathroom also goes for N400,000 - N550,000 per annum.

A mini flat at Egbeda, Akowonjo in Alimosho area is between N150,00 - N180,000 per annum. Also, a luxury two Bedroom flat, at Egbeda, Alimo-sho goes for N300,000 - N350,000, while a mini flat in Idimu, area is between N150,000 - N180,000 per annum.

A three bedroom, three toilets, three baths flat apartment in Coker Estate, Shasha Orisunbare Road, Alimosho goes for N400,00 - N450,000 per annum, while five bedroom duplex in Gemade Estate, Egbeda, Alimosho is within the range of N1,300,000 - N1,250,00 per annum. A single room in Idimu is N3,000 monthly.

The sub-urban settlement is so busy, both during the day and night, that Ali-mosho has a high commercial viability.

Consumer retail markets are in every nook and cranny in the settlement. Ac-cording to Mrs. Doris Alabi, who re-sides in Egbeda, Alimosho is a peaceful area. She reiterated that at first, she didn’t want to go to the area because of the distance of going to work. “But l am really enjoying the area now; there is nowhere you want to go that you can-not get to; there are buses that go as far as Lekki from here,” she said.

Alabi continued: “l don’t think l can leave this place to another area. l like this place. l like what l am seeing now,” she enthused.

Another resident, Miss Loveline

Offor, who works with one of the com-mercial banks in Lagos, said Alimo-sho is also peaceful. She, however, complained of the traffic in the area. “When l am going to work in the morn-ing, the traffic is very light, but in the evening, that is when l find problem with; it is because of the people in this area. People are really coming to Ali-mosho on a daily basis; l am used to everything here. This is where l was born. l am used to the place” Offor said.

Several calls, text messages to the Alimosho Local Government Chair-man were not answered at the time of going to press.

Three years tenure is absolutely not enough to carry out all the promises

we made to the people of the local government area.

Looking back, will you be proud to say you have accomplished your promises to the people of Ifako-Ijaiye Local Govern-ment Area?

I want to thank God for what we have accomplished so far. I also thank God for what He has been able to use us to achieve in Ifako-Ijaiye Local Government Area. What we prom-ised was positive change and what we embarked upon on assumption of office is working towards that positive change. We can now say convincingly that we have impacted positive change in the lives of the residents of the lo-cal government area.

Can you shed more light on various de-velopmental projects your administra-tion was able to accomplish so far?

We promised general infrastruc-tural update and we have documen-tary evidence to show that we have performed and fulfilled our promises. Even roads that have been abandoned for more than a decade were fixed by our administration. Among the nu-merous roads that were fixed are: old Akute road, Moyo Agoro, Darele Avenue, College road, where we have general hospital. There is a road con-structed by state government from Excellence Hotel to jungle and Eliot. These two major roads are links to outside the local government areas. We have also accomplished our prom-ises in the area of health care, educa-tion and human capital development and empowerment.

Do you think three years tenure is enough to accomplish all the promises to the residents of the local government area?

Of course, it is not. Three years ten-ure is absolutely not enough to carry out all the promises we made to the people of the local government area.

On that note, what will be your advice to the National Assembly on constitutional review exercise?

There is nowhere in the constitu-tion of Nigeria, where the tenure of local government chairman is fixed. Local government chairman is like a Mayor in UK or US. They have no tenure. You are there till you are tired and you leave. With the kind of mani-festoes I rolled out in my campaign, minimum of six years will be okay to accomplish them because this is the level of government that is closest

to the people. In Ifako Ijaiye, we have 689 streets. How many of those streets can a local government chairman fix within three years tenure? Of course, three years is not enough.

If the people of Ifako-Ijaiye ask you to continue after the expiration of your first three years tenure, are you still inter-ested to continue?

I am still available. I schooled in Ifako-Ijaiye. I went to Lagos African Church Grammar School. I only left the area for further studies and came back to the local government area. I have been living in the area. I am al-ways available to serve my people.

What is your assessment of recently concluded national conference in the interest of local government administra-tion in Nigeria?

Frankly speaking, I must tell you that I had little interest in what they were doing at the national conference and the reason is not far-fetched. To me, it is a kind of jamboree because I don’t see it is as a sovereign national conference. What Nigeria needs is a sovereign national conference. This is not my idea of conference. People are now debating whether it should go for referendum or whether national assembly should ratify it. Left to me, resolutions of sovereign national conference should supersede any other decisions.

Some stakeholders are calling for local government autonomy. What is your view on this?

Well, I don’t know what ben-efits that one holds for Nigeri-ans or operators of local gov-ernments. What I know is that whatever funds that is made available to local governments should be spent judiciously by the local government chairman. Autonomy or no autonomy, the most important thing is that funds available must be spent judiciously.

When you have autonomy and the funds allocated are misappropriated, where is the relevance of autonomy?

I am not both-ered about autonomy;

what I am bothered about is the judi-cious use of the funds made available in the general interest of the people.

What are the challenges facing local government administration in Nigeria?

Challenges are obvious. There is no government in the world that will have all the funds to carry out and implement all its desired projects and programmes. It does not apply to only local government; it applies to all tiers of government all over the world. It is a common challenge.

What then, can you say is the Ifako-Ijaiye of your dream?

The Ifako-Ijaiye of my dream; when I was schooling in the area between 1972 and 1977, Ifako-Ijaiye was just like a village. Since we as-sumed office, we have been working assiduously to transform Ifako-Ijaiye.

I don’t want my local government to be referred to as a rural local govern-ment. I want a total urbanization for the area. We have been achieving that. There is general availability of infra-structural facilities now; you can also see well-tarred roads in the area now. I don’t want a situation where people of my local government area will need to get to Tejuosho market before they get their needs. I want a cosmopolitan lo-cal government area, where residents of Ifako-Ijaiye will get all their needs in the area.

What is your management style?My management style is demo-

cratic.

If the people of Ifako-Ijaiye vote you in for the second term, what are the areas you want to explore that you have not been able to explore?

Good question. If I have another opportunity, I want to concentrate on human capital development for the community. We have fixed roads; we have done series of programmes on health and education. Now, it is time to concentrate on human capital de-velopment. It is going to be a general application, the idea behind that is very good. We want to create a kind of cottage industries within the lo-cal government area; we want to em-power a lot of people in various areas of human endeavour. We believe it is time to empower them so that they

can start business on their own. We want to create opportunity

for a lot of people and this is a kind of economic de-

velopment for the local government area.

Let’s talk about the millennium develop-ment goals projects going on in your local government area?

MDG projects are funded jointly by federal, state

and local gov-ernments. It is a 200 million naira project. Federal Govern-ment contributes

N100 million and state government

contributes N60 mil-lion while local gov-

ernments contribute N40 million. Like in

Ifako-Ijaiye now, we are currently us-

ing the projects to cater for the

health sector and water

sanitation.

Oke

29Monday, September 29, 2014 LIFE IN THIS CITY / MEGA CITY

Ifako-Ijaiye needs human capital development -Oke, council boss

Oloruntoba Oke is a chieftain of All Progressives Congress (APC) and Executive Chairman of Ifako-Ijaiye Local Government Area in Lagos State. In this interview with WALE ABIODUN, he speaks on various national issues, including challenges facing the administration of local government in Nigeria, recently concluded national conference, Nigeria democracy since 1999 and calls for local government autonomy in Nigeria. According to him, three year tenure is too short to accomplish all the electoral promises and developmental agenda for the people.

L-R: Siuaiman Aledeh of Channels TV; Consul General, Mr. Jef-frey Hawkins and Commercial Counselor, Mr. Brian Mccleary.

L-R: Public Affairs US Consulate General, Mrs. Gloria Sodeinde; media consultant, Lagos, Mr. Femi Omowumi and General Man-ager, Radio One 103.5 Fm, Funke Treasure-Durodola.

L-R: Consul General, Mr. Jeffrey Hawkins; Mrs. Dehab Ghebreab; MD/Chief Executive Officer, Daily Newswatch Newspapers, Mr. Moses Jolayemi and Husband of US Public Affairs Officer, Mr. Ghebreab, Mr. Benyam at the America Embassy Dinner/hosting of Journalist, at Tarino Towers, Ikoyi, Lagos.

L-R: Director, Commercial, TVC, Funke Shogunle; Director, HR and Admin, TVC Ifeanyi Omijeh and Public Affairs Officer, Mrs. Dehab Ghebreab.

Mr Benard Calil (left), with mother of the bride, Senator Florence Ita-GiwaThe Couple, Chimaobi Shawcross Obioha and former miss Kokoeka Florence Maeyen Ita

L-R: News Editor, Cool Wazobia FM, Lawal Sherif; Lobo of Wazobia Fm; Omotunde David; Election Officer US Embassy, Caitlin Conatu and News Editor, Cool Wazobia Fm, David Ajikobi.

L-R: Foreign/Art desk Correspondent, Vanguard Newspapers, Praise Sam-Duru; US Senior Cultural Staff, Bene Uche; Deputy Features Editor, Daily Newswatch, Mrs. Ngozi Okpalakunne and Vera Samuel of foreign desk, Vanguard Newspapers.

WEConnect International &

ExxonMobil - Meet the Buyer (Lagos)

Organiser: WEConnect International

Date: Tuesday, September 30, 2014, 10:00 AM to 3:00 PM

Venue: Oriental Hotel, V.I. Lagos.

Nigeria Digital Market-ing Summit 2014

Organiser: SME Business Plat-form (Media Platform Limited)

Date: Wednesday, October 1, 2014, 9:00 PM - Thursday, October 2, 2014 at 3:00 PM

Venue: Unilag Main Auditorium, Akoka Lagos.

Executive Tour And Cruise Training

Organiser: Halfmoon GlobalDate: First Saturday of every

month 06:30 to 09:30 (GMT)Venue: 20 Afolabi Aina Street

Allen Ikeja, Lagos.

Global Entrepreneur-ship Training

Organiser: School of Business without Boundaries

Date: First Saturday of every month, 9:00 AM to 5:00 PM

(WAT) Venue: 5 Sunday Ogunyade

Street, Behind Mobil Filling Sta-tion, Phase II, Gbagada – Lagos.

My City, My World

Helen Mukuro, a hos-pitality guru, says

Lagos vibrates. “It’s a social spot filled with entertainment of all sorts,” she muses. She loves Lagos because of the economy. She said eco-nomic activities boom in the state. According to her, one just can’t be lazy in Lagos. Mukoro believes that there is so much competition, so much inspiration in the city. No time for frivolities. “I see in Lagos that it is a shame for one to be idle” she pointed out. The children are not left out. She said that they are street-wise and exposed. “A child in Lagos knows how to survive and find himself out of a round peg. A raised Lagos child can survive anywhere in the world,” she said. Even the ladies in Lagos are assertive and bold. There is the culture of looking good in the state. I discover that there is always a trend for every age, a kind of fashion dictation for every age category. There are pretty ladies in the state, “even a tomatoe seller is looking good. Everybody looks good in Lagos,” she said. According to her, there are lots of peo-ple in Lagos comprising the good, bad and ugly. To her, she come across the bad people more than the nice ones. “There are lots of terrible charac-ters and weird beliefs, that they want to shove down other people’s throats.” She noted, however, that Lagosians are very accommodating people, regardless of different backgrounds. Mukoro also confirmed that there is healthy competi-tion in Lagos. As such, it is progressive. “Lagos is unique in so many exciting and inexplicable ways,” she said.

The economy booms -Mukuro

Lagos is functional -Kehinde

UPCOMING EVENTS

MEGA CITY EVENTS: At Ita-Giwa’s daughter’s wedding

Kehinde

Mukuro

Oluwatosin Omoniyi

Temilola Kehinde, is a former La-

gos State Commis-sioner for Special Duties, and the En-vironment and Physi-cal Planning during the Alhaji Lateef Jakan-de regime. He said Lagos is unique in the sense that it is a func-tioning state. “Lagos is best of failed states.” In terms of infrastruc-ture, Lagos State government is trying its best. He would have loved to live outside Lagos but just couldn’t cope. He is also emotionally attached to Lagos. It is also a state where he can exercise his right. “I guess I am just passionate about Lagos,” he said. The 15th president of Association for Consulting Engineering in Nigeria, ACEN, said electricity has improved greatly in the state. He added that transformation is obvious in Lagos, considering the popular Oshodi market and the public transportation. Although, there are lots of sentiments attached to Lagos State and that is what is making it unique in its way, in such an inexplicable way. He noted that there is secu-rity in the state compared to other states in the country. Kehinde also pointed that Lagos State is a place where one can say dream comes true, “It’s like New York of America, where you feel the energy,” he pointed out. Although, Kehinde hopes to see a more disciplined Lagos in terms of improved infrastructure, education, transpor-tation and even affordable housing, through the state low cost housing schemes, he also believes that the state is not doing badly for now. By the improvement, he believes that Lagos city would compete with advanced nations of the world. To a large extent, he said life is meaningful in Lagos.

When US Embassy hosted Journalists

30Monday, September 29, 2014THE MEGACITY

BUSINESS | NEWS

C O N T I N U E D F R O M PA G E 2 5

Wole Shadare

President, Aviation Round Table (ART), Capt. Dele Ore, has expressed con-

cern over the aging workforce in the aviation industry, stress-ing that many of the pilots and maintenance engineers would be “time expired within ten years.”

Ore, who spoke with New Telegraph in Lagos, said that many Nigerians who are in the technical area of the industry such as pilots and aircraft engi-neers are in their 50s and older. He urged the sector to urgently find replacement for these per-sonnel through “urgent concert-ed training programme.”

He noted that as followers of aviation history in this country, there has been a dearth of pro-fessionals, not only pilots, but

engineers and dispatchers. This is because we used to have only one organisation recognised, which is the Nigeria College of Aviation Technology (NCAT).

He lamented that ageing tech-nical human resources and man-power like air traffic controllers, pilots, maintenance/aeronauti-cal engineers, inadequate thresh-old of core technical staff to meet set industry manning standards, could do incalculable damage to the industry.

Ore, however, advised air-lines to leverage on Nigeria’s signing of the Cape Town Con-vention to commence a fleet re-newal programme with newer aircraft.

The Cape Town Convention on International Interests in Mobile Equipment, or Cape Town Treaty is an interna-tional treaty intended to stan-dardize transactions involving movable property.

This treaty creates inter-

national standards for regis-tration of contracts of sale (including dedicated registra-tion agencies), security in-terests and conditional sales contracts, and various legal remedies for default in financ-ing agreements, including re-possession and the effect of particular states' bankruptcy laws.

The Protocol, which applies specifically to aircraft and air-craft engines took effect on March 1, 2006 when it was rati-fied by eight countries - Ethio-pia, Ireland, Malaysia, Nigeria, Oman, Panama, Pakistan, and the United States.

Ore said that air transpor-tation is today considered by many states as the engine of economic development and growth, hinting that the impor-tance of aviation safety to the sustainability of national eco-nomic growth cannot therefore be over emphasised.

31Sanctity of Truth

Monday, September 29, 2014

Dayo Ayeyemi

The Federal Government has said that it would cost $700 million (about N11.5 billion) to facilitate annual

delivery of 800,000 houses in the country through partnership

with the private sector.This was contained in Goal

1 of the Final Draft of the Nige-ria Land, Housing and Urban Development Roadmap to facili-tate private sector-led delivery of 800,000 homes per annum over the next 10 years.

The document, which was prepared by the Ministry of

Delivery of 800,000 homes annually to cost $700m, says FG

STRATEGYGovernment is also targeting pension funds, banks, insurance firms and other corporate investors

Aging workforce in aviation worries expert

CHALLENGESBuilding trust with the travelling public is one of airlines' greatest challenges

Land, Housing and Urban De-velopment, is prepared to guide stakeholders’ actions towards making a deep and meaningful impact in the housing sector over the short, medium and long term periods.

While itemising the source of funds for the goal if finally approved, the document stat-ed: “Federal Ministry of Land Housing and Urban Develop-ment has estimated that the to-tal funds to be spent on the an-nual delivery of 800,000 homes through partnerships with the private sector will come to $700 million.”

The document suggested the procurement of suitable priced wholesale loans from develop-ment partners for on-leading to construction projects as one of the source of funds.

Besides, it is also targeting pension funds, banks, insur-ance companies and other cor-

porate investors through the capital market.

To make the 800,000 houses per annum’s goal a reality, the roadmap listed some strategies that must be adopted in the short, medium and long-terms.

Top on the list is the plan to organise suitable fora to gain buy-in of prospective co-pro-moters including private de-velopers, financial institutions, state and Federal housing devel-opment agencies, and interna-tional development partners in the short term.

It is also in the plan to pro-mote a Public Limited Com-pany backed by the Federal Ministry of Finance to ap-proach the bond market for funds; raise initial tranche of funds of about N50 billion to N100billion to kick-start the initiative targeting investors such as the banks, pension fund advisors, insurance

companies, hedge and mutual funds among others in the me-dium term.

Also, one of the strategies in the medium and long term is to pre-qualify developers based on track record, quality of work in line with building standards and codes to access construction loans from the fund.

It is also part of the plan to ensure collaboration with developers and insurance companies to evolve a system of long-term defects liability warrantees for developers pre-qualified by the fund.

On the medium term, gov-ernment is also strategizing to ensure disbursement of construction loans to pre-qual-ified developers at reasonable prices (2 to 3 per cent on Nige-rian Treasury bill rates) and tenures of two to three years for approved projects.

want to move close to the July 14,2015 date, which is still some months from now before they will deploy the new Windows Server,” a First Bank of Nige-ria’s branch manager in Ibadan told New Telegraph.

In an interview over the weekend, Chief Executive Of-ficer, Rack Centre, Mr Tunde Coker, said that technology is very key in the banking in-dustry, stressing that financial institutions cannot afford to ignore the deployment of any technology that will keep them afloat in business.

“This is the time for banks to begin to design measures and strategise on how they can migrate from their existing Windows Server 2003 to new versions. Come to think of it, If you’re told that a particular anti-virus will not get updates again at a particular time and that further use of such anti-virus after its lifespan will cause harm to your systems, will you still install it on your computer?”

Coker said while there have been series of cyber threats against banking operations, which the banks themselves continue to struggle to contain. The current situation, where they have been clearly informed that further supports for Win-dows Server 2003 as from next year will be withdrawn means that they should start embrac-ing the new technology to avoid possible disruption in their op-erations.”

According to an industry analyst, Mr Rarsack Olaegebe, “traditional banking is not lon-ger fashionable as technology is taking over banking activates and for me, I want to believe that no bank can afford to toy with what will give it an edge in its operation.”

Also speaking in a telephone interview, a cloud technology expert, Mr Gbenga Iluyemi, said that with the plan by Microsoft to stop supports for Windows Server 2003 by next year, “lack of compliance poses a big threat to local financial services part-nership with global payment platforms such as Visa, Master-Cards, American Express and legal right to continue with card services.”

Iluyemi, who is the Chief Ex-ecutive Officer of Wragby Busi-ness Solutions & Technologies Limited, urged the Nigerian banks and other financial ser-vices organisations to deploy AppZero for seamlessly mi-grating their Windows Server

2003 to the newer versions, say-ing this will make them ensure their migration in record time.

Iluyemi, whose company specialises in applications migration, said his company has partnered AppZero, an ac-credited Microsoft partner, to provide seamless migration options for banks to move their banking applications from their exiting servers version to the newer versions.

According to him, “with Ap-pZero and Wragby’s up-level application, banks and other organisations in Nigeria can quickly and easily move their applications from old, bare metal machines running on out-dated versions of the Windows Operating System to any server, anywhere- cloud or datacenter, running newer operating sys-tems such as Windows Server 2008 or Windows 2012.”

He stated that AppZero and Wragby’s solution moves the applications in much less time than it would take to install them.

According to him, AppZero lets client move that application onto a new operating system, thus making the organisations benefit from technological ad-vancements such as Bilocker, virtualisation, private, hybrid cloud and disaster recovery.

“AppZero and Wragby’s technology identifies, extracts and moves enterprise Windows Server applications without add-ing software on the source or production sever and with no changes on the application. Be-cause AppZero and Wragby move just the applications, it is cloud-dependent, hypervisor-agonistic and perfectly suited for moderni-sation of the OS and supporting infrastructure,” he said.

Nigeria banks continue to lose millions of naira to cases of cyber threats, which, experts say may heighten if the banks are not deploying latest version of technology t run their opera-tions.

Meanwhile, the Executive Secretary and Chief Executive Officer of the E-Payment Pro-viders Association of Nigeria (E-PPAN), Mrs Onajite, has called on the banks to deploy the right technology that can shield them from possible cy-ber attacks.

“If a technology is old, the next thing if for it to be changed and we would encourage the banks to make technology in-vestment a priority so as to sustain that banking public’s confidence in the nascent cash-less scheme in the country,” she added.

Banks’ ATMs under fresh threat

L-R: NDIC Executive Director Operations Prince Aghatise Erediauwa exchanging pleasantries with a Management Consultant, Dr. Abiodun Adedipe during the NDIC Sensitization Workshop for Primary Mortgage Banks in Lagos

BUSINESS | MONEYLINE32 Sanctity of Truth

Monday, September 29, 2014

Stories by Godson Ikoro

The Central Bank of Nigeria (CBN) has updated a list of Bureaux de Change (BDC) operators in the country to

2501 from 2,493.

The banking watchdog, in a statement on its website, noted that these BDCs have fully com-plied with its July 31 deadline for the operators to increase their capital from N10 million to N35 million.

This is the third time the list is being updated, as the number had increased from 2242 to 2493 and now 2501.

The apex bank had last July increased the minimum capital

requirement for BDC’s from N10 million to N35 million; cau-tion fee from N3.2 million to N35 million; and the yearly renewal of BDC licence from N10, 000 to N250,000.

The banking wachdog, had in a bid to correct observed de-ficiencies in the operation of BDCs in Nigeria, which had led to gross inefficiencies and sharp practices in the foreign exchange market, issued a new

Compliant BDCs now 2501, says CBNLUCRATIVEIn spite of the increase in BDCs’ capital, operators have continued to meet the conditions

Ecobank ‘promo excites customers’

Source:CBN FGN Bonds

Description TTM Bid OfferPrice Yield Price Yield

4.00% 23-Apr-2015 1.21 90.20 13.01 90.35 12.8613.05% 16-Aug-2016 2.53 99.25 13.40 99.40 13.3315.10% 27-Apr-2017 3.22 104.10 13.47 104.40 13.3516.00% 29-Jun-2019 5.39 109.35 13.49 109.65 13.4216.39% 27-Jan-2022 7.98 114.15 13.44 114.45 13.3810.00% 23-Jul-2030 16.47 76.60 13.59 76.90 13.53

NIBOR NITTYTenor (Days) Rate (%) Tenor (Months) Rate (%)Call 11.9167 1 12.18277 12.3333 2 12.273730 12.6667 3 12.374460 12.9167 6 12.852190 13.2167 9 12.8535180 13.5000 12 13.8443365 13.7500

Treasury Bills Money MarketMaturity Date Bid Offer Rate (%)08-May-14 12.10 11.85 Open-Buy-Back (OBB) 11.3307-Aug-14 12.10 11.85 Overnight (O/N) 11.6322-Jan-15 12.05 11.80 FX NIFEX

Bid Offer Bid OfferSpot ($/N) 163.28 163.38 Spot ($/N) 163.4000 163.5000THE FIXINGS –NIBOR,NITTY and NIFEX of February 6,2014

Source: FMDQ

Economic Indicators As at

M2* N14,737,618.7m Dec, 2013CPS* N16,509,472.5m Dec, 2013INF 8 Dec, 2013IBR 0.0000 2/5/2014MPR 12 1/20/201491-day NTB 10.899 11/6/2013DPR 7.96 Dec, 2013PLR 17.01 Dec, 2013Bonny Light US$109.9 1/20/2014Ext Res** US$42,604,781,796.6 2/5/2014 Ecobank said at the week-

end that its Giant Prize Give Away Promotion has

begun to have positive impact as prospective customers be-sieged various branches of the lender for account open-ing procedures.

A statement from the bank said that the promo gives par-ticipating customers opportu-nity to win over N10 million cash and loads of other prizes at both monthly and grand draws through to the end of the promotion. The promo, the second edition, which began September, will run through February 2015.

Announcing the promotion in Lagos, Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, said Eco-bank decided to reintroduce the promo because of the success recorded in the first edition.

Noting the positive and impressive feedback from customers, he said that Eco-bank is firmly committed to rewarding its loyal customers, even as it offers them the best of banking services.

In his words: “Ecobank is committed to reward its cus-

tomers and contribute signifi-cantly to the growth of the Ni-gerian economy. As the largest Pan African banking network in Africa, Ecobank is the best platform to provide economic empowerment to our peoples across Africa hence its determi-nation to build scale in Nigeria through products and services that provide convenience and value for customers.”

Furthermore, Okpanachi explained that to ensure nu-merous customers benefit from the various prizes; the promo has been categorised into two - Classic and Direct, and Advantage.

While encouraging non customers to walk into any Ecobank branch and open an account, he explained that to qualify for monthly draws, under the classic and direct category, a customer needs to make fresh deposits of N10, 000 into their current or sav-ings accounts each month for 60 days, adding that deposit-ing multiples of N10,000 gives the customer more chances of winning and maintaining a minimum of N10,000 for 150 days qualifies the customer for the grand draw.

guideline to check the grow-ing incidence of rent-seeking, depletion of external reserves, financing of unauthorised transactions and dollarisation, among others.

After long drawn altercations and behind the scene moves, CBN Governor, Mr Godwin Emefiele, was summoned to appear before the House Com-mittee on Banking and Finance.

The Federal Government re-alised sum of N 114.39 bil-lion ($698 million) from sale

of worth of treasury bills with maturities ranging between three months and one year at an auction last week, with yields mixed, the Central Bank of Ni-geria (CBN) said at the weekend.

A breakdown of the figure showed that the apex bank sold N21.53 billion worth of three-month paper at 9.95 per cent, higher than 9.58 per cent at a previous auction on Septem-ber 17.

It also sold N33.78 billion in six-month notes at 10.10 per cent, 13 basis points lower than the previous auction.

Furthermore, it raised N59.08 billion in one-year debt at 10.35 per cent, the same yield the paper fetched the last time it was sold on September 3.

Total demand stood at

N181.44 billion at the auction, compared with N122 billion for the 3-month and 6-month paper sold at the September 17, auc-tion.

Meanwhile, the nation’s in-terbank lending rates inched up to an average of 10.50 per cent at the weekend, up from 10.37 per cent last week after a treasury bill sale drained liquidity, deal-ers said.

The apex bank sold a com-bined N200 billion ($1.2 billion) worth of bills between last week Monday and Thursday, to man-age excess liquidity. It also sold N114.39 billion in treasury bills at a primary market auction.

Specifically, the naira was supported by dollar flows from energy companies and intervention from the banking watchdog.

The currency traded around N163.65 to the dollar, down

slightly from Wednesday's close at N162.65, but firmer than N164.25 last week.

The naira has fallen sharp-ly over the past two weeks, dragged down by lower global oil prices and reduced offshore flows into the debt and equity markets.

Dealers said the CBN had sold dollars directly to some lenders to try and prop up the naira.

"We are expecting increased dollar sales from some energy companies in the days ahead and hopefully, this will provide some support for the naira," one dealer said.

However, the market opened with a cash balance of around N516 billion from government budgetary allocations, oil com-pany cash call payments and matured open market bills, be-fore settling bills sold last week, dealers told Reuters.

FG raises N114.4bn in treasury billsInterbank rate up at 10.50%

Kaduna State government is partnering Skye Bank Plc to bolster the state’s inter-

nally generated revenue (IGR) and expedite development in the state.

The state governor, Alhaji Mukhtar Ramalan Yero, dis-closed this in Kaduna while launching Point of Sales (POS) Terminal for the revenue col-lection scheme of the state, powered by Skye Bank.

In a statement, he said that the current IGR of the state and the dwindling federal al-location were not enough to develop Kaduna State.

While his government has a huge budget that was ex-pected to be financed by the IGR, he noted that the inter-nally generated revenue had been stagnant at about N1bil-lion per month, for the past five years, hence, the need to develop new strategy and accountable means that will boost revenue collection.

"It is against this back-ground that we have intro-duced POS to check revenue leakages and other challeng-es associated with tax collec-tion," the governor, said.

On government's plan to focus development on tax-paying residents, Yero ex-plained that residents who evade taxes were the ones who criticise government

the most. He added that "only civil servants have been up to date in tax payment in Ka-duna State, and I know it is not because many of them want to pay, it is because the taxes are being deducted from source.”

"Politicians don't pay their taxes until when they need tax clearance from Board of Internal Revenue for elec-tion purpose. Therefore if residents of Ungwar Rimi pay their taxes regularly and residents of Sabo don't pay theirs, we will be forced to concentrate development on Ungwar Rimi," he stated.

Highlighting the impor-tance of POS terminal in rev-enue collection, the Regional Manager of Skye Bank and the lead bank for the IGR project in Kaduna State, Al-haji Kawu Mohammed said the project would ensure ac-countability and ensure taxes get to the government coffers.

Kawu noted that Yero commenced the move to sanitise revenue collection since he was the state's Com-missioner for Finance in 2008 and challenged Skye Bank to develop electronic means of revenue collection for the state, saying that "this is the reason why we have come out with this initiative, which is the first of its kind in North.”

Kaduna, Skye Bank partner on IGR growth

BUSINESS | ISSUE OF THE WEEK 33Sanctity of Truth

Monday, September 29, 2014

Abdulwahab Isa AbujA

Five months down the line, result arising from the economic re-basing exercise, which ranked Nigeria’s economy top in Africa

and 26th on global map is still being relished. The hype was deafening on disclosure through preliminary and fi-nal reports conducted by the National Bureau of Statistics (NBS) guided by other reputable international agen-cies that the Nigerian economy had overtaken South Africa’s as the big-gest on the continent with a final fig-ure (nominal Gross Domestic Product) of N81.009 trillion.

S&P’s verdictWhile the nation still delights in

being the biggest economy in Africa, recent rating by a renowned agency, Standard & Poor’s (S&P), which casts a gloomy picture on the economy, has elicited different interpretations from analysts. Precisely last week, the world acclaimed rating agency affirmed ‘BB-/B’ rating on Nigeria. The agency said that the country’s outlook remains negative and pointed out that there was at least a one-in-three chance for it to lower the ratings on Nigeria if in-stitutional governance effectiveness deteriorates, or if fiscal or external balances weaken beyond the agency’s projections.

In arriving at its decision, S&P said that the rating was constrained by its view of Nigeria’s low Gross Domestic Product (GDP) per capita, significant infrastructure shortfalls, political ten-sions and weak institutions. Other key observations of the agency in its ver-dict was that the country benefits from low government and external debt bur-dens, ample oil reserves and robust non-oil GDP growth while anticipat-ing that petroleum prices would largely remain high, which would support exports and government revenues. It however, acknowledged series of re-forms in agriculture, the privatisa-tion of the power sector and the rapid growth of sectors such as telecoms and financial services, which have contrib-uted to the country’s growth drive. The basis for its general assessment was rooted in oil production, which has stagnated, as new investment holds out for the passage by parliament of the long-awaited Petroleum Industry Bill (PIB).

Nonetheless it added: “Nigeria’s real GDP continues to grow strongly and forecast that it will average 6.3 per cent a year in 2014-2017, driven pri-marily by non-oil growth and strong services growth. “In addition, exter-nal and fiscal debt stock burdens are low. Nevertheless, political jockeying is high in the run-up to the February 2015 elections, which may test Nige-ria’s institutions and fiscal resilience; and militancy in the North-east con-tinues to flare. “We are affirming our sovereign credit ratings on Nigeria at ‘BB-/B.’ The outlook remains nega-tive, indicating at least a one-in-three chance that we could lower the ratings on Nigeria if institutional governance effectiveness deteriorates, or if fiscal or external balances weaken beyond our current projections,” it added.

S&P said that the rating was con-strained by its view of Nigeria’s low GDP per capita, significant infrastruc-ture shortfalls, political tensions, and weak institutions.

Nigeria’s economy Statistics and data gleaned from

various sources indicated that while tremendous growth were recorded in sectors such as telecom, tourism and

hospitality in the last two years, the manufacturing sector, the hub and engine room of an economy, was at a comatose. This was occasioned by the harsh operating environment precipi-tated by non-availability of adequate power supply, a factor that led to clo-sure of industries.

Lending a voice to the slowdown in economy that characterised 2013 fiscal year, the Lagos Chamber of Commerce and Industries (LCCI) in one of its me-dia briefings last year sought coopera-tion among economic regulators. The Chamber at the time warned that the slow growth of the nation’s economy could affect businesses if there was no collaboration among regulators. LCCI whose primary objective is to promote, support or oppose legislative or other measures affecting trade, industry, commerce and agriculture, as well as represent the opinion of the business community on the above matters in

particular, and the economy as a whole, said that the call had become expedi-ent as the “slow-down in economy may begin to reflect harder on businesses in 2013 if fiscal and monetary authorities do not collaborate to achieve meaning-ful results.” The Chambers’ fears were expressed in a report titled ‘Environ-mental Scan, 2013 Outlook’ which was posted on its website. It highlighted that “Dangote Cement plans to close down its Gboko Plant while PZ Cussons and other leading FMCG (fast moving consumer goods) firms continue to flag out a slowdown in consumption as a major fear for 2013.”

Added to the scenario painted above, a large section of Nigeria, the North East, has been enmeshed in a state of insecurity due to the activities of the Boko Haram insurgents. Figures vary on the number of deaths recorded from attacks perpetrated by this sect and their cost implication to the economy is beyond human estimation. Up till this moment, the nation is still counting the cost in economic and human resources it lost to the callous activities of Boko Haram insurgents.

Evidently, this forms an integral part of S&P’s overall rating of the economy. A report by the Nigerian Economic Summit Group (NESG) detailing doing business in Nigeria,

which highlighted economic activi-ties’ score card for 2012 further lend credence to an unimpressive business environment in Nigeria. For instance, in 2012-2013 Global Competitiveness Report (GCR), Nigeria was ranked as 115th of 122 countries in terms of com-petitiveness. Although some analysts argued that Nigeria’s placement was an improvement from previous ratings where the country was twice ranked 127th, despite seeming insignificant improvement, Nigeria had in all the three years remained at the bottom of the 20 ranked countries.

Experts’ opinion Varied responses have trailed the

S&P recent verdict on Nigeria’s out-look. CEO of Global Analytics, Mr Tope Fasua, said that Nigerians must imbibe the culture of not taking every verdict passed on its economy by rat-ing agencies on their face value. “Yes, our cash flow is going down, production of oil and gas is going down, reforms are not impacting as they should. To my understanding, BB negative affir-mation by S&P indicates that they can still mark us down. But don’t forget that rating agencies also have issues of integrity to contend with. I don’t sub-scribe to always resorting to borrowing as they would want us to do whenever they come up with this negative af-firmation rating. I would rather be on the side of lending. I will suggest we should concentrate on diversification of our economy away from oil instead of dissipating energy on the theory of S&P,” he told New Telegraph.

A government appointee, who spoke under the condition of anonymity be-cause he was not authorised to speak to the media, cited reasons which may have informed S&P’s BB-/B’ rating of Nigeria’s economy. “ They would have taken into consideration both micro and macro-economic developments of Nigeria before arriving at this conclu-sion. Take a look at the oil and gas sec-tor of the economy. The sector is still characterised with problems and every efforts put in place to free it from cor-ruption as espoused in the Petroleum Industry Bill (PIB) remains a hercu-lean task in the last four years.”

“The international oil companies (IOCs) are divesting their holdings in Nigeria. Some are selling off their stakes and assets and all these devel-opments go into summation of S&P verdict,” he said.

However, the Minister of State for Industry, Trade and Investment, Mr Samuel Ortom, said at the 3rd Euro-pean Union-Nigeria Business Forum (EUNBF) that Nigeria’s economy in global competitiveness was not as negative as most ratings put them. He said that the ratings did not always re-flect the real situation of the nation’s economy.

ConclusionWhether the S&P rating is accurate

or not is not the issue. Since about 85 per cent of Nigeria’s revenue comes from oil, which is vulnerable to the fluctuations in the oil market, the most appropriate thing for Nigeria to do is to address this weakness by investing in other sectors of the economy to give the country a solid economic base. No Nigerian government since indepen-dence has done this. In countries such as Britain, the right for exploration of oil is usually auctioned to oil explora-tion companies to raise revenue and when companies make excessive profit, government can impose windfall tax.

Government should levy a windfall tax on all the people and companies who were awarded oil block corruptly in opaque manner. This should be the starting point.

Since about 85 per cent of Nigeria’s revenue

comes from oil, which is vulnerable to the fluctuations in the

oil market, the most appropriate thing

for Nigeria to do is to address this weakness

by investing in other sectors of the economy

to give the country a solid economic base

S&P’s rating: The fallacies, the realities

President Goodluck jonathan Finance Minister, Ngozi Okonjo-Iweala

Minister of Petroleum Resources, Diezani Alison-Madueke

Corporate profilePrior to 1952, The New India

Assurance Co. Ltd. Mumbai (In-dia) was operating in Nigeria through an agency. In 1952, the company commenced direct op-erations with the establishment of a branch in Lagos. After es-tablishing its name as a reli-able security, New India took further steps in consolidating its position in the Nigerian In-surance market by converting the branch into a wholly owned subsidiary company.

Prestige Assurance Plc was incorporated on the 6th January, 1970 as a public company under the name “The New India Assur-ance Company (Nigeria) Limit-ed” with a nominal share capital of N50,000 divided into 25,000 or-dinary shares of N2 each. In 1990, its share nominal value changed to 50kobo per share. Thereafter in line with the 1997 Indigenisa-tion Decree, New India reduced her stake to 40 per cent while local shareholdings rose to 60 per cent. Demonstrating her interest and commitment to intensifying her continued presence in Nigeria, The New India Assurance Com-pany Limited in 2003 increased her shareholding to 51 per cent with the balance 49 per cent held by Nigerian Shareholders till date.

Soon after, the company expanded its operations by opening two branches – Kano and Port Harcourt. In 1992 the company’s name was changed to Prestige Assurance Limited and was subsequently listed on the Nigerian Stock Exchange as a public liability company and became Prestige Assurance Plc.

Today, Prestige operates as a subsidiary company of The New India Assurance Co. Lim-ited Mumbai, is holding a 51 per

cent stake in Prestige Assur-ance Plc. New India is a wholly owned Government of India un-dertaking, with an asset base of over US$6 billion. The company has been rated ‘A (Excellent)’ by A.M. Best Company of U.S.A. consecutively in the six years.

FinancialsA cursory look at the finan-

cials showed that Prestige As-surance had slipped from a profit of N613.056 million in 2012 to a loss of N90.836 million, amounting for a loss of 114.82 per cent during the full year

INSTABILITYAftermath of the Dana air crash has chopped off profits

Chris Ugwu

Notwithstanding signs of recovery from other sub-sectors of the economy, insurance sub-sector

has remained a weeping baby among other sub-sectors.

Unlike other sub-sectors, the insurance companies quoted on the Nigerian Stock Exchange (NSE), rather than appreciating in value, have remained rela-tively stagnant even as a larger percentage of the companies have stagnated at the nominal prices of 50 kobo at which they were quoted in the market.

When companies approach the equities market for listing, the nominal value quoted is usually 50 kobo as against the actual price they are being sold to the investing public.

Apart from very few others that have marginally appreciat-ed above nominal value, others have remained in limbo. Since the crash of the nation’s capital market in 2008, negative percep-tion has trailed the subsector, which was compounded by in-ability of about 85 per cent of the companies in the industry to pay dividend to shareholders for many years.

Market watchers linked the inability of the sub-sector to rise above the nominal level to crisis of confidence.

They said that investors are not likely to see any dramatic upswing to movement in the price of insurance stocks. Ac-cording to them, insurance mirrors the economy and if the economy does not produce new manufacturers and grow the existing ones; if the SME sec-tor remains stifled; if the supply chain to tap micro insurance is not developed, there will be no significant growth in the insur-ance industry.

Prestige Assurance Plc is one of those insurance Compa-nies, which struggled to keep its shares up marginally, but due to dwindling fortunes in its financials following inves-tors’ low sentiments, the stock price dropped from August to its nominal value.

Prestige Insurance, which operates as a subsidiary com-pany of The New India Assur-ance Co. Limited Mumbai, got its fair share from harsh op-erating environment, as 2013 full year results, first quarter 2014 results and half year 2014 results, saw losses – of which market analysts believe might not be unconnected to the N821 million claims it paid as lead un-derwriters to passengers of ill-fated Dana aircraft that crashed on June 3, 2012.

The share price, which closed at 55 kobo per share in October 31, 2013, dropped to 50 kobo when the closing bell rang last Friday, accounting for a decline of 5 kobo or 10 per cent year to date.

Prestige Assurance: Claims impede growth

ended December 2013.The company’s gross premi-

um written equally shed 11.85 per cent from N4.790 billion in 2012 to N4.222 billion in 2013.

Total asset grew by 4.26 per cent from 9.720 billion in 2012 to N10.134 billion during the period under review.

First quarter 2014 results followed the same trend, as the company recorded a 110 per cent drop in profit after tax to N106.268 million in 2014, com-pared with N223.270 million in 2013.

In the same breadth, profit after tax fell by 109 per cent, from N331.665 million in 2013 to N158.609 million in 2014.

The gross premium income written went down by 31.9 per cent to N1.234 billion in 2014 from N1.628 billion in 2013.

Prestige Assurance unaudit-ed financial statements for the half year ended June 2014 was also dismal, as profit slid by 41 per cent from N336.255 million in June 2013 to N198.407 million within the same period in 2014.

In the same vein, Gross Premium Income (GPI) came down by 28.3 per cent to stand at N1.690 billion at the end of the half year in June 2014, as against N2.360 billion for the same period in 2013.

Company’s challengesThe Chairman of the com-

pany, Dr. C.S. Sankey, had late last year during the firm’s An-nual General Meeting (AGM) in Lagos, said that a Dana aircraft that crashed in 2012 in Lagos, and killed all passengers on board and others on ground, was the most tragic event the firm had ever witnessed in its 61 years of existence in the country.

The chairman also said that as the lead underwriter for the crashed plane, it recognised the need to ensure that the insur-ance obligations to the families of the deceased persons were met.

The company had however, reported recently that no fewer than 106 relatives of the pas-sengers who lost their lives in the ill-fated Dana aircraft that crashed on June 3, 2012 have re-ceived insurance claims total-ling $5.05million (N821million).

The Managing Director, Pres-tige Assurance Plc, Mr. Anand Mittal, who disclosed this, said “as of August 11, 2014, we have made advance payments to 106 passengers and final payments have been made to 68 passen-gers’ relatives.”

He explained that two out of the 68, who collected the final claims, were relatives of the ground victims, while the rest were relatives of the passengers abroad the aircraft.

The managing director not-ed that 30 per cent of the total claims, or $30,000 per head, was expected to be paid within 30 days of the loss as the initial li-ability, while the balance was to be paid after the presentation of letters of administration by the victims’ family members.

According to him, the num-ber of passengers in the crashed plane was 147, while the crew members made the number of those on the plane to be 153.

Mittal noted that the family of one of the two pilots involved in the crash, who hailed from Florida, United States, had been given N4 million, but that the relatives of the other pilot from India had yet to submit the nec-essary documents that would enable them to get the claims.

Looking aheadDuring the year under re-

view, the chairman said that the firm took steps to further upgrade the quality and skill of its employees.

Several employees, he said, were sent on local and inter-national training on relevant areas of insurance operations.

According to him, the com-pany is already feeling the im-pact of the new skills acquired in many areas of its business.

He said that as it strength-ened capacity in some key areas of its business, particularly risk management and oil and gas, the new professionals hired in these areas would give the com-pany the competitive edge in the emerging domestic energy business arising from the Local Content Act of 2010.

Analysts’ perceptionInsurance companies are the

worst hit in the capital market in terms of drop in share prices. According to analysts at Meri-stem Securities Limited, insur-ance sector has lost 7.9 per cent year to date compared with the 38 per cent gain in the same pe-riod in 2013.

However, the analysts said they expect investors’ patron-age for the stocks to improve given NAICOM’s enforcement of IFRS standards, companies’ innovative reforms to attain profitability and leverage on micro-insurance to improve awareness.

Share price movement of Prestige Assurance

2013

Oct 31 55 kobo

Nov 30 70 kobo

Dec 31 60 kobo

2014

Jan 31 65 kobo

Feb 28 56 kobo

Mar 31 54 kobo

Apr 60 kobo

May 30 53 kobo

Jun 30 52 kobo

Jul 31 52 kobo

Aug 30 50 kobo

Sept 26 50 kobo

34 Sanctity of Truth

Monday, September 29, 2014business | STOCK WATCH

Mittal

Chris Ugwu

Investors’ hope that Nigerian equity market will sustain the bullish trends it record-ed in the previous week fol-

lowing four-week plunge was shattered last week, as mas-sive sell off by speculators depressed trading activities.

The bears have strength-ened their grip on the equities in spite of market fluctuations witnessed throughout the week that saw both forces struggling for dominance.

Market watchers believe it is not yet time for investors to get respite from investment deple-tion, as low sentiments might persisted given the current up-set in the financial market aris-ing from insecurities; build up to 2015 elections, Ebola crisis, recapitalisation fever, among others, which have kept bargain hunters at bay.

Market opens in the redTrading activities on the floor

of the Nigerian Stock Exchange (NSE) returned to downward trends last Monday, as the bears regained their stronghold, fol-lowing price losses suffered by major blue chip companies.

Specifically, at close of trans-actions, the banking subsector remained the most active stock in volume terms with 124.1 mil-lion shares valued at N1.1 billion in 1,341 deals followed by other financial services sub sector with 75.2 million units valued at N975.7 million in 678 deals.

Precisely, transactions in the shares of Skye Bank Plc and UBA Plc enhanced activities in the banking subsector, while FBNH Plc boosted activities on other financial services sector.

On the whole, investors ex-changed a total of 344.9 million shares valued at N4.1 billion in 4,663 transactions.

Further analysis showed that at the close of trading ses-sion, the NSE All-Share Index was down by 65.16 basis points or 0.16 per cent to return to 40,984.12, as against 41,049.28 recorded the previous day. The market capitalisation depreci-ated by N22 billion or 0.16 per cent to close at N13.532 trillion from N13,554 trillion.

At the close of business, the stock market recorded 29 gain-ers as against 23 others that de-pleted in price.

Top on the gainers’ chart was one of the leading consumer goods company, Nestle Nigeria Plc with a gain of N19.90 to close at N1, 069.90 per share, while Se-plat Petroleum followed with a gain of N10.00 to close at N650.00 per share. Cement company, La-farge Wapco Plc gained N3.50 to close at N131.00 per share.

On the other hand, Unilever Nigeria Plc led on the price los-ers’ table, dropping by N1.74 to close at N48.26 per share, while Dangote Cement Plc followed with a loss of N1.15 to close at N222.85 per share. International

Breweries Plc shed 64 kobo to close at N28.00 per share.

Investors lose N147bnLast Tuesday, investors in the

Nigerian Stock Exchange suf-fered further set back, as the equities market extended losing streaks by N147 billion.

Principal market indicators, the NSE All Share Index and market capitalisation, declined by 1.1 per cent, as bearish activ-ity coloured overall investment outcomes.

Consequently, the All Share- Index dropped by 446.92 basis points or 1.1 per cent to close at 40,537.20 index points as against 40,984.12 the previous day, while market capitalisation equally dipped by 1.1 per cent or 147 bil-lion, to close at N13.385 trillion compared with N13.532 trillion the previous day.

The NSE 30 Index, the bas-ket of diversified liquid equi-ties, dipped further by 133 bps. Similarly, the NSE Banking In-dex slipped 141 bps, while the NSE Consumer Goods index declined by 113 bps. However, the NSE Insurance Index and the NSE Oil/Gas Index rose by 64 bps and 220 bps respectively.

Specifically, at closed of transactions, the banking sub-sector remained the most ac-tive stock in volume terms with 105.7 million shares valued at N1.3 billion in 1,502 deals fol-lowed by insurance services sub sector with 48.7 million units valued at N38.5 million in 183 deals.

Precisely, transactions in the shares of Diamond Bank Plc and GTB Plc enhanced activi-ties in the banking subsector while AIICO Plc boosted activi-ties on other financial services sector.

On the whole, investors ex-changed a total of 294.3 million shares valued at N3.4 billion in 5,097 transactions.

On the gainers’ chart, refined petroleum products marketer, Mobil Oil Nigeria, appreci-ated by 3.42 per cent to close at N179.95 per share. The pe-troleum upstream and down-stream company, Oando Plc, rose by 5.53 per cent to close at N25.01 per share, while finan-cial services companies, Eco-bank Transnational Interna-

tional and Mansard Insurance, advanced by 4.09 per cent and 4.26 per cent to close at N18.84 and N2.69 per share respectively.

On the flip side, Pharmaceu-tical and healthcare company, GlaxoSmithKline Beecham, de-clined by 7.69 per cent to close at N60.00 per share; maker of alco-holic beverages Nigeria Brewer-ies, pulled back by 2.23 per cent to close at N175.00 per share, while industry rival, Guinness Nigeria, dipped by 0.58 per cent to close at N173.99 share.

Nigerian stocks bounce backLast Wednesday, the stock

market recorded upward trends as the bulls staged a comeback after the market had closed in the red zone the previous two days.

The NSE ASI rose by 0.66 per cent on the back of positions taken by bargain hunters on the highly capitalised stocks.

The key market parameters, the NSE All Share Index and market capitalization had in the previous day fell by 1.1 per cent as bearish activity coloured overall investment outcomes.

The northwards movement was driven by the activities of cement producing company, Guinness Nigeria Plc and Dan-gote Cement Plc.

At the close of business, the

principal market indices, the NSE ASI and the market capi-talisation, gained 0.66 per cent each.

Consequently, the All-Share Index added 272.12 basis points to close at 40,809.32, as against 40,537.20 recorded on Tuesday while, the market capitalisation of equities appreciated by N90 billion or 0.66 per cent as market sentiment turned green.

Meanwhile, a turnover of 427.7 million shares worth N11.9 billion in 4,342 deals were re-corded in the day’s trading.

Other financial services sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 174.6 million shares worth N537.2 million exchanged by investors in 681 deals.

Volume in the sub-sector was largely driven by activity in the shares of UBA Capital Plc and FBNH Plc.

Also, insurance sub sector of the financial services sec-tor, boosted by activity in the shares of AIICO Insurance Plc, followed with a turnover of 96.8 million shares valued at N79.05 billion in 134 deals.

The number of gainers at the close of trading session was 21 while decliners closed higher at 31.

Guinness Nigeria Plc led on the gainers’ table with a gain of N6.01 to close at N180.00 per share while Dangote Cement followed with a gain of N6.00 to close at N225 per share. GSK added N4.74 to close at N64.74 per share.

Cement firms drag equities down

The Nigerian stock market extended losing streaks last Thursday, as NSE ASI dipped on the back of shares of two cement giants.

The NSE Industrial Index and the NSE banking index pulled back by 54 bps and 77 bps respectively.

The Nigerian stock market had the previous day recorded upward trends as the bulls staged a comeback after the market closed on the red zone in the previous two days.

The southwards movement was driven by the activities in the shares of Lafarge Africa Plc and Dangote Cement Plc.

At the close of business, the principal market indices, the NSE ASI and the market capital-isation, lost 0.72 per cent each.

Consequently, the All-Share Index shed 29.32 basis points to close at 40,780.00 as against 40,809.32 recorded on Wednes-day, while, the market capitali-sation of equities depreciated by N10 billion or 0.72 per cent, as market sentiment turned negative.

Meanwhile, a turnover of 273.1 million shares worth N4.6 billion in 4,330 deals was record-ed in the day’s trading.

The banking sub-sector of the financial services sector was the most active (measured by turnover volume); with 97.4 million shares worth N1.3 bil-lion exchanged by investors in 1,472 deals.

Volume in the sub-sector was largely driven by activity in the shares of Access Bank Plc and Zenith Bank Plc.

Market adds N13 billionLast Friday, the stock market

closed the week on positive note, as the bulls returned following gains recorded by blue chip companies.

The NSE ASI rose by 0.66 per cent on the back of posi-tion taken by bargain hunters on the highly capitalised stocks.

The northwards movement was driven by the activities of cement producing company, Seplat Petroleum and 7up Plc.

Consequently, the All-Share Index gained 39.72 basis points to close at 40,819.72 as against 40,780.00 recorded Thursday, while the market capitalisa-tion of equities appreciated by N13 billion or 0.97 per cent, as market sentiment turned green.

Specifically, at close of trans-actions, the banking sub-sector remained the most active stock in volume terms with 109.7 million shares valued at N1.07 billion in 1,192 deals, followed by other financial services sub sector with 39.5 million units valued at N331.7 million in 634 deals.

Indeed, transactions in the shares of Access Bank Plc and GTB Plc enhanced activities in the banking sub-sector, while FBNH Plc boosted activities on other financial services sector.

Five most capitalized

stocks@ Sept 26, 2014

Dangote

Cement Plc

N3.7tn

Nigerian

Breweries Plc

N1.3tn

Guaranty

Trust Bank

Plc

N865.2bn

Nestle

Nigeria Plc

N836.2bn

Zenith Bank

Plc

N753.5bn

35Sanctity of Truth

Monday, September 29, 2014 BUSINESS | CAPITAL MARKET REPORT

Nigerian stocks fall on low sentiment BEARISHEquities market plummet as investors’ interest wane

NSE building

Sanctity of Truth

Monday, September 29, 201436

Insurance

Sunday Ojeme

As insurance operators in the country continually gird themselves to boost the industry’s fortune and achieve more penetration, the President, Ni-

gerian Council of Registered Insurance Brokers (NCRIB), Mr Ayodapo Shoderu, has called on them to, as a matter of ur-gency, overhaul their relationship with the insuring public by protecting their rights.

Making the declaration in Lagos dur-ing a public enlightenment forum on insurance organised by the Insurance Consumers Association of Nigeria (IN-SCAN), the NCRIB boss regretted the fact that the Nigerian insurance indus-try, being a microcosm of the larger Ni-gerian nation, had little or no place for consumer rights.

He said despite the fact that the insur-ance industry could not succeed without the patronage of consumers, the indus-try had carried on without sufficient regards for the consumers’ rights for which they had not received concomi-tant responsibilities.

He said: “We must accept that opera-tors flagrantly ignore their responsi-bilities to insurance clients, especially if they are the small ones. We have all forgotten the fact that insurance itself is a contract by nature and it imposes certain duties on the providers of the services as well as a commensurate exer-cise of rights and responsibilities on the part of the clients. I do not wish to take you into details of insurance contract which exemplifies all these.

“To say this, however, is not to come to terms with the fact that we, the opera-

tors, should realise the universal expec-tation of consumers from producers of goods and services.

“It makes good sense to appreciate the fact that consumers are the largest eco-nomic group in any country’s economy, affecting and effected by almost every public and private economic decision. But they are also the only important group who are usually not effectively organised and whose views are hardly heard.”

Highlighting the areas where op-erators need to come to terms with policyholders, he pointed out that the consumers had the right to sufficient information about the nature of risks and how they could maximise their in-surances, stressing that the right also provided them opportunity to make in-telligent and informed choices about in-

surance products they want to purchase.According to him, the idea of supply-

ing insufficient information on policy documents is antithetical to this right. The onus should now rest on all opera-tors henceforth to embark on aggressive public awareness, both to inform current and potential buyers of insurance and while doing that, make full disclosures about the insurance products being sold.

He said, “This implies that insurance consumers must be availed the most quality value in exchange for their mon-ey. Insurance companies and brokers must continually create environments as well as procure tools and acquire ori-entation that is geared towards rendition of quality insurance services to clients. One cannot talk enough about the need for all operators to be more ingenious in customer relations skills as well as ac-quisition of modern IT tools that would enhance service delivery.

“It is the right of every insurance cus-tomer to be heard. This has actuated the need for insurance operators to provide platforms of engagement and dialogue with clients on a regular basis. The era should be past for good when insurance operators preoccupy themselves with selling insurance, rather insurance should be bought. Every insurance insti-

tution should henceforth begin to see to it that they create suggestion boxes and online feedback mechanisms for custom-ers, to ventilate their views about their insurance products and services.”

He further advised the operators to come to terms with the fact that insur-ance consumers should have the right to seek redress in the law courts or in es-tablished extra-legal institutions against unsatisfactory conduct of operators in the implementation of the insurance contract.

He expressed appreciation over the role being played by INSCAN, noting that insurance industry in Nigeria had continued to be the butt of poor image and negative public perception due to insufficient knowledge and awareness about the pivotal roles of insurance to the citizens’ well-being as well as its place in national economic development.

In his words, “From records, the idea of establishing INSCAN emanated from the FSS 2020 Insurance Sector re-port which was later accentuated by the NAICOMs MDRI towards growing the Nigerian insurance industry. It is heart-warming that today, INSCAN is affiliated to the Consumer Protection Council and incorporated as an NGO.

“What the association is doing today is a fulfillment of one of its cardinal mandates of assisting the growth of the insurance industry in Nigeria through creation of public enlightenment plat-forms for exchange of information be-tween the insurance operators and the industry’s strategic stakeholders.

“I stand here to vouch the support of the NCRIB and the entire insurance bro-kers operating in the Nigerian insurance market for INSCAN in fulfilling its set out objectives.

“It is my view that if the above rights are recognised by insurance operators and the responsibilities on the part of the clients are respected, the insurance industry in Nigeria will flourish as well as wrest itself from perennial image challenges that occasioned the low pub-lic awareness and growth of the insur-ance industry in Nigeria.”

Stakeholder flays poor policyholders’ rights protectionPRIVILEGEInsurance operators should realise the universal expectation of customers from producers of goods and services

Shoderu Commissioner for Insurance, Mr Fola Daniel National Technical Adviser, INSCAN, Yemi Soladoye

MD, NEM, Tope Smart

Chairman, NIA, GUS Wiggle

We have all forgotten the fact that insurance itself

is a contract by nature and it imposes certain duties on the providers of the services as well

as a commensurate exercise of rights and

responsibilities on the part of the clients

Sanctity of Truth

Monday, September 29, 201437

Sunday Ojeme

United Bank for Africa (UBA) Plc has signed a partnership agreement with the Pan African

Trade Insurance Agency (ATI) to ease the flow of credit to cli-ents engaging in regional and international trade.

The bank said in a state-ment that the agreement was signed in Kenya by the bank’s Deputy Managing Director, Resources, Mr Kennedy Uzoka and his counterpart from ATI, George Otieno.

According to the statement, “UBA is keen to boost inter and intra-African trade because of its capacity to accelerate devel-opment and integration across the continent.

“Over the years, we have supported our customers to grow their business network across Africa and internation-ally in pursuit of a more pros-perous Africa. UBA’s partner-ship with ATI will ease the flow of credit to our customers and help them expand their busi-nesses across the continent.”

Under the agreement, ATI will provide insurance cover for eligible UBA Group trans-actions with its unique range of political risk and trade cred-it insurance products.

BUSINESS | INSURANCE

UBA partners African insurance firm to ease credit flow

SUPPORTMore cross border business entities to enjoy unique benefits from prominent financial institutions

EU-27 at 70 per cent, 52 per cent for Asian countries, 50 per cent for North American countries and 26 per cent for South American countries.

Africa’s commodities boom, natural resources and related government spending to revive infrastructure development are estimated to have gener-ated 32 per cent of Africa’s recent GDP growth.

The remaining growth came from sectors such as transpor-tation, telecommunications and manufacturing.

These are all the sectors which UBA believes will ben-efit from expanded credit.

UBA Group Plc is one of Africa’s leading financial in-stitutions offering banking services to over 10 million customers across over 700 business offices in 19 African countries.

On its part, ATI is a Pan African insurer owned by Af-rican countries, regional and international corporate part-ners.

The company was launched in 2001 with the support of the World Bank and later the Afri-can Development Bank.

Royal Exchange Plc paid a total of N2.48 billion claims for losses suffered by its

customers in the 2013 financial year. It also generated a gross premium income of N9.08 bil-lion in 2013 as against N7.61 billion in 2012.

Disclosing this at the com-pany’s Annual General Meet-ing in Lagos, the chairman,

Kenneth Odogwu, said that the claims settlement amounted to N2.48 billion within the period and that the underwriting expenses increased by three per cent from N2.13 billion in 2012 to N2.20 billion in 2013, translating into net income before overhead expenses of N3.40 billion, as against N2.67 billion in 2012.

Odogwu said that the group achieved a profit be-fore tax of N828 million, 18 per cent higher than the N708 million recorded in 2012, while five kobo was paid as dividend to shareholders.

He added that the compa-ny’s management expenses rose to N2.53 billion in 2013 as against N1.98 billion in

2012.The chairman attributed

the rise to branch expan-sion, retail business devel-opment and investments in e-business and information technology, adding that the company was working out measures to raise its capital to enable it improve perfor-mance.

Royal Exchange settles N2.48bn claims

The risk mitigation services will provide an alternative to collateral for UBA’s corporate clients who may otherwise face financial constraints in

obtaining credit, while also protecting them against cross-border trade risks and a broad range of investment risks.

Intra-Africa trade is esti-

mated to be one of the lowest globally at just 10 per cent of total trades on the continent.

This is low when compared with Intra-trade among the

The Nigerian Insurers Asso-ciation (NIA), the umbrella organisation for all insur-

ance companies in Nigeria, has celebrated its founding father and founding chairman of the African Development Insurance Company (ADIC), now NSIA Insurance, Prof. Joe Irukwu, who recently marked his 80th birthday.

The birthday dinner which held in Lagos was attended by leading personalities in the industry, including CEOs of insurance companies, CEOs of banks, members of the aca-demia, as well as friends of Irukwu.

Speaking at the event, Chair-man of the Nigerian Insurers Association, Mr Godwin Wiggle, described Irukwu as a leader, teacher, mentor and role model for practitioners in not only the Nigerian insurance industry, but in the entire continent. He lauded his colossal impact in the industry, pointing out that

without his contribution, the NIA may not have been.

According to him, the foun-dation he laid has been instru-mental to the association’s progress.

“Prof. Irukwu is an enig-matic leader and trailblazer who scored many firsts in his distinguished career in insur-ance. His contributions in ensuring a sound, viable, re-spected and noble profession is unmatched. His contributions at the NIA Governing Council are so inspiring and instructive that members look up to him for guidance, especially when faced with difficult decisions,” he said.

Wiggle also extolled Iruk-wu’s literary contributions to the industry. “His scholarly works transcends our borders and have become a light unto the path of many insurers, not only in Nigeria, but in the entire continent of Africa,” he stated, describing him as the empo-

rium of insurance history and knowledge.

In his own tribute, the im-mediate past Chairman of NIA, Mr Wole Oshin, described Irukwu as an inspiration to all in the insurance industry in the continent. According to him, his welcoming personality at-tracted both the young and old who sought him for his advice on various issues.

He thanked Irukwu for how he resolved many thorny Council issues, adding that his combined knowledge for the workings of government, the academia and the insurance industry remain unmatched.

Speaking in the same vein, General Theophilus Danjuma (Rtd), who chaired the event, described Irukwu as a great Nigerian who has served the country well, not only in insur-ance, but also in its political development.

Prof. Irukwu thanked the NIA for the honour.

Prof. Joseph Ogbonnaya Irukwu (SAN) is a lawyer, edu-cationist, chartered insurer, awards-winning author of over 20 books and holds several professional and academic fel-lowships. He is Nigeria’s first Professor of Insurance and Insurance Law and a leading African authority on corporate governance, insurance and risk management.

Popularly known across the continent as ‘Africa’s Mr Insur-ance,’ he is the past President of the West African Insurance Companies Association (WA-ICA), Founding President of the Professional Reinsurers’ Association, past President of the Chartered Insurance Insti-tute of Nigeria, past Chairman of the Nigerian Insurers Asso-ciation, pioneer Chairman of the Nigerian Students’ Loans Board (now Education Bank) and pioneer Managing Director of Nigeria Reinsurance Corpo-ration, among others.

Nigerian Insurers Association honours IrukwuUnityKapital Assurance Plc

has announced the suspen-sion of the company’s Man-

aging Director, Kins Ekebuike, and two other Executive Direc-tors of the company.

The suspended executive di-rectors are John A. Oyidih, ED, Finance & Administration and Lawal Mijinyawa, ED, Opera-tions.

A notice to the Nigerian Stock Exchange revealed that the board met September 22, 2014 to consider the draft audit-ed accounts of the company for the year 2013 and observed that the performance of the compa-ny for 2013 audited accounts fell short of satisfactory explana-tion by executive management.

The notice said, ‘’The board also set up a special committee to investigate the reasons for the consistent poor performance of the company for the past three (3) years. Time frame for this in-vestigation is three weeks from the date of the board meeting.’’

The board has, however, ap-pointed Olugbenga Olasogba as acting MD, Michael D. Dogo, act-ing ED, operations and Nkiru T. Achara, acting ED, Human Resources & Administration.

They are to oversee the af-fairs of the affected offices pend-ing the conclusion and submis-sion of the

Halima J. Wushishi has been appointed as acting Company Secretary/Legal Adviser.

The company said it has no-tified the National Insurance Commission (NAICOM) of the development.

UnityKapital board suspends MD, EDs

L-R, Director, National Secretariat, Chartered Institute of Bankers of Nigeria, Hajia Rukayat Yusuf; Chief Internal Controller, Fidelity Bank, Mrs Chinwe Ezegbu and Executive Director, South South, Skye Bank Plc, Mrs Ibiye Ekong during the 8th Annual Banking and Finance Conference of CIBN in Abuja recently.

38 Sanctity of Truth

Monday, September 29, 2014business | FINANCIAL MARKET NEWS

FGN Bonds

Rating/Agency Issuer Description Issue Date Coupon (%) Outstanding Value (N'bn) Maturity Date TTM (Yrs) Bid Yield (%) Offer Yield

(%) Bid Price Offer Price

4.00 23-APR-2015 23-Apr-10 4.00 535.00 23-Apr-15 0.57 10.97 10.68 96.22 96.3713.05 16-AUG-2016 16-Aug-13 13.05 545.27 16-Aug-16 1.89 11.94 11.85 101.80 101.9515.10 27-APR-2017 27-Apr-12 15.10 452.80 27-Apr-17 2.58 11.88 11.82 106.95 107.109.85 27-JUL-2017 27-Jul-07 9.85 20.00 27-Jul-17 2.83 11.92 11.85 95.11 95.269.35 31-AUG-2017 31-Aug-07 9.35 100.00 31-Aug-17 2.93 11.92 11.85 93.79 93.9410.70 30-MAY-2018 30-May-08 10.70 300.00 30-May-18 3.67 11.92 11.81 96.42 96.7216.00 29-JUN-2019 29-Jun-12 16.00 351.30 29-Jun-19 4.76 11.90 11.83 114.50 114.807.00 23-OCT-2019 23-Oct-09 7.00 233.90 23-Oct-19 5.07 11.99 11.90 81.41 81.7116.39 27-JAN-2022 27-Jan-12 16.39 600.00 27-Jan-22 7.34 12.33 12.27 119.20 119.5014.20 14-MAR-2024 14-Mar-14 14.20 331.35 14-Mar-24 9.46 12.42 12.37 109.75 110.0515.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 14.17 12.45 12.41 116.74 117.0412.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 14.65 12.43 12.39 100.34 100.648.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 15.15 12.42 12.36 73.52 73.8210.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 15.82 12.35 12.30 83.80 84.1012.1493 18-JUL-2034 18-Jul-14 12.1493 105.00 18-Jul-34 19.81 12.33 12.29 98.65 98.95

4,591.194,623.44

Rating/Agency Issuer Issue Date Coupon (%) Outstanding Value (N'bn) Maturity Date Avg. Life/TTM

(Yrs)

#Risk Premium

(%)

Valuation Yield (%)

Indicative Price

Agency BondsAMCON 28-Dec-11 0.00 978.35 31-Oct-14 0.10 1.00 11.86 98.88

24-May-10 0.00 24.56 24-May-15 0.66 2.63 13.67 91.6403-Apr-12 17.25 3.30 03-Apr-17 1.27 2.27 13.77 104.2509-Dec-11 0.00/16.00 112.22 09-Dec-16 2.20 2.00 13.96 100.6820-Apr-12 0.00/16.50 116.70 20-Apr-17 2.57 1.00 12.92 98.8706-Jul-12 0.00/16.50 66.49 06-Jul-17 2.78 1.00 12.92 96.30

1,301.621,285.78

Sub-National BondsA-/GCR NIGER 15-Oct-09 14.00 6.00 15-Oct-14 0.05 3.29 14.07 99.95A+/Agusto KADUNA 31-Aug-10 12.50 8.50 31-Aug-15 0.93 4.44 15.68 97.32A/Agusto *EBONYI 30-Sep-10 13.00 6.08 30-Sep-15 0.53 3.23 14.17 99.26A-/Agusto *BENUE 30-Jun-11 14.00 6.27 30-Jun-16 1.05 4.46 15.79 98.70A+/Agusto *IMO 30-Jun-09 15.50 7.37 30-Jun-16 1.06 3.48 14.82 101.22A+/Agusto; A+/GCR LAGOS 19-Apr-10 10.00 57.00 19-Apr-17 2.56 5.59 17.51 84.98A-/Agusto *BAYELSA 30-Jun-10 13.75 29.92 30-Jun-17 1.61 1.00 12.75 101.76A/Agusto EDO 30-Dec-10 14.00 25.00 31-Dec-17 3.26 1.79 13.71 100.69A+/Agusto; A+/GCR *DELTA 30-Sep-11 14.00 37.25 30-Sep-18 2.24 1.80 13.75 100.50A-/Agusto; A-/GCR NIGER 04-Oct-11 14.00 9.00 04-Oct-18 4.02 1.00 12.92 103.30A/Agusto; A-/GCR† *EKITI 09-Dec-11 14.50 14.96 09-Dec-18 2.43 1.00 12.93 103.42A-/Agusto *NIGER 12-Dec-13 14.00 11.13 12-Dec-18 2.43 4.78 16.71 94.97A/Agusto; A-/GCR *ONDO 14-Feb-12 15.50 27.00 14-Feb-19 2.82 1.00 12.92 103.59A/Agusto; A-/GCR *GOMBE 02-Oct-12 15.50 17.28 02-Oct-19 2.89 1.00 12.92 106.17Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 5.16 1.00 13.01 105.42A/Agusto; A-/GCR *OSUN 12-Dec-12 14.75 27.51 12-Dec-19 3.04 2.74 14.66 100.24A/Agusto *OSUN 30-Sep-13 14.75 11.40 30-Sep-20 3.56 1.00 12.92 104.96Aa-/Agusto; AA-/GCR LAGOS 27-Nov-13 13.50 87.00 27-Nov-20 6.17 1.00 13.23 101.05A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 15.00 5.00 31-Dec-20 6.26 1.94 14.20 103.20A/Agusto *EKITI 31-Dec-13 14.50 4.78 31-Dec-20 3.74 1.44 13.36 103.34A-/GCR *NASARAWA 06-Jan-14 15.00 4.79 06-Jan-21 3.78 1.95 13.87 103.30

483.24483.94

Corporate BondsA+/Agusto; AA/GCR LAFARGE WAPCO 07-Oct-11 11.50 11.80 07-Oct-14 0.03 1.00 11.74 99.97

Aa/Agusto GTB 18-Dec-09 13.50 13.17 18-Dec-14 0.23 5.21 16.31 99.25

Nil µNGC 01-Apr-10 17.00 2.00 31-Dec-14 0.26 8.71 19.84 99.10

Bbb-/Agusto *UPDC 17-Aug-10 10.00 3.61 17-Aug-15 0.65 4.88 15.90 96.83A-/Agusto *FLOURMILLS 09-Dec-10 12.00 13.62 09-Dec-15 0.72 1.00 12.08 100.52BB+/GCR *CHELLARAMS 06-Jan-11 14.00 0.60 06-Jan-16 0.80 2.63 13.77 100.84A+/Agusto; A-/GCR NAHCO 29-Sep-11 13.00 15.00 29-Sep-16 2.01 1.00 12.98 100.04A-/Agusto FSDH 25-Oct-13 14.25 5.53 25-Oct-16 2.08 1.34 13.31 101.63A/GCR UBA 30-Sep-10 13.00 20.00 30-Sep-17 3.01 1.00 12.92 100.20BBB-/GCR *C & I LEASING 30-Nov-12 18.00 0.73 30-Nov-17 1.83 1.88 13.76 108.00BBB+/DataPro†; BB+/GCR *DANA# 09-Apr-11 16.00 7.20 09-Apr-18 1.79 3.48 15.33 101.18A-/DataPro†; BB-/GCR *TOWER# 09-Sep-11 18.00 2.90 09-Sep-18 2.20 5.20 17.16 101.57AAA/DataPro†; A+/GCR *TOWER# 09-Sep-11 16.00 0.80 09-Sep-18 2.20 5.06 17.02 101.69A/Agusto; A/GCR UBA 22-Sep-11 14.00 35.00 22-Sep-18 3.99 1.35 13.27 102.20Bbb+/Agusto; BBB+/GCR *LA CASERA 18-Oct-13 15.75 2.70 18-Oct-18 2.06 2.29 14.26 102.84BBB-/DataPro†; BB+/GCR *CHELLARAMS# 17-Feb-12 17.00 0.41 17-Feb-19 2.39 6.11 18.05 98.31BBB/GCR *DANA 01-Apr-14 16.00 4.50 01-Apr-19 3.26 2.16 14.08 104.85A+/Agusto; A-/GCR NAHCO 14-Nov-13 15.25 2.05 14-Nov-20 6.13 2.76 14.99 100.98

141.62142.88

Supranational BondAAA/S&P IFC 11-Feb-13 10.20 12.00 11-Feb-18 3.38 1.00 12.92 92.72

12.0011.13

Rating/Agency Issuer Issue Date Coupon (%) Outstanding Value ($mm) Maturity Date Bid Yield (%) Offer Yield (%) Bid Price Offer Price

BB-/Fitch; B+/S&P 07-Oct-11 6.75 500.00 28-Jan-21 5.01 4.83 109.34 110.38

BB-/Fitch; BB-/S&P

12-Jul-13 5.13 500.00 12-Jul-18 4.18 3.99 103.25 103.96

BB-/Fitch; BB-/S&P

12-Jul-13 6.38 500.00 12-Jul-23 5.27 5.16 107.68 108.52

1,500.001,601.36

Corporate EurobondsB/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 450.00 01-Feb-16 6.90 6.90 105.75 105.75

B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.27 4.27 105.04 105.04

B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 350.00 25-Jul-17 6.57 6.57 101.72 101.72B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 300.00 02-May-18 8.63 8.07 94.66 96.30B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 5.93 5.60 100.26 101.43B/Fitch AFREN PLC II 08-Apr-12 10.25 300.00 08-Apr-19 8.68 8.68 105.75 105.75B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 6.00 6.00 100.98 100.98B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.75 200.00 21-May-19 8.86 8.60 99.57 100.54B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 300.00 07-Aug-20 7.43 7.43 103.01 103.01B-/Fitch; B/S&P AFREN PLC III 09-Dec-13 6.63 360.00 09-Dec-20 7.70 7.70 94.77 94.77B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 8.64 8.47 103.50 104.38B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 450.00 23-Jul-21 7.51 7.51 101.63 101.63B-/S&P ECOBANK NIG. LTD 14-Aug-14 8.75 250.00 14-Aug-21 8.40 8.19 100.90 101.95

4,760.004,837.16

DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) 13 9-Oct-14 10.45 10.20 10.4920 16-Oct-14 10.60 10.35 10.66 Tenor Rate (%) 27 23-Oct-14 10.50 10.25 10.58 O/N 10.8417 Spot 163.85 163.9534 30-Oct-14 10.45 10.20 10.55 1M 12.1340 7D 164.09 164.3241 6-Nov-14 10.60 10.35 10.73 3M 12.9929 14D 164.35 164.6548 13-Nov-14 10.60 10.35 10.75 6M 13.8294 Tenor Rate (%) 1M 164.97 165.5755 20-Nov-14 10.50 10.25 10.67 Call 10.42 2M 166.11 167.1762 27-Nov-14 10.80 10.55 11.00 1M 11.60 3M 167.25 168.8569 4-Dec-14 10.35 10.10 10.56 3M 12.18 6M 170.95 174.3376 11-Dec-14 10.80 10.55 11.05 6M 12.85 1Y 178.42 186.3890 25-Dec-14 10.70 10.45 10.99 Tenor Rate (%) 97 1-Jan-15 10.85 10.60 11.17 1M 10.4848

104 8-Jan-15 10.50 10.25 10.82 2M 10.8488111 15-Jan-15 10.85 10.60 11.22 3M 10.9636 NA :Not Applicable118 22-Jan-15 10.40 10.15 10.76 6M 10.9702 * :Amortising Bond # :Floating Rate Bond125 29-Jan-15 10.85 10.60 11.27 9M 11.1726 µ :Convertible Bond ***: Deferred coupon bonds132 5-Feb-15 10.50 10.25 10.91 12M 11.5839 AMCON: Asset Management Corporation of Nigeria139 12-Feb-15 10.80 10.55 11.26 FGN: Federal Government of Nigeria †: Bond rating expired146 19-Feb-15 10.40 10.15 10.85 FMBN: Federal Mortgage Bank of Nigeria153 26-Feb-15 10.80 10.55 11.31 IFC: International Finance Corporation160 5-Mar-15 10.70 10.45 11.23 LCRM: Local Contractors Receivables Management195 9-Apr-15 10.30 10.05 10.90 NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company209 23-Apr-15 10.40 10.15 11.06 BID($/N) 163.9325 O/N: Overnight UBA: United Bank for Africa223 7-May-15 10.25 10.00 10.93 OFFER ($/N) 164.0325 UPDC: UAC Property Development Company314 6-Aug-15 10.40 10.15 11.42 WAPCO:West Africa Portland Cement Company342 3-Sep-15 10.40 10.15 11.52

# Risk Premium is a combination of credit risk and liquidity risk premiums**Exclusive of non-trading t.bills

Modified Duration Buckets Porfolio Market Value(Bn)

Total Outstanding Volume(Bn)

Weighting by Outstanding Vol

Weighting by Mkt Value Bucket Weighting % Exposure_

Mod_Duration Implied Yield Implied Portfolio Price INDEX YTD Return

(%)

<3 1,039.35 998.07 34.75 34.46 0.35 15.74 11.91 118.6519 1,126.95 12.69513<5 1,117.44 951.30 33.12 37.05 0.33 33.33 12.20 134.3135 1,137.32 13.7316>5 859.39 922.92 32.13 28.49 0.32 50.94 12.37 103.6056 1,208.64 20.8643

Market 3,016.19 2,872.29 100.00 100.00 1.00 100.00 12.24 119.0044 1,130.41 13.0414

NIFEX

Current Price ($/N)

*from the Amortising bonds, the average life is calculated and not the duration

FMDQ FGN BOND INDEX

O/N 10.75

REPO

NITTY

NOTE:

:Benchmarks

Money Market Foreign Exchange (Spot & Forwards)NIBOR

OBB 10.50 Tenor Bid ($/N) Offer ($/N)

9.25/6M USD LIBOR+7.677 JUN 24, 20218.00/2Y USD SWAP+6.488 JUL 23 2021

8.75 AUG 14, 2021

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

**Treasury Bills FIXINGS

6.00 NOV 08, 201810.25 APR 08, 20196.25 APR 22, 20198.75 May 21, 20198.25 AUG 07, 20206.63 DEC 09, 2020

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

11.50 FEB 01, 2016

7.50 MAY 19, 2016

7.25 JUL 25, 20176.88 MAY 09, 2018

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

Description

FGN Eurobonds Prices & Yields

FGN

6.75 JAN 28, 2021

5.13 JUL 12, 2018

6.38 JUL 12, 2023

MPR+5.00 CHELLARAMS II 17-FEB-201916.00 DANA II 1-APR-201915.25 NAHCO II 14-NOV-2020

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

10.20 IFC 11-FEB-2018

18.00 C&I LEASING 30-NOV-2017MPR+7.00 DANA 9-APR-2018MPR+7.00 TOWER 9-SEP-2018MPR+5.25 TOWER 9-SEP-201814.00 UBA II 22-SEP-201815.75 LA CASERA 18-OCT-2018

10.00 UPDC 17-AUG-201512.00 FLOURMILLS 9-DEC-201514.00 CHELLARAMS 06-JAN-201613.00 NAHCO 29-SEP-201614.25 FSDH 25-OCT-201613.00 UBA 30-SEP-2017

15.00 NASARAWA 06-JAN-2021

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

11.50 LAFARGE WAPCO 7-OCT 201413.50 GUARANTY TRUST 18-DEC-201417.00 NGC 31-DEC-2014

14.50 LAGOS 22-NOV-201914.75 OSUN 12-DEC-201914.75 OSUN II 30-SEP-202013.50 LAGOS IV 27-NOV-202015.00 KOGI 31-DEC-202014.50 EKITI II 31-DEC-2020

14.00 DELTA 30-SEP-201814.00 NIGER II 4-OCT-201814.50 EKITI 09-DEC-201814.00 NIGER III 12-DEC-201815.50 ONDO 14-FEB-201915.50 GOMBE 02-OCT-2019

13.00 EBONYI 30-SEP-201514.00 BENUE 30-JUN-201615.50 IMO 30-JUN-201610.00 LAGOS 19-APR-201713.75 BAYELSA 30-JUN-201714.00 EDO 31-DEC-2017

0.00/16.50 LCRM II 20-APR-20170.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

14.00 NIGER 15-OCT-201412.50 KADUNA 31-AUG-2015

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

Description

NA

0.00 AMCON 31-OCT-2014 (SR.5 TR.1)

FMBN 0.00 FMB 24-MAY-201517.25 FMB II 03-APR-2017

***LCRM0.00/16.00 LCRM 09-DEC-2016

FMDQ Daily Quotations List 26-Sep-14The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

BondsPrice

NA NA

Sanctity of Truth

Monday, September 29, 201439BUSINESS |FINANCIAL MARKET NEWS

Stories by Chris Ugwu

The Nigerian Stock Ex-change (NSE) must diver-sify its revenue streams to protect the market and

the business from potential domestic and international shocks, the immediate past president of Council of Ex-change, Alhaji Aliko Dangote has said.

Dangote said this while ad-dressing members at the NSE’s annual general meeting in Lagos.

He listed critical success factors for the Exchange in the coming years to include facili-tating access to and participa-tion in its market, increasing its footprint on the continent, and

deploying a risk framework to safeguard the market venue.

Dangote noted that in 2012, the Exchange announced strate-gic investments in two alterna-tive trading platforms operated by the Nigerian Association of Securities Dealers (NASD) and the Financial Markets Dealers Quotations (FMDQ) OTC.

He disclosed that that both companies have commenced operations and that the NSE exe-cuted an agreement with NASD to host its market on X-Gen.

Dangote noted: “Other key strategic partnerships formu-lated during the year include the execution of two MOUs with Thomson Reuters - to pro-vide investor relations services to companies listed on the Ex-change, and with the Economic and Financial Crimes Commis-sion (EFCC) - to better police the Nigerian capital market and to heighten awareness and imple-

mentation of our zero-tolerance policy.

“The NSE also recently joined the United Nations' (UN) Sustain-able Stock Exchanges (SSE) Ini-tiative. Partnering with the UN on this initiative is in line with the NSE's commitment to cre-ate sustainable value for capital market stakeholders, and embed sustainable business practices in the market, specifically at the Exchange and among listed com-panies,” he said.

Dangote said reporting sus-tainability-related (CSR) infor-mation would become a manda-tory requirement for the bourse and all listed companies by 2015.

He noted that to further entrench strong corporate governance principles in the Nigerian capital market, in col-laboration with the Convention on Business Integrity (CBI), the NSE began the development of a corporate governance rating

INVESTMENTSThe Exchange made two strategic investments in 2012

Dangote to NSE: Diversify revenue streams

African Prudential Regis-trars (APR) Plc has inau-gurated an e-registrar solu-

tion designed for the investing public.

Managing Director and Chief Executive Officer, APR, Mr Peter Ashade, said this at the maiden edition of the com-pany’s investors’ forum themed “Building a stronger and more vibrant Capital Market; the Role of Registrars.”

He said the electronic solu-tion was a marked departure from conventional share regis-tration practices.

Ashade noted that the solu-tion, which was the first to be designed by registrars was a giant leap ahead and marks generational shift and the be-ginning of technological ad-vancement in the industry.

He said the solutions, which now form the benchmark for e-share registration services across West Africa, were de-signed to allow access to per-sonalised information anytime, anywhere, via a secure portal.

Ashade said the rebasing of the economy has created an op-portunity to grow the Nigerian stock market, adding that to le-verage from the great potential underscore the need for the com-pany to upscale its technology.

“We are committed to inno-vation in African Prudential Registrars, this event create a platform to re-inform investing community about the paradigm shift of new registration plat-form. We believe we have been playing the leading role in inno-vation and we will continue to research not only for Nigerian

players but to international in-vestors,” he said.

The President of the Associ-ation for Advancement of the Rights of Nigerian Sharehold-ers (AARNS), Dr.Faruk Umar commended the e-registrar solutions. He noted that the management has brought a lot of innovation to the invest-ment community that will help to stem the tide of unclaimed dividend in the country.

Umar advised registrars to help reduce the high level of impersonation in annual gen-eral meetings by uploading pic-tures of shareholders in their registrars.

He noted that the current trend has brought a lot of disre-pute to authentic shareholders because of unethical conducts of these impersonators.

African Prudential Registrars unveils e-solutions

FGN Bonds

Rating/Agency Issuer Description Issue Date Coupon (%) Outstanding Value (N'bn) Maturity Date TTM (Yrs) Bid Yield (%) Offer Yield

(%) Bid Price Offer Price

4.00 23-APR-2015 23-Apr-10 4.00 535.00 23-Apr-15 0.57 10.97 10.68 96.22 96.3713.05 16-AUG-2016 16-Aug-13 13.05 545.27 16-Aug-16 1.89 11.94 11.85 101.80 101.9515.10 27-APR-2017 27-Apr-12 15.10 452.80 27-Apr-17 2.58 11.88 11.82 106.95 107.109.85 27-JUL-2017 27-Jul-07 9.85 20.00 27-Jul-17 2.83 11.92 11.85 95.11 95.269.35 31-AUG-2017 31-Aug-07 9.35 100.00 31-Aug-17 2.93 11.92 11.85 93.79 93.9410.70 30-MAY-2018 30-May-08 10.70 300.00 30-May-18 3.67 11.92 11.81 96.42 96.7216.00 29-JUN-2019 29-Jun-12 16.00 351.30 29-Jun-19 4.76 11.90 11.83 114.50 114.807.00 23-OCT-2019 23-Oct-09 7.00 233.90 23-Oct-19 5.07 11.99 11.90 81.41 81.7116.39 27-JAN-2022 27-Jan-12 16.39 600.00 27-Jan-22 7.34 12.33 12.27 119.20 119.5014.20 14-MAR-2024 14-Mar-14 14.20 331.35 14-Mar-24 9.46 12.42 12.37 109.75 110.0515.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 14.17 12.45 12.41 116.74 117.0412.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 14.65 12.43 12.39 100.34 100.648.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 15.15 12.42 12.36 73.52 73.8210.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 15.82 12.35 12.30 83.80 84.1012.1493 18-JUL-2034 18-Jul-14 12.1493 105.00 18-Jul-34 19.81 12.33 12.29 98.65 98.95

4,591.194,623.44

Rating/Agency Issuer Issue Date Coupon (%) Outstanding Value (N'bn) Maturity Date Avg. Life/TTM

(Yrs)

#Risk Premium

(%)

Valuation Yield (%)

Indicative Price

Agency BondsAMCON 28-Dec-11 0.00 978.35 31-Oct-14 0.10 1.00 11.86 98.88

24-May-10 0.00 24.56 24-May-15 0.66 2.63 13.67 91.6403-Apr-12 17.25 3.30 03-Apr-17 1.27 2.27 13.77 104.2509-Dec-11 0.00/16.00 112.22 09-Dec-16 2.20 2.00 13.96 100.6820-Apr-12 0.00/16.50 116.70 20-Apr-17 2.57 1.00 12.92 98.8706-Jul-12 0.00/16.50 66.49 06-Jul-17 2.78 1.00 12.92 96.30

1,301.621,285.78

Sub-National BondsA-/GCR NIGER 15-Oct-09 14.00 6.00 15-Oct-14 0.05 3.29 14.07 99.95A+/Agusto KADUNA 31-Aug-10 12.50 8.50 31-Aug-15 0.93 4.44 15.68 97.32A/Agusto *EBONYI 30-Sep-10 13.00 6.08 30-Sep-15 0.53 3.23 14.17 99.26A-/Agusto *BENUE 30-Jun-11 14.00 6.27 30-Jun-16 1.05 4.46 15.79 98.70A+/Agusto *IMO 30-Jun-09 15.50 7.37 30-Jun-16 1.06 3.48 14.82 101.22A+/Agusto; A+/GCR LAGOS 19-Apr-10 10.00 57.00 19-Apr-17 2.56 5.59 17.51 84.98A-/Agusto *BAYELSA 30-Jun-10 13.75 29.92 30-Jun-17 1.61 1.00 12.75 101.76A/Agusto EDO 30-Dec-10 14.00 25.00 31-Dec-17 3.26 1.79 13.71 100.69A+/Agusto; A+/GCR *DELTA 30-Sep-11 14.00 37.25 30-Sep-18 2.24 1.80 13.75 100.50A-/Agusto; A-/GCR NIGER 04-Oct-11 14.00 9.00 04-Oct-18 4.02 1.00 12.92 103.30A/Agusto; A-/GCR† *EKITI 09-Dec-11 14.50 14.96 09-Dec-18 2.43 1.00 12.93 103.42A-/Agusto *NIGER 12-Dec-13 14.00 11.13 12-Dec-18 2.43 4.78 16.71 94.97A/Agusto; A-/GCR *ONDO 14-Feb-12 15.50 27.00 14-Feb-19 2.82 1.00 12.92 103.59A/Agusto; A-/GCR *GOMBE 02-Oct-12 15.50 17.28 02-Oct-19 2.89 1.00 12.92 106.17Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 5.16 1.00 13.01 105.42A/Agusto; A-/GCR *OSUN 12-Dec-12 14.75 27.51 12-Dec-19 3.04 2.74 14.66 100.24A/Agusto *OSUN 30-Sep-13 14.75 11.40 30-Sep-20 3.56 1.00 12.92 104.96Aa-/Agusto; AA-/GCR LAGOS 27-Nov-13 13.50 87.00 27-Nov-20 6.17 1.00 13.23 101.05A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 15.00 5.00 31-Dec-20 6.26 1.94 14.20 103.20A/Agusto *EKITI 31-Dec-13 14.50 4.78 31-Dec-20 3.74 1.44 13.36 103.34A-/GCR *NASARAWA 06-Jan-14 15.00 4.79 06-Jan-21 3.78 1.95 13.87 103.30

483.24483.94

Corporate BondsA+/Agusto; AA/GCR LAFARGE WAPCO 07-Oct-11 11.50 11.80 07-Oct-14 0.03 1.00 11.74 99.97

Aa/Agusto GTB 18-Dec-09 13.50 13.17 18-Dec-14 0.23 5.21 16.31 99.25

Nil µNGC 01-Apr-10 17.00 2.00 31-Dec-14 0.26 8.71 19.84 99.10

Bbb-/Agusto *UPDC 17-Aug-10 10.00 3.61 17-Aug-15 0.65 4.88 15.90 96.83A-/Agusto *FLOURMILLS 09-Dec-10 12.00 13.62 09-Dec-15 0.72 1.00 12.08 100.52BB+/GCR *CHELLARAMS 06-Jan-11 14.00 0.60 06-Jan-16 0.80 2.63 13.77 100.84A+/Agusto; A-/GCR NAHCO 29-Sep-11 13.00 15.00 29-Sep-16 2.01 1.00 12.98 100.04A-/Agusto FSDH 25-Oct-13 14.25 5.53 25-Oct-16 2.08 1.34 13.31 101.63A/GCR UBA 30-Sep-10 13.00 20.00 30-Sep-17 3.01 1.00 12.92 100.20BBB-/GCR *C & I LEASING 30-Nov-12 18.00 0.73 30-Nov-17 1.83 1.88 13.76 108.00BBB+/DataPro†; BB+/GCR *DANA# 09-Apr-11 16.00 7.20 09-Apr-18 1.79 3.48 15.33 101.18A-/DataPro†; BB-/GCR *TOWER# 09-Sep-11 18.00 2.90 09-Sep-18 2.20 5.20 17.16 101.57AAA/DataPro†; A+/GCR *TOWER# 09-Sep-11 16.00 0.80 09-Sep-18 2.20 5.06 17.02 101.69A/Agusto; A/GCR UBA 22-Sep-11 14.00 35.00 22-Sep-18 3.99 1.35 13.27 102.20Bbb+/Agusto; BBB+/GCR *LA CASERA 18-Oct-13 15.75 2.70 18-Oct-18 2.06 2.29 14.26 102.84BBB-/DataPro†; BB+/GCR *CHELLARAMS# 17-Feb-12 17.00 0.41 17-Feb-19 2.39 6.11 18.05 98.31BBB/GCR *DANA 01-Apr-14 16.00 4.50 01-Apr-19 3.26 2.16 14.08 104.85A+/Agusto; A-/GCR NAHCO 14-Nov-13 15.25 2.05 14-Nov-20 6.13 2.76 14.99 100.98

141.62142.88

Supranational BondAAA/S&P IFC 11-Feb-13 10.20 12.00 11-Feb-18 3.38 1.00 12.92 92.72

12.0011.13

Rating/Agency Issuer Issue Date Coupon (%) Outstanding Value ($mm) Maturity Date Bid Yield (%) Offer Yield (%) Bid Price Offer Price

BB-/Fitch; B+/S&P 07-Oct-11 6.75 500.00 28-Jan-21 5.01 4.83 109.34 110.38

BB-/Fitch; BB-/S&P

12-Jul-13 5.13 500.00 12-Jul-18 4.18 3.99 103.25 103.96

BB-/Fitch; BB-/S&P

12-Jul-13 6.38 500.00 12-Jul-23 5.27 5.16 107.68 108.52

1,500.001,601.36

Corporate EurobondsB/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 450.00 01-Feb-16 6.90 6.90 105.75 105.75

B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.27 4.27 105.04 105.04

B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 350.00 25-Jul-17 6.57 6.57 101.72 101.72B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 300.00 02-May-18 8.63 8.07 94.66 96.30B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 5.93 5.60 100.26 101.43B/Fitch AFREN PLC II 08-Apr-12 10.25 300.00 08-Apr-19 8.68 8.68 105.75 105.75B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 6.00 6.00 100.98 100.98B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.75 200.00 21-May-19 8.86 8.60 99.57 100.54B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 300.00 07-Aug-20 7.43 7.43 103.01 103.01B-/Fitch; B/S&P AFREN PLC III 09-Dec-13 6.63 360.00 09-Dec-20 7.70 7.70 94.77 94.77B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 8.64 8.47 103.50 104.38B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 450.00 23-Jul-21 7.51 7.51 101.63 101.63B-/S&P ECOBANK NIG. LTD 14-Aug-14 8.75 250.00 14-Aug-21 8.40 8.19 100.90 101.95

4,760.004,837.16

DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) 13 9-Oct-14 10.45 10.20 10.4920 16-Oct-14 10.60 10.35 10.66 Tenor Rate (%) 27 23-Oct-14 10.50 10.25 10.58 O/N 10.8417 Spot 163.85 163.9534 30-Oct-14 10.45 10.20 10.55 1M 12.1340 7D 164.09 164.3241 6-Nov-14 10.60 10.35 10.73 3M 12.9929 14D 164.35 164.6548 13-Nov-14 10.60 10.35 10.75 6M 13.8294 Tenor Rate (%) 1M 164.97 165.5755 20-Nov-14 10.50 10.25 10.67 Call 10.42 2M 166.11 167.1762 27-Nov-14 10.80 10.55 11.00 1M 11.60 3M 167.25 168.8569 4-Dec-14 10.35 10.10 10.56 3M 12.18 6M 170.95 174.3376 11-Dec-14 10.80 10.55 11.05 6M 12.85 1Y 178.42 186.3890 25-Dec-14 10.70 10.45 10.99 Tenor Rate (%) 97 1-Jan-15 10.85 10.60 11.17 1M 10.4848

104 8-Jan-15 10.50 10.25 10.82 2M 10.8488111 15-Jan-15 10.85 10.60 11.22 3M 10.9636 NA :Not Applicable118 22-Jan-15 10.40 10.15 10.76 6M 10.9702 * :Amortising Bond # :Floating Rate Bond125 29-Jan-15 10.85 10.60 11.27 9M 11.1726 µ :Convertible Bond ***: Deferred coupon bonds132 5-Feb-15 10.50 10.25 10.91 12M 11.5839 AMCON: Asset Management Corporation of Nigeria139 12-Feb-15 10.80 10.55 11.26 FGN: Federal Government of Nigeria †: Bond rating expired146 19-Feb-15 10.40 10.15 10.85 FMBN: Federal Mortgage Bank of Nigeria153 26-Feb-15 10.80 10.55 11.31 IFC: International Finance Corporation160 5-Mar-15 10.70 10.45 11.23 LCRM: Local Contractors Receivables Management195 9-Apr-15 10.30 10.05 10.90 NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company209 23-Apr-15 10.40 10.15 11.06 BID($/N) 163.9325 O/N: Overnight UBA: United Bank for Africa223 7-May-15 10.25 10.00 10.93 OFFER ($/N) 164.0325 UPDC: UAC Property Development Company314 6-Aug-15 10.40 10.15 11.42 WAPCO:West Africa Portland Cement Company342 3-Sep-15 10.40 10.15 11.52

# Risk Premium is a combination of credit risk and liquidity risk premiums**Exclusive of non-trading t.bills

Modified Duration Buckets Porfolio Market Value(Bn)

Total Outstanding Volume(Bn)

Weighting by Outstanding Vol

Weighting by Mkt Value Bucket Weighting % Exposure_

Mod_Duration Implied Yield Implied Portfolio Price INDEX YTD Return

(%)

<3 1,039.35 998.07 34.75 34.46 0.35 15.74 11.91 118.6519 1,126.95 12.69513<5 1,117.44 951.30 33.12 37.05 0.33 33.33 12.20 134.3135 1,137.32 13.7316>5 859.39 922.92 32.13 28.49 0.32 50.94 12.37 103.6056 1,208.64 20.8643

Market 3,016.19 2,872.29 100.00 100.00 1.00 100.00 12.24 119.0044 1,130.41 13.0414

NIFEX

Current Price ($/N)

*from the Amortising bonds, the average life is calculated and not the duration

FMDQ FGN BOND INDEX

O/N 10.75

REPO

NITTY

NOTE:

:Benchmarks

Money Market Foreign Exchange (Spot & Forwards)NIBOR

OBB 10.50 Tenor Bid ($/N) Offer ($/N)

9.25/6M USD LIBOR+7.677 JUN 24, 20218.00/2Y USD SWAP+6.488 JUL 23 2021

8.75 AUG 14, 2021

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

**Treasury Bills FIXINGS

6.00 NOV 08, 201810.25 APR 08, 20196.25 APR 22, 20198.75 May 21, 20198.25 AUG 07, 20206.63 DEC 09, 2020

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

11.50 FEB 01, 2016

7.50 MAY 19, 2016

7.25 JUL 25, 20176.88 MAY 09, 2018

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

Description

FGN Eurobonds Prices & Yields

FGN

6.75 JAN 28, 2021

5.13 JUL 12, 2018

6.38 JUL 12, 2023

MPR+5.00 CHELLARAMS II 17-FEB-201916.00 DANA II 1-APR-201915.25 NAHCO II 14-NOV-2020

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

10.20 IFC 11-FEB-2018

18.00 C&I LEASING 30-NOV-2017MPR+7.00 DANA 9-APR-2018MPR+7.00 TOWER 9-SEP-2018MPR+5.25 TOWER 9-SEP-201814.00 UBA II 22-SEP-201815.75 LA CASERA 18-OCT-2018

10.00 UPDC 17-AUG-201512.00 FLOURMILLS 9-DEC-201514.00 CHELLARAMS 06-JAN-201613.00 NAHCO 29-SEP-201614.25 FSDH 25-OCT-201613.00 UBA 30-SEP-2017

15.00 NASARAWA 06-JAN-2021

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

11.50 LAFARGE WAPCO 7-OCT 201413.50 GUARANTY TRUST 18-DEC-201417.00 NGC 31-DEC-2014

14.50 LAGOS 22-NOV-201914.75 OSUN 12-DEC-201914.75 OSUN II 30-SEP-202013.50 LAGOS IV 27-NOV-202015.00 KOGI 31-DEC-202014.50 EKITI II 31-DEC-2020

14.00 DELTA 30-SEP-201814.00 NIGER II 4-OCT-201814.50 EKITI 09-DEC-201814.00 NIGER III 12-DEC-201815.50 ONDO 14-FEB-201915.50 GOMBE 02-OCT-2019

13.00 EBONYI 30-SEP-201514.00 BENUE 30-JUN-201615.50 IMO 30-JUN-201610.00 LAGOS 19-APR-201713.75 BAYELSA 30-JUN-201714.00 EDO 31-DEC-2017

0.00/16.50 LCRM II 20-APR-20170.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

14.00 NIGER 15-OCT-201412.50 KADUNA 31-AUG-2015

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

Description

NA

0.00 AMCON 31-OCT-2014 (SR.5 TR.1)

FMBN 0.00 FMB 24-MAY-201517.25 FMB II 03-APR-2017

***LCRM0.00/16.00 LCRM 09-DEC-2016

FMDQ Daily Quotations List 26-Sep-14The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

BondsPrice

NA NA

FGN Bonds

Rating/Agency Issuer Description Issue Date Coupon (%) Outstanding Value (N'bn) Maturity Date TTM (Yrs) Bid Yield (%) Offer Yield

(%) Bid Price Offer Price

4.00 23-APR-2015 23-Apr-10 4.00 535.00 23-Apr-15 0.57 10.97 10.68 96.22 96.3713.05 16-AUG-2016 16-Aug-13 13.05 545.27 16-Aug-16 1.89 11.94 11.85 101.80 101.9515.10 27-APR-2017 27-Apr-12 15.10 452.80 27-Apr-17 2.58 11.88 11.82 106.95 107.109.85 27-JUL-2017 27-Jul-07 9.85 20.00 27-Jul-17 2.83 11.92 11.85 95.11 95.269.35 31-AUG-2017 31-Aug-07 9.35 100.00 31-Aug-17 2.93 11.92 11.85 93.79 93.9410.70 30-MAY-2018 30-May-08 10.70 300.00 30-May-18 3.67 11.92 11.81 96.42 96.7216.00 29-JUN-2019 29-Jun-12 16.00 351.30 29-Jun-19 4.76 11.90 11.83 114.50 114.807.00 23-OCT-2019 23-Oct-09 7.00 233.90 23-Oct-19 5.07 11.99 11.90 81.41 81.7116.39 27-JAN-2022 27-Jan-12 16.39 600.00 27-Jan-22 7.34 12.33 12.27 119.20 119.5014.20 14-MAR-2024 14-Mar-14 14.20 331.35 14-Mar-24 9.46 12.42 12.37 109.75 110.0515.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 14.17 12.45 12.41 116.74 117.0412.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 14.65 12.43 12.39 100.34 100.648.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 15.15 12.42 12.36 73.52 73.8210.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 15.82 12.35 12.30 83.80 84.1012.1493 18-JUL-2034 18-Jul-14 12.1493 105.00 18-Jul-34 19.81 12.33 12.29 98.65 98.95

4,591.194,623.44

Rating/Agency Issuer Issue Date Coupon (%) Outstanding Value (N'bn) Maturity Date Avg. Life/TTM

(Yrs)

#Risk Premium

(%)

Valuation Yield (%)

Indicative Price

Agency BondsAMCON 28-Dec-11 0.00 978.35 31-Oct-14 0.10 1.00 11.86 98.88

24-May-10 0.00 24.56 24-May-15 0.66 2.63 13.67 91.6403-Apr-12 17.25 3.30 03-Apr-17 1.27 2.27 13.77 104.2509-Dec-11 0.00/16.00 112.22 09-Dec-16 2.20 2.00 13.96 100.6820-Apr-12 0.00/16.50 116.70 20-Apr-17 2.57 1.00 12.92 98.8706-Jul-12 0.00/16.50 66.49 06-Jul-17 2.78 1.00 12.92 96.30

1,301.621,285.78

Sub-National BondsA-/GCR NIGER 15-Oct-09 14.00 6.00 15-Oct-14 0.05 3.29 14.07 99.95A+/Agusto KADUNA 31-Aug-10 12.50 8.50 31-Aug-15 0.93 4.44 15.68 97.32A/Agusto *EBONYI 30-Sep-10 13.00 6.08 30-Sep-15 0.53 3.23 14.17 99.26A-/Agusto *BENUE 30-Jun-11 14.00 6.27 30-Jun-16 1.05 4.46 15.79 98.70A+/Agusto *IMO 30-Jun-09 15.50 7.37 30-Jun-16 1.06 3.48 14.82 101.22A+/Agusto; A+/GCR LAGOS 19-Apr-10 10.00 57.00 19-Apr-17 2.56 5.59 17.51 84.98A-/Agusto *BAYELSA 30-Jun-10 13.75 29.92 30-Jun-17 1.61 1.00 12.75 101.76A/Agusto EDO 30-Dec-10 14.00 25.00 31-Dec-17 3.26 1.79 13.71 100.69A+/Agusto; A+/GCR *DELTA 30-Sep-11 14.00 37.25 30-Sep-18 2.24 1.80 13.75 100.50A-/Agusto; A-/GCR NIGER 04-Oct-11 14.00 9.00 04-Oct-18 4.02 1.00 12.92 103.30A/Agusto; A-/GCR† *EKITI 09-Dec-11 14.50 14.96 09-Dec-18 2.43 1.00 12.93 103.42A-/Agusto *NIGER 12-Dec-13 14.00 11.13 12-Dec-18 2.43 4.78 16.71 94.97A/Agusto; A-/GCR *ONDO 14-Feb-12 15.50 27.00 14-Feb-19 2.82 1.00 12.92 103.59A/Agusto; A-/GCR *GOMBE 02-Oct-12 15.50 17.28 02-Oct-19 2.89 1.00 12.92 106.17Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 5.16 1.00 13.01 105.42A/Agusto; A-/GCR *OSUN 12-Dec-12 14.75 27.51 12-Dec-19 3.04 2.74 14.66 100.24A/Agusto *OSUN 30-Sep-13 14.75 11.40 30-Sep-20 3.56 1.00 12.92 104.96Aa-/Agusto; AA-/GCR LAGOS 27-Nov-13 13.50 87.00 27-Nov-20 6.17 1.00 13.23 101.05A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 15.00 5.00 31-Dec-20 6.26 1.94 14.20 103.20A/Agusto *EKITI 31-Dec-13 14.50 4.78 31-Dec-20 3.74 1.44 13.36 103.34A-/GCR *NASARAWA 06-Jan-14 15.00 4.79 06-Jan-21 3.78 1.95 13.87 103.30

483.24483.94

Corporate BondsA+/Agusto; AA/GCR LAFARGE WAPCO 07-Oct-11 11.50 11.80 07-Oct-14 0.03 1.00 11.74 99.97

Aa/Agusto GTB 18-Dec-09 13.50 13.17 18-Dec-14 0.23 5.21 16.31 99.25

Nil µNGC 01-Apr-10 17.00 2.00 31-Dec-14 0.26 8.71 19.84 99.10

Bbb-/Agusto *UPDC 17-Aug-10 10.00 3.61 17-Aug-15 0.65 4.88 15.90 96.83A-/Agusto *FLOURMILLS 09-Dec-10 12.00 13.62 09-Dec-15 0.72 1.00 12.08 100.52BB+/GCR *CHELLARAMS 06-Jan-11 14.00 0.60 06-Jan-16 0.80 2.63 13.77 100.84A+/Agusto; A-/GCR NAHCO 29-Sep-11 13.00 15.00 29-Sep-16 2.01 1.00 12.98 100.04A-/Agusto FSDH 25-Oct-13 14.25 5.53 25-Oct-16 2.08 1.34 13.31 101.63A/GCR UBA 30-Sep-10 13.00 20.00 30-Sep-17 3.01 1.00 12.92 100.20BBB-/GCR *C & I LEASING 30-Nov-12 18.00 0.73 30-Nov-17 1.83 1.88 13.76 108.00BBB+/DataPro†; BB+/GCR *DANA# 09-Apr-11 16.00 7.20 09-Apr-18 1.79 3.48 15.33 101.18A-/DataPro†; BB-/GCR *TOWER# 09-Sep-11 18.00 2.90 09-Sep-18 2.20 5.20 17.16 101.57AAA/DataPro†; A+/GCR *TOWER# 09-Sep-11 16.00 0.80 09-Sep-18 2.20 5.06 17.02 101.69A/Agusto; A/GCR UBA 22-Sep-11 14.00 35.00 22-Sep-18 3.99 1.35 13.27 102.20Bbb+/Agusto; BBB+/GCR *LA CASERA 18-Oct-13 15.75 2.70 18-Oct-18 2.06 2.29 14.26 102.84BBB-/DataPro†; BB+/GCR *CHELLARAMS# 17-Feb-12 17.00 0.41 17-Feb-19 2.39 6.11 18.05 98.31BBB/GCR *DANA 01-Apr-14 16.00 4.50 01-Apr-19 3.26 2.16 14.08 104.85A+/Agusto; A-/GCR NAHCO 14-Nov-13 15.25 2.05 14-Nov-20 6.13 2.76 14.99 100.98

141.62142.88

Supranational BondAAA/S&P IFC 11-Feb-13 10.20 12.00 11-Feb-18 3.38 1.00 12.92 92.72

12.0011.13

Rating/Agency Issuer Issue Date Coupon (%) Outstanding Value ($mm) Maturity Date Bid Yield (%) Offer Yield (%) Bid Price Offer Price

BB-/Fitch; B+/S&P 07-Oct-11 6.75 500.00 28-Jan-21 5.01 4.83 109.34 110.38

BB-/Fitch; BB-/S&P

12-Jul-13 5.13 500.00 12-Jul-18 4.18 3.99 103.25 103.96

BB-/Fitch; BB-/S&P

12-Jul-13 6.38 500.00 12-Jul-23 5.27 5.16 107.68 108.52

1,500.001,601.36

Corporate EurobondsB/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 450.00 01-Feb-16 6.90 6.90 105.75 105.75

B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.27 4.27 105.04 105.04

B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 350.00 25-Jul-17 6.57 6.57 101.72 101.72B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 300.00 02-May-18 8.63 8.07 94.66 96.30B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 5.93 5.60 100.26 101.43B/Fitch AFREN PLC II 08-Apr-12 10.25 300.00 08-Apr-19 8.68 8.68 105.75 105.75B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 6.00 6.00 100.98 100.98B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.75 200.00 21-May-19 8.86 8.60 99.57 100.54B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 300.00 07-Aug-20 7.43 7.43 103.01 103.01B-/Fitch; B/S&P AFREN PLC III 09-Dec-13 6.63 360.00 09-Dec-20 7.70 7.70 94.77 94.77B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 8.64 8.47 103.50 104.38B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 450.00 23-Jul-21 7.51 7.51 101.63 101.63B-/S&P ECOBANK NIG. LTD 14-Aug-14 8.75 250.00 14-Aug-21 8.40 8.19 100.90 101.95

4,760.004,837.16

DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) 13 9-Oct-14 10.45 10.20 10.4920 16-Oct-14 10.60 10.35 10.66 Tenor Rate (%) 27 23-Oct-14 10.50 10.25 10.58 O/N 10.8417 Spot 163.85 163.9534 30-Oct-14 10.45 10.20 10.55 1M 12.1340 7D 164.09 164.3241 6-Nov-14 10.60 10.35 10.73 3M 12.9929 14D 164.35 164.6548 13-Nov-14 10.60 10.35 10.75 6M 13.8294 Tenor Rate (%) 1M 164.97 165.5755 20-Nov-14 10.50 10.25 10.67 Call 10.42 2M 166.11 167.1762 27-Nov-14 10.80 10.55 11.00 1M 11.60 3M 167.25 168.8569 4-Dec-14 10.35 10.10 10.56 3M 12.18 6M 170.95 174.3376 11-Dec-14 10.80 10.55 11.05 6M 12.85 1Y 178.42 186.3890 25-Dec-14 10.70 10.45 10.99 Tenor Rate (%) 97 1-Jan-15 10.85 10.60 11.17 1M 10.4848

104 8-Jan-15 10.50 10.25 10.82 2M 10.8488111 15-Jan-15 10.85 10.60 11.22 3M 10.9636 NA :Not Applicable118 22-Jan-15 10.40 10.15 10.76 6M 10.9702 * :Amortising Bond # :Floating Rate Bond125 29-Jan-15 10.85 10.60 11.27 9M 11.1726 µ :Convertible Bond ***: Deferred coupon bonds132 5-Feb-15 10.50 10.25 10.91 12M 11.5839 AMCON: Asset Management Corporation of Nigeria139 12-Feb-15 10.80 10.55 11.26 FGN: Federal Government of Nigeria †: Bond rating expired146 19-Feb-15 10.40 10.15 10.85 FMBN: Federal Mortgage Bank of Nigeria153 26-Feb-15 10.80 10.55 11.31 IFC: International Finance Corporation160 5-Mar-15 10.70 10.45 11.23 LCRM: Local Contractors Receivables Management195 9-Apr-15 10.30 10.05 10.90 NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company209 23-Apr-15 10.40 10.15 11.06 BID($/N) 163.9325 O/N: Overnight UBA: United Bank for Africa223 7-May-15 10.25 10.00 10.93 OFFER ($/N) 164.0325 UPDC: UAC Property Development Company314 6-Aug-15 10.40 10.15 11.42 WAPCO:West Africa Portland Cement Company342 3-Sep-15 10.40 10.15 11.52

# Risk Premium is a combination of credit risk and liquidity risk premiums**Exclusive of non-trading t.bills

Modified Duration Buckets Porfolio Market Value(Bn)

Total Outstanding Volume(Bn)

Weighting by Outstanding Vol

Weighting by Mkt Value Bucket Weighting % Exposure_

Mod_Duration Implied Yield Implied Portfolio Price INDEX YTD Return

(%)

<3 1,039.35 998.07 34.75 34.46 0.35 15.74 11.91 118.6519 1,126.95 12.69513<5 1,117.44 951.30 33.12 37.05 0.33 33.33 12.20 134.3135 1,137.32 13.7316>5 859.39 922.92 32.13 28.49 0.32 50.94 12.37 103.6056 1,208.64 20.8643

Market 3,016.19 2,872.29 100.00 100.00 1.00 100.00 12.24 119.0044 1,130.41 13.0414

NIFEX

Current Price ($/N)

*from the Amortising bonds, the average life is calculated and not the duration

FMDQ FGN BOND INDEX

O/N 10.75

REPO

NITTY

NOTE:

:Benchmarks

Money Market Foreign Exchange (Spot & Forwards)NIBOR

OBB 10.50 Tenor Bid ($/N) Offer ($/N)

9.25/6M USD LIBOR+7.677 JUN 24, 20218.00/2Y USD SWAP+6.488 JUL 23 2021

8.75 AUG 14, 2021

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

**Treasury Bills FIXINGS

6.00 NOV 08, 201810.25 APR 08, 20196.25 APR 22, 20198.75 May 21, 20198.25 AUG 07, 20206.63 DEC 09, 2020

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

11.50 FEB 01, 2016

7.50 MAY 19, 2016

7.25 JUL 25, 20176.88 MAY 09, 2018

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

Description

FGN Eurobonds Prices & Yields

FGN

6.75 JAN 28, 2021

5.13 JUL 12, 2018

6.38 JUL 12, 2023

MPR+5.00 CHELLARAMS II 17-FEB-201916.00 DANA II 1-APR-201915.25 NAHCO II 14-NOV-2020

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

10.20 IFC 11-FEB-2018

18.00 C&I LEASING 30-NOV-2017MPR+7.00 DANA 9-APR-2018MPR+7.00 TOWER 9-SEP-2018MPR+5.25 TOWER 9-SEP-201814.00 UBA II 22-SEP-201815.75 LA CASERA 18-OCT-2018

10.00 UPDC 17-AUG-201512.00 FLOURMILLS 9-DEC-201514.00 CHELLARAMS 06-JAN-201613.00 NAHCO 29-SEP-201614.25 FSDH 25-OCT-201613.00 UBA 30-SEP-2017

15.00 NASARAWA 06-JAN-2021

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

11.50 LAFARGE WAPCO 7-OCT 201413.50 GUARANTY TRUST 18-DEC-201417.00 NGC 31-DEC-2014

14.50 LAGOS 22-NOV-201914.75 OSUN 12-DEC-201914.75 OSUN II 30-SEP-202013.50 LAGOS IV 27-NOV-202015.00 KOGI 31-DEC-202014.50 EKITI II 31-DEC-2020

14.00 DELTA 30-SEP-201814.00 NIGER II 4-OCT-201814.50 EKITI 09-DEC-201814.00 NIGER III 12-DEC-201815.50 ONDO 14-FEB-201915.50 GOMBE 02-OCT-2019

13.00 EBONYI 30-SEP-201514.00 BENUE 30-JUN-201615.50 IMO 30-JUN-201610.00 LAGOS 19-APR-201713.75 BAYELSA 30-JUN-201714.00 EDO 31-DEC-2017

0.00/16.50 LCRM II 20-APR-20170.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

14.00 NIGER 15-OCT-201412.50 KADUNA 31-AUG-2015

TOTAL OUTSTANDING VALUETOTAL MARKET CAPITALISATION

Description

NA

0.00 AMCON 31-OCT-2014 (SR.5 TR.1)

FMBN 0.00 FMB 24-MAY-201517.25 FMB II 03-APR-2017

***LCRM0.00/16.00 LCRM 09-DEC-2016

FMDQ Daily Quotations List 26-Sep-14The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

BondsPrice

NA NA

system.“The NSE continues to play a

vital role in the execution of the West African Capital Market Integration (WACMI) program with the objective of establish-ing a harmonised regulatory environment for the issuance and trading of financial secu-rities across the West African sub-region.

With a diverse population of over 290 million people, this

translates into a large consumer base with significant domestic savings and investing power po-tential. Achieving integration will not only support momen-tous growth in the markets, but will facilitate the movement of capital across the sub-region, creating flexibility for issuers and investors. The integration will occur in phases with the final phase being completed in 2015,” he said.

The Production Directorate of Shell Petroleum Develop-ment Company of Nigeria

has awarded Caverton Helicop-ters, a subsidiary of Caverton Offshore Support Group Plc, the Safety Conscious Contrac-tor of the Year Award.

The award according to a statement, was in commemorat-ing 75 million Lost Time Injury (LTI) free man-hour. Caverton was nominated and won the award in the Medium and High Risk category.

The justification for the award according to Shell, was that Caverton Helicopters de-veloped safety programmes to improve staff safety culture. Raising the bar engagement sessions, Safety Survey and ‘Aim for Zero’ Campaign and actively ready to learn from previous incidents.

The award ceremony, which took place at Shell Port Har-court was received by the Base Managing Pilot on behalf of Caverton Helicopters.

Caverton Offshore Support Group Plc, had recorded a 21 per cent growth in revenue during the half year ended 2014.

The result of its financials filed with the Nigerian Stock Exchange (NSE) showed the

company’s revenue grew by 21 per cent, from N10.317 billion in 2013 to N12.505 billion in 2014, while total assets rose by 10 per cent to N41.917 billion in 2014, from N38.025 billion the previ-ous year.

However, the company’s net earnings fell by 12 per cent from N1.793 billion in 2013 to N1.585 billion recorded during the pe-riod under review.

The admission of Caverton Offshore Support Group Plc to the Exchange had swelled the market capitalisation by N3.8 billion.

Chief Executive Officer of the NSE, Oscar Onyema, said the listing was another manifes-tation that the Nigeria bourse was on the right path of be-coming the African exchange of choice.

Onyema noted that Caverton has taking a hold step by add-ing N31.829 billion to the market capitalisation of the Exchange.

He said that the Exchange will continue to introduce more products to meet the needs of wide range of local and inter-national investors, adding that the management is determined to ensure sound corporate gov-ernance among the marker players.

Caverton wins safety conscious award

Sanctity of Truth

Monday, September 29, 201440 business | CAPITAL MARKET

The Nigerian Stock Market Exchange as at September 26, 2014

Daily Summary as of 26/09/2014Printed 26/09/2014 14:49:38.038

Published by The Nigerian Stock Exchange © Page 1 of 13

Daily Summary (Bonds)

No Debt Trading Activity

Daily Summary (Equities)

Activity Summary on Board EQTY

AGRICULTURECrop Production Symbol No. of Deals Current Price Quantity Traded Value Traded

FTN COCOA PROCESSORS PLC FTNCOCOA 35 0.50 10,076,050 5,072,054.92OKOMU OIL PALM PLC. OKOMUOIL 14 34.00 230,310 7,626,591.81PRESCO PLC PRESCO 4 37.50 10,200 370,948.00

Crop Production Totals 53 10,316,560 13,069,594.73

Livestock/Animal Specialties Symbol No. of Deals Current Price Quantity Traded Value TradedLIVESTOCK FEEDS PLC. LIVESTOCK 26 2.94 436,873 1,263,899.88

Livestock/Animal Specialties Totals 26 436,873 1,263,899.88

AGRICULTURE Totals 79 10,753,433 14,333,494.61

CONGLOMERATESDiversified Industries Symbol No. of Deals Current Price Quantity Traded Value Traded

A.G. LEVENTIS NIGERIA PLC. AGLEVENT 18 1.54 359,891 540,468.38TRANSNATIONAL CORPORATION OF NIGERIA PLC TRANSCORP 192 5.79 13,580,437 78,501,531.63U A C N PLC. UACN 25 57.49 47,127 2,706,068.65

Diversified Industries Totals 235 13,987,455 81,748,068.66

CONGLOMERATES Totals 235 13,987,455 81,748,068.66

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Published by The Nigerian Stock Exchange © Page 4 of 13

Daily Summary (Equities)

Activity Summary on Board EQTY

CONSUMER GOODSHousehold Durables Symbol No. of Deals Current Price Quantity Traded Value Traded

VITAFOAM NIG PLC. VITAFOAM 7 4.29 115,603 491,166.87VONO PRODUCTS PLC. VONO 1 1.56 10,000 14,900.00

Household Durables Totals 8 125,603 506,066.87

Personal/Household Products Symbol No. of Deals Current Price Quantity Traded Value TradedP Z CUSSONS NIGERIA PLC. PZ 30 32.25 193,384 6,156,259.02UNILEVER NIGERIA PLC. UNILEVER 33 49.20 286,370 13,755,996.90

Personal/Household Products Totals 63 479,754 19,912,255.92

CONSUMER GOODS Totals 535 6,369,945 433,031,634.76

FINANCIAL SERVICESBanking Symbol No. of Deals Current Price Quantity Traded Value Traded

ACCESS BANK PLC. ACCESS 156 8.90 63,567,966 562,126,208.52DIAMOND BANK PLC DIAMONDBNK 51 6.18 1,964,412 12,010,711.44ECOBANK TRANSNATIONAL INCORPORATED ETI 82 18.16 1,177,425 21,392,557.84FIDELITY BANK PLC FIDELITYBK 63 1.98 4,614,963 9,143,076.25GUARANTY TRUST BANK PLC. GUARANTY 228 29.40 9,740,450 283,206,269.75SKYE BANK PLC SKYEBANK 118 2.64 4,461,459 11,795,297.63STERLING BANK PLC. STERLNBANK 36 2.15 4,036,876 8,638,245.73

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Activity Summary on Board EQTY

CONSTRUCTION/REAL ESTATEBuilding Structure/Completion/Other Symbol No. of Deals Current Price Quantity Traded Value Traded

COSTAIN (W A) PLC. COSTAIN 23 0.95 757,120 719,448.00G CAPPA PLC GCAPPA 2 14.46 10,012 137,564.88

Building Structure/Completion/Other Totals 25 767,132 857,012.88

Infrastructure/Heavy Construction Symbol No. of Deals Current Price Quantity Traded Value TradedJULIUS BERGER NIG. PLC. JBERGER 11 67.20 42,067 2,691,856.43

Infrastructure/Heavy Construction Totals 11 42,067 2,691,856.43

Real Estate Development Symbol No. of Deals Current Price Quantity Traded Value TradedUACN PROPERTY DEVELOPMENT CO. LIMITED UAC-PROP 28 14.50 439,214 6,527,620.18

Real Estate Development Totals 28 439,214 6,527,620.18

Real Estate Investment Trusts (REITs) Symbol No. of Deals Current Price Quantity Traded Value TradedUPDC REAL ESTATE INVESTMENT TRUST UPDCREIT 2 9.13 5,150 46,350.00

Real Estate Investment Trusts (REITs) Totals 2 5,150 46,350.00

CONSTRUCTION/REAL ESTATE Totals 66 1,253,563 10,122,839.49

CONSUMER GOODSAutomobiles/Auto Parts Symbol No. of Deals Current Price Quantity Traded Value Traded

DN TYRE & RUBBER PLC DUNLOP 1 0.50 1,000 500.00Automobiles/Auto Parts Totals 1 1,000 500.00

Beverages--Brewers/Distillers Symbol No. of Deals Current Price Quantity Traded Value TradedCHAMPION BREW. PLC. CHAMPION 8 9.70 176,158 1,669,314.50GUINNESS NIG PLC GUINNESS 58 190.00 1,012,721 183,963,640.66

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Daily Summary (Equities)

Activity Summary on Board EQTY

CONSUMER GOODSBeverages--Brewers/Distillers Symbol No. of Deals Current Price Quantity Traded Value Traded

INTERNATIONAL BREWERIES PLC. INTBREW 15 30.01 36,256 1,060,178.94JOS INT. BREWERIES PLC. JOSBREW 2 2.12 33,224 67,112.48NIGERIAN BREW. PLC. NB 102 176.00 431,009 75,791,722.16PREMIER BREWERIES PLC PREMBREW 2 4.63 6,770 29,788.00

Beverages--Brewers/Distillers Totals 187 1,696,138 262,581,756.74

Beverages--Non-Alcoholic Symbol No. of Deals Current Price Quantity Traded Value Traded7-UP BOTTLING COMP. PLC. 7UP 14 147.73 428,996 63,374,173.08

Beverages--Non-Alcoholic Totals 14 428,996 63,374,173.08

Food Products Symbol No. of Deals Current Price Quantity Traded Value TradedDANGOTE FLOUR MILLS PLC DANGFLOUR 23 6.55 99,200 648,036.00DANGOTE SUGAR REFINERY PLC DANGSUGAR 73 8.22 2,093,188 17,516,946.24FLOUR MILLS NIG. PLC. FLOURMILL 69 61.00 630,646 38,563,527.46HONEYWELL FLOUR MILL PLC HONYFLOUR 22 4.00 351,178 1,405,500.90NATIONAL SALT CO. NIG. PLC NASCON 19 8.91 372,369 3,317,202.03UNION DICON SALT PLC. UNIONDICON 1 13.41 5,000 63,700.00U T C NIG. PLC. UTC 1 0.50 10,000 5,000.00

Food Products Totals 208 3,561,581 61,519,912.63

Food Products--Diversified Symbol No. of Deals Current Price Quantity Traded Value TradedCADBURY NIGERIA PLC. CADBURY 25 52.50 55,968 2,946,875.96NESTLE NIGERIA PLC. NESTLE 29 1,055.00 20,905 22,190,093.56

Food Products--Diversified Totals 54 76,873 25,136,969.52

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Daily Summary (Equities)

Activity Summary on Board EQTY

FINANCIAL SERVICESBanking Symbol No. of Deals Current Price Quantity Traded Value Traded

UNITED BANK FOR AFRICA PLC UBA 183 6.69 8,724,047 57,664,785.26UNION BANK NIG.PLC. UBN 52 9.10 418,491 3,640,546.72UNITY BANK PLC UNITYBNK 20 0.50 6,067,478 3,033,739.00WEMA BANK PLC. WEMABANK 25 0.90 865,826 774,101.35ZENITH INTERNATIONAL BANK PLC ZENITHBANK 178 24.00 4,101,760 98,319,193.55

Banking Totals 1,192 109,741,153 1,071,744,733.04

Insurance Carriers, Brokers and Services Symbol No. of Deals Current Price Quantity Traded Value TradedAIICO INSURANCE PLC. AIICO 13 0.82 1,010,041 811,733.80CONTINENTAL REINSURANCE PLC CONTINSURE 8 0.96 555,233 533,143.68CORNERSTONE INSURANCE COMPANY PLC. CORNERST 12 0.50 1,231,134 615,567.00INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 4 0.51 127,700 65,127.00LASACO ASSURANCE PLC. LASACO 1 0.50 90,000 45,000.00MANSARD INSURANCE PLC MANSARD 24 3.00 21,056,779 63,152,494.75MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT 6 0.54 319,449 172,502.46N.E.M INSURANCE CO (NIG) PLC. NEM 19 0.80 2,525,555 2,015,021.22NIGER INSURANCE CO. PLC. NIGERINS 3 0.50 20,055 10,027.50PRESTIGE ASSURANCE CO. PLC. PRESTIGE 1 0.50 818 409.00STANDARD ALLIANCE INSURANCE PLC. STDINSURE 1 0.50 2,800 1,400.00UNIC INSURANCE PLC. UNIC 2 0.50 50,100 25,050.00WAPIC INSURANCE PLC WAPIC 57 0.72 3,411,487 2,513,166.42

Insurance Carriers, Brokers and Services Totals 151 30,401,151 69,960,642.83

Micro-Finance Banks Symbol No. of Deals Current Price Quantity Traded Value TradedNPF MICROFINANCE BANK PLC NPFMCRFBK 3 0.98 351,000 343,980.00

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Activity Summary on Board EQTY

HEALTHCAREPharmaceuticals Symbol No. of Deals Current Price Quantity Traded Value Traded

EVANS MEDICAL PLC. EVANSMED 3 2.10 26,501 53,002.00FIDSON HEALTHCARE PLC FIDSON 9 3.40 737,140 2,500,431.20GLAXO SMITHKLINE CONSUMER NIG. PLC. GLAXOSMITH 15 64.59 399,800 25,732,100.00MAY & BAKER NIGERIA PLC. MAYBAKER 55 1.91 4,517,906 8,965,278.29NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NEIMETH 11 1.05 335,313 353,071.42NIGERIA-GERMAN CHEMICALS PLC. NIG-GERMAN 1 7.00 46 305.90PHARMA-DEKO PLC. PHARMDEKO 3 2.49 125,500 312,295.00

Pharmaceuticals Totals 97 6,142,206 37,916,483.81

HEALTHCARE Totals 98 6,142,642 37,917,238.09

ICTComputer Based Systems Symbol No. of Deals Current Price Quantity Traded Value Traded

COURTEVILLE BUSINESS SOLUTIONS PLC COURTVILLE 8 0.53 300,705 157,718.65Computer Based Systems Totals 8 300,705 157,718.65

IT Services Symbol No. of Deals Current Price Quantity Traded Value TradedNCR (NIGERIA) PLC. NCR 1 13.50 1,000 12,830.00

IT Services Totals 1 1,000 12,830.00

Processing Systems Symbol No. of Deals Current Price Quantity Traded Value TradedCHAMS PLC CHAMS 2 0.50 1,000,000 500,000.00

Processing Systems Totals 2 1,000,000 500,000.00

ICT Totals 11 1,301,705 670,548.65

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Daily Summary (Equities)

Activity Summary on Board EQTY

INDUSTRIAL GOODSBuilding Materials Symbol No. of Deals Current Price Quantity Traded Value Traded

ASHAKA CEM PLC ASHAKACEM 24 33.00 116,058 3,729,163.30

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Daily Summary (Equities)

Activity Summary on Board EQTY

INDUSTRIAL GOODSBuilding Materials Symbol No. of Deals Current Price Quantity Traded Value Traded

BERGER PAINTS PLC BERGER 10 8.60 109,521 948,893.25CAP PLC CAP 22 39.00 647,041 25,253,545.60CEMENT CO. OF NORTH.NIG. PLC CCNN 12 14.15 253,353 3,582,116.15DANGOTE CEMENT PLC DANGCEM 45 220.00 990,331 218,539,617.62DN MEYER PLC. DNMEYER 3 1.10 10,360 10,895.50FIRST ALUMINIUM NIGERIA PLC FIRSTALUM 1 0.50 38,000 19,000.00PAINTS AND COATINGS MANUFACTURES PLC PAINTCOM 2 1.60 62,735 95,357.20PORTLAND PAINTS & PRODUCTS NIGERIA PLC PORTPAINT 5 5.32 159,000 836,690.00LAFARGE AFRICA PLC. WAPCO 57 128.68 407,342 52,448,362.24

Building Materials Totals 181 2,793,741 305,463,640.86

Electronic and Electrical Products Symbol No. of Deals Current Price Quantity Traded Value TradedCUTIX PLC. CUTIX 7 1.82 127,200 231,504.00

Electronic and Electrical Products Totals 7 127,200 231,504.00

Packaging/Containers Symbol No. of Deals Current Price Quantity Traded Value TradedAVON CROWNCAPS & CONTAINERS AVONCROWN 2 1.59 245,391 390,171.69BETA GLASS CO PLC. BETAGLAS 3 18.85 4,130 76,611.50

Packaging/Containers Totals 5 249,521 466,783.19

INDUSTRIAL GOODS Totals 193 3,170,462 306,161,928.05

NATURAL RESOURCESMetals Symbol No. of Deals Current Price Quantity Traded Value Traded

ALUMINIUM MANUFACTURING COMPANY PLC ALUMACO 1 7.75 10 73.70

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Daily Summary (Equities)

Activity Summary on Board EQTY

NATURAL RESOURCESMetals Symbol No. of Deals Current Price Quantity Traded Value TradedMetals Totals 1 10 73.70

Mining Services Symbol No. of Deals Current Price Quantity Traded Value TradedMULTIVERSE PLC MULTIVERSE 1 0.50 5,700,000 2,850,000.00

Mining Services Totals 1 5,700,000 2,850,000.00

NATURAL RESOURCES Totals 2 5,700,010 2,850,073.70

OIL AND GASEnergy Equipment and Services Symbol No. of Deals Current Price Quantity Traded Value Traded

JAPAUL OIL & MARITIME SERVICES PLC JAPAULOIL 17 0.50 1,546,269 773,134.50Energy Equipment and Services Totals 17 1,546,269 773,134.50

Integrated Oil and Gas Services Symbol No. of Deals Current Price Quantity Traded Value TradedOANDO PLC OANDO 354 25.00 12,383,429 310,445,978.64

Integrated Oil and Gas Services Totals 354 12,383,429 310,445,978.64

Petroleum and Petroleum Products Distributors Symbol No. of Deals Current Price Quantity Traded Value TradedCONOIL PLC CONOIL 21 47.01 78,785 3,768,750.16ETERNA PLC. ETERNA 21 3.80 200,860 746,678.16FORTE OIL PLC. FO 54 222.99 128,136 28,373,978.56MOBIL OIL NIG PLC. MOBIL 20 176.00 147,632 25,757,776.68MRS OIL NIGERIA PLC. MRS 2 56.00 5,814 309,304.80TOTAL NIGERIA PLC. TOTAL 8 179.00 7,402 1,315,902.60

Petroleum and Petroleum Products Distributors Totals 126 568,629 60,272,390.96

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Daily Summary (Equities)

Activity Summary on Board EQTY

FINANCIAL SERVICESMicro-Finance Banks Symbol No. of Deals Current Price Quantity Traded Value TradedMicro-Finance Banks Totals 3 351,000 343,980.00

Mortgage Carriers, Brokers and Services Symbol No. of Deals Current Price Quantity Traded Value TradedRESORT SAVINGS & LOANS PLC RESORTSAL 1 0.50 1,000 500.00UNION HOMES SAVINGS AND LOANS PLC. UNHOMES 6 0.50 606,270 303,135.00

Mortgage Carriers, Brokers and Services Totals 7 607,270 303,635.00

Other Financial Institutions Symbol No. of Deals Current Price Quantity Traded Value TradedAFRICA PRUDENTIAL REGISTRARS PLC AFRIPRUD 40 3.18 761,589 2,412,633.42CUSTODIAN AND ALLIED PLC CUSTODYINS 11 4.30 147,722 621,491.26FBN HOLDINGS PLC FBNH 448 13.90 17,024,156 236,230,067.70FCMB GROUP PLC. FCMB 68 4.45 7,743,649 33,015,607.39ROYAL EXCHANGE PLC. ROYALEX 6 0.55 259,655 143,474.43STANBIC IBTC HOLDINGS PLC STANBIC 20 32.00 1,049,954 33,469,932.18UBA CAPITAL PLC UBCAP 41 2.05 12,611,079 25,861,458.63

Other Financial Institutions Totals 634 39,597,804 331,754,665.01

FINANCIAL SERVICES Totals 1,987 180,698,378 1,474,107,655.88

HEALTHCAREMedical Supplies Symbol No. of Deals Current Price Quantity Traded Value Traded

MORISON INDUSTRIES PLC. MORISON 1 1.82 436 754.28Medical Supplies Totals 1 436 754.28

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Daily Summary (Equities)

Activity Summary on Board EQTY

OIL AND GASExploration and Production Symbol No. of Deals Current Price Quantity Traded Value Traded

SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD SEPLAT 20 667.00 50,167 33,109,053.30Exploration and Production Totals 20 50,167 33,109,053.30

OIL AND GAS Totals 517 14,548,494 404,600,557.40

SERVICESCourier/Freight/Delivery Symbol No. of Deals Current Price Quantity Traded Value Traded

RED STAR EXPRESS PLC REDSTAREX 7 4.59 101,932 448,500.80TRANS-NATIONWIDE EXPRESS PLC. TRANSEXPR 5 1.35 209,660 283,227.20

Courier/Freight/Delivery Totals 12 311,592 731,728.00

Employment Solutions Symbol No. of Deals Current Price Quantity Traded Value TradedC & I LEASING PLC. CILEASING 3 0.50 30,500 15,250.00

Employment Solutions Totals 3 30,500 15,250.00

Hospitality Symbol No. of Deals Current Price Quantity Traded Value TradedTANTALIZERS PLC TANTALIZER 1 0.50 2,000 1,000.00

Hospitality Totals 1 2,000 1,000.00

Hotels/Lodging Symbol No. of Deals Current Price Quantity Traded Value TradedIKEJA HOTEL PLC IKEJAHOTEL 8 1.52 111,917 170,273.84

Hotels/Lodging Totals 8 111,917 170,273.84

Media/Entertainment Symbol No. of Deals Current Price Quantity Traded Value TradedDAAR COMMUNICATIONS PLC DAARCOMM 4 0.50 310,000 155,000.00

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Daily Summary (Equities)

Activity Summary on Board EQTY

SERVICESMedia/Entertainment Symbol No. of Deals Current Price Quantity Traded Value TradedMedia/Entertainment Totals 4 310,000 155,000.00

Printing/Publishing Symbol No. of Deals Current Price Quantity Traded Value TradedACADEMY PRESS PLC. ACADEMY 3 1.40 39,896 56,127.12LEARN AFRICA PLC LEARNAFRCA 2 1.40 19,418 27,379.38UNIVERSITY PRESS PLC. UPL 1 4.13 1,100 4,323.00

Printing/Publishing Totals 6 60,414 87,829.50

Road Transportation Symbol No. of Deals Current Price Quantity Traded Value TradedASSOCIATED BUS COMPANY PLC ABCTRANS 20 0.67 901,603 607,877.32

Road Transportation Totals 20 901,603 607,877.32

Transport-Related Services Symbol No. of Deals Current Price Quantity Traded Value TradedAIRLINE SERVICES AND LOGISTICS PLC AIRSERVICE 1 2.01 2,000 4,220.00NIGERIAN AVIATION HANDLING COMPANY PLC NAHCO 25 5.05 259,707 1,327,132.50

Transport-Related Services Totals 26 261,707 1,331,352.50

Support and Logistics Symbol No. of Deals Current Price Quantity Traded Value TradedCAVERTON OFFSHORE SUPPORT GRP PLC CAVERTON 2 5.00 11,000 53,680.00

Support and Logistics Totals 2 11,000 53,680.00

SERVICES Totals 82 2,000,733 3,153,991.16

EQTY Board Totals 3,805 245,926,820 2,768,698,030.45

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Daily Summary (Equities)

Activity Summary on Board ASeM

OIL AND GASPetroleum and Petroleum Products Distributors Symbol No. of Deals Current Price Quantity Traded Value Traded

CAPITAL OIL PLC CAPOIL 1 0.50 30 15.00Petroleum and Petroleum Products Distributors Totals 1 30 15.00

OIL AND GAS Totals 1 30 15.00

ASeM Board Totals 1 30 15.00

Equity Activity Totals 3,806 245,926,850 2,768,698,045.45

Daily Summary (ETP)Exchange Traded Fund

Name Symbol No. of Deals Current Price Quantity Traded Value TradedNEWGOLD EXCHANGE TRADED FUND (ETF) NEWGOLD 1 1,929.00 7 13,503.00VETIVA GRIFFIN 30 ETF VETGRIF30 2 18.58 25 464.20

Exchange Traded Fund Totals 3 32 13,967.20

ETF Board Totals 3 32 13,967.20

ETP Activity Totals 3 32 13,967.20

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HEALTHCAREPharmaceuticals Symbol No. of Deals Current Price Quantity Traded Value Traded

EVANS MEDICAL PLC. EVANSMED 3 2.10 26,501 53,002.00FIDSON HEALTHCARE PLC FIDSON 9 3.40 737,140 2,500,431.20GLAXO SMITHKLINE CONSUMER NIG. PLC. GLAXOSMITH 15 64.59 399,800 25,732,100.00MAY & BAKER NIGERIA PLC. MAYBAKER 55 1.91 4,517,906 8,965,278.29NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NEIMETH 11 1.05 335,313 353,071.42NIGERIA-GERMAN CHEMICALS PLC. NIG-GERMAN 1 7.00 46 305.90PHARMA-DEKO PLC. PHARMDEKO 3 2.49 125,500 312,295.00

Pharmaceuticals Totals 97 6,142,206 37,916,483.81

HEALTHCARE Totals 98 6,142,642 37,917,238.09

ICTComputer Based Systems Symbol No. of Deals Current Price Quantity Traded Value Traded

COURTEVILLE BUSINESS SOLUTIONS PLC COURTVILLE 8 0.53 300,705 157,718.65Computer Based Systems Totals 8 300,705 157,718.65

IT Services Symbol No. of Deals Current Price Quantity Traded Value TradedNCR (NIGERIA) PLC. NCR 1 13.50 1,000 12,830.00

IT Services Totals 1 1,000 12,830.00

Processing Systems Symbol No. of Deals Current Price Quantity Traded Value TradedCHAMS PLC CHAMS 2 0.50 1,000,000 500,000.00

Processing Systems Totals 2 1,000,000 500,000.00

ICT Totals 11 1,301,705 670,548.65

Sanctity of Truth

Monday, September 29, 201441BUSINESS | global NEWS

Activist investor Starboard Value LP, which has ac-quired a stake in Yahoo!

Inc. (YHOO), said it wants the Web portal to explore a combi-nation with AOL Inc. (AOL) to “unlock value.”

In a letter to Yahoo Chief Ex-ecutive Officer, Marissa Mayer, the New York-based fund said the Web company should also cut losses in its display-ad business by $250 million to $500 million, stop acquiring other companies and instead discuss a deal with AOL. A combination with AOL could deliver cost cuts of as much as $1 billion, Starboard CEO Jeffrey Smith wrote in a letter addressed to Mayer.

“Clearly Yahoo is deeply un-dervalued relative to the sum of its parts,” Smith wrote, adding that the fund now has a “sig-nificant” stake in Yahoo with-out disclosing specifics. “It is incumbent upon management and the board to take immediate

steps in committing to remedy this valuation discrepancy.”

Sarah Meron, a spokeswom-an for Sunnyvale, California-based Yahoo, didn’t respond to a call for comment. Eoin Ryan, an AOL spokesman, wasn’t avail-able for comment, said a woman who answered the phone at his office. Starboard representa-tives didn’t respond to requests for additional comment.

Yahoo shares rose four per cent to $40.53 at 1:41 p.m. in New York after Starboard re-leased the letter. The stock had declined 3.6 per cent this year through Thursday. AOL jumped three per cent to $44.25, after falling 7.8 per cent this year through Thursday.

AOL would be a good fit for Yahoo, according to Colin Gil-lis, an analyst at BGC Partners. The Web portal would bolster Yahoo’s video and editorial con-tent and is a better option than buying a “high-priced startup,” he said.

‘It makes tremendous sense,’’ Gillis said. “It will move the nee-dle materially on both revenue and earnings.”

Mayer has been working to turn around Yahoo since she joined the Web portal in July 2012. The pressure for results has increased since last week’s initial public offering of Aliba-ba Group Holding Ltd. (BABA), in which Yahoo owns a stake and which had driven much of the Silicon Valley company’s value.

As investors took gains on Yahoo after Alibaba’s IPO, the true worth of the Web portal’s core online-advertising busi-ness was laid bare. Yahoo was worth less than the value of its Asian assets, which also include a stake in Yahoo Japan, follow-ing Alibaba’s market debut. Yahoo’s market capitalization is $40 billion, little changed from the beginning of the year, while AOL’s market value is $3.48 bil-lion.

Starboard pushes Yahoo CEO Mayer to ‘unlock value’

Apple Inc. iPhone 6 smartphones stand on display during the sales launch of the latest Apple Inc. iPhone 6 and iPhone 6 Plus devices

Alibaba Group Holding Linited (BABA) award-ed Credit Suisse Group AG (CSGN) and Morgan

Stanley (MS) nearly half of the incentive fees given to the six banks that oversaw its record-breaking initial public offering, people with knowl-edge of the matter said.

All of the banks and brokerages that worked on the $25 billion IPO will collectively rake in about $300 million for their efforts on the $25 billion IPO, according to a September 22 filing from the company.

About $50 million of those fees were doled out to the six key banks based on performance, with Credit Suisse and Morgan Stanley each getting 22.5 per cent of that slice, or a little more than $11 million each,

said the people, asking not to be identified discussing private information.

The reward reflects a practice that the Chinese e-commerce company imported from Hong Kong, where multiple banks share the work and are awarded a performance fee at the end. In US IPOs, companies typically agree on the fee breakdown ahead of time, and most of the fees go to one or two firms listed on the IPO prospectus in order of importance. Alibaba listed most of its underwriters alphabetically on the prospectus.

With the bulk of the fees split among key banks, the additional $50 million was was also viewed by management as a way to cover some of the costs undertaken by the banks that

spent more time on the deal, one of the people said.

JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) earned about 18 per cent of the fees each, or $9 million apiece, while Deutsche Bank AG (DBK) was paid about 10 per cent and Citigroup Inc. (C) received about nine per cent, the people said.

The Credit Suisse team was led by Imran Khan, head of Internet investment banking, and Vikram Malhotra, head of investment banking in Hong Kong, the people said. Morgan Stanley’s efforts were handled by Crawford Jamieson, the co-head of global capital markets for Asia Pacific, they said.

Those two firms drafted the prospectus, helped with the materials and preparation for

Alibaba to pay IPO banks $50m incentive feethe roadshow and are in control of the lockup agreements, said the people.

Credit Suisse (CS) has also garnered the number-one ranking in trading Alibaba shares, according to data compiled by Bloomberg.

JPMorgan Vice Chairman Jimmy Lee built a relationship with Alibaba’s co-founders Jack Ma and Joe Tsai in a matter of 15 months, the people said. Lee arranged meetings between Alibaba management and key investors, including Fidelity Investments and T. Rowe Price Group Inc., they said.

Liz Myers, global head of ECM, and Michael Millman, co-head of ECM for the Americas, in addition to Todd Marin, vice chairman of investment banking in Asia-Pacific and

Noah Wintroub, head of Internet investment banking, rounded out the rest of the JPMorgan team. The firm was responsible for advising on Alibaba’s deal size as well as valuation, the people said.

Goldman Sachs is credited as serving as the stabilization agent, ensuring that the IPO ran smoothly during its debut. Mark Schwartz, the firm’s chairman of Asia Pacific, worked on the Alibaba IPO.

Mark Hantho, the global head of equity capital markets at Deutsche Bank, led the German firm’s efforts. He was joined by Joaquin Rodriguez Torres, head of technology, media and telecom investment banking in Asia, and Emmanuel DeSousa, global head of Internet and media investment banking.

Boeing Co. (BA) lost an order valued at almost $5 billion as Germany’s Air Berlin

Plc (AB1), struggling with losses and dwindling traffic, scrapped aircraft purchases that included the 787 Dream-liner.

Air Berlin, partly owned by Abu Dhabi’s Etihad Airways PJSC, said it was abandoning a deal for 18 of Boeing’s single-aisle 737s and 15 Dreamliners. Chicago-based Boeing isn’t due any compensation because of the cancellation, Air Berlin said in a statement.

The move underscored the financial straits at Air Berlin, which is working to refinance debt and cut spending. For Chicago-based Boeing, losing the 787s will erode this year’s net-order tally for the planes while leaving the company’s total backlog little changed. Most of Boeing’s Dreamliner’s sales were booked before the wide-body jet’s commercial debut in 2011.

“The normal pattern you see for aircraft orders is you have a huge amount of launch orders and then you inevitably have a bit of a slowdown,” Robert Stallard, an RBC Capital Markets analyst in London, said in a telephone interview. “Over time you’ll see more orders.”

Boeing’s backlog of all jets was almost 5,200 planes at the end of the second quarter, according to data compiled by Bloomberg Intelligence. The total included 3,931 narrow-body 737s and 869 twin-aisle Dreamliners. Through September 23, Boeing had 24 net orders for the 787 in 2014.

The cancellation buoyed Air Berlin’s stock, which jumped 7.5 per cent to 1.38 euros at 5:35 p.m. in Frankfurt. Boeing rose 0.5 per cent to $127.73 at 12:03 p.m. in New York.

Air Berlin, Germany’s second-largest airline, is working to fashion a new strategy after accumulating more than $1 billion of losses in six years. The carrier competes with discount operators led by Ryanair Holdings Plc as well as Germany’s biggest airline, Deutsche Lufthansa AG.

“Not taking on the 33 aircraft ordered will significantly reduce future capital expenditure for Air Berlin and improve our balance sheet,” Chief Financial Officer Ulf Huettmeyer said in a statement.

Etihad’s latest bailout for the carrier occurred in April, tightening its grip on the European company by providing 300 million euros of funding.

Boeing loses $5bn order as Air Berlin drops planes

West Texas Intermediate crude capped its biggest weekly gain in a month

on speculation stronger US economic growth will increase demand. WTI narrowed its dis-count to Brent to a one-year low.

The US economy expanded in the second quarter at the fastest rate since the last three months of 2011, the Commerce Department said. Brent dropped for a third week in four as ample supplies shield the oil market from the U.S. military campaign against Islamic State. Gasoline

tumbled after reaching this month’s high on Thursday.

“Improving U.S. economic conditions should improve the fundamental outlook here,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The market is trying to stabilize. We still have a lot of supply out there and that’s weighing on the overall market.”

WTI for November delivery rose $1.01, or 1.1 per cent, to settle at $93.54 a barrel on the New York Mercantile Exchange.

Oil caps biggest weekly gain in a month

The Bank of Industry (BoI) has launched a cottage Agro processing Fund (CAP) for farmers. This initiative is being led by the Managing Director and Chief Executive, Mr Rasheed Adejare Olaoluwa, whose developmental agenda for BOI are to adopt global best practices for Development Finance Institutions (DFIs) and make widespread developmental impact on Nigeria. He is busy re-engineering the financial institution and positioning it for greater impact. Olaoluwa shared his vision and many chestnuts he has put in the fire at BOI with Assistant Editor, Money Market, Godson Ikoro. Excerpts

our food import bill has fallen from $6.9 billion in 2009 to $4.3 billion last

year. We believe that more work needs to be done

as nigeria remains a net importer of processed agricultural products

Sanctity of Truth

Monday, September 29, 201442

What is the Cottage Agro Processing (CAP) fund all about?

The Fund is in fulfillment of our commitment to launch special funds targeted at specific sectors and custom-er segments in order to deepen our pen-etration of, and enhance our support to, these sectors/customer segments.

As a result of the Agricultural Transformation Agenda of Presi-dent Goodluck Jonathan, significant progress in crop production is being achieved in Nigeria. Recently, major companies such as Olam and Dangote Group have made and continue to make significant investments or investment commitments in this sector. Our food import bill has fallen from $6.9 billion in 2009 to $4.3 billion last year. We be-lieve that more work needs to be done as Nigeria remains a net importer of processed agricultural products.

You will recall that the objective of the Federal Government’s Agricultural Transformation Agenda is not only to increase crop production, but also to create value-added food processing industries as a means to reduce food imports and create jobs. This is where the role of the Federal Ministry of Ag-riculture and Rural Development inter-sects with that of Bank of Industry, and I am pleased to report a very active and fruitful engagement between us.

The product is aptly named Cottage Agro Processing (CAP) Fund. It is tar-geted at small and medium industries at the low-technology, labour intensive end of the agro-processing spectrum. And inclusive growth is our primary consideration. It represents BOI’s first direct intervention in any sector.

What specifically does the fund aim to achieve?

The Fund is designed to enable BOI, being Nigeria’s leading development finance institution, play its catalytic role of paving the way for other fi-nancial institutions to follow. We are demonstrating to others how to lend

to small and medium industries in the perceived high risk sectors of the economy.

CAP Fund will provide loans to beneficiaries to establish small-scale plants or mini mills to process Nige-ria’s agricultural products such as cas-sava, oil palm, paddy rice, groundnut, yam, maize, sorghum, cocoa, sheanut, plantain, cashew, hides and skin, meat, chicken and fish. These products are grown all over the country and have been selected to ensure an even distri-bution across Nigeria’s 36 states.

We plan to finance about 1,000 proj-ects under this Fund. We have iden-tified the priority products for each state and have assembled a number of partners for the effective operation of this Fund.

The project financed will be located very close to the source of the agricul-tural product to be processed. The busi-ness plan must address both the pri-mary and secondary sources of energy to power the plant while the equipment supplier will be accredited by BOI, pro-vide a performance bond and enter into a maintenance agreement.

The loans will be granted at a single digit interest rate of nine per cent per annum and total management fee of one per cent. The tenor is five years with a moratorium of six months. We project that the Fund will help in creat-ing a total of 20,000 direct and indirect jobs.

Further details on the CAP Fund can be obtained on www.boinigeria.com/CAPFund.

What is the size of this fund?

The Fund is five billion naira as a starting point as we intend to deploy a second phase after the full utlilisation of this initial fund.

We want to encourage all SMEs to take full advantage of this Fund. But as they say, nothing good comes easy. Loan applicants must come prepared with viable business plans. We expect them to utilise the loans judiciously, add value and create jobs.

Full and timely repayment of loans granted under this Fund will provide the entrepreneurs with clear paths to bigger project loans from BOI and therefore greater wealth creation op-portunities for their companies.

We wish to also inform all stakehold-ers that the Cottage Agro Processing (CAP) Fund is only the first in a series of Funds targeted at specific sectors and customer segments of the Nige-rian economy.

As more loanable funds become available to BOI, we shall, in due course, unveil more Funds to enable us play our developmental role and create employment for millions of our youths.

Who are those you are partnering to en-sure that this loan gets to the appropriate beneficiaries and what is the guarantee that these partners will not collect the money, and trade with it in other areas?

This is a direct intervention of BOI and the only involvement of commer-cial banks would be limited to SME friendly commercial banks. We have a list of commercial banks that we have identified, had meetings with them. They have agreed to work with us and SME Stakeholders, the Association of SMEs, agreed with the list of banks. Now if those banks are ready to pres-ent the 10 per cent working capital, we go along with them, but if they are not, BOI will be ready to do that directly.

How will you source the machines?

We have a list of equipment suppli-ers. We are trying to manage all the risk elements as much as possible. So, the applicant is not at liberty to get

business |INTERVIEW

Youths should embrace agro-processing, says BoI MD

Olaoluwa

any equipment supplier of his choice. We have people that have been certi-fied and if anyone wants to bring in new people, they will also go through a process of certification to ensure that they will supply the right equipment that will actually process these agric products.

So, we have that list, what we are going to do is that you are going to have a performance bond, you give us a warranty and you are going to have a maintenance agreement. We don’t want those things that went wrong in the past to happen this time around. If the equipment is well built, well fabricated, well installed; it operates well and well maintained, it is likely to perform.

Now if in the unlikely event that any of the suppliers fails, we will blacklist such person, we will not allow such to participate in this scheme, going for-ward.

But I must say that the Federal In-stitute of Industrial Research Oshodi (FIIRO) is going to work with us in this scheme. Clearly you can see that they have developed a number of interest-

ing technologies that are dedicated towards agro processing, but for some reasons those technologies have not re-ally been promoted in Nigeria.

A few Nigerian businessmen and women have gone through this expe-rience. They have taken some of this technologies and they have turned them into large businesses to every-one’s surprise, they started with small business but today, some of them are doing businesses what millions in turn-over.

We have FIIRO as a major partner in this scheme. We are about to an-nounce a list of business development support service firms. These are people who will also hand-pull the applicants so that their application, by the time it gets to BOI, will be bankable.

So, we have a lot of people that we are working with, the list will be avail-able on our website.

In terms of the interest rate, nobody will be allowed to do any arbitrage; it is nine per cent and there is no addition.

How will the loan be accessed and what are the requirements?

Let me first mention the generic re-quirements, before the specifics. When you are applying for a loan at BOI, you can clearly articulate your business model which has four questions.

What is the product that you are of-fering, what is your target market, who are you going to sell your products to, why should anybody buy your product, what is your value proposition?

That value proposition, how are you going to make that proposition come out live, how are you going to deliver it? If you articulate these four issues? I think we will have a basis for a very in-teresting discussion. These are generic.

For this particular product, first, it is agro-processing, which means that

Sanctity of Truth

Monday, September 29, 201443

the product must be available in Ni-geria, that you will like to focus on a full product, in the intermediate raw material for the sector. The agric prod-uct must be available in large quantity.

We are not looking at a massive transport cost; you have to locate your factory where the raw materials are available. The transport cost is mini-mal, we expect that you will identify an equipment supplier that is certified by BOI; we expect that you articulate some kind of personnel requirement, it is within the limit of your budget; we expect that you identify some mar-kets, products you want to process and sell. These are basic elements of the business model that we expect you to come up with. For those who are not able to do these themselves, we are now

bringing the service firms to help. At the end of the day, this professional service firm will almost increase their chances of success.

A lot more information can be ob-

business |INTERVIEW

Youths should embrace agro-processing, says BoI MDBIODATA

Education: MBA IESE Business School-

Barcelona, Spain Honors Degree, IESE Business School-

Barcelona, Spain Position held in the past: Former Director UBA Capital Plc 2008 Former Executive Director and

Member of Board Audit Committee United Bank for Africa Plc, Former Managing Director/Chief Executive Officer, Universal Trust Bank Plc

Senior management in marketing Arthur Andersen

Senior roles in marketing and relationship Management, Treasury management, Currency Trading and Investment Banking

tained from our website or any of the zonal office.

How do you ensure energy around the farms as most of them are not connected to the national grid because of their loca-tions?

Energy is a major issue and that was why we said that for any applica-tion, both primary and the secondary sources of energy must be included. Unfortunately, renewable energy is ex-pensive. It is very expensive relative to others, not to talk about a windmill. Studies have shown that we have not got sufficient wind speed that can pow-er a windmill. Our solar energy is just a fraction of what we have in Mauritania or Senegal. This is due to our position on the surface of the earth. So there are issues, but some progress is being made in terms of energy supply with crude and natural gas, more power will be generated to also help our applicants. I am aware that gas supply had been an issue; I am aware that some steps have been taken to address the gas shortage issue to increase production capacity.

Is BOI going to have equity in this inter-vention?

This one has no equity, but we are going to structure something that will have equity in future. This product is 100 per cent loan, but there is another product that will have some equity. As a general principle, as a development bank, we have to engage in venture capital activities.

BOI undertake certain venture capi-tal, when we see highly crazy, highly irresistible business plan, all that it just require is to put some money in it. We can be part of the investment for at least five years. When they start making profit, then BOI will divest to let the promoters have the company 100 per cent.

Agric is perceived a high risk sector. Do you factor insurance into it and who does the insurance - BOI or the borrower?

As long as we have people who are willing to receive a premium for any risk in the sector, we will be prepared to take that as part of enhancing the credit quality. But the problem usually is that insurance companies would run away. If they are available, we will take. It is only us that will develop our coun-try and that’s the bottom-line. When you import processed products, the people who are processing from other countries are developing their own ag-ric sector.

Let me digress a little, so that we can understand what we are doing here. I am sure that many of us take cornflakes.

What are cornflakes? It is just pro-cessed corn. That’s what a company called Kellog, a company in US does. It is a multibillion dollar company. It process corn into cornflakes and we all buy it. When we were in school, we all bought and eat cornflakes. Some of us eat baked beans. There is a multibil-lion dollar company in the USA called Heinze which make baked beans. They buy beans from the farm and process it. So, this is a big opportunity that Ni-geria cannot afford to miss.

What is the turnaround time of accessing this fund after submitting due applica-tion? What is the size of the figure?

As much as possible, we will like to do this from the application by making sure that the projects are bankable. We say that the applicant should be able to get it within two weeks. We try to re-en-gineer some of our forms to ensure that it does not extend beyond four weeks. We are starting with five billion naira and if we exhaust this, we are prepared to make additional funds available.

Are you partnering with Bank of Agricul-ture? And please differentiate between the former Agric intervention fund and the one from BOI?

Bank of Agriculture deals with pri-mary agriculture, farming basically. Bank of Industry get involved with that sector from the processing side which is actually manufacturing at the end of the day. So what we are discussing is agro processing. The product has been produced, rather than have it wasted post-harvest, we process them into foods, we store and transport, even for export. The company that is doing the cashew nuts for British Airways employs 2,500 skilled work-ers. The young people should stop looking at agriculture as something for the old guys in the village. Young men and women should begin to take up agric as a primary business, agro processing as a value adding process.

What stage are you in the processing of the $500 million facility with the Afri-can Development Bank (AFDB) that was announced at your last annual general meeting?

The $500 million facility was dis-cussed with the African Development Bank (AfDB) before I resumed. But the situation that I met on ground when I resumed was that facility has been reduced from $500 million to $100 million. We have accepted the facility and we are currently under-going the documentation required. You know we require a sovereign guaranty which I believe that CFA has approved and we published a notice in some newspapers recently, as part of fulfilling the conditions precedence to drawing down that facility. We have already appointed an international consultant that will help in capacity building for BOI. We are hopeful that we will draw down before the end of the year.

Olaoluwa

Olaoluwa

44 Sanctity of Truth

Monday, September 29, 2014business | global NEWS

Bill Gross' abrupt depar-ture from Pimco, the gi-ant bond firm that he co-founded more than four

decades ago, was preceded by months of clashes between the star investor and the firm's executive committee that got progressively worse, according to sources familiar with the situation.

Tensions had been building within Pimco, the Newport Beach, California-based asset manager with about $2 trillion under management. Co-Chief Investment Officer Mohamed El-Erian, Gross's long-time heir-apparent, made an acrimonious exit in January.

The flagship Total Return Fund, the world's largest bond fund, suffered 16 straight months of outflows. The wrangling and the underperformance grated on the executive committee, chaired by Chief Executive Douglas Hodge.

"While we are grateful for everything Bill contributed to building our firm and delivering value to Pimco's clients, over the course of this year it became increasingly clear that the firm's leadership and Bill have fundamental differences about how to take Pimco forward," Hodge said in a statement on Friday.

As Gross, known as the

"Bond King" within the industry, butted heads with colleagues, the clashes got worse. In recent days, about five senior portfolio managers told the executive committee that they would quit if Gross stayed, the sources said.

Gross himself threatened repeatedly to quit, letting management know that he had been looking around for a role elsewhere. Jeffrey Gundlach of DoubleLine Capital, Gross' arch-rival and the closest contender for the Bond King crown, said in an interview on Friday that Gross approached him early last week about a possible role.

How Bill Gross became too hot for Pimco to handle

They met last week at Gundlach's house in Los Angeles. The two discussed the possibility of Gross joining DoubleLine, but Gundlach said he wasn't willing to share direction of the firm with Gross.

"He didn't seem that rattled. But he didn’t seem happy. He seemed a bit angry about what was going on," Gundlach said.

In recent days, when Gross again threatened to quit, the executive committee decided it was time he actually left the firm, one of the sources said.

The firm had already put a succession plan in place, choosing Deputy Chief Investment Officer Dan Ivascyn as the successor. Allianz SE (ALVG.DE), the firm's German parent, had given its blessing. An announcement of Gross' ouster had been prepared, and was set to be announced as soon as Saturday, the source said.

On Friday morning, Gross quit Pimco to join asset manager Janus Capital Group (JNS.N), run by his former Pimco colleague Richard Weil. Gross will manage the Janus Global Unconstrained Bond Fund (JUCTX.O). The fund, started in May, has just $13 million in assets. Pimco Total Return Fund has about $222 billion.

"It is the right thing," Gundlach said of Gross's move to Janus. "Now he can perform better because he isn't managing a lot of money."

Gundlach said Gross left him a voice mail on Thursday evening, saying he was leaving Pimco to join another firm.

The safety recall in parts of the United States of millions of vehicles with potentially defective air

bags made by Japan's Takata Corp (7312.T) may expand to include General Motors Co (GM.N), according to docu-ments filed this week with U.S. regulators.

Over 4.3 million cars produced by automakers including Honda Motor (7267.T), Fiat's (FIA.MI) Chrysler and Toyota Motor (7203.T), are affected by the regional recalls. They began in June in certain high-humidity areas of the United States after the National Highway Traffic Safety Administration (NHTSA) started investigating reports of air bag explosions in Florida and Puerto Rico.

The regional recalls initially affected nine automakers, but documents filed by Takata for a meeting this month with NHTSA and the affected companies listed GM for the first time as being potentially affected. The Takata documents, posted online

this week by NHTSA, said the number of vehicles produced by the largest U.S. automaker was undetermined.

Over the last six years, Takata has recalled 16 million vehicles globally for defective air bags, including the regional recalls.

Takata said on Friday the world's No. 2 maker of auto safety products was working to get the replacement inflator kits to its automotive customers. The September meeting documents included a forecast showing automakers had asked Takata to build almost 1.47 million inflator kits in the next six months.

That total was down about 39 per cent from the August meeting's 2.39 million estimate, but Takata spokesman, Alby Berman, said the forecasts were not comparable. He said the August number included inflator kits required for recalls outside the United States, while the September estimate only pertained to kits required for the US recalls.

NHTSA officials said they do not comment on ongoing

investigations.Prompted by NHTSA, Takata

and automakers are seeking to determine whether exposure to high humidity caused any defect in the inflators collected though the regional recalls.

Takata said in the documents it may take three to four months after receiving enough of the recalled inflators before "we see patterns emerging in the data." Takata had received 4,109 of the recalled inflators for testing as of Sept. 15.

In the documents posted this week, Takata said it had faced production problems with the replacement inflator kits, because of a shortage of wire harnesses used in the part. Takata's Berman called that a "minor issue" and said it had been resolved.

Other automakers affected by the regional recalls include BMW (BMWG.DE), Ford Motor (F.N), Mazda Motor (7261.T), Mitsubishi Motors (7211.T), Nissan Motor (7201.T) and Fuji Heavy Industries' (7270.T) Subaru.

B lackBerry Limited re-ported a smaller quar-terly loss on Friday and

flashed encouraging sig-nals about its hard-pressed smartphone business as well as its software and services sales, spurring a more than four per cent jump in its shares.

The Canadian company, a smartphone pioneer pushed to the margins by Apple's (AAPL.O) iPhone and devices running Google's ( G O O G L . O ) A n d r o i d software, is now focusing more on software and services than on hardware as it works through a long turnaround.

On the services front, the company reported a huge number of conversions in its second quarter to its heavily promoted new device management platform. But BlackBerry's hardware unit also offered hopeful news, posting an adjusted profit for the first time in five quarters, helped by lower manufacturing costs and strong demand for its low-end Z3 handsets in emerging markets.

"This is the first time in a long time that we have actually made money on hardware," Chief Executive John Chen told reporters, while hinting at plans to unveil new phones at Mobile World Congress in Barcelona in 2015. "We think we can continue on that track, so hardware is no longer going to be a drag to the margin and the earnings."

The Waterloo, Ontario-based company's revenue in North America rose from the previous quarter, but sales slipped elsewhere. Its total revenue was down more than 40 percent from a year earlier.

"They're taking all the right steps, which is great. It's encouraging to see," said BGC Partners analyst Colin Gillis. "Now we've got to see what Chen can do about the revenue decline."

BlackBerry shares were up 5.2 per cent at C$11.45 on the Toronto Stock Exchange and up 4.6 per cent at $10.26 on Nasdaq.

Chen, who became BlackBerry's CEO in November, said the company has already taken 200,000 orders for its new squared-screened Passport smartphone, which went on sale on Wednesday and sold out on Amazon.com within six hours.

Chen said he expects BlackBerry to release a second generation Passport device at some point down the road based on the much better than expected demand. He said the company would be "squeezed a little bit" on availability of the device this quarter.

BlackBerry cuts loss

Takata regional US air bag recalls may include GM vehicles Japan's Sharp Corp said on

Friday that it would seek 300 job cuts in Europe and

pursue cooperative ties in household electronics with two companies in the region in a renewed round of restructur-ing of its European operations.

The electronics maker said it would grant use of its TV brand in Europe to Universal Media Corp (UMC) Slovakia while a sales unit of Turkish electronics firm Vestel Elektronik Sanayi ve Ticaret AS (VESTL.IS) would receive use of its home appliances brand.

Sharp also said it was in talks with UMC about transferring its Polish TV factory to the Slovakia firm.

Sharp said it would book a 6.4 billion yen ($58.7 million) special loss related to the moves in the second quarter. It expects no change to its full-year profit forecasts.

Sharp has been cutting costs and exiting unprofitable operations since it suffered a massive 545 billion yen net loss in the year ended March 2013. In July, Sharp pulled out of solar panel production in Europe.

Sharp to seek job cuts in Europe

Passengers wait in line to rebook cancelled flights at O'Hare International Airport in Chicago

Sees rising sales

45NEWSSanctity of Truth

Monday, September 29, 2014

Benue South endorses Mark for Senate

NUJ President urges journalists to shun bias

PDP, APC bicker in Ondo

Team GMB extols Buhari's virtues

Cephas IorhemenMakurdi

The Benue South Sena-torial District of the

People's Democratic Par-ty (PDP) at the weekend unanimously endorsed the Senate President, Senator David Mark to contest for the 2015 sena-torial seat for the zone.

The endorsement of the Senate President has put to rest widespread agitation by some other prominent Idoma sons including former perma-nent secretary in the Fed-eral Ministry of Defense, Chief Mike Onoja who is also eyeing the position seriously. The endorse-ment has also ended the expected primary elec-tion between the two.

The decision followed a motion moved by Dep-uty Speaker of the State House of Assembly, Hon Steven Omeje at a well-attended meeting of the members of the party in the area, including all the members of the cau-cus from the nine local government areas in the senatorial district.

Speaking, Benue state deputy governor, Chief Steven Lawani hailed the decision to support the re-election of Sena-tor Mark, which he said is also the position of the state government.

"As your son and as deputy governor of Benue State, I fully en-dorse what has happened here this afternoon," Lawwni said.

Temitope Ogunbanke

The South-East/South-South caucus of Team General Muhammadu

Buhari, (Team GMB) yes-terday said Nigeria needs a credible leader like Buhari as president in 2015.

Addressing a press con-ference in Port Harcourt, the group's coordinator, Chapp Jonathan, said what Nigeria and Nige-rians need in 2015 is a president with ideas and someone who can take Ni-gerian to a greater height.

The statement reads in part: “Nigeria’s problem is systemic and no govern-ment can be better than

the public opinion which sustains it, most of it is caused by leadership mis-carriage, visionless lead-ership, now with obvious divisive mechanism with nose-diving currency val-ue. Nigeria is turned on a delicate path. Public praise for this government in the morning is immaterial as compared to our mid-day complaints. We may have made mistakes in the choice of leadership; our present decision to secure our future is the ultimate. What is sacrosanct is our obligation to devote every effort of body, mind and spirit to lead our Nation to greatness."

Accordingly, “a good leadership gives its peo-ple all the opportunity to work out their hope. Nigerians have hoped for credible leadership these 15 years. Now is time to put in place this credible leadership; leader that will defend our national interests abroad, put val-ues into our social policy at home, and spend tax payers’ money with disci-pline. That leader we have seen is General Muham-madu Buhari.

“General Muhammadu Buhari, known for his integrity and incorrupt-ibility contested thrice for the presidency since

2003. For a righteous man may fall seven times and rise again. But the wicked shall fall by calamity God has said to the PDP like He said to Eli “for I have told him that I will judge his house forever for the iniquity which he knows, because his sons made themselves vile, and he did not restrain them”. What God says to one, He says to all.

“But to General Buhari, time as the Minister of Pe-troleum to being the Head of State and then Chair-man of the Petroleum Trust Fund), he demon-strated humility, discipline and leadership."

dan AtoriMiNNa

THE National President of the Nigeria Union

of Journalists (NUJ) Mohammed Garba has charged journalists to en-sure they are not be used by politicians as the gen-eral elections draw closer.

Garba made this charge over the weekend during a dinner and award night of the Niger state Council of the NUJ to mark the end of its 2014 Press week at the IBB Pen House Minna.

The National President who was represented by the Vice President Zone 'D' Mr. Mathias Omale, .

He said: "Very soon, there will be accusations upon accusations as the 2015 general elections draw close. We must be very cautious and we must exhibit profession-alism.

"Do not be afraid in the cause of discharging

your duties. Especially as the 2015 general election approaches, many poli-ticians will accuse you, threaten you and do all kinds of thing to you but be firm because we (Jour-nalists) fought for the democracy we are enjoy-ing today as a nation and nobody can intimidate us. It is INEC that needs to im-prove and they must prove to all Nigerians that they can do better."

He however charged Journalists to always stand for the truth, work together and cooperate be-cause the media cannot be downgraded.

Earlier in his remarks, the Chairman of the NUJ, Niger state, Iliya Garba urged members to key into the insurance scheme of the union. "The issue of in-surance must be adhered-to by members in the case of any eventuality, so that our families can be duly compensated”, he said.

Babatope Okeowoakure

The All Progressives Con-gress (APC), in Ondo

State yesterday said there is no justifiable reason for the people of the state to vote for President Good-luck Jonathan in next year’s election.

But a leader of the Peoples Democratic Par-ty (PDP), Hon. Gbenga Elegbeleye said there are enough reasons for the adoption of the President by the party and for the people of the state to vote for the party’s candidate.

The APC though its Publicity Secretary, Mr. Abayomi Adesanya said the adoption of President Jonathan is an endorse-ment of incompetence, corruption and insur-gency, but Elegbeleye, who is the Director Gen-

eral of National Sports Commission(NSC) said the development is the best for the country.

Adesanya in his state-ment said the endorse-ment of President Jona-than as the sole candidate of the PDP for 2015 presi-dential election, to the exclusion of all other candidates, is not only a mockery of democracy but also the glorification of failure.

His words: "If after the review of Goodluck Jona-than-led administration's policies and scandals, like Missing Chibok girls, handling of Boko Haram insurgency, fuel subsidy scam, Oduahgate, Diezani Jet scandal, $9m cash-for-arms scandal, pension fund, scam, lettergate, missing $20billion and others too numerous to mention."

Onolememen: Jonathan not playing politics with road projects

Cajetan MmutaBeNiN

Minister of Works, Mike Onolememen yesterday assured Nigerians that the

administration of Presi-dent Goodluck Jonathan was committed to the completion of all the road construction works across the nation without any po-litical attachment.

Onolememen stated

this during an interactive session with journalists in Benin, Edo state capital.

He described as un-precedented the number of roads so far built by the government, a develop-ment he noted transcends to other sectors.

Speaking against the backdrop of claims in some quarters that Mr. Jonathan may slow down work particularly on roads as a strategy to re-ignite his re-election campaigns, the minister maintained that the ad-ministration does not play politics with road even in the face of seeming tech-nical challenges in the construction of some of the roads.

“The federal govern-ment does not play politics with road developmen.

The east west road for in-stance, there are so many things that happened be-hind the scene that mem-bers of the public are not aware of. If you know the technical challenges on that road since it was awarded, you will under-stand”, he said.

He recalled that in 2010, a study conducted by the department for In-ternational Development (DFID) of the United Kingdom, indicated that only about 4,000 kilome-tre of roads were said to be in fair and motorable condition in Nigeria out of a total of about 35,000 kilometre of roads owned by the federal government of Nigeria.

Onolememen pointed out that with the trans-formation agenda of the

PDP led federal govern-ment under President Jonathan, about 25,000 kilometers of roads have been achieved.

“For three years on, about 25,000 kilometre of roads are now in good and motorable condition and that is a transforma-tional feat. It did not hap-pen by accident, it hap-pened as a result of the unique transformational and visionary leadership of Mr. President which is rooted deeply in high moral values, fear of God and the love of country,” he said.

The Minister also as-sured people especially motorists and travellers within the Niger Delta region that the east-west road would be completed before the end of this year.

L-r: alaafin of Oyo, Oba Lamidi, Olayiwola adeyemi iii; Chief executive Officer, BeN TV, Mr. alistair Soyode; Speaker, Oyo State House of assembly, rt. Hon. Monsura Sunmonu; iba of kishi, Oba Moshoud Lawal Oyekola; akibio of ilora, Oba Stephen Oparinde, and Samu of Oyo, High Chief Lamidi Oyewale, after a live interview by Oba adeyemi iii at BeN TV, London…recently

deVeLOpMeNT From 4, 000km of roads in fair and motorable condition out of 35,000km of FG-owned roads in 2010, it is now 75,000km of improved roads

1:6The projected ratio of deaths due to disease related to smoking by 2030.

Source: Smokingstatistics.org

$US0.952bnThe overall company’s profit of Thales,

France in arms sales in 2008.Source: Blatantworld.com

29The number of deaths due to an outbreak

of ebola in Congo dr in 2012.Source: Who.int

Sanctity of TruthNEWS Friday, September 29, 201446

...Sani lambasts past leaders from zone

L-R: Pastor, Ikate Baptist Church, Lagos, Rev. Joseph Adetutu; Chairman, 50th Anniversary Committee, Mr. Ayo Opadokun; All Progressives Congress (APC) governorship aspirant in Lagos, Mr. Akinwumi Ambode; wife of Lagos State governor, Mrs. Abimbola Fashola and special guest of honour/chief launcher, Dr. Funsho Oladipo, during the launching of appeal fund of N250 million of Ikate Baptist Church Jubilee House/50th Anniversary of the church in Surulere, Lagos…at the weekend

2015: Arewa youths insist on Northern candidate

Fiscal Commission warns MDAs against operating surplus

CNPP decries Taraba's political crisis

Simeon OgoegbulemABUJA

The Fiscal Responsibility Commission (FRC) has

threatened to wield the big stick on ministries, departments and agen-cies (MDAs) of govern-ment who fail to remit their operating surplus into the Consolidated Revenue Fund (CRF).

MDAs have been sever-ally accused of withhold-ing and even spending rev-enues accruing to them instead of paying same into government coffers as required by relevant

legislations governing in-comes generated by them.

Only recently, Fi-nance minister Dr. Ngozi Okonjo Iweala pointedly accused most MDAs of frustrating government’s revenue drive by refusing to remit monies collected by them into federal gov-ernment coffers.

However, FRC said it is now poised to ensure that all revenue-earning scheduled corporations remit their Operating Surplus to the Consoli-dated Revenue Fund or face adequate sanctions.

Chairman of FRC,

Chief Victor Muruako who handed the warn-ing while playing host to the executive members of Imo State Branch of the Nigerian Bar As-sociation (NBA), said it is obligatory for all rev-enue earning agencies of government to remit their operating surplus.

Muruako stated emphat-ically that defaulting agen-cies would be made to face the full weight of the law, just as “the ones that have defaulted in the past would be forced to remit the Oper-ating Surplus to the coffers of the government”.

He explained that the Commission’s renewed drive to ensure payment of operating surplus was informed by the desire to supplement national in-come in the face of dwin-dling oil revenue.

The chairman used the forum to announce that the Commission has begun its 2014 project monitoring and verification of federal government capital proj-ects across the country in order to ensure effective budget implementation in line with the provisions of the Medium Term Expen-diture Framework (MTEF).

Sabiu MustaphaJALINGO

The Conference of Nige-rian Political Parties,

CNPP, Taraba State chap-ter, has expressed concern over the recent political crisis trailing the state.

Comrade Razaq Umar, the state Labour Party Chairman and the state

Chairman Inter-party Ad-visory Council, IPAC, who addressed a press confer-ence in Jalingo, on behalf of the CNPP, said it has be-come imperative for them to present their position on the intractable politi-cal crises imposed in the state by some desperate politicians, following the unfortunate air mishap in-

volving the state governor, a development that kept him out of office for the past twenty two months.

“Ordinarily, we should not concern ourselves with any misunderstand-ing or infighting within the PDP or its govern-ment, but when the crises clearly threaten the very fabric of peace, unity and

survival of Taraba, we have no alternative than to intervene” Umar, said.

He added that since the outbreak of the political hostilities, the image of the state has suffered a co-lossal damage in the hands of political opportunists who are bent on tearing the state apart, just to sat-isfy personal ambitions.

PDP: Blame APC, if Osun burnsAdeolu AdeyemoOSOGBO

Osun State Chapter Of the Peoples Democratic Party

(PDP) at the weekend raised the alarm that Osun State governor, Rauf Aregbesola led administration has per-fected plans to commit ar-son through its agents who will disguise as members of the PDP to cause confusion in the state.

The party in a state-ment signed by its Direc-tor Of Publicity, Prince Diran Odeyemi in Osog-bo, argued that the plot is now uncovered and called on the security op-eratives to act fast on the matter to stall the evil-perpetration of the APC.

"We further call on se-curity agencies to be vigi-lant and nip in the bud the violent agenda of the Osun state Government. Any mayhem in Osun should squarely be placed on the

doorstep of the APC as PDP remains a peaceful platform determinedly pursuing justice only within the law to secure justice and rescue Osun state from the clutches of Lagos slavemasters".

Odeyemi said: "We are constrained to alert the general public to an ongoing plot by the All Progressives Congress to ferment trouble in Osun state as information at our disposal showed that series of meetings have been held at the Govern-ment House ,Osogbo since Friday morning where details of this evil agenda are been perfected.

"A top commissioner under Aregbesola is re-ported to be coordinating the plot. The scheme is to be implemented as a way of stalling the ongoing election petition and create on atmosphere of insecu-rity in the state."

NMA appeals to Fashola to pay withheld Lagos doctors' salaryAppolonia Adeyemi

The Nigerian Medical Association (NMA),

Lagos Chapter on Sun-day appealed to the La-gos State Government to pay the withheld emolu-ment of doctors in the employment of the state.

Addressing a news conference in Lagos, NMA Chairman, Dr. Tope Ojo said it is wor-risome that the Lagos State Government with-held the emoluments of its doctors for the month of August and September 2014 as a result of the July 1 NMA nationwide strike.

He said all the states of the Federation and the FCT had complied with the general agreement that led to the suspen-sion of the 55-day old NMA Nationwide strike to pave way for peace and further negotiations.

According to him, only Lagos State is yet to com-

ply with the agreements.''It could be recalled

that the NMA, after se-ries of negotiations with the government suspend-ed the strike. Some of its demands were met.

''The sack of resident doctors was reversed and all outstanding emolu-ments had been paid as agreed which led to the sus-pension of its strike action.

''It is worrisome that till date, the Lagos State Gov-ernment has held on to the emoluments of its doctors for August and September.

''Also, May 2012 sal-ary is being withheld till date in spite of several ap-peals. This makes Lagos the only state that has not complied with the general agreement'', he said.

Ojo said the strike action was not at the in-stance of the Lagos State employed doctors but at the instance of the par-ent body of the associa-tion.

Ibraheem MusaKADUNA

The Arewa Youth Stakeholders Fo-rum has described President Goodluck

Jonathan’s endorsement as the sole candidate of the Peoples Democratic Party (PDP) as a ‘joke of the decade’ because the North will only sup-port a candidate from the region in the coming presidential election.

The group made the statement at a summit held in Kaduna at the

weekend. It noted that there is the need for the North to screen all pres-idential aspirants from the region in order to come up with an accept-able candidate.

Meanwhile, President of Civil Rights Congress (CRC), Shehu Sani has said that 70% of the underde-velopment in the north is caused by majority of its leaders while the remain-ing 30% was imposed by President Goodluck Jona-than and his associates.

Sani who made this known while speaking

to a Coalition of Closed Unpaid Textile Workers Association (CCUTW) in Kaduna yesterday, said that it is time that north-erners take their destiny in their hands.

According to him, Northern leaders had the opportunity to industrialize and turn around the misfortunes of the region while at the helm but failed to do so and left behind a region that is backward and whose future is in doubt.

The Arewa group however, emphasized the need to have a credible candidate who would contest on the platform of the All Progressives Congress (APC) which is seen as the only alter-native platform for the region to challenge the incumbent President.

The Guest Speaker at the summit, Mallam Has-san Ibrahim, said that given the array of aspi-rants from the North jos-tling to succeed President

Jonathan, there is need to scrutinize all of them based on their contribu-tions to the development of the North in order to make a good choice.

"For over three de-cades when Northerners were in power, they used the opportunity simply to empower the tradi-tional rulers and make the rich richer”, Sani lamented.

Sani said that it is time for Northern polit-ical leaders to sit down

and devote more energy to the economic revival and empowerment of the region as much as they devote energy to political future of the rich.

The activist, who is also a senatorial aspirant on the platform of APC, noted that the North has enough natural and hu-man resources which if well harnessed, could sustain its economy without necessarily de-pending on federal allo-cation.

31%The percentage of population in Sub-Sa-hara Africa that uses improved sanitation

facilities.Source: Unesco.org

28.2%The percentage contribution of Shares to

Nigeria’s capital importation in 2009.Source: National Bureau of Statistics

23,000The total number of internet users in Liech-

tenstein in 2007.Source: Blatantworld.com

Sanctity of Truth NEWSFriday, September 29, 201447

Marketing Director, Nigerian Breweries Plc, Mr. Walter Drenth (fourth left), presenting a dummy cheque of N10 million to the winners of the Maltina Dance All Season 8 (Rhythm of Happiness), the Utere family, at Eko Hotels, Victoria Island, Lagos….at the weekend. PHOTO: SULEIMAN HUSAINI

Ekiti crisis: Fayose should be closely watched, says Osun APC

Delta to get 330/132/33kv substations by December

Nwaebili: I'm not eyeing Anambra governor's seat

NDDC governors plot new ways for legacy projects

Oshiomhole accuses FG of illegal deduction of states’ fundsCajetan MmutaBENIN

Edo State Governor, Adams Oshiomhole, has accused the Fed-eral Government of

making illegal deduc-tions from the federa-tion account, which he said has led to the pau-perisation of states.

He said the Nigerian Bar Association (NBA) should speak up against the many illegalities be-ing perpetrated by the Federal Government, if democracy must grow in the country.

The governor stated this at the weekend when he played host to the President of the Nigerian Bar Association (NBA), Mr. Augustine Alegeh (SAN), at the Govern-ment House, Benin, the Edo State capital.

He said the Nigerian Bar must find time to speak out not only on the rule of law, but also on po-litical issues without nec-essarily being partisan.

“I will like to comment on your advice on obe-dience of court orders. Even on this, I ask you to confront the issues fron-tally. There is a Supreme Court judgement about the status of crude accounts. That account is illegal, having regards to sections of the constitution. The judgement of the Supreme Court was clear; you can’t keep a part of the federa-tion account,” he stated.

The governor noted that; “Crude oil excess is unknown and even the concept of excess is dubious. How can you have excess at a time you are borrowing? That pro-nouncement is there and

I want to hear the voice of the Bar on that issue and you can compel the Federal Government to obey the Supreme Court. When you do that you can come back to us and ask us to do our part.”

He continued: “Still talking about violation of court orders, I have had to ask Chief Mike Ozeh-kome (SAN), to challenge the powers of the Auditor-General of the Federation and the President to make deductions from the feder-ation account, because the constitution as we under-stand it is clear. All mon-ies must first be distribut-ed. Even the Association of Local Governments of Nigeria (ALGON) has its money deducted from source. This is unknown to the constitution.”

Oshiomhole said AL-GON has toed the path of

the governors’ forum and wondered “how much we pay and how we maintain the Governors’ Forum is the business of the governors. It will be ridiculous to ask the Accountant-General of the Federation to make deduc-tions from the federation account to maintain the Governors’ Forum.”

“There are several such violations which the Bar must attack and speak on the side of the rule of law. I am sure you are aware that the Federal Government engages illegally in clear subversion of the letter and the spirit of the consti-tution, deducted money ac-cruing to local government to give to contractors who have no contract with each of these local governments to build so-called Health Centres across the 774 lo-cal government areas in the country,” he said.

Adeolu Adeyemo, Wale Elegbede and Temitope Ogunbanke

The All Progressives Con-gress (APC) in Osun

State at the weekend said the Ekiti State Governor-Elect, Mr. Ayodele Fayose, should be closely moni-tored so that he does not truncate the country’s judicial process.

The party warned that if the rule of law disap-pears in the country as it is now happening in Ekiti State, justice will collapse and anarchy will follow.

The APC in a state-ment in Osogbo by its Di-rector of Publicity, Kunle Oyatomi, said if the PDP-led government refuses to obey the rule of law and their excesses are not checked, the country may be in danger.

He, however, added that the PDP at the federal lev-el should be held account-able for any untoward happening in the country.

“It is therefore im-perative to ensure that not only should Fayose and his thugs be made accountable, everything should be done to per-suade President Good-luck Jonathan that no Federal Government has survived creating anar-chy in the West.

“The earlier this les-son is learnt by the Jona-than administration, the better for democracy in Nigeria,” the APC said.

“Nigeria does not de-serve this tragic fate. It is time citizens of this coun-try wake up from their slumber before criminals like those being bred by the PDP in Ekiti and else-where in the South West bring this hapless experi-ment of democracy to a tragic end.”

While reacting to re-ports that Fayose led thugs to beat up judges handling cases related to his election and which later led to the closure of the state judiciary in-

Dominic AdewoleASABA

Epileptic power supply in Asaba, the Delta

State capital and its en-virons will be a thing of the past as the state will get reinforcements to ensure regular power supply.

To this end, the com-missioning of the Asaba/Ibusa 330/132/33kv substa-tion project to ensure that it conforms to best stan-dard is expected soon.

The Site Manager Ak-Ay Eletrick, the con-tracting firm handling the project, Mr. Odinaka Amaobi, expressed hope at the weekend that the project would be deliv-ered as a Christmas gift to the people.

Amaobi, flanked by

two other senior en-gineers, Mr. Godfery Duru, Project Manager (Niger Delta Power Hold-ing Company (NDPHC/NIPP) - Transmission Team III and Mr. Benson Bayo, representing, GO-PA-Intech a consultant to NDPHC, said the inspec-tors commenced the com-missioning of the project since last week.

He said: “As we speak, the major work on the substation is done with-in a space of two years. This shows that the transformation agenda of the President Good-luck Jonathan adminis-tration is working. And I am sure that this project will be delivered to the residents of Asaba and environs as a Christmas gift this year.”

Tony OkaforAWKA

Speaker of the Anam-bra State House of As-

sembly, Princess Chinwe Nwaebili, has described as evil and malicious a recent media report linking her with the ambition to become the acting governor of the state in the event of a stumble on the way of Willie Obiano, the in-cumbent governor.

The report had in-sinuated that the recent Supreme Court judge-ment in favour of Gov-ernor Willie Obiano had “dashed the Speaker's hope of becoming the Acting Governor of Anambra State.”

But Nwaebili in a chat with newsmen in Awka, Anambra State, blamed the report on desperation on the part of some mischief mak-ers, who she said indulge in rumour mongering and irresponsible jour-nalism; adding that the Anambra State House

of Assembly has been working in collaboration with the executive “and so there was no way the House would have been divided against itself.”

The Speaker, who re-iterated her desire to oc-cupy the Ogbaru House of Representatives seat in 2015 to better the lot of her people, was eyeing the direction of her oppo-nents in the race as those behind the mischief.

On the report that the wife of the gover-nor, Mrs. Willie Obiano, endorsed her as APGA candidate for the forth-coming House of Repre-sentatives election in the area, Nwaebili wondered when the wife of the Governor had assumed the position of the par-ty’s officials, who would conduct primaries and give tickets to deserving candidates, adding that Governor Obiano had repeatedly said that “no contestant in the forth-coming election has been given automatic ticket on the platform of APGA.

Dominic Adewole,ASABA

Rising from a session that lasted all night, the

Advisory Council of the Niger Delta Development Commission (NDDC), yesterday unveiled plans to unleash legacy proj-ects across the states

The council, compris-ing the nine governors of the Niger Delta region - Delta, Ondo, Edo, Rivers, Cross River, Akwa Ibom, Bayelsa, Imo and Abia, eventually resolved to ur-gently address the poor funding challenge bedev-iling the commission.

Led by its Chairman, Dr. Emmanuel Uduaghan, of Delta State, the governors

at the New Government House, Asaba, decried the attitude of some oil ma-jors that have defaulted on their funding obligations to the commission.

According to Gover-nor Olusegun Mimiko, of Ondo State, who ad-dressed journalists on the outcome of their closed-door meeting, default-ing oil companies have contributed in no small measure in stalling the commission’s activities.

He said now that the commission has reposi-tioned for better serve delivery to the people of the region, the council would no longer watch defaulters to continue in their way.

definitely, Oyatomi said: “The event is a foreboding of the anarchy which the PDP intends to create not only in the South West, but also across the country.”

Meanwhile, the pan-Yoruba socio-political organisation, Afenifere Renewal Group (ARG), yesterday described the crisis in Ekiti State as needless and prevent-able, warning that it should not be allowed to degenerate into anarchy in the state.

In a statement issued by its Chairman, Ola-wale Oshun, the group said from all indications, there is no justification for the state to transit from a peaceful commu-nity to that of chaos with one week.

While observing that the two sequential at-tacks on judicial officers were pernicious in in-tent, it averred that the first incident ought to have served as premoni-tion for a non-partisan

security agency to take charge and arrest the situation.

The statement reads in part: “Not in any report did we read that the hood-lums attacked security of-ficers. Rather, the attacks were targeted against unarmed civilians and judicial officials, right in the presence of secu-rity operatives. These are clear indications of deliberate negligence, if not collaboration, by se-curity operatives.

“That a handful of hoodlums, clearly under manipulation, success-fully halted judicial pro-ceedings in a lawful and legally-constituted court of law is appalling. It is a barefaced signal that ‘might is right’ and that hoodlums will now be the dispenser of justice in a civilized society. These acts are blatant disre-gard of the judiciary and an assault on the collec-tive civility of all Yoruba people.”

4848 NEWS Sanctity of Truth

Friday, September 29, 2014

87The sex ratio of men to 100 women in the

above 60 years old group in Mexico in 2012. Source: Un.org

22,045The number of fixed-telephone subscrip-

tions of Seychelles in 2010.Source: Itu.int

30%The percentage of all cancer deaths are

caused by smoking.Source: Smokingstatistics.org

GGW engages ‘52,000 workers

NANS cautions students against violence

2015: Police re-arrest Ekweremadu's ally

Yekeen NurudeenABUJA

As the nation moves closer to the 2015 gen-

eral elections, the newly elected leadership of the National Association of Nigerian Students (NANS) has appealed to students in tertiary insti-tutions across the country not to allow themselves to be used for violence in the forthcoming elections.

The body said, stu-dents as the leaders of to-morrow, should not allow themselves to be used by any politician for selfish interests.

This was as the stu-dents’ body also urged students to embrace peace and support the Unity Government of the President-Elect of the as-sociation, Comrade Ti-jani Usman, to promote

and protect the interests of all Nigerian students.

General Secretary-Elect, Comrade Ali Wali, who made the call in Abuja, at the weekend, while speaking with journalists, particularly extended hands of fellow-ship to members of the association, who contest-ed for elective posts, but lost in the last convention of NANS held between September 11 and 14, in Asaba, Delta State.

He urged them to join hands with the Unity Government to be formed by the NANS President-Elect, not-ing that what should be paramount in the minds of the students after the Asaba convention is how to move the association forward and protect the interest and welfare of Nigerian students.

L-R: Bride's father, Mr. Olusegun Fayemi; wife of Ekiti State Governor, Mrs. Bisi Fayemi; the Groom, Oluwole Dasylva; bride, Olufunke; her uncle/Ekiti State Governor, Dr. Kayode Fayemi; and Deputy Governor, Prof. Modupe Adelabu, at a wedding reception in Ado-Ekiti... weekend

Men of the Criminal Investigation De-partment (CID) of the Nigeria Police,

Enugu State Command, yesterday re-arrested the dethroned traditional ruler of Amandim-Olo in Ezeagu Local Govern-ment, Igwe Hayford Aga-na, along with four cabi-net chiefs loyal to him.

This was even as the Enugu State govern-ment, last week, issued a ‘Letter of Recognition’ to a new traditional ruler, Chief Eric Nwankwo, whom it allegedly im-posed on the community.

Agana, who had ear-lier told journalists that he was being persecuted for associating with the Deputy President of the Senate, Ike Ekweremadu,

was initially removed as the Chairman of Enugu West Traditional Rul-ers Council, where both Senator Ekweremadu and Governor Sullivan Chime, hail from, before he was subsequently sus-pended for allegedly fail-ing to return a bus and N1 million, which the Enugu State government claimed were assets of the tradi-tional rulers' council.

However, the monarch in his reply dated March 11, 2014 and backed with receipt of purchase and vehicle registration par-ticulars said: “The vehi-cle you were referring to was a gift given to me by Senator Ike Ekweremadu.

“Since July 12, 2013, when he gave me the bus, I have used it not only for

myself, but for the purpose of Enugu West Traditional Rulers. That act of magna-nimity on my part cannot, however, change the fact that the vehicle was given to me personally.”

Ekwermadu corrobo-rated the explanation in a letter to the Enugu State Government.

“I did not buy or do-nate the bus to the Tradi-tional Rulers Council of Enugu West. I also gave him the sum of N1mil-lion as donation to as-sist him with the initial operating cost of the said bus,” explained.

However, the state gov-ernment in a July 18, 2014 letter entitled; ‘Withdraw-al of recognition as tradi-tional ruler’, and signed by the Commissioner for

Chieftaincy Matters, Pas-tor Emeka Abugu, said: “I am directed to refer to my earlier letter No: MCM/CM/605/VOL.111/101 dat-ed June 17, 2014, suspend-ing you as the traditional ruler of your community.

“Consequent upon your refusal to comply with government direc-tives therein, your recog-nition as traditional rul-er is hereby withdrawn pursuant to section 10 of the Enugu State Tra-ditional Rulers Law.”

About a fortnight ago, the police came down hard on members of the community protesting the dethronement of their traditional ruler and the imposition of the same person defeated by Agana in 2002.

Nearly eight months to the expiration of his

term in office, Rivers State Governor, Chief Chibuike Amaechi, has called on people of the state to choose a credible successor that will take over from him on May 29, 2015.

Amaechi stated this yesterday during an inter-denominational church service marking the 54th Independence Day Anniversary held at the St. Cyprians An-glican Church in Port Harcourt, the Rivers State capital.

He maintained that the era of imposition of candidates on the people was over and ad-vised people of the state to choose wisely by em-bracing democratic val-ues and actively partici-pating in the electoral process.

According to him, “Rivers people have a right to choose who will lead them in 2015. In a free and fair election, they have the mandate to do so”, Amaechi said.

Amaechi also used the opportunity to thank God for creating the en-abling environment for him (Amaechi) to keep his vow, which he said, was a commitment to serve God and the poor.

Governor Amaechi, however, decried the consistent dwindling of Federal allocations to the state from N25bil-lion to N12billion, a development which he announced has slowed down the pace of some

on-going projects em-barked upon by his ad-ministration.

Meanwhile, Amaechi has been honoured by the people of Emohua Kingdom with a Chief-taincy title of “Ugwugwu of Emohua"(the Pride of Emohua).

The governor also re-ceived accolades from the people for his uncom-mon achievements in terms of infrastructure and manpower develop-ment.

In an address pre-sented by Chief Ozaze Obillor and signed by the Paramount Ruler of Emohua, His Royal Maj-esty, Eze Oha V. B. Okor, at Rumuchie Emohua at the weekend, the eight communities of Emo-hua clan comprising, Ru-muchie, Mgbu-Itanwo, Odohua, Rumu-Akunde, Elibrada, Mgbu-etor, Isiodu and Rumu-Ohia stated that:

“Because of the love and regard you have for Emohua, you are here today to visit Emohua. His Excellency, we were in Government House to appreciate you and to congratulate you in be-ing who you are: bold, courageous, firm, de-cisive and focused on any agenda you are con-vinced about. You have shown most admirably the characteristic trait of a true son of Emo-hua and truly we are adopting you as a true son of Emohua. Thus, after your native home Ubima, take Emohua as your second home”.

Anambra State Governor, Chief Willie Obiano,

has received support from Anambra State indigenes in Lagos, who rallied round him at the weekend when they donated N500 million to support the job he is doing in providing efficient and effective se-curity in the state.

Leading the pack of the state’s industrialists and illustrious citizens at the fundraising ceremony held at the MUSON Cen-tre, Lagos, to shore up the state’s financial capacity to combat criminals, was the Chairman of Coscha-ris Group, Mr. Cosmas Maduka, whose donation spurred others to donate generously to the cause.

Setting the tone for the ceremony with his welcome address clev-erly titled; “Securing the Dream of a New Anam-bra State,” Obiano said

that on assumption of office, he made the secu-rity of lives and property of the people of Anam-bra the priority of his administration, because he had realised that hu-manity was threatened by insecurity all over the world.

“There is the ISIS challenge in the Middle East and the threat of Boko Haram in Nigeria and neighboring West African countries. In cit-ies, towns and communi-ties across Nigeria, the threat of violent crimes and kidnapping has caused a lot of sleepless nights among our people.

“Happily, in the past six months of my ad-ministration, Anambra people have slept with their two eyes closed,” Obiano observed, draw-ing applause from the audience.

Lateef IbrahimABUJA

No fewer than 52, 002 people have been en-

gaged in various ac-tivities under the Great Green Wall (GGW) pro-gramme of the Federal Ministry of Environ-ment, a progress report of the implementation of the GGW has shown.

The GGW is aimed primarily at combating the menace of desert encroachment as well as address the various eco-logical problems that are bedeviling most parts of the country.

Already, the presiden-cy has released over N16 billion for the take-off of the Great Green Wall as an agency of its own.

According to the progress report, which was compiled by the Di-rector, Department of Drought and Desertifica-tion Amelioration in the Ministry, Dr. Bukar Has-san, 50, 210 youths were engaged in planting and other related activities, 920 people have been engaged in borehole drilling while 272 forest

guards were trained and engaged.

The President Good-luck Jonathan has also directed the release of another N6 billion for the financing of the 2015 Work Plan of the GGW.

According to the re-port; “One of the cardi-nal objectives of the Great Green Wall programme is to create vibrant, equi-table and sustainable ru-ral communities through strategic investment in social and economic infra-structures. This enables the rural communities to address basic human needs while engaging in economic activities.

“Works for the con-struction of 92 boreholes were awarded to serve as sources of water for the ac-tivities of the programme. Based on the recent moni-toring reports, more than 60 percent of the boreholes have been completed.

“In most of the commu-nities, water shortage is being addressed as women and children no longer trek long distances in search of water. On the average, 60 percent progress has been achieved across the board."

2015: Amaechi urges Rivers to elect worthy successor

Anambra indigenes in Lagos support Obiano with N500m

49NEWSSanctity of Truth

Monday, September 29, 2014

Lagos PDP disassociates self from suit against Jonathan

Nigeria at 54: Amosun preaches unity

A’Ibom wades into airport workers’ dispute

PDP lawmakers endorse Jonathan

OOU reopens today

Wale Elegbede

The Lagos State chapter of the Peoples Demo-

cratic Party (PDP) has denied knowledge of any person by the name Adeju-mo Mansour Agbaje, as a consequential or leader of the party in the state.

The PDP in a statement issued yesterday by its Publicity Secretary, Taofik Gani, said the bearer can thus not be representing the interests of its mem-bers, nothing that; “such person is definitely on a

frolic of his own probably to gain media attention or for pecuniary interests.”

“Lagos PDP position is based on a report in some national dailies that Ad-ejumo Mansour Agbaje, is a member of PDP in Lagos State, in conjunc-tion with some members of All Progressives Con-gress (APC) has filed a suit marked FHC/ABJ/CS/662/2014, to challenge the eligibility of Dr. Good-luck Jonathan from seek-ing re-election.

Governor Ibikunle Amo-sun of Ogun State has

called on Nigerians at home and abroad to en-sure the spirit of unity and collectivity manifest while addressing issues af-fecting Nigeria as a nation so that the country can be a better place for all to live.

The governor made the call while addressing the congregation that had converged to pray at the special church service to mark the 54th Indepen-dence Day Celebration in the state held at the Cathe-

dral of St. Peter, Ake, Abeo-kuta, the state capital.

Amosun, who was rep-resented at the programme by his wife, Olufunsho Amosun, said Nigeria is capable of tackling all the security, ethnic as well as the socio-economic chal-lenges militating against her attainment of nation-hood, if the citizens could apply same spirit of love, unity and collective re-sponsibilities as displayed during the period of fight-ing the Ebola Virus Dis-ease (EVD).

Tony AnichebeUyo

Determined to ensure in-dustrial harmony in its

workforce, the Akwa Ibom State government has waded into the issues lead-ing to the recent protest by the employees of the Akwa Ibom International Airport (AKIA), assuring the aggrieved workers of government’s commit-

ment to their welfare.Addressing the protest-

ing workers under their different unions, the Head of Service (HoS) of Akwa Ibom, Mrs. Cecilia Udoess-ien, said government was committed towards main-taining a unified work-force with high morale to be able to effectively imple-ment government policies and programmes.

Johnchuks OnuanyimAbUJA

Over six hundred Peoples Democratic Party (PDP)

lawmakers last weekend endorsed President Good-luck Jonathan as the sole presidential candidate of the party.

The legislators, who rose from a meeting on the platform of PDP State Legislators Forum in Abuja, also passed a vote of confidence on the party leadership at all levels.

The National Executive Committee of the PDP, had two weeks ago, adopted President Jonathan as the

sole presidential candidate of the party.

Addressing journal-ists in Abuja, on behalf of their colleagues after the meeting, a member of the Benue State House of Assembly, Hon. Audu Sule, alongside his coun-terparts from Zamfara and Kebbi States, Hon. Muhammad Ahmad and Hon. Kabir Abdullahi Besse respectively, said they have all resolved to endorse the president as the sole candidate of the party in 2015 based on the success of his Transfor-mation Agenda.

Mojeed Alabi

After more than four weeks of closure, the

authorities of the Ola-bisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, have announced that academic activities will resume today.

The resumption, which was announced in a press statement issued by the university’s Head of Cor-porate Affairs Division,

Niyi Oduwole, followed the agreement reached with the students’ union that the implementation of the slashed fees payable by the students should begin dur-ing the 2014/2015 academic calendar session.

According to the state-ment, the university’s Governing Council, which ordered the immediate reopening, also insisted that academic activities

Sola AdeyemoIbAdAn

Secretary of Accord Party in Ibadan North Local Government, Kazeem

Fakorede, has defected to the Labour Party (LP) along with 150 other members.

Fakorede's defection was sequel to the failure of the party to reinstate him against the directives of its leader and former governor, Rashidi Ladoja.

The defectors were received into the Labour Party by one of its guber-natorial aspirants and former Secretary to the

State Government, Chief Sarafadeen Abiodun, as well as the 2011 governor-ship candidate of the de-funct All Nigeria Peoples Party, Hon. Wale Olatunji Murphy. Alli and Ladoja are from the Ibadan North constituency and share biological ties.

The decampees were led to the Anglican Second-ary School, Total Garden, Ibadan venue of the recep-tion by their chieftains in the council, Alhaji Mu-futau Baoku, Chief M. O. Adegoke, Alhaji Nurudeen Olanrewaju and Mrs. Omo-lara Bibire.

Adesina WahabAdo-EkITI

Alhaji Toba Suleiman, ThisDay correspon-

dent in Ekiti State, is dead. He died in the ear-ly hours of Sunday in Abeokuta, Ogun State.

Suleiman, 53, died during a brief illness.

A seasoned journalist, Suleiman, who hailed from Akure, Ondo State, was former Secretary, Nigeria Union of Jour-nalists, Correspondents’ Chapel, Ogun State.

The deceased, who started his journalism career with the defunct The Republic Newspa-pers, was a long-serv-

ing staff of This Day Newspaper.

Suleiman, who is survived by a wife and children, will be buried according to Islamic injunction at his resi-dence on Monday, while further burial arrange-ments as planned by the family will be an-nounced later.

Meanwhile, the Chair-man, House of Represen-tatives Committee on Legislative Budget and Research, Hon Opeyemi Bamidele, has described the death as a colossal loss to Nigeria Union of Journalists and all lov-ers of just and equitable society.buhari Bello

JoS

A gubernatorial aspirant under the ruling People

Democratic Party (PDP) in Plateau State, Haruna Dabin, has said that some-thing urgent and strategic must be done to arrest the drift in the party in the state.

“The circumstance that brought me to my office was not at a state congress of the party, but it has be-come compelling to arrest the drift that had started in 2009, and that has snow-

balled with significant damage to the very fabric of the party, wherein fac-tions and fractions were at daggers-drawn against each other.

“A caretaker commit-tee has been imposed on the state by the National Working Committee after announcing the removal of the Prof. Dakum Shown-led executive committee while the 2011 general elections were just around the corner, which if left un-checked could spell doom for the party.

Ekiti State chapter of the All Progressives Con-

gress (APC) yesterday held its state congress, where 31 officers were elected to steer its affairs for the next four years. Four of the new executive members are former offi-cers of the party.

The state congress was the first to be held by the progressives in eight

years. It had been put off for several reasons, among which was in anticipation of the governorship elec-tion held last June.

Prominent among those who emerged as officers is the interim Chairman of the party, Chief Jide Awe. He was returned as the chairman after his com-pletion of the mandatory eight years.

Muritala Ayinla

Lagos State Governor, Mr Babatunde Fasho-la, (SAN) has assured

Lagosians that justice would be done over the collapsed Guest House belonging to Synagogue Church of All Nations (SCOAN).

The governor, who spoke at the weekend, during the Legal Year Dinner (2014/2015) held at the City Hall, reiterated that justice would be done but the state government would not resort to mob justice.

He was reacting to con-cerns being expressed by some people who are

calling for justice over the tragedy that resulted in the loss of lives.

He said: “Let me assure you that justice would be done but we would not resort to mob justice be-cause that is not our way. This government is a government of methods. When incidents like this happens, there is a mix-ture of tragedy, possible accidents and possible crimes. It is only by pains-taking investigations, col-lection of evidence that we can really get to the root of the matter”.

The governor reiterat-ed that at the point when he went to the scene, emergency responders

were still at the stage of rescue, trying to see if more lives could be saved and that some people were impeding the opera-tion of the emergency re-sponders, hence he had to ask such people to leave.

He said his visit turned out to be fortuitous be-cause one person was brought out alive, noting that another hour under the rubble may have been fatal for the survivor.

According to the gover-nor, with the completion of that process, evidence have been gathered while tests are going on in the way the law requires the state government to pro-ceed.

“We are at the next stage when those who lost loved ones are griev-ing and want to bury them and we need to as-sist them to deal with the very painful part. We are struggling to identify bod-ies”.

“We have opened up a centre asking people to come forward, who are relatives so that they can give tissues and samples so that we can begin a very difficult and painful process of DNA identification. That is the point where we are, without prejudice to the investigation that is go-ing on. That is where we are."

L-R: Egyptian Ambassador to nigeria, Amb. Ashrof Salama; bauchi State Governor, Isa yuguda and Vice-Chancellor, Abubakar Tafawa balewa University (ATbU), bauchi, Prof. Saminu Abdulrahman, during yuguda's inspection visit to ATbU's permanent site in bauchi …at the weekend

Synagogue tragedy: Fashola assures people of justice

150 AP members defect to LP Ekiti Thisday correspondent dies, Bamidele mourns

PDP aspirant warns against crisis

Ekiti APC holds congress, elects officers

50 Sanctity of TruthNEWS Monday, September 29, 2014WORLD | NEWS

31 feared dead as Japanese volcano erupts

Plumes of smoke and ash billow from Mount Ontake as it continues to erupts in Otaki village yester-day

Finally reaching the ash-covered summit of a still-erupting volcano

in central Japan, rescue workers made a grim discovery yesterday: 31 apparently dead people, some reportedly buried in knee-deep ash. Four bodies were brought down and confirmed dead yesterday afternoon, one day after Mount Ontake's big initial eruption, said Takehiko Furukoshi, a Nagano prefecture crisis management official.

The other 27 were list-ed as having heart and

lung failure, the cus-tomary way for Japanese authorities to describe a body until police doctors can examine it.

Officials provided no details on how they may have died. Japanese me-dia reported that some of the bodies were found in a mountain lodge near the summit, and that others were buried in ash up to 50 centimeters (20 inches) deep. Most of the 31 people were found near the moun-tain's summit, where there was a lot of ash fall, said a Kiso city fire department official who spoke on

condition of anonymity because he was not autho-rized to talk to the media. Police said only two of the four dead had been identi-fied so far. Both were men, ages 23 and 45.

Mount Ontake erupted shortly before noon Satur-day, spewing large white plumes of gas and ash high into the sky and blanket-ing the surrounding area in ash. The mountain is a popular climbing destina-tion, and at least 250 people were initially trapped on the slopes, though most made their way down by Saturday night.

An appeals court in Egypt yesterday ac-quitted 112 people

convicted of holding an illegal protest on the third anniversary of the 2011 revolt that toppled Hosni Mubarak, judicial sourc-es said. The defendants, including supporters of ousted Islamist president Mohamed Morsi, were among 1,079 people ar-rested nationwide on Jan-uary 25 as security forces

Egypt acquits 112 on appeal over protest law

US intelligence agen-cies underestimated Islamic State activity

inside Syria, which has become "ground zero" for jihadists worldwide, President Barack Obama said in a CBS television interview broadcast yes-terday. Conversely, the United States overesti-

mated the ability of the Iraqi army to fight the militant groups, Obama said in a "60 Minutes" interview taped on Fri-day, days after the U.S. president made his case at the United Nations for action.

Citing earlier com-ments by James Clap-

per, director of national intelligence, Obama acknowledged that U.S. intelligence underesti-mated what had been taking place in Syria. Is-lamic militants went un-derground when U.S. Ma-rines quashed al Qaeda in Iraq with help from Iraq's tribes, he said.

US intelligence underestimated militants –CBS

cracked down on illegal demonstrations. Clashes between protesters and po-lice that day resulted in the deaths of 49 people.

A lower court origi-nally sentenced the 112 to a year in jail after finding them guilty of violating the protest law, illegal as-sembly, rioting, inciting violence, blocking roads, assaulting police officers and vandalising public and private property.

Thousands of Morsi back-ers have been jailed in a crackdown since his July 2013 ouster after just one year in office, and dozens of secular activists have also been given lengthy prison terms for breaking the controversial protest law. Adopted last Novem-ber, the law prohibits all but police-sanctioned pro-tests as part of a govern-ment attempt to restrict demonstrations.

Etim Ekpo endorses Akpabio, Udom

The senatorial am-bition of Governor Godswill Akpabio of Akwa Ibom

State and the governor-ship ambition of Mr Udom Emmanuel has received a major boost. The political leader-ship of Etim Ekpo local council unanimously endorsed their candida-ture.

Speaking at the Youth Support Scheme pro-gramme in Etim Ekpo, the State Commissioner for Special Duties, Barrister Emmanuel Enoidem, said,

" the support and endorse-ment of the duo is based on their performance and track record in office. Let us all rally round them so that the uncommon trans-formation currently being enjoyed would continue at the state and federal level "

According to Enoidem: " The people of the council stand to gain a lot by sup-porting the candidature of the duo. It is therefore in our interest that we rally round and give them the needed support."

Enoidem noted that " the gathering is also in-

tended to sensitize the people of the council on the way forward and hap-penings in the state as the countdown to the 2015 general elections gather momentum, adding, in-formation is power. We have told them where the council is heading to as far as the senatorial and gov-ernorship tickets of the Peoples Democratic Party (PDP) are concerned and we expect the youth who are the leaders of tomor-row to key into the agenda so that their future would be guaranteed."

Cardiologist raises the alarm over rising CVD death rateSola Adeyemo IBADAN

In commemoration of the World Heart Day holding today, a cardi-

ologist at the University College Hospital (UCH), Ibadan, Dr. Abiodun Adeoye, at the weekend raised an alarm over the increasing death ratio from cardiac arrest, hy-pertension, stroke and other cardiovascular dis-eases (CVD) in Nigeria.

He expressed the fear

during the Heart Walk programme organised by a non-governmental organisation, the Eagles’ Heart Foundation (EHF) in Ibadan.

Tagged: "Creating Heart-Healthy Environ-ments", the programme witnessed scores of youths and adults led by the Executive Director of EHF, Ibukun Sowemimo.

The World Heart Fed-eration (WHF), according to Adeoye, reported that about 17.3million people

die every year because of cardiovascular related dis-eases, with the death ratio likely to increase to 30 mil-lion annually by 2030 if de-cisive steps were not taken urgently to stem the tide.

The cardiologist em-phasised the need for Ni-geria to key into the major goal of the WHF, known as 25x25 aimed at achieving a 25 per cent relative reduc-tion in overall mortality from CVD, cancer, diabe-tes or chronic respiratory diseases by the year 2025.

CBN sets $10m net worth for IMTS technical partnersGodson Ikoro

Any foreign technical partner that wishes to partner Indige-

nous Money Transfer Ser-vices Operator (IMTSO) in providing regional and/or global money transfer, must have a minimum net worth of US$10million in its current audited finan-cial statement.

The Central Bank of Nigeria (CBN) said this

in a circular with refer-ence TED/FEM/FPC/GEN/01/016 on guideline for the Operation of Ni-geria, signed by its Direc-tor of Trade and Exchange Department, Mr. I.O Bada-mosi.

The CBN circular, which was addressed to all authorised dealers and the general public, advised dealers to operate within the ambit of the new guide-lines.

The banking watchdog said it approved the review of the existing guidelines on International Money Transfer Services to ac-commodate both inbound and outbound services.

Specifically, it stated that a foreign technical partner shall obtain the prior approval of the CBN to be a registered entity, li-censed in its home country to carry on international money transfer services.

Niger East Poll: APC sues Zagbayi, 387 others Dan Atori MINNA

With barely one week after he was inau-gurated into the

Upper Chambers of the National Assembly, the All Progressive Congress (APC) candidate in the re-cently conducted Senato-rial bye-election in Niger East Senatorial District of

the state, Barrister David Umaru, has dragged Dr. Shem Nuhu Zagbayi of the Peoples Democratic Party (PDP) and 388 oth-ers at the National Assem-bly Election Tribunal.

Umaru, in a petition to the tribunal sitting in Minna, prayed to be de-clared as the winner of the bye-election having polled majority votes as

against the PDP candi-date.

The APC candidate and his party in a petition to the tribunal, prayed the tribunal to cancel the results of 378 polling units in the nine local government areas in the Senatorial District of the bye-election for electoral malpractices and irregu-larities.

Charles Ogundiya

The Athletic Federation of Nigeria has said the fed-eration would be visiting

Calabar to inspect the facili-ties put in place for track and field events of the festival.

Calabar, the Cross River State capital, play host to the 19th edition of the National Sports Festival starting No-vember 23.

When asked about the

preparation for the festival, the Technical Director of the federation, Navy Commodore Omatseye Nesiama, says every-thing is already in place and that he will be leading other techni-cal members of the federation to Calabar to inspect the facilities.

He said; “This year’s festival is an open one for everybody and

there is need to make use of the best equipment. Our focus as a federation is to run the technical aspect of the sports that concern us, track and field, while the states will provide the athletes in the various races.

He said: “We will be in Cala-bar at the appropriate time to inspect the facilities to ensure

they meet the standard of our competition and also the inter-national standard of the sport.”

Meanwhile as preparations towards the hosting of the Sports Festival gather momen-tum, three world class Lawn Tennis courts have been added to the list of completed facili-ties thatb have been formally

handed over to the Cross River State Government.

Receiving the courts on be-half of the state government, the Commissioner for Youth & Sports Development, Patrick Ugbe, commended the con-tractor for the quality of ma-terials, standard of work and timely delivery, while assur-ing that the remaining centre would soon be ready.

... as C’River takes delivery of tennis Sports Festival: AFN to inspect facilities 51

Messi: I never imagined I’d pass 400-goal mark

Super Eagles midfield-er, Ogenyi Onazi, has warned his teammates that their AFCON 2015

qualifiers against Sudan could be tougher than their two pre-vious matches in the series because the team would come against a side that is also des-perate for points.

Both Nigeria and Sudan commenced their qualifying campaigns on a shaky note. Nigeria lost 3-2 to Congo on the opening day and could only manage a goalless draw against South Africa while Sudan lost their first two matches to both countries.

Onazi said the Sudanese

would be desperate to salvage their campaign and may pose more problems for the Eagles.

He says the Eagles are not under pressure saying that they are determined to rescue their campaign and qualify for the tournament.

“I agree with you that the two matches against Sudan will be tough. They have not recorded any point and going there will be tough for us because they know that their fans were not

happy they lost 3-0 at home. They will be more careful this time but we are still going to get a good result against them.

“We cannot afford to drop any point if we want to play in the next Nations Cup. So, we are going to approach our next two matches with more determina-tion and focus. We just have to beat Sudan although it is going to be tough,” he said.

The player extended his Lazio contract midweek and

he says he is more relaxed now that his future has been sorted out.

“I am happy with the deal and it is the beginning of good things to come. It is also good that we ironed things out this time because it will help me to focus more and play football. I hope to repay the faith every-body reposes in me by doing my best at all times. I want to thank everyone for their concern and love for me,’ he said.

} p 53

That Cristiano Ronaldo is the first player to score

against every team in La Liga in a single season

AUTHORITATIVE VOICE IN GLOBAL SPORT THURSday, SepTembeR 29, 2014SPORTNEW TELEGRAPH

newtelegraphonline.com/sports

SPORTS CREWADEKUNLE SALAMI,

DepUTY eDiTor, SporTS

EMMANUEL TOBI, ASSiSTAnT eDiTor, SporTS

IFEANYI IBEH, SporTS CorreSponDenT

AjIBADE OLUSESAN, SporTS CorreSponDenT

CHARLES OGUNDIYA, SporTS CorreSponDenT

Onazi fears sudan backlashlSays new Lazio deal will

spur him to greater feat

Government’s role in football very crucial – amadu }p.52

murray ends drouGht with shenzhen title }p.54

costa needs 15 days to recover - mourinho }p.53

did you know?

52

Committee flouts election guidelines

Charles Ogundiya

Secretary General of the Nigeria Football Federation, Musa Ama-du, has stated that there is no way football can be administered

in Nigeria without some level of influ-ence from the government, adding that those calling on the government to hands off football don’t mean well for the game.

Speaking to New Telegraph in the tele-phone , Amadu said; “Apart from coun-tries like South Africa and Egypt, who do not depend on their governments for funds in managing their national teams other countries depend on their govern-ments to run football.

“Apart from being a game loved by all, football is used for image laundering in most of these countries and Nige-ria is not an exception. Football helps to create good impression about the country in the eyes of the world.

“What we need now is to get cor-porate sponsorship to complement what government is doing. But to ask government to hands off would be tantamount to killing the game in the

Ifeanyi Ibeh

With less than 24 hours to go before the elections into the executive commit-tee of the Nigeria Football Federation

takes place in Warri, Delta State, New Tele-graph can reveal that some of the guidelines put in place for the September 30 polls may have been ignored by the electoral commit-tee during the process of clearing candidates for Tuesday’s elections.

New Telegraph spoke to some candidates who pointed out some of these anomalies, one of which is that two candidates aspiring to get into the NFF executive committee shall not be from the same state of origin and zone.

And after pointing out this irregularity, our investigations actually discovered that the guidelines, in keeping with federal char-acter, actually states that two people from the same state cannot be on the executive com-mittee.

However, there are already two candi-dates – one vying for the position of vice-president, and the other a membership slot in the executive committee – who are from one of the states in the eastern part of Ni-geria.

And ironically, both candidates – Felix Anyasi-Agwu and Emeka Inyama – were members of the immediate past board of the NFF led by Aminu Maigari.

The electoral guidelines also states that anyone vying to get into the board of the NFF must have been in the business of ad-ministering football for at least four years.

One of the candidates for the NFF’s top job, Shehu Dikko, however appears to have fallen short of this requirement on techni-cal grounds, even though he was cleared to contest in Tuesday’s polls.

The League Management Committee top shot has been in the business of marketing football, as well as other sports for years, but only delved into fulltime football administra-tion less than three years ago with the LMC.

“The LMC is less than four years old so he (Dikko) has not been in active football management and administration for up to four years as marketing and consul-tancy don’t qualify as active football man-agement and administration. But I don’t know how he got the green light from the electoral committee,” said one of the Gen-eral Assembly members who spoke on the condition of anonymity.

Another source, a member of the elec-toral committee, however said that Dikko, who is considered one of the frontrunners for the NFF presidency, was cleared as he had met all the laid down requirements.

Another prime candidate for the NFF top job is Amaju Pinnick, the current chairman of the Delta State Sports Com-mission.

But the position he holds in the DSSC has been queried by one of the candidates also vying for the position of NFF presi-dent.

“He is the current chairman of the Del-ta State Sports Commission and shouldn’t have been cleared for the elections as he is a government appointee. Nobody voted him in as chairman of the Commission,” said the candidate, who preferred anonym-ity.

In line with FIFA’s low tolerance for gov-ernment interference in the running of football, the electoral guidelines rule out the possibility of a serving government official from getting elected into the execu-tive committee.

However, in addition to being the chair-man of the DSSC, which is actually a govern-ment appointment, Pinnick is also boss of the Delta State Football Association, which is in line with the electoral guidelines and makes him eligible for the NFF presidency.

Super Eagles striker, Ahmed Musa, failed

to reproduce a form that has seen him scoring in CSKA Moscow last two games as he fired blank in his club’s 4-3 win at URAL on Saturday.

The Nigerian was pulled out in the 66th minute for Doumbia who

scored two of the goals. Musa has scored three league goals for CSKA Moscow this season.

Former Golden Eaglets star, Isaac Success, was not allowed any space to threaten Barcelona as the former Spanish champi-ons demolished his club, Granada 6-0 also on Satur-

day. He was in action for 90 minutes.

Meanwhile, Brown Ideye failed last minute fitness test as he was not listed in West Brom’s 4-0 trouncing of visiting Burnley on Sunday. His compatriot, Victor An-ichebe, was also missing in action.

Musa, Success fire blank, Ideye missing

Godfrey Oboabona finally made his first appear-

ance for his Turkish side, Rizespor, in the league on Sunday but he could not prevent them from going down to a 1-0 home loss in

Stories: Ajibade Olusesan

Many players who are not in the Super Eagles hit top form on a weekend that many established national team play-

ers had a quiet weekend for their clubs in Europe.

Out-of-favour Eagles star, Obafemi Mar-tins, and others like Batholomew Ogbeche, Chrisantus Macauley, Abdul Jeleel Ajagun,

Abiola Dauda and Sylvester Igboun were all on target for their clubs abroad.

Martins scored twice for Seattle Sound-ers in their 4-2 win over Chivas Saturday night. The striker has now taken his season tally to 15.

Ogbeche scored to salvage a point for his Dutch club Cambuur at Excelsior on Sunday in a game that ended in a 1-1 draw. Ogbeche now has three goals in seven games so far in Dutch Eredivise.

Former Golden Eaglets star, Chrisantus finally made his debut for his new Turkish side, Sivasspor, and he scored in their 2-1 loss at Galatasaray on Friday night.

Red-hot Igboun scored his sixth goal in nine game as FC Midtjylland won 1-0 over visiting FC Vestsjaelland. He scored in the 88th minute.

Dauda hit target for his Dutch Eredivise side Vitesse Arnhem as they beat hosts Dordrecht 6-2 on Saturday.

Former Nigeria U20 skipper Ajagun scored the winner for Panathinaikos in a 1-0 win over Niki Volou on Sunday.

Oboabona makes league debutthe hands of Bursaspor.

Oboabona reclaimed his place in the starting line-up after scoring in Rizespor’s 5-1 win against Tekirda-spor in the League Cup last Wednesday but his season debut ended in a home loss despite being on the pitch for the entire duration of the match.

In England, Mikel Obi, again came off the bench as Chelsea continued their unbeaten run in the Pre-mier League this season. The Nigerian star was in-troduced in the 77th min-ute.

But Kenneth Omeruo

suffered a knock and was pulled out in the 71st min-ute as his side Middles-brough secured a goalless draw at Charlton Athletic.

In Spain, Ramon Azeez was in action throughout as Almeria secured a 1-0 win at Deportivo La Co-runa. In fact, it was the Nigerian who gave Edgar Antonio Mendez the assist for his 90th minute goal.

Anthonu Ujah was in action for 88 minutes when German champi-ons, Bayern Munich beat his Cologne 2-0 at home on Saturday. While in France, Super Eagles goalkeeper, Vincent Enyeama, kept another clean sheet as Lille beat visiting Bastia 1-0.

Countdown to September 30 NFF Elections

country.”The NFF scribe added: “Football on

its own is very expensive and rather than handing off, I want to urge gov-ernment to invest more in the game.”

While speaking on the September 30 election into the executive board of the NFF and the challenges faced by the outgoing board, Amadu said; “We require a united Nigerian football fam-ily; one where all stakeholders work together in harmony, in the interest of the country and for the development of our football.”

EAGLES EURO ROUND-UP Martins, Igboun, Ogbeche others score

Amadu

Dikko

Ogbeche

Musa

Sanctity of Truth

Monday, September 29, 2014SPORT

Government’s role in football very crucial – Amadu

Costa needs 15 days to recover - Mourinho

Lionel Messi has revealed his delight after passing the 400-goal mark for club and country.

The Barcelona attacker regis-tered twice in his side’s 6-0 win over Granada at the week-end, with the brace taking his tally to 359 goals for his club side.

Messi has also registered 42 goals in 93 games for Ar-

gentina during what has been a sensational career.

“I never imagined I would get this success in my career. Thanks for the congratula-tions on 400 goals for Barce-lona and Argentina,” Messi wrote on Facebook.

“I’ll continue working hard in order to score more goals. A hug for everyone.”

Messi already has five goals in six La Liga games this season.

Manchester United and England captain Wayne Rooney is confident he has yet to reach his peak.

The form of the 28-year-old striker has been ques-tioned in recent months and he appears set to be uti-lised in a deeper role at club level after United man-ager Louis van Gaal revealed that Robin van Persie and new signing Radamel Falcao were his preferred options in attack.

Nevertheless, Rooney, who sits third on the all-time list of Premier League scorers with 176 goals after finding the net in Saturday’s 2-1 win over West Ham, believes his future is bright.

“I still believe I can get better as a footballer,” he told the Sunday Times.

“In the next three to five years you will see me as a different player. The next two or three, I feel these could be the best years of my career.

“I’m at a stage, especially after playing at this club for 10 years, where I’ve picked up a lot about the game. I’ve learnt. I now know exactly what I want to do on the pitch and I’m fit and ready to do it.”

Rooney: My best still to come

Neymar delighted with Messi partnership

I’m not finished yet, says GerrardLiverpool captain Steven Ger-

rard hit back at critics, insist-ing he is far from past it after his side’s 1-1 draw with Everton.

The 34-year-old has been criti-cised for his performances this season as Liverpool have strug-gled with just two wins in six Premier League games.

Gerrard had appeared to put his side on track with a fine free-kick in the 65th minute, only for Phil Jagielka to equalise with a stunning half-volley late in Sat-urday’s clash.

After one of his better show-ings this season, Gerrard said those who had written him off had spoken too soon.

“I’ll agree with the construc-tive criticism and I’ve been stifled in a couple of games when people have followed me around and I haven’t been able to shake them off,” he said.

“But then some people take it too far and say ‘He’s 34, he can’t

run and he’s finished’.“I can still compete with the

best players around. It’s nice to remind people that although I’m 34, I can still run, I can still play and I can compete with the best players around.”

Messi (left) and Neymar

Barcelona forward Neymar has said that he and Lionel Messi are forming a “good

partnership” at the club.The Brazilian netted a hat-

trick during Barca’s 6-0 win over Granada on Saturday evening, with Messi bagging a double.

“I’m very happy with the hat-trick,” he told Canal Plus. “I

thank my team-mates for their help in getting it.

“Messi looks good with every-body but we are forming a good partnership. We’re getting better together.

“We are ready to face the tough games to come.”

Neymar has scored six goals in six games for Barcelona this season.

Diego Costa needs 15 days to fully recover from his hamstring prob-

lem, according to Chelsea manager Jose Mourinho.

Speaking after Chelsea’s 3-0 vic-tory over Aston Villa at Stamford Bridge on Saturday, in which Costa struck his eighth goal of the season, Mourinho revealed the Spain inter-national barely trains in between

matches to protect his tight muscle.“A striker scoring goals is always

nice for him and for his confidence,” said Mourinho after Saturday’s victory. “Especially for someone like him who is not training as he should because we are protecting him in certain situations so he can be at the top of his game.

“He’s doing almost nothing [in

training]; he’s resting and recover-ing from the tight muscle he has every time he accumulates fatigue.

“I think if he doesn’t go to the national team and stays here for 15 days just on treatment and recov-ering, making the muscle and the areas around the muscle stronger, he has the perfect chance to be top for Chelsea and [his] national team.

Gerrard

Rooney

Costa

Premier LeagueLiverpool 1 – 1 Everton

Chelsea 3 – 0 Aston Villa

C’ Palace 2 – 0 LeicesterHull City 2 – 4 Man City

Man Utd 2 – 1 West HamS’hampton 2 – 1 QPR

Sunderland 0 – 0 Swansea CityArsenal 1 – 1 Tottenham

West Brom 4 – 0 Burnley

Bundesliga

Mainz 05 0 – 0 HoffenheimFC Cologne 0 – 2 Bayern Munich

Freiburg 0 – 0 LeverkusenPaderborn 1 – 2 Monchengladbach

Schalke 2 – 1 DortmundStuttgart 1 – 0 Hannover 96

Wolfsburg 2 – 1 BremenAugsburg 1 – 0 Hertha Berlin

La LigaElche 0 – 1 Celta Vigo

Villarreal 0 – 2 Real Madrid

Barcelona 6 – 0 Granada

Atletico 4 – 0 SevillaBilbao 0 – 0 Eibar

Levante 0 – 2 VallecanoGetafe 1 – 0 Malaga

Deportivo 0 – 1 Almeria

RESULTS

ENGLISH PREMIER LEAGUETeam P GD Pts

1. Chelsea 6 12 16

2. S’hampton 6 7 13

3. Man City 6 5 11

4. Arsenal 6 4 10

5. Swansea 6 2 10

6. Aston Villa 6 -3 10

7. Man Utd 6 2 8

8. Tottenham 6 1 8

9. C. Palace 6 0 8

10. WBA 6 0 8

11. Leicester 6 -1 8

12. West Ham 6 0 7

13. Liverpool 6 -1 7

14. Everton 6 -2 6

15. Hull 6 -2 6

16. Sunderland 6 -1 5

17. Stoke 5 -1 5

18. QPR 6 -9 4

19. Newcastle 5 -6 3

20. Burnley 6 -7 3

Sanctity of Truth

Monday, September 29, 2014 53

Messi: I never imagined I’d pass 400-goal mark

SPORT | EURO FOOTBALL

Seattle coach, hails ‘rejected’ Martins

Murray ends drought with Shenzhen title

Kogi United chairman charges NNL on officiating ITF Circuits: Garos-Pam

dominates in Benin

2014 AWC: Algeria, Ghana first to arrive Namibia

Ifeanyi Ibeh

Elizabeth Garos-Pam over the weekend at the Inter-

national Tennis Federa-tion West and Central Af-rica Circuits in Cotonou, Republic of Benin, won gold in the girls’ doubles.

The 16-year-old part-nered Nicole Dzenga of Zimbabwe to beat Nariman Abo Bark of Egypt and Es-perence Follykoue of Be-nin 6-2, 6-2 at the Tennis Club de L’Amitie Cotonou.

Nigeria’s Joseph Ubon, who won the two phases of the Togo leg of the circuit,

Emmanuel Tobi

Seattle Sounders man-ager, Sigi Schmid, and USA striker, Clint Dempsey, have heaped

praises on Super Eagles re-ject, Obafemi Martins, after the former Newcastle strik-er scored two goals in the MLS at the weekend.

Martins who has been once again snubbed by

Stephen Keshi for Nige-ria’s forthcoming away and home games against Sudan on October 11 and 15, has now scored 15 goals after he netted a brace and provided an assist for Clint Dempsey in Sounders 4-2 win over Chivas on Satur-day.

Seattle Sounders coach Schmid said Martins still has more goals to deliver

as the season goes down the wire.

“He’s still got more games to go, so it’s not the record yet,” Schmid said.

“And Clint with 13 goals is right there close to him, as well. We’d like them both to get beyond what the old record was.”

Similarly, his strike partner, Dempsey, praised Martins’ football technique

which he said has helped him score more goals.

“He’s able to be clinical in front of goal,” the US in-ternational remarked.

“And he can create chances for other players. He’s good on the ball, and he can come into those pockets and get on the half turn. He also can run be-hind the defense with his pace.”

Second-seeded Andy Murray of Britain rallied from a set

down to defeat fourth-seeded Tommy Robredo of Spain 5-7, 7-6 (9), 6-1 Sunday to win the Shen-zhen Open.

Murray saved five match points as he ended a 15-month title drought while improv-ing his chances of qualifying for the ATP Finals in London in No-vember.

“I got lucky, basically,

at the end of the second set,” Murray said. “I fought hard, tried my best and thankfully man-aged to turn it round.” The 27-year-old Scot ac-cepted a wild card into Shenzhen in a bid to im-prove his ranking from 11th into the top eight, so as to qualify for London. Murray now moves up to 10th in the rankings, just 105 points behind the eighth-placed Tomas Berdych.

Murray trailed 2-6 in

the second set tiebreaker against Robredo, but the Spaniard squandered five match points.

“I tried to get as many balls back in play as I could,” Murray said of those match points. “I missed three or four balls in the tiebreak by very little. I was frus-trated to be in that po-sition, but thankfully managed to turn it around. In those situ-ations you need some luck.” It was Murray’s

first title since his tri-umph at Wimbledon in July 2013 and his 29th tour-level victory.

The 32-year-old Ro-bredo was contesting his 21st tour final and, like Murray, was bid-ding for his first title since July 2013, when he won the Umag crown.

“It’s tough to accept it,” Robredo said. “But Andy did a great job. He was pushing right till the end and in the end, he deserved it.”

Charles Ogundiya

The heavy downpour in some parts of the country on Sunday led to the post-

ponement of two league matches in the Nigeria Professional Football League and the Nigeria National League.

They games affected were the NPFL encounter between Warri Wolves and Abia Warriors, in Warri, and the NNL

Charles Ogundiya

The chairman of Kogi United, Ab-dul Adama, has called on the Ni-

geria National League, as well as the Nigeria Football Federation, to work on improving the level of officiating in the country’s second tier division.

Adama believes that certain refer-ees officiating in the Nigeria National League are below standard and urged the NNL and NFF to work towards im-proving the standard.

Adama cited as an example the level of officiating in the league match between his club and Wikki Tourists which, in his opinion, was nothing to write home about, even though Kogi United won the game.

Kogi United maintained their 100 percent home record this season with a hard fought 2-1 victory against Wikki Tourists in Lokoja.

Rain stops games in Warri, Ijebu-Ode

however fell 6-4 0-6 7-6(3) to Gueninle Ouattara of Cote d’Ivoire in the boys’ singles final.

Ubon, who had earli-er beaten the Ivorian in Togo, also lost in the final of the boys’ doubles event as his partnership with Mohammed Mohammed stumbled to a 6-3, 3-6 10-4 defeat at the hands of Ma-lawian siblings Gueninle and Chisomo Lumeta.

Nigeria Tennis Fed-eration President, Sani Ndanusa however com-mended the performance of the country’s players at the circuits, which served off in Togo three weeks ago.

“The past three weeks have been great for Nige-rian tennis even though we are a bit disappointed that we couldn’t hold on to the titles in Benin. The potential of our ju-nior players have been exhibited at the global stage and we will surely build on this based on the developmental pro-grammes that we have embarked on,” Ndanusa said.

NPL RESULTS

Nembe 1-1 Crown

El-Kanemi 1-1 Sharks

Sunshine 0-0 Akwa Utd

Kaduna 3-0 Gombe Utd

Dolphins 2-1 Nasarawa

Giwa FC 2-0 Bayelsa Utd

Kano Pillars 2-0 Lobi Stars

Rangers 1-0 FC Taraba

Enyimba 0-0 Heartland

fixture between Remo Stars and Go-Round, in Ijebu-Ode.

The game in Warri will now come up at 9am on Monday, September 29, while the NNL encounter will also be played on Monday morning, at 8am.

Both games were postponed due to the poor state of the playing surfaces at the Warri and Ijebu-Ode stadiums.

Meanwhile, Nasarawa United 2-1 loss at Dolphins, and Enyimba’s goalless draw at home to Heartland allowed defending champions, Kano Pillars to increase their lead at the top of the league standings to four points.

Kano Pillars defeated Lobi Stars 2-0 in Kano as they continue their chase for a third league title.

Crown FC of Ogbomosho picked their first away point of the season after forcing Nembe City to a 1-1 draw in Omoku, Rivers state, while Osaguona Ighodaro’s 15th goal of the season secured a 1-0 win for Rangers.

Martins celebrating a goal

Murray

Sanctity of Truth

Monday, September 29, 201454

Algeria are the first team to arrive in Namibia for the 9th

African Women Championship Namibia 2014.

‘Les Fennecs Dames’ touched down at the early hours of Sunday, September 28, at the Hosea Kutako Inter-national Airport in Windhoek, and were warmly received by officials of the Local Organis-ing Committee.

The 38-member delegation includes 21 players, who will do battle for the Algerians, housed

in Group B with Cameroon, Ghana and South Africa.

Algeria coach Azzedine Chih said, “We are here two weeks before we kickoff our first game and we want to feel the weather and just get going and see what we can do here. We are here to take our chances and see how far we can go. We have a tough group of Camer-oon, Ghana and South Africa, teams with World Cup and Olympics experience and we know what to expect.”

Monday, September 29, 2014 55

MONDAY, SEPTEMBER 29, 2014

The Federal Capital Territory (FCT), Abuja is now the centre of attraction as the seat of power in Nigeria. Aside the enormous raw

political power that oozes from the privi-leged territory, the fear of Abuja is also the beginning of wisdom among the pro-moters of businesses, non-governmental and the highly profitable but often tagged not-for-profit organizations.

This class of Nigerians, and indeed, all other corporate promoters know it up to the tips of their fingers, that operat-ing successfully in Abuja, the country’s power base, requires that they exercise rabid caution and walk circumspectly. Almost all the regulatory, policy- making and implementing agencies of the gov-ernment are there. The scenario makes the city so important that it is now almost impossible to run any business in Nige-ria without visiting or even establishing a functional office in the capital territory.

For this and other reasons in subse-quent articles on the business environ-ment in the country, Abuja would be treated as the face of Nigeria. This does not in any way diminish the importance of Lagos and the concentration of the business entities in the state often re-ferred to as Eko. Therefore, due regards are given to the slogan: Eko oni baje, as always.

It is believed that once the business environment in the federal capital ter-ritory is fixed and made sufficiently attractive, it can be transmitted to the thirty-six states and replicated at the lo-cal government and grassroots levels. This was the model envisaged by the framers of the National Economic En-hancement and Development Strategy (NEEDS), State Economic Enhancement and Development Strategy (SEEDS) and Local Economic Enhancement Strategy (LEEDS). Even with all the daunting challenges of a fast-growing city to which many are migrating for greener pastures, expectations remain high among stakeholders that the power oozing from here also unleashes a wide range of opportunities that the economic agents in the city and indeed all over the nation can tap into.

Indicators from the BECANS Busi-ness Environment Report, the product of an intensive research conducted by African Institute for Applied Econom-ics (AIAE,) Business Environment and Competitiveness Across Nigerian States (BECANS) show that the FCT scored 62.44 per cent overall on the adjusted business environment index. It scores relatively higher on business support and infra-structure and utilities than on legal and

N150

Three things cannot be long hidden: the sun, the moon and the truth – Buddha

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

w w w. n e w t e l e g ra p h o n l i n e . c o m

regulatory services. Further digestion of the statistical

information from the Institute’s effort shows the FCT scores 64 per cent on in-frastructure and utilities benchmark. However, it performs relatively better on transportation, access to information and water supply within this benchmark.

It scores 51.7 per cent on legal and reg-ulatory services, and performs relatively better on land registration and property rights, business registration and com-mercial dispute resolution than on tax administration.

Its 76.25 per cent score on business support and investment promotion re-mains inspirational. It performs rela-tively better, however, on support for industrial cluster, public-private partner-ship, investment promotion services and entrepreneurship promotion measure, and relatively low on access to credit and finance. There is no data on the security benchmark regarding the FCT.

Analysts believe this is deliberate con-sidering its status and the fact that vari-ous forms of strategic security-related meetings are regularly held not only by Federal Government agencies within the FCT but also by the adjoining states to craft and implement strategies aimed at making the area safer and more secure.

Economic potentials There is a heavy concentration of

Federal Government ministries, depart-ments and agencies (MDAs) in the FCT. The national offices of international de-velopment agencies are visible and pro-vide a wide range of unique economics and commercial services and opportuni-ties. Key sectors in the territory are trade, hospitality and tourism. As in most states and territories in the country, agricul-ture remains the mainstay of the rural economy, with maize, sorghum, rice and livestock featuring as the major crops. The territory also has mineral resource endowments such as mica, iron ore, tan-talite and ceramic clay.

Investment policies The government in FCT has developed

key sector policies, which are enshrined in its State Economic Empowerment and Development Strategy (SEEDS)

OMOBABA

document. The construction industry, agro-based and allied ventures such as production, processing and packaging, and solid minerals exploitation remain the most visible sectors that offer the greatest investment opportunities in the territory.

Infrastructure and utilitiesThe state of infrastructure and utili-

ties in the country remains an issue of serious concern to stakeholders. On this important benchmark, the FCT scores 64 per cent to rank number 3 above the all-states average score of 50.19 per cent with a standard deviation of 8.53.

Experts at the Nigerian Economic Summit Group (NESG) define economic infrastructure along the lines of power, transportation, oil and gas. Further distinction is made, identifying social infrastructure to cover school enrolment and vocational education and enhancing teacher welfare. Capacity to develop and maintain highly skilled manpower and workforce to provide the pool of kinetic managers that would compete favour-ably in the global economy and market where change is happening at breakneck speed remains critical to realising the nation’s vision of ranking among the 20 largest economies by 2020.

Perhaps this explains the decision of the NESG to focus rapt attention on evolving ideas towards resuscitating and refocusing the education sector at the

On MarbleThere are people in the world so

hungry, that God cannot appear to them except in the form of bread.

– Mahatma Gandhi

World RecordIn 1885, German mechanical engineer, Karl Friedrich Benz designed and built the world's first practical automobile

to be powered by an internal-combustion engine.

We 're back to the era of expensive 'shit'!

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LAGOS OUTLAWS OPEN DEFECATION - News

Make Abuja environment more competitive (1)

Bala Abdulkadir Mohammed, FCT Minister

14th annual Nigerian Economic Sum-mit (NES #14) slated for October. Inci-dentally, the event holds in

Abuja, the Federal Capital Territory and is the more reason the FCT govern-ment should leverage whatever benefits this would throw up to raise the bar of its performance on this important measure.

Energy The FCT scores 50.63 per cent to rank

number 7 on this benchmark. Average score for all states on this is low at 44.29 per cent and a standard deviation 10.45. This is a reflection of the mood in the country where the energy situation has kept all stakeholders perplexed.

The AIAE BECANS initiative de-fines energy along the lines of annual per capita electricity supply (kilowatts per capita).

Average hours of public electricity supply per 24-hour day, difference be-tween actual and officially regulated price of petroleum products and evi-dence of availability of petroleum prod-ucts.

This makes it simple for the FCT administration to step up performance from its middle-of-the-road status. Ex-perts are strong in their belief that all other things that create wealth and busi-ness prosperity would fall in place once the energy sector is properly fixed.

This makes it more urgent for the FCT government to deploy more re-sources towards harnessing its energy resources to optimum advantage.

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PERISCOPEMartin Azuwuike